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Running head: REFLECTION PAPER #2

Madelyn Ortiz-Ochoa

Reflection Paper #2

International College of the Cayman Islands

Instructor: Ms. Melisa Hamilton

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REFLECTION PAPER #2
The second day of the seminar, we had presentations from the Department of

Environment (DoE), Chamber of Commerce, and Economics and Statistics Office. The

presentations were informative; the DoE works to facilitate responsible management and

sustainable use of the natural environment and resources of the Cayman Islands through various

environmental protection and conservation programs and strategies. The DoE is responsible for

environmental regulations which balance business survival and environmental suitability, as

business is more likely to pursue profits over environmental degradation.

The Chamber of Commerce Council (consisting of 12 members) includes some of

Caymans top business leaders and entrepreneurs who work collaboratively to fulfil the

objectives of the organization. The Chamber of Commerce represents their memberships in term

of regulations, negotiating taxes, and customs duties. Also, they facilitate business development

through training programs. Although its a member-driven organization, individuals can join the

training programs to develop their business skills. In addition, this association represent the

interest of stakeholders and can also facilitate linkages with other member organizations.

The Economics and Statistics Office (ESO) collects data from business communities that

other business used for budgeting, marketing, industries ranking, and wages and salaries. The

ESO use GDP in determining Caymans credit rating (borrowing at cheap cost), income per

capita, resources allocation, industry share determination. The data from the ESO can be used to

optimized cost of the business and the profitability but at the same time should be within the

business ethics and environmental sustainability. The seminar highlights the linkage between the

businesses and the society in the context of the business environment, the use of data to aid

business decisions and the role of the Chamber of Commerce in facilitating business

development.
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REFLECTION PAPER #2
References,

Lawrence, A.T., & Weber, J. (2014). Business and Society: Stakeholders, ethics, public

policy (14th ed.). New York, NY: McGraw-Hill