NEL corrects 'error', David Robinson is not the chairman

An announcement of a chairman for state-affiliated holdings company National Enterprises Ltd (NEL) had to be recalled in what was called an “error” by the company.

NEL announced the appointment of David Robinson as its chairman on September 9 in an advertisement in local newspapers. The advertisement said his appointment took effect on September 6.

However, in a notice to the shareholders on September 10, NEL said the previous notice had been “issued in error and is hereby rescinded.”

In order for a chairman of NEL to be appointed, he would first have to be nominated. Those nominations take place at a meeting of the board, after which the names of the nominees would have to be announced. A special meeting of shareholders will then have to be held when the names of the nominees are announced within 21 days. During that meeting the chairman will then be elected.

Newsday understands that Robinson, a director on the NEL board, was selected to chair the first meeting where nominations for the chairman of the board would be taken.

The company’s website says Robinson was the general manager of group treasury at Republic Bank Ltd.

“He has over 25 years’ experience in the TT financial services sector,” the website says. “David brings a wealth of in-depth, expert knowledge of the domestic and international money and capital markets, as well as portfolio management, pension fund administration and diverse insurance products.”

On September 5 Ingrid Lashley announced her retirement from the board after nine years of service at the state-affiliated company’s annual general meeting (AGM).

Lashley, along with Nicole De Freitas and Ross Alexander announced they would not be going up for re-election for the board to then minister of finance Vishnu Dhanpaul at the end of their rotation.

At the AGM shareholders asked if Lashley was subject to any interference or asked to step down from her position. They also asked why there was no section in the meeting for the selection of a chairman.

Lashley explained that September 5 was the last day the company would have been able to legally hold its AGM, according to the companies act.

She noted that while the process was ongoing for the selection of a chairman, the company’s board would still be able to function as it had a quorum of six members.