iLocal News Archives

The Editor Speaks: The law was not followed but……

Jobs for Caymanians! That is the trumpet call.

Laws were put into place to protect Caymanians. Transparency. Caymanians must have the opportunity to take the top jobs. This applies, especially when the jobs are Government bodies.

When our most proven financial qualified Caymanian, Marco Archer, incredibly lost his seat at the last election, we knew there would be offers galore awaiting him in the private sector. Our loss. Their gain.

Acting quickly, Archer was offered the job as CEO of the Cayman Islands Stock Exchange. Because of that fast action Archer accepted.

Well done.

However, not so fast. Instead it should have been slow.

Deputy Governor Franz Manderson and Financial Services Minister Tara Rivers said the ministry was not consulted.

Oh dear.

Rivers, speaking at Finance committee Meeting said that no formal consultation process had taken place with her. She said she and the chief officer in the financial services ministry, Dax Basdeo, were overseas at the time. She did not know if any, communication had taken place between Basdeo and the stock exchange board.

Why didn’t she ask him?

Manderson also confirmed Basdeo was away when the appointment was made.

He said the process set down in the new Public Authorities Law, which came into force on 1 June, was therefore not followed by the Cayman Stock Exchange Board.

“Obviously, the board has not carried out its responsibilities here,” he said.

Tut. Tut.

And there was indignation, of course, from the Opposition Members of the Finance Committee.

“The public authority have flouted the recruitment process set out in the law that was passed in order to ensure more transparency and give the ministries more involvement!” they cried.

Are they trying to tell us if the law had been strictly followed someone more qualified, AND A CAYMANIAN would have been found?

My belief is NO! And we would have lost Archer. However, we might have had an expat instead!!!

Probably, the precise wording of the law was not followed but as CNS reported the Cayman Stock Exchange Board Chairman, Anthony Travers, as saying, “The position was advertised and the Ministry of Finance fully advised of the process throughout by copy correspondence to board member, Mr Dax Basdeo.”

He added, “only one qualified Caymanian applied for the position and, therefore, it was unnecessary to resort to a shortlist procedure given the requirements of section 27”.

Section 27 is there to favour a Caymanian so what on earth is all the fuss about?

People’s egos, perhaps?

The law was not followed but…… a Caymanian won. Shouldn’t that be a reason for celebration?



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