A report in the Trinidad Guardian Saturday states that the Government wants to fire five non-executive directors of Central Bank board who were appointed to a three-year term in 2009.
The directors are: Selwyn Cudjoe, Barbara Chatoor, Amelia Carrington, Norris Campbell and Carlyle Greaves. The Guardian says the cabinet wants them replaced by: Robert Mayers, Roger Hosein, Rabindranath Moonan, M Lalla and Shida Bolai. However it says Mayers has declined the invitation to be a director.
The paper has suggested that the move raises questions about the independence of the Central Bank and could also create conflict of interest issues.
The Central Bank Act has strict rules on the conditions under which non-executive board members can be removed. A member can be removed if she/her:
• becomes of unsound mind or incapable of carrying out his duties
• becomes bankrupt or compounds with, or suspends payment to, his creditors
• is convicted and sentenced to a term of imprisonment
• is convicted of any offence involving dishonesty
• is guilty of misconduct in relation to his duties
• is absent, except on leave granted by the Board, from all meetings of the Board held during two consecutive months or during any three months in any period of 12 months
• fails to disclose a conflict of interest
• contravenes any provision of any prescribed Code of Ethics in respect of which he is liable to termination of his appointment
• fails to carry out any of the duties or functions conferred or imposed on him under this Act
The paper says none of the five directors is in breach of any of the rules.
The paper says there could be a conflict of interest because of Bolai's post of general manager of TV-6, which is owned by One Caribbean Media, a company in which Clico has a 23 per cent stake. The Central Bank took control of Clico in February 2009.
• becomes bankrupt or compounds with, or suspends payment to, his creditors
• is convicted and sentenced to a term of imprisonment
• is convicted of any offence involving dishonesty
• is guilty of misconduct in relation to his duties
• is absent, except on leave granted by the Board, from all meetings of the Board held during two consecutive months or during any three months in any period of 12 months
• fails to disclose a conflict of interest
• contravenes any provision of any prescribed Code of Ethics in respect of which he is liable to termination of his appointment
• fails to carry out any of the duties or functions conferred or imposed on him under this Act
The paper says none of the five directors is in breach of any of the rules.
The paper says there could be a conflict of interest because of Bolai's post of general manager of TV-6, which is owned by One Caribbean Media, a company in which Clico has a 23 per cent stake. The Central Bank took control of Clico in February 2009.
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