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exeCUtIVe DIreCtor’S Letter Unit Trust Corporation Annual Report 2012
an integrated anti-money laundering application.
This is a critical step in ensuring that
the organization is able to meet the stringent
reporting requirements under existing Anti-Money
Laundering legislation.
Upgrade of existing UTCID Transaction
Processing System
In 2012, a vendor was selected for the supply
of software upgrades for its primary customer
transaction processing system and contract
negotiations are in progress.
Amendment of the UTC Act 1981
In 2011, the Corporation submitted a formal
proposal to the relevant authorities to
amend its enabling legislation, the Unit Trust
Corporation of Trinidad & Tobago Act no. 26
of 1981, so as to allow the vesting of UTC
Trust Services Limited with legal authority
to act as the Trustee of the Unit Schemes in
place of the Corporation. This is in keeping
with international best practices for mutual
fund providers and also with Trinidad & Tobago
Securities & Exchange Commission’s
(TTSEC) guidelines. The proposal is currently
under review by the Ministry of Finance.
RePutatIOn enHanCement
The Corporation hosted a Business Media
Workshop at the Hyatt Regency Hotel on
October 18th and 19th, 2012 geared towards
educating local media personnel on the principles
of professional business-writing. This
workshop was facilitated by Ms. Jan Brandstrader,
a Contributing Editor at Barron’s and
Adjunct in the Graduate School of Journalism
at Columbia University School of Journalism.
Journalists were exposed to an array of topics
including: writing for the investor, the consumer,
and small businesses, reading Central
Bank signals, analyzing company financial
statements and the role of mutual funds in
the financial sector.
In 2012, we continued to promote financial
literacy and financial market awareness
among the investing public through our
bi-weekly radio segment on i95.5fm, our editorial
column in the Business Express newspaper
entitled “UTC’s U and Your Money”, and
our segments on the popular morning television
program “First-Up” hosted on Caribbean
new Media Group (CnMG).
RefOCus On tHe CustOmeR
New UTC Financial Advisory and Wealth
Management Service
The Unit Trust Corporation will be launching
a new Financial Advisory service in 2013
catering to both new and existing clientele.
This service will allow us to actively engage
and foster deeper, long-lasting relationships
with our clients and their families while helping
them to understand the critical processes
involved in laying a firm foundation for a
healthy financial future.
The service will incorporate a financial counseling
and advisory program. This initiative
would be vital in assisting our clients to adequately
plan for important life events such as
retirement, buying a home, providing for material,
unforeseen future expenses (e.g.
major medical costs) and also wealth accumulation.
Enhancements to the Distribution Network
As of the end of 2012, the Corporation’s
distribution network comprised ten (10)
Investment Centres, six (6) On-Line Agency
outlets and sixteen (16) Automated Teller
Machines (ATMs). In support of our objective
of streamlining agent processes and contact,
a new “Agent Administration Manager” was
appointed in 2012 with responsibility for the
agent network. Furthermore, on December
18th, 2012 the Corporation added a new online
agency to its distribution network based
in San Juan. This agency is operated by an existing
agent, Mr. Garth Thomas, who operates
another on-line agency at Gulf City.
COmmItment tO OuR natIOn’s
yOutH
In 2012, we hosted thirty-six (36) students at
our Vacation Internship and World of Work Programmes
which are designed to assist students
in transitioning from their academic lives to the
world of work by affording them opportunities
to gain vital practical work experience.
Additionally, we partnered with the Department
of Management Studies at the University
of the West Indies (St. Augustine Campus)
and participated in their Student Career
Enrichment Programme. This programme is
designed to enrich the learning experience
of final-year undergraduate students. Participating
students were able to then bridge the
gap between the theoretical aspects of Human
Resource Management and their practical
application in a live organization.
CORPORate sOCIal ResPOnsIbIlIty
In 2012, the UTC continued to demonstrate
its longstanding commitment to various
communities throughout Trinidad and Tobago.
In total, the Corporation sponsored and
donated funds in excess of TT$600,000 covering
the areas of education (via our flagship
SEA scholarship program which provides
scholarships for high-performing secondary
and tertiary level students who are otherwise
challenged to fund their own education),
sport, culture, health and other organizations.
Furthermore, with the Corporation’s sup-
port, our employees volunteered their time
and efforts to assist with various community
outreach programs. At the UTC, we firmly believe
that by actively engaging our local communities,
individuals and families in need, we
can contribute towards their growth and development.
In so doing, we hope to positively
impact national growth and development.
This process also affords us the opportunity
to build bridges, cultivate and cement meaningful
relationships with other stakeholder
groups.
Human ResOuRCes develOPments
In order to position the organization for competitive
sustainability and aid in the attainment
of our strategic objective of “improving
efficiency”, the Corporation embarked upon
an organizational wide restructuring exercise
which was executed on a phased basis over
2012. As a result, there have been changes
at all levels throughout the organization.
We recruited and selected an Assistant Vice
President to head the UTC’s first Internal Audit
Team, and are currently in the process of