WILLEMSTAD - The Central Bank of Curaçao and Sint Maarten (CBCS) says it is still unable to release information on top incomes within the bank. This is stated in its 2022 annual report. According to the report, this is because no ministerial decrees have been issued specifying the necessary information on rewards and determining the possibility of exemptions.
The annual report notes that the CBCS has informed the Ministers of Finance of Curaçao and Sint Maarten that, although the bank is not opposed to standardizing top incomes, a special procedure must be followed. This procedure is necessary due to the unique authority structure of the CBCS, as stipulated in the Bank Charter for Curaçao and Sint Maarten. The standardization of top incomes does not take this structure into account, highlighting the need for a special approach, according to the Bank.
Despite the absence of this specific information, the CBCS has included the total compensation for its Board of Directors and Management Team (18 individuals) and for its Supervisory Board (6 individuals) in the annual report. These total amounts include vacation bonuses, performance bonuses, and other fringe benefits.
Other personnel costs
Interestingly, the increase in personnel costs is mainly related to the release of a severance reserve of 1.3 million guilders, booked in 2021, changes in the personnel base in 2021 and 2022 as part of the 2020 reorganization plan, and an increase in training costs. The latter was limited in 2020 and 2021 due to the COVID-19 pandemic.
The report also explains that the pension plans of the 201 employees are determined according to the National Pension Regulation for Civil Servants and are partially managed by APC and Guardian Group Fatum. Interestingly, the pension contribution of the CBCS is twelve percent of the contribution base for employees at APC and is actuarially determined for those at Guardian Group Fatum.
This news highlights the complexity of financial regulations and the challenges associated with making top incomes transparent in government-related entities. The CBCS remains awaiting further guidelines and the implementation of the required special procedure.