Jagdeo expresses worry over absence of GPL Board

Jun 12, 2018 News

– Questions, “Who makes the decisions?”

Opposition Leader, Bharrat Jagdeo, has expressed worry over the fact that Guyana Power and Light (GPL) has been operating for almost six months without a Board of Directors.
Jagdeo highlighted this as his most recent Press Conference last Thursday at his Church Street Office.
At that forum, Jagdeo noted that GPL is raking in billions of dollars in revenue and decisions are being made concerning the company but “Where is the Board? There is no Board.”

Opposition Leader, Bharrat Jagdeo

Jagdeo said that appointing a Board is not a time-consuming exercise, “yet Government has failed to appoint one since January 2018. The question is, “Who makes the decisions for the company?”
GPL’s “Corporate Governance Code” states that a functioning Board is imperative for the company’s operation.
The code said that the “shareholder” which is the state, “shall appoint the members of the Board and the Chief Executive Officer.”
The code said that the “The Board’s objective is to acquire individuals with the skills and experience that can be of assistance in managing the Company’s business. Directors should possess the highest level of personal and professional ethics and integrity and be committed to representing the long –term interests of stakeholders (including the shareholder).”
Further, “They must also have inquisitive and objective perspectives, practical wisdom and mature judgment. Directors must be willing to devote such time as may be required to carry out their duties and responsibilities effectively.”
Concerning, the relationship between the Chairman of the Board and the company’s Chief Executive Officer (CEO), the code says, “The Chairman shall not hold the position of CEO or any other executive position in the Company.
The Chairman shall work closely with the CEO and the Board Secretary to finalize information which will flow to the Board, set meeting agendas, and arrange meeting schedules; (ii) will chair meetings of the Board; (iii) call special meetings of the Board as needed; (iv) serve as a channel of communication between the Board and the CEO; (v) ensure that Directors receive important information in timely advance of meetings; and (vi) receive communications from the shareholder for transmission to all Directors.”
Further, the code said that the Board is supposed to hold twelve scheduled meetings per year; special meetings are held as required.
It says, “Every effort should be made to schedule meetings sufficiently in advance to ensure maximum attendance at each meeting.”