– governors decision in Barbados next week
DR. COMPTON BOURNE, regional economist and former long-serving Principal of the University of the West Indies (St. Augustine Campus), is widely expected to be confirmed for a third term as President of the Caribbean Development Bank (CDB) next week. The occasion will be a special meeting on Friday, October 29 in Barbados of the 22-member Board of Governors with Trinidad and Tobago’s Minister of Planning, Economic and Social Reconstructing, Mary King, presiding.
The Guyana-born 67-year-old Bourne, who in 2001 became the fourth President of the CDB- one of the two primary pillars of the region’s economic integration movement (the other being the UWI) – is facing potential challenges from two other nominees:
They are the Barbadian economist, Dr Winston Cox, former Governor of the Barbados Central Bank and ex-Deputy Secretary General of the Commonwealth Secretariat; and Jamaica’s Dr Warren Smith. He was recently appointed an acting Vice-President of the CDB after serving for some eight years as the institution’s Director of Finance.
However, while consensus is desirable, the indicators strongly point in favour of Bourne retaining the presidency. From current reckoning, he starts out with decisive majority support among both regional and extra-regional representatives on the Board of Governors.
As the highest policy making body of the CDB, which has  been serving the Caribbean Community states and territories since its establishment in 1969, the Board of Governors’ decision would be final.
BOURNE’S ADVANTAGES
Bourne’s advantages in securing a third, and most likely final term, would include his impressive management record for which he has been openly applauded at annual meetings of the Board of Governors
Under his leadership the CDB has earned triple-A credit ratings from Standard and Poor’s, a significant contributory factor in enabling the institution to raise resources on the international financial market,
A good example of this was the Bank’s 2004 success in mobilising approximately US$100 million to facilitate the establishment of the Port-of-Spain-based Caribbean Court of Justice (CCJ), as mandated by the Board of Governors in accordance with a unanimous request of CARICOM Heads of Government.
Yet another relevant factor in Bourne’s favour for a third-term, is that precedent exists for such an endorsement.
The Board of Governors would be aware that he had succeeded former three-term President, Sir Neville Nicholls of Barbados who had also distinguished himself by the quality of management leadership provided over some 13 years.
Sir Neville himself had succeeded the earlier three-term  presidency of the now late William Demas of Trinidad and Tobago. He was the CDB’s second President, the first being St Lucia’s Nobel laureate, Sir Arthur Lewis.
Trinidad and Tobago and Jamaica are the two leading shareholders of the CDB, followed by Canada and the United Kingdom. Extra-regional shareholders also include China, Germany, Italy, Mexico, Colombia and Venezuela.
A number of Finance Ministers who recently met in Washington for the annual joint meeting of the World Bank and International Monetary Fund (IMF) have already signalled support for a third term for Dr Bourne.
In addressing the 40th annual Board of Governors meeting last May in The Bahamas, Bourne catalogued at least eight primary challenges the CDB had successfully responded to over the years of his leadership.
They included various efforts to deal with the concerns of borrowing and donor member countries; periodic visits for consultations with Board of Governors; and the strengthening of relations with multilateral financial institutions.
Incumbent governing parties seeking re-election are in the habit of claiming that one good term deserves another. In the case of Dr Compton Bourne, the CDB Board of Governors must determine whether two recognised impressive terms deserves a third.