Workers at Trinidad Cement Limited (TCL) used to be enticed to attend work only because of money, but now they go to work because of pride.
So said Wilfred Espinet who was reappointed as chairman of the TCL board during the company’s annual general meeting held at the Hilton Trinidad and Conference Centre yesterday.
Espinet yesterday lauded the workers, management, and executive team for saving TCL from sure death in the face of major challenges.
“I am amazed at the changes that have come about and when I meet the people who work in the company, that a company that had lost its focus, that had lost its way is now a company where there are people who smile, and who greet you and who are happy to go to work in the morning,” Espinet said.
“That is a vast difference from where we were in the early days. In fact, all we had in the early days to send people to work was money, today they have pride and that’s a big, big difference,” he said.
Espinet said this change in attitude had helped TCL weather many challenging storms.
TCL made a profit before taxes of $56.1 million this year according to the audited financial statement, as compared to a loss of $174 million last year.
The total comprehensive loss for the year, however, was $33.5 million
“This environment we operate in is not easy, many of you all have your own businesses and you are aware of the challenges you face. This is a business that is dependent on the industry that has been driven by government expenditure for substantial periods of time that being removed over the last few years has created a lot of challenges that I think that the management has weathered very well,” Espinet said.
Espinet was voted back as chairman without any opposition.
Jose Luis Seijo Gonzalez was reappointed as TCL’s managing director until April 30, 2021, Espinet said.
Gonzalez, Francisco Mendoza, Arun Goyal, and Claudia Emmanuel were all reappointed to the TCL board.
Ruben McSween who had been on the board since July 2015, did not offer himself for re-election and was replaced by Patricia Narayansingh as the National Insurance Board’s nominee.
Martin Jerome, who worked for TCL for over 40 years, questioned whether a dividend would be paid to shareholders.
“I think you would appreciate the focus of the company, management and directors is to try and ensure the sustainability of the company so therefore what the company has been doing it has been reinvesting in its people, in its plant and its market to ensure that these challenges that we are facing can be sustained,” Espinet said.