CBCS board Warns temporary appointments raise democratic legitimacy concerns

GREAT BAY--The Board of Supervisory Directors of the Central Bank of Curaçao and St. Maarten, CBCS, has warned that the continued reliance on temporarily appointed members raises questions about democratic legitimacy and has urged the governments of both countries to complete the formal appointment process without further delay.

The warning was contained in the CBCS Annual Report 2025, in which the Supervisory Board acknowledged that the temporary appointments are legally valid but stressed that an arrangement intended to preserve continuity should not become a long-term substitute for formal appointments by national decree.

Under the Central Bank Charter, the Supervisory Board should consist of seven members, including a chairman. The members are to be appointed jointly by Curaçao and St. Maarten through a national decree. The two countries are the CBCS’ Entitled Asset Holders and are represented in that capacity by their respective Ministers of Finance.

Throughout 2025, however, the Supervisory Board consisted of five temporarily appointed members, with one of those members also serving as acting chairman.

The members listed as of December 31, 2025 were Julian Lopez Ramirez, acting chairman; Miroslava Wedervoort; Ahmed Bell; Patrick Newton; and Jason Rogers. Wedervoort, Bell, Newton and Rogers had listed starting dates of August 23, 2021, while Lopez Ramirez’s listed tenure as acting chairman began on November 30, 2021.

The members were temporarily appointed by the President of the Court of Justice while awaiting final joint appointments by national decree. The chairmanship remained formally vacant, with Lopez Ramirez continuing in an acting capacity.

According to the report, Lopez Ramirez was temporarily reappointed by the President of the Court until a replacement could be found. Wedervoort, Newton, Bell and Rogers also continued as temporary members based on decisions by the President of the Court.

Their appointments are expected to become definitive after they take the oath before the Governors of Curaçao and St. Maarten. The report states that this procedure had not yet taken place.

The Supervisory Board reported that a candidate had been proposed to replace Lopez Ramirez. Another candidate had also been proposed to fill the vacancy created when Mr. Baly stepped down as a temporary board member in October 2022 to assume the position of Governor of St. Maarten.

Screening procedures for all candidates were completed and declarations of no objection were issued, clearing the way for formal appointments. Despite those developments, the appointments had still not been finalized when the annual report was prepared.

The Supervisory Board said it remained optimistic that all formal appointments could be completed during 2026.

The Board said it had provided the Entitled Asset Holders with extensive information about the current governance situation, including its position and the reasons supporting it.

Legally, temporary appointments made under Article 25(9) of the Bank Charter are lawful and may continue until Curaçao and St. Maarten complete the joint national decree process. Temporary members do not, however, receive a standard four-year term solely because of their temporary appointments.

The Board said it supports the operational continuity made possible by the temporary appointments, but emphasized that such arrangements should remain temporary.

“Prolonged reliance on temporary appointees raises questions of democratic legitimacy,” the Board stated.

It called on both countries to complete the required nominations, screenings and formal appointments without undue delay.

The Supervisory Board also stressed that ministerial responsibility for screening and appointments must be exercised promptly. Once the screening and integrity processes produce positive results, the countries should proceed with appointments by national decree.

Formal appointments would activate the statutory four-year terms and the normal rules governing the appointment and possible reappointment of Supervisory Board members.

The Board urged the Ministers of Finance and the governments of Curaçao and St. Maarten to complete the outstanding steps so that the temporary phase can end and the appointments can receive full democratic legitimacy through national decrees.

The governance issue is significant because the Supervisory Board is responsible for overseeing the actions of the CBCS Board of Executive Directors, monitoring the management of the Bank’s properties and entrusted funds, and providing strategic guidance.

The Executive Board must also seek the Supervisory Board’s approval for major matters, including the CBCS budget, annual accounts and other decisions identified in the Bank Charter.

Despite the unresolved appointment process, the Supervisory Board continued carrying out its duties during 2025. It held nine meetings between January and December, primarily in person, with sessions conducted in Curaçao and St. Maarten.

The Board also continued operating through four committees responsible for appointments and remuneration, risk and compliance, auditing, and the oversight of investments and official foreign exchange reserves.

The annual report makes clear that the CBCS is not challenging the legality of the current temporary members or the decisions taken to ensure continuity. Its concern is that appointments dating from 2021 have remained temporary even though candidates have been identified, screenings have been completed and declarations of no objection have been issued.

The Supervisory Board is therefore calling on Curaçao and St. Maarten to bring the prolonged temporary arrangement to an end and complete the formal governance structure required under the Central Bank Charter.

‍