PM: TELEM board strengthened, GEBE board renewal enters advisory vote phase

GREAT BAY--Prime Minister Dr. Luc Mercelina provided an update on governance developments at two government-owned companies on Wednesday, confirming that the Council of Ministers has finalized appointments to the Supervisory Board of Directors of TELEM, while the process to appoint additional members to the Supervisory Board of Directors of NV GEBE is advancing through required advisory steps.

During the Council of Ministers press briefing, the Prime Minister said the new TELEM appointments were completed in response to ongoing challenges facing the telecommunications company and were guided by a specific profile emphasizing financial expertise, economic background, and relevant telecommunications experience. He stated that the intent is to ensure stronger oversight and leadership capacity for the company moving forward.

The Prime Minister also indicated that a change in TELEM’s board leadership is expected later this year, noting that a current board member has signaled an intention to resign in June. He said a successor for the chair position has already been identified from among the newly appointed members to ensure continuity.

Turning to NV GEBE, the Prime Minister explained that the Supervisory Board currently consists of three members, with the term of one member nearing expiration. He noted that under the company’s articles of incorporation, the Supervisory Board must at all times maintain a minimum of three members.

Mercelina said shareholders have identified and screened four candidates for appointment to the Supervisory Board. He stated that a draft shareholder resolution related to these appointments is expected to be circulated in the coming week for the purpose of obtaining the required advisory votes from the company’s Supervisory Board and the temporary manager.

He further noted that the Corporate Governance Council has already provided a positive advisory opinion, and that the remaining advisory steps are part of the established governance process that must be completed before final appointments are made.

The Prime Minister said government’s approach is focused on strengthening oversight and ensuring that governance decisions proceed in accordance with the applicable procedures and the company’s governing framework.

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