WILLEMSTAD – The Curaçao government has approved revised profile requirements for members of the supervisory board of Buskabaai N.V., introducing three specific areas of expertise that must be represented within the board.
The decision follows advice from the Foundation Bureau for Supervision and Standardization of Government Entities (SBTNO), the independent corporate governance advisory body responsible for reviewing appointments and governance matters involving government-owned companies.
Under the updated profile structure, the supervisory board of Buskabaai will consist of three members, each representing a specific area of expertise: financial, legal and technical-commercial knowledge.
The government said the revised profiles are intended to ensure that the supervisory board has the appropriate knowledge and experience to properly oversee the state-owned company and provide effective supervision of its management.
According to SBTNO’s advice, the three-member board composition is designed around the following expertise:
A financial expert who can provide oversight on financial management, reporting and business performance.
A legal expert with knowledge of legal frameworks, governance and compliance.
A technical-commercial expert who can contribute knowledge related to Buskabaai’s operational and commercial activities.
SBTNO plays an important role in Curaçao’s corporate governance framework by advising the government on proposed appointments and ensuring that supervisory board members meet established requirements regarding qualifications, experience and suitability.
Buskabaai N.V. is one of Curaçao’s government-owned entities and operates within the framework of the country’s public sector companies. Like other government corporations, the company is subject to corporate governance rules requiring clear oversight structures and qualified supervisory boards.
The approval of the revised profiles comes as Curaçao continues efforts to strengthen governance standards at government-owned companies. In recent years, SBTNO has repeatedly emphasized the importance of regularly updating supervisory board profiles to ensure they reflect the needs and responsibilities of each organization.
The revised requirements will guide future appointments to the Buskabaai supervisory board and are intended to ensure that the company is overseen by professionals with complementary expertise.