At the annual general meeting of One Caribbean Media (OCM), shareholders made a bold move by rejecting the nomination of government-backed board members on July 11th. The government-owned National Investment Fund (NIF) had put forth Dale McLeod and Shakka Subero as potential directors on the OCM board.
When a poll was called for to determine shareholders’ consensus on the appointments, the results were clear. A whopping 23,997,642 votes were against McLeod’s appointment, while 23,229,443 were in favor. Similarly, 28,684,368 votes went against Subero’s appointment, with only 23,229,443 in favor. It was a resounding rejection for the government’s nominees.
However, other nominated members, Gregory Thompson and Grenville Phillips, managed to secure their spots on the board.
In the lead-up to the meeting, Minister in the Ministry of Finance Brian Manning had defended the government’s decision to appoint the two members. Manning emphasized that the government, as one of the largest shareholders with 23% ownership in the company, saw it as a fiscal responsibility to have a say in the company’s governance.
He pointed out that the government’s shares in OCM had drastically decreased in value since the Clico bailout in 2018, raising concerns about the taxpayers’ assets. Manning highlighted the need for the largest shareholder to be part of the decision-making process at OCM.
While Manning did not respond to requests for comments on the shareholder’s rejection, UNC Senator Wade Mark expressed concerns about the implications on press freedom. Mark emphasized the importance of an independent media as the fourth estate of democracy and warned against government interference in media institutions.
Mark accused the government of attempting to control independent institutions and stressed the need for the government to maintain a hands-off approach when it comes to the media.
With shareholders taking a stand and rejecting government-nominated board members, the issue of press freedom versus government influence continues to be a topic of debate in Trinidad and Tobago.
