High Level Welcome & Orientation hosted by the TCIG Audit Committee

On Tuesday May 25, 2021, the TCIG Audit Committee hosted a Welcome & Orientation Session with the Chairmen and CEOs of the Statutory Bodies within the Turks and Caicos Islands. This was the first session of this kind to be held with all the Senior Executives in one sitting.

Present were His Excellency the Governor Mr. Nigel Dakin, Honorable Premier Mr. Washington Misick, Deputy Governor Mrs. Anya Williams and Permanent Secretary of Finance, Mrs. Athenee Basden. Remarks were also received on behalf of the Attorney General Mrs. Rhondalee Braithwaite-Knowles.

The session was opened by the Chairman Sanfra Foster who invited the executives in her remarks to lead intentionally and model accountability in their respective roles.  She shared that the people in the room were most significant as collectively they are responsible for managing $558 Million Dollars in TCIG Assets and represented $492.6 Million Dollars or Half Billion Dollars in total equity as at September 2020.  She articulated the need for effective management by executives and proper oversight and governance  by board members.

The group listened intently to the importance of the Statutory Bodies to the TCI Government and their significance in the wider economy. Key points were discussed around the governance and reporting requirements under the Constitution, Public Finance Management Ordinance and Regulations in addition to the role of Boards and their Executives.

The half-day agenda also involved group discussions led by the Audit Committee Members around the issues and concerns raised in the Statutory Body Governance Review Report conducted in January 2018 (aka Turnbull Report).  A Risk Matrix was shared by the CIA using five key points from the report which highlighted areas of responsibility where management and oversight are crucial.  Executives offered feedback to the report findings and there was a mutual understanding and acceptance that a formal follow up process is needed to identify the progress made and the opportunities which still may exist in these entities.  The Audit Committee promised to engage with each entity to review the recommendations made in the report and to update the risk matrix once evidence of resolve and sustainability has been provided.

The Audit Committee views this Welcome and Orientation Session as a tremendous starting point in its aim of helping to improve the governance, risk and control framework across the Statutory Bodies.  It also seeks to build on the collaboration and relationships established with the executives, providing support and guidance while influencing leaders to be intentional as they drive improved team and entity performance.  Further sessions with management teams and board members will be held throughout the year.

Also in attendance were the Chairmen and CEOs of the following Statutory Bodies.

1. Human Rights Commission
2. Integrity Commission
3. Civil Aviation Authority
4. National Health Insurance Board
5. TCI Community College
6. Invest TCI
7. Tourist Board
8. National Trust
9. Financial Intelligence Agency
10. Ports Authority
11. National Insurance Board
12. Telecommunication Commission
13. Airport Authority
14. Financial Services Commission
15. Gaming Commission