Govt. flayed for grabbing all seats on oil fund board

Mar 04, 2022 News

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…PNCR says move a demonstration of bad faith, exclusion
The two individuals whose names were submitted as the Opposition’s choice to sit on the Natural Resource Fund (NRF) Board have criticiced the government for selecting former PNCR Member of Parliament, Dunstan Barrow as the National Assembly’s nominee to sit on the board.
In an invited comment on Thursday, Chartered Accountant and Attorney-at-Law, Mr. Christopher Ram argued, “My view is the NRF Board should be an entrenched constitutional arrangement. It must not be at the whims or fancies or disposal of any political party”.

He was keen to point out too in the brief interview that the directors on the NRF Board have little functions under the Act, since the law already sets out the amount that can be withdrawn from the fund. On the other hand, Dr. Vincent Adams who previously served as head of the Environmental Protection Agency (EPA) said that, “It is obvious that the government does not want the most qualified people who can think for themselves and have objective inputs in major decision making in the best interest of the country”.
He went on to say that the administration’s modus operandi is to have people in charge that they can control, despite the call by the local and international communities for inclusion. “It just doesn’t make sense that a government with such a razor thin margin of one seat (majority), will behave in such an autocratic manner. It undermines the pillars of democracy and transparency for the country at this critical time of our history where inclusivity in so important,” Dr. Adams contended.
The former chief of the EPA said that while he considers former PNCR MP, Dunstan Barrow competent, he was particularly displeased with the government’s refusal “to accommodate the opposition to ensure even the perception of good intent and inclusivity in a nation that is so strongly divided”. To this end, he pointed out that to not have an opposition nominee on the Board only engender total mistrust in the people as to how the oil money is spent. “But it’s obvious that the ruling party doesn’t care about what’s best for all of the people as long as their political agenda is satisfied. Unfortunately, it’s apparent that you will not participate in any major decision making of the nation if you do not belong to, or (is) a supporter of the PPP/C,” he added.
Meanwhile, in a statement reacting to the government’s decision to reject the opposition’s nominees, the People National Congress Reform (PNCR) said it was another demonstration of the PPP’s bad faith and politics of exclusion. “This case involves the PPP’s use of its majority parliamentary power to reject the nominees of the opposition parties for the Natural Resource Fund (NRF) board and the Oversight Committee, despite the fact that those nominees have the best qualifications for the positions. Our nominees included Professor Clive Thomas, Dr. Vincent Adams, Christopher Ram and Elson Low. Both Adams and Ram were nominated separately by the PNCR and the AFC. Dr. Adams has over 40 years of extensive experience in both the public and private sectors in the oil and gas industry. Christopher Ram has won the admiration and praise of the Guyanese public for his vast expertise in law, finance and the oil sector, as well as a relentless advocate for transparency and accountability in government.”

According to the PNCR it should surprise no one that the PPP used its majority to reject these highly qualified and suitable candidates and advance its list of less qualified persons. “We ask the public not to be fooled by the PPP describing its selectee, Mr. Dunstan Barrow, as a former PNC MP. What should matter are the qualifications and expertise of the nominees and not their political or other affiliations. By these actions, the PPP has shown again its total lack of interest in transparency, accountability and inclusivity. It continues to strive for political dominance and control. The people of Guyana will ensure it does not succeed. The PNCR will continue to expose these examples of bad PPP/C governance to inform the Guyanese public, the international diplomatic community and other stakeholders,” the statement concluded.
Observers believe that Barrow being a former member of Parliament aligned to the PNCR further erodes the credibility of the board, which has been designed to give the government full advantage. Earlier this year, the Shadow Oil and Gas Minister, David Patterson said that the Guyanese people will have no say on how the oil money will be spent.
Patterson specifically pointed to the fact that the new law provides for the President to handpick members to sit on the Board, with no input from the Opposition, which also represents a large proportion of Guyana. The MP argued that the Law drafted by the government, gives no room for Parliamentarians or even the regular citizen to challenge or question who the President decides to appoint. Patterson told Kaieteur News “the President will obviously therefore appoint persons who he is very comfortable with and with the one from the National Assembly, because the PPP has the majority they will also pick somebody who they are very comfortable with”.
As part of the governance structure for the NRF, a Board of Directors was established which shall comprise of not less than three and not more than five persons who shall be appointed by the President, and one of whom shall be appointed Chairperson by the President. The directors, according to the Act, shall be selected from among persons who have wide experience and ability in legal, financial, business or administrative matters. It was noted that one of the Board members shall be nominated by the National Assembly along with one from the private sector.
The Bill states that the directors shall be appointed for a period not exceeding two years and shall be eligible for reappointment. With respect to its functions, the Board is responsible for the overall management of the Fund, reviewing and approving policies of the Fund, monitoring the performance of the Fund, ensuring compliance with approved policies, exerting general oversight of all aspects of operations, and ensuring the Fund is managed in compliance with the Act and other applicable laws. The Board is also responsible for preparing the investment mandate.

 

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