The Arthur Lok Jack Foundation was created because of my firm belief that successful corporations and individuals have a significant role to play in their communities beyond the observance of the mantra of productivity, growth and profit. This role links good corporate governance, strong ethical values and concern for the safety and welfare of their employees to a consideration for the sustainable development of communities in which they operate. This philanthropic approach is a well-established feature of corporate life in the developed countries but which is still in the embryonic stage in Trinidad and Tobago. Hopefully, as we strive to attain developed country status it will gain momentum and those who do well will be inspired by the words of Albert Einstein that, “it is every man’s obligation to put back into the world at least the equivalent of what he takes out of it”.

When consideration was being given as to which body should benefit from the Foundation, the first that came to mind was the Institute of Business. There were many compelling reasons for this, not the least of which was the fact that the funds for the Foundation were generated from successful business activity spanning a period of more than three decades.

More importantly however, was my conviction that in a world which continues to change at an increasing rate bringing new challenges to all sectors of national economies, successful economic development requires substantial investment in education at all levels not the least of which is business education.

The needs of the business community in a global, knowledge economy call for nothing less than a world class business school that would train talented individuals in business, management and entrepreneurship and provide them with the knowledge and capabilities needed to manage change. Business enterprises need highly trained people who continue to develop their professional qualifications in line with advances in technology and research. They also require facilities that will create an environment that will promote ideas and enable innovation and creativity to flourish. This brings into focus our own Institute of Business.

As a founder member, I have been associated with the Institute of Business for some 17 years. This Institute has made an invaluable contribution to the development of the business sector training men and women who hold senior positions in a large number of business enterprises locally, regionally and internationally.

The Institute, like the economy of Trinidad and Tobago, is moving to a higher level and to get there requires the help and support of the constituencies it serves. A world-class business school in Trinidad and Tobago requires wide international accreditation, highly regarded faculty and an environment conducive to teaching, learning and research.

Our Institute of Business already holds international accreditation which it is now seeking to expand and has earned the respect of far more established business schools worldwide. Its faculty is highly regarded and is drawn from a pool of local and international thought leaders.

To make the leap to the higher level it is now completing construction of a modern, well-equipped facility to house its operations, which is geared to support the transition of the School from being teacher driven to somewhat more research driven. In fact, the School has already demonstrated its ability to make a research impact as we have seen with its recent work on the Vision 2020 Project.

However, all these advances in research, new knowledge and new facilities involve costs which are beyond the capacity of the Institute’s commercial operations. The Institute of Business is now at a point where, like many similar Institutes worldwide, endowment is a necessity for its progress and to ensure its sustainability.

This is where the Arthur Lok Jack Foundation’s contribution is targeted and I am pleased to announce an endowment of TT$20 million to the Institute of Business.