PHILIPSBURG–All appointments to Government-owned companies and foundations will be approved by the Council of Ministers from now on.
Deputy Prime Minister Richard Gibson Sr. announced on Wednesday that the decision was formalised this week by the Council.
The move is aimed at curbing the extraordinary structure created over the years where holding companies had been created and have become the overseers of operating companies and are able to appoint board members without Government approval.
This super structure has locked Government, as shareholder of its companies, out of the equation, according to Gibson.
The dismantling of the super structure will put Government back at the helm of guiding its companies.
Gibson noted that this move would not hamper or affect the functioning of the Corporate Governance Council.
Source: Daily Herald
All appointments to now be approved by Ministers