Latest update March 24th, 2025 7:05 AM
House approves Dunstan Barrow as director for oil fund board
Kaieteur News – The PPP/C on Wednesday used its majority in the National Assembly to approve its nominee, Dunstan Barrow for the position of Director for the Board of Directors of the Natural Resource Fund (NRF).
Dunstan Barrow
The recommendation for Director is provided for in the NRF Act 2021, which became law in December, 2021. The motion which was passed in the Assembly was moved by Minister of Parliamentary Affairs and Governance Gail Teixeira, who is also the Chairperson of the Committee on Appointments. The NRF Act provides that one member of the Board of Directors be nominated by the National Assembly, another by the private sector, and three by the President.
The board will be responsible for the overall management of the Fund, reviewing and approving its policies, monitoring its performance, ensuring compliance with its approved policies, exercising general oversight of its operations, and ensuring that its management is in compliance with the law. It adds a layer of separation between political leaders and the fund, where previously there was none.
Back in March this newspaper reported that as was predicted, the PPP/C used its advantage on the Committee of Appointments to pick Barrow, ignoring Chartered Accountant, Christopher Ram and oil and gas expert Dr. Vincent Adams. Observers said then that Barrow being a former MP aligned to the PNCR further eroded the credibility of the board, which has been designed to give the government full advantage. At a meeting of the Committee of Appointments the Opposition proposed: Ram, and former Head of the Environmental Protection Agency, Dr. Adams but they were rejected by the Government. Meanwhile, in addition to Barrow the government nominated former Deputy Commissioner General of the Guyana Revenue Authority (GRA), Clement Sealey and former Guyana High Commissioner to the United Kingdom, Hamley Case.
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 Act states that the directors shall be appointed for a period not exceeding two years and shall be eligible for reappointment.
The Opposition is adamant the bill was illegally passed in the National Assembly last December and has since challenged it in court.
Meanwhile, additionally, Clement Sealey has been recommended as the suitable candidate to be appointed as a member to the Public Accountability and Oversight Committee. This committee will have nine members, including a nominee of the National Assembly, and representatives of the religious community, the private sector, organised labour and the profession.
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