ialum 2014 #01

Ent repreneursh ip :Are you ready totake the P lunge?

Minor i ty Shareho lders :Are they in the dance?

Achieve Rapid Growthin Slow

Growing Markets

Mr. Ronald deC Harford - Chairman, Republic Bank Limited18 Ways to Achieve Success

Mrs. Arvinder Bharath - President & Country Manager (Trinidad and Tobago), RBTTA New Era of Banking

Energetic, Passionate,Positive.

Real ize your ful lest potential

The Battle of the Brands

S h e r r a r d S p i e r s

P l u s C o n t r i b u t i o n s b y

eading L withPurpose

B U S I N E S S M A G A Z I N E

1Sherrard Spiers:Leading with Purpose

Strong Leadership :What does it look like?

A New Eraof Banking

How to Achieve RapidGrowth in Slow GrowingMarkets

11. Committed to the Car ibbean

13. Entrepreneurship: Are you ready to take the p lunge?

14. Growth - The Car ibbean Chal lenge

16. Corporate Socia l Responsib i l i ty in T&T

18. Hol ist ic Env i ronmenta l Susta inabi l i ty

20. Corporate Scandals and Eth ics

21. Celebrat ing Success with a Global Network of Cluster Pract i t ioners

22. Br inging the Wor ld to Carn iva l

24. Impact of Tax Administrat ion in the economy of T&T

26. 18 Ways to achieve Success

29. Human Resources - Our Greatest Resources

30. Minor i ty Shareholders - Are they in the dance?

33. Women in Leadership - Tra i ts and Chal lenges

34. Marcus Buckingham at Lok Jack GSBs DLIC 2013

36. Human Development as a key to susta inabi l i ty

39. Choosing the r ight Recru i tment Websi te

40. Women and Leadership

42. School Events - (Photo Col lage)

43. Help ing Businesses Go Global

45. 1st Reunion & Cockta i ls - (Photo Col lage)

46. Launch of Mentorship Programme 2012 -13 (Photo Col lage)

47. Personal Development

48. The Batt le of the Brands

50. The Chal lenges fac ing the Heal th System

51. Essent ia ls for a Successfu l Business Websi te

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BUSINESS MAGAZINE

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Executive Director & Professor of StrategyProf. Miguel CarrilloWelcome Message 2

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BUSINESS MAGAZINEBUSINESS MAGAZINE2

Message from the Executive DirectorOn behalf of the Arthur Lok Jack Graduate School of Business, I want to say thank you to our alumni and friends of the Lok Jack GSB in the creation of our inaugural iAlum Magazine. This magazine is dedicated to our esteemed alumni and celebrates their success. The magazine also pays tribute to our stakeholders, that continue to play a pivotal role in the development of our programmes and ensure that we remain relevant in todays business world.

In this issue, we feature articles from Mr. Ronald Harford - Chairman of Re-public Bank Limited and Board Member of the Arthur Lok Jack Graduate School of Business, Mrs. Arvinder Bharath - President and Country Man-ager RBTT (Trinidad) Ltd, along with articles from Faculty Members and the alumni body. As a thought leader in the Caribbean, we hope that these articles continue to expand your knowledge of what are issues facing the business community today.

Our Alumni Relations Centre team, Fayola Nicholas Director of HR, Ad-vancement & Alumni Relations and Kavita Kissoon Alumni Relations Of-ficer, work hard to engage, educate and reconnect with you through activi-ties, such as the Distinguished Alumni Series, CEOs Back to School and the recently launched Annual Reunion & Cocktails. We continue to evaluate and update our events and programs for our alumni and we look forward to your feedback for improved service in the upcoming year

I thank you for your continued support of your alma mater and remain com-mitted to our purpose of educating extraordinary innovative leaders who positively reshape business and society, while constantly challenging the status quo of human development. Professor Miguel Carrillo, Ph DExecutive Director & Professor of StrategyArthur Lok Jack Graduate School of Business

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BUSINESS MAGAZINEBUSINESS MAGAZINE 3

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If ever three words could describe a person, Sherrard Spiers would be Energetic, Passionate, Positive.

Sherrard lives in Trinidad with his wife and two chil-dren. He constantly reminds himself to keep things simple as he believes that simplicity is the ultimate sophistication.

Sherrard is a specialist in Sales and Marketing with over 20 years experience spanning across several large international and regional manufacturing and distribution companies and start-up companies in the Caribbean and the United States. He has worked with companies like Home Depot Inc., Solo Bever-ages Limited, Federal Express, The Ansa McAl Group of Companies, Hand Arnold (Trinidad) Limited and Kimberly-Clark Corporation.

Currently a PhD candidate at UWI, St. Augustine, Sherrard also holds a Masters in Philosophy (M. Phil) (2011) from UWI, St. Augustine and an Executive Masters of Business Administration (EMBA) (2002) from the Arthur Lok Jack Graduate School of Busi-ness. Prior to this, he gained Associate of Arts (1995) from London Chamber of Industry and Commerce, Kent, London, UK and a Diploma in Personnel Man-agement (1987) from the Miami-Dade Community College, Miami, USA as well as an Associate of Arts (1985) from the Miami-Dade Community College, Mi-ami, USA.

For over 10 years, Sherrard has been an entrepre-neur. He is also the co-founder of a retail life-style and clothing company based in Trinidad and is also the

Leading withPurpose By the Alumni Relations Centre, Lok Jack GSB

Leading withPurpose Meet Sherrard Spiers

iAlum 2013.indd 4 2/23/13 5:10 PM


founder, Managing Director and Managing-Partner of a medi-um-sized company that primarily services the oil and gas sector in Trinidad & Tobago and is an Adjunct Faculty Member and a Part-time Lecturer in Marketing, Management and Sales Man-agement at both The University of The West Indies School of Business and Applied Studies, The University of New Brunswick and The Cave Hill Business School.

Sherrard is passionate about the environment and is a member of the NGO, Save Balandra. The Save Balandra is an NGO ac-tively pursuing to reduce carbon footprint in the beach front of the North-east of Trinidad and Tobago. The NGO also works in protecting local rivers, forest from being polluted by inappropri-ate usage.

We asked Sherrard to share a bit more about himself and heres what he had to say:

1. What is the first thing you do every morning when you wake up? Thats simple. One cup of Nescafe.

2. What is a typical day like? I drop the kids to school. Then the day starts. Sales is my life, and the life of most or-ganisations so this is where my focus lies every day, every hour, every minute. Even though it may not appear that I am selling at all times, my every action goes to improving our product and offering to our customers and improving our bottom line which, inevitably, aims to increase sales.

3. What is a typical weekend like? Simple. I spend every weekend at the Beach (and if not, talking about it).

4. What is your favourite quote and why? Things could always be worse. People always complain about how bad they have it even though they dont know how good they do.

5. Who is your hero/heroine and why? Lisa-Marie. My best friend who I met 23 years ago. We have been through a lot together and this makes it so easy to now do everything to-gether.

6. What type of movies do you like and why? I do not like movies. I love CNN, Cops and The First 48.

7. What is your favourite type of music and why? Elton John & Bob. They never get old.

8. If you had to compare your life to a movie, which would it be and why? Well it wont be CNN, Cops and The First 48. Its likely to be a Lifetime Movie maybe a show called Letters to God. Lisa-Marie, Shane and I have had challenges. If you want to understand take a look at this show.

9. What is your pet peeve? People who take advantage of others.

10. When you were a child/teenager - how did you imagine spending your life? What a question. Being rich by the time you are 35 of course. Doesnt everyone.

11. Greatest Work Related Challenge. Capital. We are taught everything in business studies in school. Math, English, Accounting, Marketing, Business Law, and so on. But no one, nowhere, no how teaches us where to find capital, the back-bone of any business. We go to school and university but its the one thing that is not taught. Fortunately I learnt this at The University of Amina. Amina was my grandmother and I lived with her and she taught me how to build capital so when you need it, you have it. So in the beginning I did many things to earn capital. I started by cutting lawns on July/August vacations to selling Hops and Stew Beef sandwiches on Tragarete Road. And once sufficient capital was realised it led to then investing in importing clothing to investing in retailing and so on. But yes, no one teaches you about capital. Oh, Amina also believed you had to be frugal to save and build capital.

12. Greatest Personal Challenge & How You Cope / Learn to Improve. Look at the movie - Letters to God. I am inspired by my son, Scott, an extraordinary six-year-old boy who was only armed with the courage of his faith, friends and community as he daily battled against cancer with bravery and grace.

13. What are some of your Recreational Activities / Passions,and why? No secret here. I am passionate about two things. My wife and My family.

How would you say that you LIVE (work/personal) the Purpose of the Lok Jack GSB? Innovation and Action are two watch words of The Lok Jack GSB. Nothing could be truer, for in to-days business environment you daily have to innovate and act or you will be out of business because of your inaction.

Leading withPurpose By the Alumni Relations Centre, Lok Jack GSB

Meet Sherrard Spiers

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The cry for leadership is echoed in the all areas of social life. What behaviours would be considered reflective of the strong leadership that we request so vo-ciferously? There are many, often con-tradictory, views and perspectives with respect to what constitutes good leader-ship and as such, the concept has been interpreted in many different ways. In the world of business, financial performance is often considered a main indicator of leadership. Others argue that dimen-sions of organisational performance in-cluding impact, transformation, relevance and sustainability are more important and indicative of the leadership we seek. In the sphere of public life, popular opinion and firm adherence to commitments and decisions are considered suitable meas-ures of leadership performance. Understanding leadership and its de-velopment is increasingly important in a world where stressors such as the fi-nancial meltdown, unethical practices, terrorism and diseases are prevalent. In Trinidad and Tobago and the wider Car-ibbean, the challenges of the sustainable development of small states add another layer of complexity to the leadership call. How do we develop leaders who can transcend divides and address issues by actively considering, at the same time, globalisation and localisation demands, the individual and the state, private and public concerns and the need for co-op-erative and competitive mindsets? What theories of leadership will guide us to at-tain the result we seek? Early theories of leadership have focused

on the traits of the leader in a heroic role. In the evolution of leadership thought, emphasis was placed on the organisa-tion, and specifically, on the capacity of the leader for transformation. In the last decade, authentic leadership, espoused by proponents such as Bruce Avolio and William Gardner of the Gallup Institute, has been advocated as a theory of lead-ership that is positive and inspiring; contributing to the sustainable well-being of leaders and followers. In this model, self-transcendent and other-directed values such as social justice, honesty, gratitude and appreciation are paramount (Mitchie and Gooty, 2005). Leadership that is unwavering in its fundamental moral prin-ciples, rather than its decision stance, is considered authentic. What are the indicators of a moral and authentic leadership? These leaders are seen to work hard to build enduring rela

tionships based on morality and shared values. They lead with purpose and their actions reflect equity, spirituality and self-awareness. There is a high degree of alignment between the leaders thoughts and feelings and her actions; the outer self is reflective of the inner self. Their organisations achieve veritable and sus-

tained performance as others are af-fected by their positive emotions through contagion. People are motivated and inspired by the leader. The language of negativity is replaced by positive personal and organizational credo.

The advance of democracy, knowledge empowerment and demand for account-ability in increasingly open, transparent systems demands leadership behaviours that are firmly rooted in fundamental hu-man principles and consistently reflected in the leaders sustainable growth and increasing alignment of inner values and outer behaviours. This is not political rhetoric, organisational jargon or unat-tainable perfection. Indeed, authentic and other positive forms of leadership are evident in our society and have al-ways been present, demonstrated in the lives of great leaders such as Gandhi and Mandela as well as many others who are not recognisable to the wider public. The philosophy of Leading From Above the Line that has been adopted to guide the work of the Leadership Institute at the Lok Jack GSB is premised on leadership behaviours and actions based on moral-ity and authenticity. Leadership develop-ment is attained through ones increasing understanding of and commitment to principle consciousness, purpose, emo-

tional mastery, understanding change and knowledge empowerment. This model of authentic, principled leader-ship is expected to produce new leader behaviours and actions that will build a more humane society and yield the or-ganisational results we seek.

STRONGLEADERSHIPWHAT DOES IT LOOK LIKE??By Dr. Kamla Mungal

People are moti-vated and inspired by the leader.

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A new eraof Banking by Mrs. Arvinder Bharath The President and Country Head (Trinidad and Tobago), RBTT

This is a pivotal time for the banking sector not just in Trinidad and Tobago and the Caribbean, but worldwide. As markets engage in the slow and fitful recovery from the global financial crisis, we have been forced to recognise the enormous importance of the sector and its capability for good or ill. Banking has an essential role in economic recovery and with this comes a responsibility for proper corporate governance, strategic and safe practices, and a broader vi-sion for growth within local and regional markets.

Because of slow growth, now more than ever, nations must rely on their financial systems to properly allocate savings to entrepreneurial and invest-ment activities that can generate the best possible return. Banks must be transparent and trustworthy and they must have the necessary ingredients in terms of resources, practices, technol-ogy and products to spur productivity by encouraging business investment.

In certain respects Trinidad and To-bagos banking sector is ahead of the curve in the current environment. Our sector is extremely competitive in terms of its strength and stability. In its most recent Global Competitiveness Report, the World Economic Forum ranked Trinidad and Tobago 34th out of 144 countries in soundness of the banks, placing us ahead of many developed and emerging nations. During the finan-cial crisis local banks reported minimal direct exposure and remained compar-atively stable.

In addition, interest rates are more com-petitive than they have been in some years. Our banking system is liquid and there is increased competition within commercial banking, which brings with it innovation and opportunity for invest-ment. In total there are eight commercial banks operating locally with well over 100 branches and 200 ATMs offering an ever-increasing array of services such as telephone banking, Internet banking and innovative financial products.

All of these characteristics contribute to an excellent climate for investment and private sector-driven growth. At RBC Royal Bank we understand these economic priorities of Trinidad and To-bago and the Caribbean and have from consistently concentrated our efforts on improving the banking sector in terms of both its strength and efficiency, and creating an enabling environment for business and investment.

In 2008, the Royal Bank of Canada ac-

quired the RBTT Financial Group, creat-ing one of the Caribbeans most exten-sive banking networks. Our agenda was to introduce positive transformational practices to the market, especially in our relationship with our clients, as well as in the way we meet our obligations to regulatory authorities, both locally and internationally. We brought the highest international standards and combined them with RBTTs intimate knowledge of the market and its 100 year legacy as a leading bank.

In December of last year we unveiled our new Operations and Service Deliv-ery Centre in Port of Spain which serves Trinidad and Tobago, Suriname and the Dutch Caribbean. The Centre provides modern client support services that can dramatically increase the convenience and ease of doing business with RBC Royal Bank. In addition, earlier this year RBC signed a major amortising bond issue with the Caribbean Development Bank (CDB) specifically to bolster re-gional development and stimulate eco-nomic growth.

The banking sector must be an enabler for productivity in the current environ-ment and I would expect that in 2013 and beyond banking institutions in Trini-dad and Tobago will do their utmost to encourage the private sector to invest or become involved in entrepreneurial activities by making it more attractive to do so. This will of course have to be balanced against sound risk manage-ment and adherence to regulations and proper corporate governance.

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A new eraof Banking by Mrs. Arvinder Bharath The President and Country Head (Trinidad and Tobago), RBTT

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It never ceases to amaze me when things come together and fit snugly in your mind like pieces of a puzzle as if the hand of God is at work. One such moment arrived when I was asked to write this article.

I started to think of what was the immedi-ate pressing marketing need of my clients and came up with a real brain twister. How to achieve rapid growth in slow growing markets with an explosion of competitors and competitive products? This isnt as impossible as it may sound, since Apple, Google and Samsung have all done just that. China, India, Brazil and Russia are also doing the same at a country level. So I set about thinking of a response to my clients challenge. Then while browsing the bookshops looking for activity books for my grand-daughters during their August vacation, the book appeared. It read boldly, Word of Mouth Marketing, by Andy Sernovitz with foreword by Seth Godin and after-word by Guy Kawasaki, all modern day marketing gurus. It was then the leap of intuition occurred as my right brain synapses fired off the thought, Eureka, thats it! Now as with all solutions, as my Chemistry teacher in St Marys College, Fr. Galt, always reminded me, It is one percent inspiration and 99 percent perspiration. So I set off down the rabbit hole like Alice in Wonderland to slay the dragon.

First, the one percent inspiration: My re-sponse to the problem is marketing solu-

tions at the level of the customer, no lofty concepts at 30,000 ft above sea level, but marketing solutions at the point of purchase. And this is where the Word of Mouth Marketing comes in, it is immedi-ately effective and cost conscious. And now the 99 percent perspiration: To do this, our solution must include market research through engagement with the customer with meaningful conversations and mind dazzling creativity and innova-tion in the product line.

Today, true market research can only take place through engagement with mean-ingful conversations. As Apple founder Steve Jobs used to quip, how can we ask a customer what she wants when she doesnt even know what she can get? It is only through conversations with the customer that we can learn of her life, her way of thinking, her daily challenges and use this information to create innovative solutions. Quantitative analysis is still very relevant but the real insights come through quali-tative research in the form of conversa-tions. And to do this we must turn to meaningful conversations between the entire staff and customers, through word-of-mouth and amplified word-of-mouth, social media. This would require every member of staff to be trained in customer

service, not just to speak to customers politely but also to engage the customer in conversations and to listen and capture the in information within the organisation. Having gathered meaningful information from staff, the marketing strategists must then not so much analyse it, but synthe-size it into creative and innovative value added solutions (right brain stuff), and integrate the many strands of conversa-tions into one coherent strategy. In essence, this strategy must involve catering to the The Long Tail (see the book by Chris Anderson) offering far more diversity and depth in product lines and in so doing, becoming an elastic company that can grow rapidly (as described in the book The Elastic Enterprise by Nicholas Vitalar). This can be achieved through creating network ecosystems of freely collaborating third parties who offer their products through your business. Having created such a long product line, you can then communicate them to po-tential customers through Word of Mouth Marketing and Affiliate Marketing, con-verting customers to advocates. All of this is exciting stuff and in many ways ushers in a new marketing revo-lution, as I introduced at my Arthur Lok Jack Distinguished Alumni Lecture and I will explore in this column in a series of upcoming articles, thereby offering a so-lution to achieve rapid growth in a slow growing market.

How to Achieve RapidGrowth in Slow GrowMarkets By Hilary Bengochea

Quantitative analysis is still very relevant but the real insights come through qualitative research in the form of conversations.

(l-r) Larry Olton, Group VP Integrated Marketing Communications, Eric Hosin, President GLL, Karen Bhoorasingh, President WIA,Jeffrey Mack, CEO Guardian Holding Limited.

(l-r) Alejandro Nino di Royal & Sun Alliance (Antilles) Steven Martina di FATUM Lionel Chicu Capriles di Maduro & Curiels Bank. Photo credits FATUM/CE

With its new vision and business focus GHL is now aggressively seeking out the growth opportunities which exist within its home markets, and which fit its business model. Within the last quarter of 2012, GHL announced the acquisition of Globe Insurance Company of Jamaica and through its Dutch subsidiary, Fatum Holding N.V., subject to regulatory approval in the Dutch Antilles, GHL will also acquire 100% of Royal and Sun Alliance (Antilles) N.V., a major general insurance company operating in the Dutch Caribbean.

The Groups Jamaican activity is a good reflection of its commitment to the region. Over the last 18 months GHL has invested a total of US$53 Million dollars in the Jamaican economy. Fully 20% of GHL revenue and profits

In 2012 GHL undertook a Group-wide initiative that highlighted its staffs spirit of giving and serving others, one of the core values of the Group. Over the holiday season, the staff brought joy and good cheer to hundreds of disadvantaged and underprivileged children across the Caribbean by adopting the internationally known Shoebox Project. Through subsidi-aries in Aruba, Barbados, Jamaica, Bonaire, Curacao, Jamaica, St. Maarten, and Trinidad & Tobago, our Guardians presented over 1100 boys and girls with shoeboxes filled with delightful gifts to lift their spirits. According to Group CEO Jeff Mack, We got together as ONE TEAM, ONE GROUP to fill shoeboxes with gift items for needy children. Collectively, we can make a positive difference in the lives of those less fortunate. Our contribution to the economy and people of the Caribbean region is holistic, as we believe that strong commu-nities lead to strong and sustainable businesses.

for 2012 is expected to be derived from its Jamaican business interests, which now include Globe Insurance Company, West Indies Alliance, Guardian Life Limited, and other strategic investments including Beaches Boscobel Hotel in Ocho Rios.GHL also takes its role as a corporate citizen very seriously. Over the years, the Group has consistently supported sport, education, health and wellness and the environment, across all of the Caribbean. On November

22nd, GHL subsidiary Guardian Life of the Caribbean, officially launched its exclusive partnership with the Pink Hibiscus Breast Health Specialists. The centre focuses on the early detection and prevention in women, of breast cancer and is the only and most technologically

advanced breast health diagnostic centre in the Caribbean. This partnership is testimony to GHLs new Corporate Social Responsibility positioning of preventative health and wellness through education and financial support.

Commitment to and confidence in local and regional market development is the hallmark strategy of Guardian Holdings Ltd. (GHL) the Caribbean regions leading insurance and financial services Group. Through investment in its core businesses, in its major home markets, including the English and Dutch Caribbean, GHL has demonstrated tangibly, its focus on competitive returns and sustainable income to its shareholders.

(l-r) Ravi Tewari, President of Guardian Life of the Caribbean, Lorraine Kam, CEO Pink Hibiscus, Gervias Warner, Chairman Pink Hibiscus, Rajen Rampaul ( to the back partly hidden), Rachel Laquis Director Pink Hibiscus, Arthur Lok Jack, Chairman GHL and Greg Mannette, Executive Agent, GLOC

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(l-r) Larry Olton, Group VP Integrated Marketing Communications, Eric Hosin, President GLL, Karen Bhoorasingh, President WIA,Jeffrey Mack, CEO Guardian Holding Limited.

(l-r) Alejandro Nino di Royal & Sun Alliance (Antilles) Steven Martina di FATUM Lionel Chicu Capriles di Maduro & Curiels Bank. Photo credits FATUM/CE

With its new vision and business focus GHL is now aggressively seeking out the growth opportunities which exist within its home markets, and which fit its business model. Within the last quarter of 2012, GHL announced the acquisition of Globe Insurance Company of Jamaica and through its Dutch subsidiary, Fatum Holding N.V., subject to regulatory approval in the Dutch Antilles, GHL will also acquire 100% of Royal and Sun Alliance (Antilles) N.V., a major general insurance company operating in the Dutch Caribbean.

The Groups Jamaican activity is a good reflection of its commitment to the region. Over the last 18 months GHL has invested a total of US$53 Million dollars in the Jamaican economy. Fully 20% of GHL revenue and profits

In 2012 GHL undertook a Group-wide initiative that highlighted its staffs spirit of giving and serving others, one of the core values of the Group. Over the holiday season, the staff brought joy and good cheer to hundreds of disadvantaged and underprivileged children across the Caribbean by adopting the internationally known Shoebox Project. Through subsidi-aries in Aruba, Barbados, Jamaica, Bonaire, Curacao, Jamaica, St. Maarten, and Trinidad & Tobago, our Guardians presented over 1100 boys and girls with shoeboxes filled with delightful gifts to lift their spirits. According to Group CEO Jeff Mack, We got together as ONE TEAM, ONE GROUP to fill shoeboxes with gift items for needy children. Collectively, we can make a positive difference in the lives of those less fortunate. Our contribution to the economy and people of the Caribbean region is holistic, as we believe that strong commu-nities lead to strong and sustainable businesses.

for 2012 is expected to be derived from its Jamaican business interests, which now include Globe Insurance Company, West Indies Alliance, Guardian Life Limited, and other strategic investments including Beaches Boscobel Hotel in Ocho Rios.GHL also takes its role as a corporate citizen very seriously. Over the years, the Group has consistently supported sport, education, health and wellness and the environment, across all of the Caribbean. On November

22nd, GHL subsidiary Guardian Life of the Caribbean, officially launched its exclusive partnership with the Pink Hibiscus Breast Health Specialists. The centre focuses on the early detection and prevention in women, of breast cancer and is the only and most technologically

advanced breast health diagnostic centre in the Caribbean. This partnership is testimony to GHLs new Corporate Social Responsibility positioning of preventative health and wellness through education and financial support.

Commitment to and confidence in local and regional market development is the hallmark strategy of Guardian Holdings Ltd. (GHL) the Caribbean regions leading insurance and financial services Group. Through investment in its core businesses, in its major home markets, including the English and Dutch Caribbean, GHL has demonstrated tangibly, its focus on competitive returns and sustainable income to its shareholders.

(l-r) Ravi Tewari, President of Guardian Life of the Caribbean, Lorraine Kam, CEO Pink Hibiscus, Gervias Warner, Chairman Pink Hibiscus, Rajen Rampaul ( to the back partly hidden), Rachel Laquis Director Pink Hibiscus, Arthur Lok Jack, Chairman GHL and Greg Mannette, Executive Agent, GLOC

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A few years ago, when I thought of an MBA, I perceived it to be the sole pre-serve of the senior manager. As far as I was concerned, achieving this qualifi-cation was undoubtedly the best way to climb the proverbial corporate ladder and it was with this mindset that I started the International MBA. Adding those three letters after my name, I thought, was in-deed the best way to make myself more employable and achieve both job satis-faction and financial security. A careful observation of the education landscape and the state of the job market today, has caused me to reconsider my take on the importance and purpose of the MBA.

It is obvious that today, the motivation for many people to do an MBA has changed. The working world and corporate life on the whole has become stressful, limit-ing and uncertain. The possession of postgraduate qualifications, including an MBA, is no longer a guarantee that a managerial position awaits. No longer are graduates depending on the corpo-rate world to provide them with job se-curity. The allure of becoming an entre-preneur is now stronger than ever before and as a direct consequence, tertiary lev-el educational institutes are responding by offering MBA programmes that focus on entrepreneurship. The Association of Business Schools in the United Kingdom reported that for years, the focus for many MBA students has been banking, finance and consulting, but this is shift-ing. Entrepreneurship may be the trend of the future.

Admittedly, there are many days when the office just gets too crazy and you wish that you were doing something else, something that would offer a greater level of independence, less stress and more satisfaction. This mental venting is sometimes just how I cope with the workload and how I stop short of pulling

my hair out on the frustrating days. For other people however, it is exactly these kinds of situations that will catapult them into entrepreneurship. Here are five signs that you may indeed be ready to start your own business:

1. You spend a lot of time thinking about what life would be like if you owned your own company, instead of working hard to ensure the success of the company that you currently work for.2. You are willing to lower your standard of living for a while, by taking fewer or no vacations and cutting back on nonessen-tials while trying to get your business off the ground.3. You have had the idea in your mind for many months or even years, and per-haps even jotted down some ideas in a notebook (or two).

4. You have tried to stick to the nine to five routine, but truly believe that the only way to achieve real happiness is to pur-sue your own business.5. You want to be your own boss, not because you hate your job or because you want more money or free time, but because you have the passion for it and see it as your calling in life.

The worlds most successful entrepre-neurs all possess common characteris-tics: persistence, grit and courage. They are usually the ones to believe in a par-ticular path, even when the odds seem stacked against them and they have no qualms in picking up the pieces and starting over again if they dont succeed. President Obama recently acknowledged the contribution of hardworking entrepre-neurs to the development of the Ameri-can economy by describing them as the risk-takers, the doers, the makers of thingsmen and womenwho have carried us up the long, rugged path to-wards prosperity and freedom.

Dont let job security or fear prevent you from following your dream, otherwise you

may be more disappointed by the things that you failed to do, rather than the things that you did do. I only have two bits of advice for you. The first is to pur-sue a formal course in Entrepreneurship Education, as it will teach you the funda-mentals of starting and sustaining a suc-cessful business. The second? Follow the instruction of Mark Twain. Throw off the bowlines. Sail away from the safe harbour. Catch the trade winds in your sails. Explore. Dream. Discover.

Jhoewuel possesses a Degree in Inter-national Business Administration and an IMBA in International Marketing. She sometimes tinkers with the idea of be-coming an entrepreneur herself.

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ENTREPRENEURSHIP: ARE YOU READYTO TAKE THE PLUNGE? by Jhoewuel C.S. Kangalee BA, IMBA

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Growth is the ultimate output of any suc-cessful strategy, whether in the realm of nature or business. The evolution of spe-cies is the result of successful adaptation of environmental or contextual changes. Darwin clearly identifies 4 stages in the process of evolution: variation, selection, retention, and replication. The last stage,replication, implies the growth in numbers of a particular species. It generally implies conquering new spaces and positions in the food chain over time. A similar phe-nomenon happens for nations and busi-ness. In terms of growth, firms shall askthe following questions:

A) How to grow? B) How to keep growing? C) How to accelerate growth? D) How to make it sustainable? E) How to make it profitable?

It is indeed quite difficult to make a caseagainst growth. Firms that do not grow and are comfortable with its current posi-tion usually are setting themselves up for failure. Firms that lack growth initiatives or are not actually designing and/or de-ploying growth engines most likely have a depressing organizational atmosphere,where employees feel stagnated and there is an important misalignment be-tween the organization and the market.

Markets are always dynamic, and firms must mimic and anticipate the evolution of markets and even ignite a revolution in consumer behavior. Firms without an ac-tive portfolio of growth initiatives tend not to have a fundamental sophistication ofbusiness practices and a risk adverse profile. The Growth ImperativeCARICOM economies have are suffer-ing a growth crisis. Growth expectations in the vast majority of Caribbean nations

are between 1% and 2%. The expected outliers are Suriname, Guyana, and Haiti.Although many explanations and excuses can be proposed, the reality is that nei-ther governments nor the private sector have a clear idea of how to ignite growth in a sustainable fashion in our region.

It is important to point out that lack of growth usually implies the presence of a declining pattern. As well, it is critical to balance top line and bottom line growth. Growth is the oxygen of the blood of busi-ness. Sustainable and profitable growth patterns are a reflection of the manage-ments deep understanding of markets and the competitive landscape, and are able to attract, develop and retain the best talent even at a global scale.

How to grow?Deliberate growth strategies are alwayschallenging to craft. There is a general ty-pology of growth: organic and inorganic. However, I propose the use of a different growth typology: new growth and old growth.

Old growth basically implies to do the same but better. Serve the same markets with the same products with increased productivity. Usually implies leveraging the current resources and capabilities of firms, and being very efficient in exploiting its resource base. Old growth as well usu-ally implies: a) incremental improvements of top and bottom line with the exception

of growth achieved through acquisition and b) a more risk adverse approach to-wards growth.

New growth implies a very different ap-proach towards uncertainty, ambiguity and risk. It usually needs a more aggres-sive profile in terms of decision making, aspirations and overall impact in the or-ganizations. New growth has two fun-damental pillars: Internationalization and Innovation. It usually uses a more com-plex and sophisticated portfolio of man-agement and organizational capabilities, since it implies the constant creation, renewal, and destruction of competitive advantages. Figure I depict some of the most usual vehicles used in pursuing growth.

Every growth combination (i.e. Old/Or-ganic or New/Inorganic) presents its own particular challenges. It is difficult tostate which is a better or more difficult growth strategy, since it depends on a lot of factors.

Old and Organic GrowthThis might be the most traditional and well understood growth strategy that has lower levels of risk. However, this strategyhas its own challenges. Usually business-es underestimate market penetration as a

Growth: theCaribbean ChallengeMiguel Carrillo, Executive Director,Arthur Lok Jack School of Business, UWI, St Augustine

Growth is the oxygen of the blood of business.

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significant growth engine and in order to excel in this strategy, it is fundamental to achieve extraordinary levels or productiv-ity and efficiency. As well, firms pursuing this growth strategy usually differentiate themselves through cost leadership or customer service. This strategy oper-ates usually in two extreme contexts: a) one of very intense rivalry, or b) one of a quasi-monopoly.Some issues of this strategy: Natural declining returns in the investment in productivity efforts and the potential obsolesce of value proposition due to rivals innovation efforts.

Old and Inorganic GrowthThis is essentially a strategy aimed to ex-pand in well understood and friendly ter-ritories within essentially the same sector and/or in the same value chain steps. This strategy is one of the favorites of Caribbean tycoons and entrepreneurs. It helps to safely occupy new geographic positions, with a very similar value propo-sition, without the need to significantly localize or customize the products or services offerings.

It is well documented in business re-search the fact that more than 80% of M&As failed to deliver the expected re-sults, whether financial or strategic. How-ever, there are many success stories in the Caribbean that speak to a particular capability of regional entrepreneurs to ex-pand in the region. Since Caribbean mar-kets are intrinsically small, the most obvi-ous growth engine to consider is regional expansion in similar markets. Some is-sues of this strategy: potential alienation of local markets and the employee based of the acquired firm and important growth limitations, since the Caribbean is a very small market not able to sustain signifi-cant growth rates over an extended time horizon.

New and Organic GrowthNew growth initiatives usually imply the exploration of new revenue sources based either on new business models, new markets, new products/ services or a combination of all. It usually implies the existence of sophisticated innovation andinternationalization organizational ca-pabilities able to create and deploy ex-traordinary value propositions that are singular, unique, different, original rare, difficult to imitate, difficult to substitute, replicable and adaptable in other loca-tions and competitive atmospheres. The sustainability of his growth strategy lies in the ability to generate non-trivial changes in the value equation of customers in a systemic and predictable fashion. In short, these particular strategy demands the command of knowledge and exper-tise in innovation and internationalization trajectories. Some issues of this strategy: It takes a long period of time (Gary Hamel suggests 10 years) and significant re-sources to build from scratch innovation and internationalization competencies. As well, firms must be willing to learn to experiment, and to significantly increase their investment in the future while ac-cepting failure as a natural outcome of exploring blue ocean markets and/or the commercialization and adoption of new products and services.

New and Inorganic GrowthThis growth definitely is not for the heart fainted. It enjoys the best and the worst of both worlds. On the one hand, new in-organic growth cuts the time in the explo-ration and conquering of new competitive spaces. On the other, stretches the ca-pabilities and resources of businesses tothe maximum since there is the possi-bility to be exposed to new businesses with a completely different dynamics due to unrelated domains in products and businesses. This strategic choice implies

the pursuit of unrelated diversification through most likely high risk vehicles, in unfamiliar markets or new technologies. It is a very complex strategy, since it im-plies the diversification of novel business domains using a vehicle that implies the purchase of revenue and/or a position inatmospheres of little exposure. The big-gest issue of this strategy is that as busi-ness growth initiatives are located further from its core competence and expertise, the possibilities of failure increase dra-matically.

ConclusionNo matter your choice of growth strat-egies, these most likely will pose chal-lenges to traditional business practices, organizational capabilities and structure. The vast majority of firms are designed and organized to perform, not to grow in double digits. It is crucial that top manag-ers understand the differences between a growth and a performance driven organi-zation. After all, one of the biggest stra-tegic challenges of strategy is the pursuit of performance inthe absence of growth.

This article was First published in Jamaica 2012 by Mona School of Business The Uni-versity of the West Indies. The Caribbean Executive Leadership Series 2012 is a joint project of the Mona School of Business, UWI, Mona and The Jamaica Institute of Financial Services, Kingston, Jamaica W.I.

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Does Corporate Social Responsibility (CSR) really contribute to social devel-opment? For many persons the answer is likely to be a definitive, yes. Our lo-cal scenarios of businesses or corporate giving certainly paint a picture of social activities and programmes which unde-niably make some positive impact to al-leviate suffering or improve the lives of individuals, families, special populations such as youths, special needs children, the homeless, battered women etc. How-ever, one may ask how do these corpo-rate and business efforts really create a framework or set a path to real social de-velopment?

Wikipedia provides some insight into the concept of social development. It identi-fies development as a process of social change signified by upward ascending movement featuring greater levels of en-ergy, efficiency, quality, productivity, com-plexity, comprehension, creativity, mas-tery, enjoyment and accomplishment. One might be challenged to comfortably associate our local corporate giving with the realisation of social development as defined above. Upon closer inspection, our corporate giving may be more closely aligned to philanthropy. The laudable giv-ing associated with John W. Gardners definition of private giving for public good. The local scenarios appear to be more aligned to a public relations activity and upon scrutiny may have limited or no sound links to the concept of CSR.

The European Commission defines CSR as a concept whereby companies inte-grate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. How many businesses or corporations can demonstrate the link or a nexus between their corporate giving and their being more responsible in their business operations or even the financial or market performance of their

organisation? The idea is that the more the social activity is related to the organi-sations business the more potential it has to impact the bottom line of the or-ganisation. This potential to impact the bottom line should lead the company to invest its money in contributing to bring-ing about improvements in that social ac-tivity. Therefore there can be a win-win for corporations/businesses and society but it requires a more strategic approach to CSR. Therefore its not about the photo opportunities with the grateful recipients of goodwill. Its about the way the organ-isation does its business and the man-agement of the intended or unintended impact on society so as to foster mutual long term benefit.

Sookram and Arjoon in the Abstract: Corporate Social responsibility in the Caribbean Community: Lessons from Trinidad and Tobago, identify a number of issues that are relevant to realising a strategic approach to CSR all of which are noteworthy but I think that a key issue which relates to the social development outcomes of CSR activities/programmes is that of establishing coordination and

collaboration between State and the pri-vate sector. CSR should be guided by a social development agenda for Trinidad and Tobago. Certainly there are critical areas of social concerns that the State may be best positioned to identify along with appropriate support systems and mechanisms to encourage follow through within the private sector. I am convinced that with a clearly defined national so-cial development agenda or blueprint for ascending movement of social change, along with a robust framework to foster and support follow through with the blue-print, there is significant potential for the private sector, through its CSR activities to achieve a positive long term impact on our society.

Loraine Reyes-Borel is the Executive Director of the Social Displacement Unit. She develops and coordinates the implementation of policies, projects and programmes related to the rehabili-tation of street dwellers.

Corporate SocialResponsibility in T&Tby Loraine Reyes-Borel

Certainly there are critical areas of so-cial concerns that the State may be best positioned to identify along with appropriate sup-port systems and mechanisms to encourage follow through within the private sector.

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There must be a holistic approach to en-vironmental sustainability and we have to raise our consciousness to the idea that we are an integral part of the envi-ronmental equation. We cannot take the attitude that it is another persons prob-lem and once we recognise the relevant area of responsibility we can pronounce on it without doing anything ourselves. There is always a current discussion on the environment whether it is forest fires, turtle habitat despoliation, pollu-tion, slash and burn, quarrying, waste disposal, land development or a myriad of other relevant areas. It is how we as a nation treat with this that would make the difference. We have to do whatever is in our power to protect our heritage and make the environment sustainable for future generations. To quote Chief Seattle, Whatever befalls the earth befalls the sons of the earth. Man did not weave the web of life: he is merely a strand in it. Whatever he does to the web, he does to himself. The conversa-tion on environmental responsibility is al-most never-ending so this article will be selective and highlight observations on a few aspects of the subject at caption.

How do we feel about the yearly bush fires, which could be prevented in most cases especially if everyone recognises that our careless use of fire is the prob-lem? What would it take for each com-

munity to have a cadre of people who are trained to deal with bush fires and they are on call for the duration of the fire season?

We have a penchant to continue the white painted tree trunks from our colo-nial past. Originally the paint might have been for fungicidal purposes but in most cases it is cosmetic. This abuse could clog the pores of some plants and may even shorten their life span.

This is a bank denuded of vegetation. Workers endanger their lives by using ladders to climb up on the bank in order to cut the vegetation, which is prevent-ing soil erosion, from the bank. Is this another cosmetic venture or does it serve a useful purpose?

The Chaguaramas Development Au-thority frequently complains in the media that the majority of the waste, such as styrofoam cups, glasses and other paper related material littering the Chaguaramas landscape and of which all and sundry bemoan, come from the St. Anns valley, Caroni and other areas emptying into the Gulf of Paria. Who do we think is responsible for the indis-criminate dumping of this type of waste material?

There are ways to raise our conscious-ness and educate ourselves at the same time. For example, several environmen-tal competitions are held for schools every year and I want to suggest one that would involve families and commu-nities. Each school would be required to identify the birds or snake or butterflies or other wildlife in their neighbourhoods. They would be provided with resource personnel for authenticity. Children are very creative and may draw on anec-dotes and I am sure they would involve parents, siblings, neighbors and other interested parties in their project. It would be an opportunity for photogra-phy, art and research. In the end a pub-lication could be made for the school libraries and for educational purposes.

We have to start looking at environmen-tal responsibility from our side and real-ise it is not a them issue but an issue to engage our attention and think care-fully about our actions and contribution to the growing concern of environmental sustainability.

HOLISTICENVIRONMENTALSUSTAINABILITY

By Dr. Jesma Mc Farlane

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HOLISTICENVIRONMENTALSUSTAINABILITY

By Dr. Jesma Mc Farlane

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The frequency of organisational scandals continue to drive the issues of governance and ethics to the forefront of business discussions. Last year, we learnt about scandals such as the Olympus accounting fraud, Barclays libor rate fixing, HSBC laundering money for Mexican drug cartels and Walmarts bribery fiasco. These scandals suggest that despite the professional, personal and or organisational damages/costs associated with unethical behaviour, people are still willing to make decisions that are wrong. This type of behaviour then prompts one to ask - What motivates an individual towards an unethical action within the workplace?

Though the answer to this question is not a simple one, there are some insights that could be offered. For our discussion, ethics will be considered within the context of business situations, activities and decisions where issues of right and wrong are contemplated. On pondering this brief discussion, hopefully, individuals will reflect on their individual ethical positions and give consideration to the importance of ethical decision making in the workplace.

What drives unethical behaviour?Agency theory suggests that humans are innately opportunistic and self-serving and will therefore take action or make decisions that will serve their interests. Similarly, Ethicists argue that human beings are naturally narrow-minded, self-centred thinkers and so often engage in acts that blatantly violate ethical principles. This line of reasoning suggests that when executives or officials act unethically they are driven by that naturally self-serving motive. In the cases

mentioned above one can argue that the executives involved did what they did to earn more profits for their organisations but in so doing their personal interests were also realised by gaining higher compensation packages, rewards, power and prestige. In this context, unethical behaviour is explained solely by the inherent self-serving nature of man. This explanation however might be too simplistic since unethical actions are not always driven by self-interest.

Obedience to authority is a powerful factor that can determine unethical actions. It is not surprising that people are much more likely to undertake an unethical action in the workplace when instructed to do so by a superior than to choose that unethical course of action on their own. In fact, some of the major players in the Enron-era scandals pleaded that they were just following orders (Lehmann, 2002). Additionally, research has shown that auditors, for instance, pressured inappropriately by their superiors, are considerably more likely to accede to breaches of proper accounting protocol than are auditors not so pressured (DeZoort and Lord, 1994). What should be deduced here is that most people do not understand the great extent to which others, and especially they themselves, are susceptible to blindly following the instructions of people in positions of authority.

One of the most significant findings of Social Psychology since World War II is possibly the extent to which peoples behaviour is caused externally by situations rather than internally by their own disposition (Sabini, 2001). Susceptibility to peer pressure is one example of such external influence. Another external factor is that of social proof or the everyone else is doing it phenomenon. Social proof, for example, can influence executives in one company to decide that ridiculously high compensation packages is ethically justified because executives at competing companies are receiving similarly outrageous compensation and so influences managers, boards and auditors to conclude that earnings management and other forms of accounting aggression are defensible because leading companies in their industry are using them (Cunningham, 2003). The impairment of individual decision making known as group think may also be relevant in this situation. There is therefore a higher probability that people would undertake unethical actions in the workplace and elsewhere if colleagues are engaging in similar behaviour.

In considering this discussion and the reasons why people may be inclined towards an unethical decision, individuals should carefully examine their innate and social motivations behind such negative actions in the workplace. The responsibility of ethical conduct is with the individual and so each person ought to have a clear understanding of their individual ethical compass.

Corporate Scandals and Ethics By Dr. Ron Sookram

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St. Andrew Other Agriculture, forestr

& hunting

Other mining and quarring Electricity and Water

Nariva/MayarOther Agriculture, forestry & hunting

Petroleum and gas production Construction

St. Patrick

Other Agriculture, forestry& hunting

Petroleum and gas production

Construction

Point Fortin

Petroleum and gas productionConstruction

Other Manufacturing

ARIMAOther mining and quarrying

Other Manufacturing Electricity and Water

Transport, Storage and CommunicationsFinance, Insurance, real estate and

business services

In the Caribbean there has been an upsurge

in interest and appreciation by policy and

business leaders alike of the power of

industrial clusters. A cluster is a geographical

agglomeration of firms, government and

financial agencies, research institutions and

also institutions for collaboration (IFCs), all

working together for the development and

growth of a particular sector or industry. The

geographical concentration of businesses and

other support institutions is considered natural

phenomena in in the evolution of industries.

Moreover this concentration frequently results

in shared benefits to businesses, and can result

in higher levels of competitiveness among

firms participating in the cluster. Significant

research continues to be undertaken to explain

the process of clustering. More importantly,

practitioners continue to work towards the

deepening and linking of industrial clusters

globally.

Overview of a cluster

Source: The Cluster Initiative Greenbook, 2003

One such network of cluster development

practitioners operating throughout the globe

is The Competitiveness Institute (TCI) network.

The TCI network aims to promote and share

information on best practices in cluster

development internationally. The Institute

also seeks to refine cluster development

methodologies, and raise the professional

standards of cluster development practitioners

globally. Institutional members of TCI include

such organizations as the European Cluster

Observatory, Okestra-Basque Institute

of Competitiveness, Spain, Institute of

Competitiveness, India, Enterprise Estonia,

Reg-X Danish Cluster Academy, New Zealand

Trade and Enterprise, Desert Knowledge

Australia, Korea Industrial Complex, and

others. Each year the TCI network hosts

international forums in Latin and North

America, Asia, Europe, Oceania, and Africa.

These meetings are geared to bring together

cluster practitioners from each region to

share specific and relevant information on

developments and projects relevant to each

regional block. The TCI network also hosts

an Annual General Meeting of its members

every year. This years AGM marked the

15th anniversary of TCI and the meeting

was hosted in the Basque Country in Spain.

Some of the key presenters at the conference

included Professor Michael Porter of the

Harvard Business School, Professor Orjan

Solvell, Director of the European Cluster

Observatory, Flora Montealegre Painter of

the Inter-American Development Bank, Jose

Luis Curbelo, Managing Director, Okestra

Basque Institute of Competitiveness and

others. This represents a tremendous

achievement and milestone for cluster

practitioners, and researchers globally.

It reflects the growing appreciation and

importance placed on clusters, in addressing

such economic development challenges

as unemployment, economic stagnation,

business competitiveness, and industrial

deepening among firms.

This year we also celebrated the presentation

of the first case study from the English speaking

Caribbean at the Annual TCI conference. The

Energy Cluster of Trinidad and Tobago was

presented as a best practice in utilizing the

cluster approach to move into downstream

energy investments and attain global

standards in terms of production and exports

of downstream energy products. The case

study was developed by researchers from the

Center of Strategy and Competitiveness at the

Arthur Lok Jack Graduate School of Business,

University of the West Indies in consultation

with key stakeholders from the local energy

sector. The case study represents just the first

step in documenting successful clusters from

the Caribbean with a view of gaining a better

understanding of the way clusters develop

locally. These case studies can also provide

insight into strategies, which can be adopted

to ensure the long-term success of cluster

initiatives.

Much more work needs to be done to promote

cluster development in the Caribbean region,

perhaps one of the most important lessons

gained from participating at the 15th Annual

TCI Conference is the fact that cluster

development, at its heart is really about people.

It is about motivating persons to dialogue,

exchange of ideas, and eventually trust each

other enough to work together. When it works

well, people will be willing collaborate to solve

mutual problems, innovative and sometimes

compete internationally. It reflects the dual

dimension of clustering, firstly the scientific,

logic driven, analytical side, which seeks

to diagnosis, analyze, map and evaluate

clusters. And the softer people oriented side,

which celebrates the dynamism, which can be

achieved through collaboration and positive

cooperation among people.

Celebrating success with a globalnetwork of Cluster Practitioners - 15th Anniversary of the TCI Network by Richard Ramsawak

Professor Christian Ketels Institute of Competitive-ness, Harvard Business School, and President of TCI

Richard Ramsawak Deputy Director, Center forStrategy and Competitiveness, Arthur Lok Jack

Graduate School of Business, UWI (Second from right)

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There is much to commend the creation of a tourist and business industry centred on carnival. However, there are many sceptics whose doubts run a gamut - from questioning the value proposition of the infrastructural costs associated with seasonal tourism, to probing the method by which we will effectively sell our cultural wares to the world, and on to the damning critique of whether we currently have mas worthy of sale.Critics of todays carnival point to the increasing lack of artistry involved in costume-making and the loss of traditional mas characters as evidence that our carnival has lost its soul. These critics may also hold little hope for the return of the carnival of yesteryear, as the numbers of mas-playing participants and profit-making enterprises who like it so seem greater than the numbers of spectators who wish for more.

If a utopian carnival can be described as a festival which caters both to those who welcome the joyful street party of modern-day mas and those who value the traditional artistic details, a way to create such a utopia could be to further commercialise carnival. This may seem counter-intuitive but it can be achieved by actively drawing creative tourists to our shores.Creative tourists seek immersive, participative travel experiences, where they connect to a place and its people via interactive learning in the arts, heritage or unique character of their destination. In T&T, we have wire bending and costume-making, leather and wood craftsmanship. We have stick fighting, pan playing, limbo dancing and tassa drumming. We are rich in possibilities for the provision of a participative travel experience.However, for the tourist to have such a

travel experience, we must first restore and cultivate that which is dying. There will need for recruitment drives dedicated to finding those who can teach these skills as well as those who wish to learn them. The development of a labour force with these skill sets will have benefit beyond that of catering to the desires of a tourist base. Just as importantly, however, the increased presence of these skilled artists and the knowledge that their work is in demand and appreciated by others, will help to grow pride in our local culture so that the average citizen sees value in what they may have previously taken for granted. This pride could then flow into an increased trust and willingness within the private sector, to invest in and cultivate local enterprises surrounding the business of carnival.

Bringingthe World toCarnival. By Dalia King - Member

Trinidad and Tobago Chamber of Industry and Commerce

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The Impact of Tax Administrationin the Economy of Trinidad & Tobagoby Nadira Lyder

The global economy has been experiencing real turbulence for more than five years, from the United States subprime mortgage crisis to the Europeon sovereign debt crisis and more recently to its current economic policy making challenges and the uncertainty of the United States fiscal cliff, resulting in sluggish growth and an extremely fragile financial system. Optimistically, if these crisis risks and financial conditions improve, the world can see a somewhat stronger growth in 2013.

According to latest update by the International Monetary Fund (IMF), World Economic Outlook, growth is expected to remain about 2.75 percent to 3.5 percent in 2013 for the Caribbean Region. Constraining factors leading towards this projection are based on high public debt, remittances and weak economic output, such as in the area of tourism. Consequently, Trinidad and Tobago is not immune to the constant changes taking place in the international economic and financial environment. The Central Bank of Trinidad and Tobago is forecasting a 2.5 percent growth for 2013, this is encouraging given that the financial sector remains resilient, the Trinidad Cement Limited (TCL) issue has been resolved and the industrial strikes have also tempered down, resulting in increased activity, particularly, from the non-energy sector.

It is within this economic situation that the Government of the Republic of Trinidad and Tobago is being challenged with ever-increasing recurrent expenditure, in the form of transfers and subsidies and decreasing tax revenues, to name a few, ensuing in deficit budgets over the last four years and projecting for the next three years or so.

In this regard, it has become critical for the Ministry of Finance and the Economy, Inland Revenue Division to continue to vigorously focus on providing greater efficiency and effectiveness in the administration of tax services, which would result in quality customer service to its stakeholders and more importantly, an overall increase in revenue collections, thus empowering the economy.

In order to accomplish these objectives, the Inland Revenue Division is in dire need of reform. Many developing countries such as Guyana, Barbados and Jamaica have already embarked on its transformational agenda through the implementation of Revenue Authorities (RAs). Even though there were numerous attempts in the past to reform the Inland Revenue Division, with the last being in 2009, the Division has been making significant improvements in addressing some of its challenges, inclusive of but not limited to, long processing time of tax returns, low productivity, inadequate management capability, accountability and transparency, increase transaction costs and stakeholders dissatisfaction .

A Management Information Systems (MIS) was one of the key component recognised as an integral tool to be used in the operational improvement of Tax Administrations. In 2008, the Division embarked on a project to implement Gentax on a phase basis, a fully Intergrated Tax Processing System (ITPS), which was designed to support multiple tax types with associated business processes and the taxpayer. Gentax was successfully implemented in the Divisions four Regional Offices, Port of Spain, Arima, San Fernando and Scarborough, which provided enhanced processing capabilities and quicker access to information.

The Division continued the drive to improve on its service offering and as at October 2012, it has decentralised its tax payment services to eleven (11) District Revenue Offices. This initiative allows taxpayers the convenience of accessing tax payment services at both the Regional Offices and District Revenue Offices throughout Trinidad and Tobago. In addition, the ITPS is now interfacing with multiple information sources to harmonise data, conduct trend analysis and business intelligence so as to facilitate effective monitoring of taxpayers, resulting in increased compliance, enforcement efforts, and better utilization of resources.

Given that the Divison has significantly progressed in terms of its realignment strategies (technology, people, processes and performance) in bridging the gaps and maximising organisation efficiency, it has now paved the way for the introduction of e-services, such as e-filing and e-invoicing. This will ultimately result in the improvement of the Tax Administration while aligning it to international best practices. However, this would require technical upgrades to the current ITPS, supported by a legislative framework.

In conclusion, one can deduced that an effective Tax Administration can impact both directly and indirectly on the national economy. Whilst there are on-going technological improvements under the civil service model, which addresses only one aspect of the overall strategic framework, the successfull implementation of this critical pending reform of the Inland Revenue Division will depend heavily on its leadership team and the policy maker, the Government

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Mr. Ronald deC Harford sat with the Director of Alumni Relations, Fayola Nicholas to talk about his experience and insights, with a good bit of Carib-bean storytelling, about what is required to achieve success and be a good leader. As we started our conversation, Mr. Harford handed me a list that he cre-ated entitled 18 Ways to Achieve Success. With a welcoming smile and jovial spirit he began sharing his heart warming stories of his lessons learnt on his journey throughout the years as a leader in the Banking industry.

1. Believe in yourself: You must have belief in yourself or you cant go any-where.

2. Wisdom comes from everywhere: Listen to what everyone has to say, filter it, then make your own decision.

Early in his career, he was sent to manage the Rio Claro branch of the bank. He arrived and didnt know what to do. The messenger pulled him aside and said Dont worry! I will show you how to run a bank! You take all the debits and put it on the left and you take all the credits and put it on the right. The person who provided wisdom to Mr. Harford is currently the Vice President of the Inter Religious Organisation of Trinidad and Tobago, Imam Haji Abzal Mohammed, and they remain good friends today. Wisdom comes from eve-rywhere. Always be alert!

3. Know who knows: You dont have to know everythingjust know who knows sometimes.

4. Always keep the bright people around you.5. Dont be intellectually lazy: Think about everything involved, and always

have a back door plan because things can go wrong.6. Dont run from problems: You learn the best when you face them.7. Write down your plans: Check them day by day, week by week, to see what

you have accomplished and what still needs to be done.This pearl of wisdom is not just said, but practiced, as Mr. Harford showed me his list of plans, lying in a place of prominence on his desk. It is a photo-copy of the original handwritten list written in 1997. Its edges are frayed and worn down from years of being held and reviewed. A line was drawn through each item and a tick placed to the left of it. He smiled as he shared that this list had been sitting on his desk since 1997. There is one item that still has to be done, and it will remain on my desk until Ive completed all my plans.

8. Accept hard work: The harder you work, the luckier you become. Dont sit down and expect luck to fall into your lap.

9. Be passionate about what you dolet it be a work of art.10. Pick your battles carefully: Most things dont matter, but what does you

fight for that.11. Seek to have a healthy balance between your personal and professional life:

It is all that really matters in the end your family and a few good friends. Invest heavily in that.

18 Ways to Achieve SuccessBy Fayola Nicholas - Director of HR, Advancement & Alumni RelationsLok Jack GSB

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When asked if the weight of the responsibility of leader-ship has had negative effects in other areas of his life, he gave a thoughtful pause and said, At the time I was General Manager, I would arrive at work at 6am and leave at 7pm or 8pm. There were days I didnt sit at all and I was always on the move. It was necessary during that period, to ensure the banks position. However, I think it made my family feel excluded. I wouldnt recommend that way of working for everyone, but this tends to hap-pen when I become passionate and energetic to the point of excluding things. With age and retirement, Ive been able to mitigate this.

12. You are nothing unless you develop the people around you to their fullest potential: Organisations that do not regard this as important are doomed.

13. Pay attention to the sufferings of others.His advice to those entering their first leadership role is to be aware of the sufferings of others and build your-self up by reading the autobiographies of great people. It is important to see what they have suffered through and achieved for the goal that they were passionate about. My father made all of his children read Les Miserables by Victor Hugo, to teach us empathy and compassion. Some people may have done something wrong, but dont let that be the sole judge of them.

14. Failure is not the end: In all the challenges you face, when you fall down, just get right back up.

15. Illegitimi non carborundum (Latin): Dont let the bastards grind you down!

16. Keep your fingers clean.Mr. Harford stressed the important of ethics and integrity in leadership. As a young man, he was sent to London for the Bank and was asked to have a chat with Frank Dolling (Group Vice-Chairman at Barclays). Upon enter-ing he was greeted by Mr. Dolling, sitting behind a large formidable desk, dressed impeccably in a pinstripe suit with a pink carnation in his lapel, and he was picking at his finger nails. He invited Mr. Harford to have a seat and said, Youre a bright young man and you have far to go in the bank. Just remember one thing - keep your fin-gers clean. Mr. Harford concedes that there were many brighter than him, but they forgot this important lesson along the way, which inevitably served to derail their ca-reers.

17. Have big dreams and go after them.18. Have a healthy perspective for the Almighty

As we closed, he shared his insights of the behavioural traits that a good leader should have, such as being fo-cused, determined and unrelenting in their pursuits de-spite failures they may encounter along the way. The most important trait of a leader however is passion. A good leader must do things passionately. You will be called to account for your time as a leader, and how will we know that you were here? What did you do to make a differ-ence? My work now is not for myself, but for everyone

around me. He discussed that his work at the bank is to secure a future for his employees, the work with UWI Endowment Fund and serving as a Board Member of the Lok Jack GSB is for the future leaders of tomorrow. He showed me two quotes on the wall of his office. One of them is a classic John Ruskin quote, which he says guides him through his endeavours, and as I read it, I real-ised that it should be used a guide for all leaders.

When we build let us think we build forever. Let it not be for present delight nor for present use alone. Let it be such work that our descendants will thank us for, and let us think, as we lay stone upon stone, that a time is to come when these stones will be held sacred because our hands have touched them, and that men will say, as they look upon the labour and wrought substance of them, See! This our fathers did for us. - John Ruskins

Ronald deC Harford is a recipient of an Honourary Doctorate by the

University of the West Indies, the Chaconia Gold Medal awarded by the

Government of Trinidad and Tobago for the long and meritorious service

in the sphere of business. He is a Fellow of the UK Chartered Institute

of Bankers, the Institute of Banking in T&T, and the Caribbean Associa-

tion of Baking and Finance. He is also the Chairman of Republic Bank

of T&T (Barbados) Ltd, Republic Bank (Grenada Ltd), UWI Development

and Endowment Fund and several other organisations and institutions.

He was honoured by the T&T Chamber of Industry & Commerce at the

2012 Hall of Fame the American Foundation of UWI for his contribu-

tions to Trinidad and Tobago and the Caribbean, receiving the 2005 Lu-

minary Award, and by the Institute of Banking and Finance in Trinidad

and Tobago for his contributions to the growth and development of the

baking industry and his focus on the skills of enhancement of the human

resources therein.

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iAlum 2013.indd 28 2/23/13 5:11 PM


The Human Resources (HR) profession is not for the faint of heart or for anyone who believes that they should enter the field simply because they like people.When several applicants for HR vacancies were asked about their interest in this area , many replied: Because I like dealing with people. or I see myself as a people person. Their enthusiasm is certainly commendable, but it is by no means sufficient as a foothold for building a career in the field nor for creating the level of impact required.

My intention of course is not to disillusion anyone about the HR profession, but rather provide clarity and a very real perspective of modern-day Human Resources.There are a number of misconceptions which professionals will quickly dispel. These include the idea that anyone can do HR or that HR only deals with the soft side of business and therefore does not contribute to the bottom line in any significant way.The truth is that this profession has come a long way. It has undergone some changes as evidenced by the shift away from personnel management to existing instead as a strategic support function in partnership with the operational arm of the business. The transition has been gradual and has resulted from changes in both the internal and external business environments, and most importantly, changes in the workforce and their expectations and demands of organisations today. The workforce, once dominated by those defined as Industrial Workers, is now far more diverse, with the emergence of the

Knowledge Worker. The presence of the Knowledge Worker in the modern workforce signals a different type of employee someone who is now more empowered and requires that he/she be led by a different management style and approach. The change has necessitated a paradigm shift for HR practitioners from simply managing attendance/productivity issues, to ensuring that (1) unfair and inhumane practises desist (2) that they operate decisively (3) influencing decision-makers at all levels (4) building personal credibility (5), having the courage to challenge, and most importantly, doing all this while understanding the business and being able to contribute in a meaningful manner. The HR professional understands that managing today requires managing employees expectations and motivations and no longer simply their output. If we are unable to engage our employees then the task becomes more difficult. Managing todays employee is far more demanding and complex than in times past, which brings me to another myth which many HR practitioners must address: the notion that HRs role is HRs responsibility. The management of human resources is not the sole responsibility of the HR Manager because managing relationships is intrinsic to the role of every manager, supervisor and team leader.Line Managers and other members of management also need to understand, as Nelson Jackson once said: We cannot do todays jobs with yesterdays methods and be in business tomorrow. For too long we have been responding to the changes in the business environment without understanding and appreciating the changes in our workforce. The needs of our employees have changed and this, coupled with the drastic changes in our society, has led to the difficulty faced by some organisations in attracting and retaining the level of talent required to take

them into the future. For example, the increase in the number of female employees in the workforce, including single mothers with little or no support at home, has given rise to female employees requiring jobs that offer greater flexibility at the workplace. They also require a greater level of empathy on the part of the employer as this situation has a direct impact on the employees ability to reach to work on time or even her attendance record. We can no longer simply take the road of the first line of action being discipline, but rather how can we work with the employee to achieve a win/win situation that mimimises the fallout on the business but still makes him/her feel that we genuinely care.

Additionally, forward-thinking companies are moving away from treating employees as commodities and are seeing them instead as internal customers. Hence the focus is now on talent management , employee engagement and change management approaches, in an effort to stem the rise in turnover and minimise the impact on their businesses.One may question the benefit of this approach but it is proven that engaged employees go the extra mile for their companies if they believe they are valued by their organisation. The benefits for the organisation include increased productivity and morale, increased customer satisfaction (external) and loyalty, a reduction in turnover and last but not least Higher profits and profitability. There is no doubt that as the world evolves so too must our thinking and our approach to our human resources because it is no myth, they are indeed our greatest resource.

The HR professional un-derstands that managing today requires managing employees expectations and motivations and no longer simply their output.

Human Resources:: Our GreatestResourcesBy Audra Mitchell)

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Minority Shareholders: Are they in the dance? Issues relating to minority shareholders and their protection in Trinidad and Tobago. By Gizel Thomas Roberts

The term minority shareholder conjures up the image of Lilliputians being bullied and stymied by the Gulliver-like majority shareholders who mercilessly unleash all their corporate might and power on the hapless beings because they are small. Though this may be a common thought pattern among many, the truth is that minority shareholders can wield tremendous power wherever they are.FitzGerald and Muth in their 5th edition text Shareholders Agreements provide an apt definition of these corporate Lilliputians. A minority shareholder, they say, is someone who is unable, either alone or with his associates, to prevent others from controlling the composition of the board of directors of a company and thereby the management of its business. The law takes the view that majority rule is desirable in principle on the basis that a difficult minority should not be allowed to frustrate the legitimate objectives of a company by pursuing its own limited interests and equally an innocent minority should not be subjected to oppressive and unfair conduct by the majority. There must be, under the circumstances, a balancing effect.Minority shareholders are not entirely impotent. Their rights consist of the same rights that are available in a general sense to ALL shareholders. Among some of these rights are:

To make amendments to the Articles of Association.

To amend the companys bye-laws. To vote on major corporate events

inclusive of any attempts at mergers and acquisitions, liquidation or an inevitable sale of the assets

The right upon request to inspect the companys books and list of shareholders.

To vote on election of the companys directors.

To take action through consent.

Though minority shareholders have the rights as mentioned, they sometimes find it extremely difficult to exercise them since majority shareholders wield control over the

company. As such, the minority shareholders do face tremendous difficulties within the body politic. Some such difficulties include, but are not limited to, the issue of majority rule, the traditional reluctance by Courts to interfere with the companys internal affairs, managerial control usually vested in a Board whose decisions cannot be changed by the shareholder, the inability to hire employees, be signatories to cheques, make any management decisions of count or enter into any obligations for and on behalf of the company.Faced with such difficulties and the constant thought that they are of nuisance value to the company, minority shareholders can suffer serious

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