The Barbados Stock Exchange embraces principles of sound corporate governance to ensure and promote an environment of transparency, performance, and accountability in the business. These principles are the foundation of the Exchange’s mandate to provide a fair and efficient stock market.
Guiding Principles
Transparency
Clearly defined corporate governance policies, practices and procedures are essential to building the public trust necessary for efficient capital markets. The management of the BSE has a mandate to provide clear, timely and accurate information to the Board that will allow members to make reasoned and informed decisions. The Board considers the provision of such credible, high quality information as an important priority in company procedures.
Performance
Conformance with legislation and effective governance practices enhance the BSE’s ability to achieve its strategy and long-term success. Accordingly, the Board has adopted the view that corporate governance should promote good performance and integrity in normal operational functions.
The BSE’s Board is comprised of nine members, eight of whom are independent non-executive Directors. These Directors provide strategic oversight and independent judgement on matters of performance, strategy and standards of conduct – all key factors for the continued success of the Exchange.
Biographical details are available under our Board of Directors page.
Accountability
A person elected as Director must have the qualifications required to discharge Directors’ duties and be able to devote sufficient time and commitment to the work of the Board and its Committees.
Directors are elected for a term not exceeding three years. To encourage the rotation of Directors, a third of the Board is subject to election on an annual basis – if qualified, Directors are eligible for re-election.
Board Committees
Audit & Finance Committee
Chaired by Dr. Patricia Downes-Grant, the Audit & Finance Committee is responsible for the independent and objective oversight of the BSE’s internal control and risk management systems, internal compliance, financial reporting, external and internal auditors, financial controls and governance issues.
HR & Compensation Committee
Chaired by Dr. Patricia Downes-Grant, the HR & Compensation committee is tasked with assessing corporate goals in relation to the Managing Director’s compensation and further assessing the Managing Director’s performance in relation to the corporate goals. The committee is further responsible for making recommendations to the Board on the company’s framework of executive and non-executive compensation.
All companies seeking a listing on any market of the BSE are subject to the BSE Corporate Governance Recommendations.