THE HAGUE--The Committee for Financial Supervision CFT has reminded the St. Maarten government that it still owes the annual reports of a number of government entities and government-owned companies. This is not the first time that CFT has sent such a request to Philipsburg.
Based on the Financial Supervision Kingdom Law, the St. Maarten government has to submit annual reports of government entities to the CFT. St. Maarten’s Corporate Governance Code also prescribes that annual reports of government companies and foundations have to be published no later than five months after the closing of the financial year.
In a letter CFT Chairman Raymond Gradus sent to St. Maarten Finance Minister Perry Geerlings last month, published on the CFT website this week, an overview was provided of the government companies and foundations from which the CFT wished to receive an annual report. The overview also indicated what annual reports were still lacking.
“Considering the possible risks the financial situation of the government entities can present to the St. Maarten budget, it is important that the country receive these figures in a timely manner to include them in its own budget and accountability cycle. The CFT therefore advises you to ensure a timely submitting and handling of the government entities’ annual reports,” Gradus stated.
At the time of the letter, the CFT still had to receive the 2017 annual reports of 10 (partly) government-owned companies: the St. Maarten Laboratory Services (SLS), Princess Juliana International Airport Holding Company (PJIAH), water and electricity company GEBE, St. Maarten Harbour Holding Company, C-Post International, St. Maarten Telecommunication Holding Company, Windward Islands Airways International Winair, Development Bank Netherlands Antilles OBNA, Dutch Caribbean Air Navigation Service Provider and United Telecommunications Services (UTS).
Multiple annual reports are lacking from the St. Maarten Economic Development Corporation EDC, the St. Maarten Postal Services and the Airport Safety Financing Company.
Of the (subsidised) foundations, the CFT is yet to receive the 2017 annual report of the Government Buildings Foundation, the Foundation Upkeep Sports Facilities, St. Maarten Medical Center (SMMC), St. Maarten Development Fund Foundation and the St. Maarten Volunteer Corps VKS.
The 2016 and 2017 annual reports of the Small Business Development Foundation (SBDF), the Mental Health Foundation and the Foundation Judicial Institutions Windward Islands are lacking, and from the Foundation Sports Development and the Foundation St. Maarten Student Support Services S4, the annual accounts 2013-2017 are missing.
The list also contained the names of so-called institutions arising from legislation that as yet have to submit their 2017 annual report: the implementing body of Social and Health Insurances SZV, Bureau Telecommunications and Post (BTP) and General Pension Fund St. Maarten APS.
The only two entities of which the CFT has received the 2017 annual report are Saba Bank Resources in which St. Maarten has a minority share, and the Central Bank of Curaçao and St. Maarten.