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

NISSS Expected To Pay Out Close To A Billion In Benefits This Year

Close to one billion dollars in benefits are expected to be paid to Barbadians this year by the National Insurance and Social Security Service (NISSS).

This was disclosed yesterday by the NISSS’s Chief Executive Officer (CEO), Kim Tudor, as she spoke to media representatives on the sidelines of the Technical Seminar: Communication approaches and strategies in social security institutions in the Caribbean, being hosted at the Hilton Barbados, Needham’s Point, St Michael, from June 2 to 4.

Noting these funds were the kind of monies that passed through the NISSS as income support for Barbadians, she reiterated: “It is going to be about a billion Barbadian dollars this year in benefits.”

Ms. Tudor further noted that the NISSS, now in its 58th year, had also made it a lot more flexible and easier for self-employed persons. Pointing out that this month the organisation would be holding an orientation session/workshop for the creatives in Barbados, she said this would allow them to “hear in detail and ask questions, specifically about the self-employed”.

Explaining the need for this, she added: “Remember now, with the self-employed, we recognise that people are gig workers, and their money isn’t consistently a monthly salary. They get it based on gigs and other kinds of activities. And you can come to the NIS and pay any amount, at any time, you know. And we will prorate it over the year for you.”

The CEO, in a call out to such individuals, said: “So whatever you have, you can come. You know, there is Crop Over coming up. You make a lot of money at Crop Over, come and pay your NIS for the year, one time. So, those are some of the things that we have made, to make it more flexible. Our social media pages are being followed more and more. And of course, we will push that.”

While also noting that persons are currently registering for the Solidarity Allowance, Ms. Tudor let it be known that now was “a useful time to ask any questions” of the organisation and stressed that as the NISSS moved forward, it would be engaging a lot more with the public via fora and other avenues.

The head of the NISSS, referring to an appeal by one media house to make her organisation’s reports/annual reports more accessible to the public, admitted this was being actively worked on.

She further added that efforts are ongoing to make sure annual reports are updated and soon there would be annual presentations to the public, highlighting the progress of the fund, how it was performing and how much it was paying out, among other things.

“That’s the information we will share with the public so that we can build that trust because we are working hard for you. We recognise…the important role that social security plays in income security, so we take it very seriously, and we want you to be able to know that we are …working towards making sure that happens for you,” she stated. (PR/GIS)

Caption: Chief Executive Officer of the National Insurance and Social Security Service (NISSS), Kim Tudor, speaking to the media at Hilton Barbados yesterday. Looking on is Director of Antigua and Barbuda’s Social Security Board, David Matthias.

Business

CIBC Caribbean Relaunches Unsung Heroes Campaign to Spotlight Everyday Champions

by Deanzer Roberts

There was a sense of renewed purpose in the air on May 30 as CIBC Caribbean brought together staff, stakeholders and community leaders both in person and online for the long-awaited relaunch of its beloved Unsung Heroes programme.

Held at the bank’s regional Head Office, the event marked the return of a signature initiative that once captured hearts across the region from 2003 to 2013. Now, more than a decade later, the campaign is back—refreshed, reimagined, and reaffirmed in its mission to spotlight the quiet champions of Caribbean society.

Delivering the keynote address was Donna Wellington, Chief Country Management Officer, who warmly reflected on the “immense goodness and kind acts” unearthed during the original programme’s tenure. She expressed excitement at the prospect of again discovering individuals who, though unheralded, are transforming lives through service, kindness, and courage.

With its original foundation rooted in honouring selfless men and women, the revitalised campaign expands the lens to include young people aged ten and above. According to Wellington, many of the region’s youth are actively engaged in positive, socially conscious efforts—ranging from environmental activism to community health awareness—but often go unrecognised. The new campaign seeks to change that.

Under the updated format, persons can be nominated for their outstanding work within their communities or for acts of heroism, bravery, or extraordinary kindness within the 12 months prior to the start of the campaign. The initiative will run across all ten territories where CIBC Caribbean operates, culminating in the announcement of local winners in August and regional awardees in September.

Wellington noted that the programme would once again be a key initiative under the CIBC Caribbean ComTrust Foundation, the charitable arm of the bank. She acknowledged the trustees of the Foundation for their enduring commitment to community development and expressed particular thanks to Debra King, the longest-serving trustee, for her guidance and leadership since the Foundation’s inception.

Established in 2003, the ComTrust Foundation has become a critical force for good across the region, disbursing over US$32 million—or approximately BDS$64 million—towards projects in areas such as health, education, youth development and environmental sustainability. From scholarships at the University of the West Indies to after-school programmes with the YMCA, the Foundation’s reach has been broad and impactful. It has supported young entrepreneurs through Youth Business Trusts and partnered with organisations like Hands Across the Sea to promote literacy in the OECS.

The Foundation has also stepped in during times of crisis. From supplying PPE during the COVID-19 pandemic to assisting in the aftermath of Hurricane Beryl and the La Soufrière volcanic eruption, its commitment to regional resilience has been unwavering.

One of its flagship initiatives, Walk for the Cure, continues to grow in popularity, attracting over 35,000 participants last year and raising more than US$5 million to support cancer care across the Caribbean.

Wellington also used the occasion to touch on the bank’s transformation journey. She described CIBC Caribbean as a more agile and digitally focused institution, offering customers a modern, secure and user-friendly banking experience. The bank, she said, remains deeply connected to the communities it serves, committed not only to financial innovation but to people-centred development.

As the event closed, anticipation was high for what the next generation of Unsung Heroes would bring. With nominations soon to open, the relaunch signaled more than the return of a programme—it marked a reaffirmation of Caribbean compassion, character, and community spirit.

Caption (from left to right) Corporate Communications Manager, CIBC Caribbean, Anthony Blackman, Chief Country Management Officer, Donna Wellington, Corporate Communications Manager, Debra King, Associate Senior Counsel and Trustee of the CIBC Caribbean ComTrust Foundation Olivia Burnett and Secretary to the ComTrust Foundation Shantelle Griffith looking at the coffee table book Unsung Heroes of the Caribbean featuring past winners of the bank’s Unsung Heroes programme.

Business

Let Your Riddim FLOW

Flow ignites with vibrant brand refresh

The hills of St. John pulsed with the heartbeat of Barbados on Saturday night as Flow unveiled its bold new brand campaign, Let Your Riddim Flow, during a high-energy celebration at We Gatherin’.

Against a backdrop of infectious music, dancing, and vibrant community spirit, the leading telecoms provider in partnership with the National Cultural Foundation (NCF) brought together scores of Barbadians in a display of cultural pride and corporate transformation.

Throughout the day, there was a hive of activity in the Flow Riddim Zone. Then the night was marked by a carnival-style parade featuring stilt walkers, moko jumbies, costumed dancers, and Flow’s signature blue characters, who lit up the of Pool Woods venue with flair and fun.

The event served as the public launch of Flow’s brand refresh, tied to the evolution of its parent company from C&W Communications to Liberty Caribbean — a name that signals greater regional pride and investment in technology and customer experience. But as Flow’s Vice President Desron Bynoe made clear, this transformation is about more than a name.

“We’ve turned a bold new page,” Bynoe declared to the lively crowd, “and we’re doing it with a rhythm that’s uniquely Caribbean. This campaign isn’t about products or plans. It’s about people and pride.

“It’s about connecting our culture to our technology in a way that feels real, feels local, and feels “Bajan to de bone”.It’s a cultural connection. Flow Barbados is still the brand you know and trust — but now, with more colour, more energy, and a louder beat. We’re inviting you to Let Your Riddim Flow.”

With a renewed focus on local communities, Flow has already rolled out a suite of initiatives that go beyond connectivity — from its Experience Uplift campaign, which takes customer service into the heart of neighbourhoods, to Technician Pathways, a training and development programme empowering the company’s nearly 100 technicians. Flow has also expanded its support of digital inclusion through JUMP, helping students and families bridge the digital divide.

The festive launch perfectly aligned with We Gatherin’ 2025, the government-led, year-long initiative aimed at reconnecting Barbadians across the island and the diaspora. As a major sponsor of the national celebration, Flow’s $120,000 partnership with the Division of Culture underscores its commitment to not only connecting people digitally, but culturally and emotionally.

“At Flow, we believe in celebrating where we come from while building where we’re going. Whether you’re a DJ in Bridgetown, a fisherman in Skeete’s Bay, or a student dreaming big in Gall Hill — your rhythm matters. Flow is not just your telecom provider; we are your rhythm partner,” said Bynoe.

The main stage came alive when the parade joined Bynoe on stage as new Flow jingle was debuted.

As the campaign rolls out across media, events, and customer touchpoints in the coming weeks, Flow Barbados is moving to a new beat — one that is proudly Caribbean, undeniably Bajan, and ready to connect the future. (PR)