PHILIPSBURG:--- The Minister of Finance, Marinka J. Gumbs, yesterday was only able to give a brief clarification on the process surrounding the chairmanship of the Central Bank of Curaçao and Sint Maarten (CBCS) during the Question Hour in Parliament, noting that due to the limited time available, she was unfortunately not able to go into full details on the matter. With this press release, she intends to provide further clarification and share more details.
No Appointment Has Been Made. The Minister of Finance emphasized that no appointment has been made for a CBCS Chair. Neither I nor the Council of Ministers of Sint Maarten has appointed a Chairperson of the CBCS. The Council of Ministers’ decision of September 16, 2025, relates only to a conditional nomination, not an appointment,” she stated.
In line with the CBCS Charter, the nomination of a Chairperson is a joint responsibility of the Ministers of Finance of Sint Maarten and Curaçao. Both must agree, and a formal screening process must be successfully completed before any appointment can take effect. “Until Curaçao has also agreed, and the screening is finalized, and national decrees are issued, no appointment exists,” Minister Gumbs explained.
Background and Irony of Current Debate. Since its inception in 2010, Curaçao and Sint Maarten have alternated every four years in designating the CBCS Chairperson. This arrangement, respected by both countries, ensures balance and fairness within the monetary union.
In 2021, when the chairmanship became vacant, the Supervisory Board recommended reappointing the then-Chair. However, this recommendation was not followed, and both Ministers of Finance at the time bypassed the recommendation, asserting their joint authority to nominate. The then Minister of Finance of Sint Maarten, now Member of Parliament Hon. Ardwell Irion, explicitly agreed to this approach together with his Curaçao counterpart. It is therefore ironic that the Hon. MP Ardwell Irion is now questioning the very process he once committed to uphold.
The Court of Appeals confirmed in its ruling of August 23, 2021, that the recommendation of the Supervisory Board is non-binding and that the Ministers of Finance of both countries may directly nominate a Chairperson. The Court further urged the Ministers to do so expeditiously, given the importance of the position.
Despite this, no Chairperson was appointed, leaving Curaçao’s designated member to act as interim Chair for more than four years. “This prolonged vacancy is neither in line with the original agreements between our countries nor in the best interest of Sint Maarten,” Minister Gumbs noted. For the past four years no firm appointment has been made as it relates to the supervisory board of the CBCS. The Minister of Finance, Ms. Marinka Gumbs, questions whether it is acceptable for another four years to pass without addressing the Supervisory Board’s composition until a major crisis emerges.
Minister of Finance Marinka Gumbs emphasized that she is committed to sharing all supporting documentation with Parliament, underscoring that her actions follow the same approach endorsed by both her predecessor, Hon. Ardwell Irion, and the Court. This is a clear example of how necessary institutional steps are being politicized now that she has taken concrete action.
Governance and Board Composition Concerns The Minister also highlighted broader corporate governance concerns within the CBCS Supervisory Board. Since 2022, the Supervisory Board has operated with only five temporary members, raising questions on compliance with Article 25 of the Charter, which requires a five-sixths majority for nomination of the Chairperson by the Supervisory Board.
Additionally, several members have already served eight years or are approaching that limit, despite the statute’s intent that members serve four-year terms with one possible reappointment. “Rotation is a core principle of good governance,” the Minister stated. “Long extensions without renewal increase the risk of over-familiarity and weaken oversight. These are real risks that must be addressed alongside the chairmanship.” “These matters have my full attention as Minister of Finance,” she affirmed.
Steps Taken by Minister of Finance Minister Gumbs explained that since 2024, she has formally and informally requested, on multiple occasions, that the Supervisory Board submit a candidate for Chair. No name was forthcoming. “I cannot, in good conscience, allow Sint Maarten’s monetary interests to remain unrepresented at the level of Chair simply because of continued inaction. The law is clear: the nomination rests with the Ministers of Finance of both countries, not indefinitely with the Supervisory Board,” she said.
Therefore, the Minister proceeded with a conditional proposal, ensuring that all required steps, including Curaçao’s agreement and full screening, are still respected.
Commitment to Transparency and the Rule of Law Minister Gumbs underscored that her actions fully comply with the CBCS Charter, the 2021 Court of Appeals ruling, and the principles of corporate governance. “I have not broken any laws. I have acted within my authority and in the best interest of Sint Maarten to move this critical process forward. My duty is to ensure risks are managed, the law is upheld, and Sint Maarten has its rightful voice in the CBCS,” she affirmed.
The Minister of Finance Ms. Marinka Gumbs concluded by calling for maturity in public debate: “Appointments to such vital institutions should not be politicized. I urge all parties to focus on facts, respect the legal framework, and work toward completing this process in the interest of stability and confidence in our financial system.”
