[UPDATED] New First Citizens Group board elected

A new board has been elected for First Citizens Group at a special general meeting at the National Academy for the Performing Arts (NAPA) on October 8.

The new group board members are:

*Shankar Bidaisie

*Dr Sterling Frost

*Crystelle Smith

*Prakash Dhanrajh

*Sandy Roopchand

*Jo-Anne Boodoosingh

*Javan Lewis

*Nichelle Granderson

*Tricia McNeil-Beckles

First Citizens Group confirmed the elections in a media release to shareholders on October 8, hours after the special general meeting.

Jason Julien remains as acting CEO, while Shankar Bidaisee, Udecott chairman and chairman of First Citizens Holdings Ltd was elected chairman of the group’s board. Sterling Frost was elected as deputy chairman. Lindi J Ballah-Tull was elected as corporate secretary.

Javan Lewis was elected to the board despite not being present because of prior travel arrangements.

Noticeably absent from the proceedings were members of the previous board – Anthony Isidore Smart, Cortenay Williams, Franka Costelloe, Troy Garica, Jayselle Mc Farlane, Idreds Omardeen and Ryan Proudfoot.

At the start of the proceedings, the executive advised the shareholders that the previous directors had all resigned and they would be voting on a new list of directors.

Julien confirmed to reporters that the new board was nominated by corporation sole, who is the majority shareholder of the group. Newsday understands that the elections were done by majority vote with just a couple people voting "nay” – one person against Bidaisee’s election as chairman and one person against Julien’s election.

Scores of shareholders went to NAPA to take part in the special general meeting with a total of 200 shareholders packing into the NAPA auditorium which was still undergoing repairs to the air-conditioning unit.

Shareholders expressed mixed views of the new First Citizens Group board, with some expressing optimism and others raising concerns.

“The reason the board resigned is because of this political business,” one shareholder said with concern. “I feel that there was political pressure to change the board. It makes me worried about how it will run.”

Another shareholder said she does not know much about the new board, but commended the group’s professionalism.

“My concern is the decline in share price since this whole hoorah started,” she said. “I believe a lot of people had a lot of confidence in the former CEO and when she departed, I checked immediately and it went down significantly. That is my concern. I hope they do what they need to do.

“Even though there are some new people there are some on the board like Sterling Frost would have been on the previous board,” said a third shareholder. “From listening to the bios, we think it is a good mix of people. We will just have to wait and see.”

In August, Newsday was told that Karen Darbasie, who assumed the role of group CEO in April 2015, went on approved vacation on August 21, ahead of pre-retirement leave.

Then group deputy CEO Jason Julien took up the role of acting group CEO amid Darbasie’s departure.

Finance Minister Davendranath Tancoo hinted at concerns over the bank’s operations while responding to questions from Newsday surrounding Darbasie’s departure.

Tancoo appointed new members to the board of First Citizens Holdings Ltd, which represents corporation sole, on August 27. The board at First citizens holdings is now the same as First Citizens Group.

Bidaisee, while speaking to reporters on the way to the new board’s first board meeting, said the special general meeting went according to schedule.

“The resolutions for the appointment of all directors were carried out. There were no objections. First things first is to have our board meeting and get on with the business of the group.”

He said plans for the future will be determined by the board.

Also responding to questions from the media, Julien assured concerned shareholders that First Citizens’ Group has had a strong performance and standing for its 32 years of existence and that will only stand to improve with the selection of the new board.

“There is a consistency of understanding of the strength of our balance sheet, how we serve our customers and how we do better,” he said. “I think what shareholders could be assured by is that this is an organisation that has been recognised, reaffirmed as investment grade, has a solid balance sheet, has one of the largest and most significant capital adequacy ratios in the hemisphere and continues to deliver an investment yield that is superior.”

He expressed excitement over the diverse group.

“As a financial services group that is in the Caribbean and is forward-looking, the skill set that we have available to us in the board room would help us be able to debate, have different perspectives, get advice and the cross-section of skills gives us a diversity of views that helps us to plan strategically.”

This story has been adjusted to include additional details. See original post below.

A NEW board has been elected for First Citizens Group at a special general meeting at the National Academy for the Performing Arts (NAPA), Port of Spain, on October 8.

The new group board members are:

●Jo-Anne Boodoosingh

●Javan Lewis

●Prakash Dhanrajh

●Shankar Bidaisee

●Dr Sterling Frost

●Crystelle Smith

●Sandy Roopchand

●Nichelle Granderson

●Tricia McNeil-Beckles

Jason Julien remains as acting CEO, while Shankar Bidaisee, Udecott chairman and chairman of First Citizens Holdings Ltd was elected chairman of the group’s board. Lindi J Ballah-Tull was elected as corporate secretary.

On August 21, CEO Karen Darbasie went on administrative leave prior to her retirement which takes effect from October 21.

Scores of shareholders went to NAPA to take part in the special general meeting.