The Members of the Social Security Board, together with Alternate Members, were beneficiaries of Corporate Governance and other training on Saturday February 13th 2016 at the Social Security Office. The training was conducted by a cadre of Anguillian professionals at the request of the Board, with a view to ensuring that its membership is fully aware of the legal and other requirements which accompany service on the Board. Chairman Russel Reid in the opening session expressed his delight that the training was being held as he wanted to ensure that Members took their responsibilities very seriously, and that the Board functioned effectively, with the highest standards of corporate governance. Director of Social Security, Timothy Hodge, welcomed the presenters and participants, and expressed his desire that the aims of the Training Workshop would be fully met and that the Social Security Board would exemplify the principles of corporate governance as it performed its very significant role in the Anguillian community.
Mr. Bren Romney, Director of Youth and Culture, delivered a presentation “What Makes Great Boards Great” which drew on a Report on research (in which he had participated) conducted over many years into board functioning. The topics covered included: What’s Up with Boards (internationally, regionally and locally)?; Understanding Governance; Roles vs. Responsibilities; and Characteristics of Great Boards. The Report, which has been published in the Harvard Business Review, concluded that it is not rules and regulations, but the way people work together, which makes a Board great.
Mr. Alex Richardson, the Board’s Legal Counsel, delivered a presentation on Corporate Governance which dealt with the following: Principles of Corporate Governance, the Evolution of Companies, the Organs of a Company including Corporate Documents which for the Social Security Board are the Social Security Act and Regulations; the Roles, Functions and Responsibilities of a Board of Directors; Duties of Directors to the Company; Relationships between the Board and Management; and Decision-making.
Mr. Claudel Romney, Managing Partner with BDO, the Board’s Auditors, delivered a presentation entitled ”Priciples of Good Governance” which covered topics including: The 12 Principles of Good Governance; Governance vs. Management; The Wheel of Governance – 3 ingredients for an Effective Board (Behaviour, Structure, Expectations); Benefits of Good Governance; Degree of Board Engagement; Committees; and Evaluating the Board of Directors.
At the end of the very interactive presentations, the participants committed to follow-up actions to ensure that the learnings become foundations of the Board’s functioning. The participants and presenters all expressed their satisfaction with the four-hour Workshop.
– Press Release
