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Last Updated: Feb 13, 2017 - 1:45:37 AM |
It galls me that we have a legal entity like the Securities Commission of The Bahamas to monitor private companies when they go public or offer financial investments/services yet there is no Freedom of Information Act that holds the Government to the same standards.
Private citizens freely invest in shares or other financial instruments and the government seeks to regulate them. The rules for publicly traded companies include, timely presentation of financial statements (published quarterly and annually), and audit and other fiduciary requirements. The rules for banks and other financial institutions are even more stringent, and rightfully so.
On the other hand, Governments take tax dollars by force, spend and borrow in the taxpayers name and refuse to be accountable through similar legislation.
Heck, Tony Blair, former British Prime Minister reportedly described the British Freedom of Information Act of 2000 “as one of his biggest mistakes”.
Now if that is not an outrage I don’t know what is. Impudence at its finest.
Back here at home, the situation is equally duplicitous. Both political groups (FNM & PLP) have promised legislation but have not fulfilled them. The current PLP administration has circulated a draft Bill, that has been severely criticised as mere window dressing, and the farce continues. Citizens For A Better Bahamas has done some work on this subject that’s worth reading.
It’s not only crucial that the private sector act ethically and responsibly, but the same principle should apply to Government. Not only that, all politicians should want to hold themselves to the same standards they expect of other people.
Shakespeare’s quote from Julius Caesar; “And some that smile have in their hearts, I fear, millions of mischiefs” seems most appropriate.
Yours in Liberty,
Rick Lowe
weblogbahamas.com
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