The Governor H.E. Peter Beckingham was in attendance at the first full meeting of the Turks and Caicos Islands Government Audit Committee on Thursday, July 24, in Grand Turk.
As a result of several well reported corporate failures around the world, various Corporate Governance Codes place greater responsibilities on Executive Boards in both the public and private sectors. These Boards are now more clearly tasked with setting the organisation’s risk appetite and ensuring that controls are in place to manage risk within this. The Audit Committee is a crucial mechanism in supporting the Governor and Cabinet in meeting these obligations.
Addressing the Committee at its first full meeting, Governor Beckingham said: “The Audit Committee will be an important addition to the oversight aspect of the governance framework in TCI. The role of this Committee is a challenging one, and it needs strong, independent members who are able to apply their wide range of skills and experience.” Members of the Board are non-executive (i.e. drawn from the private sector,) and the Governor added: “The Committee is an excellent example of how the knowledge and expertise of the private sector can assist the public sector in meeting the significant challenges it faces.”
