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JSE Best Practices Launched.

JAMAICA STOCK EXCHANGE BEST PRACTICES AWARDS LAUNCHED

The Jamaica Stock Exchange Best Practices Awards were launched yesterday (October 13, 2005) at the Hilton Kingston Hotel.

Speaking at the event, Marlene Street, JSE’s General Manager pointed out that the JSE’s Best Practices Awards were “a significant undertaking in light of the many indicators that suggests the importance of exercising high standards in organizations.”

“Some of the most significant collapses in recent memory and losses to millions of investors can be attributed to the lack of corporate governance principles or simply applying best practices and standards in the operations of companies.  Studies published in recent years have shown a strong link between companies who strive to have good practices and strong profitability and investment performance measures.”

She said that the JSE wanted to create an awareness of the standards for best practices in the areas to be adjudged and to stimulate stakeholders to aspire to incorporate Best Practices within their organizations. The JSE also wishes to improve the overall conduct of market players leading to increased efficiencies in the industry.

“The JSE wanted also to provide an avenue to recognize our stakeholders, that is, stockbrokers and listed companies, in the securities industry who uphold best practices standards.”

In his address the Executive Chairman Roy Johnson said that The JSE recognizes the imperatives of the market place and in the attempt to advance the development of our capital market in productive ways, wished “to acknowledge the superior efforts made by our listed companies and broker members to enhance the market.”

Executive Director of the Mona School of Business, Professor Neville Ying is the Chairman of the JSE’s Best Practices Awards Committee.

Listed companies and stockbrokerages will be judged in Five Areas:

  •       Best Practices Annual Report
  •       Best Practices Corporate Disclosure & Investor Relations
  •       Best Practices Investor Relations Awards    (Stockbrokerages)
  •       Best Performing Companies
  •       Best Practices Website

The Committee’s Chairman, Professor Neville Ying – Executive Director of the Mona School of Business

OTHER MEMBERS:

Mr. Harry Abrikian – Lecturer, Mona School of Business

Mr. Christopher Bovell – DunnCox

Mr. Alvaro Casserly – Director

Mr. Vindell Kerr – Centre for Corporate Governance

Mrs. Audrey Richards  – Financial Consultant

Mr. John Jackson – Financial Consultant, Producer Investors’ Choice

Mr. Kurt Anderson – Au Fait e-Solutions

Mr. Granville Gayle – Au Fait

Mrs. Marlene Street – JSE

Mr. Roy Johnson – JSE

Mr. Robin Levy – JSE

Mrs. Yvonne Nicholson – JSE

Mr. Wentworth Graham – JSE

Mr. Neville Ellis – JSE

The terms of reference of the Committee are:

                  i.                To examine and develop criteria for each Award;

                  ii.              Select sub-committees to establish the criteria for each Award;

                  iii.            The sub-committees will report to the main committee which will consider and if thought fit, ratify the decisions of the sub-committees.

The sub-committees will be able to co-op external members if deemed necessary.