Governance
Accountability and impartiality are both crucial to the success of the FSC. To achieve these objectives, the Financial Services Commission Act establishes a Board of Commissioners. The Board of Commissioners is the governing body of the FSC and is among other things, responsible for:
- Establishing policy for the FSC and monitoring and overseeing its implementation: and
- Monitoring and overseeing the management of the FSC with the objective of ensuring that the resources of the FSC are utilised economically and efficiently
The Board of Commissioners is comprised of the Managing Director as an ex officio member and not less than four or more than six other members. Persons eligible for appointment to the Board of Commissioners must be fit and proper and possess relevant knowledge, experience and expertise in financial services matters to aid the FSC in the performance of its functions.
Robin Gaul
Chairman
Mr. Robin F. Gaul, FCCA, was born in Norwich, England. He was admitted as an Associate of the Chartered Association of Certified Accountants in 1967 and a Fellow in 1976. Before retiring from private practice, he worked as an accountant and financial advisor, and was a partner in the BVI office of KPMG. He has served on various boards and committees in the BVI Public Sector, including the Development Bank of the Virgin Islands and the BVI Electricity Corporation. He was appointed as Deputy Chairman of the Inaugural Board of the Financial Services Commission in 2002 and Chairman of the Board in May, 2006.
Kharid Fraser
Deputy Chair
Mrs Fraser has had an illustrious career as a banker which started in New York with CitiBank/Citicorp. During her tenure with CitiBank/Citicorp she rose through the ranks starting as Operations Supervisor in 1977 and ending as Assistant Vice President 1991-1993. In 1993, Mrs Fraser joined the Treasury Department of the Virgin Islands Government as Deputy Accountant General, and in 1995 she was appointed as Accountant General. She was appointed Acting Financial Secretary from 2005 – 2006 and resumed the role as Accountant General from 2006 until 2013 when she retired from the Public Service. Mrs Fraser holds a Bachelor of Arts in Business Administration from the University of the Virgin Islands and a Master of Business Administration from Florida Metropolitan University. Mrs Fraser holds a Bachelor of Arts in Business Administration from the University of the Virgin Islands and a Master of Businesses Administration from Florida Metropolitan University.
Melvin Stoutt
Commissioner
Mr Melvin Stoutt is a former banker with 40 years of banking experience. He began his banking career in 1975 with Chase Manhattan Bank NA (Chase) in the Virgin Islands and continued with First Bank De Puerto Rico, Virgin Islands, the successor entity to Chase. As a banker, he served in several positions including the role of Consumer Loans Manager (corporate title – Second Vice President). Mr Stoutt previously served as Chairman of the Scholarship Trust Board and a member of the BVI Ports Authority Board. He has been an active member of the Rotary Club of Road Town since January 1991.
Johanna Boyd
Commissioner
Ms Johanna Boyd has amassed over 32 years of experience in the Legal and offshore industry with noted expertise in the corporate and trust field, compliance, and legal matters. She held various senior roles, including Legal Assistant, Corporate Trust Officer and Human Resources Manager. Now retired, Ms Boyd is both a business and hospitality entrepreneur. Ms Boyd’s lengthy business career has ably prepared her to understand all operational aspects of business, including legal and regulatory factors. She previously owned a successful engraving business of 25 years and is currently a proprietor of two multi-unit lodging-related establishments within the hospitality industry.
Paul Carty
Commissioner
Mr Paul Carty is currently the Managing Director/CEO of J CARDEN Construction Ltd and Director, Desaltech Enterprises Limited. His illustrious career encompasses 27 years in the banking sector. Mr Carty's banking career began with the National Bank of the Virgin Islands Limited (NBVI) (formerly Development Bank of the Virgin Islands). While there, he held the posts of Teller/Loan Clerk, Corporate Secretary and later secretary to the Board of Directors. After 19 years of service with NBVI, Mr Carty joined the FirstBank Virgin Islands, management team. During his tenure with FirstBank, he served as the Credit Admiration Unit Manager, overseeing the Bank's asset quality and quality assurance process. The vast experience which Mr Carty acquired throughout his banking career included numerous training
William C. Gilmore
Commissioner
Mr William (Bill) Gilmore, PhD, was born in Nassau, Bahamas. He is an Emeritus Professor of International Criminal Law at the University of Edinburgh, Scotland and a former Dean of its Law School. Mr Gilmore has written extensively on transnational money laundering, the financing of terrorism, international cooperation in criminal matters and associated issues. He was the legal scientific expert to MONEYVAL, the FATF-style regional body for Europe, for two decades. From 2006-2018 he was a member of the Cayman Islands Monetary Authority Board of Directors. At an earlier stage of his career, he taught for several years at the University of the West Indies in Barbados.
Ramnarine Mungroo
Commissioner
Mr Ramnarine Mungroo is an Attorney-at-Law and Chartered Insurance Practitioner and Principal of the firm R. Mungroo & Associates Attorneys-at-Law, in Port of Spain, Trinidad. Mr Mungroo has a breadth of experience and expertise in the fields of law and general insurance. He has provided technical insurance training both as a part-time lecturer with the Trinidad & Tobago Insurance Institute and as a consultant providing training regularly for several Insurance companies in Trinidad & Tobago, Grenada, St. Vincent and St. Lucia. Mr Mungroo is considered one of the most reputable insurance professionals in Trinidad & Tobago and parts of the Caribbean due to his combined wealth of knowledge and experience. He holds a Bachelor of Laws (Hons) degree from the University of London, UK. He acquired a postgraduate degree in Legal Practice (Comm) from the University of Wolverhampton, UK and was admitted to the Bar of Trinidad & Tobago. Mr Mungroo also holds a Diploma in Insurance from the Trinidad & Tobago Insurance Institute and obtained an Associate Degree from the Associateship of the Chartered Insurance Institute (ACII) England and was awarded a Chartered status from the Chartered Insurance Institute, England.
Kenneth Baker
Ex officio
Mr Kenneth Baker was appointed the second Managing Director and Chief Executive Officer of the Financial Services Commission in February 2021. As the Managing Director/CEO, he is responsible for the administration and operation of the Financial Services Commission. His responsibilities include regulating the BVI’s financial industry; the development of new service and product offerings aimed at developing and enhancing the attractiveness of the BVI as a situs for legitimate cross border financial services; and liaising with the Government and private sector stakeholders in pursuance of this objective. Mr Baker’s track record spans 37 years in the banking and financial services sector. He joined the Financial Services Department in June 2000 as the Inspector of Banks and Trust Companies after a private-sector career in banking. He was appointed Deputy Managing Director, Regulation in April 2005 and jointly held the position Director, Banking, Insolvency and Fiduciary Services Division.