PA law not followed in Archer’s appointment

| 15/11/2017 | 61 Comments
Cayman News Service

Marco Archer

(CNS): Deputy Governor Franz Manderson confirmed that the process set down in the new Public Authorities Law, which came into force on 1 June, was not followed by the Cayman Stock Exchange Board when it recruited its new CEO this year. Marco Archer, the former finance minister who lost his seat in the May General Election, was announced as the new CSX boss in September after “a lengthy recruitment process”, according to the board chair at the time. However, members of Finance Committee heard that the process was not necessarily lawful when Manderson and Financial Services Minister Tara Rivers said the ministry was not consulted.

Answering questions Tuesday on the allocations for the Portfolio of the Civil Service, the deputy governor confirmed that he had spoken with the chief officer in the financial services ministry and learned that, despite the requirements in the new law, he did not sit on the interview panel during the recruitment of the chief executive officer for the stock exchange as he was travelling when the appointment was made.

The job description was not submitted to the Portfolio of the Civil Service and the minister also confirmed that she did not recollect being consulted prior to being told of the appointment.

“Obviously, the board has not carried out its responsibilities here …it seems to me,” Manderson told the committee. 

Rivers also said that no formal consultation process had taken place with her and she confirmed that both she and the chief officer, Dax Basdeo, were overseas at the time. She said she did not know what, if any, communication had taken place between Basdeo and the stock exchange board but that she was simply told the appointment had been made.

Opposition members raised their concerns and asked what, if anything, would happen, given that a public authority had already flouted the recruitment process set out in the law, which was passed in order to ensure more transparency and give the ministries more involvement. And yet, a few months after the law was passed a government authority was already circumventing the provisions and nothing was being done.

CNS asked the Cayman Stock Exchange and Chief Officer Basdeo for comment and Board Chair Anthony Travers responded, stating that the sub-committee of the board of the CSX dealt with the recruitment process in accordance with section 16(l) of the Public Authorities Law.

“The position was advertised and the Ministry of Finance fully advised of the process throughout by copy correspondence to board member, Mr Dax Basdeo, Chief Officer, Financial Services in the Ministry of Finance. In the event only one qualified Caymanian, Mr Marco Archer, the former Minister of Finance and Economic Development, applied for the position and therefore, it was unnecessary to resort to a shortlist procedure given the requirements of section 27 of the law to favour a duly qualified Caymanian applicant demonstrating the best mix of qualifications, skills, knowledge and experience for the position,” he stated.

See relevant LA proceedings on CIGTV  below

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  1. Anonymous says:

    Only 1 Questions Matters. Would he have been hired if he had ran against the Government?

  2. Anonymous says:

    Worry bout unna.
    I waiting for Mr. Wayne Panton to take over one of those big positions, in Finance or Legal areas where I know the man is good. So unna stay in that bucket pulling your own people down. If I hear he apply for anything he can get on my back to help himself out. Mr. Wayne Panton is a smart guy and he will not do things that will cause a bad effect to Cayman.
    I will trust him any day over the likes of some that have been elected. The PPM last administration was as close to an educated Government that we might ever get.

  3. Anonymous says:

    Is it true that the Greek lady he replaced was merely shunted sideways…she’s still employed… in fact we are still paying her salary as well as Marco’s?

  4. Anonymous says:

    You cannot make this stuff up. Talk about picking at straws. What a joke.
    And this is how we support each other. If the man was the best candidate and he applied for the position, why play the games and give others hope with the intention to hire Mr. Archer? Hire the damn man and done with it. It’s the same foolishness with advertising in the papers. If the company has an individual they want to hire, let them have who they want and charge some kind of fee so that it can compensate towards the Government coffers and hopefully later the company will take the chance and try to hire some of these “Caymanians” (AKA married to caymaninas bar girls come secrtary cum bankers.).

    And this foolishness about only granting status or PR to married to caymanians, that is another joke and so much corruption to the point of certain people giving advice and taking advantage of this fact. But that’s another story for another day.

  5. Anonymous says:

    This is one of the reasons these Statutory Authorities hate the Public Authorities Law so much, it requires them to follow process and it sets out roles and responsibilities for the stakeholders involved (Minister/Ministry, Board, Executives etc.).

    If the Statutory Authorities all loved the law and welcomed it, we would all be worried. Unfortunately, it is going to have little effect and little teeth until another Board is dragged before the PAC and ripped to shreds, or the Chairman sent to jail. Until then, it will continue to be business as usual.

    • Anonymous says:

      I don’t think any of the politicians who spoke out on this subject is saying that Marco should not have the job, they are saying the procedures were not followed. Why is that so hard to understand. Personally I believe that Marco is bright enough to hold the position because I really cannot remember any previous CSX boss making any kind of stand- out impression in the jod. I am not even sure if the position is more than a top cop job with the underlings doing the leg jwirk- more like just someone to manage the office.- I could be wrong. However please bear in mind that not even the financial minister seemed to know much about the appointment. I understand that Marco was involved in the setting up of the procedures laid out for hiring so it was incumbent on him to dot every I and cross every T. I believe that was where he erred but I feel sure he can do whatever it is that the boss of the CSX does. Some out there believe that Marco is perfect, none one is. He like all of us make mistakes. He is a decent guy but he is not without fault. Give him a break and let us move on. And yes, I am glad that a Caymanian is in the job.

      • Anonymous says:

        If you remember, marco was the minister of finance in the ministry of finance and the stock exchange was and is still under the ministry for financial services which was under wayne Panton and now Tara Rivers so it was not possible for him to do as you suggested unless him and Wayne agreed to lose the election specifically for this purpose and I seem to remember that Marco lost in George Town Central because XXXXXX. I remember watching the Deputy Governor who brought the public authority law, not Marco. Furthermore I do not see how he should have been responsible for dotting every I and crossing every T, before he was hired he was only an applicant not the manager. Caymanians is there own worst enemy.

  6. Anonymous says:

    Have any of you who are praising Marco to the skies ever asked civil servants who worked with him before and after he went off at government expense to get his various qualifications whether he really is this genius?

    • Anonymous says:

      Couldn’t agree more, as one who did, I can tell you that he just happened to be in the right place at the right time.

      Unfortunately, what will happen here is what happened before, the Public purse will be used to pay for the true talents who will work in the background to get the job done while the figure head collects an obscene salary and take the credit.

    • Anonymous says:

      Government gives scholarships, right? He is a bright guy…why do you always have to put each other down? This place is done if you cannot support your own talent. What is it, jealousy? Haven’t got the smarts to succeed like he has? Think you deserve his job because you have a degree in being Caymanian? Stop counting other peoples success and start trying to find your own. Look at him as a role model.

  7. Anonymous says:

    Several of these Boards are ignorant of the Public Authorities Law as they have not been properly trained or briefed on their roles under the new law. You will therefore see a lot more cock ups by Boards in the near future.

  8. Anonymous says:

    Ooooooh…Marco must have stood on a few toes…payback time in good ‘ol Caymankind style…

  9. Anonymous says:

    Jeez…an unemployed highly qualified Caymanian gets a good job and you still bitch??

  10. Anonymous says:

    Here is my issue! Yes Marco is Caymanian and we are happy he got the job but what about my Caymanian Child? Does she need to rely on the board to ignore the requirements of the law so she can get hired ? and should she not bother with getting qualified and instead serve 4 years as an MLA in order to get a high level high paying CEO role at a public authority ? Is this what we are telling the generations of young Caymanian s coming up ? That it’s not what you know but rather who you know ? The law was broken here and someone needs to tell the next generation of young Caymanians why they should continue to study hard and apply themselves and how that will work for them over someone with good “connections”. Honestly if Marco is as virtuous as people say he should condemn his board for going about this in this manner, if he doesn’t then I will assume he agrees with the way this was handled by the board, minister and Chief Officer

    • Anonymous says:

      That, 12:12 is the problem. Marco very strongly supported….rightly…the Public AuthoritiesLaw in the face of lots of these statutory authority guys who were horrified that government would now be able to control their outrageous salaries and benefits that they have been getting over the years without the public noticing it but now he is in the same situation and erm………..

    • Laughing Stock says:

      The article does say he was the only caymanian to apply. So if your child did not apply then you point is a no point.

      • Anonymous says:

        It was a bypothetical situation being used to demonstrate the obvious bias and favors being given to certain people!

    • West bay Premier says:

      Anonymous 12:12pm . Have you not heard these said Politicians and many more of them PREACHING THE NEED FOR EDUCATION for CAYMANIANS and spending millions of dollars on EDUCATING CAYMANIAN . Why are they saying and doing that if there’s no intentions or benefits for it ? Ask those Politicians to answer the question .

  11. annonymous says:

    Since these MLA’s that we are paying such high and exorbitant salaries are so smart and perspicacious why did they not see the need and set in place contingency planning and training for Caymanians for the position in the stock exchange.
    Stop trying to keep Caymanians down. One wonders now which foreigner is in mind for this job.

  12. Anonymous says:

    7.17am makes a very valid point, Mr Archer does not meet any of the required criteria apart from being a lawyer. What about all his predecessors were they only lawyers or did they as I strongly suspect have all the experience and qualifications having been involved with previous Stock Exchange operations.
    So many of the gung ho locals applauding this appointment seem to ignore that what got him the job is simply being a Caymanian.

    • Anonymous says:

      No, he got the job because he is a qualified and experienced Caymanian lawyer, economist, and legislator with a proven track record. The non-Caymanian in the position before him had only a degrees in economics. Clear he is as qualified or even more qualified than they were but you all seem to miss those facts conveniently.

      • Anonymous says:

        7.04am You say he only had a degree in economics but what experience did he have with a Stock Exchange?.

      • Anonymous says:

        “Qualified and experienced Caymanian lawyer, economist ….etc”. At government expense, he got a law degree but I don’t know how you can say he is an “economist” other than the fact he was put in various positions by his mentor Joel Walton but I cannot find anyone who would say he was an economist and in fact legal people chuckle at the fact that he is a lawyer. A huge….huge….problem in Cayman is that people pass Law exams and then call themselves lawyers.

  13. Anonymous says:

    Well done by the board and congratulations to Mr. Archer. Remember he was involved with financial services for several years and should be a perfect fit, also a lot of the board members are, for the want of a better phrase are ” new Caymanians” who have been here for decades. Congrats again Mr. Archer, i’m a 5th. generation Caymanian. Some people will never be satisfied, damned of you do and damned if you do not.

    • Anonymous says:

      Financial services is a extremely broad industry. Does not mean he is fit for a particular job.

      • Anonymous says:

        You are correct, but guess what everyone regardless of their qualifications and experience when they go to any job they go through a learning process and hopefully continue to learn on the job.

      • Anonymous says:

        2.01, it also doesn’t mean you have any clue as to what you are talking about.

      • Anonymous says:

        2:01 pm How many people have been recruited and employed, saying they were qualified for a job and later on it was discovered they were not. I know of persons who were fired after the discovery. Was there any publicity about some of these false hires? Marco is qualified and should fill the position. He applied and was selected. He didn’t demand the job. If the process for filling the position was not completely followed, he has no blame. Another qualified Caymanian, that the less than, are trying to discredit.

  14. Anonymous says:

    What is missing from this story is that Mr. Archer only meets one of the qualifications asked fro in the ad, that is being a qualified lawyer. He doe not meet any of the other criteria that are more critical to the job, seven years experience in a stock exchange, experience in a regulatory environment with listing rules and disclosures issues, experience and knowledge of market regulation, in depth knowledge of market surveillance, trading practices and the settlement of clearing transactions etc etc.
    Mr. Travers the brilliant lawyer he promotes himself to be cannot hide behind the fact that Mr. Archer was the only Caymanian applicant he should know the law and is required to follow the Public Authorities law.

    • Anonymous says:

      Very few law firms do listing work with CI stock exhange. Easy to figure out if Marco’s prior law firm did any. This is FOI able.

    • Laughing Stock says:

      If I am reading right, by virtue of the law, as the only Caymanian with not just a law degree but an Economist and may i remind you our out-going Finance minister. If he is not qualified to make reasoned management decisions as an educated man then no other EXPAT in this world could do it., Well done to the board.

  15. Anonymous says:

    Precisely what does the Stock Exchange do for Cayman and how much revenue does it bring in to Cayman annually?

    • Anonymous says:

      None, 7:06, it is a Travers invention to make Cayman look like a serious financial Centre. There are virtually no trades, it is a waste of money. But the Greek woman who was there for years was doing fine………until Marco needed a job.

  16. annonymous says:

    one cannot believe what one is reading here. What is wrong with the appointment of Marco Archer to the Stock Exchange? Typical Cayman mentality of crabs in a drum.
    Marco is qualified, The only Caymanian who applied. Instead of being proud of him and supporting him these dorks are trying to pull him down.

    • Anonymous says:

      How is he qualified….what regulatory investment experience does he have? Even as finance minister he was destructive by colluding with Alden to create a surplus based on record level permit fees at the expense of opportunities for Caymanians.

    • Anonymous says:

      If CSX cannot follow due process how can we expect the private sector to do the same and not short change others? This just sets a bad example.

    • Anonymous says:

      6:54 is spot on. If an expat had been hired I can imagine the outcry. What is wrong with you people. Damned if you do damned if you dont

    • Anonymous says:

      You miss the point that laws MUST BE followed!! Who cares about your liking Marco? That’s not the point.

      If this was McKeeva Bush would your sentiments be the same?

  17. Anonymous says:

    Imagine that. A qualified and experienced Caymanian is given a job by a board of directors made up of non-Caymanian professionals because they thought he was qualified, experienced and capable of doing the job and the same hateful, vindictive bigots are complaining about that too.

    First, they complain about non-Caymanians taking away jobs from un/qualified Caymanians and now they are complaining about non-Caymanians hiring a qualified Caymanian.

    It is quite easy to see that the Opposition MLAs, while pretending to want to see Caymanians being employed, really oppose just for the sake of opposition. That man is a capable and hardworking Caymanian who set a good example for many to follow when he was elected and out of jealousy they are now attacking him.

    What sensible Caymanians should really pay attention to is their pretentious love for Caymanians. If they love Caymanians so much why have they all married non-Caymanians? They want us to believe that they really have our best interest at heart but perhaps they are all just jealous of that man because he could get a job and, other than being bigoted MLAs, they would be unemployed, and for one or two of them, may be even unemployable.

    • West bay Premier says:

      Anonymous 10:00pm , I agree 110% with you and your comment . This just shows how these Caymanian Politicians don’t want Caymanians to succeed or get ahead. If those Politicians were in front of me I would tell them that they should be ashamed of themselves and disgraceful to be representing Caymanians.

    • Anonymous says:

      If you can get over yourself for a moment, you will see this is not about Marco, Caymanian unemployment and everything else you want to jabber about. It is about the procedures that weren’t followed, as laid out by the law. Simple.

      • West bay Premier says:

        If you could read and understand what you read , you would have been to write a better comment.

      • Anonymous says:

        2:09am He applied and I assume he was interviewed for the job/position. Did he present himself demanding the position? He was selected to fill the post by the board. If the board did not follow through on allrequirements for the selection process, how is Mr. Archer at fault. The Board has to answer the call. A contentious clique of MLAs.

  18. Diogenes says:

    Political connections worth more than money it seems these days, PPM members are hired as CEOs or given a council to chair, just need to be part of the right party even if you are defeated.

    I have nothing against Mr Archer in fact he was one of two losses during the election in my opinion ( along with Mr Panton) but this is unfortunate to hear


  19. Anonymous says:

    Interesting…. there is no doubt that Mr. Archer is qualified for this position and is well deserving…. however its concerning that political influence (or directives) may have been involved. I hope that section 16 of the public authorities law will be followed in all cases when qualified caymanians apply for jobs…. as it seems that depending on who you are who know you, determines if you get the job. If it were another qualified caymanian (without the political connections) would the same process have been done)? Hmm….

  20. Anonymous says:

    Before anyone goes Opposition bashing think!!! This is a serious issue and it needed to be highlighted! Especially when one considers that the man was just ousted as the minister of finance and it was him who vowed to get the public authorities in order. Now we hear they broke the law in order to hire him. I also head his salary is in excess of ci$17,000 a month

    • Anonymous says:

      He is qualified and that equates to the salary paid. What about another who is making over $20,000 pm doing didly squat? Cannot walk in his footsteps.
      He was the only Caymanian applicant, so what should’ve happened? No short listing necessary.

      • Anonymous says:

        The point is not about short listing. It’s the other issues that are a problem. The job didn’t even list the salary range! NO man is above the law – not even Marco!

      • Anonymous says:

        …so what should’ve happened? They should have followed the law.

    • Anonymous says:

      Not sure how anyone missed the following in the story. He was the only Caymanian who applied etc:

  21. Anonymous says:

    All because Alden was too scared to face Kenneth at the polls.


    • Boggy Sound man says:

      Really what else can anyone expect as the man was placed into a difficult position as did as he was told; so he deserves a little help. He is not the first to get it and dam sure wont be the last.

      • Anonymous says:

        He was told? No No No … he volunteered to go up against Kenneth. His arrogance got the best of him!

      • Anonymous says:

        Isn’t it his successful opponent that is trying to paint the ugly picture? Is he qualified for the position he is filling now? Can we make a comparison between the two? I am positive that Mr. Archer would be the winner.

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