Home' Trinidad and Tobago Guardian : May 21st 2015 Contents development of the T&T Corporate
Governance Code together with the
T&T Chamber of Industry and the
T&T Stock Exchange. Then in 2014
was the development of the Professional
Development Programme. Last year,
we launched it with a Certificate in
Corporate Governance and the certifi-
cate is the first in a three-step process
to qualification as a chartered director.
Now we are launching the second
cohort in May," he said.
He said in April the institute had the
inspection visit of the Accreditation
Council of T&T.
"We are seeking registration as a first
step and then accreditation of the
course. It is a two-step process there
and we are now awaiting the decision
of the council. They want to know if
we have an educational system in place
that has quality management standards
in place. Is the exam process in such
a way that the person who is examining
is not the same person who is teaching
it? We believe we have met all the cri-
teria," he said.
The director of education at the insti-
tute is Dr Chris Pierce, who was pre-
viously the director of professional
development and standards at the Insti-
tute of Directors in London.
"It is not the same programme as
the Chartered Director Programme in
the UK but it has the same structure
and we are utilising similar qualification
criteria. But the content is at a global
level where there are specific legal and
best practice guidelines for the
Caribbean. When you do this you know
what the standards are in T&T and
how it compares internationally."
He compared the course to similar
programmes in the UK and Canada.
The UK programme offers 13 days
of training, while Canada s programme
offers 12 days compared to the CCGI s
"Ours is nine days face-to-face not
including interviews and portfolios. The
cost to do it with the CCGI is US$7,000
compared to US$21,916 with the UK
and$17,177 with the Canadian course.
The $7,000 covers step 1 and step 2 of
the certificate and diploma programmes.
We think that this is very high quality
and it is built for the long run."
He said the aim is that people who
qualify as chartered directors will
demonstrate that they have the knowl-
edge, the skills and the experience.
"As a director of a company who
engages in this programme you are
demonstrating to your stakeholders that
you are a professional and successful
because you have professionals directing
it. In the same way there are chartered
accountants, why not have professional
qualifications for directors as well. Fre-
quently when you look at boards some
people wonder what qualifies that per-
son to take on the responsibility. Now
you can have the answer. The person
may not be a subject matter expert but
if you are a non-executive director you
know how to direct and control the
organisation. Before you would have to
go to the UK, Canada or South Africa
He said a graduate of this course can
be trusted to be on a board.
"The person will act with independ-
ent judgment, the person will compare
options before he or she makes deci-
sions and take decisions in ethical and
transparent ways. They also have the
full knowledge of how organisations
On May 26, another set of profes-
sionals for the chartered director pro-
gramme will be launched.
"Also, on May 27, we have a corporate
governance master class specifically on
the topic on ethics and corporate
responsibility. This is not part of the
chartered programme, this is more in
depth," he said.
Kravatzky said the graduates of this
programme are qualified to deal with
the risks in their organisations.
"A risk is any event that will prevent
you from achieving your objective. In
order to know what to look for, you
need to know how your organisation
works, what is its business model and
its value chain. Where do you create
value and everywhere you create value
you must make sure that nothing inter-
feres with it. If you cannot create a
business model for your organisation,
then you are not in a position to manage
risk," he said.
As a qualified director, he said the
candidate will know how to draw up
a business model and analyse a value
T&T, like many other countries, has
directors who lack the skills necessary
to make a proper contribution on
"T&T---as all the other countries in
the region---have important business
to conduct in public and private.
However, the business schools do
not give these qualifications. You go to
the universities and other areas and
they do not give you that. They give
you other valuable things. The skills
and knowledge to operate as a board
director is the entire body of knowledge
you need and, as in other professions,
this is the place where there is a pro-
fessional code of conduct. It is the same
way there are schools for chartered
Given the nature of T&T s economy
as a small developing country, he said
professional training for board members
are now even more important.
"It is important for small island
economies where you have a one degree
of separation, that you have professional
standards that you can refer to. A lot
of board members are under tremen-
dous pressure in public and private
institutions. If you are not sure of what
you are doing or you do not have a
professional background, then it means
you are taking all the pressure."
MAY 2015 • WEEK THREE www.guardian.co.tt BUSINESS GUARDIAN
NEWS | BG5
From Page 4
for board members
DR AXEL KRAVATZKY,
chairman of the Caribbean
Corporate Governance Institute
PHOTO: ANDRE ALEXANDER
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