Senator Francis "Chiz" Escudero on Wednesday flagged what he termed as the "unfair" composition of the board of directors which will manage the proposed Maharlika Investment Fund .
Five independent directors from the private sector, the academe, business sector and investment sector"If the capital contribution of Landbank is 50 percent, prudence and practice would dictate that 50 percent of the members of the board should come [from Landbank]…Ganu'n naman 'yung korporasyon, 'di ba ? Twenty-five percent ng capital galing sa DBP, 25 percent galing sa kanila . Where did this formula come from?" Escudero asked.
National Treasurer Rosalia de Leon explained that the proportional contribution only applies to the six regular members of the board of directors, which Escudero also flagged. Commissioner Gideon Mortel of the Governance Commission for GOCCs , when asked about his position on this, said the composition of the board of directors depends on what kind of entity the MIC will be treated.
"This should, therefore, reflect to the corresponding interest and the stakeholding of the contributors to the fund. Otherwise, it would be just like the [Bangko Sentral ng Pilipinas], created by law, kami ang nagpangalan ng lahat, national government ang nagko-contribute ," he added. "Anong problema ba ng GCG na ayaw niyong padaan sa kanila ? What will be hindered if it goes through GCG?" he asked.
"If you really want this MIF to succeed, the more heads that are participating in crafting policies and being a part of it, I think, it would be better and best than simply all coming from one and the same group, all obeying the command and will of the president because they are all coterminous with the president and serve at his pleasure unlike the GCG," he said.
"Next time, may I request, can the committee and the chairman require that the Secretary of Finance himself attend [the hearing]?" Escudero said.
Source: News Formal (newsformal.com)
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