by Linda Straker
- Dr Angus Friday was previous FROC chairman
- Henry, a retired public officer, replaces Sally Anne Bagwhan Logie
- Other members are Kippling Charles, Kim George, and Leon Bullen
As of 1 September 2022, Laurel Bain, a retiree of the Eastern Caribbean Central Bank (ECCB) became the new chairperson of the Fiscal Responsibility Oversight Committee (FROC). The terms of appointment for Dr Angus Friday who previously held the post, ended in August 2022.
“Pursuant to Section 14 of the Fiscal Responsibility Act No. 29 of 2015, the public is hereby informed that the Governor-General, Her Excellency Dame Cécile La Grenade GCMG, OBE, PhD, acting in accordance with the Fiscal Responsibility (Amendment) Act, 2017, Second Schedule, Section 1 (2), has appointed the following persons to the Fiscal Responsibility Oversight Committee, with effect from September 1, 2022: – Ms Laurel Bain – Chairperson and Ms Annette Bernadette Henry Member,” said the 18 November 2022 publication of the Government Gazette.
Henry who retired as a public officer earlier this year replaces Sally Anne Bagwhan Logie whose term of appointment on FROC also ended in August.
The 2015 Fiscal Responsibility Act created a Fiscal Responsibility Oversight Committee (FROC) which is responsible for monitoring compliance with the fiscal rules and targets as stipulated in the Act and reporting to the House of Representatives accordingly.
The FROC comprises 5 members who are appointed by the Governor-General upon the nomination of the Committee of Privileges of Parliament, 4 of whom shall be nominated in consultation with the Director of Audit, while the 5th person is nominated on the advice of the ECCB Governor.
The others member are Accountant Kippling Charles, Attorney at Law Kim George, and Leon Bullen who is representing the ECCB. FROC must possess expertise in the areas of accounting, business management, public administration, and law while the nominee from the Governor of the ECCB is required to have expertise in economics.
The FROC is required to report to the House of Representatives annually on the status of the implementation of the Fiscal Responsibility Act. Under Section 14(4) of the Act, the Report shall include the following:
- the progress made towards compliance with the fiscal rules and targets established under Sections 7 and 8 with respect to the relevant financial year including where applicable a statement on compliance with a fiscal rule or target within the fiscal year
- outcomes and implications of implementation of the Act
- advice on measures that ensure compliance in accordance with provisions of the Act
- the occurrence of circumstances leading to the activation of the automatic correction mechanism for cases of significant observed deviations for the targets included in the Act or the adjustment path towards it in accordance with Section 11 and any occurrence or cessation of such circumstances; and
- progress made in the period of adjustment towards ensuring that compliance with fiscal rules and targets is being made in accordance with the automatic correction mechanism.