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PHILIPSBURG--The fifth member of the Corporate Governance Council (CGC) is expected to be appointed by the Council of Ministers next week.
Prime Minister Marcel Gumbs told Parliament on Monday, the CGC headed by Chairman banker Perry Wilson, is "up and functioning." The council recently received some NAf. 240,000 from government to cover its operational costs, he disclosed.
Gumbs told Members of Parliament, in the plenary session of Parliament, that a "structural way" to finance the CGC is being sought by government. Based on the corporate governance ordinance funding for the operations of the CGC should come from the budgets of government-owned companies, the same companies the CGC oversees.
Gumbs received the 2014 Annual Report from the CGC in early July, from Wilson and Vice Chairman Charles Smith.
The CGC has met with the Council of Ministers twice since the cabinet took office in December 2014, and four times with Gumbs as the minister charged with overseeing the CGC.
The CGC is tasked with overseeing the functioning of government-owned companies within the parameters of the corporate governance ordinance. The council renders advices on the suitability of candidates for supervisory boards and other functions within government's apparatus.
