Board of Directors, Management and Senior Staff of the Guyana Livestock Development Authority (GLDA) was charged with executing their duties effectively to ensure accountability and transparency in the overall functioning of the Livestock Authority.
These sentiments were made by Agriculture Minister, Hon. Noel Holder, during the Authority’s Management Retreat held today in the Conference Room, Grand Coastal Hotel.
The objective of the retreat serves to create awareness amongst Board Members and Senior Management of the GLDA on their roles and responsibilities as it relates to corporate governance, management accounting, the interpretation of financial statements and to strengthen the overall relations between management and the Board.
“As the Government continues to invest in the development of the public service and the quality of service it is able to provide, events such as these remain necessary as inclusive governance remains a pre-requisite to the success of the entity,” the Minister said.
Among the core principles of corporate governance, the gathering was encouraged to employ leadership, capability, accountability, sustainability and integrity as a core function of its day-to-day operations.
“Once we understand what drives these formalities, corporate governance can be a truly useful tool for companies of any size in responding to challenges of a rapidly changing business world while maintaining public-friendly,” Holder said.
The livestock sector continues to be a major contributor to the national GDP even as the government seeks creative ways to divert attention from the traditional crops. According to the Minister, the livestock sector is an area which can achieve feasible, vibrant diversification if given the necessary input, such as investment and governance.
Guyana has a tremendous capacity for taking care of its domestic needs while becoming a lead exporter of beef and at the same time satisfying its demands for quality. As such, ensuring the authority maintains a high level of production and productivity is paramount and the sentiments echoed by Chief Executive Officer and Chairman of the Board of Directors respectively, Mr. Nigel Cumberbatch and Mr. Patrick De Groot.
The retreat was described as a timely intervention by the CEO, who noted that the authority has since completed and presented to the board a Standing Operating Procedure (SOP) to which the authority will function.
“This will allow GLDA to have the necessary tools to adjust directions and to ensure its operations becomes a success,” the CEO said.
Financial Management according to Mr. Cumberbatch is important in the effective functioning of the authority which has been a major challenging facing the entity in the past.
“These are setbacks working with the Board, we at the GLDA is looking to have rectified. Government’s policy is clear with respect to corporate responsibility and it is time all players are made aware so together we can transform the livestock industry in Guyana,” Mr. Cumberbatch said.
Meanwhile, the role and responsibility of the Board of Directors with respect to Corporate Governance was presented by Governor of the Bank of Guyana, Dr. Gobind Ganga.
According to Dr. Ganga, there must be good governing for the Board of the Authority to be a success and as such, they directors must be held accountable for operations of which they oversee.
“But while you are executing your duties an important principle you must apply is the independence of mind,” the Governor said.
Apart from presentations which were centered around performance challenges, steps to be taken to ensure profitability and the execution of the authority’s mandate, the presentation was made by Country Representative of the Food and Agriculture Organization (FAO) on the incorporation of the milk plant and its success to Guyana’s quest to diversification.
The documented which is in its draft stage seeks to outline the plans to which the authority will take in the establishment and execution of the dairy industry in Guyana.