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The State of Corporate Governance in Curaçao and the Necessity for Directors and Supervisors to Attend a Reality-Based Masterclass

The State of Corporate Governance in Curaçao and the Necessity for Directors and Supervisors to Attend a Reality-Based Masterclass

 

July 5, 2024

 

Our world, including our island of Curaçao, is currently in the midst of a significant transition. The urgency of this transition, driven by the escalating climate crisis, is pressing. Without a clear vision, we risk being swept wherever the winds take us rather than guiding our development. We are literally in the eye of the storm.

As a Small Island Developing State (SIDS), we are among the first to face the consequences of climate change. Our society's tightly-knit nature poses a significant challenge in this context. Adding to this complexity, emotions play an increasingly important role in decision-making. Historically, emotions were subordinated to rational thought, but as our world grows more complex and the rationality of neoliberal market thinking reveals its suppressed emotional underpinnings, this dynamic is changing in some cases erupting in the form of social events. These are often preceded by discontent caused by inequality and poverty, often blaming immigrants. Add crime and corruption to the mix.

Add to this our struggle with our colonial and slavery past. Moreover, we are also nagging about issues like same-sex marriage.

Artificial Intelligence (AI) broke through at the end of 2022, marking its role as the driving force of the Fourth Industrial Revolution (IR 4.0). The implications for governance are immense, encompassing both opportunities and threats. AI is not just about replacing jobs; it has become clear that biases are often embedded within its algorithms. This is unfolding in a landscape dominated by social media, and we must adapt to these technological changes.

Meanwhile, Curaçao is being affected by a series of governance-related issues. The bankruptcy of JetAir, the sudden operation of the refinery by Oryx, the fierce governance battle within the Curaçao Football Federation (FFK), and the Parliamentary Inquiry into the construction of the Hospital Nobo Otrobanda (HNO), now CMC, which was both excessively costly and time-consuming, are just a few examples.

Despite attending numerous corporate governance courses and knowing the rules, we often need help to play the game effectively. We find ourselves in a complete governance crisis. This is why it is not just beneficial but absolutely essential to participate in this unique masterclass, which stands out for its focus on the fundamental dynamics of governance, not just the rules. The choice is yours, but the same approach will yield the same results.

 

 Miguel Goede

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