Government will be reviewing the practice of State corporation chairmen serving on other boards and receiving multiple stipends, Finance Minister Colm Imbert said yesterday.
His comment at yesterday’s post-Cabinet media briefing at the Office of the Prime Minister, St Clair, followed criticism by Opposition Leader Kamla Persad-Bissessar about such a situation concerning National Gas Company (NGC) chairman Gerry Brooks.
In Parliament, three weeks ago Government revealed Brooks heads eight other NGC subsidiaries. On Wednesday, Persad-Bissessar also noted that Brooks is heading “11 or 12” boards of the Rowley Government.
Persad-Bissessar expressed concern at one person serving on so many boards and being in charge of over $40-plus billion worth of taxpayers’ assets. She said such multiple directorships could earn a person as much as $100,000 a month plus travelling/utility and other allowances.
At yesterday’s briefing Imbert said the practice of State board chairmen serving on other boards had been done over the past 20 years, including under the People’s Partnership and the Opposition Leader should have known that.
He said the previous NGC chairman was also on the boards of other energy subsidiaries which he did not name. However, Imbert said Government would review the practice.
After he spoke, Persad-Bissessar told T&T Guardian: “It’s about time... we welcome such changes, having seen Mr Brooks serving on almost 12 boards.”
Imbert maintained Government had felt it was important for Brooks to head other NGC companies due to NGC’s “condition” — doing the Waste Water and other projects — when the PNM took office.
Imbert also denied the Opposition’s claim that European Union funding for cane farmers was available. He said checks with the Finance Ministry yesterday confirmed funding had not arrived.
He, however, added that he would speak to Persad-Bissessar about supporting legislation to regulate the gaming/gambling sector. Persad-Bissessar later told the T&T Guardian the Opposition would first have to see what the legislation involved before any commitment.
Regulation of the gaming sector and the return of the Property Tax were among items the IMF team, which visited T&T recently, noted Government had recourse to, concerning revenue-raising.
Imbert said the IMF gave Government “quite a favourable response” and the team stated T&T was not in a crisis and had substantial economic buffers.
Imbert said an estimated $7 billion-$10 billion was spent on the gaming sector annually and Government projected collecting about $500 million under proposed regulation measures.
Communication Minister Maxie Cuffie announced that Caribbean New Media Group deputy chairman Timothy Affonso had been appointed to replace former chairman Helen Drayton who quit last month.