NRF Management Board to be appointed soon – President

…assures of integrity in selecting persons to manage oil funds

The members of the Natural Resource Fund (NRF) Management Board are being examined by President Dr Irfaan Ali, who on Tuesday assured that as Head of State, he has been examining names of prospective Directors and a Board will soon be announced.
On Tuesday, President Ali was present during the handing over of photovoltaic solar panel systems to the Caribbean Community (Caricom) Secretariat. While there, the President was asked about the NRF, the management of which has to be overseen by a Board of Directors named by the President.

The three-to-five-member Board is expected to be made up of mostly civil society representatives. According to President Ali, the selection and appointment of the Board will be “urgent”. President Ali also made it clear that in selecting those individuals to sit on the Board, he will do so with the utmost integrity.
“The selection of the Board will be urgent and you will be surprised, but definitely I have been examining names… I am the President, I am entrusted with the responsibility, I was elected by the people of this country, are you aware of that?”
“And if I was elected by the people of this country, I was elected based on a programme in the manifesto that I have to implement because that’s a social contract between myself and the people and I think that the people have entrusted me with the responsibility, and I intend to execute that responsibility with great honour, dignity and integrity and you will see that in the Board,” President Ali posited.
The NRF Act was passed in the National Assembly in December, amid chaos caused by the A Partnership for National Unity/Alliance For Change (APNU/AFC) Opposition who did their utmost to disrupt the proceedings after the Natural Resource Fund Bill was brought up for debate.
The Bill has since been assented to by President Ali. According to the proposed law, the NRF will be governed by a Board of Directors, comprising as many as five members, to be appointed by the President. The Head of State will also have to appoint a chairperson from that group.
The Director is to be selected from among persons “who have wide experience and ability in legal, financial, business, or administrative matters”. The Bill provides for the National Assembly to nominate one of the Directors, while another one will be a representative of the Private Sector. However, it explicitly states that the cannot be a Member of Parliament or anyone whose appointment will be a conflict of interest, among other restrictions.
It was noted too that the Directors will hold the post for not more than two years with eligibility for reappointment, and all appointments, as well as changes in appointments, are to be gazetted and published on the Ministry’s website and in two daily newspapers.
The new Bill states that the Board of Directors will be responsible for the overall management of the Fund, reviewing and approving the policies of the Fund, monitoring the performance of the Fund, ensuring compliance with the approved policies of the Fund, and ensuring that the Fund is managed in compliance with the Act and all other applicable laws.
Moreover, the Board is also expected to report to the subject Minister, who is allowed to give policy directives as deemed necessary to their functions. In addition, the proposed legislation caters for the appointment of two committees, one of which is the Public Accountability and Oversight Committee, which will provide non-Government oversight of the Fund and comprises various civil society representatives, who will have to present a report to the National Assembly annually.