PJIA Board placed on inactive duty
The rippling effect of the news going through the community that the entire supervisory board of directors of PJIA have been sent home, is now publicly confirmed in part by this release, as to the intension of the Council of Ministers to terminate the board. In a press statement from the Tourism Minister Stuart Johnson Shareholder Representative, while addressing the intention of the Shareholder to terminate the service of the Supervisory Board of the Princess Juliana International Airport Holding (PJIAH) Company, he says it is essential to address the “precarious situation” at the airport.
On Tuesday this week, the Council of Ministers held an urgent decision-making session that was attended by members of the Supervisory Board of Directors of Princess Juliana International Holding Company NV (“PJIA Holding Company”). The main topic of discussion was the existing bond loan of the 100% subsidiary of PJIA Holding Company, (“the Operating Company”) and to move forward with the necessary measures to safeguard the well-being of both companies.
While the Council of Ministers initially decided to dismiss the Supervisory Board Members of PJIA Holding Company, with immediate effect, in further deliberations and considering all interest at hand, they have decided to amend that decision.
The amended decision states, “The Members of the Supervisory Board of the Holding Company are placed on notice of the intention of the Shareholder to terminate their function, as soon as possible. The Shareholder will further seek the advice of the Corporate Governance Council on this subject, forthwith. Meanwhile, the Members of the Supervisory Board of the Holding Company are placed on inactive duty for a period of up to two months, starting August 1, 2018.”
The shareholder decided that the interest of PJIA Holding Company, the Operating Company, and Country Sint Maarten will be protected by immediately replacing the entire Supervisory Board of PJIA Holding Company. In case of immediate dismissal, logically no advice can be requested and as such obtained beforehand from the Corporate Governance Council.
In the interim, the Managing Board of the PJIA remains in place, and three individuals have been appointed to temporary positions as Supervisory Board Members, to ensure that urgent work needed for the return of the airport to full function, can be done.
The Shareholder has identified these individuals as Michel Hodge, Patricia Lourens, and Cleveland Beresford.
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