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TSTT FLATLY DENIES BONUS PAID TO BOARD OF DIRECTORS

Trinidad - Following recent media reports, TSTT wishes to categorically deny that members of the TSTT Board received any payments on May 24th 2010. This is a careless and unacceptable accusation especially given the fact that any payment other than director’s fees would not be in accordance with the terms under which board members serve.

It is the company’s policy to hold management remuneration in strict confidence and protect their privacy. However, the CWU is fully aware that normal salaries were paid on May 25th 2010 in accordance with the pay date schedule which is set out for the full year. On this date, along with salaries, bonuses were paid to management as approved by the board which comprises Government appointed members and duly appointed representatives of Cable and Wireless. This approval was granted during a May 14th board meeting and in full accordance with a board- approved bonus scheme that has been in existence for more than five years. The Union’s deliberate attempt to make a misleading link between the payment and elections is clearly unethical conduct.

The company also wishes to state that the CWU’s claim that members of management have received a 5% increase in salaries is patently false. On the contrary, management salaries have been and still remain frozen since 2005 with no increases granted to date. Additionally the company has again observed the CWU’s consistent tactic of quoting inflated figures regarding bonuses and profits to mislead the public.