Dunstan Barrow nominated as director for NRF board by National Assembly

On Wednesday, the National Assembly nominated Dunstan Barrow for the position of Director for the Board of Directors of the Natural Resource Fund (NRF). It was noted that the recommendation for Director is provided for in the NRF Act 2021, which became law in December, 2021.

Parliamentary Affairs and Governance Minister, Gail Teixeira moved the motion which was passed in the Assembly. Teixeira is also the Chairperson of the Committee on Appointments. The minister disclosed that the NRF Act provides that one member of the Board of Directors be nominated by the National Assembly, another by the private sector, and three by the President.

As such, the board will be responsible for the overall management of the Fund, reviewing and approving its policies, monitoring its performance, ensuring compliance with its approved policies, exercising general oversight of its operations, and ensuring that its management is in compliance with the law. It adds a layer of separation between political leaders and the fund, where previously there was none.

Additionally, Clement Sealey has been recommended as the suitable candidate to be appointed as a member to the Public Accountability and Oversight Committee. It was revealed that this committee will have nine members, including a nominee of the National Assembly, and representatives of the religious community, the private sector, organised labour and the profession.

Further, the recommendation of the two names to form the board of directors and Public Accountability and Oversight Committee is government ensuring there is strengthened transparency and oversight of the oil funds as provided for in the Act.