Jamaica Stock Exchange’s 43rd Annual General Meeting

Posted: July 31, 2020 at 5:48 pm

The 43rd Annual General Meeting (AGM) of the Jamaica Stock Exchange (JSE) was held on Thursday, July 30, 2020 as a hybrid meeting, in accordance with the Court Order dated June 24th 2020 in Claim SU 2020 CD 00227. Therefore, seven shareholders attended face to face at the offices of the JSE, 40 Harbour Street, Kingston, while the other shareholders were invited to join the meeting online. The meeting commenced at approximately 1:10 p.m. The JSE’s Chairman, Mr. Julian Mair, gave his report on the financial performance of the JSE.

According to Mr. Mair, Chairman of the JSE, “Congratulations are in order to the Government, for staying the course of divesting state assets through the Stock Market which allowed for increased inclusion and greater transparency. They did this by bringing one of the largest IPOs in history to market, that of Wigton Windfarm. Wigton attracted over 32,000 participants with bids totaling in excess of JA$14 billion in response of the Government need to raise only $J5.5 billion.

The Chairman informed the audience that the JSE was looking forward to the next 50 years, as the JSE was committed to fostering resilience for our shareholders and the overall economy through investing in various areas of our business. These investments he said will provide diversification and support to an ever expanding client base and the needs of our local and regional economies.

The Managing Director of the JSE, Mrs. Street Forrest, gave an overview of the Company’s performance. She stated that “The JSE copped several awards during 2019, among these were the Platinum Award from RJRGleaner Communications Group for the significance of its economic and social contribution to Jamaica, The Jackie Robinson Fortitude Award from Canada and the Private Sector Champion Award – SEBI for the Jamaica Social Stock Exchange. She went on to state that in 2019 the JSE continued its diversification drive to ensure less reliance on a single Company or type of income stream, to having other streams of income in order to allow the Company to become resilience, especially in challenging times. According to Mrs. Street Forrest, Cess Income in 2019 was only contributed 35% to the overall income stream, while other areas such as the e-Campus was stepping up and making meaningful contribution to the JSE’s revenue stream. She pointed out that the stellar performance of the Exchange, was reflected in its share price which increased by 168.8% in 2019 and this was significant to shareholders.

All resolutions were voted on and all passed by the shareholders.

At a Special Board Meeting immediately after the AGM, Mr. Julian Mair was returned as the Chairman of the Exchange and Mr. Livingstone Morrison Deputy Chairman.

 

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