The Executive Director of the Fiscal Control Board (FCB), Natalie Jaresko, will not only earn a salary of $ 625,000 per year, but will also have the right to security, a driver and any other benefit that she and the FCB establish for her and her staff.

In the contract, signed on Monday, March 20, but formally announced three days later, the Board agrees to provide protection in Puerto Rico to the former finance minister of Ukraine; this includes a security team with a car and a driver.

In her position, Jaresko will be in charge of hiring employees to serve in the operations of the FCB and issue other contracts on behalf of that body, with the approval of the president, José Carrión III. For these employees, the Board and Jaresko will establish a benefit plan to which she can include herself. However, the Board reserves the right to terminate or modify the plan at any time.

According to Carrión III, prior to the announcement of her hiring as executive director last Thursday, Jaresko had already inserted herself in the workforce of the FCB and maintains communications with the current interim executive director, Ramón Ruiz Comas, for transition purposes. Until her transfer from the city of Kiev in Ukraine to Puerto Rico, which would be in June, according to the President of the FCB, Jaresko will periodically travel to Puerto Rico, her expenses will be covered by the governing body for business class air fares. Her travel expenses to New York City and Washington DC will also be compensated by the FCB.

The contract stipulates that her moving expenses will be reimbursed, subject to the submission of appropriate evidence to the FCB president. In addition, it sets the date of September 5 as a time limit to complete her transfer from Ukraine to Puerto Rico.

The contract is valid for four years, with the possibility of extending one more year starting on March 21 if the parties choose not to inform the intention to terminate the commitment 90 days before – that is until December 21. However, conditions are set for the termination of the contract if she should incur in deliberate negligence, breach of duties, and accusation for crimes or acts of depravity, theft or fraud.

In the same way the Board could dismiss it without cause and indemnify it with 7 months of payment if it occurs before the first anniversary of the hiring and 4 months of payment if it is after. If the parties elect to notify the intention to terminate the contract, the executive director will not have any additional benefits beyond those she has accrued during her stay.

The PROMESA law, in section 103, provides that the executive director will be in charge of designating the work team and will determine their salaries. The staff will be able to include local and federal government employees, but these will not receive additional salary for their work in the FCB.

However, the FCB delegated additional responsibilities to Jaresko that are not included in the federal law. These include:

To choose and to handle the suppliers and consultants of the Board, subject to the approval of the president.

Prepare the budget of the JCF.

Serve as a liaison between the government of Puerto Rico, the federal government, Congress and other creditors.

Serve as spokesperson for the Board.

Coordinate the evaluation, analysis and monitoring of the government of Puerto Rico and the entities covered by the Board. Report requirements and make action recommendations to the Board.

Attend and participate in voluntary negotiations, collective actions of the creditors and the restructuring of the debt.

Establish and organize the financial and accounting systems of the Board.

Cooperate with and promote initiatives to lay the foundations for economic growth.

And any other reasonable tasks within the law that the Board may assign to be consistent with its position.