Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694433414369.pdf (Trinidad and Tobago)
EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 Executive Director’s Report For the Financial Year July 01, 2014 to June 30, 2015 “Let’s Journey Together” Over the years, the NIBTT has provided a safety net for its beneficiaries in Trinidad and Tobago and beyond.

The successful operation of the country’s mandatory social security system is indeed a great achievement and one, collectively, we should feel very proud of as citizens continue to collect their benefits.
The national community must take great comfort in knowing that the NIBTT will always be here for them.

On my appointment to the position of Executive Director, I committed myself to transforming the organisation into one that is truly service oriented and people focused.

I recognised that fund sustainability, prudent decision making, good governance and transformative technological solutions were critical to the continued relevance and success of the NIBTT.
During the reporting period July 01, 2014 to June 30, 2015 (FY2015), the NIBTT paid out $4.22 billion in benefits to approximately 177,607 beneficiaries of the National Insurance System (NIS) which included 144,804 long-term beneficiaries.

NIBTT’s retirement pensions consisted of 96,359 recipients resulting in a cash pay-out of $3.36 billion, an increase of $0.19 billion over the previous financial year.
The NIBTT’s asset base of $25.93 billion delivered a sterling performance since, despite soft interest rates nationally and internationally, the NIBTT reported a rate of return of 2.59% for FY2015.

In order to ensure greater alignment with the long-term horizon of NIS, we reviewed our investment policy and strategy to improve investment returns in the future.
This resulted in the purchase of a ten (10) per cent stake in Phoenix Park Gas Processors Ltd for US $168 million as part of an investment consortium, comprising the NIBTT, National Enterprises Ltd and Unit Trust Corporation.

In addition to the investment in Phoenix Park Gas Processors Ltd, another major investment strategy was 1 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 investment in real estate.
Other investment initiatives included acquisition of 48.2% share in Home Mortgage Bank and 2.39% in First Citizens Bank.

Another notable investment decision is that which was made on 10th December 2014, when the NIBTT turned the sod to commence the construction of a Class A, LEED Silver certified signature building to accommodate its corporate headquarters at 14 to 19 Queen’s Park East, Port of Spain.
With major focus on providing a quality service environment, the Arima Service Centre was reopened to the public and the Rio Claro Service centre was relocated to a more spacious and service oriented environment.

Additionally, two Collection Centres were opened in Shops of Arima and in St James, and a Facilities Management Company was engaged to support the upgrade of existing service centres and facilities throughout Trinidad and Tobago.
Technology continues to be a major part of our service delivery improvement and during the reporting period, online services were launched, commencing with the Online Requests for Contribution Statements in February 2015.
Furthermore, improving access to information and customer contact resulted in the revamping of the Corporate Contact Centre with increased staff and implementation of a Call Management Server to rationalise calls, improve response time and record calls to ensure a pleasant customer experience.

A new system for updating life certificates for Retirement Pension, Disablement Pension, Invalidity, Survivors and Death Benefits was implemented in the last financial year.
The new updating system, consisting of a computerised data exchange, in collaboration with the Ministry of Legal Affairs and the Ministry of the People and Social Development, is designed to eliminate the need for nationals, residents and non-nationals living in Trinidad and Tobago to submit Life Certificates.

Over 177,000 beneficiaries will no longer have to submit life certificates bi-annually, of which 96,359 are retirement benefit recipients.
2 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 In order to assess the overall impact of these improvements on customer service delivery, Market Facts and Opinion (2000) Ltd conducted a customer survey during the second half of the financial year.

The results from the survey stated that the overall customer satisfaction rate was 91.3% indicating that we are realising considerable success in our target of service excellence.
The NIBTT will however focus on sustained efforts that target continuous improvement in the products and services offered to our diverse and large number of customers.
3 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 NIBTT’s Insurance Operations Data and Fund Management Table 1 – Key Indicators FY2013 to FY2015 Performance Indicators FY 2013 FY 2014 FY2015 % % Increase/ Increase/ Decrease Decrease 2013-2014 2014-2015 164,660 132,253 44,666 640,293 506,248 20,021 5,216 168,286 137,481 38,261 648,629 519,636 20,229 4,601 177,607 144,804 2.20% 3.95% 5.54% 5.33% 43,565 -14.34% 13.86% 669,366 516,926 20,829 1.30% 2.64% 1.04% 3.20% -0.52% 2.97% 4,126 -11.79% -10.32% Claims Beneficiaries Long-Term Beneficiaries New Claims Paid Compliance Customer Base Contributors Employers Employers Surveyed Financial Contribution Income $3,304.38Mn $3,624.03Mn $4261.47Mn 9.67% Investment Income Realised $816.49Mn $699.28Mn $774.6Mn -14.36% Miscellaneous Income $2.35Mn $2.88Mn $1.84Mn Benefit Expenditure $3,557.22Mn $3,915.78Mn $4,215.55Mn Administrative Cost $184.82Mn $190.11Mn $204.99Mn Administrative Costs as a % of 5.59% 5.25% 4.81% 22.55% 10.08% 2.86% -0.34 17.59% 10.77% -36.11% 7.66% 7.83% -0.44 Contribution Income Administrative Costs as a % of 3.21% 3.31% 4.66% 0.10 1.35 Total Income ** Net Yield of Investment Portfolio 11.34% 12.19% *** 2.59%*** (realised & unrealised) / Overall Investment Portfolio Return *** Total Funds Total Assets *Percentage Points $24.16Bn $25.80Bn $24.35Bn $25.94Bn 25.74 Bn 25.93 Bn 6.79% 6.53% -0.23% -0.04% **Total income=contribution, investment, penalty & interest, and other income ***Return based on Investment Portfolio - Excludes Cash
 Balances from NIBTT Pension Plan a/c, MAT Securities (Mortgages), Funeral Grant Cash Account and other cash accounts related to Insurance Operations 4 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 Some of our key operational statistics include: 1.
Customer base expanded by 20,737 persons or 3.20% to a total of 669,366 in FY2015.

2.

Active employer population increased by 600 or 2.97% during the financial year 2015 to a total of 20,829.

3.

Contribution income amounted to $4,261.47Mn an increase of 17.59% or $637.44Mn over the last year.

4.

43,565 or 13.86 % more claims were paid in 2015 compared with 2014.

5.

Benefit payments amounted to $4.22Bn, and represented an increase of 7.66% or $0.3Bn over last year.

6.
6.

Total Funds reduced by -$0.06Bn or -0.23% from $25.80Bn as at June 30th 2014, to $25.74Bn as at June 30th 2015.

7.

Total assets reduced by -0.04% from $25.94Bn in 2014 to $25.93Bn in 2015.

8.

Administrative expenses as a percentage of contribution income reflected a marginal reduction of 0.44% from 5.25% in FY2014 to 4.81% in FY2015.
CUSTOMER SERVICE DELIVERY Customer Relations To serve with a level of sensitivity and deliver compassionate care to the most vulnerable in our society is of paramount importance to the NIBTT.

In this regard, and during the reporting period, the Customer Contact Centre was rebranded the Customer Relations Department.

This was not a change in nomenclature.


The strategic focus of the department has been redirected with an emphasis on reducing the number of persons visiting the Service Centres by exploring additional avenues of engagement.

The Customer Contact Centre on average provides a service to approximately 6,000 customers per month.
Of the matters received, the telephone medium remains the most convenient and utilised by our customers, accounting for 95% of matters received; email accounts for 3% and written correspondence, 2%.

The majority of matters received via email were from overseas customers and in total, the Customer Relations Department 5 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 successfully treated with over 40,600 customers for the period 1st July 2014 to June 30th 2015.
Customer Education The NIBTT through its Corporate Communications Department continued to sensitise the Trinidad and Tobago public about its new brand direction through its educational activities.

The rebranding process commenced with a mix of initiatives such as the identification of a colour scheme for advertisements, presentations and as well as the issuing of various correspondence.
A total of 90 seminars were conducted, reaching over 650 people, in addition to which the organisation was represented at symposiums hosted by various associations, therefore interacting with a further 2,200 persons.

In order to ensure adherence with NIBTT’s regulations, six (6) employer workshops were hosted aimed at ensuring compliance as it relates to employee and employer registration, contribution payments and completion of forms.

The average number of participants in each workshop was 50 persons.
Communicating Using Web & Electronic Media During the reporting period there were 1.3 million hits per month on the NIBTT website showing a dramatic increase of 300,000 more than what was recorded in FY2014.

Additionally, the NIBTT received 2,813 likes on its Facebook page with access to additional information as part of the Web content improvements.

Customers can now use the NIBTT’s website to access contribution statements, and register to pay their contributions online.
This adds more flexibility to customer access while the NIBTT continues to enhance customer care by the provision of convenient physical locations designed to better service our customers.

EMPLOYEE AND EMPLOYER REGISTRATION Registration of Employees Active applications for registration of employees amounted to 30,723, of which all (100%) were determined.
Of these 20,987 or 68.31% were new insured persons who were added to the NIS this year, an increase of 1,257 or 6.37% when compared with 19,730 new 6 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 persons added to the database in FY2014.

Additionally, during the reporting period out of 521 employees of Limited Liability Companies, 512 or 98.27% were registered within one (1) day of receiving their application forms.

The above added to our customer base which stands at 669,366.
Registering Employers During the financial year 2,450 employers submitted applications for registration, an increase of 66 or 2.77% when compared with the previous year’s receipt of 2,384.

It must be noted that a brought forward figure of 42, has been added to the number of applications resulting in a total of 2,492.

A total of 2,471 or 99.16% were determined, of which 2,449 or 99.11% were registered as new employers.
This is an increase of 88 or 3.73% when compared with 2,361 new employers registered in the financial year 2014 Currently the total employer population stands at 20,829 an increase of 2.97% when compared to the previous reporting period of 20,229.

BENEFIT PERFORMANCE Beneficiaries received a total of $4.22Bn in benefit payments.

This represented an increase in expenditure of 7.66% over the previous reporting period.
Long-Term Benefits The long-term benefits branch showed an increase in the number of recipients and in the value of benefits paid.

This group comprises Retirement Pension, Invalidity and Survivor’s Benefit recipients which showed an increase of 7,323 or 5.33% from 137,481 in the previous year to 144,804 in FY2015.

Payment to this group totalled $3,904.97Mn or 92.63% of total benefit expenditure.
The 144,804 long term benefit recipients were distributed as follows: 7 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 Long-Term Benefits Table Benefit Type Number of Benefit % of Total % of Total Beneficiaries Expenditure Long Term Long Term 96,395 $3,362.09Mn 66.57% 86.10% Beneficiaries Expenditure 4,568 $139.15Mn 3.15% 3.56% 39,644 $329.01Mn 27.38% 8.43% 4,197 $74.62Mn 144,804 $3,904.87Mn 2.90% 100% 1.91% 100% 81.53 92.63 Retirement Pension Retirement Grant *Survivors Benefit Invalidity Total % of Total Beneficiaries % of Total Benefit Expenditure *Survivors Benefit plus Survivors Grant Short Term Benefits The short-term benefits branch showed an increase in the number of recipients and in the value of benefits paid.
This group comprises Sickness Benefit, Maternity Benefit, Special Maternity Grant and Funeral Grant which collectively showed an increase of 2,028 recipients or 7.97% from 25,430 in the previous year to 27,458 in FY2015.

Payment to this group totalled $232.34Mn or 5.51% of total benefit expenditure.
8 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 Short Term Benefits Table Benefit Type Number of Benefit % of Total % of Total Beneficiaries Expenditure Short Term Short Term 10,981 $46.45Mn 39.99% 19.99% Beneficiaries Expenditure 8,208 $126.71Mn 29.90% 54.54% 1,149 $5.88Mn 4.18% 2.53% Sickness Benefit Maternity Benefit Special Maternity Grant Funeral Grant 7,120 $53.30Mn Total % of Total Beneficiaries % of Total Benefit Expenditure 27,458 $232.34Mn 15.46 5.51 25.93% 100% 22.94% 100% Employment Injury Benefits The Employment Injury benefits branch showed a decrease in the number of recipients and an increase in the value of benefits paid.
This group comprises Disablement, Death, Medical Expenses and Employment Injury which showed a decrease of 30 or -0.56% from 5,375 in the previous year to 5,345 in FY 2014.

Payment to this group totalled $78.34Mn or 1.86% of total benefit expenditure.

9 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 Employment Injury Benefits Table Benefit Type Number of Benefit % of Total % of Total Beneficiaries Expenditure EMP.

Injury EMP.
Injury Disablement Pension Disablement Grant Death Medical Expenses Beneficiaries Term Expenditure 3,120 $49.26Mn 58.37% 62.88 96 484 61 $2.27Mn $10.25Mn $0.07Mn 1.80% 9.06% 1.14% 29.63% 100% 2.90 13.08 0.10 21.04 100% Injury Allowance 1,584 $16.49Mn Total % of Total Beneficiaries % of Total Benefit Expenditure 5,345 $78.34Mn 3.01 1.86 CONTRIBUTION INCOME Notwithstanding a marginal decrease in contributors to the NIS from 519,636 to 516,926, contribution income for FY2015 increased to $4,261.47Mn or 17.59% over the $3,624.03Mn collected in FY2014.
In this regard, contributions were paid by 20,729 employers, an increase of 600 employers over FY2014.

A number of mechanisms were adopted to ensure efficient collection of contribution income.

These included the conduct of 4,126 employer surveys and the initiation of recoveries and legal action against 32 defaulting employers.
10 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 APPEALS In accordance with Section 62 of the National Insurance Act (NI Act), customers maintain the right to refer decisions on claims to the Appeals Tribunal.

During the reporting period, 196 new appeals were received, an increase of 122 or 165% in comparison to the previous financial year’s figure of 74.

This also reflected an increase of 91 or 86.67% when compared to the 105 appeals received in FY2013.
The Appeals Tribunal during the financial year appointed a new Registrar, who is in the process of re-engineering the tribunal to achieve greater efficiency for settling matters.

It must be noted that no matters were scheduled by the Tribunal for hearing during the reporting period.

RECIPROCAL AGREEMENTS Throughout FY2015, a total of 24 applications were received by persons in Canada accessing NI benefits through Service Canada.
A total of 97 applications were made through the NIBTT Service Centres by persons wishing to access benefits in Trinidad and Tobago under the Agreement.

For the financial year, no applications were received from persons in Trinidad and Tobago wishing to access benefits in Canada, however 60 enquiries were received for persons in Canada who wish to access benefits in that country.
As at June 30th 2015, there were 150 applications awaiting responses from Service Canada for persons applying for Trinidad and Tobago benefits.

During this reporting period, two (2) applications were made through CARICOM offices by persons accessing Trinidad and Tobago benefits and 24 enquiries were received from CARICOM in respect of Trinidad and Tobago benefits.

No applications were received in Trinidad and Tobago from persons wishing to access benefits in other CARICOM jurisdictions.
INVESTMENTS For the fiscal year ended June 30, 2015, the Investment Portfolio marginally declined to TT$24.8Bn from TT$24.9Bn in June 2014.

A key factor for the fund size decline over the period was as a result of $300Mn in withdrawals made from the investment accounts to meet benefit expenditure requirements.

Despite the overall portfolio decline of 0.35%, the 11 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 Fund achieved a total year-to-date time-weighted return of 2.59%.
Notwithstanding the positive return, the overall return was constrained by the volatility in the international market and the dearth of suitable high yielding investments.

As at June 30, 2015, the total equity portfolio was valued at TT$11.55Bn and a total of TT$609.8Mn was invested in the local stock market with significant investments in First Citizens Bank Ltd ordinary shares of TT$144.5Mn and TT$74.6Mn in the CLICO Investment Fund.
The NIBTT also participated in a historic deal partnering with National Enterprises Limited (NEL), and the Unit Trust Corporation (UTC).

The consortium acquired a 10% stake in Phoenix Park Gas Processors Ltd. (PPGPL) for US$168Mn which was done through the 100% acquisition of Pan West Engineers & Constructors Inc.

This was the largest investment in the local equity sector for the NIBTT which amounted to TT$357.5Mn.
The NIBTT also increased its equity holdings to 99.40% in Home Mortgage Bank (HMB) which resulted from the acquisition of additional shares at a total cost of TT$242.9Mn.

Over the financial period ended June 30, 2015, the equity portfolio achieved a total return of 1.85% (capital appreciation and dividends).
This was mainly attributable to the performance of First Citizens Bank Limited (FCB), West Indian Tobacco Company Limited (WCO), Angostura Holdings Limited (AHL), Unilever Caribbean Limited (UCL) and the portfolio’s newly constructed Exchange Traded Fund (ETF) portfolio.

Additionally, subsidiary companies HMB and TTMF increased in value over the financial year.

The Fixed Income portfolio was valued at approximately TT$7.4Bn as at the end of FY2015 and had a purchased yield to maturity of 5.17%.
A dearth of suitable investments both by government and corporate entities resulted in investors’ willingness to accept low yields for fixed income instruments thus perpetuating the low interest rate environment.

The NIBTT’s fixed income portfolio is primarily invested in government and government guaranteed instruments and accounts for almost 62.62% of the fixed income portfolio.
For the financial period ended June 30, 2015, the NIBTT invested a total of TT$1.1Bn in 12 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 governmental entities/agencies and state enterprises and TT$979.6Mn in the private sector.

The top two countries in which the portfolio is invested are Trinidad and Tobago (89%) and North America (10%).

The largest areas of NIBTT’s investments are Financials (39%) and Sovereign (27%).
TECHNOLOGY A fully functional and progressive technology infrastructure system is critical for proper management and flow of data.

In keeping with key objectives identified in our Vision 2016 Strategic Plan, major corporate projects consisted of the acquisition of the latest in cyber security protection, improvements in communication to remote areas of the country and provision of ease of access to data and information to customers.
As a measure of the effectiveness of the organisation’s IT infrastructure systems, the NIBTT was able to achieve an online systems availability or up-time of 99.65%.

In relation to web services it must be noted that the Online Request for Contribution Statements was launched during the reporting period.

This enabled the public to request their contribution statements online.

Other improvements also included increased hardware and software packages to provide better service to customers.
LEGAL The number of matters referred to our Claims Investigation Unit increased by 45.7% from 81 in FY2014 to 118 in FY2015.

In addition, the value of projected and actual savings in financial year 2014/2015 significantly increased from $1,354,400.00 to $8,854,063.52, and $1,827,700.33 to $7,661,018.68, respectively.
Through the adoption of refined processes and sustained efforts, the number of claims investigations completed also increased by 283% from 61 in the previous year to 173 at the close of FY2015.

13 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 HUMAN RESOURCES The NIBTT team of employees continued to support the operations of the organisation by providing diligent service in the face of a challenging economic environment.
The strength of the team was made evident in the achievement of more than 80% of the performance targets for FY2015.

The NIBTT staff has worked assiduously to ensure that we achieve our short and long term objectives.

Interventions in this regard focused on training in areas which included, Customer Service, Policy, Process Mapping, Employee Performance Management and Industrial Relations Practices for Managers and Product training for Insurance Operations staff.
Thorough orientation programmes were also conducted for all new recruits.

It must be noted that the total staff complement for the reporting period now stands at 694.

This represents an increase of 86 positions identified in the new HR Plan as part of the organisation’s transformation.

Staff Negotiations During the financial year, negotiations for Bargaining Unit Staff at the NIBTT continued for the contracted period January 1st 2011 to December 31st 2013 with the recognised majority union.
The NIBTT’s counter proposals were approved by the Board of Directors and submitted to the Minister of Finance and the Economy for approval.

The NIBTT is committed to the successful conclusion of negotiations and as such intends to vigorously pursue an amicable settlement of these important matters in the coming financial year.
RISK MANAGEMENT During the reporting period the NIBTT continued to streamline its Enterprise Risk Management processes in order for the organisation to be proactive in its approach to risk, associated risk appetite and tolerances to ensure alignment with strategic objectives.
In FY2015, significant progress was made in completing its mandate for designing the Enterprise Risk Management Framework which incorporated ISO 300001: 2009 “Risk 14 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 Management – Principles and Guidelines.” The use of this best practice process format has already resulted in significant improvements in the approach adopted by the NIBTT in risk matters.
For the reporting period, the percentage of accepted high risk audit recommendations implemented as at June 2015 was 95%, surpassing the target of 85%.

This achievement indicates NIBTT’s strong emphasis on risk management in order to be more effective in achieving the NIBTT’s strategic objectives and transformation.

9TH ACTUARIAL REVIEW The NIBTT is committed to ensuring the financial sustainability of the NIS, as well as maintaining the value of the benefits offered.
The main tool used to analyze these important aspects of the NIS is the process of the Actuarial Review.

The 9th Actuarial Review as at the 30th June 2013 was completed in compliance with section 70(1) and section 22(1) of the NI Act.

The 9th Actuarial Review was conducted by the Canadian firm, National School of Public Administration.

The completed report provided numerous recommendations designed to enable the NIS to remain solid and financially strong.
These recommendations included improving current benefits and increasing the level of the maximum insurable earnings.

In order to facilitate these changes, and in light of the current demographic scenario which suggests an ageing population, an increase in contribution rates as well as other parametric reform measures were also recommended.

All these recommendations are currently engaging the attention of the Board of Directors and Management.
A specific request was made for the actuaries to analyze the impact of extending coverage to self-employed persons, and to advise on appropriate methods of converting from the current earnings class system, to an administratively simpler percentage of earnings system.

In addition to administrative ease, another potential benefit of a possible conversion to a percentage of earnings system is a more relevant reward for persons with long contribution histories.
These reform measures as outlined speaks to the intention of the NIBTT to manage the NIS in a way that will be beneficial to all its stakeholders, and to ensure that the value and 15 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 design of its suite of benefits will be enjoyed by all persons in Trinidad and Tobago for generations to come.
EXTENSION OF COVERAGE TO SELF EMPLOYED PERSONS (SEP) Cabinet minute dated January 21, 2010 established a Committee to consider the proposal for the Incorporation of Self-Employed Persons (SEP) into the NIS.

A High Level Working Committee (HLWC) was established to elaborate on the principles and practices surrounding the Government of Trinidad and Tobago’s (GORTT) investment to promote the participation of SEP in the NIS.
Continuing with the work started by the HLWC, discussions were held during the year with senior officials of the Ministry of Finance and the Economy as well as the Ministry of the People and Social Development.

Discussions focused on the costs and savings to Government related to: • co-payment of NI contributions for low income SEP • co-funding of age credits for SEP NIBTT’s representatives had several meetings on the SEP initiative with the Legislative Review Committee (LRC).
The start-up date for SEP coverage is yet to be determined.

ACKNOWLEDGEMENTS The employees of the NIBTT are committed to serving the people of Trinidad and Tobago.

It is no easy feat, to accomplish excellence in service delivery in a demanding work environment where each customer’s claim is as important and as urgent as the other.
It takes a love for people, a deep understanding of the many intricate challenges and unexpected events faced by our clients, and very interactive and powerful communication skills to deliver the quality service that we do in a fast-paced, high-pressure environment.

I therefore take the opportunity to publicly acknowledge our loyal employees, stakeholders, customers, suppliers, employers and the astute leadership of the Chairman and the Board of Directors.
The NIBTT has laid the foundation for transformation in that many of the initiatives stated in the Vision 2016 strategic plan have been implemented.

Evidence of this is in the 16 EXECUTIVE DIRECTOR’S REPORT ON OPERATIONS FOR YEAR ENDED JUNE 30, 2015 achievement of 83% of our corporate performance indicators on the eve of the final year of the Strategic Plan period.

As we rise to the challenge, let us keep our eyes on the prize of a transformed, transparent and socially responsible organisation.
We have been entrusted with a great responsibility, way beyond service delivery and is through strong leadership, sound investments and extensive stakeholder engagement and public consultation that we will continue to implement prudent measures to preserve the National Insurance System.

Niala Persad-Poliah EXECUTIVE DIRECTOR March 18, 2016 17