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Chinapoo happy with UTC team
Ian Chinapoo, who is stepping down as executive director of the Unit Trust Corporation (UTC) at the end of this month, is confident about the work he has done at that financial organisation.
Recounting his accomplishments, he said: “I could say strengthening the financials. I could say improving customer service, all those things are really, really important and were the focus. But most important for me was the people, working with the team and building such a high performing team across the organisation.”
Chinapoo, who joins the Massy Group of Companies as Group Chief Financial Officer from June 1, carried out one of his final official duties at the UTC on Thursday when he presided over 36th Annual General Meeting (AGM) at the National Academy for Performing Arts, Port-of-Spain.
He had been at the helm of the UTC since 2013 and has more than two decades of experience in banking and finance.
One task he hopes is accomplished soon is modernisation of the legislation that governs UTC.
“Our act, as you would realise, is 36 years old. When we were formed things like derivatives did not even exist,” he said.
“The act does not allow us to do certain things. For example in financial landscapes now you can actually buy products that would mitigate your risks, so if a stock price is falling you can buy a product that says if it reaches a certain price it will automatically be sold.
“The act is from an era when our financial markets were nascent and growing and now our markets are more mature.”
Chinapoo said draft amendments to the act and are being reviewed by the regulators, including the Central Bank and the Ministry of Finance. “My successor will continue to champion that along with members of the board,” he said.
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