Auditors recommended Benn

June 17, 2003
Governor Ewart Williams
Governor
Central Bank of Trinidad and Tobago
Independence Square
Port-of-Spain

Dear Governor

RE: APPOINTMENT OF EXECUTIVE DIRECTOR-TTUTC/PRESIDENT, UTC HOLDINGS LIMITED

I write to consult with you on the appointment of the Executive Director of the Trinidad and Tobago Unit Trust Corporation (“the Corporation”) in accordance with the provisions of Section 7(1) (b) of the Unit Trust Corporation of Trinidad and Tobago Act, 1981, Chapter 83:03. The Corporation, having been made aware of your sentiments that a succession plan be put in place in respect of the Executive Director, sought the assistance of PriceWaterhouseCoopers (PWC) to advertise the post of Executive Director, Trinidad and Tobago Unit Trust Corporation (TTUTC)/President, UTC Holdings Limited in the media — both locally and regionally and also to undertake the interviewing process in respect of candidates applying for the position. Out of twenty-two (22) candidates, PWC was successful in narrowing the ultimate candidate to two (2) in number. Of the two (2) candidates, Mr Clarry Benn, the incumbent, received a substantial number of points more than the other candidate.

Having received the report of PWC, the Board, at a Special (178th) meeting held on June 17, 2003 carefully considered the report, other matters pertaining to successorship and unanimously agreed that Mr Clarry Benn should be appointed as Executive Director/President, UTC Holdings Limited, for a further term of four (4) years effective September 1, 2003 in accordance with Section 10(1) of the UTC Act 1981. Of the matters considered by the Board, the Board also took into consideration the lack of candidates who possessed the necessary qualifications for the position, the exceptional success of the organisation under Mr Benn’s stewardship and his ability to lead the organisation to continued success in the future and concluded that it would be in the best interest of the Corporation to appoint Mr Benn as aforesaid.

As regards Mr Benn’s age, the Board’s attention was also drawn to a previous decision of the Board at a Special Meeting held on August 3, 1995, when it was agreed that the Board can employ an Executive Director beyond the age of sixty (60) years, particularly since the post is a contractual one. Further, the Board was informed by a foreign consultant attached to the firm of Ernst and Young (Atlanta, Georgia), retained to advise on a revised compensation package for the Corporation, that large companies, both locally, regionally and internationally, have increased the age of retirement for Executive Directors beyond the age of sixty (60) due to the notable lack of replacements for those positions and the difficulty encountered in filling same. Based on the above, I now hereby engage in consultation with you as required by Section 7(1)(b) of the Act in relation to the Board’s decision.

Yours respectfully
Hubert Alleyne
Chairman