NRF Bill proposes board of directors; keeps accountability committee

The Natural Resource Fund Bill 2021, which was laid in the National Assembly on Thursday, proposes the addition of a Board of Directors of the Fund, which would consist of three to five members, serving for a period of two years.

The Board is intended to serve the critical role of management and oversight for the Fund.

The President will be responsible for appointing members of the Board, one of which will be nominated by the National Assembly, and another who will represent the private sector.

The Bill seeks to put an anti-corruption mechanism in place, which would prevent the appointment of someone who would have a conflict of interest. 

“The Directors shall be selected from among persons who have wide experience and ability in legal, financial, business, or administrative matters,” the Bill states.

They will be responsible for the overall management of the Fund, reviewing and approving its policies, monitoring its performance, ensuring compliance with its approved policies, exercising general oversight over all aspects of its operations, and ensuring that its management is in compliance with the law.

The powers of oversight and management which should be bestowed on the Board of Directors are currently left to the minister, Senior Minister in the Office of the President, Dr. Ashni Singh had explained on Wednesday. He said the Board will put in place a critical governance structure which is missing from the current Act.

The minister, under the new dispensation, will be responsible for giving policy directives to the Board.

Notably, the Public Accountability and Oversight Committee will not be removed by the new Bill. It has, however, been reduced in size to provide for a more practical exercise of its oversight function. Instead of a 22-member group, the new committee will have nine members, which will include a nominee of the National Assembly, and representatives of the religious community, the private sector, organised labour and the professions.

Dr. Singh said he hopes for a lively debate on the Bill in the National Assembly and that  the Opposition will see the legislation for its merit, and that the Bill would be passed with unanimous approval.