Shigemoto: “We’re still working it out”

POSTED: 02/27/11 9:22 PM

St. Maarten – Minister of Finance Hiro Shigemoto says the government is still “working out certain aspects of the law on corporate governance” and that has caused a delay in finalizing the budget for the Corporate Governance Council. That approval will then trigger them to approach government owned companies and government controlled foundations to do the actual financing of the council.
“When the legislation was made everything was not worked out. We’re now busy working those aspects into policy and because this is a new system and the law we have is coming from nothing and goes even further than what exists in the Netherlands it’s taking a bit more time,” Shigemoto said Friday morning.

The government also has not moved forward on approving the budget because they are studying what the division key for the contributions should be. Discussions have started, but need to be finalized.
“We have to hold reckoning with the net results of each of these companies. We have received the draft the council suggested and we’re busy looking at it, but we also have to review the financial statements of the companies so we do not put any of them in financial trouble because of the commitment they have in the division key,” Shigemoto said.

The finance minister agrees that there should be a liaison officer to the Council and says that person should come from the Ministry of General Affairs as the Ministry of Finance is already home to the council’s secretariat. Shigemoto also promised that government will respond soon to the various letters the council.
“There are certain things that we had to receive advice on and we’re waiting for those advices to be delivered to us. Once they are delivered then we should be able to respond,” Shigemoto said.

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