Date: Apr 17, 2014
Press Release Number: 78-2014
On Monday, April 21 at 9:00 a.m. on the 15th floor of Port Authority headquarters at 225 Park Avenue South, the Special Oversight Committee will hold a Port Authority Reform panel discussion with several long-time independent observers of the organization. The discussion will focus on reform recommendations the Special Oversight Committee can make that will allow the agency meet the long-term transportation, infrastructure and economic needs of the New York and New Jersey region moving forward.
“When it comes to reform at the Port Authority, everything is on the table,” said Special Oversight Committee Chairman Scott Rechler. “In this spirit, this panel of experts will provide the Special Oversight Committee with important independent perspectives that we need as we consider the appropriate reforms required to ensure the Port Authority is positioned to respond to the transportation and economic needs of the region effectively and efficiently. Our hope is to get both actionable advice relating to governance and organizational reforms that can be implemented immediately, as well as suggestions for potential longer-term changes that can be evaluated and, if appropriate, implemented going forward.”
“This panel discussion will give the Committee and the public an opportunity to hear directly from several experts to get their insights into reforming the Port Authority,” said Special Oversight Committee Vice Chairman Richard Bagger. “From Board governance and senior management structure to the business model and operations of the Port Authority, this panel discussion will help the Committee ensure that the Port Authority continues to meet its core mission and that our Board members carry out effectively their fiduciary responsibilities in the oversight of the strategic direction and management of the Port Authority.”
The panel will include:
The reform panel discussion will be open to the public and held on April 21 at 9:00 a.m. at the Port Authority’s headquarters at 225 Park Avenue South, 15th floor in New York City. The meeting also will be broadcast on the Port Authority’s Web site – www.panynj.gov.
Background on the Special Oversight Committee
In February 2014, the Port Authority Board of Commissioners created a new Special Oversight Committee with the responsibility to ensure that the Port Authority continues to meet its core mission and that the Board of Commissioners fulfills its fiduciary responsibilities in the oversight of the operation and management of the Port Authority.
The function of the Special Oversight Committee is to serve as a forward-looking committee that will examine the governance, structure and operational oversight of the organization and make the necessary recommendations to the full Board of Commissioners. The mission of the committee is not to be duplicative of ongoing investigations or inquiries affecting the Port Authority, but to ensure that the Board is providing the level of oversight, governance and direction that meets the long-term core mission of the Port Authority while providing accountability that the public deserves.
Port Authority of New York and New Jersey
Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency’s network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where construction crews are building the iconic One World Trade Center, which is now the tallest skyscraper in the Western Hemisphere. The Port Authority receives no tax revenue from either the State of New York or New Jersey or from the City of New York. The agency raises the necessary funds for the improvement, construction or acquisition of its facilities primarily on its own credit. For more information, please visit http://www.panynj.gov.