Progress made on governance reform initiatives

 

BVI Finance and the National Bank of the Virgin Islands have updated their governing documents as part of governance reforms, while work continues on employment policy and legislation covering investment and statutory boards.

The Ministry of Financial Services, Economic Development and Digital Transformation outlined the developments this week, reporting progress on initiatives under the government’s Governance Reform Transition Plan.

BVI Finance completed updates to its governing documents in April following a review of its management arrangements. The National Bank amended its governing documents in August.

The ministry said the changes formed part of efforts to improve the management and oversight of organisations under its responsibility, following recommendations from the Commission of Inquiry (COI).

“These updates reflect an ongoing commitment to sound governance, accountability and responsible management across both organisations,” the ministry stated.

The update also covered immigration reforms introduced through the Immigration and Passport (Amendment) Acts of 2024 and 2025 and the Immigration and Passport (Amendment) Regulations, 2025.

The legislation introduced clearer assessment criteria for Residence and Belonger Status applications and an independent appeals process for immigration decisions.

“These changes are intended to support more consistent decision-making, improve transparency and provide persons with a formal means of challenging certain immigration decisions,” the ministry said.

Between May and June, the Department of Immigration conducted a public awareness campaign to explain the revised procedures and help residents understand the legislative changes.

The ministry said governance reform extended to both the delivery of public services and the rights of people accessing them. It described the wider transition plan as an effort to improve the policies and systems governing public institutions.

The plan follows the Government’s implementation programme arising from the 2022 COI report. Earlier this year, Premier Dr Natalio Wheatley told the House of Assembly that the Government had implemented all 48 recommendations and submitted its self-assessment to the United Kingdom. Cabinet approved the accompanying Governance Reform Transition Plan on 30 April 2025.

According to the ministry’s latest update, ongoing work includes the National Employment Policy and proposed legislative amendments relating to investment and statutory board governance.

“These initiatives remain at various stages of review and will undergo the necessary consultation and approval processes,” the ministry stated.