Three in race for presidency of Caribbean Development Bank

Officials at the Head Table at the Ceremony to mark the opening of the 40th Annual General Meeting of the Caribbean Development Bank (CDB) in The Bahamas in May 2010 (photo by Erasmus Williams)

ST. KITTS, OCTOBER 29TH 2010 (CUOPM) – The Board of Governors of the Barbados-based Caribbean Development Bank (CDB) is meeting in a special session on Friday to elect a new President.

St. Kitts and Nevis’ Prime Minister Hon. Dr. Denzil L. Douglas, who as Minister of Finance, sits on the Board of Governors, representing the twin-island Federation, is in Bridgetown for the one-day meeting.

The Board will deal with a number of matters including the terms of the proposed Contract of Employment of the President and the approve the draft Report of the Board of Directors on the election of the President of the Caribbean Development Bank.

The term of office of the outgoing President, Dr. Compton Bourne ends on April 30th 2011 on the expiration of his contract of employment.

The Bank’s Secretary has received the nominations of three candidates and the Board of Governors will accept oral presentations from the three, Mr. Winston Cox, Dr. Warren Smith and the incumbent President Dr. Compton Bourne.

The CBD regulations requires that the election of the President shall be held in an Annual Meeting of the Board of Governors or in a Special Meeting at the Headquarters of the Bank in such a manner that at least the first vote shall be taken within 120 days from the date of the notice of the Secretary of the Bank.

The next Annual Meeting of the Board of Governors is scheduled for May 2011 and the first vote for the election of a President must be taken not later than November 3rd 2010.