Tag: news

Letter to the Editor – The State-owned and controlled entities

Sunday, 31st August 2025

The Editor,

The April 2025 election of the UNC govt has triggered convulsions within State-controlled entities, with the replacement of Boards and Management being the main issues, most recently in the case of First Citizens’ Bank (FCB) in which the State is the majority shareholder.

The Finance Ministry is entirely within its legal rights to change the Boards of State-controlled entities, subject of course to compliance with the Central Bank’s ‘Fit & Proper’ rules and the requirements for an Extraordinary General Meeting. 

That said, there are a few additional perspectives to consider, flowing from the PM’s outright, repeated declarations that the State is the majority shareholder in both FCB and Republic Bank Ltd – 

  • Republic Bank’s Board – We are witness to the sudden replacement of FCB’s CEO and its entire Board, so are we now therefore to expect that the Republic Financial Holdings’ CEO and Board is to be similarly, summarily replaced? If not, why not? This question was also posed by my erstwhile colleague and Business Guardian Editor, Anthony Wilson, on 28th August 2025 in ‘Is Republic Bank next?‘
  • The Integrity Commission – Will all Officers and Directors of both those companies now be required to file declarations to the Integrity Commission?
  • Changing/Replacing the Board – I agree with Mariano Browne’s recent comments that it is inadvisable and extremely rare for the entire board of a financial institution to be changed all at once, since that means complete loss of institutional memory.

Finally, I was concerned to note that the new appointee as incoming FCB Chairman is Mr Shankar Bidaisee, who was also recently appointed Chairman of UDECOTT. This is not in any way an attack on Mr Bidaisee’s competence, but the era of the ‘super-Chairman’ or ‘Czar’ should be placed firmly in the history books. Former PM, the late Patrick Manning, found such favour with Calder Hart that he was appointed to Chair the Boards of five State-controlled entities. Yes, five. We all should reflect on how that particular ‘concentration of power’ ended-up1. But that was in the ‘bad-old-days’, and we ought to have learned from those bitter experiences. There are enough high-quality, willing candidates to serve in those positions, even given the heavy demands of public office. That concentration of power is never a good thing, so it needs to be avoided.

Afra Raymond
afraraymond.net

  1. The impact of that benighted period was deep and adverse, climaxing in the Uff Enquiry which effectively unmasked Calder Hart such that he departed just before publication of that Report, never to return – two decisive extracts from Hart’s cross-examination are here for readers who want to see the pitiful depths to which racism and colonialism took us in the first decade of the new millennium, under a PNM administration. ↩︎

PROPERTY MATTERS – the role of the Valuation Roll

The implementation of the controversial Property Tax is now underway in Trinidad and Tobago, marked by a series of official announcements and the issuance of revised Notices of Valuation to an estimated 400,000 residential taxpayers. While these revisions are necessary, there is a critical flaw in the system that must be addressed: the restricted access to the Valuation Roll database. This column explores the implications of this restricted access, argues for the necessity of transparency, and identifies who stands to gain from maintaining the status quo.

The new Property Tax system in T&T aims to deliver equitable taxes through a crowd-sourcing approach, which promises transparency and low operational costs. Property owners were asked to submit detailed returns – about 60,000 of which were sent – which were then analyzed by the Valuation Division of the Finance Ministry. Selected properties were inspected and measured, leading to provisional tax assessments. Taxpayers have the right to object to these assessments, which would be refined through this iterative process of public feedback, ensuring fairness and accuracy.

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A worthy NGO?

“We are not Serious…
Very few Conscious…
So, I cannot agree with mih own Chorus!”

from the first verse of ‘Dis Place nice’ by Brother Valentino

“Your silence will not protect you.”

Caribbean Philosopher Audre Lorde, on the false beliefs and toxic consequences earned from calculated or cowardly silences

“Last call to all corporates. Support this worthy NGO if you can,” was the rallying note from an erstwhile Colleague who had served on the Board of the T&T Transparency Institute (TTTI). This was an appeal to boost ticket sales for the TTTI’s fundraising dinner carded for 22 May 2024, but it ultimately provoked me into making these pointed observations, so here goes.

For a some years now, it has become increasingly clear that TTTI had drifted from its purpose with less and less work, of lower and lower quality, emerging from that NGO of which I am an Ordinary Member. One can scarcely believe that this was once a vibrant, outspoken and well-informed NGO with dedicated leaders such as Victor Hart, Richard Joseph, Deryck Murray and Annette des Iles, not that we can ever forget the recently departed Reginald Dumas and Boyd Reid.

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