Home' Trinidad and Tobago Guardian : May 11th 2014 Contents A60
Sunday Guardian www.guardian.co.tt May 11, 2014
An Open Letter to Finance Minister Larry Howai
Are First Citizens Directors being quietly over-paid?
In preparation for the May 12, 2014 First Citizens Annual Meeting on Monday, I have noted that the
2013 First Citizens IPO Prospectus discloses that the Board of Directors comprises Nyree Alfonso
(Chairman), Anil Seeterram (Deputy Chairman), Sharon Christopher (Group Corporate Secretary),
Larry Nath (Group CEO), Marlene Juman, Vishnu Musai, Ramish Ramanand, Rishi Baddaloo, John
Tang Nain, Anthony Mohammed, Ved Seereeram and Shobee Jacelon.
The Chairman, Deputy Chairman, Corporate Secretary and CEO among others hold several
in addition to their substantive
positions on the Board of the First Citizens Bank. For instance the Chairman Nyree Alfonso holds at
least 7 other chairmanships on 7 subsidiary companies namely: (1) First Citizens (St.
Lucia) Limited, (2) First Citizens Financial Services (St. Lucia) Limited, (3) First Citizens Investment
Services Limited, (4) First Citizens Brokerage & Advisory Services Limited, (5) First Citizens
Investment Services (Barbados) Limited, (6) First Citizens Bank (Barbados) Limited and (7) FCCR
First Citizens Costa Rica S.A. - whilst multiple directorships are also held by S. Christopher - 10, L.
Nath - 8, V. Seereeram - 7, A. Seeterram - 6, S. Jacelon - 5, M. Juman - 6, A. Mohammed - 4 etc.
Please forgive my ignorance but is there a shortage of directors and does the first example above mean
that the Chairman collects 8 different sets of director fees and if so, what precisely are the total
monthly fees that she actually receives (inclusive of any travelling, telephone and entertainment
allowances etc) versus the amount to which she is entitled? Since if the above interpretation is
correct it also means the non-executive total fees would be in excess of
$63,000.00 per month.
I shall be grateful if you could also provide the relevant information for all other directors bearing in
mind that according to the State Enterprise Performance Monitoring Manual 2011, First
Citizens qualifies as a Group A company and as such the monthly rates for Board Fees and Allowances
as determined by the Government are payable as follows: Chairman $10,000.00, Deputy Chairman
$7,500.00 and Director $5,000.00. - whilst the corresponding Travelling Allowances are: Chairman
$1,000.00, Deputy Chairman $750.00 and other Directors $500.00.
It is noteworthy that according to the document Monthly Fees and Allowances for Directors in
Subsidiary Companies are not to exceed Fees and Allowances approved f
follows: Chairman $6,500.00, Deputy Chairman $4,800.00 and Director $3,200.00 (allowances are
the same as previously stated). Moreover it expressly states that Fees and Allowances...shall be the
full compensation paid to Board Members in consideration for services on the Board and any sub-
committees of the Board. I have also noted that at Page 75, Note 32 of the 2013 Audited Financial
Statements, under the rubric Administrative Expenses there is no line-item that clearly identifies
the total cost of fees and allowances paid to directors. Is one to deduce that this amount is the $45.2
Thank you and I look forward to your response.
Members of the senior
men's volleyball team
and technical staff pose
for a team photograph
after a training session
at the Jean Pierre
yesterday. The team
leaves on Tuesday to
compete in the four-
team Group Q Norceca
FIVB Third Round Men's
Canada from Friday until
Gideon Dickson, coach of the senior men s nation-
al volleyball team, has his eyes set on creating some
history when the T&T squad competes in the four-
team Group Q Norceca Third Round Men s Qualifiers
in Mississauga, Ontario, Canada, from Friday until
The 12-member T&T team, inclusive of European-
based duo of Marc-Anthony Honore and Ryan Stew-
art, depart T&T on Tuesday for the tournament
where they will come up against the host country
and Central American duo Costa Rica and Panama
in a round-robin series at the end of which the top
two teams will compete for the lone automatic ticket
to the FIVB World Men s Championship carded for
Poland later this year.
In addition to the overseas duo, the Gideon Dick-
son-coached team, which won the Caribbean title
for the first time three years ago and was second in
2012 led by veteran Nolan Tash, also features expe-
rienced Sean Morrison, Saleem Ali, Ryan Mahadeo,
and Kevin Nimrod, along with the emerging talented
trio of Simon Blake, Daneil Williams and Akim Bushe.
Looking ahead to the tournament, Dickson said
the national men s team has a chance to create a
legacy by qualifying to a first ever World Champi-
onship, but was quick to point out the task will not
be an easy one.
"We have a good balance team of youth and expe-
rienced who have been together over a period of time
at various levels of national teams.
"We are not very happy with our preparations and
the lack of support given but at the same time we
know that when we get to Canada, we will need to
be on top our game from the first match.
"Of the three teams we have good winning records
against Panama and Costa Rica and we intend to
maintain that streak, while Canada, which is ranked
third in Norceca behind USA and Cuba, will be the
favourites on home soil.
"However, we feel from what we have done in
training and once we are committed to giving our all
we can spring a surprise against the host.
Canada and T&T qualified to the third round auto-
matically based on their Norceca rankings at the end
of 2012, while Costa Rica won Group L of the second
round qualifiers at home over Aruba, Curacao and
Antigua/Barbuda. Panama was runner-up to Domini-
can Republic in Group K which also involved St Vin-
cent and the Grenadines and British Virgin Islands.
The other three groups to be contested are Group
P (Cuba, Dominican Republic, Barbados, Suriname)
from May 19--25 in Cuba; Group O (USA, Guatemala,
St Lucia, Haiti) from May 13--19 in USA and Group
R (Mexico, Puerto Rico, Honduras, Bahamas) from
May 20--26, at the end of which the winners of each
will automatically qualify to the World Champi-
The second-placed teams will have another chance
to get to Poland, when they participate in a fourth
round playoff against Mexico/Puerto Rico between
T&T's men's volleyball team: Nolan Tash (captain),
Mark-Anthony Honore, Saleem Ali, Sean Morrison,
Akim Bushe, Kevin Nimrod, Ryan Stewart, Simon
Blake, Daneil Williams, Ryan Mahadeo, Darnel David,
Friday: T&T vs Costa Rica, 4 pm; Canada vs Panama, 8
Saturday: Costa Rica vs Panama, 4 pm; Canada vs
T&T, 6 pm
May 18: Panama vs T&T, 2 pm; Canada vs Costa Rica,
May 19: Third vs Fourth, 2 pm; First vs Second, 6 pm
history in v-ball
Links Archive May 10th 2014 May 12th 2014 Navigation Previous Page Next Page