The following comments by Northern Observer were extracted from the NIS.Government Paper for Trash blog.
Comment 1WHO is on the NIS Board? WHO replaces Carrington as head executive?I rarely agree with T.Inniss, but what claims to Chairmanship or leadership of a body as complex and important as the NIS does Mr. G-E have? Being the BEC rep on the last Board is not a ringing endorsement. This has a very smelly political odour. This is a more important role than most Ministerial appointments. And this AP is showing up in too many significant roles, a little separation is a good thing, especially in Financial related roles.
The last Board was a monumental failure, largely I believe, because of persistent political interference. This new one, at least the reported lead directors, is set up for a similar potential failure.
Comment 2
Old Board
- Dr. Justin Robinson, Chairman
- Mr. Wismar Greaves, Deputy Chairman
- Mr. Martin DaSilva, Member
- Mr. Ian Gooding-Edghill, representative of the Barbados Employers’ Confederation
- Mr. Colin Jordan, representative of the Barbados Hotel and Tourism Association
- Mr. Victor Felix, Chief Labour Officer (Ag.)
- Ms. Avonda Carrington, nominee of the Director of Finance and Economic Affairs
- Ms. Roslyn Smith, General Secretary, National Union of Public Workers
- Ms. Toni Moore, General Secretary, Barbados Workers’ Union
Sooooo, The former BHT rep Jordan, is now the Minister in Charge
The former BEC rep Gooding-Edehill, (successful BLP candidate in 2018 election) is now Chairman. Persaud replaces Greaves as Deputy, Lawyer Haynes replaces DaSilva as member.and we await the other 6 who are nominees as shown above.Remind me….is this the Board of Barbados Hotel and Tourism or the NIS?
Shows the PM is clearly NOT SERIOUS about having the NIS as anything but a continued long arm of the MoF. Pure patronage. After 12 long years of NO Annual Reports and this is the best she can do?
Government’s restructure program requires holders of government debt to agree to new terms and brings into sharp focus the critical role of the National Insurance Scheme, and of interest, its investment policy executed under successive governments.
The NIS is the largest holder of government paper and was mandated by the last government to buy what has translated to be ‘high risk’ government paper. The mismanagement of the fund threatens first to disrupt the peace of mind of our senior citizens who have done what was asked of them in the productive years.
A badly managed NIS threatens the social stability of Barbados.
Has the NIS been true to its tagline- its your lifeline?
The blogmaster has posted many NIS related items in the last decade. Sadly, there has not been any improvement in the perception of the BU household regarding how the fund is managed. Such a position is supported by the most recent 15th NIS Actuarial Review of the National Insurance Fund, Published, AND, the inability of NIS Boards to lay up to date audited financials in parliament for over a decade.
Here is the real issue for the blogmaster.
Successive NIS Boards appointed by DLP and BLP governments will continue to influence investment decisions because it is seen as a ‘lender of last resort’. A new approach would have seen the Mia Mottley government implementing measures to ensure the NIS is ring-fenced from political interference.
The blogmaster has to agree with comments that question the composition of the current NIS Board. It is evident there is no cataclysmic shift in the government’s approach.
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