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International Women’s Day Marked by the Jamaica Stock Exchange and Partners

The Hon. Olivia Grange, Minister of Culture, Gender, Entertainment and Sport (left) greets Managing Director of the Jamaica Stock Exchange, Mrs. Marlene Street Forrest, at the Bell Ringing Ceremony for International Women's Day.

The Hon. Olivia Grange, Minister of Culture, Gender, Entertainment and Sport, rang the Bell at the Jamaica Stock Exchange to signal the Opening of the Market on March 8, 2021, as a part of the UN Women/IDB/Flow Bell Ringing Ceremony to bring attention to gender equality. This year’s Women’s Day celebration which was celebrated under the theme “Choose to Challenge”, and the UN Women/IDB theme “Women in Leadership: Achieving an equal future in a COVID-19 World”.

In her welcome, Managing Director of the Jamaica Stock Exchange, Mrs. Marlene Street Forrest, stated that” During this COVID19 period we run the risk that even some of the gains made for women’s equality are reversed. According to a recent World Bank Study on the differential gender impact in Latin America ‘women have quietly borne the brunt of the crisis and are the most affected in terms of employment and income losses. The current gender gap in labour and education could cost the region fourteen percent of the GDP per capita for the next three decades. I believe that this could well be a proxy for women in Jamaica and as such, concrete action must be taken to ensure this possibility does not become our reality.”

Speaking on behalf of Ambassador Hon. Marianne Van Steen, Ambassador/Head of Delegation of the European Union to Jamaica, Belize, Turks and Caicos Islands, Bahamas and the Cayman Islands; Mr. Richard Bardia Nivins, Head of Cooperation, told the audience: “You already know that in most situations women face a myriad of challenges related to unpaid care work especially within families. Especially during these uncertain times, many women have insufficient funds to invest in the stock market and are more risk averse because they carry the additional burden of the future of their families. As insightful business leaders, you can recognize the overwhelming return on the social investment you make when you promote a woman, even beyond the glass ceiling.”

Ms. Tonni Ann Brodber, representing UN Women Multi-Country Office Caribbean, stated: “In ‘building back equal’ not only do we need to invest more in women, but we also need to have more women in the financial sector, (as Mrs. Street-Forrest said) in decision-making, as entrepreneurs, business leaders, and also as investors. We also need the policies in place that will support this such as universally accessible child and elder-care and increasing sharing of care in households.”

She also highlighted that “Gender equality has proven to deliver economic success on a macro-economic level for countries and research has also shown as well for the private sector direct benefits for companies that are intentional about their implementation of gender equality and women’s empowerment policies, are more profitable.”

In her remarks, Ms. Phadra Saunders, Director of People Business Partner, Flow Jamaica, impressed on the audience to consider other complex issues impacting gender equality and women in leadership. She stated that “Thriving in a COVID-19 world means that we must do things differently and have the hard conversations. While gender equality is essential for the way forward, it is part of a broader discussion about Equality, Diversity and Inclusion.”

Head of Financial Institutions, IDB Invest, Miss Marisela Alvarenga, emphasized that: “Investing in women is the smart decision. I invite you to embrace a gender-lens investing as a way of doing business: this is your chance to secure a sustainable and inclusive economic recovery in Jamaica and in the region.”

Miss Monique French, Chief Credit Officer, CIBC First Caribbean, who was recognized as the first Caribbean woman to win a WeQual Award. Ms. French spoke about the experience that she gained in winning the prestigious WeQual Award. She encouraged women to (i) To take calculated risks (ii) Step ‘into the ring’ with the mindset to win and (iii) To cultivate relationships. Ms. French underscored that in this time of Covid uncertainly, women must challenge themselves to hope, plan and to contribute to a better future.

In her Key-note presentation, The Hon. Minister Grange stated, “In Jamaica today, a young girl is free to make her choices and to live as a liberated, confident woman. Whether she wants to be the Prime Minister, a Cabinet Minister, the Attorney General, the Chief Justice, the Director of Public Prosecutions, the Public Defender, or the Speaker of the House of Representatives — she can aspire towards any leadership position in Jamaica today. But more than that, she has seen women of distinction in these leadership positions during the last few years.

“I am proud that more women are being empowered to offer themselves as representatives and that more and more of us are being elected. I am proud that there are more women today that are making decisions in the board rooms, particularly in Government where board membership must comprise at least 30 per cent of each gender.

“I want to specially congratulate Managing Director, Mrs. Marlene Street Forrest, on her continued astute leadership of the Jamaica Stock Exchange”.

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