Minister Arends: Stakeholders can now actively contribute to new legislation; Unique Consultation Conference Corporate Governance

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Minister of Integrity, Ursell Arends, has called on entities in the public and semi-public sectors to register for a unique consultation conference that will be held at the University of Aruba on the 3rd and 4th of November of this year. Both days are devoted to the new legislation in the field of corporate governance.

During a press conference, the Minister indicated that good corporate governance is an essential prerequisite for the optimal functioning of these entities. An explanation was given about the National Ordinance in the draft by legal adviser Carlos Guiamo, LLM. The Wever-Croes II Cabinet has the ambition to strengthen the corporate governance practice in the public and semi-public sectors within the shortest time possible, according to internationally recognized best practices. The Minister and the chairman of the Corporate Governance Committee, Mr. Jossy Laclé, appealed to the stakeholders to actively participate in the upcoming consultation conference.

Good corporate governance requires effort from the community. That is why the government considers the support and input from the stakeholders involved to be of great value. That is also one of the reasons why stakeholders are being consulted about the National Ordinance in the draft and the Corporate Governance Code. Moreover, a higher degree of participation is in line with the vision of the Ministry of Integrity. In addition to the stakeholders involved, students are also allowed to participate in this unique consultation conference.

The introductory process takes explicit account of the special Aruban circumstances, such as limitations in resources and capacity at the entities and the small scale of society. The goal is to take joint steps toward excellent corporate governance. Based on this vision, the Corporate Governance Committee was established in May 2020. This committee is tasked with advising and supporting the government in implementing a new legal framework for corporate governance. In doing so, the Committee relied on the framework that had already been developed by the Central Bank of Aruba. The National Ordinance in the draft and the Corporate Governance Code are the Committee’s latest products. Stakeholders now have the opportunity to review the design and provide feedback before officially introducing them into the legislative process.

Registration is possible via an email to l.lohuis@themis-institute.org stating the name, position, telephone, and email address of the participants. When the maximum capacity is reached, the number of participants per entity within the sectors can be limited. If necessary, congress can be repeated.

For more information, please contact the secretary of the Corporate Governance Committee, Dr.Hellen van der Wal, LLM., via wabcadvies@gmail.com

Participation in the conference is free of charge.