The Commission’s membership comprises a Chairman, Deputy Chairman, the Executive Director of the Securities Commission of The Bahamas as an ex-officio Member, and up to five other Members appointed by the Minister of Finance. The Minister appoints Members on the advice of the Commission and the securities and investment funds industries in The Bahamas, who appear to the Minister to be qualified as having had experience of or shown capacity in matters relating to industry, commerce, law, finance or administration.
The Chairman may hold office for a period of five years, and the Deputy Chairman and other Members for a period not to exceed four years. All members, including the Chairman, are eligible for reappointment. The Commission’s Executive Director holds office for five years and is eligible for a one-term reappointment on the recommendation of the Commission.
The Board of the Securities Commission of The Bahamas, which consists of the Members of the Commission, has the responsibility for the overall direction and governance of the organisation. The duties of the Board include overseeing the strategic focus and setting policy positions related to the Commission’s operation, as well as establishing rules and guidelines to govern investment funds, securities and the capital markets, and financial and corporate service providers.
- The Hon. K. Neville Adderley (Chairman)
- Peter Carey (Deputy Chairman)
- Christina Rolle
- Jerome Gomez
- Phaedra Mackey
- Luther H. McDonald
- Michael Paton
- Bede (Derek) Sands
Committees are established to assist the Board in carrying out its role. Currently there are two Board established Committees. The Committees are as follows:
Human Resources Committee
This committee assists the Commission in establishing and reviewing remuneration, benefits and other policies relating to staff of the Commission. The committee also reviews and updates the staff manual; reviews and monitors staff turnover and other human resources statistics; and hears and considers grievance matters raised by employees in accordance with the Commission’s formal grievance procedure.
This committee advises and makes recommendations to the Commission on all matters relating to corporate governance including internal financial controls, internal and external audits and compliance with financial reporting requirements.
The Commission, as a part of its function to maintain the integrity of the capital markets, has the authority to conduct investigations and hearings. The Board is empowered by the Securities Industry Act, 2011 to establish a Hearing Panel to assist in this process as well as to make Rules as to how these proceedings will take place.