Reversal Board Resolutions
President Ellen Johnson Sirleaf has called on the Boards of Directors of the National Oil Company of Liberia or NOCAL and the National Port Authority or NPA to nullify all resolutions passed approving excessive benefits for departing senior managers and board members with immediate effect.
The Executive Mansion, in a release, said the Liberian leader has already mandated the respective boards to scrupulously implement the decision. It can be recalled that a US$800,000 scandal recently surfaced at the NPA, with indications that the Port’s board of Directors approved the awarding of a contract to a bogus company without helping the agency through due diligence.
Currently at NOCAL, the company is at the verge of bankruptcy, with reports that Board members increased their benefits and other incentives over the last years, creating more financial burdens for the company.
In the wake of the failure of many of the Boards of Directors in Liberia to help corporations guard against waste, board members are, instead, allotting more benefits onto themselves with some now even putting in place huge retirement packages as though their jobs require full time services to these public corporations.
Members of Public corporation Boards such as the NPA, NOCAL, Liberia Maritime Authority, the Liberia Petroleum Refining Company, Roberts International Airport and others are known for taking home fat board fees. One of the main reasons for the establishment of these boards is to help these corporations against wasteful decisions- an objective yet to be achieved at these corporations with immediate effect.
