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 Panamanian and non-Panamanian citizens, all 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 Panama Canal Authority Board of Directors makes the appointment of the Advisory Board members for an initial period of two years, which can be extended at the discretion of the Board of Directors and the only condition is that the participation or representation cannot be delegated to any other individual.
The Advisory Board is chaired by William A. O’Neil, Secretary General Emeritus of the International Maritime Organization (IMO) who was elected first chairman of the board in 1999 and re-elected thereafter 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 Caledonia Partners, Inc.; Dr. Ernst Frankel, Emeritus Professor of Ocean Systems and Professor of Management at Massachusetts Institute of Technology; Flemming R. Jacobs, Partner and Chairman of Econships Ltd. and former President and CEO of Neptune Orient Lines; Salvador Jurado, President of Building Components Group; Gerhard Kurz, industry advisor for Avista Capital Partners, SPADAC Director and former President and Chief Executive Officer of Seabulk International, Inc.; Andrónico Luksic Craig, Vice President of Banco de Chile; Koji Miyahara, Chairman Corporate Officer, Nippon Yusen Kabushiki Kaisha (NYK Line); 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, Former Chairman of the Board of Mitsubishi Corporation; Tommy Thomsen, Managing Director of the Industrialization Fund for Developing Countries (IFU) and the Investment Fund for Central and Eastern Europe (IØ); and C. C. Tung, Chairman & Chief Executive Officer of Orient Overseas (International) Limited (OOIL).
The Advisory Board meets, at least, once a year, at the request of 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.
Philip A. Embiricos, C. C. Tung, Flemming Jacobs, Mikio Sasaki, William A. O’Neil, Koji Miyahara, Admiral William J. Flanagan, Joe Reeder, Tommy Thomsen
Gerhard Kurz, Salvador Jurado, Andrónico Luisic Craig, Albert H. Nahmad, Ernst Frankel