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Good governance is a prerequisite that would allow the Guyana Water Incorporated (GWI) to meet its outlined goals and objectives. This notion was emphasised yesterday byChairman of the entity’s Board of Directors, Dr Cyril Solomon.He was at the time making a presentation at a forum (GWI Strategic Vision 2012) orchestrated by GWI to engage meaningful discussions among officials of the entity and stakeholders.According to Dr Solomon, governance refers to the way in which institutions, both public and private,Joe Gilliam Steelers Jersey, manage their affairs so as to guarantee the realisation of their goals and objectives, while at the same time safeguarding values.He noted that good governance speaks of the decision making; implementation and evaluation processes that are intended to accomplish the organisational aims in a manner that is abuse and corruption free.These, he noted, are processes that pay deference and obeisance to the Rule of Law and not one where the Rule of Law is honoured in the breach.And in order to ensure that good governance prevails within GWI, Dr Solomon said that the entity has put in place an anti-fraud Policy.“Among other things,Tony Gonzalez Falcons Jersey, this policy states that ‘the Guyana Water Inc. requires all employees and contractors at all times to act honestly and with integrity to safeguard the assets of the company for which they are responsible’.”Dr Solomon noted that GWI must, within the resources available to it,DeAngelo Williams Steelers Jersey, make optimal use of the good governance paradigm as it seeks to turn around the performance of the company and meet the expectations of its stakeholders.He added that there are several advantages to be gained,Antonio Brown Steelers Jersey, such as the attainment of GWI’s outlined goals which will lead to the satisfaction and approbation of stakeholders. Dr Solomon also highlighted that another area in which good governance is a boon is in the relationship with the donor community.“We cannot forget the audit report which GWI received from DFID with what the ex-CEO Mr (Karan) Singh always referred to as the 42 commandments. It is a well known fact that international organisations, donor aid and loans to reform are supposed to ensure good governance.”“Aid is also often suspended when good governance conditions are adjudged to have been violated by aid recipients and GWI has experienced multiple such episodes.”Dr Solomon did not hesitate to share practical examples in this regard,Tyson Jackson Falcons Jersey, citing the following statement: “The bank declares the borrower non-compliant with article 703 A V of the loan agreement, since the audited financial statements for the entity were not submitted in a timely manner and to a level acceptable to the bank.”Another donor, he said, has written to GWI indicating concerns over a number of inconsistencies,Ross Cockrell Steelers Jersey, financial management and operational deficiencies.According to the Chairman, failure to submit the requested evidence may lead to modification of disbursement arrangements under the project including possibly the suspension of disbursements.“Given the need for good GWI/donor relationship, a good governance strategy and practice are advisable,” Dr Solomon asserted.Citing from the GWI Anti-fraud policy document,Steve Grogan Patriots Jersey, Dr Solomon emphasised the aspect which deals with the issue of conflict of interest.“All employees must inform their head of department and the Director of Human Resources of any financial interest or involvement in the operation of any organisation in either the private or public sector. Each department will maintain a register of interest declared together with a record of what action has or has not been taken.”According to the Chairman, “it further states that proactive work will be undertaken to identify employees who may have failed to declare an interest’.”Good governance is characterised by a number of traits,Mohamed Sanu Sr Falcons Jersey, including openness and transparency, inclusive and consensual, effectiveness and efficiency and most importantly the feature of accountability must be evident,Kevin Greene Steelers Jersey, Dr Solomon added.