The Unit Trust Corporation has issued a statement reinforcing the corporation’s commitment to its fiduciary responsibility to its investors, and to ‘act in the interest of its unitholders and are committed to the highest standards of professional conduct and discharge their duties”.
Izzso media spoke to a source very familiar with the operations of the organization, about the proximity of the statement issued on Thursday 30th July, 2020, to the Opposition Leaders statements.
While the statement issued by the Unit Trust Corporation did not reference statements from Leader of the Opposition Kamla Persad Bissessar on a virtual campaign platform, suggesting that if elected to government, her administration would create a National Infrastructure Fund, using cash balances from the UTC and NIB to deal with roads, drainage etc.
In the advent of this statement, there were many calls and inquires to the Unit Trust Corporation from concerned investors and unitholders. Questions online included:
1] If the plan as announced by the Opposition Leader was possible?
2] If the plan was even legal?
3] If the proposed plan could negatively impact investors?
Our source stressed that as of 2013, the Unit Trust Corporation was listed as a S.I.F.I. or a Systemically Important Financial Institution which offers additional layers of regulation and protection because of it’s footprint and impact of the National economy. The N.I.B. is also classified as a S.I.F.I. The source went on to add that by Law, the Unit Trust Corporation is governed by strict Laws and regulations designed and enforced to protect the investments of unitholders.
The source stressed that by Law the Unit Trust Corporation holds investments ‘in trust on behalf of’ investors and cannot use the investments in any arbitrary manner.
The Official statement from the Unit Trust Corporation stated: “ The Board of Directors and Management have a fiduciary responsibility to act in the best interest of unitholders and are committed to the highest standards of professional conduct and discharge their duties. As a key player in the financial services sector, the safety and security of our unitholders is our primary obligation and our greatest responsibility. We will not compromise your trust”.