Jamaica Stock Exchange has a New Chairman and Deputy Chairman
(KINGSTON, June 23, 2011): The Jamaica Stock Exchange held its 34th Annual General Meeting (AGM) at its Head Office, 40 Harbour Street, Kingston on June 23, 2011. Mr. Curtis Martin, Chairman welcomed all present and informed the Shareholders that his five year tenure as Chairman of the JSE had ended and that in keeping with the JSE corporate governance rules he was not eligible for re-election. He further informed the shareholders that a new chairman would be elected.
Mr. Martin gave a brief overview of the JSE Group’s 2010 financial year, where he stated that “inspite of the challenges faced in 2010; the world economy was coming out of the recession”. He spoke of certain major achievements of the JSE under his Chairmanship and indicated that if he were to single out one of these achievements it would be that of the Junior Market which in his opinion, had the greatest potential for growth of the Exchange and the economy. Mr. Martin indicated that the opportunity exists for entrepreneurs to bring good business ideas to the market and for investors to invest in solid companies. He also indicated that the country on the whole would benefit from the Junior Market, as when companies expand they usually generate employment.
Mrs. Marlene Street Forrest, General Manager, JSE, in her overview of 2010 and operational plans for 2011 and beyond, stated that while the market was on the uptick, it was not growing as fast as initially anticipated. Therefore, one of the Company’s main objectives is to further diversify its revenue streams. Mrs. Street Forrest pointed out that the JCSD’s Registrar Unit and the JCSD’s Trustee Services had contributed 5% of income to the revenue stream in 2010 up from 2% respectively in 2009. This therefore indicated that the diversification strategy that was pursued by the Company was working. Additionally both areas had shown a profit for the 2010 period.
Mrs. Street Forrest also spoke of the JSE’s e-Campus which started in 2010.She stated that based on research conducted, more persons saw the need to upgrade their skills and the JSE Diploma in Financial Services Management was a very good medium to do so. This she stated was also part of the diversification of the income stream. She reported that 28 students were pursuing the Diploma in Financial Services in the JSE’s e-Learning Campus.
In closing, the Chairman of the JSE, Mr. Curtis Martin and the General Manager, Mrs. Marlene Street Forrest, presented a cheque to Mr. Lloyd Osbourne, former employee of the JSE on behalf the JSE Staff Welfare Fund and Member Dealers. This donation is to offset medical expenses associated with a surgery to help improve his leg.
At the Special Board Meeting held immediately after the AGM, Mr. Donovan Perkins, President & CEO of PanCaribbean Financial Services was elected as the new Chairman of the JSE and history was created when Mr. Garth Kiddoe, past President of the Institute of Chartered Accountants of the Caribbean was elected Deputy Chairman. Mr. Kiddoe is the first Independent Director of the JSE to hold this position and this is in keeping with the JSE’s Corporate Governance Principles and Practices.