Adrian Bharath, not the T&T cricketer with the same name, although he does play a bit, the youthful-looking 46-year-old, is the chairman of the National Insurance Board of Trinidad and Tobago (NIB). The NIB is responsible for the operation and administration of the country’s National Insurance System (NIS) which provides protection to over 650,000 insured people and manages an investment portfolio in excess of $22 billion. Bharath, no relation to the Minister of Trade and Industry, is also a director of the National Insurance Property Development Company Ltd (Nipdec). Nipdec provides a diversified portfolio of services including project management, procurement management, facilities management and commercial services to the Government of T&T on some of the country’s largest construction projects and landmark buildings.
With an experience base of 25 years, Bharath is also the managing director of AMB Corporate Finance Ltd (AMB). Prior to setting up AMB in 2009, he had stints with PricewaterhouseCoopers Ltd (Trinidad and Tobago), for ten years, and with KPMG, one of the largest accounting firms worldwide, for 11 years. He gained extensive experience in London, New York and Trinidad and Tobago, primarily in investment banking and financial services. The well qualified Bharath, BA, FCA, CA, has plans for reforming and improving the system of the NIS/NIB. Bharath took time out from his hectic schedule to speak with the Sunday Guardian.
Q: Where were you born and where did you grow up?
A: I was born in Woodbrook and grew up there.
At what schools/institutions did you receive your education?
I started at Woodbrook Presbyterian School where my grandfather was the principal, then to Fatima College and then to Nottingham University in England.
Who were the people who have influenced you the most in your career and in life in general, and how did they?
A big part of my life was influenced by the death of my parents, the late justice Carlyle and Joan Bharath, in a tragic car crash in 1999 and having to care for a younger sibling.
My father was always my hero and a great inspiration especially in sports and in my career, and I loved him dearly.
But my mother was my rock. Even though she died 14 years ago, I still hear her voice and listen to her.
That maternal bond is inexplicable.
When and how did you get into accounting?
I got into accounting at university whilst doing a degree in Industrial Economics. I needed the accounts to get exemptions from the first level of the professional exams to become a chartered accountant.
Tell us about your inspiration to do the type of work you do.
It’s twofold. The night my parents died. My ten-year-old sister at the time was preparing for the SEA. I took care of her during that difficult time. One of the hardest things I had to do was explain to her that mom and dad were never coming home, but they were never going to leave us. All of a sudden she was an orphan, and someone suggested that I claim the related benefit for her on the NIS.
I never knew at the time any such benefit existed. Now as chairman I would like all citizens to know what benefits they are entitled to claim, especially those related to orphans.
And then there are my beautiful daughters Anya and Sienna. They are my world, and my life is devoted to them and their happiness.
My purpose in accepting the chairmanship at the NIB was to ensure I contribute on a national level to their well-being and that of all future generations who will depend on the NIS.
This means the organisational changes envisioned are for long term sustainability of the NIB.
Describe your management style.
My preference is to be precise in strategic decision-making and supportive in enabling execution.
I am a firm believer in rewarding success and penalising failure. In my view if there is no penalty for failure then mediocrity prevails, and if there is no reward for success there is no motivation to strive for excellence.
What led you to join the NIB?
I joined the NIB six months ago in December 2012. The reason was to really lead the development of one of the largest institutions in the Caribbean at a time when it is critically needed on a micro and macro economic scale.
What are the main trends in your industry right now?
These are challenging economic times and investment strategy, operational efficiency and pension harmonisation are current concerns that are being addressed.
What are the biggest risks, challenges and opportunities facing the NIB?
The challenge is to sustain National Insurance benefits in the long term.
The risk is to contain the existing $3.3 billion shortfall in assets to meet future obligations and to reduce that shortfall by responsible investing. That means considering financial, economic and other risk factors whilst seeking higher returns on investments.
What plans do you have for the NIB’s growth and development in T&T?
We are currently developing our strategic plan for the next three years. It is envisioned that the NIB’s infrastructure can be improved by organisational transformation and by the development of modern principles of corporate governance, human resource and organisational development, investment banking and risk management. Regarding insurance operations, systems and policies need to be improved so as to maximise operational efficiency in terms of contribution collection and benefit payments. In order to achieve this we must have the alignment of staff. I would also like the NIB to maximise the benefits of technology, perhaps providing NIS information online and available when you type in your NIS number including contributions, available benefits, claims etc.
Who was your hero or idol growing up (fictional or real or both) and why? And who do you admire most today?
They would have to be in sports. Growing up it was Diego Maradona in football and Viv Richards in cricket. Today it’s Lionel Messi.
What was the most difficult decision you ever had to make?
My younger daughter Sienna had a 50/50 chance of living when she was born. The most difficult decision I ever had to make was to hand her over to the Neonatal Unit of the Port-of-Spain General Hospital. They saved her life.
What was it like growing up in your family?
It was great. As youths we lived every weekend on the North Coast in Balandra, and my parents allowed us the freedom to enjoy every facet of the sea.
What advice would you give to someone contemplating a vocation/career such as yours?
Pursuing any profession is challenging, but don’t give up if you firmly believe you can succeed and make a difference. My career has been in financial services in three very different parts of the world. It was hard and sometimes I thought of giving up, but it allowed me so many great opportunities.
How do you balance your family life with the demands/challenges of your job?
I try to work to enjoy life with my family since this is what brings happiness. Work does not consume my time. My family means the world to me especially since life is so short. I have experienced this first-hand since I always thought my parents would have been around today to see what I have achieved.
What are the main reasons for your success?
Perseverance and being able to deal with failure.
Describe yourself in two words, one beginning with A, the other with B (your initials)?
Astute and brave.
What do you feel are the greatest accomplishments of your career thus far?
Qualifying as a chartered accountant and working on some of the largest transactions in multinational banks in London and New York. Chairmanship at the NIB may also rank as a major career accomplishment. I guess time will tell.