Leadership

Board of Directors:

A Board of Directors is appointed by the Minister of Finance to provide effective governance over the management and administration of the Corporation and is accountable to its owners for fulfilling the purposes of the Corporation. The Board of Directors is comprised of nine (9) members selected as follows:

  • The Chair – One (1) person, not being a person holding an office of emolument in the Public Service of Belize, appointed by the Minister of Finance;
  • Five (5) persons representing the Private Sector and drawn from:
    • Belize Chamber of Commerce and Industry
    • Belize Bar Association
    • Belize Institute of Chartered Accountants
    • Association of Tertiary Level Institutions of Belize
    • Belize Credit Union League
  • Three (3) Government Representatives, as follows:
    • The Financial Secretary (or a representative appointed by the Financial Secretary)
    • The Chief Executive Officer of the Ministry of Economic Development (or a representative appointed by the CEO)
    • The Chief Executive Officer (Agriculture) in the Ministry of Natural Resources and Agriculture (or a representative appointed by the CEO)

Mr. Emil Arguelles - Chairman

Chairman Emil Arguelles, BA, LLB (Hons), CLE, TEP, MCIArb, was appointed on June 1, 2018.

Chairman Arguelles is the Founder of Arguelles and Company, Attorneys-at-Law, and has over 19 years of legal experience including working with banking institutions on large transactions involving syndicated loans/cross border transactions in Belize and abroad. He is a former Speaker of the House of Representatives, National Assembly of Belize. Chairman Arguelles has served on several Boards of Directors including the Belize Tourism Board, the Social Investment Fund, Executive Board of the Bar Association of Belize, Belize City Council Trade Licensing Board, and is a former Councillor of the Board of the Belize Chamber of Commerce and Industry. He maintains professional membership in several legal and business-related local and international associations.

Ms. Yvette Alvarez – Deputy Chair

Deputy Chair Yvette Alvarez is the Ex-Officio Director representing the Financial Secretary, Ministry of Finance. She is a long-standing member of the Board and on March 1, 2019, was re-appointed to another term. She also holds several committee leadership positions – Chair of the Board of Management and Board Risk Management Committees, and Deputy Chair of the Audit and Legal Advisory Committees.

Deputy Chair Alvarez is a Senior Advisor to the Ministry of Finance. She brings to the DFC Board, considerable wealth of experience in the country’s financial system, which include her service in the following leadership capacities at the Central Bank of Belize: Deputy Governor overseeing the Economic and Financial Analysis Branch, and as Senior Manager of the Research Department.

Mrs. Yvonne S. Hyde – Director

Director Yvonne S. Hyde serves as an Ex-Officio Director representing the Ministry of Economic Development. She is a long-standing member of the Board and on March 1, 2019, was re-appointed to another term. She also serves as Deputy Chair of the Board/Management Credit Committee.

Director Hyde is the Chief Executive Officer (Economic Development) in the Ministry of Economic Development, Petroleum, Investment, Trade and Commerce. She brings to the DFC Board, considerable wealth of experience having previously served in various leadership capacities, including: Ambassador of Belize to the European Union, Belgium, France, Germany, Netherlands; Permanent Representative to the WTO-Brussels, Belgium; Consular, Embassy of Belize, Washington, USA; Permanent Secretary, Ministry of Economic Development; Economic Cooperation Officer, Office of Planning and Investment; Economist, Ministry of Finance; Economist, Caribbean Development Bank, Barbados; Economist, Central Planning Unit of Belize; Executive Assistant to the Minister of Budget Management, Investment and Trade; and Economic Policy Coordinator, Ministry of Economic Development.

Mr. Andrew Harrison - Director

Director Andrew Harrison was appointed on April 1, 2019, as an Ex-Officio Director representing the Ministry of Agriculture.

Director Harrison is the Chief Agriculture Officer of the Ministry of Agriculture and has 30 years of experience within the agricultural industry. He holds a Master’s of Science degree in Environmental Science and a Bachelor’s of Science degree in Plant and Soil Science: Horticulture option.

Mrs. Lizbeth Castillo – Director

Director Lizbeth Castillo is as a Private Sector Director nominated by the Belize Credit Union League (BCUL). The Rt. Hon. Prime Minister and Minister of Finance re-appointed her on April 1st, 2017 to serve a second two-year term.  She currently serves on the Legal Advisory Committee.

Director Castillo is a retired Public Officer. Having served for 36 years at the Income Tax Department in several managerial capacities, she retired from the position of Assistant Commissioner of Income Tax. She is currently the President of the Civil Service Credit Union and Secretary to the BCUL Board of Directors. She holds a Certificate in Public Administration from the University of the West Indies.

Mr. Fermin Magaña - Director

Director Fermin Magaña was appointed on March 1, 2019, as a Private Sector Director, nominated by the Association of Tertiary Level Institutions of Belize.

Director Magaña is the Dean of Sacred Heart Junior College and has 19 years of experience within the academic field. In the span of his career, he also served in several membership capacities including: ATLIB, co-founder of SHJC Hands for Life Club, and AIESEC. He holds a Masters of Business Administration in Management and a Licentiate in Economics.

Mr. Emile Mena – Director

Director Emile Mena was appointed on October 22, 2018 as a Private Sector Director, nominated by the Belize Chamber of Commerce and Industry (BCCI).

Director Mena is a Director/Partner of Mena Group of Companies. In the span of his career, he also served in several leadership capacities including: Director of several Boards of Directors, Honorary Consul of Sweden in Belize, President of BCCI, Free Trade/Partial Scope Agreements, Founding Member of the Belmopan Business Association, Designated Processing Area Committee, Association of Professional Engineers of Belize, and Rotary Club of Belmopan, to name a few. Director Mena holds a Masters of Business Administration and a Bachelor of Science Degree in Electrical Engineering.

Committees:

The Board of Directors has appointed five (5) Standing Committees as follows:

Audit Committee

The Audit Committee oversees the audit process and assists the Board of Directors by providing an independent review and monitoring of the effectiveness of the financial operations, the financial reporting process, internal control and risk management systems of the Corporation.

Board of Management Committee

The Board of Management oversees the effective operations of the Corporation, particularly, activities which relate to the pursuit of the DFC Mission, promoting the image and the financial sustainability of the Corporation, and the effective implementation of the Strategic Development Plan. It also collaborates with Management and advises the Board of Directors on matters pertaining to the role and positioning of the organization, objectives and services of DFC, the structure and major business practices.

Board/Management Credit Committee

The Board/Management Credit Committee is responsible for ensuring the effective and transparent delivery and administration of credit, with a constant view to the Mission, the image and the financial sustainability of the Corporation.

Board Risk Management Committee

The Board Risk Management Committee assists the Board in fulfilling its risk-related role and responsibility by ensuring that appropriate policies, procedures and practices are in place to effectively handle the risks to which the Corporation is exposed.

Legal Advisory Committee

The Legal Advisory Committee assists the Board in the review of legal opinions and other legal documentation and oversees the proper administration of the loans under recovery by DFC’s attorney.

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