The National Assembly, this January 18, processed in its first debate a popular initiative project that proposes a change in the composition of the Board of Directors of the Ecuadorian Social Security Institute, IESS Bank and also defines a mechanism for the state to pay the debt borne by social security.

The popular initiative to achieve these changes to the Social Security Law and the Bank Law of the Ecuadorian Social Security Institute (Biess) was proposed by former legislator and pensioner leader, Henry Llanes, with the support of 54,557 signatures.

Llanes was admitted to the general commission at the plenary session of the Assembly and explained the scope of the reforms proposed by the citizens, where they basically have three purposes: to change the composition of the board of directors of IESS and Biess and to define the guidelines of action so that the state pays IESS the debt that is 10,000 million dollars.

The citizens’ initiative sends a letter to the National Assembly for the continuation of the IESS and Biess reform project, the deadline is running again

It is proposed that the IESS Board of Directors has five members: two member representatives, one retiree, one employer and a representative of the executive function. That their election is carried out through a direct election process, voter list and voting rights in which all active and passive insured persons and employers of mandatory social security participate as voters. The mandate will last four years and they can be re-elected only once.

The board of directors elects the president and vice president from among its members for a period of two years.

As for the Board of Directors of Biess, it is proposed to consist of five members, and the appointment procedure will be as follows: The Board of Directors of Biess will be chaired by the President of the Board of Directors of IESS, the other members will appoint the Board of Directors of IESS. IESS through public opposition and tender for merit. He will remain in office for four years.

Another proposal is for Biess to be a tier one bank (commercial bank), which, like private banking, can serve Ecuadorians, where all banking business is done. In addition, it is proposed to be a shareholder in the country’s strategic groups.

As for the state’s actions towards the members, the reform proposes that the Ministry of Economy and Finance and the Director General of IESS will agree on a debt repayment plan that must be written off. State to the Ecuadorian Social Security Institute.

The annual percentage will be determined by the repayment plan that will appear in the estimate and will not be less than 10% of the total debt.

Under the payment plan, the State can deliver to Banco del Pacífico IESS, through the transfer of shares and also the transfer of shares in the exploitation of non-renewable natural resources, in this case, what corresponds to the exploitation, transportation, refining, storage and marketing of hydrocarbons; to the production, transmission and commercialization of electricity; telecommunications and exploitation of metal ores.