Conference on corporate governance with special emphasis on the financial sector

Created 04 Apr, 2003
Categories General Press Release
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Recently, corporate scandals have brought forcibly to the attention of the Western World, the importance of ensuring that corporations and institutions have good governance structures in place.  While the more publicised cases have highlighted a few sectors, it is believed that corporate governance in other sectors may also benefit from review. It is against this backdrop that the Central Bank of Barbados and the Barbados Institute of Banking and Finance, despite the well-earned reputation for good governance in Barbados, have designed this conference to address “Corporate Governance with special emphasis on the Financial Sector”.

The ability of a financial system to withstand the effects of crisis is largely determined by the efficacy of the governing practices and institutions.  The East Asian financial crisis and those that followed in Russia, Turkey, Brazil and Argentina have led to the realisation that sound financial policies in isolation are not sufficient to sustain financial stability. It is now widely accepted that a contributing factor to each crisis was a weakness of governance. These cases demonstrated that good corporate governance in all sectors, particularly by large corporations, is as important as good governance in the financial sector.  Weak governance has been linked to macroeconomic losses, due in part to loss of foreign investor confidence, erosion of currency value, and fiscal mismanagement. The challenge to build efficient and accountable financial institutions that promote confidence is an issue that financial sector executives and policy-makers confront together.

This conference aims to provide an interactive forum for the presentation and discussion of standards and best practices in corporate governance with a view to advancing the process for improvement of corporate governance, more especially in the financial sector.   It is of value to Board Members, Senior Executives, Accountants, Lawyers, Auditors, Bankers and senior officials in the financial sector. 

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