2006-2008

2006-2008

This triennium was a period of considerable transition. Major achievements occurring during this period include:

·     With Board approval, in January 2008 NIB made its first investment in a fund that is directly related to the performance of global economies.

·     The 8th Actuarial Review of the National Insurance Fund, covering the five-year period from January 2002 to December 31, 2006, was completed and formally presented to Government in 2008.

·     An External Risk Assessment report was completed in 2008 by Ernst and Young Consulting Accounting Firm and resolution of key business as identified by the Consultants. These risks were successfully eliminated and/or mitigated by the current Executive Team.

·     The Human Resources Department was restructured, focusing on developing a strategically aligned Human Resources team, comprising two teams H.R. Administration and HR Benefits and Compensation. This streamlined structure called for a sharper focus by Human Resources and also necessitated the recruitment of an additional Sr. Manager for Human Resources.

·     With a view to serving our employer clients better and contributing to increased compliance, the evaluation tool for Inspectors was revised in June 2008 to allow management to evaluate Inspectors objectively on their performance and provide training and/or additional developmental opportunities for non-performing inspectors.

·     A formal and complete Organization Chart summarizing the existing structure of the National Insurance Board was completed in November 2008 and placed on NIB’s website. This was a first for the Board.

·     An electronic Employee Satisfaction Survey was completed in November 2008 to be repeated in 2009.

·     A Job Description Project was completed for all employees of the Board in April 2009. Job Descriptions were previously not standardized and many did not exist previously.

ADMINISTRATION & FINANCE

In 2007, portfolio responsibility for NIB fell within the Ministry of Housing and National Insurance, headed by the Honourable Kenneth Russell, M.P. Also in 2007, NIB bid farewell to Director Lennox McCartney, who had twice served as Director, with his longer stint - from 1985 to December 2007 - distinguishing him as the longest serving Director.

In 2008, Cabinet responsibility for NIB was vested in the Ministry of Finance, with the Honourable Hubert Ingraham, M.P., as Minister and the Honourable Zhivargo Laing as Minister of State. NIB also made significant investments in new leadership, paving the way to assure a sufficiency of talent for the future. Algernon Cargill was appointed the new Director in October 2008.

Patrick Ward, returned to the Board of Directors as Chairman, having served as a member between 1999 and 2002.

NIB’s Reserve Fund stood at 1.56 billion dollars at the end of 2008.