Boards of financial supervision
The purpose of the Boards of financial supervision (Cft) is to realize sustainable public finance in joint collaboration with the governments of Aruba, Curaçao, Sint Maarten, Bonaire, Sint Eustatius and Saba.
The Boards aim is to make a positive contribution to good public governance and increasing the prosperity and wellbeing of the islands’ and countries’ population.
History
For years, the Netherlands Antilles had substantial and structural issues in the field of public finance. The budgets were not sufficiently reliable and realistic, financial statements were drawn up too late, the audits of external auditors were delayed and the indebtedness of the islands was problematic.
Referendums held on all the islands of the former Netherlands Antilles showed that a majority of the population wanted to dissolve the Netherlands Antilles as a state system. A first Round Table Conference in November of 2005, marked the start of working towards new political relations. As of October 10, 2010, these new political relations came into being. Curaçao and Sint Maarten became autonomous countries within the Kingdom of the Netherlands. Bonaire, Sint Eustatius and Saba became public entities of the Netherlands.
It was agreed that the Netherlands would assume a large part of the Netherlands Antilles’ debts, and that the islands would aim for a structural improvement of public finance. The Netherlands, Curaçao and Sint Maarten jointly agreed that independent supervision of public finance of the new countries had to be put in place. This was established in the consensus Kingdom Act Financial Supervision Curaçao and Sint Maarten (Rijkswet financieel toezicht Curaçao en Sint Maarten – Rft). For Bonaire, Sint Eustatius and Saba it was agreed that the financial supervision was to be carried out based on a Dutch law, the Act on Finances of the Public Entities Bonaire, Sint Eustatius and Saba (Wet financiën openbare lichamen Bonaire, Sint Eustatius en Saba – FinBES Act). With the Rft and the FinBES Act, two Boards of financial supervision were constituted: the Cft Curaçao and Sint Maarten (Cft) and the Cft Bonaire, Sint Eustatius and Saba (Cft BES).
Aruba has been an autonomous country within the Kingdom since 1986. In 2015, the financial situation of the country led to the implementation of independent financial supervision for Aruba as well. In this framework, several agreements with the Netherlands were established in the National Ordinance temporary financial supervision Aruba (Landsverordening Aruba tijdelijk financieel toezicht – LAft) with a corresponding protocol. The LAft entered into force on September 2, 2015, with retroactive effect as from August 1, 2015, which constituted the Board of financial supervision Aruba (CAft), thus bringing the number of Boards of financial supervision to three.
Board of financial supervision Aruba
The Board of financial supervision Aruba has an identifying and advisory role. The tasks of the Board are focused on assessing if the entire budgetary process complies with the standards set forth in the National Ordinance temporary financial supervision Aruba. The Board may issue solicited and unsolicited advice.
Board of financial supervision Bonaire, Sint Eustatius and Saba
The Board of financial supervision Bonaire, Sint Eustatius and Saba is charged with providing advice to the administrations of the public entities and the Minister of the Interior and Kingdom Relations. The Board has an important role in the supervision on the financial management of the public entities. At all times, the Board may conduct an investigation of the management and the structure of the financial organization. The Board may make agreements in that regard with the Executive Councils.
Board of financial supervision Curaçao and Sint Maarten
The Board of financial supervision Curaçao and Sint Maarten has an identifying and advisory role. The tasks of the Board are focused on assessing if the entire budgetary process complies with the standards set forth in the Kingdom Act Financial Supervision Curaçao and Sint Maarten. The Board may issue solicited and unsolicited advice.
Members of the boards
Lidewijde Ongering
Member on the recommendation of the Kingdom, also acting as Chair
Hellen van der Wal
Member on the recommendation of Aruba
Glenn Thodé
Member on the recommendation of Bonaire, Sint Eustatius and Saba
Elizabeth de Cuba
Member on the recommendation of Curaçao
Julisa Frans
Hans Hoogervorst
Member on the recommendation of the Netherlands
Lidewijde Ongering
Member on the recommendation of the Kingdom, also acting as Chair
Ms. L.M.C. (Lidewijde) Ongering, MA, has been the Chair of the Board of financial supervision Curaçao and Sint Maarten, the Board of financial supervision Aruba and the Board of financial supervision Bonaire, Sint Eustatius and Saba since February 1, 2023, on the recommendation of the Kingdom. She has a long record of serving a great number of Dutch ministries. Among others, she was the Secretary-General for the Ministry of Economic Affairs and Climate, and prior to that, for the Ministry of Infrastructure and Water Management. For that Ministry, she also held the position of Director-General of Accessibility.
Lidewijde Ongering also held the positions of interim National Coordinator of Counter-terrorism and Security with the Ministry of Justice and Security, interim Director-General of Public Order and Security with the Ministry of the Interior and Kingdom Relations, and Director of Financial Economic Affairs with the Ministry of Public Health, Welfare and Sports. She obtained a master’s degree in Public Administration from the Technical University Twente.
Additional functions: –
Hellen van der Wal
Member on the recommendation of Aruba
Ms. H.A. (Hellen) van der Wal, LLM, PhD, has been a member of the Board of financial supervision Aruba since August 1, 2018, on the recommendation of Aruba. In 1997, she started working at the Advisory Council of Aruba, where she held the position of Secretary from 2004 to 2018. During that time, she broadened her knowledge of public finance. She was the senior investigating officer of National Budgets and preparation of the establishment of the Budgetary Chamber of Aruba, a member of the Study Group Public Finance and a member of the Commission for Reinforcement of the Democratic System.
Furthermore, Hellen van der Wal was involved in the Foundation for the Aruban Children’s and Youth Helpline for many years, first as a co-founder and later as Chair and Secretary. Also, from 2007 to 2011, she was the Caribbean representative in the international NGO Advisory Council for Follow Up to the UN Secretary General’s Study on Violence Against Children. In 2006, she founded the Foundation Society & Crime, which she chairs.
Hellen van der Wal started her career as Chief Public Relations & Publicity with the Diabetes Association of the Netherlands and editor/producer for the Teleac Foundation. She also held several posts with the Aruban government, like those of legislative specialist for the Legislative Directorate, head of Policy for the Directorate of Public Order and Security, head of the Policy Staff of the Aruban Police Force and Policy Advisor of the Minister of Justice. Hellen van der Wal studied Journalism and Law. In 2011, she obtained her PhD in law at the Vrije Universiteit Amsterdam.
Additional functions:
- Chair of the Stichting Maatschappij & Criminaliteit (Society and Crime Foundation)
- Member of the Supervisory Board of the Fundacion Parke Nacional Aruba
- Chair of the Dutch Caribbean Nature Alliance
Glenn Thodé
Member on the recommendation of Bonaire, Sint Eustatius and Saba
Mr. G.A.E (Glenn) Thodé, LLM, PhD, has been a member of the Board of financial supervision Bonaire, Sint Eustatius and Saba since July 1, 2020, on the recommendation of Bonaire, Sint Eustatius and Saba. He started his career in public administration in 2008, as Governor of Bonaire. Glenn Thodé is the Chairman of the Commission for Social Minimum Dutch Caribbean and of the Commission for the Supervision on the Protection of Personal Data BES. Earlier, he was the Chairman of the Electoral Board of Aruba, of the Supervisory Board of the General Pension Fund Foundation of Aruba, the Supervisory Committee of the Evaluation of Consensus Kingdom Acts on Justice, and the Advisory Committee Comprehensive School Bonaire. He was also a member of the Evaluation Committee Constitutional Structure Dutch Caribbean (Spies Committee).
Glenn Thodé started his career as a computer software instructor and system administrator. He then made the transition to academia. On behalf of the University of Aruba and the World Wildlife Fund, he drew up draft legislation for the Fundacion pa Naturalesa y Parke. From 1998 to 2002, he was a lecturer at the Rijksuniversiteit Groningen and he conducted his PhD research. From 2002 to 2008, he was (chief) research associate for the University of Aruba. In 2012, he became the University of Aruba’s rector magnificus. In 2022, he started working at the Rijksuniversiteit Groningen. Glenn Thodé obtained a PhD in Law from the Rijksuniversiteit Groningen.
Additional functions:
- Chair of the Commissie Toezicht Bescherming Persoonsgegevens BES (Commision Supervision of Personal Data Protection BES)
- Chair Stichting Nature Trust (Nature Trust Foundation)
- Member NWO Programmacommissie Caribisch Onderzoek (Programme Commission Caribbean Investigation of the Dutch Research Council)
- Part-time lecturer on criminal law at the Rijksuniversiteit Groningen
Elizabeth de Cuba
Member on the recommendation of Curaçao
Ms. J.E. (Elizabeth) de Cuba, RA, has been a member of the Board of financial supervision Curaçao and Sint Maarten since October 1, 2023, on the recommendation of Curaçao. As an independent entrepreneur she also provides services in the fields of accounting, auditing and finance. From 2017 to 2022, Elizabeth de Cuba worked as a control and methodology leader in the Professional Practice Group for the Ernst and Young Caribbean Assurance Practice. In this role, she closely cooperated with Ernst and Young Caribbean in Trinidad & Tobago, Jamaica, Barbados, Saint Lucia and Suriname, among others.
From 2018 to 2020, Elizabeth de Cuba taught the auditing course at the University of Curaçao. From 2015, she has been teaching Auditing core learning classes as a member of Ernst and Young’s Certified Learning Facilitators team. Prior to that, she held the position of audit manager with Ernst and Young Dutch Caribbean’s assurance department. Elizabeth de Cuba studied Economics and Business as well as Accountancy at the Erasmus University Rotterdam.
Additional functions:
- Managing Director of ARIA Solutions BV
Julisa Frans
Member on the recommendation of Sint Maarten
Ms. J.A. (Julisa) Frans, MSc, has been a member of the Board of financial supervision Curaçao and Sint Maarten since December 17, 2021, on the recommendation of Sint Maarten. As an independent consultant, she also carries out several other advisory activities. From 2008 to 2021, Julisa Frans held several financial positions within the Sint Maarten administration, including those of financial management officer and (senior) financial policy advisor.
Julisa Frans was a member of the Monitoring Committee charged with supervising the implementation of the reforms set forth in the Sint Maarten Country Package. She was also charged with several financial aspects of the repair works after hurricanes Irma and Maria in 2017. In 2008, she obtained a bachelor’s degree in Finance and Accounting. In 2018, she obtained a master’s degree in Public Administration and Development from the University of Birmingham.
Additional functions:
- Managing Director of Intuition Financial Advisory & Consulting Services
- Portfolio & Accounting Officer (Compliance) Enterprise Support Project
Hans Hoogervorst
Member on the recommendation of the Netherlands
Mr. J.F. (Hans) Hoogervorst, MA, has been a member of the Board of financial supervision Curaçao and Sint Maarten, the Board of financial supervision Aruba and the Board of financial supervision Bonaire, Sint Eustatius and Saba since December 17th, 2021, on the recommendation of the Netherlands. In 2002 and 2003, he was Minister of Finance. Afterwards, he was appointed Minister of Public Health, Welfare and Sports. As Minister, he introduced a new health insurance system. In 2007, he left politics and instead started working for the Financial Markets Authority, where he was named Chair of the Board. In 2011, he was appointed Chairman of the International Accounting Standards Board in London and member of the Board for Financial Stability.
After starting his career in international finance in Washington, Hans Hoogervorst returned to the Netherlands and took up the position of policy advisor. Afterwards, he was actively involved in Dutch politics for years, and held several administrative functions, which included a four-year membership of Dutch Parliament. He also held the position of Secretary of State for Social Affairs and Employment. Hans Hoogervorst studied History at the University of Amsterdam and obtained a master’s degree in International Relations from the Johns Hopkins University in Washington.
Additional functions:
- Member of the Board of the International Foundation for Valuing Impacts