Prime Minister Owen Arthur is calling for the development and implementation of a Regional Code of Corporate Governance.
Speaking at yesterdays 24th Annual Conference of the Institute of Chartered Accountants of the Caribbean, held at the Hilton Hotel, he stated, We must be determined to sustain the reforms and transformation at the corporate, national, and at the level of our regional economic systems, in order to give ourselves even a remote chance of succeeding in todays turbulent times.
He pointed to Barbados being an example of a state that is in the process of carrying out the most far-reaching reforms of its personal and corporate tax regimes; its property tax system; social security system; reform of the telecommunications sector; reform of the law and regimes related to insolvency; putting in place a new competition policy; the putting in place of new arrangements for the support of our productive sectors in an age of trade liberalisation; and the establishment of projects to bring about great change to the legislative environment within which our labour market operates. The Prime Minister further revealed that there have also been preparations made for the creation of a new central revenue collection authority and the conduction of major studies for the transformation of the public accounts systems from cash to an accrual system, along with the introduction of multi-year budgeting.
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