Story by JOEL JULIEN ([email protected])
Gerry Brooks has been appointed the chairman of the Unit Trust Corporation (UTC). Brooks’ appointment took effect on March 11 for a term of two years.
He succeeds Rolston Nelson as the corporation’s chairman.
Brooks’ appointment comes less than nine months after he resigned as the chairman of the National Gas Company.
In 2018 the University of the West Indies’ St Augustine campus named Brooks a Professor of Practice-Innovation and Entrepreneurship.
Apart from that Brooks is a retired group Chief Operating officer at ANSA McAL and a former member of the board of the National Enterprises Limited (NEL) and the Telecommunications Services of Trinidad and Tobago (TSTT), and an attorney.
His appointment as UTC chairman comes at a time when the corporation seems to be making a financial turnaround.
UTC reported total comprehensive income for the nine-month period ending 30 September, 2019 of $81.75 million.
For the same period in 2018 the UTC recorded a loss of $6.2 million. In all the UTC made a loss of $33 million in 2018.
The Corporation reported a $293 million decline in total income in 2018 when compared to 2017.
UTC’s executive director Nigel Edwards previously explained to Guardian Media that the reversal of $88 million in 2018, when compared to 2017, was mainly as a result of the new accounting standards that the corporation had to adopt.