This year the Anguilla Social Security Board celebrates thirty one years of exemplary service to the people of Anguilla. On January 2, 1982 Social Security registered its first contributor.
In 1980 when the system was introduced and the ordinance signed on November 3, 1980 by its charismatic leader the Honorable James Ronald Webster, there were many who regarded his innovative ability as a wild goose chase. Today many Anguillans are reaping the rewards of a visionary whose ability to think and his foresight transcended his time. Never before and or after has any leader devised a futuristic scheme as the introduction of Social Society has proven to be.
But Mr. Webster realized in this dynamic environment nothing remains static and therefore he expected present and future leaders to be innovative in their thinking and decisive in their actions to not only effect change but to stay ahead of the present technological advances. It is based on this futuristic view that we have been operating in spite of the global downturn. It is my hope that the Anguilla Social Security Board will utilize modern technological advances like Face Book, Twitter and an updated webpage to provide all necessary information for our stakeholders.
We have spearheaded a number of bold initiatives never undertaken in the history of Social security and it is my intention as the Chairman of the Anguilla Social Security Board to implement several other bold initiatives.
The fallout of the global economic downturn has affected the ability of individuals to meet the needs of their dependants and their basic survival is under immense threat. It is as a result of this and the number of children who were going to school hungry that the Social Security Board, in its wisdom, instituted a special program to provide assistance for the less fortunate. We approved half a million dollars for this program. Realizing that the Government was not in a position to provide the quantum of Scholarships, the Anguilla Social Security Board as an initiative provided financial assistance for the youths of Anguilla. That initiative cost the Board in excess of $873,000.00 and assisted a number of young people in pursuing their goals.
Additionally, realizing the importance of education to the development of Anguilla, the ASSB spent over two million dollars in education and education related projects for the period 2010 to October 2013. This is the single largest amount ever spent on education in the history of the Fund. The Board has also spent large amounts in other socially desirable projects such as lighting for the hospital’s premises, road safety panels, the Coronation Avenue street-lighting project, safety at sea for our fishers, and we intend to continue this trend.
In terms of staff development, the Board reviewed the ad-hoc method in training staff and has instituted a more structured approach. Staff members continue to be trained but presently this training is based on the needs of the organization.
It was the intention of the Anguilla Social Security Board to construct a new headquarters but the results of a value-for-money study, not requested by the Board but by the former Governor, did not see the need for such an undertaking which, in our opinion, was not only intended to provide needed space for staff but also to provide construction and other work for the people of Anguilla.
The Fund is in good shape and we have reduced expenditure in a number of areas. To date we have assets of about $302 million dollars. The financial crisis has had an impact on our Banking system and as a result we have invested huge sums in the local Banks. The Board is conscious of the need to diversify its portfolio as recommended by our Actuary, but recognizes the importance of our investments to the survival of the local Banks. This chicken and egg situation has left us in an untenable position which we hope will be rectified in the New Year.
It is our intention in the New Year to embark on a number of bold initiatives which, we are sure, will please the Father of the Nation. These initiatives will provide additional safety nets for the people of Anguilla while at the same time providing investment opportunities for the Fund. We anticipate some criticism as was experienced when Mr. Webster introduced Social Security but we are confident that these initiatives will be successful. We are presently conducting the necessary analysis and feasibility studies and once we are satisfied that these initiatives will benefit the people of Anguilla we hope to forge ahead on or before June 2014.
To ensure the long term success of the Anguilla Social Security Board it is my desire to look into instituting a new corporate governance structure. This new structure will address critical areas of responsibility and accountability to monitor the actions, policies and decisions of Board members and staff. The new structure must ensure that the Board has a broad base representation including but not limited to government, opposition, business and civil society.
The members that make up the Anguilla Social Security Board, who are professional, calculating yet compassionate in all their dealings, want to achieve the mission of Social Security which is to improve the quality of life for all by providing meaningful social security to workers and beneficiaries and socio-economic development for our community. To achieve this mission we need to be customer oriented, strategy focused and technology driven, with competent and committed staff, using high standards of corporate governance and prudent financial management.
In closing I want to wish the Fund and the people of Anguilla success in all future endeavors. But I also want to remind them that this period like when Noah built the Ark is to remind us that there is no power on earth who can match the love God has provided for us. Have faith and consolation that he will never allow you to bear more than you can. My people, challenges make us stronger but God alone will answer all our prayers.
Thanks for listening and may God bless Anguilla.
(Published without editing by The Anguillian newspaper.)
