VINLEC’s annual company reports for 2011 to 2014 not available

by Chanolde Munroe

The most recent annual company reports for the St Vincent Electricity Services Ltd (VINLEC) are not available, but when they are, they will be made public.

So says VINLEC communications officer Tamara Job-Sprott who, in an interview with SEARCHLIGHT last Wednesday, confirmed what had been stated in Parliament the day before by member of parliament for Central Kingstown St Clair Leacock.{{more}}

During his contribution to the debate on the Geothermal Resources Development Bill 2015, Leacock disclosed that he has been unable to access the annual company reports for VINLEC.

“At my last inquiry, VINLEC has not even produced their 2011 report as yet,” Leacock declared.

He indicated that he has in possession the reports for 2001-2010, but opined that VINLEC has been lazy in their efforts to produce the reports.

In an interview with SEARCHLIGHT after the debate, Leacock observed that the annual report is a much more comprehensive document than the audited financial report.

He said it outlines the policy position of the company by the chair of the board, the managers’ reports, accounting and finance reports, as well as an overall view of the company’s financial standing. “And it also shows what is the general policy between the government and the company.”

The MP explained that unlike privately owned companies, like the electricity company in St Lucia, VINLEC is government owned and with that there will be different dimensions in the annual reports of each company. Leacock said these reports are not usually open to the public; however, he believes they should be open and persons should be able to get them on demand.

He said since these companies are being supported by public funds, they should report back to the public, which is the Parliament.

Job-Sprott, while not giving an explanation for the unavailability of the annual reports from 2011 to 2014, noted that the company does have the annual audited financial reports for the years up to 2012 and are currently awaiting the reports for 2013 and 2014.

“We are required to do audited reports and financial reports at the end of every year,” Job-Sprott stated.

Copies of the 2011 and 2012 audited financial reports were provided to SEARCHLIGHT.