Why no new chairman of UTC?

THE EDITOR: As of Friday October 29, no official announcement has been made on the appointment of a new Chairman for the Unit Trust Corporation (UTC) to succeed the previous holder whose contract, we were told, had expired. Now since “The superintendence, direction and management of the affairs and business of the Trust shall vest in the Board” which shall consist of a Chairman and other members, should not the public be told how this “superintendence,” etc is functioning in the absence of a Chairman?

If as it turns out, there is no Chairman, can the Board function officially in accordance with the UTC Act? Can it do so in the absence of a Chairman who alone can nominate another director to preside in his stead, or so if seems? It has been argued in some quarters that “The Board shall meet not less than six times a year and at least once every two months...” In other words, a minimum of six meetings per year so there is really no big rush to appoint a new Chairman. This would be quite acceptable were it not for the fact that Board Meetings are far more frequent than six times per year. Clearly the Boards have found it necessary to meet more frequently. This raises the question: How is the existing Board, and the existing system, managing in the absence of a Chairman?

Another moot point is the matter of the Investment Committee of UTC. According to the regulations, the Chairman shall be the Chairman of the Investment Committee whose purpose shall be to advise on the investment policy of the Board. Has the Investment Committee been functioning? Does it have a Chairman? Is the public entitled to know? Is there a connection between the reported low level of trade on the exchange, and the current status of the Investment Committee? Many members of the public got the impression that succession in the Chairmanship of UTC was a seamless garment. If so, why hasn’t a new Chairman been appointed? The UTC is too large an organisation to leave questions such as these unanswered.

LLOYD CARTAR
Westmoorings