WILLEMSTAD, Curacao:--- The seminar: "Checks and Balances in Corporate Governance on Curaçao", which was held on Thursday February 21st in Kurá Hulanda on Curaçao, was visited by more than 125 interested directors, accountants and other participants. The seminar was organized by (College financieel toezicht - Cft), the Foundation Bureau for Supervision and Standardization Government Entities (Stichting Bureau Toezicht en Normering Overheidsentiteiten - SBTNO) and the Dutch Caribbean Accountants Association (DCAA) with the objective to enhance the awareness concerning the Corporate Governance Code and to shed light on the obligations of governmental corporations and foundations, amongst others the controller function of the external accountant.
The participants received ample information on the Ordinance Corporate Governance and the Corporate Governance Code from the speakers Erik van Engelen and Marloes Kempes (Cft), Donald de Palm (SBTNO), André Delger (DCAA) and guest speaker Karel Frielink. Chairman of the seminar was Etienne Ys. Specifically the task, responsibilities and competencies of the three company parties (shareholders, Board of Directors and management) were discussed. The functioning of these parties within the margins of their responsibilities and competences was emphasized. The independent role of particularly the members of the Board of Directors, who should act without mandate or instruction of the one who appointed them, was discussed extensively. Also the limitation of possible interference by the shareholder received a great deal of attention.
It can be concluded that cooperation between all parties and entities involved is of great importance for a sound implementation of the Code and compliance with the Ordinance and the Code. Moreover, considering the experiences gained, an evaluation of the code is recommendable. The Ordinance Corporate Governance and the Corporate Governance Code can be downloaded on www.cft.an and www.sbtno.org.