T&T CLICO policyholders to attend Republic Bank AGM

(Trinidad Express) Peter Permell, chairman of the Clico Policyholders Group (CPG), says the group has accepted an invitation to attend today’s annual general meeting of Republic Bank Ltd (RBL).

The meeting is scheduled to take place from 9.30 a.m. in the ballroom of the Hilton Trinidad and Conference Centre in St Ann’s.

In a statement yesterday, Permell said the group’s attendance at the meeting is important since it is the bank’s first annual general meeting since the November 1 launch of the Clico Investment Fund (CIF) by the Government.

“As you may be aware, the CIF holds in trust some 40,072,299 RBL shares which were formerly owned by CLICO,” Permell said.

“This number represents approximately 86 per cent of the total assets of the CIF, and 25 per cent of the issued share capital of RBL. The Clico Policyholders Group represents the interests of thousands of former CLICO Executive Flexible Premium Annuities (EFPA) policyholders who recently opted to become unit-holders of the Clico Investment Fund in exchange for their 11-20-year zero-interest bonds.”

Permell said the statistics imply a direct co-relation between the performance/profitability of the bank, the rate of return to unit-holders, and the value of their investment.

“Accordingly, notwithstanding our achievements to date, the group can ill afford to become complacent as there is still work to be done.

“In this regard the group will continue to seek the best interests of all its members by being vigilant, keeping itself sufficiently informed about the bank’s business, particularly its financial performance, and maintaining its astute and robust representation.”