ECSE-PBC Governance CPD Webinar Series

Cybersecurity – The Critical Questions for Boards to Ask

Summary/Purpose: Board members need to be conversant in a range of topics, making decisions that have wide-ranging impact for their organizations and the wider stakeholders. It is critical that they make informed decisions, and nowhere is this more important than the growing field of cyber security. Failing to address an organization’s vulnerability to cyber-attacks can be catastrophic for an organization, resulting in lost productivity, probable regulatory fines, reputational damage, and significant loss of trust that will adversely impact future business growth. Regulators worldwide increasingly expect boards to oversee the IT infrastructure of their firms. A board that is not asking the right questions and insisting on evidence to get comfort from the Chief Information Officer or equivalent is derogating from their fiduciary duty. This session is designed to equip boards and those who work with them with an awareness and understanding of the importance of cyber security and the critical questions boards should ask to ensure proper oversight of this critical function to meet their governance accountability. Boards need to understand that the frequency and severity of attacks has never been so pronounced. It is no longer a case of IF your organization gets attacked but WHEN. Preparation is key.

Content: The session will cover the key questions boards need to ask management when assessing the organization’s cyber security arrangements. We consider how the IT infrastructure should contain robust defences and protection against cyber-attacks; we identify the key questions directors should ask to exercise their governance and fiduciary duty in a proactive way, and importantly be conversant enough with the subject matter to understand the answers, understanding that the board cannot assume that management has it covered, and that when data leaks occur, scrutiny inevitably falls on the board. We will briefly look at the regulatory regime that highlights the increased expectations of regulators in this area; we assess the importance of having cyber security insurance whilst recognizing its limitations and how it is a poor substitute for diligent oversight. We also consider the emergence of Artificial Intelligence and how AI represents both an opportunity and a threat to organizations as AI enables the perpetration of more sophisticated and sustained cyber-attacks, and organizational leaders need to be ready for this new reality. We also recognize that the issue of cyber security, while it is not new, is much more urgent than 20 years ago and that an attack on one organization is an attack on the wider industry.

Outcomes and Benefits: Participants will walk away with a renewed perspective and motivation to review their company’s cyber-security arrangements as well as a greater appreciation of their role in ensuring good governance. They will understand how technology and cyber-security form the foundation of the organization’s assets and ability to create value, and so there is a need to take a proactive risk-based approach to oversight of this area. Most importantly, they will leave with useful tools and ideas for educating themselves to ask the right questions and understand the answers. In doing so, they can make informed decisions that will help avoid potentially catastrophic attacks on their IT infrastructure with the subsequent financial, legal, and reputational fallout.

Who Will Benefit by Attending: Corporate and board secretaries, board and committee chairs, individual directors, boards (as a collective), and any senior management team member or governance professional that is involved with sustainability and who interacts with the governance function and/or the board in their organization.

Registration Fees:
EC$295 (US$110) payable to the Eastern Caribbean Securities Exchange Ltd by Credit Card, Wire Transfer or Electronic Funds Transfer (EFT) on or before Friday 8 September 2023, to confirm participation.

Discounted Rate for ECSE Affiliates and CGIC Members – EC$270 (US$100)
(CGIC members must include their membership number to benefit from this discount)

Registration: The webinar will be delivered on September 13, 2023 at 9:00AM to 10:30AM UTC-4.
Click HERE to register

Your Facilitator:

Mr. Bruno Soares
Senior Executive Advisor | Professor
Bruno is an experienced Information and Technology professional with over 20 years of experience in Audit, Consulting, and Advisory. He has expertise in Governance, Risk, Control, Audit, Information Security & Privacy, and Digital Transformation. He worked for KPMG and Deloitte and in 2012 he founded GOVaaS – Governance Advisors as-a-service, where he is currently Senior Executive Advisor, and he actively collaborates with an ecosystem of local and international partners, particularly IDC Portugal where since 2015 he is the Leading Executive Senior Advisor for Digital Transformation, Governance, Strategy, and Security related areas.

He is a certified PMP, CISA, CGEIT, CRISC, COBIT and a LEGO SERIOUS PLAY Facilitator. He teaches at various universities in Portugal and abroad and is the founder and president of the ISACA Lisbon Chapter. In 2019, he was awarded the ISACA John Kuyers Award for Best Speaker. In 2021, he ran for Mayor of Lisbon, Portugal.

GRENLEC Shareholder Contact Update

ECSE-PBC Governance CPD Webinar Series

Regional Environmental and Social Governance: A Challenge and an Opportunity for Caribbean Boards

Summary/Purpose: The world is changing rapidly and recent events such as wars, political instability, pandemic, and climate change are placing greater emphasis on the role that business plays as part of the wider community. The obligations that businesses, and, by definition, the boards and executive management have to the wider community and stakeholders means that environmental and social governance (ESG) is no longer a compliance checklist or promotional activity (if it ever was). It is now a strategic imperative, and needs to be built into the company’s strategy, culture, and reporting systems. However, getting ESG right can become a source of competitive advantage. The purpose of this session is to provide boards with a better understanding of ESG principles and reporting obligations; and how they can ensure that their organization can integrate ESG into their strategy to become a good corporate citizen; and meet the needs of their stakeholders to become a truly successful and valuable part of the wider community from which they draw their resources.

Content: The session will describe the evolution of ESG from the old CSR model to the modern integrated ESG model of today, including an overview of the various bodies that oversee the reporting of non-financial metrics. We define ESG and its pillars, and what boards need to do to integrate ESG systems and thinking into the strategy, culture, and DNA of the company. We propose that this is not only necessary, but presents a significant opportunity for innovation, enhancing the reputation of the organization, attracting capital investment, and attracting the brightest and best talent to the company as a desirable place to work. Although sustainability oversight and integrated reporting is at the nascent stage in the Caribbean, there have been some pioneers in this space, and we look at one or two examples that other companies in the region can aspire to.

Outcomes and Benefits: Participants will walk away with a different perspective around ESG and be motivated to challenge management to develop ESG policies and practices that will position the company for growth in the future and meet its obligations to its various stakeholders. ESG represents an enormous opportunity for businesses, and attendees will not only understand the benefits, but leave with useful tools and ideas for integrating ESG into their boardroom and the wider organization.

Who Will Benefit by Attending: Corporate and board secretaries, board and committee chairs, individual directors, boards (as a collective), and any senior management team member or governance professional that is involved with sustainability and who interacts with the governance function and/or the board in their organization.

Registration Fees:
EC$295/US$110 payable to the Eastern Caribbean Securities Exchange Ltd by Credit Card, Wire Transfer or Electronic Funds Transfer (EFT) on or before Friday 30 June 2023, to confirm participation.

Discounted Rate for ECSE Affiliates and CGIC Members – EC$270/US$100
(CGIC members must include their membership number to benefit from this discount)

Registration: The webinar will be delivered on Wednesday July 5, 2023 at 9:00AM to 10:30AM UTC-4.
Click HERE to register

Your Facilitator:

MR WENDELL E LAWRENCE, OBE, MSc, CPA, CGMA
Wendell E Lawrence OBE has considerable experience in assisting clients in a range of matters including governance, finance, management, and taxation. His intimate knowledge of St. Kitts and Nevis and of the Caribbean region has helped to establish Caribbean Governance Consultants Inc, the company he founded, as one of the Caribbean’s leading providers of financial consultancy and governance services to clients in the region interested in improving corporate governance in their organizations and to international clients interested in establishing a presence, investing, or doing business in the Caribbean.

He has acquired first-hand knowledge of the legal and regulatory framework and business climate of various Caribbean Jurisdictions through the roles he played as the Financial Secretary of St. Kitts and Nevis, a Director of the Eastern Caribbean Central Bank (ECCB), Chairman of the Regional Debt Coordinating Committee (RDCC), a Director of the Caribbean Development Bank, a member of the Regional Judicial and Legal Services Commission (RJLSC) that plays a key role in the Governance of the Caribbean Court of Justice (CCJ), and St. Kitts and Nevis Ambassador Plenipotentiary and Extraordinary (with accreditation to the Caribbean Community (CARICOM), the Organization of Eastern Caribbean States (OECS) and the Association of Caribbean States (ACS). He was instrumental in the restructuring of the Caribbean Community in the role of Project Manager, and in reviewing the Governance structure of the Caribbean Court of Justice in a consultative role.

Panel Discussions on Creating Wealth in the ECCU

As part of the 21st Anniversary of the Eastern Caribbean Securities Market (ECSM), the Eastern Caribbean Securities Exchange (ECSE) and the Intermediary Working Group of licensed ECSE member broker-dealers (IWG), held two public panel discussions to promote participation in Eastern Caribbean Securities Market (ECSM) to potential corporate Issuers and Investors. The panel discussions were held on April 24th and 25th at the Harbor Club Hotel in Saint Lucia.

The panel held on Monday 24th April, which targeted businesses and business advisors, focused on Financing Business Growth via the ECSM. The discussion was moderated by Laurent Hadley, Manager, Treasury & Investments, Bank of St Vincent & the Grenadines Ltd and included the following panelists:
o Trevor Blake, Managing Director, Eastern Caribbean Securities Exchange Group
o Norlann Gabriel, Head – Regional Operations, First Citizens Investment Services Ltd
o Samantha Lewis, Analyst, Eastern Caribbean Securities Regulatory Commission
o Romario Sterling, Assistant Manager, Capital Market, VM Wealth Management Limited

The panel held on Tuesday 25th April targeted current and potential investors under the general theme of Investing on the Eastern Caribbean Securities Market (ECSM). The presentations focused on the role of the ECSM market institutions and provided insights on the process of building an investment portfolio.
The session was moderated by Aaron Logie, Executive Manager, Finance, Grenada Cooperative Bank Ltd and included the following panelists:
o Geron Burnett, Senior Manager, Operations Division, Eastern Caribbean Securities Exchange
o Francine Felicien, Analyst, Eastern Caribbean Securities Regulatory Commission,
o Gale Cumberbatch, Senior Investment Associate, First Citizens Investment Services Ltd, and
o Cedric Charles, Senior Manager, Investment Banking Services, Bank of Saint Lucia Ltd

Recordings of these panel discussions will be disseminated for the benefit of the wider regional public in the coming weeks via various media platforms and via the ECSE’s and member broker-dealers’ YouTube pages and social media channels.

VFCSS Invest wins Inaugural Regional Schools Investment Competition

VFCSS Invest of View Fort Comprehensive Secondary School, Saint Lucia is the Regional Champion of the Regional Schools Investment Competition. VFCSS won the Intra-Country segment of the competition held during February 2023 and went on to represent Saint Lucia in the Regional stage of the competition which ended on 24th March 2023.

Also competing in the regional stage of the competition were the following country winners:

1. Anguilla: Rainbow City Investors, Albena Lake- Hodge Comprehensive School.
2. Antigua and Barbuda: Green Magnates Ent., Irene B. Williams Secondary.
3. Dominica: The Gifted Profits, Arthur Waldron Seventh Day Adventist Academy.
4. Grenada: AHS Angel Investors, The Anglican High School.
5. St. Kitts and Nevis: Financial Gems, Clarence Fitzroy Bryant College.
6. St. Vincent and the Grenadines: SMSS Investors’ Group, St. Martin’s Secondary School.

AHS Angel Investors of Grenada were adjudged runners up in the regional competition.

The prize giving ceremony for the regional winner took place on 25th April, at the Harbor Club Hotel in Saint Lucia. The five-student team and teacher-guide were recognised for the team’s achievement and were presented with a plaque and the rotational Winner’s trophy. Vieux Fort Comprehensive Secondary was also awarded a cash prize of $5,000. The prize giving ceremonies for the other country winners of the Intra-Country stage of the competition will take place in the respective countries over the next few weeks.

The competition was created to be a dynamic learning experience for high school and first-year college students and introduces them to investing while providing the opportunity to experience securities market activity firsthand. The initiative, which is a collaborative effort of the Eastern Caribbean Securities Exchange (ECSE), the Eastern Caribbean Securities Regulatory Commission (ECSRC) and licensed broker-dealers, aims to stimulate an interest in investing among young persons and to create a pathway for young investors to become active market participants in the future.

Photos and videos of the Regional and Intra-Country prize giving ceremonies will shortly be available on the ECSE’s website www.ecseonline.com, and social media pages as well as via the broker-dealer pages. Contact details and web addresses for the six ECSE licensed member broker dealers can be found here: Broker Dealer – ECSE (ecseonline.com)

Caribbean Exchange Index

The Caribbean Exchange Index (CXNI) was launched in October 2022 and is designed to measure the performance of all securities listed on the Main Markets of the participating regional stock exchanges. Cross-listed securities are included in the market capitalization calculation of their domestic stock exchange only. Values for the CXNI is available from the base date of October 1st, 2022.

Participating Stock Exchanges:

The Barbados Stock Exchange Inc.

The Eastern Caribbean Securities Exchange

The Guyana Association of Securities Companies and Intermediaries Inc.

The Jamaica Stock Exchange

The Trinidad and Tobago Stock Exchange

Inaugural Regional Schools Investment Competition

Intra-Country Winners Announced – Regional Schools Investment Competition

We are pleased to announce that the winners of the Intra-Country portion of the Regional Schools Investment Competition which took place over the period 27^th February through 3^rd March.  They are:

1. Antigua and Barbuda: Irene B. Williams Secondary, Green Magnates Ent.
2. Dominica: Arthur Waldron Seventh Day Adventist Academy, The Gifted Profits
3. Grenada: The Anglican High School, AHS Angel Investors
4. Saint Lucia: Vieux-Fort Comprehensive Secondary School, VFCSS Invest
5. St. Kitts and Nevis: Clarence Fitzroy Bryant College, Financial Gems
6. St. Vincent and the Grenadines: St. Martin’s Secondary School, SMSS Investors’ Group

These six winning schools will now progress to the next phase of the competition, in which eight schools, one school from each of the eight member countries of the Eastern Caribbean Currency Union, will vie for overall Regional Champion over the period 13^th March to 21^st March.  The six schools will be joined by the Albena Lake-Hodge Comprehensive School’s – Rainbow City Investors, out of Anguilla and the Montserrat Secondary School’s – MONEY G.R.R.A.M.S, in the Regional Championship stage of this inaugural Regional Schools Investment Competition.    

The competition was created to be a dynamic learning experience for high school and first-year college students and introduces them to investing via the Eastern Caribbean Securities Exchange (ECSE). The initiative which commenced on 16^th February with an Education Webinar and Competition briefing, enables students to experience securities market activity firsthand. Participants have the opportunity to test their knowledge while gaining useful investing insights and skills.

The competition, which is a collaborative effort of the ECSE, the Eastern Caribbean Securities Regulatory Commission and licensed broker-dealers, aims to excite and inspire young people to learn more about investing and to create a pathway for young investors to become active market participants in the future.

Further updates on the competition can be found on the ECSE’s website www.ecseonline.com, and social media pages.

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