Conclusion

There is no doubt that corporate governance is a business imperative, and in the wake of globalization coupled with the lessons learned from the unfortunate �greed is good' campaign of the 1980s, to the Maxwell debacle of the ’90s along with the various financial crashes, to the Enron debacle, the Commonwealth Caribbean should not be complacent in its efforts to ensure that corporate governance initiatives are a priority.

The Commonwealth Caribbean territories should understand the importance of the way in which effective corporate governance is achieved in the region. In order to ensure that good governance is a part of the Commonwealth Caribbean culture, it is imperative that the many models, whether by way of code, principles or legislation, emerging from the developed markets, are compatible with the economic and social reality of the region. The delicate balancing act that may be required will involve a commitment by territories in the Commonwealth Caribbean to individually and collectively consider the impact of the models proposed by the developed markets on the long-term goals and sustainable development of the region. This, of course, presumes that the goals of the individual territories are consistent with those of the region as a whole. The reality is that, in the context of the Commonwealth Caribbean, ironically, �no man is an island.'

The added complication of interpretation of copied legislation, in the absence of a clear local legislative intent, has developed in an ad hoc way by extra-judicial means. It appears that much of the Commonwealth Caribbean corporate law jurisprudence emerges from the world of practice and from the office of the Registrar of Companies. Anecdotally, practitioners seek advice on interpretation in these informal ways and the agreement as to particular interpretation becomes a part of the jurisprudence. This ad hoc approach may lead to inconsistencies within the Commonwealth Caribbean region. However, while not ideal, the ad hoc approach is an effective way in which the corporate culture of the territory or region may be incorporated into the law and applied.

Corporate governance codes and legislation should not be seen as a panacea for all the corporate evils that exist whether in developed or emerging markets. Sound corporate governance practices are founded on a culture of ethical corporate behaviour, which cannot be legislated.