Business

PUBLIC FINANCIAL MANAGEMENT REFORM IN BARBADOS

THE EXPERIENCE OF ICAB

As a Professional Accountancy Organization (PAO), the Institute of Chartered Accountants of Barbados (ICAB) has, for many years, collaborated with the Government of Barbados in its efforts to improve the country’s public financial management (PFM) system. While there have been a number of success stories resulting from that collaboration, Barbados is on a continuous PFM reform journey with more work still to be done.

In recent weeks the Report of the Auditor General for 2021 identified a number of areas of concern with respect to accounting practices and financial reporting by the Treasury and some state owned enterprises (SOEs). This report triggered much discussion and debate on PFM in Barbados and underscored the need for increased efficiency, accountability, and transparency in public financial reporting.

The heightened interest in PFM by the citizens of Barbados must be applauded and emphasizes why it is a strategic priority for ICAB, and why ICAB is committed to continuing to collaborate with the government to progress reforms.

How did ICAB get started on this journey of collaboration with the government on PFM reform?

In 2007 the Parliament of Barbados enacted the Financial Management and Audit Act, which adopted the accrual basis International Public Sector Accounting Standards (IPSAS) as the financial reporting standards for the Barbados public sector.

ICAB’s first major step in working with the government was by serving on a steering committee for IPSAS implementation during the move from a cash based to an accrual system of accounting. Through this engagement, ICAB recognized the need to deepen its focus on accounting and auditing issues in the public sector, so in 2011 ICAB’s Council approved the creation of a Public Sector Committee as one of its standing committees, comprising of accountants in government, accountants in business, and auditors.

The first chair of the Public Sector Committee was Mr. William Layne, an ICAB member and former Permanent Secretary of the Ministry of Finance. Under his chairmanship, the immediate priorities of the committee were to:

Create relevant continuing professional development (CPD) for public sector accountants;
Establish joint initiatives with government agencies; and
Promote membership of ICAB to professional accountants in the public sector.

In addition to IPSAS, the Public Sector Committee worked with other committees to expand CPD offerings for public sector accountants, including seminars in areas such as internal controls & internal auditing, prevention of corruption, enhancing accountability and the role of the Auditor General, and pensions reform.

The work of ICAB’s Public Sector Committee caught the attention of colleagues in the Institute of Chartered Accountants of the Caribbean (ICAC). As the first PAO in the region to have such a committee in place, the Chairman of ICAB’s Public Sector Committee was invited by ICAC to share with other Caribbean PAOs, ICAB’s experience in working successfully with the public sector to promote good governance, accountability, implementation of IPSAS and other best practices.

The second major step was taken when the Public Sector Committee broadened its focus on PFM Reforms to the wider governance issues confronting the public sector. This was marked by an inaugural ICAB Public Sector Conference in 2018, co-hosted with CPA Canada and titled “Public Financial Management (PFM) Reforms in Barbados – Challenges and Opportunities”. The conference provided ICAB members access to international experts in matters relevant to the public sector such as, digital technology, governance, transformational leadership, PFM reforms and financial reporting. This conference now has a permanent place on ICAB’s calendar of events, with the next public sector conference scheduled on September 16, 2022. This will focus on the Public Procurement Act 2021, the Consolidation of Financial Statements under IPSAS and more.

The third major step occurred after the enactment the Public Finance Management Act 2019 (PFM Act) which replaced the Financial Management and Audit Act 2007. The new PFM Act is aimed at strengthening and improving PFM and includes new provisions related to the reform of SOEs particularly in the areas of governance, finance, and reporting.

The ICAB President at that time, Lydia McCollin, along with the Public Sector Committee held discussions with the Ministry of Finance to determine how ICAB could work with the government in this next important phase of PFM reforms. In November 2019 ICAB submitted a proposal to the Ministry of Finance outlining how ICAB—through its members, partnerships with professional qualifying bodies and other professional associations—could add value, provide guidance and assist the government in implementing its initiatives in the areas of corporate governance, financial accountability, reform of SOEs, training and certification for public sector finance officers, institutional strengthening of finance departments, and internal audit.

As a follow-up, ICAB also submitted to the Ministry of Finance a Corporate Governance Framework for SOEs and a paper on the establishment of audit committees at all SOEs for consideration and further discussion. Additionally, ICAB included in its CPD schedule, training on accounting fundamentals and practice to increase efficiency and effectiveness in financial reporting in the public sector.

What lessons can be learnt from the ICAB experience in supporting reforms in public financial management?

First, as a small PAO with limited resources, much can still be achieved by drawing on the time and talents of members through committees. The ICAB Public Sector Committee is one of the newer committees but its clear mandate and ICAB’s governance polices have facilitated its strong performance in support of PFM reforms and contribution to the professional development of ICAB members in the public sector.

Second, while changes to laws, regulations and accounting policies are necessary for PFM reform, they are not sufficient to ensure success. Those high-level changes must be supported by clear interpretation and articulation of accounting policies by senior management, training and development for staff at all levels, changes in administrative procedures, and timeliness and accuracy in reporting at all levels.

Thirdly, celebrate the reform successes, even while still struggling with the more difficult and slower aspects of reform. This can be an inspiration to the agencies and individuals who still have their “mountain to climb” with the reforms.

(by Lydia McCollin, Member of the ICAB Public Sector Committee and Immediate Past President of ICAB)

Business

New Chief Executive Officer For Fair Trading Commission

The Fair Trading Commission announced the appointment of Brian Reece as Chief Executive Officer.

Mr. Reece joined the staff of the Commission as Director of Utility Regulation in August 2023. In that role he was responsible for managing the strategic goal of ensuring the efficient and safe provision of regulated utility services in Barbados. This included the supervision and leadership of a team of professionals focused on the National Renewable Energy Transition.

Mr. Reece is an Attorney-at-Law and holds an MSc. Environmental Engineering from the University of Manchester and LLB (Hons) from the University of the West Indies along with the Legal Education Certificate from the Norman Manley Law School. He is also a Member of the Institute of Environmental Management and Assessment.

Mr. Reece has twenty years of industrial experience, along with the Chairmanship of national regulatory advisory committees. (PR/GIS)

Business

Yantai Eyes Barbados for Zero-Carbon Island Collaboration

By Deanzer Roberts

In a passionate appeal for international partnership in the fight against climate change, Director of the Yantai Zero-Carbon Island Development Center, Hu Yibing, has outlined a bold vision for green and sustainable development during his remarks at the Zero Carbon Island Cooperation Conference held at the Accra Beach Hotel this week.

Speaking before a number of key stakeholders and development partners, Hu extended greetings from the coastal city of Yantai, China—proudly dubbed “Coastal Wonderland” and known for its striking natural beauty and forward-thinking environmental strategies.

“China fully understands the concerns of Barbados and other small island developing states in the field of climate change,” said Hu, echoing sentiments recently shared by Chinese President Xi Jinping during a meeting with Prime Minister Mia Amor Mottley. “Our purpose here is to promote green and low-carbon cooperation and contribute to the sustainable development of the island.”

Hu described Yantai’s landmark Changdao International Zero-Carbon Island project as a shining example of what’s possible when policy, innovation, and community unite. The island—already boasting net-zero greenhouse gas targets for 2035—has banned outside vehicles, transitioned heating from coal to electricity, and ensured that 100% of new buildings meet green standards. The initiative has already eliminated over 20,000 tons of coal usage annually, cutting carbon emissions by 52,000 tons.

Efforts also extend to marine and land ecosystems, with restored algal fields and seagrass beds, cleaner waters, and increased biodiversity—including a rise in migratory bird species. Waste management, aquaculture restructuring, and green tourism models have also played key roles.

The conference also spotlighted the International Zero-Carbon Island Cooperation Initiative, launched by Yantai during COP29 in 2024, with the support of 32 co-initiating global stakeholders. The initiative aims to unite island regions through shared green goals, ranging from renewable energy solutions to marine science collaboration and vocational training.

Hu revealed that Yantai is now taking another bold step by proposing the world’s first international organization focused solely on zero-carbon island cooperation. This new body, headquartered in Yantai, would be open to membership from NGOs, academic institutions, research bodies, and private enterprises worldwide—including those in Barbados.

“This organization will strengthen resilience to climate disasters, ensure island energy security, and support economic and social development through low-carbon industries and technologies,” Hu explained. Over 20 institutions and enterprises have already confirmed their participation.

Extending an invitation to Barbados, Hu emphasized the shared environmental destiny of island nations and regions. “Those who share the same aspirations will not regard mountains and seas as a distance,” he said. “Despite the distance, China and Barbados share a clear sea and blue sky.”

As Barbados continues to carve out its place as a climate leader in the Caribbean, the alignment with Yantai’s zero-carbon vision may offer meaningful pathways for collaboration—both in policy and practice.

Business

Barbados To Host 2025 Construction & Design Conference

The fourth Barbados Annual Construction and Design Conference (BACDC) is scheduled to take place September 24 to 27, 2025. This year’s conference will be held under the theme ofIntegrating Technology into Quality Construction and will also feature, for the first time, a dinner and awards ceremony.

The keynote speaker for the 2025 conference is Omar Mohamed, who is the Architectural AE/Specification Consultant, Caribbean Area for The Sherwin-Williams Company, and he will explore the topic “Accessing Innovative Coating Technology for Healthy Building Design”.

Elvina Rollins, Technical Officer with the TVET Council, organisers of the BACDC, noted: “We are pleased to partner with The Sherwin-Williams Company again this year. Sherwin-Williams is a company that makes innovation a major component of their business practices. Furthermore, they are very invested in their corporate social responsibility, of which educating the design community is a major focus.”

Speaking to the impact of the BACDC, Ms. Rollins emphasised: “Last year’s conference, which was held under the theme ‘Designing and Building for a Sustainable Digital Transformation’featured the key topic ‘Innovative Building Materials’ which highlighted the University of East London’s award winning ‘Sugarcrete’ project.

“We were therefore pleased to hear the Minister of Housing, Lands and Maintenance, Dwight Sutherland, during his remarks, applaud the University of East London on the ‘Sugarcrete’ project for its contribution to innovative, affordable, and sustainable housing materials.”

Ms. Rollins added: “Similarly, we expect this year’s conference to be just as impactful because we are seeking to share best practice information on how integrating technology can contribute to sustainable, quality construction.”

In keeping with the theme of the TVET Council’s 30th anniversary celebrations, Building Brighter Futures: 30 Years and Beyond, this year’s BACDC seeks to highlight sustainable practices through topics such as Green Infrastructure, Drone Construction Monitoring, and Historical Preservation and Adaptive Reuse in Architecture.

The itinerary for BACDC 2025, which will span four days, will include international, regional, and local presenters whose expertise covers design and construction areas. The conference programme will feature:

Opening Ceremony with keynote speaker Mr. Omar Mohamed of The Sherwin-Williams Company
Construction Open Day – September 24
Student’s Day – Career Showcase on September 25
Networking and Cocktail Reception – September 26
BACDC Awards Dinner – September 27.

The BACDC, which was launched in 2022, provides professionals and practitioners in the construction and design industry opportunities to update their knowledge and acquire Continuing Professional Development points, where possible. Attendees can participate in specialised education and training sessions that include workshops and seminars, led by industry experts.

These sessions cover the latest trends, technologies, and best practices in construction and design, thereby helping participants to stay ahead in this ever-evolving global industry. The BACDC also provides opportunities for career development, networking, promoting sustainability, and showcasing innovation. (PR/GIS)