The Committee for Financial Supervision CFT is awaiting the 2015 annual reports of more than 30 Government-owned companies, institutions and organisations receiving public funds (see related story). In fact, only three of the 40 apparently complied with the legal obligation to supply such within five months after the closure of the financial year.
That’s obviously not good enough and clearly against the rules. What’s worse, while the majority are one or two years behind and 10 have at least submitted their 2014 reports, others have been in violation longer and eight of them five or more years.
There had been some discussion in the past on whether these often greatly autonomous entities should fall under the CFT’s competence in the first place, but it’s stipulated in the Kingdom Financial Supervision and actually beside the point. The reports should be submitted in St. Maarten on time regardless.
The laws of the land must always be respected, certainly by Government-related bodies, also to set the right example. If not, why even have a Corporate Governance Code?
As usual, enforcement is the key, which is where the people’s representatives elected to Parliament come in. They must see to it that the Council of Ministers puts pressure on the supervisory boards as well as managements to do what is required; no ifs, no buts.
