FIRST Citizens Group Financial Holdings Ltd chairman Shankar Bidaisee yesterday sought to reassure shareholders about the institution’s performance and leadership stability, saying vacancies across the organisation are currently being filled.
Speaking after the financial institution’s fourth annual meeting at the Hilton Trinidad and Conference Centre in Port of Spain, Bidaisee said shareholders approved the group’s financial statements and resolutions for the upcoming financial year.
He also addressed concerns raised by minority shareholder advocate Peter Permell on staff turnover and succession planning.
“Questions were asked about vacancies. Those are being filled at present,” Bidaisee said.
The chairman also confirmed that management is awaiting a report related to allegations raised through its whistleblower system.
In May, an anonymous disclosure filed under First Citizens’ Whistle-blowing Policy #284 raised concerns about alleged board overreach, conflicts of interest and the handling of whistleblower complaints.
Group CEO Jason Julien welcomed the level of shareholder engagement at this year’s meeting, describing it as significantly more interactive:
“I think the meeting went well. I think shareholders were very engaged. When I compare it to last year, where there were little questions, this time around, I think there were lots of questions, and the questions were meaningful and insightful,” he told the Express.
Julien commented:
“It was clear that shareholders are invested in terms of how we perform and where we’re heading. They clearly want to better understand the business model that we have, the opportunities that exist for us and…all the questions were constructive,” he said.
“An engaged investor means that we get a nice reminder as to the people that we serve and what’s important to them, and it allows us to be reinvigorated to go and deliver that performance. The tone was great in the room, the engagement was great in the room, it was all constructive and meaningful, and I think beneficial to everyone present,” he said.
Permell, meanwhile, said he challenged the board on several issues, including what he described as a noticeable turnover of senior personnel.
“There’s been a high turnover of staff, whether through retirement, early retirement or resignations,” he said.
According to Permell, shareholders have observed a number of departures through regulatory disclosures but have received limited information about succession planning and replacement appointments.
Among the notable leadership changes were the resignation of Neela Moonilal-Kissoon as group deputy chief executive officer (Operations and Administration) and the return of Sana Ragbir to her substantive role as general manager, Retail and Commercial Banking, after her appointment as acting deputy chief executive officer for Revenue Generation ended on December 31, 2025.
There was also the retirement of Shiva Manraj as group financial officer on June 10.
“The point I was making is that this should be a concern not only for shareholders but also for the board. What are they doing to mitigate that drain on their human-resource capital?”
While employee departures may not be reflected directly on a balance sheet, Permell argued that the loss of experienced personnel can have a significant impact on an organisation’s performance.
He said management indicated the issue was being addressed and that vacant positions would be filled in the coming months.
Another area of concern was the bank’s technology infrastructure, particularly plans for a data centre that had been discussed at previous annual meetings.
With cybercrime risks increasing across the financial sector, Permell said shareholders wanted reassurance that the initiative remained a priority.
“I just wanted to make sure they did not abandon it,” he said.
Permell also questioned management about the impact of the Government’s 0.25% asset levy on financial institutions.
He noted that the bank had previously acknowledged that the levy had weighed on profitability and asked what measures were being taken to offset its impact.
“The question was, what strategies are they employing to mitigate the fallout from this asset levy?” he said.
According to Permell, management acknowledged the challenge and indicated that adapting to the levy would likely become part of the bank’s operating reality.
Two new directors
During the meeting risk and compliance professional Marissa Allum and chartered accountant and corporate governance expert Anil Bridglal were elected to the FCGFH board.
Allum is a risk and compliance professional with more than 19 years of local and international experience in regulatory compliance, risk management and financial services.
She holds a Master of Business Administration (MBA) from Heriot-Watt University and is a member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).
And Bridglal, a Fellow Chartered Certified Accountant, Forensic CPA and chartered manager, was described as an accomplished finance executive and corporate governance specialist with more than 30 years of experience across the energy, manufacturing, retail, financial services and public sectors.
The appointments of Allum and Bridglal came eight months after Bidaisee-chaired board was elected during a special meeting of shareholders.
On October 8, Bidaisee and fellow directors Dr Sterling Frost, Jo-Anne Boodoosingh, Prakash Dhanrajh, Nichelle Granderson, Javan Lewis, Tricia McNeil-Beckles, Sandy Roopchand and Crystelle Smith were elected to the board.