– Finds Corporate Governance to be weak at various levelsForensic auditors have flagged various irregularities at the Guyana Energy Agency (GEA) during its investigations,Wholesale China Jerseys
, some of which point to poor corporate governance at the entity.The auditing team of Nigel Hinds Financial Services said that Section 18(2) (c) of the GEA Act 1997 mandates that the Agency’s Board Members shall consist of any number of persons not exceeding seven.However, its investigation revealed that during the period January 25, 2011 to June 30,NFL Jerseys China
, 2012 there were eight board Members.In addition, the auditors took note of the fact that GEA’s Chief Executive Officer, Dr. Mahender Sharma,Cheap NFL Jerseys China
, was a candidate on the PPP/C national list of candidates for the May 11, 2015,Authentic Jerseys Wholesale
, General Elections.They said that adherence to the decisions of a political party concurrent with managing a state owned corporation, is “wholly inappropriate” and “creates conflict of interest issues” that have very negative implications for employee morale, use of GEA resources and the image of GEA.Furthermore, the forensic auditors emphasized that the GEA Act mandates that the CEO and Deputy Executive Officer (DEO) shall be full time officers of the Agency and shall be appointed by the Minister. In this regard, they noted that there has never been a DEO since the establishment of the GEA.The Energy Agency was also found to be in breach of Section Four of the 1997 Act, which requires that the heads of division of the agency designated as members there of shall hold office for such period, not exceeding three years, as may be specified by the subject Minister.Based on investigations carried out by the auditors, contracts of division heads were renewed, without any input from the Minister.The auditors emphasized that there is need for adherence to the laws and regulations governing GEA and recommended the hiring of a DEO to enhance the management structure of the entity at the senior level.They recommended,Cheap Stitched Jerseys
, too, that a Board of Directors’ Charter should be prepared for the Board. Once approved by the Board, the auditing team recommended that the implementation of the Charter should occur at the earliest possible date,NFL Jerseys Authentic China
, with annual revision of the Charter.