Willemstad / Philipsburg - The Supervisory Board (SB) of the Central Bank of Curaçao and Sint Maarten (CBCS) has been appointed in 2017, in the run-up to recruiting
new directors for the CBCS, have a benchmark study of the employment conditions carried out by an expert independent agency. The aim of the study was to investigate both assess primary and secondary benefits in order to determine to what extent the existing remuneration structure of the CBCS was in line with the remuneration structure of comparable positions with other financial supervisors and the financial sector, both locally and in the region.
The Supervisory Board subsequently developed a new remuneration structure at the end of 2017 based on the results of that investigation. It is also determined that if during the recruitment process it is difficult turns out to find a candidate director for a salary within the set bandwidth, exceptionally, the maximum of the compensation table can be increased by a set maximum percentage.
In general, it is important to note that the total salary costs of the Executive Board of the CBCS have been reduced by no less than 39% annually over the past two years. The Supervisory Board has in addition when selecting members of the management board, it is directed to obtain the most suitable candidates. Based on his / her knowledge and experience, each of the board members has been selected for the task assigned to him/her within the board. One of the important criteria that the SB uses when selecting a President is a highly qualified candidate with extensive international experience and a large and relevant international network.
The necessity of temporarily recruiting a candidate with international experience and network lies in the current challenges facing CBCS. With this addition
In the opinion of the Supervisory Board, the desired balance is being created on the board of the CBCS, including the modernization of the CBCS already underway, the strengthening of its image and realize the confidence of local and international stakeholders.
When determining a director's salary, account is also taken of the salary the director earned in his previous position and any additional costs involved in (temporary) emigration to a foreign country. For this reason, the so-called ex-pat scheme was also established in Curaçao, which has been in the local international financial sector is being applied as a necessary arrangement to attract international financial experts. As a result, the total costs for temporary scarce foreign employees are limited to a certain extent, and the CBCS also makes this under the provisions of use the law. The offering of the prospective President is therefore determined within the margins of the established remuneration structure and taking into account the gravity and responsibilities of a Central Bank Executive Board.
It is very unusual for individual salary information to be discussed in public. In view of all reports regarding top management remuneration and the related turmoil, the
The Supervisory Board decided to offer as much openness as possible, without violating the privacy rights of those involved. With this explanation, the Supervisory Board hopes, in any case, to put the recent reports in the right perspective.
