The Board of financial supervision Aruba (CAft) has a monitoring and advisory role. The functions of the Board are focused on the adoption and execution of budgets that are balanced within the agreed limits, and on the control of the totality of all loans.
In order to ensure the best possible execution of the financial supervision, the Board requires insight in the budget cycle and the financial management of the country. The Board evaluates the adopted budget against the standards of the the National Ordinance on Aruba temporary financial supervision and provides advice if necessary. The Board may offer both solicited and unsolicited advice on the draft budget. Unlike the other countries, for Aruba a financing balance norm is applicable, which is the budget balance minus the repayment of the public debt.
Raymond Gradus
Chairman
Mr. Raymond Gradus (1962) is chairman of the Boards of financial supervision starting July 1st, 2017. His appointment was extended by three years as of July 1st, 2020. Gradus studied general and business econometrics at the Katholieke Universiteit Brabant. In 1990 he obtained a doctoral degree in the economic science. Prof. Gradus has considerable administrative experience in the area of economic and financial management. At the beginning of his career (1984-1992) he worked as a scientific researcher and university lecturer. Subsequently (1992-2007) he held various (managerial) positions at the ministries of social affairs and employment, amongst others as director of Financial Economics (FEZ) and of Economic Affairs and Finance, which he combined with the function of (part-time) senior lecturer in financial and economic policy (1996-2004). In the following years (2008-2015) he was director of the Scientific Institute for the CDA. Since 2004 he is professor in governance and economics of the public and nonprofit sector at the Vrije Universiteit Amsterdam. Besides he is affiliated with the accounting department and the Zijlstra Center for Public Control, Leadership and Governance. In addition he is member of the Supervisory Board and Chairman of the audit committee of the Haagse Hogeschool.
Hellen van der Wal
Member upon proposal of Aruba
Mrs. Helena Anke (Hellen) van der Wal (1958) is a member of the Board of financial supervision of Aruba upon the proposal of Aruba since August 1st, 2018. Her appointment was extended by three years as of August 1st, 2021. Mrs. Van der Wal studied journalism and legal sciences, and in the latter area she obtained her PhD. in 2011 at the VU University Amsterdam. She started her career in the communication world as Head of Public Relations & Publicity at the Diabetes Association of the Netherlands and Editor/Producer of Written Material at the Teleac Foundation. Since 1990 she has held various positions with the Aruban government: respectively legislative lawyer at the Directorate of Legislation, Head of the Policy Department of Public Order and Safety, Head of the Policy Staff of the Police Corps Aruba and Policy Advisor of the Minister of Justice. In 1997 she made the switch to the Advisory Board of Aruba. After having held the position of acting secretary for 7 years, she subsequently was secretary between 2004 and 2018. During that period, she continued her studies in public finances, including as a research leader for the subject of National Budgets and preparatory work for the introduction of a Budget Chamber for Aruba, a member of the Public Finance Study Group, and a member of the Committee for the Improvement of Democratic Order, which amongst others was responsible for advising on new state entities and the establishment of the Budget Chamber of Aruba). In the social arena, Mrs. Van der Wal for many years has been associated with the Aruban Children and Youth Telephone Foundation; first as co-founder and later as chairman and secretary. From 2007 to 2011 she was also a Caribbean representative in the International NGO Advisory Council for Follow Up to the UN Secretary General's Study on Violence Against Children. In addition, she founded the Society & Crime Foundation in 2006, a foundation she still chairs.
Hans Hoogervorst
Member upon proposal of The Netherlands
Mr. Hans Hoogervorst (1956) has been a member of the Boards of financial supervision upon proposal of the Netherlands since December 17th, 2021. After starting in the international financial sector in Washington, Mr. Hoogervorst returned to the Netherlands, where he worked as a policy advisor. He has also been active in Dutch politics for many years and has held various administrative positions.
After a period of four years as a parliamentarian, as of 1998 for four years Mr. Hoogervorst held the position of State Secretary for the ministry of Social Affairs. This was followed by a position as a Minister: after a short period in 2002 and 2003 as Minister of Finance, in 2003 he became Minister of Healthcare, in which capacity he replaced the health insurance fund with the current health care system.
Hereafter Mr. Hans Hoogervorst left politics and in 2007 he started at the Dutch Authority for the Financial Markets (AFM), where he was appointed Chairman of the Board. In 2011, he became Chairman of the International Accounting Standards Board (IASB) in London and member of the Financial Stability Board.