Govt. will allow Bar Association, Media, Transparency International on oversight committee for oil money

The Natural Resource Fund Bill which was recently tabled in the National Assembly by Finance Minister, Winston Jordan, paves the way for the creation of a “Public Accountability and Oversight Committee.”

This body, which will have representatives from the Media, the Guyana Bar Association and Transparency Institute Guyana Inc. (TIGI), will be responsible for monitoring and evaluating the compliance of the government and other relevant persons when it comes to the principles of transparency, good governance and international best practices, including the Santiago Principles, when using the Natural Resource Fund.

It will also be tasked with providing independent assessments on the management of the Fund and the utilization for withdrawals from the Fund.

According to the Bill, the Committee is expected to consist of 22 members who are nominated in accordance with Part Three of the Bill and appointed by the President.

The Committee will include a representative from civil society organizations and community based organizations, a nominee to represent women with the nominee being nominated by civil society organizations; a nominee of the Bar Association of Guyana; a representative of the Guyana Consumer’s Association; a nominee of the Guyana Extractive Industries Transparency Initiative (EITI), a nominee of TIGI; a nominee of the Guyana Press Association; a nominee of most representative associations of trade unions; a nominee of the Private Sector Commission, one from each of the 10 Regional Democratic Councils and a nominee from academia who is nominated by the governing council of the University of Guyana.

But the Bill is silent on their being a seat at the Oversight table for a member of the political opposition. Furthermore, the Bill points out that a person shall not be eligible for appointment if he or she is a Parliamentarian, an employee of the Ministry, an employee or owner of an organization which is engaged by the Minister or Governor of the Bank to assist with the management of the Fund; is a member of the Investment Committee established under Section 13 of the Bill or the Macroeconomic Committee that is established under Section 20 of the Bill.

One is also not eligible to be on the committee if he or she is insolvent, or is, or has been declared bankrupt; is of unsound mind or otherwise medically unfit, or has been convicted of any offence not minor in nature.

The draft legislation notes that the President may terminate the services of any Committee member for a number of reasons, two of which include incompetence and misconduct. Additionally, the Government has paved the way for the Committee to have financial resources to carry out its functions. It is also expected to publish bi-annual reports of its activities on its website and that of Parliament’s. These reports will also be provided to the National Assembly as well as the President.

(Kaieteur News)