Informal Communication on FSC good enough for NDP govt.
Keen ears listening to the presentations and a deliberations of the Ninth sitting of the Second Session of the Second House of Assembly of the Virgin Islands held on May 14, 2013, have not failed to hear the Premier and Minister of Finance Dr the Honourable D Orlando Smith say he is comfortable with informal methods of communicating with members of the opposition as it related to the Financial Services Commission (FSC).
Leader of the Opposition Honourable Ralph T O'Neal, OBE, had asked if the Premier would consider an amendment to the Financial Services Commission Act to make it mandatory for the commission to meet with the House of Assembly (HOA) at least twice a year to allow the members of the HoA to learn more about the operations of the commission.
Premier Smith said the FSC has always indicated its willingness not only to discuss these and other financial services related issues with the House, but also to assist Honourable members in their understanding of financial services in general. "Honourable members will be aware, Madam Speaker, this happens both formally and informally, whenever industry related legislation is before the House. The system works well," said the Hon Premier.
Along with the system of formal and informal setting, Hon Premier noted that the establishment of a Select Committee on Financial Services was recently approved in the HoA which he said will promote another mechanism for the house to learn more of the operations of the commission and the Financial Investigation Agency (FIA), but also other matters of pertinence to the Financial Services Industry.
"I do not consider that at this time the suggested amendment is necessary as the house has requisite powers and protocols to achieve the intended efforts and as the commission executives are committed and stand ready to facilitate such briefing both formally and informally when need," said the Premier.
The Premier had said initially that he is willing to consider amendments to any statute that would result in improved working of the law and better governance. He also stated that the FSC Act contains benchmarked corporate governance provisions to ensure that the commission is ultimately accountable to parliament for the conduct of its affairs.
10 Responses to “Informal Communication on FSC good enough for NDP govt.”
I believe that they are given too much free reign and the Board has members who have been there since it started 10 years ago. How come all the other boards are changed and this one is left alone. 10 years of some of the same ideas is nonsense in a fast and ever-changing world.