The recent rejection by OCM (One Caribbean Media) shareholders of the Government’s proposal for new board members highlights a complex issue.

The Government’s move may be driven by a desire to protect its investment or gain editorial control. OCM’s shares, acquired as part of the CLICO bailout, have deteriorated significantly under the current board, raising concerns about share price manipulation. This decline adversely affects the NIF (National Investment Fund) investments and, by extension, taxpayers.

The debate centres on whether the Government should intervene to ensure the board acts in the best interest of shareholders. On one hand, protecting the value of its investment is crucial for safeguarding public funds. On the other hand, Government involvement in commercial enterprises can lead to conflicts of interest and inefficiencies. The ideal role for the Government is to foster a conducive environment for businesses to thrive while collecting taxes, rather than directly managing commercial entities.

Ensuring proper corporate governance through regulatory frameworks and shareholder activism can achieve the same goals without direct Government intervention.

This approach minimises potential conflicts of interest and promotes a healthier, more competitive business environment.

Ultimately, while safeguarding investments is important, maintaining a clear separation between Government and commercial enterprises is essential for long-term economic stability and growth.

Gordon Laughlin
Westmoorings