Corporate Governance Code, and integrity pillar for Government entities

ORANJESTAD - The government recently announced that the “zero measurement Corporate Governance” document is available online.

The Ministry of Integrity falls under the Ministry of the Prime Minister. It consists of three pillars; Bureau Integrity, integrity Chamber, and the Corporate Governance Code.

Corporate governanceThe Bureau Integrity was established in 2018 and will very soon initiate its work. The Integrity Chamber, however, its formalization was temporarily halted due to the pandemic, but this year they will proceed as planned. However, the government has been very active since 2019 with the Corporate Governance Code. 

The Corporate Governance Code is a code/regulation created to regulate the administration on the level of Governments, in other words, the control and supervision of State Companies. The government commissioned a Corporate Governance Committee, to draw up this code regarding the State-owned companies. 

The commission prepared a baseline assessment / “nulmeting”) based on the surveys and interviews with actors in the corporate governance of various entities in the public and semi-public sector. The commission gathered information on the laws and regulations but also on compliance by the directors and the board of directors of these entities. 

This information was crucial for the establishment of the needed norms that the state-owned companies and semi-public entities have to abide by.  

It is important to mention that the baseline assessment did not score very positive overall on all points, but the Government needs to start with it to improve corporate governance within the state-owned entities.

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