Two directors representing the same institution, SSB, but two opposing votes on one major acquisition. That split has left the public wondering whether the Social Security Board had a clear position on BTL’s purchase of Speednet. Today, after presenting an overview of the fund’s finances, investments and priorities, CEO Jerome Palma faced questions about what instructions SSB gave its representatives.
Shane Williams
“One of the question in the public is what consideration went into board members’ decision on the vote for BTL Speednet acquisition?”
Jerome Palma
Jerome Palma, CEO, Social Security Board
“I can’t really comment in extent of what went into that because that was at the BTL board, and I think it’s better placed with the BTL board.”
Shane Williams
“Did the Social Security Board take a position? Your members, your board of directors had a vote.”
Jerome Palma
“No, we did not have a vote per se because that is a BTL decision. And again, I think that at this point the cabinet as the government, as the main decision maker, have taken a position with respect to that. So I think that questions with respect to that should really be tabled to cabinet and BTL at this point.”
Shane Williams
“But do board members who represent SSB report back to the board?”
Jerome Palma
“Obviously they do because it is a substantial investment for SSB, and our responsibility is to monitor the investment.”
Shane Williams
“And did they give a reason for their vote?”
Jerome Palma
“You’re, you are pressing on one particular topic and I can understand that. But I really do think it needs to be placed appropriately, which is with respect to the retail board and the decision that the government has made.”
Three Social Security Board members sit on the Board of Directors for BTL. While Arturo Lizarraga voted in favor of the Speednet purchase, Allan Pollard and Anissa Perdomo voted against it.
Attention readers: This online newscast is a direct transcript of our evening television broadcast. When speakers use Kriol, we have carefully rendered their words using a standard spelling system.
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