Governor’s Politics Are Interfering With an Already Slow Recovery in Puerto Rico

first_imgGovernor’s Politics Are Interfering With an Already Slow Recovery in Puerto Rico FacebookTwitterLinkedInEmailPrint分享E&E News:The outlook for the restoration of Puerto Rico’s ravaged power grid took a backward step after Gov. Ricardo Rosselló hinted he would challenge the appointment of an emergency manager for grid recovery that was announced Wednesday by the bankrupt island’s federal oversight board.The Puerto Rico Financial Oversight and Management Board, which Congress established to oversee the U.S. territory’s fiscal crisis, had moved to wrest control of the halting grid recovery efforts away from the island’s utility, the Puerto Rico Electric Power Authority (PREPA), which reports to Rosselló.But in a combative statement following that announcement Wednesday, Rosselló asserted that the management of Puerto Rico’s public companies “rests exclusively on democratically elected officials,” potentially setting the stage for a legal tussle over the utility’s future.The board picked its revitalization coordinator, Noel Zamot, a retired Air Force colonel and native Puerto Rican, to serve as “chief transformation officer” for emergency power restoration and future, undefined efforts to build a more modern, resilient power network on the island.If the governor takes the issue to court, it will set up conflict with the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), enacted by Congress in June 2016.If the governor battles the federal oversight board’s choice for new leadership at PREPA, it will get no support from PREPA’s electricity workers’ union, the Unión de Trabajadores de la Industria Eléctrica y Riego (UTIER).The head of the union, Ángel Figueroa Jaramillo, said in an email that federal overseers are legally able to unseat PREPA’s board and its CEO. “This action by [PROMESA] confirms UTIER’s denunciations of the bad management, corruption and incompetence of the management and of Ricardo Ramos during the emergency occasioned by Hurricane Maria,” Jaramillo wrote.Tom Sanzillo, finance director for the Institute for Energy Economics & Financial Analysis in Puerto Rico, a business and environmental advocacy group, said “I think the board’s authority to do this [appoint Zamot] is pretty explicit.”The PROMESA legislation gave the oversight board authority to oversee Puerto Rico’s “public agencies,” which would define PREPA.Rosselló needs to see the oversight board as his partner, not his opponent, Sanzillo added.“There are times when a governor has to draw a line” with Washington, said Sanzillo, former acting comptroller of the state of New York. “But this is a fight over something that screams out for oversight. He’s trying to defend a system that has produced one bad contract and one bad decision after another. He’s just wrong.”More: Tensions build over control of Puerto Rico utilitylast_img read more

Notice

first_img March 1, 2005 Notices Notice Baraque petitions for reinstatement Pursuant to Rule 3-7.10, George Juan Baraque has petitioned the Florida Supreme Court for Bar reinstatement. Baraque’s suspension was effective May 19, 2001, and was for a period of two years resulting from a felony conviction. Any persons having knowledge bearing upon Baraque’s fitness or qualifications to resume the practice of law should contact Vivian M. Reyes, Bar Counsel, The Florida Bar, Suite M-100, 444 Brickell Avenue, Miami 33131, telephone (305) 377-4445. Noticelast_img read more

Good Governance: The importance of a truly independent supervisory committee

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr We’ve seen an important trend relevant to a good number of state credit unions nationwide. It’s one of those quiet trends that we believe could—in the long run—have significant governance consequences, perhaps for the entire credit union community. It is the transition of a good number of supervisory committees to the form of an audit committee. And with more state regulations allowing such a transition, more and more credit unions are taking the opportunity to make it.While federally chartered credit unions are still required to maintain a supervisory committee, many state regulators have allowed the credit unions they regulate to operate with an audit committee made up entirely of board members, and the number of states (and credit unions) moving in this direction is growing. Further, some federally chartered credit unions, for various strategic reasons, are converting to state charters, thereby opening up the door to even more credit unions making the shift to an audit committee.The difference between supervisory committees and audit committees can at times be significant, and those differences often come down to two key factors:last_img read more