On July 5, 2022, ANSA joined the pilot project Corporate Governance Manual (CGM) organized by the government of Aruba. The government of Aruba is working on laws that will regulate the compliance of the entities in the semi-public sector conform the rules and regulations of Corporate Governance.
Good corporate governance is an essential value for the optimal functioning of entities in the semi-public sector. The government of Aruba has the ambition to have these entities function as optimally as possible within the shortest possible time and according to internationally recognized ‘best practices’ of good corporate governance.
Corporate governance is about the procedures and processes according to which an organization is directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among the different participants in the organization such as the board, managers, shareholders, and other stakeholders and lays down the rules and procedures for decision-making.
One of the essential conditions for a healthy decision-making process concerns the information position of the shareholder or stakeholder. From the point of view of good corporate governance, the shareholder (or stakeholder) must have all the necessary information in a timely manner. Also, the corporate governance-related documents and information must be available in an accessible form to the shareholder or stakeholder.
In order to ensure an effective exchange of documents and information between the involved entities and the representative of the shareholder or stakeholder, the government of Aruba has been developing the CGM for the digital storage and exchange of legally required corporate governance related documents and information.
The CGM not only enables the entity concerned to comply with its legal and statutory obligations effectively and efficiently with regard to the timely and complete provision of information to the shareholder or stakeholder, but also promotes the internal exchange of information and the secure management of the documents in a user-friendly manner.
The pilot project CGM will be finalized on September 1, 2022, with receipt of the first version of the manual. Thereafter ANSA will continue with the development and completion of the manual.
By being part of this pilot project ANSA is anticipating on the yet to be introduced corporate governance laws by preparing and gathering information to comply with the information needed for the CGM.