MP Peterson distances himself from govt CBCS approach, suggests retraction

GREAT BAY--Party for Progress Member of Parliament Raeyhon Peterson, LLM, has distanced himself from the government’s current approach to nominating a new chairman for the Supervisory Board of the Central Bank of Curaçao and St. Maarten (CBCS). Peterson urged the Council of Ministers to seek proper legal advice from a corporate governance lawyer with the aim to retract the nomination, stressing that adherence to statutory procedures is the only way to safeguard the Bank’s independence and credibility.

Peterson stated that he was awaiting the Minister of Finance's responses to questions posed in the Question Hour Parliament meeting held on 22 September 2025.

“As a faction, we have stressed on the importance of good corporate governance and respect for the law,” Peterson stated. “This is especially important when it concerns our Central Bank. There are regulated processes in place to ensure that the Bank's independence is respected and that its integrity is left intact.”

The Question Hour asked the Minister of Finance to explain how the nomination of attorney Jairo Bloem came about. As outlined in Chapter Five, Article 25 of the CBCS statute, the appointment of the chairman is a joint responsibility of both Sint Maarten and Curaçao.

Appointment of a chairman must adhere to a defined legal sequence, laid down in paragraph 3 of Article 25:

A recommendation is brought forward with the support of at least five of the six incumbent Board members.

Based on that recommendation, the Finance Ministers of both countries jointly “nominate” the candidate.

Only subsequently can the two governments formally appoint the chairman by national decree.

“This is not a matter of discretion,” Peterson explained, “it is dwingend recht, mandatory law. The role of the Ministers is procedural, not discretionary. Any attempt to sidestep the Board’s recommendation, such as initiating an independent search for candidates, is not simply improper but also unlawful.”

Peterson continued that while he was unclear of how the vote went within the Council of Ministers on this matter, he urged them to seek proper legal advice from a corporate governance lawyer and aim to retract this decision.

“Contrary to personal interpretations, a lack of response from the Board does not grant the Minister of Finance unilateral authority to act,” Peterson stated. “If an urgency is claimed, then it must be substantiated and not used as a vehicle to bypass legal safeguards. Emotional appeals to the interests of St. Maarten, however heartfelt, cannot justify actions that conflict with statute. Governance must be rooted in law, not sentiment and this is something that I have maintained since I was first elected to office.”

The legislation was crafted precisely to prevent political interference in appointments to this sensitive institution. It ensures that the process remains transparent, objective, and insulated from personal influence. Any deviation undermines the credibility of the CBCS and erodes public trust.

According to the CBCS charter, legally the Minister of Finance has no mandate to initiate or conduct a search for applicants for the chairman of the supervisory board. That authority lies solely with the Supervisory Board, which must recommend a candidate with a five-sixths majority. The Minister’s role is limited to endorsing that proposal through a joint nomination. The Minister in turn has no authority to override, substitute, or circumvent it. No Minister sitting in the Council of Ministers is above the law.

“At this time, I have chosen to distance myself from the current trajectory of the process, as I have not seen evidence that these statutory steps have been properly followed,” Peterson concluded. “I want to be clear that my position is not one of opposition to the individual nominated but one of caution and respect for the legal framework that governs our shared financial institutions. It would not matter WHO was nominated; once it does not follow the law, it is incorrect.”

Adherence to the law is not a choice but a must. It is the MP’s hope that all parties involved will work together to ensure that the integrity and independence of the Central Bank of Curaçao and St. Maarten is upheld and that public trust in the country's institutions remains strong.

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