Tag Archives: Barbados Business Law

Small Business Association of Barbados: 25 years of illegal operation

SBA about to cover its tracks

Sent anonymously to every Barbados news media outlet – but so far we only see this story on one other blog.

Poor corporate governance is an issue for all of Barbados!

Dear 5th Estate,

The Small Business Association of Barbados is the most recent institution to demonstrate how poor corporate governance and regulation can be allowed to fester in Barbados.

Please see the attached. The SBA now finds itself in a situation where it is seemingly trying to cover (at a special meeting on Oct 25th 2011) its tracks after 25 years of operating illegally. In short it seems that none of the Boards of Directors since 1986 which managed the SBA were legitimate. That has implications for all of the decisions taken by those boards and importantly the legitimacy of all of those boards that managed government subventions etc.

Once again one is forced to ask how it was possible for the list of esteemed ladies and gentle that headed the SBA to have overlooked this.

Once again also and true to form one can expect this resolution to be easily passed by the 30-40 members (of the SBA’s over 700 members) who attend meetings.

It cannot be a simple matter of passing a one page resolution without a full understanding of how it was allowed to happen and thorough understanding of the implications.

Poor corporate governance is an issue for all of Barbados!

Here is the resolution sent out for the upcoming SBA Special General Meeting of Members:

SMALL BUSINESS ASSOCIATION
Resolution for Discussion at Special General Meeting of Members
October 25, 2011

Whereas the Articles of Incorporation provide that the Company shall have a minimum of three (3) directors and a maximum of three (3) directors;

And Whereas the members of the company acknowledge that during the period December 30, 1986 to October 25, 2011 a greater number of Directors acted in the capacity of Director, even though they may not have been so authorised in accordance with the articles of continuance of the company; Continue reading

Advertisements

3 Comments

Filed under Barbados, Business & Banking, Offshore Investments