Kingdom Council of Ministers decides on CFT board member appointments

February 23, 2011 5:47 AM

The Committee for Financial Supervision CFT says the Kingdom Council of Ministers, not CFT, decides on the appointment of CFT board members.

The committee said in a press release that it played no part in the process.

Government has nominated businessman Michel Soons to be St. Maarten's representative on the CFT board and is yet to receive an official answer from the Kingdom Council of Ministers on the acceptance of the nominee. Soons is currently serving as Chairman of the Supervisory Board of Directors of St. Maarten Harbour Group of Companies.

CFT's statement came almost a week after Prime Minister Sarah Wescot-Williams told the press that she saw no reason for any nominee from any island to be rejected by CFT to serve on the board unless there were some earth-shattering reason.

CFT explained in the statement that Article 2, paragraph 3 of the Kingdom Law on Financial Supervision for Curaçao and St. Maarten read that the Kingdom Council of Ministers was entitled to take decisions regarding the appointment of the board members, based on the nomination of the Dutch Minister of Internal Affairs and Kingdom Relations and in accordance with the opinion of the Council of Ministers of the country concerned, on the recommendation of its Prime Minister.

Further, Article 3, paragraph 2 of the Kingdom Law stipulates that a member of CFT cannot simultaneously hold one or more functions in government, as listed in said paragraph. The article also indicates that a board member cannot have other positions or additional functions that will jeopardise proper fulfilment of the function or maintenance of his/her independence or trust therein.

22 February 2011

.