DEVELOPMENT AND IMPLEMENTATION OF CG ACTION PLAN

The Corporate Governance Action Plan (CGAP) was developed through a consultative process of workshops and with the engagement of an internal consultant.

The adoption of successive CG Action Plans that would aid in cultural and change management process, through which the foundations for gradually improving corporate governance practices would be effected. The selected approach during the developmental stages of the CGAP was the traffic lights methodology to determine the progress made in the following areas:

• Commitment to Corporate Governance
• Structure and Functioning of the Board of Directors
• Control environment and processes
• Transparency and Disclosure
• Financial Disclosure

THE APPROACH TO CORPORATISATON

The completion of the Corporatisation Framework involves a tripartite approach which necessitated the engagement of Internal Consultant, External Consultant to work in collaboration with the Water and Sewerage Authority. The approach selected is one that is synergistic in which the three (3) key drivers i.e. (CG Taskforce, chaired by the General Counsel and Corporate Secretary, Dion Abdool; internal and external consultants) coordinate the implementation of practices and attributes.

Who’s Involved in the Project?

• The Internal Consultant: To assist in the implementation of Corporate Governance Best Practices to place the Authority in a state of readiness for corporatisation.
• The External Consultant: To provide the guidance as to the required legislative and policy reform; recommend an appropriate model of corporatisation and the action plan to achieve that objective.
• Corporate Governance Taskforce:
  Established to implement and monitor Corporate Governance Practices. The Corporate Governance Taskforce was established in June 2012 to act as a key agent of change; its main remit is to coordinate and drive the implementation of the corporate governance practices; the impact of which will permeate the whole organisation. The Taskforce is a cross-functional team representative of the six (6) Divisions, the Internal Audit and Compliance Department, Office of the Chief Executive Officer and General Counsel and Corporate Secretary of the Authority.
  The Taskforce is a working group engaged in ongoing workshops, meetings and stakeholder sessions

The Corporatisation Framework for the Water and Sewerage Authority (WASA) would be completed using a phased approach.

• Phase I: The Authority’s Readiness for a New Governance Structure
  Key measures in compliance with the Corporate Governance Action Plan (CGAP) are to be undertaken in a number of areas. The Authority with the assistance of the Internal Consultant will be implementing Corporate Governance Best Practices to place itself in a state of readiness for corporatisation.
• Phase II: Legislative Reform, Selection of a Corporatisation Mode
  Phase II of the Corporatisation Framework commenced on January 22nd, 2015 by the external consultant (consortium).
• Phase III: Handover to the Government of the Republic of Trinidad and Tobago
  At the final stage of the project; it is expected that the work of the tripartite i.e. the Authority, Internal Consultant and External Consultant will provide the Ministry of the Environment and Water Resources with the required elements to engage in discussions at the required forums for the transformation of the Authority into a corporatised utility with all the attendant benefits for the state, citizens, the utility and employees.

SUCCESS STORIES

Corporatisation has been successfully implemented throughout the world in a number of utilities both locally and internationally. This has resulted in benefits including, performance achievements such as universal delivery service, and transit time, and customer satisfaction, revenue growth in new business and total revenue growth.

• Public Utilities Board (PUB) of Singapore - Corporatisation and Diversification
• Metropolitan Water and Sewerage Service (MWSS) of Manila – Concessions Arrangement
• The National Water and Sewerage Corporation (NWSC) of Kampala, Uganda – Corporatisation
• Trinidad and Tobago Postal Service
• Telecommunication Services of Trinidad and Tobago