Finance Minister Marinka Gumbs.
PHILIPSBURG--Finance Minister Marinka Gumbs told Parliament on Monday that no chairperson has been appointed to the Supervisory Board of the Central Bank of Curaçao and St Maarten (CBCS) and made clear that government has not issued any official statement on the matter.
She said what the Council of Ministers approved was the "conditional nomination" and in principle of a candidate that she put forward as Minister of Finance. This, she said, would only take effect if certain conditions are met.
“Let me be clear: no chairperson has been appointed to the CBCS Supervisory Board. Government has not issued any official statement on this matter. The narrative started with a piece claiming the Council of Ministers had made an appointment, and from there it took on a life of its own. That is not how this works. The Council of Ministers cannot appoint the Chair of the CBCS Supervisory Board. I’m here today to set the record straight and provide the necessary clarity,” the minister said during a Question Hour in Parliament requested by National Alliance (NA) MP Ardwell Irion.
Before delivering her answers, Minister Gumbs explained that her first answer might exceed the allotted time due to the need for context and requested permission to extend her time or submit full answers in writing if necessary. When the Minister’s five minutes expired, the Chair asked MPs if additional time could be granted due to the topic’s importance. MP Irion argued that any extension for the Minister should also apply to MPs.
The meeting was adjourned for caucus. Upon resumption, the Chair announced no extra time would be given, citing the rules of order – one minute per answer for the Minister’s five answers. Minister Gumbs alluded to documentation she received which indicated two minutes per answer, but the Chair clarified that the discrepancy was due to differences between the Dutch and English versions of the Rules and said Parliament would follow the established guideline of one minute per answer.
In her answers, the full version of which was provided to The Daily Herald for the public to get the full context of the issue, the Minister explained that Article 25, third paragraph of the Central Bank Charter, makes it clear that the Chair must be appointed jointly by Curaçao and St Maarten by national decree, based on a joint nomination from both Ministers of Finance.
“What the Council of Ministers approved is the conditional nomination and a conditional appointment in principle of a candidate I put forward as Minister of Finance. I repeat the word conditional. Conditional means it only takes effect if all of the following are met: that the countries of Curaçao and Sint Maarten jointly appoint the Chairperson of the Supervisory Council of the Central Bank by national decree; that the appointment of the Chairperson takes place on the basis of a joint nomination by the Minister of Finance of Curaçao and the Minister of Finance of Sint Maarten; and that the results of the screening procedure do not raise objections to the appointment of the candidate as Chairperson. Until these conditions are satisfied, there is no appointment.”
No chair for four years
The minister said CBCS has been without a formally appointed Chair for about four years. Two recommendations were submitted by the Supervisory Board in 2021, but no appointment followed.
“It is very unfortunate that the CBCS has been without a formally appointed Chair and board members for more than four years. This is not in accordance with good corporate governance,” she said.
The Minister explained that since taking office in May 2024, she has made the CBCS Board a top priority. “My first major matter was the handling of the ENNIA situation. In June 2024, I met with the Sint Maarten members of the CBCS Supervisory Board. We discussed board matters and the appointment of the Chair, and I asked about the status of the nominated candidate for Chair and why the process had not been finalized. In December 2024, I sent an official letter to the Supervisory Board titled ‘Follow-up recommendation for the Chairperson of the Supervisory Board of the Central Bank of Curaçao and Sint Maarten,’ noting that since assuming office I had repeatedly requested an update on the Chair and reasons for the delay.”
She added that the Supervisory Board informed her on December 5, 2024, that the process regarding the previously proposed nominee for Chair had been discontinued. On December 12, she formally requested a new recommendation from the Board. A follow-up was sent in January 2025, stressing that timely attention was critical. The Board responded on January 31, 2025, indicating that a recommendation would follow upon completion of its selection process, but no new name was ever provided.
“Since that January 31 letter, additional matters arose within the CBCS, including issues related to the former director that were discussed with the Board in July 2025,” she explained. “Let me be clear: throughout my tenure I have formally and informally requested candidate names from the Board. Since January 2025, no formal nomination has been submitted by the Board.”
According to Gumbs, multiple candidates were considered, but some declined, some had conflicts of interest, and others did not meet the requirements. “The remaining candidate is the one I, as Minister of Finance, proposed for conditional nomination as Chair of the CBCS Supervisory Board. On that basis, the advice was drafted. I am confident that, as Minister of Finance together with the Council of Ministers, we followed the proper legal and procedural requirements in approving the conditional nomination and conditional appointment in principle of the Chairperson of the CBCS Supervisory Board, in accordance with Article 25 of the Central Bank Charter. To be absolutely clear: no one has been appointed.”
As it relates to the question on why the current board members of the CBCS have not yet received their national decrees, Gumbs pointed to failures by past governments. She said that due to those omissions, the President of the Joint Court of Justice temporarily appointed board members in 2021. Since then, the balance of the Supervisory Board has leaned toward Curaçao, and she made it a priority to secure the chairmanship for Sint Maarten first, before moving forward with the other board appointments.
On the issue of whether the required five-sixths majority was obtained within the Supervisory Board, the Minister admitted that compliance with the Charter could be an issue, since the Board currently consists of only five temporary members. She reiterated that despite her repeated requests, no new official recommendation has been submitted by the Supervisory Board.
On the question about potential conflicts of interest regarding the candidate she cited ongoing screening requirements. “I cannot disclose any information on this individual candidate as this candidate is in the process as stipulated in Article 25 of the Central Bank Charter, and further steps, including Curaçao’s agreement, remain outstanding. In addition one of the conditions set by the Council of Ministers also includes that the candidate has to pass the screenings with no objections.”
On the final question regarding steps to guarantee the credibility and integrity of the CBCS, Gumbs said: “I will continue to act in full compliance with the laws and regulations of the country, including the Central Bank Charter. We cannot go another four years without an appointed Chair and board members which are appointed by the Governments of Curaçao and Sint Maarten.” She stressed the importance of rotation, transparency, and good corporate governance to safeguard credibility.
She said “as Minister of Finance, I must follow the law, and I am confident no laws were broken. Action is required to ensure our monetary union has a competent Board and that Sint Maarten is duly represented, both on the Supervisory Board and within the CBCS. I will not sit back for another four years and say I was waiting on a nominee from the Board while risks go unaddressed.”
