Panama Canal Authority
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The Panama Canal Authority (Spanish: Autoridad del Canal de Panamá (ACP)) is the agency of the government of Panama responsible for the operation and management of the Panama Canal. The ACP took over the administration of the canal from the Panama Canal Commission, the joint US–Panama agency that managed the canal, on December 31, 1999, when the canal was handed over from the United States to Panama as per the Torrijos-Carter Treaties.
The Panama Canal Authority is established under Title XIV of the National Constitution, and has exclusive responsibility for the operation, administration, management, preservation, maintenance, and modernization of the canal. It is responsible for the operation of the canal in a safe, continuous, efficient, and profitable manner.
The Organic Law of the Panama Canal Authority, passed on June 11, 1997, provides the legal framework for the canal's organization and operation.
Because of its unique nature, the ACP has financial autonomy, as well as ownership of the canal's assets.
The ACP is headed by an administrator and deputy administrator, and supervised by a board of directors. The administrator is the legal representative of the authority and is responsible for implementing policies decided upon by the board. The administrator is appointed for a seven-year term and can serve a maximum of terms. The current administrator is Jorge Luis Quijano.
The board of directors is made up as follows:
- Nine members are appointed by the president of Panama; these appointments require the approval of the Cabinet Council and a majority of the legislative branch.
- One director is appointed by the legislative branch, at its sole discretion.
- The chair of the board, who is also the Minister of State for Canal Affairs, is appointed directly by the president; the Minister is also a full member of the Cabinet Council.
The Panama Canal is defined by law to be an inalienable patrimony of the Republic of Panama. Therefore, it may not be sold, assigned, mortgaged, or otherwise encumbered or transferred.
Board of directors
As of November 2010, the ACP's board of directors is composed of the following members:
- Rómulo Roux - Minister of Canal Affairs and Chairman of the Board
- Adolfo Ahumada
- Marco Ameglio
- Rafael E. Bárcenas P.
- Guillermo O. Chapman, Jr.
- Nicolás Corcione
- Ricardo de la Espriella
- Norberto R. Delgado D.
- Eduardo A. Quirós B.
- Alfredo Ramírez, Jr.
- José A. Sosa A.