St. Maarten Chamber of Commerce recommends stronger agenda participation in CBCS governance

GREAT BAY--The St. Maarten Chamber of Commerce and Industry has recommended that each constituent country within the monetary union be given a structured opportunity to place a minimum number of substantive items on the agenda of each regular meeting of the Board of the Central Bank of Curaçao and St. Maarten.

The recommendation was submitted to Minister of Finance Marinka Gumbs in a letter dated June 18, 2026, under the subject “Enhancing Long-Term Governance Stability within the Central Bank of Curaçao and St. Maarten.” It was submitted by Chamber President Tamara Leonard on behalf of the Board and Advisory Committee of the St. Maarten Chamber of Commerce.

According to the Chamber, the proposal would require a modest refinement to the Rules of Order governing meetings of the CBCS Board. The Chamber stressed that the recommendation is not intended to change the existing balance of authority, decision-making powers or governance structure of the Central Bank. Instead, it is intended to strengthen the framework through which both countries can consistently contribute to strategic discussions and policy deliberations.

The Chamber said the recent understanding reached between the Governments of Curaçao and St. Maarten concerning the leadership structure of the CBCS was a welcome development and demonstrated the commitment of both countries to cooperation, dialogue and the continued stability of the monetary union.

However, the Chamber also noted that the resolution of the immediate issue presents an opportunity to consider additional governance refinements that could contribute to the long-term resilience of the Central Bank.

“As the statutory representative of the business community of St. Maarten, the Chamber’s primary interest is the maintenance of confidence in the institutions that underpin monetary stability, financial sector supervision, and economic development,” the Chamber stated.

The Chamber said strong institutions are not only defined by their ability to resolve challenges when they arise, but also by their willingness to continuously improve governance arrangements in ways that promote stability, transparency and confidence.

In its recommendation, the Chamber proposed that both constituent countries be afforded the ability to place meaningful matters before the CBCS Board, subject to reasonable procedural requirements and established timelines. The Chamber said this would ensure that perspectives from both jurisdictions are consistently reflected in deliberations.

The Chamber also said the proposal is consistent with governance principles widely recognized across successful multi-jurisdictional institutions. It noted that shared institutions generally benefit when all participating members have meaningful opportunities to contribute to policy discussions, raise matters of importance to their jurisdictions and participate visibly in the deliberative process.

According to the Chamber, such mechanisms are not designed to alter decision-making authority, but to strengthen institutional legitimacy, stakeholder confidence and long-term stability by ensuring that governance remains balanced, predictable and resilient.

The Chamber identified several expected benefits from the proposed refinement, including enhanced participation, strengthened institutional balance, greater institutional durability and increased stakeholder confidence.

Enhanced participation, the Chamber said, would ensure that both countries have a structured opportunity to place matters of significance before the Board. Strengthened institutional balance would reduce the perception that influence resides in any one office or leadership position. Greater institutional durability would help ensure continuity and resilience through formal procedures, regardless of future leadership transitions.

The Chamber further stated that a visible commitment to balanced participation would reinforce confidence among businesses, investors, financial institutions and the public that the CBCS continues to operate as a truly joint institution serving both Curaçao and St. Maarten.

The Chamber said it remains fully supportive of a strong, stable and effective Central Bank serving both countries.

The recommendation, it added, is being offered in a constructive spirit with the sole objective of strengthening confidence, promoting balanced participation and enhancing the long-term resilience of one of the most important institutions within the monetary union.

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