Clarence Faulkner Jr. to be named chairman of NBVI Board
According to the same source, the Cabinet Paper was advanced by Premier and Minister for Finance Hon. Smith in keeping with the National Bank of the Virgin Islands (NBVI) Act.
The paper was before the Executive branch of Government at their meeting of Wednesday February 1, 2012.
Faulkner, a Virgin Gordian, will replace former Chairman and current Speaker of the House of Assembly Hon. Ingrid Moses-Scatliffe. It is unclear who the other members of the Board are.
Former Legislator Black Gets Job At Bank
Meanwhile, the same source told this news site that former NDP 8th district representative and Minister for Education and Culture Lloyd K. Black will be taking up a new appointment at the NBVI- reportedly as the head of its credit division. No other details were forthoming as to commencement of appointment, salary and contract terms.
Faulkner's Background
Faulkner Jr., an indigenous Virgin Islander, grew up in the Valley, Virgin Gorda, and is the only son of five children born to Cordella and Clarence Faulkner Sr. He attended the Bregado Flax Educational Centre, VG.
After graduating from High School, Faulkner enrolled at St. Mary’s University in Canada where he studied both Accounting and Finance, and graduated with a double degree in 1996.
After graduating from college, Faulkner returned to the VI where he landed his first job working at Harney Westwood & Riegels. In 1999, he joined the Social Security Board and left the Board in August of 2011 to start his own company.
But before leaving, he had risen through the ranks where his function, among others, was to manage the Board's portfolio of Investments.
In 2002, he earned an MBA from Wright State University through the H. Lavity Stoutt Community College.
Faulkner is the founder and Managing Director of Pension Management Interative Inc. This is a full service firm specializing in pension plan consultancy, management and administration.
Speaking during the weekly luncheon of the Rotary Club of Tortola in July of 2010, the then Investment Manager told the public that the Investment Fund of the SSB stood at $342M.
Faulkner had told the Rotarians that the SSB investment funds have been doing well in light of the financial crisis because of extensive due diligence.
He had further stated in the same speech that three years ago, just before the financial crisis hit, the fund was valued at $301M and at the peak of the crisis it dropped to $277M.
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