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BOJ boss gets $1.057m for monthly living expenses
BY ALICIA DUNKLEY Senior staff reporter dunkleya@jamaicaobserver.com
Wednesday, November 24, 2010
THE Government, for the first time yesterday, provided some information about the salary package for Bank of Jamaica Governor Brian Wynter who, up to the beginning of this month, had been working without a contract since last November.
But Finance Minister Audley Shaw provided Parliament with only the figures for Wynter's monthly living expenses, ranging from security costs to the lease amount for his temporary residence. As to what would be the base salary of the present governor he would only say "the salary of the governor is the same base salary that was received by the previous governor".
Bank of Jamaica Governor Brian Wynter
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Wynter replaced former governor Derick Latibeaudiere, whose contract was terminated in October of last year over terms Prime Minister Bruce Golding described as "unacceptable, embarrassing and repugnant".
Latibeaudiere, as at October 30, 2009, had a basic salary of $14.5 million which ballooned to $38.3 million when other allowances provided for under his contract at the time were added.
Shaw, who gave the information in answer to questions tabled in Parliament by Opposition spokesman on finance Dr Omar Davies, said the monthly living expenses for Wynter and his family, who had been relocated from Barbados to Jamaica, would be $1.057 million, compared to the just over $1.4 million it cost for his predecessor. Of that figure, $273,094 was to cover security costs, $140,980 household personnel, $50,000 electricity, $19,000 water, $15,000 telephone and US$6,500 for rental.
In the meantime, Shaw said the bank spent no funds on the refurbishing of the governor's house as all refurbishing had been done at the expense of the landlord. He, however, said $118,094 had been spent by the BOJ to prepare the premises for occupancy.
When pressed by Dr Davies as to the total package, Shaw said every effort had been taken to keep the governor's salary from becoming as controversial as his predecessor's.
"I don't want to give off-the-cuff information but what I can say is what I have sought to do in this contract is to frame the contract in such a way that there is no ability for any runaway expenditure to take place. It is so designed to be very specific and therefore very predictable," he said.
Prodded further on the total package by Opposition member of parliament for St Andrew East Central Dr Peter Phillips, Shaw reiterated "in relation to salary, I am prepared to give the former minister the appropriate ceiling but in relation to rental and expenses it has been controlled at the present level of just over $1 million per month. A year ago, the total, instead of being $12 million per year, was $21 million per year".
Under pressure from Phillips to provide the amount for Wynter's salary as well as the other items included in the package, Shaw then said he would provide same to the House at a later date.
The governor's contract is for three years and allows for incremental adjustments to the salary based on a performance appraisal which should be completed by June 30 yearly.
Shaw, in the meantime, declined to answer questions by Central Kingston MP Ronald Thwaites who wanted to know whether the fact that the BOJ is presently operating at a loss was reflective of Wynter's performance.
Last month, the finance minister said the length of time taken to ink the contract was to ensure that the terms were appropriate to the post of governor, while consistent with the Government's overall public sector wage policy.
Read more: http://www.jamaicaobserver.com/news/...#ixzz16G6cepH0
BY ALICIA DUNKLEY Senior staff reporter dunkleya@jamaicaobserver.com
Wednesday, November 24, 2010
THE Government, for the first time yesterday, provided some information about the salary package for Bank of Jamaica Governor Brian Wynter who, up to the beginning of this month, had been working without a contract since last November.
But Finance Minister Audley Shaw provided Parliament with only the figures for Wynter's monthly living expenses, ranging from security costs to the lease amount for his temporary residence. As to what would be the base salary of the present governor he would only say "the salary of the governor is the same base salary that was received by the previous governor".
Bank of Jamaica Governor Brian Wynter
1/1
Wynter replaced former governor Derick Latibeaudiere, whose contract was terminated in October of last year over terms Prime Minister Bruce Golding described as "unacceptable, embarrassing and repugnant".
Latibeaudiere, as at October 30, 2009, had a basic salary of $14.5 million which ballooned to $38.3 million when other allowances provided for under his contract at the time were added.
Shaw, who gave the information in answer to questions tabled in Parliament by Opposition spokesman on finance Dr Omar Davies, said the monthly living expenses for Wynter and his family, who had been relocated from Barbados to Jamaica, would be $1.057 million, compared to the just over $1.4 million it cost for his predecessor. Of that figure, $273,094 was to cover security costs, $140,980 household personnel, $50,000 electricity, $19,000 water, $15,000 telephone and US$6,500 for rental.
In the meantime, Shaw said the bank spent no funds on the refurbishing of the governor's house as all refurbishing had been done at the expense of the landlord. He, however, said $118,094 had been spent by the BOJ to prepare the premises for occupancy.
When pressed by Dr Davies as to the total package, Shaw said every effort had been taken to keep the governor's salary from becoming as controversial as his predecessor's.
"I don't want to give off-the-cuff information but what I can say is what I have sought to do in this contract is to frame the contract in such a way that there is no ability for any runaway expenditure to take place. It is so designed to be very specific and therefore very predictable," he said.
Prodded further on the total package by Opposition member of parliament for St Andrew East Central Dr Peter Phillips, Shaw reiterated "in relation to salary, I am prepared to give the former minister the appropriate ceiling but in relation to rental and expenses it has been controlled at the present level of just over $1 million per month. A year ago, the total, instead of being $12 million per year, was $21 million per year".
Under pressure from Phillips to provide the amount for Wynter's salary as well as the other items included in the package, Shaw then said he would provide same to the House at a later date.
The governor's contract is for three years and allows for incremental adjustments to the salary based on a performance appraisal which should be completed by June 30 yearly.
Shaw, in the meantime, declined to answer questions by Central Kingston MP Ronald Thwaites who wanted to know whether the fact that the BOJ is presently operating at a loss was reflective of Wynter's performance.
Last month, the finance minister said the length of time taken to ink the contract was to ensure that the terms were appropriate to the post of governor, while consistent with the Government's overall public sector wage policy.
Read more: http://www.jamaicaobserver.com/news/...#ixzz16G6cepH0
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