Soca Warriors Online Discussion Forum
General => General Discussion => Topic started by: Trini _2026 on May 03, 2009, 02:49:32 PM
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GITA'S BIG BONUS
Former CL Financial corporate secretary claiming more than US$5m in benefits...
Camini Marajh Investigative Desk
Sunday, May 3rd 2009
'I'M ENTITLED TO IT': Gita Sakal
GITA SAKAL, who called it a day on April 30 after 15 years as CL Financial's general counsel and corporate secretary is claiming termination benefits in excess of US$5 million from the cash-starved conglomerate, now controlled in large part by the Government.
The Sunday Express understands that Sakal, who received a monthly salary of US$45,000 and a fixed annual bonus of US$2 million handed in her resignation letter on April 21, which advised that Thursday would be her last working day at 41-43 St Vincent Street, Port of Spain.
Sources say the separation was less than amicable. Group Executive Chairman, Lawrence Duprey, in a rare departure from standing practice is reported to have asked Sakal to hand over all of the company-owned assets in her possession, including a black BMW car, laptop and cellphone.
It is not immediately clear what led to the strained relations between the two but insiders say that she made some waves after demanding that the company meet its contractual obligations and pay out the US$2 million bonus owed to her for last year.
Sakal's demand was made at a time when CLICO, CL's cash cow, was under increasingly difficult pressure to meet policy-holders demands for their money and short weeks before Duprey went knocking on the doors of the Central Bank for a State bail-out, according to company sources.
When the Sunday Express first spoke to Sakal earlier this year about the US$2 million bonus, her response was: "That's news to me." Citing attorney-employer confidentiality, she said: "I hardly get involved in financial matters." She said then that "confidentiality is a big issue and I would really like to keep that so".
Did she get a US$2 million bonus? According to her: "I don't know...I wish...I could be riding out in the sunset now." Was a US$2 million bonus paid out in early January? "I am not going to answer that," she said then.
On Wednesday, Sakal said she was not authorised to speak to the press. Asked to comment on reports about her demands for termination benefits, she said: "I have a contract and I have always been paid in accordance with the terms of my contract. It's not a demand. It's not like I want something that I am not entitled to."
Asked if she thought it was morally correct given the company's dire finances and billion dollar taxpayer bailout, Sakal responded: "Do you think it is morally correct for the Government to have a lien on our hard-earned monies invested in the company?" She said the Central Bank has put a freeze on all of the assets-- deposits, annuities etc of senior executives and all family parties related to them.
"So they have a lien on all our monies and we cannot get it until Section 44 is dissolved so do you think that is correct? It's not like we stole the money...so it's one against the other."
And while she has not answered questions related to her compensation package, documents seen by this reporter indicate that whatever the circumstances, CL Financial has a legal obligation to pay Sakal a fixed annual bonus of US$2 million a year.
Clause 5.1 of the December 2007 four-year contract states in part: "The consultant shall be entitled to an annual bonus of US$2 million fixed for each year of the term of this agreement. Ths bonus is in consideration for contribution to the company and its associated companies" and "this is a fair and reasonable sum."
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45,000 US per month yesss dat is money ...
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I did not read the article in detail, but generally this CL Financial thing is not going to end nice for this administration...
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If the woman put in all that time into the company and deserve the retirement package... who's to begrudge her that?
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I stuck on the $45,000 US a month... I trying to think of all the things I could do with that salary here in the US, far more in sweet T&T.
But Bake n Shark right, if it there in the contract, she deserve it. How much value Duprey extract outta that company already and now the reporter asking if it morally right to ask for what is hers? So she supposed to take the hit for the company? Why they doh ask Duprey if he forgoing his salary or if he putting any of his personal money back into the company?
This reminding meh of the implosion of the US automakers and man who pulling in millions for years and have golden and platinum parachutes and protected retirement benefits telling men who toil on a line 20-30 years they need to sacrifice more so the company could survive... If it wasn't so damn sad it would be funny.
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I stuck on the $45,000 US a month... I trying to think of all the things I could do with that salary here in the US, far more in sweet T&T.
But Bake n Shark right, if it there in the contract, she deserve it. How much value Duprey extract outta that company already and now the reporter asking if it morally right to ask for what is hers? So she supposed to take the hit for the company? Why they doh ask Duprey if he forgoing his salary or if he putting any of his personal money back into the company?
This reminding meh of the implosion of the US automakers and man who pulling in millions for years and have golden and platinum parachutes and protected retirement benefits telling men who toil on a line 20-30 years they need to sacrifice more so the company could survive... If it wasn't so damn sad it would be funny.
wat de ras she was doing so as a secretary to be making 45000US dollars a month???
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I stuck on the $45,000 US a month... I trying to think of all the things I could do with that salary here in the US, far more in sweet T&T.
But Bake n Shark right, if it there in the contract, she deserve it. How much value Duprey extract outta that company already and now the reporter asking if it morally right to ask for what is hers? So she supposed to take the hit for the company? Why they doh ask Duprey if he forgoing his salary or if he putting any of his personal money back into the company?
This reminding meh of the implosion of the US automakers and man who pulling in millions for years and have golden and platinum parachutes and protected retirement benefits telling men who toil on a line 20-30 years they need to sacrifice more so the company could survive... If it wasn't so damn sad it would be funny.
wat de ras she was doing so as a secretary to be making 45000US dollars a month???
Corporate Secretary is not a clerical role, that person is in charge of company compliance, making sure they up to date on legislation, rules and regulations and updates the board of directors on legal duties.
The article says her other title is General Counsel i.e. in charge of the Legal Dept. In the US this would also be know as the Chief Legal Officer.
At some companies, both of these responsibilities might fall under the Chief Legal Officer. So in terms of rank and position, she was no lightweight at CL Financial. In fact she would be considered part of the company executive committee, right up there with the CEO, CFO, COO etc.
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I stuck on the $45,000 US a month... I trying to think of all the things I could do with that salary here in the US, far more in sweet T&T.
But Bake n Shark right, if it there in the contract, she deserve it. How much value Duprey extract outta that company already and now the reporter asking if it morally right to ask for what is hers? So she supposed to take the hit for the company? Why they doh ask Duprey if he forgoing his salary or if he putting any of his personal money back into the company?
This reminding meh of the implosion of the US automakers and man who pulling in millions for years and have golden and platinum parachutes and protected retirement benefits telling men who toil on a line 20-30 years they need to sacrifice more so the company could survive... If it wasn't so damn sad it would be funny.
wat de ras she was doing so as a secretary to be making 45000US dollars a month???
Corporate Secretary is not a clerical role, that person is in charge of company compliance, making sure they up to date on legislation, rules and regulations and updates the board of directors on legal duties.
The article says her other title is General Counsel i.e. in charge of the Legal Dept. In the US this would also be know as the Chief Legal Officer.
At some companies, both of these responsibilities might fall under the Chief Legal Officer. So in terms of rank and position, she was no lightweight at CL Financial. In fact she would be considered part of the company executive committee, right up there with the CEO, CFO, COO etc.
She was instrumental in the big investments, buying out companies etc.
Normally a company secretary is just a glorified note taker for board meetings but she was much more than that.
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I stuck on the $45,000 US a month... I trying to think of all the things I could do with that salary here in the US, far more in sweet T&T.
But Bake n Shark right, if it there in the contract, she deserve it. How much value Duprey extract outta that company already and now the reporter asking if it morally right to ask for what is hers? So she supposed to take the hit for the company? Why they doh ask Duprey if he forgoing his salary or if he putting any of his personal money back into the company?
This reminding meh of the implosion of the US automakers and man who pulling in millions for years and have golden and platinum parachutes and protected retirement benefits telling men who toil on a line 20-30 years they need to sacrifice more so the company could survive... If it wasn't so damn sad it would be funny.
wat de ras she was doing so as a secretary to be making 45000US dollars a month???
Corporate Secretary is not a clerical role, that person is in charge of company compliance, making sure they up to date on legislation, rules and regulations and updates the board of directors on legal duties.
The article says her other title is General Counsel i.e. in charge of the Legal Dept. In the US this would also be know as the Chief Legal Officer.
At some companies, both of these responsibilities might fall under the Chief Legal Officer. So in terms of rank and position, she was no lightweight at CL Financial. In fact she would be considered part of the company executive committee, right up there with the CEO, CFO, COO etc.
She was instrumental in the big investments, buying out companies etc.
Normally a company secretary is just a glorified note taker for board meetings but she was much more than that.
Look at CL now does she deserve a bonus ?
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Corporate Secretary is not a clerical role, that person is in charge of company compliance, making sure they up to date on legislation, rules and regulations and updates the board of directors on legal duties.
The article says her other title is General Counsel i.e. in charge of the Legal Dept. In the US this would also be know as the Chief Legal Officer.
At some companies, both of these responsibilities might fall under the Chief Legal Officer. So in terms of rank and position, she was no lightweight at CL Financial. In fact she would be considered part of the company executive committee, right up there with the CEO, CFO, COO etc.
In the US her title would be General Counsel as well... although Chief Legal Officer is used in a minority of circumstances. The General Counsel is a member of the company's management team, and depending on the size of the company, a member of the Board of Directors as well. You are correct that this person is in charge of the company's legal strategies, as well as management strategies as well... not just the legal stuff. But yes, this person is a lawyer by training, usually in the field of corporate law. If they have not been trained in corporate law they usually get themselves up to speed to ensure that they remain in compliance with the jurisdiction's corporate code. Here in the US that compliance may be on many levels... Federal (Securities and Exchange Commission), state (usually they parallel each other to some degree), and then if the company is publicly traded whichever Exchange they're listed on (NYSE, NASDAQ etc.) will have its own set of rules for them to follow. General Counsels usually only advise... they don't represent the Corporation in part b/c of limitations in their time and abilities, in part because of conflicts of interest. They will normally hire an outside firm to represent them... just as most attorneys don't represent themselves but hire other lawyers.
The long and short of it is that this woman was no lightweight but a solid part of the management corps... she would have had an influential role in making the company profitable. People need to remember just how profitable CL Financial was before the collapse, and for how long it was profitable... it's not like they've been running the company into the ground. Like many other financial institutions globally they made some shaky investments in the recent years but otherwise were running a very profitable corporation on behalf of their shareholders. She is legally entitled to every penny of the severance package... although that does not mean that she will collect as much. Both parties can come together and bargain to reduce the size of the package based on the unforeseen change in the economic climate... this may be the most fair solution. But for the jackals in the press to start baying about her compensation package as though she's being greedy, that only shows how sensationalist and uninformed they are.