Eight executives of the National Insurance Board (NIB) and one person on contract collectively received bonuses of $723,333 between January 8, 2010 and May 1, 2012, with NIB Director Algernon Cargill taking home $194,791.66 in bonuses during that period, according to information made public in recent days.
While not confirming the figures, former NIB Chairman Patrick Ward told The Nassau Guardian in an exclusive interview that the bonuses paid to NIB executives were reasonable and had the necessary authorization before they were paid out.
Ward confirmed that Cargill himself could not have approved the bonuses and that he signed off on them as chairman after clearly defined criteria and a fair compensation system was instituted.
The bonuses have come to light in a debacle that has developed from a reported behind-the-scenes power struggle at NIB to a seemingly complex court action that has grabbed headlines and created widespread chatter for more than a week now.
According to the information, Cargill and other NIB executives received six bonus payments between January 8, 2010 and May 1, 2012.
Cargill received $40,104.17 on January 8, 2012; $17,187.50 on June 23, 2010; $47,250 on December 17, 2010; $20,250 on June 16, 2011; $49,000 on December 14, 2011 and $21,000 on May 1, 2012.
