ONE of the basis of developing the revitalised Development Bank of Solomon Islands’ (DBS) strategic plan is that the mistakes of the past will not be repeated.
Minister for Finance and Treasury Harry Kuma confidently stated it boldly on the floor of the parliament when he wind up ‘The 2020 Supplementary Appropriation Bill 2020’ debate on Wednesday.
“I can assure you Mr Speaker Sir that this desire not to repeat the mistakes of the past are clearly articulated in the Bank’s operational procedures, code of conduct, and the various charters now in place to be put in place,” he said.
He earlier on said that this government, his ministry, and especially the Board of the Development Bank of Solomon Islands (DBSI) who have been recently appointed are acutely aware of the great responsibilities place on them.
It was understood that Transparency Solomon Islands (TSI) and other DBSI critics have criticised the making up of the DBSI Board and Directors.
Likewise, during the parliamentary debate, some members of the Opposition group also shared the same sentiments and ask if the minister responsible can take on board the suggestions.
But the Kuma in his closing remarks said that the Bank is set to operate as a financial institution with all the checks and balances put in place to ensure compliance with the requirements of the Central Bank of Solomon Islands.
It also operated under Generally Accepted Accounting Practices, International Financial Reporting Standards and Credit Management Systems, and so on.
Kuma further explained that the CBSI will play a central role in the supervision of the DBSI.
“I am happy to advice that supervisory work by the CBSI has already started and ongoing discussions are already happening between the two organisations,” he added.
Kuma said that he is acutely aware of the interest of the general public in the wellbeing and sustainable operations of the Bank especially where it relates to the implementation of its governance administration.
He went on to assure the parliament that the processes articulated in the Act on the appointment of the Board of the DBSI were followed.
“And may I for the record also state that when the time comes the changes to the Board will be staggered to ensure that there is always continuity at the Board level.
“Putting aside the above matter that was also incorrectly promoted by certain organisation within our local media platforms,” he said.
Meanwhile, the parliament has adjourned to Monday 9th November 2020.
By ANDREW FANASIA