Audit Report Sheds Light on SXM Investment Company’s Performance and Future. | SMN NEWS

PHILIPSBURG:—  The General Audit Chamber recently submitted its report to Parliament entitled “Performance Audit on the SXM Investment Agency: Results, Costs, and Future Perspective.” This report offers a detailed look into the operations and effectiveness of the SXM Investment Agency (SMIA), an initiative launched by the General Pension Fund (APS) in April 2020.
The SMIA was created with a mission: to explore and capitalize on local investment opportunities, thereby enhancing the value and reach of APS’s investments.
APS has invested ANG 1.8 million since SMIA’s inception in 2020, which resulted in three advisory opinions on possible local investments. However, no actual investments were made. This raises important questions about the impact of SMIA and the benefits it provides to APS participants.
The General Audit Chamber identified a sub-optimal governance structure, highlighted the unavailability of financial statements for SMIA since its inception, and raised concerns about the applicability of supervision by the Central Bank of Curacao and St. Maarten.
The General Audit Chamber’s report suggests several steps for APS to consider, including stabilizing SMIA’s strategy, refining its governance, clarifying the CBCS’s supervisory role, and ensuring timely financial reporting for greater transparency. It’s encouraging to note that APS has already begun implementing measures to address these recommendations.
In a strategic move on May 1, 2023, APS partnered with the Curaçao Financial Group, appointing them as the fiduciary manager for its local investments. This partnership is a step towards transforming SMIA into the St. Maarten Investment Company (SMIC). With the legal transition from SMIA to SMIC in process, the General Audit Chamber is hopeful that this transformation will result in a more efficient and effective investment future.
The report is published in both English and Dutch and is available on the website of the General Audit Chamber (www.arsxm.org).

To read more: https://smn-news.com/index.php/st-maarten-st-martin-news/44384-audit-report-sheds-light-on-sxm-investment-company-s-performance-and-future.html

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