During an extraordinary shareholder’s meeting on Friday, January 25th between the Prime Minister of St. Maarten the Honorable Sarah Wescot-Williams as shareholder representative of PSS, the Chairman of the Board and the Managing Director of PSS, various items were discussed as they pertained to the Postal Services of Country St. Maarten.
During the meeting the letter of resignation of the Managing Director was accepted by the Shareholder. Another item was the remuneration of the Managing Director of PSS. This item was also mentioned in the report the SOAB delivered on PSS. The Supervisory Board of Directors and the Managing Director could not reach an agreement on a salary package for the MD. Considering this the Managing Director was receiving an advance awaiting the agreement on said salary package. Considering that the managing director resigned without an agreement being arrived at the Shareholder decided, based on advice of the Supervisory Board of Directors and in accordance with the recommendation of the SOAB, to send the proposal of the Supervisory Board of Directors for advice to the Corporate Governance Council. Because of the resignation of the Managing Director, the Supervisory Board of Directors also requested a transfer report that was to be dealt with during the meeting. However the report was lacking certain critical information, which the Managing Director was requested to provide.
During the meeting the SOAB report on PSS was also discussed. The report gave recommendations on both the strategic and management level, on the finances of PSS and on the corporate governance of the institution. In the meeting it was agreed that based on these recommendations an action plan will be prepared for PSS that it will then use to go forward.
Some of the items mentioned in the report included the restructuring of the strategic business plan to make it more in line with the reality of the company; to investigate the possibility of training current personnel for other functions in the company as agreed in the Transfer and support agreement with NPNA; to develop a financing plan for the payment to NPNA for the operational shortfall for the period October – December 2011 as agreed in the Transfer and support agreement of October 2011; and the possibility for Government to give a loan to PSS, or a guarantee letter for PSS to seek a loan or financing.
The SOAB report raised concerns on the functioning of the statutory bodies of PSS, including the Managing Director, the Supervisory Board of Directors and the Shareholder.
The three bodies all received the draft and subsequently the final report.