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May 24th, 2017

Chairman’s Speech






GOOD EVENING, Fellow Directors of the Trust, representative of the Auditor General, specially invited guests, Management and staff of the Corporation, our valued Unitholders, representatives of the media, ladies and gentlemen, and those joining us remotely. I am happy to welcome you to the thirty-fifth (35th) Annual General Meeting of the Unit Trust Corporation.

Inaccordance with our statutory requirement, as stated in Section 31 of the Unit Trust Act, the Board is required to convene an Annual General Meeting not later than six (6) months after the date upon which the financial year of the Trust ends, which is not later than June 30th each year. As such, we are here today to adhere to our requirements and ensure that our Corporation’s corporate governance is one of the best in Trinidad and Tobago.

It has truly been an interesting 2016. We continue to leave our mark on the financial services sector, bringing value as we continue to chart our way forward and strengthenour relationship with our stakeholders.

In 2016, we began the journey of our Strategic Plan 2020, aptly themed “Leading Innovation, Driving Value” which builds on understanding exactly what our stakeholders’ value while aligning to meet their needs and to better serve them.

With this in mind, we formulated our four strategic themes:

  • Regulatory Management
  • Cost Efficiency
  • Product and Service Innovation
  • Focus on the Customer and Brand

At the end of the five-year period, we expect to build on our competitive advantage, reduce costs, and innovate to delight our stakeholders, while also keeping focus on enhancing our customers’ experience.

We continue to place significant emphasis on working for and with our key stakeholders. As such, we will integrate our systems and processes to deliver better value to our stakeholders.

“Partners for Life’

In 2016, distributions to our unitholders increased by 45% from $165M to $239M, this is testimony to our commitment to deliver positive returns even in a challenging economic environment. All our business activity is centered around ensuring that we deliver strong, competitive Customer Value Proposition to all our unitholders. The UTC remains strong and focused on capital preservation so that your investments are safe and well managed.

In 2016 we also increased our reserves by $93 million bringing total reserves to approximately $1.3 billion.

In May 2017, we increased the payout rate on our largest Fund, the TT dollar Income Fund to 1.20% annualized compared with 1% in May 2016; this represents a 20% increase year on year payout rate.

As part of our responsibility to our unitholders, persons have accessed their savings under our Corporate Savings Plan to mitigate the impact of the economic downturn.We will continue to play a crucial role in easing the financial stress of our citizens knowing that we can make a difference in meeting life’s challenges.

Our unitholders remain our core stakeholder group and our primary objective is to be your ‘Partners for Life’. We remain committed to providing you with unrivalled customer service and tailored investment solutions to strengthen your financial legacy.We are pleased to report that the overall rating for our 2016 Customer Satisfaction Survey was 80%, which represented a 4.2% increase from 2015. Our focus is to continue to find ways to satisfy the needs of our unitholders.

Employee Value

Our employees continue to be our most important resource.  With our ‘People Strategy’ we continue to focus on enhancing our employee’s experience by delivering on an Employee Value Proposition that facilitates employee growth, satisfaction and well-being while creating an environment that fosters innovation, performance excellence and value creation.

We recorded improvements in our annual Employee Survey in 2016, in areas such as Employee Satisfaction, Job Satisfaction and Human Resource Management with the largest increase of 6% recorded for both Communication and Strategic Leadership.


I would like to focus for a moment on our governance effortswhich is a critical component of adding value in order to be best in class. We are elated to report that we have completed our benchmarking exercise to assess our governance practices and have met allcompliance requirementsof the Central Bank’s Corporate Governance Guidelines for Financial Institutions and the National Code for Corporate Governance of Trinidad and Tobago (2013).

Further to this, we conducted the first of three annual Board Evaluation Exercises to assess how effectively we are performing our roles against the objectives and the goals we have set; the results of the evaluation exercisewere subsequently submitted to the Central Bank. We also trained our Board and Strategic Leadership Team through a Corporate Governance Workshop, with contributions from representatives of the Central Bank, the Financial Intelligence Unit and the Securities and Exchange Commission.

 Adoption of and Compliance with Integrated Reporting Standards

One of the most significant changes you would notice as you peruse our 2016 Annual Report is our adoption of the Integrated Reporting Framework. Integrated Reporting, developed and promoted by the International Integrated Reporting Council (IIRC), is the next step in corporate reporting and places emphasis on how our strategy, governance, performance and prospects lead to the creation of value over the short, medium and long term.

The Unit Trust Corporation is now the first in Trinidad and Tobago and also the Caribbean region to adopt integrated reporting, and as such, integrated thinking into our public disclosures. Our aim is to become and remain world class in Corporate Governance and provide relevant and pertinent information to all our stakeholders, whether financial or non-financial.

 Societal value

As a Corporation, we are conscious of our impact on the rest of the society and the environment. As such, we continue to actively engage our communities, while strengthening our corporate social responsibility (CSR)capabilities. In order to streamline our strategic and philanthropic goals as well as provide maximum reach, I would like to highlight that we are in the process of setting up our UTC Foundation.

 Performance Review

Looking back on 2016, despite protracted economic challenges we are pleased to report a very robust year. Amidst increased stakeholders’ expectations and amplified regulatory requirements, we achieved a total comprehensive income of $92 million compared with $20 million for 2015.

Financial Performance

As a Corporation, in 2016 we surpassed all four Strategic Measures of Financial performance:

  • Revenue Growth
  • Earnings Growth
  • Revenue Contribution Ratios
  • Efficiency Ratio

Non-Financial Performance

We also placed strong emphasis on other key areas such as, Customer Engagement, Internal Processes and Talent, Technology and Culture. These initiatives continue to enhance returns, improve processes and help to maintain our leadership position in innovative investment solutions and distinctive customer service delivery.

Growth Development

With a refined mission to “create and enhance wealth for all by providing innovative investment solutions and world class customer service”, we executed on many of our strategic initiatives for 2016.

Ultimately, our growth is hinged on the efficient use of technology and adapting to change. For example, we are operating with an Act which was developed 35 years ago and therefore, there is great value to be gained by all our stakeholders in having it modernized to meet current realities. As such, this remains high on our strategic agenda and we are actively pursuing with the relevant stakeholders.

 Looking Forward

As we enter into 2017 with our defined strategy and a detailed operational plan, the UTC will not waver from its commitment to improve your life, we want to be here for you in all of life’s demands.

We are cognizant of the challenges facing the Corporation, especially in the tough economic environment in which we operate, but we remain confident that our initiatives will help keep us focused on being “the leader in investment management and wealth creation in the region”.


On behalf of the Board of Directors, Iwould like to commend Mr. Ian Chinapoo, Executive Director, the Strategic Leadership Team and our committed staff for their significant contribution to our performance in2016. I would also like to express my gratitude to my fellow members of the Board, and all other stakeholders for their tenacity and support.

Last but not least, to you, our unitholders in Trinidad, Tobago and many other countries thank you for your unstinting support and loyalty since the inception of the UTC 35 years ago.

We look forward to your continued support in 2017 and beyond.

Thank You

We have come to the conclusion of the 35th AGM, an important milestone for all of us.

On behalf of the Board, management and staff, I want to thank all who attended our AGM here today and for making it another memorable occasion.

At the Unit Trust Corporation, we will continue to here for you, as your Partners for Life.  We are forging ahead, all with the aim of making a positive difference to your lives and staying the course of Safety, Strength and Stability.

Your presence here today is a great sign of your commitment and tremendous support to us at the UTC. You are the ones who motivate us, who keep us striving for excellence and who keep us on our toes.

We were happy to share our performance with you, and I urge you to read our Integrated Annual Report which gives a new perspective on not just what we do, but also how we do it and why we do it.

We would love to hear from you, please visit our website (www.ttutc.com) and Unit Trust Corporation Facebook page.

To all who contributed to the success of this AGM, I appreciate the effort that it requires to host such an event.

To all our unitholders, I hope that you had a valuable experience and I look forward to seeing you again next year.

I now invite you to share in our refreshments. Please enjoy the rest of the evening.

I thank you.