WILLEMSTAD – Economic Development Minister Roderick Middelhof says Curaçao's limited pool of candidates for specialized supervisory positions should be taken into account when selecting board members for government entities, as he moves ahead with two appointments despite serious objections from corporate governance adviser SBTNO.
The minister is continuing procedures involving Amanda Sargo Ribeiro for the Supervisory Board of the Curaçao Tourism Development Foundation (CTDF) and Clifford Richardson for the Supervisory Board of Fundashon Marshe.
In both cases, SBTNO concluded that the candidates do not fully satisfy the established profiles. Middelhof acknowledges the deficiencies but argues that education, relevant practical experience and professional development potential can compensate for some missing requirements.
His broader argument is most explicit in the Richardson case.
According to Middelhof, Curaçao's labor market does not always make it possible to find candidates who satisfy every cumulative requirement established for specialized supervisory positions, particularly in technical disciplines. He argues that professionals with relevant education, demonstrated practical experience and technical knowledge should also have opportunities to develop governance and supervisory experience.
Independent reporting on the Richardson appointment confirms that Middelhof specifically invoked the difficulty of finding candidates locally who meet all requirements for such technical positions.
The argument raises a broader corporate governance issue: if candidates can be appointed despite failing to satisfy several requirements, how binding or meaningful are the profiles established for government supervisory boards?
Profiles are intended to ensure that boards collectively possess the expertise required to supervise management, evaluate strategy and finances, identify risks and protect the interests of the organization.
At the same time, requiring previous supervisory experience can create a practical dilemma in a relatively small labor market. If appointments are repeatedly restricted to people who already possess boardroom experience, opportunities for developing a new generation of supervisory directors may remain limited.
Middelhof appears to favor the latter consideration in these two cases. His position is that shortcomings should be weighed against the complete professional profile rather than automatically disqualifying a candidate.
The Ribeiro case introduces an additional issue because SBTNO has also identified a potential conflict of interest related to her current management role within Curaçao's hotel sector. The minister proposes addressing that risk through recusal whenever matters involving her professional interests or those of her employer arise.
In both cases, Middelhof has informed SBTNO that he has considered its serious objections but intends to continue the appointment procedures.
The decisions could therefore become an important test of the balance between two objectives in Curaçao's corporate governance system: maintaining strict qualification standards for those supervising public entities while creating opportunities for professionals who have relevant experience but have not yet accumulated every credential specified in a supervisory-board profile.