Setting the Standard in Jamaica
In 2006, Jamaica became the first Caribbean country to have a Code on Corporate Governance developed specifically for its needs.
This initiative was led by the Public Sector Organisation of Jamaica (PSOJ) after the colossal downfall of its Financial Sector following the 1997 international financial crisis. The PSOJ established the Corporate Governance Committee in 2001 ‘with a mission to become the key influencer in the delivery and adoption of corporate governance best business practices by providing access to knowledge and learning resources for our members and leaders of business enterprises so they can effectively compete in the global market.’
For more information on the PSOJ or the Corporate Governance Committee, please visit www.psoj.org.
To date, the Corporate Governance Committee has written three (3) Codes primarily targeted at medium and large sized companies.
In keeping with best practice, the first Code was revised in 2009 and again in 2016, retaining the ‘apply or explain’ voluntary nature so that companies can adopt new corporate governance practices at their own pace. Furthermore, while the 2016 Code retains broad principles, it also includes a new principle on Corporate Sustainability and Ethics. Get access to the 2016 Code here.
In November, 2015, the Caribbean Corporate Governance Institute (CCGI) was pleased to have the opportunity to support the PSOJ by engaging in a Consultative Review of the Draft PSOJ Corporate Governance Code.
Also in 2016, the Jamaica led the way in the region by launching the first Corporate Governance Code for Micro, Small or Medium-Sized Enterprises (MSME). This in recognition of the major role played by MSME in the country’s development.
According to the PSOJ, the increased competition among countries to attract foreign direct investment and the changing global environment places Jamaican companies at a crossroads to improve efficiency while practicing good corporate governance. ‘As such, the principles and practices presented in this Code represents current globally accepted corporate governance best practices, which have been tailored to our specific needs,’ says the PSOJ.
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