Honourable Minister of Finance Hiro Shigemoto, on Thursday confirmed that the Council of Ministers (COM) has approved an amount of Naf.400,000 for the Corporate Governance Council (CGC).
Representatives of the CGC will be meeting with the Secretary-General of the Ministry of Finance, a Senior Policy worker from the aforementioned ministry and a legal expert of the Prime Minister’s Cabinet on Friday to work out details related to the CGC budget along with other matters.
The Ministry of Finance has also forwarded a letter to the four llllrtrargest government-owned companies, namely GEBE, Sint Maarten Harbour Group of Companies, Telem Group of Companies and Princess Juliana International Airport with respect to their financial contribution to the CGC.
It is stipulated in article 12 sub 4 of the Ordinance on Corporate Governance, which states that the costs for the execution of the tasks of the Corporate Governance Council should come from the contribution of government owned companies in accordance with an agreed upon distribution code. Upon approval of this distribution code by all parties it will be established by national decree.
"With respect to housing for the advisory body, the latter has also been informed via letter that the building used to house past political factions is being remodelled and will be home to a number of advisory bodies including the CGC. The latter will be informed when the building is ready," Hon. Minister of Finance Hiro Shigemoto said on Thursday.
Minister Shigemoto added that the Government is looking to a good working relationship with the members of the CGC for the remainder of 2011 in the interests of the country.
"The previous government dealt with the CGC over a nine-month period up until October 2010. The COM looks forward to reviewing the first year report of the CGC that covers that period to see what transpired.
"The CGC is one advisory body along with a number of others that have various needs and requirements. The building of country Sint Maarten will take time and everybody would have liked to see everything in place on October 11, 2010, however this was not the case.
"This Government since the onset has been working closely with other entities in putting things into place. COM looks forward to a professional working relationship with the CGC," Hon. Minister of Finance Hiro Shigemoto concluded on Thursday.
The CGC was established in February 2010. The tasks of the CGC are amongst assessing, advising and monitoring of strategic corporate policies, accounting, business plans, annual investment plans or budgets and quarterly reports.
It also assists in the preparation of the general and special meetings of shareholders; channelling the reports to the shareholder; and advising the country in the broadest sense of the word in terms of Corporate Governance.