Twenty-seven (27) Jamaican companies won awards at the Jamaica Stock Exchange’s 19th Best Practices Awards Ceremony held at The Jamaica Pegasus Hotel on December 7, 2023. The announcements revealed repeated winners and also some surprises. The Annual Awards saw a total of 44 awards being presented to the most outstanding member dealers and listed companies that do business with the JSE. The companies were assessed on their performance during the year 2022.
JMMB Securities Limited was the first big winner announced, copping the JSE’s Chairman’s Award as the top member dealer (stockbroker) in Jamaica in 2022. The JSE currently does business with 14 stockbrokers. LASCO Financial Services Limited and GraceKennedy Limited were the top winners among the 101 companies listed on the Stock Exchange. Both companies won the prestigious Governor-General Awards for Excellence, LASCO in the Junior Market category and GraceKennedy in the Main Market category. His Excellency the Most Hon. Sir Patrick Linton Allen is the patron for the JSE’s Best Practices Awards.
JMMB
The Member Dealers’ overall winner, JMMB Securities Limited, was recognized in three of the four categories judged for member dealers’ performance – for their Revenue Generation and Market Activity, Expansion of Investors and Listed Companies Base, and their website. Its parent Company, JMMB Group Limited, also won the main market award for Best Website.
LASCO
The overall winner for the Junior Market, LASCO Financial Services Limited, received awards in three of the five categories assessed for listed companies – for their performance in the categories of Annual Report, Corporate Disclosure and Investor Relations, and Corporate Governance.
GK
GraceKennedy Limited (GK), the overall winner for the Main Market, copped awards in four of the five categories assessed for listed companies – for their Annual Report, Corporate Disclosure and Investor Relations, Corporate Governance, and their website.
Other outstanding achievers at the JSE’s Awards included Cargo Handlers Limited (for Best Performing Junior Market Company), Honey Bun (1982) Limited (best Corporate and Investor Relations as well as in Corporate Governance) and Caribbean Assurance Brokers Limited (Best Website) in the Junior Market; and Sagicor Group Jamaica Limited (Annual Report winner), Carreras Limited (Best Performing Company) and NCB Financial Group (for best Corporate and Investor Relations) among the Main Market companies.
“Tonight’s ceremony is a reaffirmation of our pledge to uphold the highest standards of integrity, innovation and sustainability. It is a recognition of the collective efforts of our community – a community that strives to set the bar higher with each passing year,” said “Dr Marlene Street Forrest, JSE’ Managing Director. “Our resilience in the face of global economic shifts, our response to environmental concerns, and our innovative approaches to cyber security and data protection have not only defined our journey but have also set a benchmark for excellence in corporate governance and operational efficiency. In an era where technological advancement is relentless, we’ve not only kept pace but have also anticipated future trends. This proactive approach ensures that the value of the companies listed on the Jamaican Stock Exchange and our brokers, remain competitive and relevant, not only to the financial sector but the industries in which we participate. At the Exchange, it is our commitment to innovation that underpins our resilience and sets us apart as a leader in the region.”
“This Awards Ceremony this evening is for all our listed companies in 2022, for their display of international best practices, in tangible evidence of our appreciation for their contributions to the development of our nation,” said the Chairman of the Best Practices Awards Committee, Professor Neville Ying, to the audience. Professor Ying also congratulated the Jamaica Stock Exchange and the Jamaica Social Stock Exchange for providing leadership and combining investment for economic development with investment for social development. He also congratulated the Best Practices Awards Committee for assessing the listed companies.
“As a committee,” said Professor Ying, “we engage in international environmental scanning to improve our criteria and assessment processes. Consequently, in 2024, we will focus on introducing ESG Environment, Social, and Governance. We consider this an instructive addition as we work together towards Jamaica achieving the core goals of Vision 2023 and the United Nations Sustainable Economic goals for 2023.”
AWARDS CATEGORIES & ASSESSMENT
The JSE’s Best Practices Awards recognize three distinct groups of winners as follows: JSE Member Dealers (Stockbrokers), Main Market, and Junior Market listed companies.
JSE’s Member Dealers
Members are evaluated in four (4) areas: (1) Revenue Generation and Market Activity, (2) Website, (3) Expansion of Investor Base and (4) Expansion of Listed Companies’ Base. For this group, there is one overall winner.
Listed Companies
Listed companies are evaluated in five (5) categories: (1) Annual Report, (2) Best Performing Company, (3) Corporate Disclosure and Investor Relations, (4) Website and (5) Corporate Governance (this award is in collaboration with the PSOJ). There is one overall winner for the Junior Market and one overall winner for the Main Market.
These evaluations are done by collating the results of surveys, questionnaires and evidence from records held at the JSE. The information and results are then examined and discussed by a twenty-two-member (22) committee, comprising top business and academic professionals across varying sectors.
THE AWARDEES BY CATEGORIES FOR 2022
MEMBER DEALERS’ AWARDS
Revenue Generation & Market Activity Category: In this category, the JSE recognizes Member Dealers who traded the most value on the Exchange during the year and participated in the JSE’s Programmes.
Winner – Sagicor Investments Jamaica Limited
1st Runner Up – JMMB Securities Limited
2nd Runner Up – Barita Investments Limited
Investor Relations Category: This category recognizes the Member Dealer that consistently exceeds customers’ expectations by providing excellent customer service.
Winner – Cumax Wealth Management Limited
1st Runner up – Proven Wealth Limited
2nd Runner up – JMMB Securities Limited
Website (Member-Dealer) Category: This category is given to encourage member dealers to raise the quality and efficiency of the dissemination of information to the investing public via their website.
Winner – JMMB Securities Limited
1st Runners Up – Barita Investments Limited
2nd Runners Up Sagicor Investments Jamaica Limited
Expansion of Investors & Listed Companies Base Category: This category recognizes the Member Dealer that has increased the number of clients in the Jamaica Central Securities Depository (JCSD), JSE’s main subsidiary and has listed the most companies within 2020.
Winner – JMMB Securities Limited
1st Runner Up – GK Capital Management Limited
2nd Runner Up – VM Wealth Management Limited
The Overall Winner in the Member Dealers’ Category went to JMMB Securities Limited, which received the Chairman’s Award.
LISTED COMPANIES AWARDS
(For the Junior Market & Main Market)
Annual Report Award: This award is given to encourage publicly listed companies to produce clearer, more reader-friendly annual reports and to provide greater insight into the companies’ financial affairs, governance practices and business activities.
Junior Market
Winner – Lasco Financial Services Limited
1st Runner Up – Lasco Manufacturing Limited
2nd Runner Up – General Accident Insurance Company (Ja) Limited
Main Market:
Winner – Sagicor Group Jamaica Limited
1st Runner Up – JMMB Group Limited & Sagicor Group Jamaica Limited
2nd Runner Up – GraceKennedy Limited
Best Performing Company Award: This award seeks to identify and recognize outstanding performance by listed companies in enhancing shareholders’ value in the areas of capital efficiency, profitability, and direct return on shareholdings.
Junior Market
Winner – Cargo Handlers Limited
1st Runner Up – Mailpac Group Limited
2nd Runners Up – ** No company selected by the Committee
Main Market
Winner: Carreras Limited
1st Runner Up – Mayberry Jamaican Equities Limited
2nd Runner Up – Supreme Ventures Limited
Corporate Disclosure & Investor Relations Award: This award recognizes companies that maintain good investor relations with the wider investing public and make timely and accurate reports and announcements to the JSE.
Junior Market
Winner – Honey Bun (1982) Limited.
1st Runner Up – Lasco Financial Services Limited
2nd Runner Up – Dolla Financial Services Limited
Main Market
Winner – NCB Financial Group Limited
1st Runner Up – GraceKennedy Limited
2nd Runners Up – Scotia Group Jamaica Limited
Website: This award seeks to encourage listed companies to raise the quality and efficiency of the dissemination of information to the investing public via their websites.
Junior Market
Winner – Caribbean Assurance Brokers Limited
1st Runner Up – FosRich Company Limited
2nd Runner Up – TTech Limited
Main Market
Winner – JMMB Group Limited
1st Runner Up – GraceKennedy Limited
2nd Runner Up – Barita Investments Limited
PSOJ/JSE Corporate Governance Award: This award seeks to recognize companies that demonstrate and practice outstanding corporate governance.
Junior Market
Winner – Honey Bun (1982) Limited
1st Runner Up – Lasco Financial Services Limited
2nd Runner Up – FosRich Company Limited
Main Market
Winners – GraceKennedy Limited (for the 3rd year running)
1st Runner Up – Key Insurance Company Limited
2nd Runner Up – NCB Financial Group Limited
OVERALL WINNERS
Governor-General’s Award for Excellence for the Overall Best Practices Awards
Junior Market
Lasco Financial Services Limited
Main Market
GraceKennedy Limited
The masters of ceremonies for the evening’s awards were Mrs. Andrea Chisholm Anglin, Journalist, Television & Radio Producer and Mr. Nigel Coke, Chairman for the Northern Caribbean University (NCU) Media Advisory Board. Mr. Andre’ Gooden, Manager – Group Business Development at the Jamaica Stock Exchange, gave the vote of thanks to bring the evening’s proceedings to an end.
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