Summary.
The bill proposes to amend Article 19 of Law 41 of July 20, 2004, which establishes the special regime for the Panama-Pacific Special Economic Area and an autonomous state entity called the Panama-Pacific Special Economic Area Agency (Agencia del Área Económica Especial Panamá-Pacífico). The amendment concerns the qualifications for serving as a principal or alternate member of the Board of Directors. The article associates those positions with responsibility, efficiency and transparency in carrying out the duties assigned to their holders.
As a general condition for appointment, a person must be a Panamanian national and must have reached twenty-five years of age at the time of designation. The bill provides an exception for one director representing businesses in the Área Panamá Pacifico: that director may be a resident, provided the applicable immigration provisions are met. The nationality requirement and the residence exception therefore appear in the same numbered provision concerning membership of the Board of Directors.
Regarding education, the text requires a recognized university degree at no less than Licenciatura level in a field related to Law, Logistics, Engineering, Economics, Accounting, Finance, Business Administration, Public Administration or Business Management. The provision exempts the labor sector from this academic requirement. For the other principal and alternate members, the listed fields define the university education contemplated by the proposed amendment.
The bill also requires professional experience and qualifications of no less than five years. The same requirement refers to having held positions in business administration and/or public service involving responsibility and administration, with at least five years in the public or private sector. It thus addresses professional practice, positions previously held and administrative experience as elements of eligibility for a position on the Board of Directors.
Finally, the article requires that a person must not have been convicted by a competent authority in the Republic of Panama or another country. These conditions form the proposed amendment to Article 19 of Law 41 of July 20, 2004. The subject matter concerns the Panama-Pacific Special Economic Area Agency and its Board of Directors, businesses in the Área Panamá Pacifico, the labor sector and people seeking to join that governing body under the special regime established in Panama.
What it proposes.
- Qualifications for the Board of Directors of the Panama-Pacific Special Economic Area.
- Nationality, age and immigration status of board members.
- Education, experience and professional qualifications of principal and alternate members.
- Conviction history of appointees.
Who it would affect.
- Principal and alternate members of the Board of Directors.
- Directors representing businesses in the Área Panamá Pacifico.
- Labor sector representatives serving on the Board of Directors.
Key points.
- Proposes to amend the qualifications in Article 19 of Law 41 of July 20, 2004, for principal and alternate members of the Board of Directors.Art. 1
- Requires Panamanian nationality and an age of twenty-five years at the time of appointment.Art. 1
- Allows one director representing businesses in the Área Panamá Pacifico to be a resident if the applicable immigration provisions are met.Art. 1
- Requires a recognized university degree at no less than Licenciatura level in one of the listed fields of study.Art. 1
- Exempts the labor sector from the university education requirement.Art. 1
- Requires at least five years of professional experience and qualifications and refers to administrative positions and experience in the public or private sector.Art. 1
- Includes a requirement that the appointee must not have been convicted by a competent authority in the Republic of Panama or another country.Art. 1