Opinion: Conflict of interest

POSTED: 03/25/14 8:26 PM

The Corporate Governance Code of Country St. Maarten states that a supervisory director of a government owned company shall not demand or accept any donations from the corporation for himself. The Code further states that a conflict of interest shall, at any rate, exist whenever the corporation intends to conduct a transaction with a legal entity in which a supervisory director holds a material financial interest.

My question then is: Why did the management of Princess Juliana International Airport approve a donation of $22,500 for a so-called purchase of tickets, to the production company/organizers of the Hennessey Artistry concert, which was held on August, 3  2013, when the chairman of the Supervisory Board of the PJIA was part of the organizing team of the concert?

My second question is: Why did the chairman of the Supervisory Board of the PJIA, allow this transaction to take place? It does not take a rocket scientist to establish that the above-described transaction is in conflict with the Corporate Governance Code. A similar case in the past caused a Commissioner of the then Executive Council of the Island Territory of St. Maarten and a director of the supervisory board of a government owned company to resign. My following question is directed to the member of the Council of Ministers who is the government rep for the PJIA. Minister do you consider the abovementioned transaction to be in conflict with the Corporate Governance Code and if your answer is affirmative, will there be consequences?

Todd Peterson     

 

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