Business

PwC in the Caribbean sets the tone on ESG framework for businesses against new ISSB standards

At the recent Institute of Chartered Accountants of the Caribbean’s 40th Annual Conference, PwC Bahamas Advisory Leader, Kevin Cambridge, joined a stellar panel line-up to discuss ‘Expectations for ESG’ including the new mandatory ESG reporting standards from the International Sustainability Standards Board (ISSB). Issued on Monday, ISSB published its first two finalised standards: S1 General Requirements for Disclosure of Sustainability-related Financial Information; and S2 Climate-related Disclosures. The new standards are a part of a global trend transitioning from voluntary to mandatory reporting.

When speaking at the conference for PwC in the Caribbean, Kevin said, “With pronouncements handed down from the likes of IFRS the question then is, what will now be codified in local regulations? The answer is that we need to come together. Individually we – governments and businesses – are looking at the world through the lens of our own country, The Bahamas, Barbados, Jamaica, Trinidad etc. It’s not as impactful to think individually when you sit across the table and have very targeted regulatory discussions that ultimately impact all of us across the Caribbean and the globe.”

The standards are intended to be the foundation for a comprehensive global baseline of sustainability disclosures specifically focused on the needs of investors and the financial markets. These should be welcomed by investors and businesses given the complex reporting landscape. For many businesses across the Caribbean that are in the infancy of their sustainability journey, now is the time to begin the process. For businesses more advanced that have already adopted industry specific and Task Force on Climate-Related Financial Disclosures (TCFD) recommendations, they will be in a great place to apply IFRS S1 and IFRS S2.

As well as the new standards, the panel discussed more broadly the impact of excluding Sustainable Development Goals (SDGs) as an investor and business – there’s a mutual dependency. Kevin commented, “An investor or company choosing to invest that doesn’t show, prove, or are simply not being strategic by incorporating SDGs into their business, will find themselves being unable to invest in certain opportunities. This also complicates matters as the question then becomes…how do you measure, benchmark and report the ESG framework? If businesses want to add value, they must make both social impact and SDG alignment a part of their core business.” Businesses that take an active role in leading this transformation and position SDGs at the heart of operational decisions will be better placed to harness emerging market opportunities, manage risks and achieve a Net Zero future.

PwC has committed to transforming its business model to decarbonise its value chain, increasing transparency, and supporting the development of robust ESG reporting frameworks and standards. The PwC network is also engaging its clients and suppliers to support them to tackle their climate impact. Kevin concluded, “At PwC we believe ESG has to be a priority for every government and business across the Caribbean.” (PR)

Business

B’DS PUBLIC WORKERS CREDIT UNION PARTNERS WITH BAY VIEW HOSPITAL

In a bid to make premium healthcare more accessible, the Barbados Public Workers Cooperative Credit Union Limited (BPWCCUL) has partnered with Bayview Hospital to ease the financial burden of medical expenses for Barbadians.

Announcing the initiative during a signing ceremony at BPWCCUL’s headquarters on Thursday, Chief Marketing and Customer Experience Officer, Gail Best-Niles, highlighted the growing demand for financial assistance in healthcare.

“What we have found is that more than 50 per cent of our personal loans are being used for medical procedures. Unfortunately, many Barbadians do not have health insurance, and that’s something we intend to address with our members,” she stated.

Despite efforts to educate members on the benefits of health insurance, Best-Niles noted that a significant portion still remain uninsured, making healthcare costs a persistent challenge.

Through this new partnership, BPWCCUL members will receive exclusive discounts on various medical services at Bayview Hospital, including elective surgeries and maternity care.

“Whether it’s an elective surgery or maternity services, Public Workers members can now access world-class treatment at more affordable rates,” Best-Niles explained.

Recognising that even with discounts, medical expenses can still be overwhelming, BPWCCUL will also provide financing options for medical procedures, ensuring that members receive the care they need without undue financial strain.

Business

Heart & Stroke Foundation rehabilitation programme gets a boost from RUBIS

The recovery prognosis for Barbadians affected by stroke has been boosted by a RUBIS donation of BBD $20,500 to the Heart & Stroke Foundation of Barbados in support of its stroke rehabilitation programme.

The funds will help ensure that patients receive essential physiotherapy assessments before starting rehabilitation, to receive treatment tailored to their specific needs. RUBIS Brand Marketing Specialist Mellissa Broomes said the contribution falls under the Company’s Corporate Social Responsibility roadmap, which is focused on education and healthcare.

“At RUBIS, we are committed to making a meaningful impact in the communities we serve, and our support for the Heart & Stroke Foundation’s Stroke Rehabilitation Programme reflects our dedication to health and well-being. We are proud to contribute to this vital initiative, helping stroke patients regain strength, independence, and an improved quality of life. As the Foundation marks its 40th anniversary, our team looks forward to volunteering throughout the year and is happy to continue our strong relationship in support of its mission.”

Heart and Stroke Foundation CEO Mrs. Greta Yearwood expressed her thanks to RUBIS, noting that it strengthened a relationship dating back several years. She said the donation was timely and would go a long way towards achieving stroke rehabilitation goals.

“We offer services in rehabilitative therapy for both cardiac and stroke patients, but this donation will specifically assist with the physiotherapy for those patients suffering from stroke. Prior to joining the program, they will be able to see a physiotherapist who will be able to assess them and ensure they are receiving the specific needs for their conditions. We love working with our partners. We also look forward to RUBIS coming on board to assist us as volunteers. This is our 40^th anniversary, and there are many areas the RUBIS team can assist in, including working at our sites, attending events and even at our gym.

The Heart & Stroke Foundation of Barbados (HSFB) is a non-profit organisation dedicated to promoting cardiovascular health and reducing the impact of heart disease and stroke in Barbados. The HSFB raises awareness about risk factors, prevention, and healthy lifestyle choices through education, advocacy, and community programs.

The foundation offers various initiatives, including heart and stroke rehabilitation programs, CPR and first aid training, health screenings, and public awareness campaigns to encourage heart-healthy habits. Additionally, HSFB provides support services for stroke survivors and their families, helping them regain independence and improve their quality of life.

Committed to building a healthier nation, the HSFB works closely with healthcare professionals, corporate partners, and volunteers to drive impactful change in cardiovascular care and prevention across Barbados. (PR)

Caption:

From left are Mellissa Broomes, RUBIS Brand Marketing Specialist, Greta Yearwood, CEO of Heart & Stroke Foundation of Barbados Inc., and Andrea Gooding, RUBIS Marketing Programs Manager

Business

Business Hub & Business Expo On March 29

Clients of the Barbados Trust Fund Limited (BTFL) will get an opportunity to showcase their products and offer their services this weekend, and members of the public are encouraged to support them.

The BTFL will host a Business Hub this Saturday, March 29, at the Natural Heritage Department Grounds, Sturges, St. Thomas, beginning at 10:00 a.m.

Various business support organisations in the micro, small, and medium-sized enterprise sector and the Unified Trust Co-operative Society will participate in the hub.

Additionally, a team from the Co-operatives Department will be at the Harvest Market, Nature Garden and Business Expo at the Thomas Parish Church on Saturday, from 9:00 a.m. They will share useful information on the co-operative business model, including how the movement can benefit individuals and entrepreneurs.

The Business Hub and Business Expo are part of the St. Thomas We Gatherin’ initiative.