Puerto Rico Conduct Policies for Board Members are essential guidelines that outline the expected behavior, responsibilities, and ethical standards for individuals serving on various boards in Puerto Rico. These policies aim to promote transparency, integrity, and professionalism within boardrooms across the island. One type of Puerto Rico Conduct Policy for Board Members is the Code of Ethics. This policy sets forth a set of principles that board members must adhere to, including honesty, confidentiality, and avoiding conflicts of interest. It emphasizes the ethical obligations of board members, encouraging them to act in the best interest of the organization they serve. Another type of Conduct Policy is the Code of Conduct for Board Meetings. This policy provides guidelines for maintaining order, decorum, and efficiency during board meetings. It encourages board members to come prepared, actively participate in discussions, and respect the opinions of others. It may also outline rules surrounding voting procedures, attendance requirements, and the use of technology during meetings. Furthermore, some Conduct Policies for Board Members in Puerto Rico may address financial matters, such as the Financial Responsibility Policy. This policy ensures that board members handle the organization's financial resources with utmost care, honesty, and transparency. It may include guidelines on budgeting, fiscal reporting, and the appropriate use of funds. Additionally, the Conflict of Interest Policy is another important Conduct Policy. It aims to prevent board members from making decisions that could benefit themselves or entities they are affiliated with, rather than the organization they serve. This policy requires board members to disclose any conflicts of interest and recuse themselves from relevant discussions or votes. Puerto Rico Conduct Policies for Board Members also encompass mechanisms to enforce these guidelines, such as disciplinary procedures. These procedures outline the consequences of violating the Conduct Policies, ranging from warnings and reprimands to removal from the board in severe cases. Board members in Puerto Rico are expected to familiarize themselves with these Conduct Policies to ensure they carry out their duties responsibly and ethically. By adhering to these guidelines, board members contribute to the overall success and integrity of Puerto Rico's organizations, both in the public and private sectors.
Puerto Rico Conduct Policies for Board Members
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What is PROMESA? The Puerto Rico Oversight, Management, and Economic Stability Act, (PROMESA) was signed into law by President Barack Obama on June 30, 2016, to allow Puerto Rico to restructure its debt and achieve fiscal responsibility.
The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a U.S. federal law enacted in 2016 that established a financial oversight board, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects in order to combat the Puerto Rican government-debt ...
In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which created the Puerto Rico Financial Oversight and Management Board to restructure the Commonwealth's unsustainable burden of more than $72 billion in debt and more than $55 billion in unfunded pension liabilities.
PROMESA gives the Oversight Board two mandates: To help Puerto Rico achieve fiscal responsibility with pro-growth fiscal reforms and renew access to capital markets.
Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) in 2016 to provide Puerto Rico and other U.S. Territories a legal path to restructure their public debt.
When PROMESA was enacted, Puerto Rico faced an unsustainable burden of more than $70 billion in debt and more than $55 billion in unfunded pension liabilities with no legal path to restructure its liabilities and stabilize its finances. Puerto Rico had lost access to capital markets.