Losing a battle doesn’t mean the war is lost. Being beaten doesn’t mean you are defeated. You can’t run from the truth.
Proper accounting shines light on risks that might otherwise go unnoticed. It is important to remember the money national governing bodies (NGBs) have is not their own: it is held in trust.
The T&T Olympic Committee (TTOC) executive committee is the guardian and steward to make sure the money they are entrusted with is used for the purpose it was given. It is held in trust. Breach of trust and breach of fiduciary duty are serious issues.
On Saturday (May 24) during the annual general meeting (AGM), Diane Henderson was re-elected president of the TTOC by a vote tally of 25 votes. I got 10 votes and Sheridan Kirk secured two votes. I extend sincere congratulations to Diane.
In the course of time, the TTOC AGM on Saturday will be recalled as one where the T&T Olympic and Commonwealth movement had an AGM where its financial governance and financial probity were discussed. There was necessary and robust conversation. An AGM is the appropriate forum for such discussions uncomfortable as they may be.
Resolving valid issues in an open and frank manner enhances the positive reputation of an organisation and its leadership. It sets a high standard and best practice example of transparency and accountability. Let me, however, say it’s never easy to raise issues that may be controversial. It is a test of courage. However, no matter how hostile the reactions become handle the situation with class and grace.
Honest disagreement. Peter F. Drucker in his book- Managing the Non-Profit Organisation said, “Important decisions are controversial. If you can bring dissent and disagreement to a common understanding of what the discussion is all about, you create unity and commitment.”
Don’t look for convenient excuses to escape responsibility for decisions made. Sports leaders must not be afraid to put their hands up and acknowledge shortcomings. My belief is every problem is solvable.
Sports politics and public relations can’t mask reality. Transparency. Integrity. Accountability stands on its own.
The TTOC will continue to hold itself to the highest standard of transparency and fiscal accountability and that is the only way to be.
The International Olympic Committee (IOC) is committed to financial transparency, as stated in its Olympic Charter and the IOC’s Annual Reports. They prioritise transparency to ensure the credibility of the Olympic movement and protect its financial integrity. The IOC voluntarily prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS).
Good governance is part of the fundamental principles of Olympism.
The IOC has urged the reinforcement of the ethical and basic principles of good governance which have evolved towards an increased level of requirements, specifically with regard to transparency, and checks and balances.
If it’s good enough for the IOC, it is good enough for the TTOC.
According to the IOC Basic Universal Principles of Good Governance, sports organisations, as value-based organisations, have the double duty and responsibility to ensure that the principles of good governance are upheld in all their activities. The following principles are instructive.
Principle 4- Financial Governance. Principle 4.1- Financial Transparency.
4.2 Financial Control - Checks and Balances should be robust to ensure effective and efficient use of funds
4.3 Internal Controls and Risk Management.
I end today’s Things That Matter column with this quote: “What difference does it make whether you are a man or a woman? We must hold the same principles, the same strengths, the same values and the same commitment.” - Prime Minister of T&T the HON. Kamla Persad-Bissessar.
