The Jamaica Stock Exchange held its 33rd Annual General Meeting at its Head Office at 40 Harbour Street, Kingston on June 24, 2010. Mr. Curtis Martin, Chairman welcomed all present and asked that a minute of silence be observed as a mark of respect for the passing of former Director Ms. Nicole Lambert.
The Chairman gave a brief overview of the JSE Group’s 2009 financial year, which he emphasized was a very challenging one, resulting from the effects of the global recession on the local financial sector and in particular the low trading on the JSE. He noted that the effects of the Government’s debt reduction policy and the lowering of interest rates should have a positive impact on the JSE financial position for 2010. He expected to see more investors gravitating towards the equities market once again.
The Chairman stated that even though 2009 had its challenges, the JSE was able to make strides with the Junior Market, which saw its first listing in 2009 and the second earlier this year. He stated that the Junior Market is another means through which the JSE is providing investors, business sectors and the economy an opportunity to raise capital and stimulate economic growth in these challenging times.
Mrs. Marlene Street Forrest, General Manager, JSE, in her overview of 2009 and operational plans for 2010 and beyond, stated that the bearish mode of the market relatively impacted the JSE Group’s 2009 financial performance despite the various cost cutting measures that were implemented.
Mrs. Street Forrest stated that the first listing on the Junior Market, Access Financial, saw the company raising over $100 million in the market and there were now two listings and a third is imminent. She also noted that an additional five Junior Market listings are expected by the end of 2010.
Some other major achievements for 2009 were the development of the JSE’s e-Learning Campus that would be fully implemented in 2010, the expanded investor reach via market education and the growth in the Registrar and Trustee Services Divisions.
For 2010 and beyond, the JSE will be developing new products and services for the market, such as, trading in government securities, trading corporate instruments and trading of options. Internally, the JSE will continue to rationalize and control expenditure, enhance market rules, collaborate with the government and improve dialogue with brokers and investors.
All retired Directors were re-elected and a new Director, Ms. Janet Morrison of Dunn Cox, was elected as a result of the passing of Ms. Lambert.
At the special Board Meeting held immediately after the AGM, Mr. Curtis Martin was re-elected Chairman of the JSE and Mr. Donovan Perkins elected Deputy Chairman.
