25 The NIBTT’s Real Estate Portfolio as at June 30, 2017 stood at $328.75Mn and accounts for 1.30% of the portfolio. NIBTT’s new Corporate Headquarters around the Queen’s Park Savannah, is now completed, with staff occupying three floors. This Queen’s Park East (QPE) building is acclaimed as being the first Leadership in Energy and Environmental Design (LEED) GOLD certified building in the English- speaking Caribbean, which means that the NIBTT has achieved the second highest LEED certification. Our QPE Corporate Headquarters also has the capacity to house several retail and office spaces on the two lower floors. Thus, NIBTT is currently seeking suitable tenants to occupy these spaces with an aim to earn a targeted return on this investment. Year-on-Year Total Unrealised Investment Income Asset Class 2017-2016 2016-2015 Equity $256,157 ($922,822) Bonds $66,479 ($441,654) Subsidiaries $149,433 $103,434 Other $70,433 $213,082 Total $542,502 ($1,047,960) Year-on-Year Realised Investment Income 2017-2016 2016-2015 Interest Income $391,044.00 $359,134 Dividend Income $440,929.00 $399,948 Gain on sale of securities $132,959.00 $201,079 Gain/(loss) from Foreign exchange $6,301.00 $74,059 Other Income $41,842.00 $27,582 Total realised Investment Income $1,013,075 $1,061,802 OPERATIONAL HIGHLIGHTS Actuarial Review The ninth Actuarial Review as at June 30, 2013, was conducted to assess the balance between the rates of contribution and benefits, with the aim of ensuring sustainability of the Fund. This review made both short and long-term recommendations that were meant to stymie the impact of the ageing population. Two short- term measures were implemented: • An increase in the contribution rate from 12.0% to 13.2% • An increase in the maximum insurable earnings from $12,000 to $13,600 During the reporting period, as previously mentioned, we also made significant strides in promoting NIS Reform via the media and through the co-hosting of two seminars on – “Equal Opportunity and Non-Discrimination in National Budgeting” and “Pension Reform in Trinidad and Tobago – National Insurance System.” These were done in collaboration with the Equal Opportunity Commission and the Trinidad and Tobago Chamber of Commerce respectively. Duringthisreportingperiod,wealsocommenced the conduct of the tenth Actuarial Review as at June 30, 2016. Notwithstanding, although we are legislatively mandated to conduct these reviews within five-year cycles, we have adopted the more prudent approach of three-year review cycles in keeping with international norms. Process Mapping In our pursuit of optimising the efficiencies within the organisation, we embarked on a process redesign exercise where 134 critical processes were mapped and re-engineered to improve efficiency, ultimately resulting in lower administrative costs and enhanced customer service delivery. Customer Satisfaction Surveys Given the organisation’s continued focus on customer feedback, we commissioned the conduct of two customer satisfaction surveys, as well as a mystery shopper study during the financial year. These studies are used to inform strategies to enhance the quality of NIBTT’s service delivery. The outcome of the survey analysis showed an overall customer satisfaction rate of 92.5%. Risk The NIBTT remained committed to establishing a sound system of risk oversight and management, to identify, assess, monitor and manage material risks related to the conduct of its activities. This commitment was demonstrated via the continued implementation of its Enterprise Risk Management Framework, which was developed in accordance with the ISO and COSO guidelines. (International Organisation, for Standardisation and Committee of Sponsoring Organisations of the Treadway Commission).