The Members of the Natural Resource Fund Board as well as the Public Accountability and Oversight Committee of the Board and the Investment Committee were formally appointed today with President Irfaan Ali expressing full confidence that those who have been selected will ensure that the country’s oil and gas resources are properly managed.
The NRF Board is tasked with overlooking and scrutinizing the spending from the oil and gas resources.
“I believe with these members of the board of directors of the NRF, we as a country should very proud that within our population, we could find citizens of this stature who can now perform this responsibility. As a government, we want to assure of our full support in ensuring that you can execute your mandate and you can perform your duty with ease, efficiency and with the necessary impetus that is required to make your work efficient,” the President said.
Retired Major General Joe Singh has been appointed as the Chairman of the NRF Board. He will be assisted by Guyana’s Permanent Representative to the UN Carolyn Rodrigues, Private Sector nominee, Ramesh Dookhoo, and Parliamentary Representative Dunston Borrow.
British Member of Parliament David Lammy who was initially named as a member of the Board has declined the invitation, pointing to his political obligations in the UK.
Lammy was born to Guyanese parents. The former President of the Caribbean Development Bank Professor Compton Bourne will now take up the seat that was meant for Lammy.
The President said that the country should be proud that a group of people who are not political in nature has been entrusted with the responsibility to oversee the country’s new found wealth.
“We are very pleased today that we have been able to fulfil this important responsibility and that the management of our oil and gas resources is not strengthened with the establishment of these important boards and committees,” the President said.
The President also appointed the Chairperson and six members of the Public Accountability and Oversight Committee of the NRF.
That Committee comprises a nominee from the National Assembly, three representatives from the religious community, two from the Private Sector and two representatives of the Labour movement and one representative from the Accounts profession.
Mr. Clement Sealey has been appointed as the Chairperson of the Committee.
“So today, I think we must all be proud of the fact that we have been able to move one step closer towards the efficient management of this sector and more importantly we are fulfilling our responsibility and our commitment in ensuring transparency and accountability and independence in the management of the sector,” the President said.
An Investment Committee was also appointed today to advise the NRF Board on the investment mandate.
The Investment Committee is comprised of seven members.
One of those members is to be chosen by the Opposition Leader.