Question NW1392 to the Minister of Finance
12 July 2017 - NW1392
Maynier, Mr D to ask the Minister of Finance
Whether he has met the Board of Directors of the Public Investment Corporation (PIC) since his appointment as Minister of Finance on 31 March 2017; if not, why not; if so, what are the relevant details; (2) whether he (a) has appointed or (b) intends to appoint any new members to the specified board; if not, in each case, why not; if so, what are the names of each person he (i) has appointed and/or (ii) intends to appoint to the board; (3) whether he has (a) issued any directive to or (b) made any regulation regarding the PIC; if not, in each case, why not; if so, what are the relevant details in each case?
Reply:
1. No.
2. (a)The Minister has not as yet appointed any new Board member, except the appointment of the Deputy Minister of Finance who automatically becomes a member of the Board as a result of the Cabinet decision taken on 03 December 2008 where the Cabinet approved;
- the ex-officio appointment of the Deputy Minister, as non-executive director to the Board of the PIC; and
- that should a Deputy Minister of Finance vacate his or her office, the new incumbent will automatically serve on the Board of the Public Investment Corporation Limited.
(b) In terms of the PIC Memorandum of Incorporation (MOI), the Board of the PIC shall comprise of 15 directors of which 2 should be the executive directors (the Chief Executive Officer and the Chief Financial Officer). Currently the Board comprises of 13 directors (2 executive directors and 11 non-executive directors). The Minister is currently reviewing the 2 proposed candidates submitted by the Board to fill the two vacancies. As required by the PIC MOI which states that the Minister shall in consultation with Cabinet appoint the directors of the PIC, the Cabinet memorandum will be submitted to the Cabinet as soon as the Minister finalises the appointment process.
3. No.