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By Alric Lindsay
According to a publication in the Cayman Islands Gazette dated December 2, 2024, Richard Parchment has been appointed the new chairman of the board of directors of the National Roads Authority. His appointment expires on May 30, 2026.
Understanding board appointments made
For those unfamiliar with appointments to boards of public authorities (statutory authorities or government-owned companies), the primary source is the Public Authorities Act.
This states, “Notwithstanding any other law, a public authority shall have a board, by whatever name called, consisting of a chairperson and not less than four other members.”
The Public Authorities Act adds:
A board shall be responsible for the governance of the public authority, including the general administration and oversight of its affairs and business, in accordance with the provisions of this Law and any other law.
Notwithstanding the provisions of any other law:
(a) board members of a public authority shall be appointed by the Cabinet;
(b) all new board members shall undertake an orientation session and training provided by the public authority to which they have been appointed as soon as practicable after their appointment; and
(c) one of the appointed board members shall be appointed by the Cabinet to be the chairperson of the board.
The Cabinet shall cause a notice of the appointment of board members to be published in the Gazette.
The National Roads Authority Act also states the following regarding board appointments:
7. (1) The Authority shall have a board of directors which shall be responsible for the policy and general administration of the affairs and business of the Authority.
(11) If any director dies, resigns or otherwise vacates that director’s office before the expiry of the term for which that director has been appointed, another person may be appointed by the Cabinet for the unexpired period of the term of office of the director in whose place that person is appointed.
Regarding qualifications of board members, the Public Authorities Act states:
(5) When appointing board members, the Cabinet shall ensure that, among them, the board members have adequate knowledge, experience and understanding of the following areas —
(a) corporate governance; (b) strategic and financial management; and (c) the scope of business, outputs and operations of the public authority concerned.
(6) The Cabinet may appoint a public or civil servant to a board however — (a) notwithstanding any other law, the membership of a board shall not be comprised of more than forty percent public or civil servants; (b) the chairperson shall not be a public or civil servant; and (c) public or civil servant board members shall not be entitled to vote.
Parchment’s background
Regarding Parchment, his LinkedIn profile states that he is currently a senior manager of Client Services and Operations at TechCayman, which “is at the forefront of cultivating a vibrant tech community in the Cayman Islands.”
Previously, he held executive and non-executive roles with Jefferson Financial Corp for 14 years before retiring as the Managing Director.
He was also a consultant to Health City Cayman Islands, advising on governmental affairs, including Immigration matters.
He holds two Bachelor’s degrees in Education and is a certified Independent Director.
