WILLEMSTAD – Curaçao’s corporate governance watchdog has called for changes to the way Stichting Monumentenfonds Curaçao recruits its directors after finding that important parts of the procedure used to select a new director were not submitted for mandatory review in advance.
Stichting Bureau Toezicht en Normering Overheidsentiteiten (SBTNO) did not object to the proposed appointment itself, but said both the Monumentenfonds and the government should ensure that future recruitment procedures are reviewed before they begin.
The watchdog also wants the foundation to replace its outdated director profile, which dates from 2013 and does not sufficiently specify the knowledge, skills and competencies required for the position.
The findings are contained in an SBTNO opinion dated September 3 that has since been made public.
One of the most notable aspects of the recruitment process is that the candidate ultimately nominated for the position did not apply during the original application period. According to the information provided to SBTNO, the candidate submitted an application approximately three months after the vacancy had closed.
Publicly available information identifies the nominated candidate as Guiselle Coco-Libier, currently Chief Operations Officer at insurance company Guardian Group Fatum. Her identity was anonymized in the published SBTNO opinion.
Despite the unusual timing of the application, SBTNO did not find sufficient grounds to advise against the appointment. However, the watchdog noted that it had not received a written explanation justifying the procedure followed.
The criticism extends beyond the late application.
Under Curaçao’s National Ordinance on Corporate Governance, the profile used for the position and the rules governing the recruitment and selection process should have been submitted to SBTNO before the recruitment began.
According to SBTNO, that did not happen, meaning the legally required procedure was not followed.
The watchdog also raised concerns about the profile itself. Stichting Monumentenfonds Curaçao is still relying on a director profile drawn up in 2013. SBTNO said the document lacks sufficiently concrete requirements concerning the knowledge, competencies and skills expected from a director.
Organizations are permitted to deviate from the standard profile, but SBTNO said such deviations must be explained and submitted for review beforehand.
That requirement was also not met in this case.
SBTNO is therefore recommending that the Monumentenfonds update the 2013 profile and that future recruitment and selection procedures be presented to the watchdog before they are carried out.
Although the watchdog has not blocked the current nomination, its opinion makes clear that approval of the candidate should not be interpreted as approval of the process that led to the nomination.