POLITICIANS, LIKE CHILDREN, often say the darndest things in the heat of the moment.
But while we can dismiss statements from young ones because they genuinely don’t know better, the same cannot be done for politicians, especially those forged in the fire of public scrutiny.
This latter consideration is of even more significance when that politician is a Cabinet minister and is privy to the most intimate details concerning the governance of a country. When such politicians speak, their words have authority as they supposedly give a knowledgeable insight on the matter being discussed.
People at all levels of a society therefore hang on to every word coming from ministers because what they say often matters to their lives and investments. That is why these elected officials must always be careful about what they say, and where and when they say it.
And this is magnified when discussing a financial institution, as any negative impression conveyed could lead to a run on the company.
For these reasons, the comments made by Minister of Housing and Lands Denis Kellman about Sagicor Financial Corporation’s plan to move its headquarters from Barbados must be condemned in the strongest possible terms, and he publicly censured.
Kellman questioned Sagicor’s allegiance to Barbados following its decision to pull its corporate base from here after 175 years, saying Government had “held [Sagicor’s] hand” in the past.
The company said the move was necessary following Standard & Poor’s downgrading of Sagicor Life’s rating from “BB+”, to “BB-” and Sagicor Finance Ltd’s US$150 million, ten-year senior unsecured notes to “B” from “BB-”. Those downgrades came 11 days after the international rating agency lowered Barbados’ sovereign rating to “B” from “BB-”.
S&P indicated that Sagicor’s rating could be upgraded if it relocated to a country with at least investment grade ratings, strong regulations and adequate access to funding.
Sagicor president and chief executive officer Dodridge Miller in a swift rebuttal termed Kellman’s mouthings “irresponsible” and stated that in the company’s long history it never had to turn to any Government anywhere in the world for support.
Miller said he would be sending a note to Kellman’s boss, Prime Minister Freundel Stuart, “to ask him to have a chat with [Kellman] because [his statement] makes absolutely no sense; it could only damage the company”.
What makes the need to discipline Kellman mandatory is that his comments on the Down To Brass Tacks radio call-in show were similar to what he said the day before at a branch meeting of his party.
In other words, his comments were deliberate and rational. He knew what he was saying.
The fact, too, that Kellman ignored the continual cautions from the show’s moderator David Ellis about persisting in making the controversial comments about the company given his position as a Cabinet minister demonstrated his resolve to make those comments.
That type of behaviour cannot be entertained from any minister of Government. It certainly should not be condoned by Stuart.
