COM changes tune, puts Airport Holding board on non-active duty | THE DAILY HERALD

~ Appoints temporary board members ~

PHILIPSBURG–Tourism Minister Stuart Johnson announced on Wednesday the Council of Ministers’ intention to terminate the services of the Princess Juliana International Airport Holding (PJIAH) Company Supervisory Board of Directors.

The Council of Ministers (COM) held an urgent decision-making session on Tuesday that was attended by members of the PJIAH Supervisory Board. The main subjects of discussion were the existing bond loan of PJIAH’s 100 per cent subsidiary (“The Operating Company”) and undertaken/necessary measures to safeguard the wellbeing of both companies.

“While COM initially decided to dismiss the Supervisory Board members of PJIA Holding Company with immediate effect, in further deliberations and considering all interests at hand, it amended that decision,” Johnson stated in a press release late Wednesday evening.

Johnson sent a letter to the board on Wednesday morning and said that COM had amended its decision.

He explained in his press release that the amended decision now reads: “The Members of the Supervisory Board of the Holding Company are placed on notice of the intention of the shareholder to terminate their function as soon as possible. The shareholder will further seek the advice of the Corporate Governance Council on this subject, forthwith. The Members of the Supervisory Board of the Holding Company are placed on nonactive duty for a period of up to two months, starting August 1, 2018.”

The shareholder decided that the interests of PJIA Holding Company, the Operating Company, and Country St. Maarten will be protected by immediately and in any case expeditiously replacing the entire Supervisory Board of PJIA Holding Company.

In case of immediate dismissal, logically no advice can be requested and obtained beforehand from the Corporate Governance Council. In the interim, the PJIA Managing Board remains in place, and three individuals have been appointed to temporary positions as Supervisory Board members, to ensure that urgent work needed for the return of the airport to full function can be done.

The shareholder has appointed Michel Hodge, Patricia Lourens and Cleveland Beresford.

“The reality St. Maarten faces today on the reconstruction of the airport almost a year after it was devastated by Hurricane Irma on September 6, 2017, just cannot be ignored,” said Johnson.

Source: The Daily Herald