Another CLICO-type collapse could unfold unless Barbados and other regional governments take urgent steps to quickly clean up corporate governance practices in businesses operating within their jurisdictions.
And not only has Dr Vindel Kerr accused many business executives and directors in private, public and publicly listed companies of taking decisions that were in their self-interest and not that of the companies for which they worked, but he has also given a damning report card on the disclosure practices in many corporate entities.
Kerr, who is president and managing consultant of GovStrat Limited, was in Barbados on Friday conducting training for senior business executives. He told the SUNDAY SUN that his company was helping directors to be better stewards and ensure that the corporations they headed were run so efficiently that corporate failures were kept to a minimum.
“We know about CLICO in Trinidad and in Barbados. And more critically, the public at large and shareholders are demanding more of corporate fiduciaries because there is a tendency by these officers to misuse and abuse corporate resources for their own interest,” he contended.
