{"id":204698,"date":"2024-06-17T08:58:00","date_gmt":"2024-06-17T12:58:00","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=204698"},"modified":"2024-06-17T08:58:00","modified_gmt":"2024-06-17T12:58:00","slug":"former-cdb-head-issues-warning-on-banks-future-in-letter-to-governors","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/former-cdb-head-issues-warning-on-banks-future-in-letter-to-governors\/","title":{"rendered":"Former CDB head issues warning on banks future in letter to Governors"},"content":{"rendered":"
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CMC-The former president of the Barbados-based Caribbean Development Bank (CDB), Dr Hyginus \u201cGene\u201d Leon, says if there is no change within the financial institution \u201cthe next president may encounter the same challenges\u201d \u00a0that he faced during his tenure at the region\u2019s premier financial institution.<\/p>

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In an 11-page letter sent to the Board of Governors, who will open their 54th<\/sup> annual meeting in Canada on Wednesday, Leon, who resigned his position after having been sent on administrative leave in April, said it was also \u201creasonable to question whether the Board of Governors has been advised appropriately\u201d regarding his situation and \u201cwhether the information provided to the investigators and the Board has not been contaminated\u2026\u201d<\/p>\n\n\n\n

In his letter, a copy of which has been obtained by the Caribbean Media Corporation (CMC), the St Lucian-born economist is also questioning whether the \u201cinformation provided\u2026contained misrepresentations and whether the reports presented could stand the test of rigorous analysis?\u201d<\/p>

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In April, lawyers representing Leon, wrote to the bank indicating that it was \u201cevident\u201d that the CDB had \u201clost all trust and confidence in our client by the failure of the Board of Governors to prevent the continued violations of its Charter, policies, rules and regulations with regard to its elected President.<\/p>

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\u201cOur client has therefore made the extremely difficult decision to resign his elected position of the President of the Bank with immediate effect,\u201d the law firm wrote, adding the CDB had until May 4 \u201cto negotiate an amicable separation\u201d indicating also that their correspondence should be viewed \u201cas our client\u2019s pre-action protocol letter\u201d regarding the entire situation.<\/p>\n\n\n\n

In the three-page letter, dated April 21, and headlined \u201cRe. Dr Hyginus \u201cGene\u201d Leon, Resignation and Constructive Dismissal, the St Lucia-based law firm, Fosters, said it would be moving to the courts in Barbados \u201cor any other jurisdiction more appropriate, to enforce our client\u2019s legal and constitutional rights\u201d.<\/p>

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The CDB has not, if it did respond to the lawyer\u2019s letter, made the contents of its response public, but St Vincent and the Grenadines Finance Minister, Camillo Gonsalves, has called on his fellow governors to stop \u201cexposing\u201d the financial institution \u201cto further ridicule and undoubtedly, more litigation\u201d and move on from the \u201cresignation\u201d of Leon.<\/p>\n\n\n\n

In a May 14, 2024, letter sent to \u201cmy fellow members of the CDB Board of Governors,\u201d Gonsalves said that he has been asked to \u201cvote on whether the Caribbean Development Bank should accept the resignation of Dr Hyginus Leon from his position as President of the CDB, or whether he should be terminated as of a date three weeks beyond his resignation letter.\u201d<\/p>

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In the letter, a copy of which has been obtained by CMC, Gonsalves said that \u201cas Governor for Saint Vincent and the Grenadines\u201d he had received two separate voting forms on \u201csuccessive days\u201d asking him to vote on the issue.<\/p>

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But Gonsalves, who is also an attorney, noted that the \u201coptions\u201d placed before the Board of Governors \u201cwould create the incongruous situation of a President who remains in the employ of CDB three weeks after he submitted his resignation-and possibly beyond.<\/p>\n\n\n\n

St Lucia\u2019s Prime Minister Phillip J Pierre has blamed a \u201cconspiracy\u201d for the removal of Leon adding that he wanted to place \u201c on record  St. Lucia\u2019s full support for the work that Gene Leon did  at the Caribbean Development Bank and to regret  that a conspiracy, and I make no bones about it and this is not personal to anybody, to any function to the bank, a conspiracy is what caused  Gene Leon to resign\u201d.<\/p>\n\n\n\n

Last month, during the fourth conference on Small Island Developing States (SIDS) held in Antigua and Barbuda, the country\u2019s Prime Minister, Gaston Browne, told the state-owned ABS radio and television that discussions were taking place for the creation of a development bank catering specifically to the needs of SIDS and that the former CDB president has been engaged as those discussions gain momentum.<\/p>\n\n\n\n

When the governors meeting opens in Canada on Wednesday, the bank said its acting president, Isaac Solomon will \u201chighlight the Bank\u2019s future direction in its ongoing thrust to foster resilient prosperity across the Caribbean region\u201d. The opening ceremony will also be addressed by Ahmed Hussen,  the chairman of the Board of Governors and Canada\u2019s Minister of International Development.<\/p>\n\n\n\n

In his  June 15 letter to the governors, Leon wrote that he is \u201cunlikely to have the opportunity to engage\u201d them but he wanted to place on record \u201cmy appreciation of the trust placed in electing me as the sixth President of this august institution, which I had the pleasure to serve\u201d.<\/p>\n\n\n\n

The letter recalled that Leon had outlined four themes to drive the institution during his interview for the post and sought to response to the allegations that had been levied against him resulting in him being sent on administrative leave while the bank carried out its investigation.<\/p>\n\n\n\n

For example, the letter makes reference to a \u201cLeadership in Crisis Management\u201d  alleging that the \u201coffice of the President created a toxic working environment\u201d.<\/p>\n\n\n\n

But Leon wrote \u201cthe question is under what conditions could this have occurred. First, a toxic environment could only occur with direct reports (Vice Presidents and Directors).<\/p>\n\n\n\n

\u201cThis begs the question was the allegation of a toxic environment centered on a leader asking his direct reports to deliver and be accountable?,\u201d Leon wrote, adding that \u201cexpecting accountability and high performance from team members is a standard aspect of leadership and management\u201d.<\/p>\n\n\n\n

Leon, a former senior IMF official, said that the CDB is mandated to serve the entire region and its populace and that he was \u201cdriven to push incessantly and to advocate forcefully for four major initiatives that are essential complements to implementing and benefiting from the Bridgetown Initiative advocated by the Government of Barbados\u201d.<\/p>\n\n\n\n

The Bridgetown Initiative is being compared to the Marshall Plan of 1948, when the United States provided more than US$13 billion of foreign aid to help Western Europe recover after World War II.<\/p>\n\n\n\n

It is a proposal to reform the world of development finance, particularly how rich countries help poor countries cope with and adapt to climate change. It sets out three key steps including the establishment of a new mechanism, with private-sector backing, to fund climate mitigation and reconstruction after a climate disaster<\/p>\n\n\n\n

Regarding the allegation of \u201cSexism and Ageism,\u201d Leon wrote that \u201cas a leader, I have always viewed my role as one of identifying and nurturing talent and creating opportunities for diligent professionals in their careers, especially in areas that advance the institution\u2019s mandate.<\/p>\n\n\n\n

\u201cYet, during my tenure as President, it became noticeable that women were being labelled as too outspoken, hardworking, or ambitious. These expressions and their implications were in direct contradiction to the Bank\u2019s Gender Policy and Strategy, EDGE principles, and acceptance of the principles of non-discrimination and a safe and fair workplace\u201d.<\/p>\n\n\n\n

He wrote that \u201cit is deeply concerning that, as noted by a distinguished regional thought leader, an institution such as the Bank, which is EDGE certified, has moved with haste and arguably hostility to promote sexism and ageism because female colleagues were not aligned in perspective or work ethics with certain members of the senior team.<\/p>\n\n\n\n

\u201cIt appears also that my attempts to lead in establishing these desired practices were not acceptable,\u201d Leon wrote, adding \u201cit would be disappointing if the region\u2019s premier financial institution and a proponent of the Sustainable Development Goals (SDGs) should be marred by discriminatory conduct\u201d.<\/p>\n\n\n\n

The former CDB president also responded to the allegations of \u201cExcessive Travel\u201d noting that \u201cthe necessity for expanded travel by the Bank was and remains paramount to advance membership engagements, foster collaborations with strategic partners, and enhance our representation in significant regional and global forums\u201d.<\/p>\n\n\n\n

He said like other persons in leadership positions as the president of the CDB he travelled \u201ca lot, but always with a purpose and for advancing the Bank\u2019s business.<\/p>\n\n\n\n

\u201cThat purpose was announced to the Board of Directors from the start of my presidency,\u201d Leon wrote,\u201d adding that \u201cfew would argue that these objectives have not been advanced significantly over the past three years.<\/p>\n\n\n\n

\u201cMay I submit to Governors, am I being punished for doing more than was deemed doable, or for being overly zealous in advancing the development agenda for the Region?\u201d Leon wrote, insisting that \u201call travel was purposeful to achieve goals on thought leadership and engagement with shareholders and international shareholders as well as leverage the heightened necessity for strategic presence in a post-pandemic, climate changed-focused global environment\u201d.<\/p>\n\n\n\n

Leon said that when other development banks are actively engaged in discussions on shaping the future of the global financial ecosystem \u201cit is imperative for the CDB to assert its presence in these dialogues to advocate effectively fr our region\u2019s interests and priorities.<\/p>\n\n\n\n

\u2018\u201dWithin the Bank, I viewed the Office of the President not as a per functionary or ceremonial one, but one that sets the tone and pace of the organisation that I was elected to lead,\u201d he said, adding that his drive and ambition, \u201coften characterised as assertive, were deeply rooted in the conviction that the Bank has a leading role to play in the transformation of the region.<\/p>\n\n\n\n

\u201cAs President, my driving force was that the Bank should not be merely observing but should be actively shaping the trajectory of our BMC\u2019s (Borrowing member countries) and the region.<\/p>\n\n\n\n

\u201cIt was imperative that the Bank not only served the needs of its member countries but also stood as the authoritative voice and advocate of the region, while crafting impactful partnerships that drive substantive change\u201d.<\/p>\n\n\n\n

Leon said that the imperative for strong leadership cannot be overstated, adding \u201cit cannot be business as usual.<\/p>\n\n\n\n

\u201cI believe that it is through decisive, accountable and innovative leadership that we can truly transform our institutions and, by extension,  provide unwavering support to our region,\u201d Leon wrote.<\/p>\n

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CMC-The former president of the Barbados-based Caribbean Development Bank (CDB), Dr Hyginus \u201cGene\u201d Leon, says if there is no change within the financial institution \u201cthe next president may encounter the same challenges\u201d \u00a0that he faced during his tenure at the region\u2019s premier financial institution. In an 11-page letter sent to the Board of Governors, who […]<\/p>\n","protected":false},"author":3,"featured_media":130763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-204698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nFormer CDB head issues warning on banks future in letter to Governors - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/former-cdb-head-issues-warning-on-banks-future-in-letter-to-governors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former CDB head issues warning on banks future in letter to Governors\" \/>\n<meta property=\"og:description\" content=\"CMC-The former president of the Barbados-based Caribbean Development Bank (CDB), Dr Hyginus \u201cGene\u201d Leon, says if there is no change within the financial institution \u201cthe next president may encounter the same challenges\u201d \u00a0that he faced during his tenure at the region\u2019s premier financial institution. 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