In December 1999, in accordance with Article 19 of the Organic Law (Law No. 19 of June 11, 1997), the Panama Canal Authority established the Advisory Board to serve as a consultative body for the Canal enterprise with the main responsibility to provide guidance and recommendations to the Board of Directors and the Canal administration.
In view of the international service provided by the Canal, the Advisory Board is composed of recognized professionals with broad experience in the business world and the Panama Canal in particular. The Board is a select group of highly distinguished advisers who represent a solid cross section of world’s transportation, trade, business, telecommunications, construction and development, academia, and the banking sector.
The Advisory Board is presided by William O’Neil, Secretary General Emeritus of the International Maritime Organization (IMO) who was elected first chairman of the board in 1999 and re-elected in 2002 by unanimous vote. Other members are Philip Embiricos, Director of Embiricos Shipbrokers; Admiral William J. "Bud" Flanagan, US Navy (Ret), previous Commander In Chief, U.S. Atlantic Fleet and NATO's Commander-In-Chief, Western Atlantic, and President of Skarven Enterprises Inc.; Dr. Ernst Frankel, Emeritus Professor of Ocean Systems and Professor of Management at Massachusetts Institute of Technology; Dr. Aaron Gellman, Professor of Management and Strategy at the Northwestern University Transportation Center; Flemming R. Jacobs, former President & Chief Executive Officer of Neptune Orient Lines Ltd. Group; Captain Wei Jiafu, Group President and CEO of China Ocean Shipping Company (COSCO); Salvador Jurado, President of Building Components Group; Gerhard Kurz, former President and Chief Executive Officer of Seabulk International, Inc.; Andrónico Luksic Craig, Vice President of Banco de Chile; Albert H. Nahmad, Chairman of the Board, President and CEO of Watsco, Inc.; Joe R. Reeder, partner of Greenberg Traurig LLP (attorneys at law); Mikio Sasaki, Chairman of the Board of Mitsubishi Corporation; Stephan Schmidheiny, President of AVINA Foundation and ANOVA AG, Holdings; Tommy Thomsen, partner of A.P. Møller Group; and C. C. Tung, Chairman & Chief Executive Officer of Orient Overseas (International) Limited (OOIL).
The Advisory Board meets, at least, twice a year, once in Panama and then at the place agreed to with the Board of Directors. Nonetheless, it can do so more frequently if the need arises or the Board determines that it must meet with greater frequency. During the meetings, conducted during two days of presentations and discussions, the administration submits the topics for the consideration of the Board, seeking the advice of its members.
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