WILLEMSTAD – The Government of Curaçao, acting as shareholder of CORE N.V., has temporarily appointed Mr. A. Magdalena as statutory interim Managing Director of CORE N.V. to ensure continuity of the organization during an important phase of investigation and transition.
The appointment follows the retirement of the company’s former Managing Director on July 31, 2026. It comes at a time when CORE is undergoing an investigation into a proposed strategic merger between CORE and Blue NAP.
The investigation must determine whether a merger between the two entities is desirable and, if so, how such a process could best be carried out. Magdalena’s temporary appointment is intended to guarantee operational continuity while the investigation and decision-making process are ongoing.
The interim appointment will remain in effect for the duration of the investigation into the proposed merger, which is expected to be completed within a maximum period of one year. Based on the findings, a decision will be made on whether the merger should proceed and how it should be implemented.
Before the appointment was made, a careful decision-making process was followed. Following a proposal from the Board of Commissioners, the matter was presented to the Council of Ministers and the Bureau for Supervision and Standardization of Government Entities (SBTNO).
In addition, the Social and Economic Council (SOAB) conducted an independent assessment and concluded that Magdalena is suitable for the position, with the necessary knowledge, experience and leadership qualities required to lead CORE during this period.
The government also considered Magdalena’s previous role as chairman of CORE’s Board of Commissioners. According to the shareholder, this experience means he is already familiar with the organization and ongoing strategic matters, allowing him to assume operational leadership immediately without a lengthy adjustment period.
Although SBTNO issued a different recommendation, Minister of Governance, Planning and Public Services Shalten Hato decided, after approval by the Council of Ministers, to proceed with a different decision based on what he described as well-founded reasons.
Under the Corporate Governance Ordinance, the government may deviate from SBTNO advice when the national interest justifies such a decision.
According to the government, the option of allowing the Board of Commissioners to temporarily manage CORE was carefully considered. However, it concluded that operational continuity, daily management and the execution of the merger investigation require a director who can dedicate full attention to the company’s operational leadership.
The government also noted that allowing the Board of Commissioners to manage the company for an extended period could affect the separation between management and supervision, which is considered an important principle of good corporate governance.
To prevent any appearance of a conflict of interest, Magdalena will temporarily step down from his position as chairman and member of the Board of Commissioners during his appointment as interim director.
Minister Hato emphasized that the appointment is strictly temporary.
“Good governance requires careful procedures, but also responsibility when the continuity of an organization requires action. If the results of the investigation provide reason to do so, after the investigation into a possible merger has been completed, an open, regular and transparent procedure will begin to appoint a permanent Managing Director,” Hato said.