Some members of the public are curious about how much board members of statutory authorities and Crown corporations are paid to attend board meetings. In some cases, board members work for free. In other cases, they may earn more than $ 4,000 per month, but this is rare, as most board members receive less and are paid per meeting.
In addition to the remuneration, reasonable benefits and other indemnities may be paid in connection with the expenses duly incurred by the members of the council in the exercise of their functions, in accordance with the law on public powers.
However, this remuneration does not go unnoticed or uncontrolled. In fact, the Auditor General reviews these amounts and reports on them from time to time.
In the report of the Auditor General entitled âKey Management and Board Remuneration in Statutory Authorities and Government Companiesâ dated January 30, 2019 (the âAnalysisâ), analyzed the remuneration of the main executives of statutory authorities and companies of State (SAGC) as well as the compensation paid or benefits granted to the members of the respective Board of Directors for the 18-month fiscal year from July 1, 2016 to December 31, 2017.
Based on the analysis, some of the board member payments for the SAGCs for the period reviewed by the Auditor General are shown below.
In the case of Cayman Airways, the directors did not receive any cash payment. Instead, airline tickets were issued for board members and their eligible dependents. For the period under review by the Auditor General, Cayman Airways issued 416 tickets to eligible board members and their families. These notes were valued at an average of US $ 232, resulting in a cumulative value of approximately CI $ 80,000.
Cayman Islands Airport Authority, Health Services Authority, National Highways Authority and Port Authority
In the case of these authorities, the chair, vice-chair, and other directors earned $ 150 per meeting and there are usually two meetings per month.
Cayman Islands Monetary Authority
According to Analysis, the president earned $ 4,000 per month, the vice president earned $ 2,000 per month, and other directors earned $ 1,500 per month.
Cayman Turtle Center& Water Authority
Analysis shows that the chairman, vice chairman and other directors of these authorities earned $ 200 per meeting.
Cayman Islands National Insurance Company
The chairman, vice-chairman and other directors of these authorities earned $ 350 per meeting.
Public Service Regulation and Competition Office (OFREG)
According to the analysis, the president made $ 4,500 a month, the vice president made $ 2,500 a month, and other directors made $ 2,000 a month.
Cayman Islands Maritime Authority
The chairman earned $ 562 per meeting, the vice chairman earned $ 375 per meeting, and other directors earned $ 375 per meeting.
Again, the above analysis relates to the period examined by the Auditor General.
However, it should be noted here that the officials who sit on the board are
Moreover, the civil servant sitting on a council cannot exercise the function of president and does not have the right to vote.
Regardless of the amount of compensation or voting rights, the time spent by members of the board of directors at meetings is generally 3 hours on average per meeting, with several times that number of hours spent outside of meetings. of the Board of Directors to deal with matters relating to the SAGC.