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| COMMENTARY By Elvin Bailey |
| HONESTY, HONESTY |
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Since they made off with the people’s
money, I have heard the word “Ponzi” being
used over and over again. To my chagrin, there are persons
who are attempting to draw parallels between it and
Social Security. They are wrong in their conclusions.
Here’s why.
To start with, the Finance and Investments Department
is well staffed with persons trained in accounting and
in investment management. They report to the Deputy
Director and Director who themselves are seasoned in
accounting. They, in turn, report to a chairman who
is himself experienced in accounting; and whose Board
consists of two other persons versed in accounting.
Surely, therefore, if any mistake is made, some one
of them will notice it and have it corrected! On the
top floor in the far corner of Social Security, there
is a department that is three persons strong. It is
the Audit Department, unnoticed, unheralded, but vitally
important. It is this department that ensures that we
do what we are supposed to do when we are supposed to
do it.
Our Audit Department is staffed with eagle eyed people.
Unlike the rest of us who report to the Director/CEO,
they report directly to the board. They are the first
line of defense against irregularity. Another line of
defense against irregularity is the external audit that,
by law, we subject ourselves to annually. Currently
we are audited by the internationally reputable firm
of Panel Kerr Foster, and even though they have been
auditing us for the past years, we have had, in concert
with new international standards, different persons
for the review each year.
I must report that occasionally we are chastised over
minor administrative procedures, but never over money
imbalances. Added to that mix is the legally mandated
triennial actuarial assessment. Over the years, we have
been assessed by 4 different actuaries (at different
times), with Derek Osborne of HorizonowTM being our
most recent. We have agreed with them and we have disagreed
with them, but we have never influenced their reports.
They analyse the data and present only what the data
says to them. And everytime, they have determined that
the system is actuarially and financially sound. The
last two reports have been shared with the public and
are available on our website, unedited. The assets that
we say we own are real.
There is money in the banks and in FINCO. Property ownership
of Canne-a-sucre, Kawaja, Franklands, Winterforest,
Pinneys and a few other places are not fictional although
readers may not all know their exact locations. SKNANB,
C&W, SLH, TDC, LUCELEC, are real companies in which
we have shares. Loans that have been made to GoSKN,
NIA, SKASPA, NASPA, SKNDB, FND, NHC, NHLDC, SKCCU, NCCU
are being paid back with interest and all of them are
current on their payments. And in any case, we have
a sovereign guarantee on our funds. Social Security
is risk averse; indeed we operate in a capital preservation
mode. Hence, any proposal that is made to us is thoroughly
investigated, using our regional and international links
where necessary. Sometimes, but not often, our information,
although proprietal is even prematurely leaked to the
press! The board membership has already been increased
from nine to 12 persons to allow greater representation
of society.
They, too, engage in training sessions from time to
time. To present balance in this article, I will admit
that we promise phenomenal returns to insured and compliant
persons; and last week I reported how many times we
have kept that promise. We are here and we are here
to stay! In the future, we will continue to protect
our people and our assets by continuing to share information
with our sister systems, we will continue to train our
staff and expose them to seminars and conferences that
build up our expertise and continue to keep you informed
of developments that affect your financial future. We
call upon other financial institutions with the know-how
to join us in this venture. Meanwhile, do not be fooled
by fast talking, quick thinking, pretty faced, well
dressed salespersons, offering schemes that seem too
good to be true.
Do not be fooled. They are wolves dressed like sheep.
Bolt. But by far the best defense against Ponzi that
we have is YOU. You, the educated, informed, questioning
and caring public. You are the sunlight that sanitises
us. We do our part through articles like these, through
the Social Security and You television programme, through
radio programmes such as Social Security Five and Because
you deserve a future; through publications/newsletters
such as Things you should know about Social Security,
Vision and Insight. Accountability and transparency
are our hallmarks. So keep questioning. That is the
surest way of safeguarding your money. Honestly!
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