An investigation into the structure and governance of the social security organisations in the member states of the Organisation of Eastern Caribbean States
Social security systems have come under attack with claims that they negatively impact savings, capital formation and the labour supply. This, together with the near-bankruptcies of some social security systems have led to a series of reforms, including the privatisation of the system with the assignment of individual accounts to contributors. There have, however, been little efforts in isolating the cause of the failure of the social security systems and in the identification of the factors which may enhance performance. It is this gap, which this study attempts to fill by investigating the relationship between governance, performance and administration of the social security systems by addressing the key question "How do governance factors impact on the performance and administration of social security systems in the Member States of the Organisation Of Eastern Caribbean States (OECS)?" The main findings of the study are that autonomy and independence of the social security organisations, accountability, transparency, diversification of the investment portfolio, professional expertise, partnership-building among the stakeholders and involvement or the plan participants at the board level are important in enhancing the performance and administration of the social security organisations. The results of the analysis also suggest that it is important to ensure that the persons chosen to represent the plan participants at the board level are persons of integrity with the requisite qualifications and qualities. This study, it is hoped will inform and lead to a re-examination of the reform debate to include the role of governance in the reform and sustainability of social security organisations worldwide.