Opposition leader Ralph Gonsalves on Wednesday expressed a mix of respect for Stephen Joachim’s technical abilities and significant concern regarding his professional judgment and public statements.
Gonsalves explicitly stated that he does not question Joachim’s technical skills, noting that he is well-trained in financial management. He highlighted that Joachim served as the financial controller for the Mustique Company, the nation’s largest private sector company and even revealed that he personally “batted for” Joachim to get that position years ago when the company’s board wanted to hire someone from Britain instead.
Despite acknowledging his competence, Gonsalves raised several concerns about Joachim’s approach to his role at the NIS and criticized the new chairman for publicly announcing his desire to increase pensioner payments before officially taking office, calling such statements “motherhood and apple pie” and inappropriate for a chairman to pronounce on in that manner.
He cautioned Joachim for “jumping the gun” by speaking on contributions and benefits without regard for the law, and reminded him that under Section 17 of the National Insurance Act, these matters can only be addressed following an actuarial review, the next of which is scheduled for June.
Gonsalves expressed worry that Joachim’s public comments suggest he intends to “run the thing” himself, failing to recognize the distinction between the broad policy-making role of the Chairman and the day-to-day operational role of the Director.
The Opposition leader pushed back against Joachim’s comments regarding how NIS funds should be invested, specifically concerning state agencies.
He noted that the NIS’s current exposure to state agencies is under 11% (approximately 9%), which is significantly lower than the regional average of 30% and well within the 20% benchmark considered good practice.
The former prime minister emphasized that the NIS just had “an excellent year” and is at its “most profitable” following previous reforms.
He reminded Joachim that investment decisions must go through the Investment Committee and follow Section 14 of the Act, cautioning him not to talk “off the top of his head” because the fund consists of “people’s money”.
Gonsalves issued a “caution” to Joachim, advising him to “chill a little bit” and “zip up” until he has properly studied the Act, the regulations, and the actuarial reports. He stated that while Joachim is “bright,” that brightness must be accompanied by good judgment and a willingness to work in solidarity with others rather than being too swift to judge.