Seasoned and rookie business journalists got the opportunity to take their craft to another level when the Unit Trust Corporation (UTC) hosted a Business Media Workshop on October 15 and 16, at the Hyatt Regency, Port-of-Spain.
At the end of the workshop, reporters and editors were presented with Certificates of Participation and digital voice recorders. The UTC's first media workshop was held in 2012.The workshop was facilitated by investment writer Leo Gough who has worked with numerous clients to produce books and reports on investment and business topics, including his notable book The Con Men, written about the history of financial fraud and the lessons that can be learnt from them. Each participant was given an autographed copy of this book.
The workshop delivered on its objective to use a classroom environment to engage journalists and help them get a greater understanding of economic influences on the capital and financial markets, financial institutions, businesses, and the ordinary investor.Gough spoke on topics such as, Why Investment Journalism Matters, Spotting the Red Flags and Good Investment Writing.He also sat on a panel discussion with Wain Iton, CEO of the T&T Securities Exchange Commission to discuss Securities Regulation, an interactive session that shed light on the role of the SEC.
In delivering his feature presentation, themed, The Value of Financial Reporting to Corporate Governance and Shareholder Value, UTC Executive Director Ian Chinapoo emphasised that without adequate information, investors cannot properly judge the opportunities and risks of investment alternatives presented to them.He stressed the importance of financial reporting as a core element of corporate governance."With greater access to information on management performance, stakeholders will be better equipped to make informed decisions on their investments," he said, in light of the many financial scandals that have plagued the financial industry of the past few years.
According to Chinapoo, improving financial reporting is key to strengthening corporate governance and control."Corporate governance structures serve to ensure that minority shareholders receive reliable information and that a company's managers and large shareholders do not cheat them out of the value of their investments, and to motivate managers to maximise firm value instead of pursuing personal objectives."
UTC Chairman Wendell Mottley, in his address, echoed the sentiments of the executive director when he reminded media participants that they continue to play a critical role by monitoring and reporting on matters of governance, business conduct, and financial performance.He said: "The media must have an appreciation for the sensitivity of business and finance, in order to analyse and sift through complex financial information and distil it in a simplified manner for their readers to better understand."
Mottley said: "In our estimation, the media can neither be ignored nor underestimated in the context of development of a country."You are a key stakeholder in disseminating information, as unpalatable as it may be at times."Other guest speakers at the workshop were Kurt Valley, president of the Mutual Funds Association of T&T who did an overview of How to Report on Mutual Funds to Influence and Inform, and Jason Grant, UTC legal officer, who had the rapt attention of the reporters when he provoked discussion on The Role Financial Reporting and Defamation.