CBCS disagrees with PwC report

November 12, 2014 8:28 AM
WILLEMSTAD--The promised summary of the investigation report containing findings, conclusions and recommendations on the functioning of the Central Bank of Curaçao and St. Maarten (CBCS) by PricewaterhouseCoopers (PwC) was sent to Curaçao's Parliament.
 
The top of the bank has indicated that it does not fully agree with the contents, said Finance Minister José Jardim.
 
According to the auditors there is no joint management and the entire decision-making power within the Management Council is concentrated around its President Emsley Tromp. There is not enough resistance within the council against the president.
 
The long tenure of the president strengthens this culture. While some say he is open to arguments, PwC got the impression that the actions of other management members are all directed towards decisions of the president and his expressed or assumed opinions.
 
However, the two Finance Ministers also as shareholders’ representatives and the Supervisory Board have failed in their functioning.
 
The report notes that there are no regular meetings of the Management Council and clear systematic registration of its decisions is lacking. It suggests changing the procedure to one of joint decision-making.
There are also critical remarks about the role of the Central Bank in the issuance of corporate bonds for the port of St. Maarten.
 
According to the minister, the integral report is not available for the public because of the legal protection of the bank. Full disclosure could disproportionately harm the reputation of the institute Central Bank of Curaçao and St. Maarten and thus to the image of the two countries involved.
 
On the other hand it is important for Parliament to take note of the entire document for the sake of good democratic governance, explained Jardim. A confidential review process for the members has therefore started.
Opposition leader Gerrit Schotte (MFK) has meanwhile requested a public meeting of Parliament to debate the integral report. He believes the people have a right to know what has been going on inside their Central Bank.
 
The Daily Herald
 
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