Bylaws Revised to Benefit Members

The Small Business Association of Barbados (SBA) recently held a virtual Special General meeting via Zoom, to consider various amendments to the Company’s Bylaws. Vice President of the SBA, Mr. Charles Carter, and the chairman of the Bylaw Review Committee, led the presentation outlining the proposed changes to the membership.

Members engaged in robust and fruitful discussion on the rationale of the proposed changes. The Board underscored the significance of the amendments at this time, which were designed to ensure that the SBA’s governance framework remained relevant and adaptive in this rapidly changing business environment.

Additionally, members were advised that the amendments sought to facilitate the changing needs of stakeholders and to further empower members by increasing the number of persons eligible to serve on the Board of Directors.  

revised bylaws newsletter

The Bylaw changes were all approved by the membership and represent a significant step in the SBA’s regulatory and governance regime which will help to position the organisation for growth, locally and regionally, in the next phase of its development.   

A few of the key amendments passed and their rationale can be seen below:

  • - Term of office changed to 3 years for all officers and directors serving on the Board

In order to facilitate a graduated system on the Board of Directors as explained below and at the same time maintain consistency in the term for all Directors, it was necessary to extend the term of office to three years.

  • - The title of President was changed to Chairman. Additionally, the positions of First and Second Vice Chairman were introduced.

This change is in keeping with best practice for similar organisations to focus attention on the governance role of the position more so than on operations, since the term president is seen as an operational function in the western world.  This revision seeks to strengthen the governance of the organisation through a clear system of succession. The officers of the Company shall consist of a Chairman, a First Vice-Chairman, a Second Vice-Chairman, a Treasurer and the CEO.

  • - System of graduation for Second Vice Chairman, First Vice Chairman and Chairman

In keeping with the aim of strengthening organisational governance and succession planning this change will involve a graduation system whereby the Second Vice Chairman occupies that role for 1 year then graduates to that of First Vice Chairman for 1 year and finally becoming Chairman in the third year.

  • - Identification of seven sectoral directors from the following sectors of the organisation: • General services • Professional services • Construction • Manufacturing • Agribusiness • Wholesale/retail • Group Membership

In order to not only strengthen the governance of the organisation but also to increase and improve the level of participation from members, ordinary Directors will be elected based on the sectoral groups represented by the Company with one Director elected per sector. Each Director is elected for a three-year term and is eligible to be elected for a further 3 years.