PSC nominates Ramesh Dookhoo for oil fund board

Mar 24, 2022 News

Kaieteur News – The Board of Directors to manage the Natural Resource Fund (NRF), or monies garnered from Guyana’s oil and gas activities, is closer to being established as the Private Sector Commission (PSC) has decided on its nominee to preside over the fund.

Ramesh Dookhoo

On Wednesday, President of the PSC, Paul Cheong related to this publication that the PSC has voted on well known business executive, Ramesh Dookhoo to represent the organisation.
He explained, “We invited nominations then we did an assessment based on who were nominated and we decided unanimously that Mr. Dookhoo would be selected.” He was reluctant to share the other names that were nominated but noted that the PSC candidate will be submitted to the President by today (Thursday).
Asked whether he is confident of President Irfaan Ali’s approval, Cheong said, “We nominated, I mean we went through the process and we nominated somebody. So I think the onus is now on the President to select somebody. I don’t want to prejudice his decision.”
When the PPP/C took office in 2020, Dookhoo was appointed Chairman of the Board of Directors for the Guyana Water Incorporated (GWI), as published in the Official Gazette. Prior to that, Dookhoo served as President of the Guyana Manufacturing and Services Association (GMSA) for several years. He also served as a Business Development Executive for local beverage producer, Banks DIH.
On March 2, the National Assembly Committee of Appointments decided on Former PNCR member, Dunstan Barrow as their nominee. The government dominated Committee had sidestepped the Opposition’s nominees Chartered Accountant, Christopher Ram and oil and gas expert Dr Vincent Adams.
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 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.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Latest News