Between 2011 and 2014 we worked for the Energy Chamber of Trinidad & Tobago and lead the production of a series of corporate governance guides as part of an Inter-American Development Bank (IDB) funded project. These guides are available on the Energy Chambers' website. We referencing them here and providing direct access those files as matter of convenience for you, as a reference to our work, and to promote the work of the Energy Chamber in this regard.
The guide is the centrepiece of the series. In the development of this Energy Chamber of Trinidad & Tobago (ECTT) Corporate Governance Maturity Framework we considered legal requirements as well as the OECD Principles of Corporate Governance, the OECD Guidelines on Corporate Governance of State Owned Enterprises (SOEs), Principles for Unlisted Companies in Europe developed by the European Confederation of Directors Associations (ECODA), the Ministry of Finance State Enterprises Performance Management Manual, and the Trinidad and Tobago Corporate Governance Code (TTCGC 2013 - for which we were the initiating organization and part of leading the actual development of it).
We have long been convinced that governance maturity depends on context. In this guide we have developed a differentiation between:
- Closely companies
- Listed companies
- State owned enterprises
At present, we are expert level members in the ISO/TC309/AHG04 Governance Maturity Model work as well.
Corporate Governance Maturity Framework Guide
Maturity levels are defined for four levels, as follows:
- Level 1: complying with legal baseline
- Level 2: understanding need to professionalize corporate governance
- Level 3: Significant concrete steps
- Level 4: Advanced governance practices
The maturity framework addresses 24 factors grouped across the following key areas:
- Board composition
- Board tasks
- Board process
- Disclosure and transparency