The Private Sector Organization of Jamaica (PSOJ) in collaboration with the Ministry of Finance and the Public Service (MoFPS) on Tuesday, July 03, 2018, held a press briefing for the second staging of the annual PSOJ Public Bodies' Corporate Governance Awards. The Public Bodies Corporate Governance Awards is geared at cultivating a culture of adherence to the principles of good corporate governance and to promote improvements in the standard of corporate governance disclosure.
The PSOJ and the MoFPS anticipate that by recognising good corporate governance, public bodies will be incentivised to embrace and adopt the relevant principles thus resulting in greater improvement in the levels of governance within their operations.
PSOJ's Vice President Dennis Cohen, in his address noted, "This briefing signifies another year of public private sector partnership in the much talked about area of corporate governance. In today's business climate of required disclosure and fairness, the implementation of corporate governance continues to play a significant role in transforming how business is conducted and so we are extremely pleased with this public private sector partnership which seeks to further enhance public bodies governance. It is our strong view that this will redound to improve public bodies' performance and increased public trust."
For her part, Minister without portfolio in the Ministry of Finance and the Public Service, Honourable Fayval Williams reiterated that, the Minister of Finance recently took to Cabinet, the Policy Guidelines for the Nomination, Selection and Appointment of the Boards of Public Bodies, which streamline the way boards are appointed. She added that, "we are extremely proud to be able to launch the Policy Guidelines as a next step in the evolution of Corporate Governance."
The Public Bodies Corporate Governance Awards demonstrates the PSOJ's and the Government's commitment to support and facilitate the development of good corporate governance practices for public bodies.
Public bodies competed in four award categories at the 2017 inaugural ceremony and these will be maintained in 2018. These categories, as well as last year's respective winners are:
· Board Composition, function and structure - won by the National Health Fund who emerged as the overall winner;
· Corporate Governance Policies- won by Jamaica Deposit Insurance Corporation;
· Compliance and Disclosure - won by the Development Bank of Jamaica and;
· Risk Management and control - won by the Development Bank of Jamaica last year
There will also be two special awards – Best Annual Report and Best Website Awards
Greta Bogues, Chairman of the PSOJ's Corporate Governance Committee in encouraging the public bodies to participate in the Awards, stated that, "Corporate governance is not about passing a test or ticking boxes it really is about how the public body conducts its business, starting with the board."
The competition is open to all public bodies namely; statutory bodies, as well as government-owned companies. The Public Bodies will be evaluated for the financial year 2017/2018 and the winners announced on December 12, 2018.
Contact: Ms. Chloleen Daley-Muschett
Tel: 927-6238, Fax 978-2709