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St. Maarten government working on new decree for Corporate Governance Council

THURSDAY, 22 DECEMBER 2011

PHILIPSBURG–The “decision/resolution” of the Island Territory that established the Corporate Governance Council (CGC) is “not valid in country St. Maarten,” Prime Minister Sarah Wescot-Williams said as she outlined to the press on Wednesday the process government has to follow.

The resolution is not valid because it was not a general or national decree of the Netherlands Antilles or Island Territory which are regulated under the Transition Law.

To regulate the situation, a new national decree for the CGC needs to be established by government. Wescot-Williams expects that this should be ready “shortly.” The first draft decree was discussed with the CGC, headed by former civil servant Louis Duzanson. A new one was drafted after the discussions to reflect the suggestions of the CGC.

The prime minister said there are some tasks of the CGC that “overlap” with the responsibilities of the supervisory board of directors of government-owned companies and management. “We would take this into consideration in developing the new resolution of the Corporate Governance Council.”
The Transition Law was put in place to facilitate St. Maarten and Curaçao’s move from Island Territory to country-within-the-kingdom. It allowed for all national ordinances and decrees of the Antilles related to St. Maarten and those of the Island Territory to become the ordinance/decrees of the new country on 10-10-10.

The Corporate Governance Ordinance, which regulates the establishment of the council and its areas of advice, was established by the Island Territory. That has become a country ordinance.
There was also an Antillean Ordinance on Corporate Governance which was also taken over by the country. Government, therefore, decided not to use the Antillean ordinance and stick with the one taken over from the Island Territory.

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