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| Larry Howai with PM Kamla Persad-Bissessar (Guardian photo) |
The Guardian newspaper said FCB's attorney Nyree Alfonso confirmed the payment to Howai, whose retirement from the bank took effect on June 24. She said the payment is over and above Howai's pension and gratuity entitlement for his 32 years at the bank and its predecessors, National Commercial Bank and Workers’ Bank (1989) Ltd.
The Guardian quoted her as saying, “The payment is in recognition of his exceptional service to the organisation as well as for the benefit of the bank in terms of attracting and retaining the best personnel who would be assured that they too would be rewarded if they give long and meritorious service to First Citizens.”
She also said the approval of the Corporation Sole was not needed on this matter and the board did not seek his advice.
The Guardian quoted her as saying, “The payment is in recognition of his exceptional service to the organisation as well as for the benefit of the bank in terms of attracting and retaining the best personnel who would be assured that they too would be rewarded if they give long and meritorious service to First Citizens.”
She stated that it is not an ex-gratia payment. “We were not under an obligation to pay, but decided to pay the sum based on precedent and our ability under the Companies Act to make such a payment.”
Alfonso explained that all of the $10 million was based on internal precedent, from calculations going back to 2005, of what three senior managers who left the company received.
He said the formula was not in any way different or preferential than that received by senior managers leaving the bank.
Alfonso said, “The final decision, which was taken on June 20, was based on both the precedent and the advice received from (Russel) Martineau.” She said Howai would have received the same benefit even if he were not going to join the cabinet.
He said the formula was not in any way different or preferential than that received by senior managers leaving the bank.
Alfonso said, “The final decision, which was taken on June 20, was based on both the precedent and the advice received from (Russel) Martineau.” She said Howai would have received the same benefit even if he were not going to join the cabinet.
She also said the approval of the Corporation Sole was not needed on this matter and the board did not seek his advice.
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