Corporate Governance in an Electricity Company

Topics: Corporate governance, Corporation, Board of directors Pages: 13 (3193 words) Published: September 17, 2014
Title
Corporate Governance

Assignment Topic
Governance at the St. Lucia Electricity Services Limited

Executive Summary
This report was written to the Chairman of the St. Lucia Electricity Services Limited – Mr. Trevor A. Byer.

St. Lucia Electricity Services Ltd principal activities consist of the generation, transmission and distribution of electricity. This The Company has been the sole commercial supplier of electrical energy in Saint Lucia. On August 11, 1994 the Company changed status to a Public Company, being replaced by the Electricity Supply Act No. 10 of 1994. Profitability and shareholder value became new words in the vocabulary of operations and the motto was changed to ‘Excellence and profitability in Operations’. A SWOT Analysis was conducted, and the findings are highlighted; along with the importance of the Board of Directors. LUCELEC have six (6) different committees but, three (3) of them were highlighted. Recommendations were made for effective Governance at the organization.

Table of Contents

Topics Page

Assignment Title, Topic 1

Executive Summary 2

Introduction 4

Background of St. Lucia Electricity Services Ltd. (LUCELEC) 5

Governance of LUCELEC 7

Vision and Mission 10

SWOT Analysis 11

Importance of the Board 12

Committees of LUCELEC 13
Recommendation 15

References 17

Introduction

We will conduct a review of the St. Lucia Electricity Services Ltd (LUCELEC). The company is the sole commercial generator, transmitter, distributor and seller of electrical energy in St. Lucia. The Board consists of ten (10) non- executive directors, and one (1) executive member. LUCELECs Vision and Mission speaks to deliver efficient services that power the nation’s success. A SWOT Analysis was done to highlight the company’s Strengths, Weakness, Opportunities, and Threats. The governance of LUCELEC is importance because it sets the foundation for future growth and development. The above topics cover the critical review of LUCELEC and its governance. This report focused on three committees the Audit, Remuneration, and the Nominations; there are however more committees within the board. Lastly, recommendations are given for improving the ills that exist within the governance structure of LUCELEC.

Background of St. Lucia Electricity Services Ltd. (LUCELEC)

Saint Lucia Electricity Services Ltd. was incorporated in St Lucia under the commercial code in November 1964 as a private limited liability Company with the objective of generating, producing & distributing electricity and electromotive force...

References: Corporate Governance Principles, Policies, and Practices Tricker, Bob 2009, Oxford University Press.
Corporate Governance: The Indian Scenario Joshi, Vasudha, 2004, Foundation Books Pvt. Ltd.
Corporate Governance Best Practices: Strategies for Public, Private, and Not For Profit Organizations, Lipman, D, Frederick, Lipman, L. Keith, 2006, John Wiley & Sons, Inc., Hoboken, New Jersey
The Importance of Corporate Governance: Global Custodian, 10478736, Sep2011: Business Source Complete http://web.b.ebscohost.com/ehost/detail?sid=42ab7f7f-9ca5-4d81-b485
http://www.lucelec.com/content/board-directors-lucelec
http://www.lucelec.com/sites/default/files/annual-reports/LUCELEC_Annual_Report_2009.pdf
http://www.lucelec.com/sites/default/files/annual-reports/LUCELEC%20Annual%20Report%202013%20-%20FINAL.pdf
http://www.lucelec.com/sites/default/files/annualreports/LUCELEC%20Annual%20Report%202013%20-%20FINAL.pdf.
http://www.thevoiceslu.com/local_news/2012/december/18_12_12/Trouble.htm
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