Suspended National Insurance Board (NIB) Director Algernon Cargill was the highest paid public officer as a leaked report revealed that his contracted salary and hefty bonuses gave him a take home pay of nearly $400,000.
According to a tabloid website, Mr. Cargill had a take home pay of more than $393,000 – a salary three times higher than the prime minister’s.
In addition, Mr. Cargill reportedly received a hefty bonus of more than $194,791.66 between the months of January 8th 2010 to May 1st 2012.
Reports added that Mr. Cargill’s contracted salary was $178,000, his gas allowance was $12,000, duty allowance was $13,000 annually and his bonus in 2010 amounted to $104,541.66.
Additionally, Mr. Cargill reportedly received $20,250 in January and by December another $49,000 was awarded to the director in bonuses.
During a press conference at NIB’s headquarters Sunday, NIB Deputy Chairman Bernard Evans did not confirm or deny the allegations save to say that the board has halted high bonus payouts for executives.
“Without giving too much detail on that, the bonuses that executives may have enjoyed under the previous board will not continue under this board,” he said.
“I have been given strict instructions under the chairman that that must be put on hold, if not stopped.”
He noted however, the regular staff bonuses are being reviewed.
“When we came here, we met with both the unions and the executives of HR and along with the plans, the new administration said going forward there were recommendations for some upgrades. They are still being processed. The only thing I can tell you now is that there are some anticipation of such as long as we can get approval. But to say people have received it, not as yet,” Mr. Evans said.
Currently, there is a forensic audit being conducted at NIB after allegations surfaced against Mr. Cargill for the abuse of millions of dollars in NIB funds and misconduct.
In the same vein, NIB Chairman Gregory Moss has also been placed under investigation.
Mr. Cargill has been put on administrative leave, but Prime Minister Perry Christie confirmed last week that the same would not happen to Mr. Moss.
Yesterday, officials said that they could not comment on executive bonuses because the auditors have not “reviewed that aspect” yet.
At a stalwart counsellors luncehon yesterday, Progressive Liberal Party Chairman Bradley Roberts spoke about the National Insurance saga.
“The minister with the responsibility for NIB was former Prime Minister Hubert Ingraham who employed Mr. Cargill,” he said.
“I am advised that at least two former NIB Board members have disclosed that approval of very generous executives bonuses was not made by the board. The burning question for which an answer is being sought is this: Who gave the approval and the rationale for this compensation package totalling almost $400,000 for a corporation director? Inquiring minds want to know.”
Meantime, board members insist that the financial state at the board is sound as the board holds $1.6 billion in assets.
But officials refused to go into further detail about Mr. Cargill’s or Mr. Moss’ allegations.
“The board acknowledges that there is court action ongoing before the Supreme Court in relation to its Director Algernon Cargill. The board expects that this matter will run its normal course until the matter is ruled on by the court,” Mr. Evans said.
Director of the Audit Committee and Board Member Philip Beneby said most of the policies at NIB will be reviewed.
“We are looking at the financial aspect to reduce cost and substantially we are holding the 2013 to the 2012 budget so that’s a start in aspect. In terms of policies, the committees are looking at all aspects of them. The objective is our fiduciary obligation, that the funds of the board are protected and we want to be a sufficient and effective organisation as much as possible,” he said.
“Where there are sufficient overages, we would like to tighten those up. At the end of the day, we have a duty to operate as effectively as we can.”
