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Policy and Resources has been asked if it is reviewing the pay of members of the States Investment Board (SIB) following the announcement of a vacancy for Chair of the Board.
SIB is responsible for managing all of the government’s investment portfolios, which includes £3billion in public funds.
Earlier this year P&R announced that it had begun recruiting for a new Chair of SIB and questions have since been asked of the remuneration received by SIB board members.
Deputy Gavin St Pier has asked two Rule 14 questions, citing a recommendation made in a Policy Letter titled ‘Improving the governance of the States of Guernsey’s investment funds’.
It is stated in the letter that: “It is recommended that the fee paid is initially set at that paid to non-States' members on the States Trading Supervisory Board (£8,615 p.a), but the Policy & Resources Committee will keep this under review.”
With this in mind, Deputy St Pier has asked:
Has the Policy & Resources Committee reviewed this recommendation?
Is the Policy & Resources Committee satisfied that the fee is at a level sufficient to attract and retain the requisite talent for providing oversight of an investment portfolio exceeding £3billion?
"I've lodged some written questions to the Policy & Resources Committee about the States' Investment Board,” said Deputy St Pier.
“It was always intended, as the policy letter made clear at the time, that the remuneration for SIB members would be kept under review.
“With a vacancy now for the Chair role, it's the right time to ask if that's been done. The SIB has oversight of more than £3bn of public funds.
“It's vital that we have the very best talent and experience doing that job, some of which may lay outside the island and therefore the remuneration needs to be sufficiently attractive to that talent pool."
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