New changes to the Board of the Jamaica Stock Exchange were announced at the organization’s post-annual general meeting press conference on Thursday, June 23, 2005. The new Board members named by Executive Chairman, Roy Johnson were: Colin Steele and Garth Kiddoe, who are both independent Board Members and stockbroker representative, Christopher Williams.
Mr. Steele, the representative of the Private Sector Organization of Jamaica, replaces Mr. Alvaro Casserly who has served the JSE Board for fourteen years. Miss Caryl Fenton, who was for fifteen years the representative of the Institute of Chartered Accountants of Jamaica, was replaced by Mr. Garth Kiddoe, Dean of the Faculty of Business Management, University of Technology. Mr. Williams will represent the stock broking company, National Commercial Bank Capital Markets Ltd.
The Board paid tribute to the contribution made by the outgoing Board members, Ms. Fenton and Mr. Casserly, as well as Mr. Johnathan Brown, who was for ten years, the nominee of the Ministry of Finance & Planning and Mr. John Issa, who was a Board member for fourteen years. The four were presented with awards for their sterling contribution to the development of the Stock Exchange.
The New Board consists of the following persons:
Mr. Roy L. Johnson Executive Chairman
Mr. Curtis Martin Deputy Chairman
Mr. Christopher Berry
Mr. Don Webhy
Mrs. Rita Humphries Lewin
Mr. Hugh Croskery
Mr. Garfield Sinclair
Mr. Ed Mckie
Mr. Christopher Williams
Mr. Leo Williams
Mr. Donovan Perkins
Mrs. Faith Stewart
Miss Dian Black
Miss Hilary Phillips
Mr. Garth Kiddoe
Mr. Colin Steele
Mrs. Marlene Street was re-appointed as Company Secretary.
The JSE also rolled out its Corporate Governance Statement of Principles and Practices, as according to the Executive Chairman, “we intend to engage our listed companies in discussions on corporate governance issues.” He said this should lead to the inclusion of certain governance requirements in the Rules of the Exchange and the Listing Agreements. The JSE’s principles are consistent with internationally accepted principles.
“While we firmly believe that good Corporate Governance will improve company performance and will enhance the interests of investors, we are conscious that it is more beneficial to strongly invite compliance before legislating compliance, and so we begin by setting the example.”
Mr. Johnson pointed out that the challenge the Board faced in formalizing the Principles and Practices was the organization’s decision to de-mutualise within the next twelve months. He said that there was the need to re-examine the document in light of the process which is not yet complete. He said that the implications for this was that some practices would require adjustment as soon as there is a final implementation of de-mutualization.
The JSE’s Corporate Governance Statement of Principles and Practices is posted on the organization’s website and is contained in the 2004 Annual Report.
