The JSE Best Practices Awards was established in 2004 by the Jamaica Stock Exchange (JSE). This event was established to promote best practice standards for the companies listed on the Stock Exchange. The ceremony is held every first Wednesday in December.
There are six (6) categories (as stated below) and an award is presented to the
winner, first and second runner-up for each category:
- Annual Report
- Best Performing Company
- Corporate Disclosure and Investor Relations
- Investor Relations
- PSOJ/ JSE Award for Corporate Governance
The following are the objectives of the Awards.
- To provide an avenue to recognize listed companies and stockbrokers in the
securities industry, who uphold best practices standards.
- To enhance the relationship between the JSE and its stakeholders.
- To create an awareness of the standards for best practices in the areas to
A nineteen member Committee was established to act as a Judging Panel for the Awards.
Terms of Reference
The following are the Terms of Reference for the Committee:
- The Best Practices Awards Committee will examine and develop criteria for each Award.
- Six (6) sub-committees will establish the criteria for each Award.
- The subcommittees will report to the main committee which will consider and
if thought fit, ratify their decisions.
- The subcommittees will be able to co-opt external members, if deemed
Awards are made in the respective categories as follows:
(1) Annual Report Award
“To encourage public listed companies to produce clearer more reader-friendly
annual reports and to provide greater insight into companies’ financial
affairs, governance practices and business activities.”
A. General Management Information and Analysis (55 POINTS)
- Vision & Philosophy (5 points)
- Strategic Directions (10 points)
- Corporate Governance Practices (10 points)
- Corporate Social Responsibilities (5 points)
- Risk Management Practices (10 points)
- Profiles of Directors and Executives and the Composition of Committees (5 points)
- Industry and Business Segment Discussion including relevant macro economic consideration (10 points)
B. Financial Information (25 POINTS)
- Analyses of Trends (including narrative, charts and graphs) (10 points)
- Ten-year historical data or number of years listed (key ratios) (5 points)
- Disclosure and discussion on earnings (10 points)
C. Layout & Design (10 POINTS)
- Aesthetic Appeal: Layout and Design (5 points)
- Readability: Use of type-fonts, clarity of expressions, graphics, photos
and organization of information (5 points)
NB: Note will be taken regarding frequency of errors and repetitiveness of
D. Human Resources (HR) Development Policies & Practices (5 POINTS)
The report should include HR development strategies and policies for the organization which are key to driving business performance
E. Environmental Policies & Practices (5 POINTS).
Each company is encouraged to discuss its demonstrable responsibility to the environment.
(2) JSE BEST PRACTICES CORPORATE DISCLOSURE AND INVESTOR RELATIONS AWARD.
“To recognize and encourage companies to make timely and accurate reports and announcements to the JSE and maintain good investor relations with the wider investing Public.
- *Submission of timely and accurate Quarterly and Audited Annual Reports to the
JSE and shareholders (15 points)
- *Timely and accurate information in respect to Corporate Actions as required by the JSE “Listing Agreement” and “Policy on Timely Disclosure” (10 points)
- *AGM timeliness (10 points)
- Provision of opportunities for Shareholders to participate effectively in AGM (5 points)
- Investor Briefings and Media Relations (10 points)
- Dividend Policy and payment (5 points)
- Timeliness in effecting transfers of shares (10 points)
- Disclosure of Corporate Governance Practices (10 points)
- Disclosure of Corporate Social Responsibilities (10 points)
- Disclosure of Risk Management Framework/Policy (15 points)
* Points allocation will be based on submission in accordance with JSE Rules
(3) JSE BEST PRACTICES BEST PERFORMING COMPANY AWARD
“To identify and recognize outstanding performance by listed companies in enhancing shareholder value in the areas of capital efficiency, profitability and direct return on shareholdings.”
|(i)||Capital Efficiency Ratios|
|Return on Equity Adjusted for Risk||15 points|
|Return on Assets Adjusted for Risk||15 points|
|Growth in Net Profit||10 points|
|Net Profit Margin||10 points|
|Growth in Operating profit||10 points|
|Operating Profit Margin||10 points|
|(iii)||Direct Return on Shares (Dividend)|
|Yield Price||15 points|
ASSESSMENT: Each criterion is assessed on both a one-year and three-year (average annualized) basis, with substantially greater weight being given to the one-year measure. Measures for growth (item 2) are weighted for firm size.
(4) JSE BEST PRACTICES WEBSITE AWARD
“To encourage listed companies to raise the quality and efficiency of the dissemination of information to the investing public via the website.”
- Content of website (32 points)
- Usability Listed Companies (25 points)
- Interactive/Innovativeness (18 points)
- Presentation Style (10 points)
- Functionality (15 points)
(5) JSE/PSOJ Best Practices Cooperate Governance Award
“To recognize companies that demonstrate and practice outstanding corporate governance.”
A. Board Composition, Functions & Structure (32 POINTS)
- Selection, Orientation, Development, Evaluation and Separation
- Review of Performance Management
B. Corporate Governance Policies, Procedures & Practices (34 POINTS)
- Corporate Governance Code/Board Charter
- Code of Ethics
- Corporate Social Responsibility
- Compliance with Laws and Regulations
C. Disclosure of Information & Stakeholders Relations (16 POINTS)
- Disclosure of Remuneration
- Corporate Disclosure Practices
D. Risk Measurement & Management & Internal Controls (26 POINTS)
- Disclosure of Remuneration
- Corporate Disclosure Practices
(6) JSE BEST PRACTICES GOVERNOR GENERAL AWARD FOR EXCELLENCE
This Award, introduced in 2006, is the most prestigious and coveted award. Given by the Governor General, it is awarded to the overall winner of the JSE Best Practices Awards and most importantly to the company that maintains international Best Practices.
In 2011, the JSE Member Dealers Awards was established.
There are 12 Member Dealers that participate in the equity market, whose mandate is to generate revenue, widen its customer base (Investors) and attract new companies to the market.
In light of these factors, the JSE has considered it necessary to award Member Dealers who have over the years consistently met the objectives of growth and development of the Exchange and the market. The Awards are made in the following categories:
A. Revenue Generation & Market Activity
- Value and Volume Trade The JSE’s primary activity is facilitating the trading of shares by Member Dealers. Therefore, the JSE will recognize Member Dealers that during the year traded the most volume and value on the Exchange.
- Participation in JSE Programmes Revenue Generation is of utmost importance to any organization. The JSE hosts several programmes throughout the year to generate revenue, to
stimulate interest and have greater participation in the market by customer and potential customer. These programmes range from the Regional Investment and Capital Markets Conference to Workshops and National Investor Education Week (NIEW) activities. Therefore, the JSE will recognize Member Dealers that generated the most revenue for the JSE, by participating in the activities for the year.
The ability of an organization to satisfy a customer’s wants and needs which includes the provision of new services.
- Efficiency of Execution and Settlement
- Quality of Information and Advice
- Quality & Dissemination of Research
- Use of Technology for Dissemination of Information
- Quality of Client Service
Therefore the JSE will recognize Member Dealers that consistently exceed customer expectation, by providing excellent customer service to Investors.
To encourage member dealers to raise the quality and efficiency of the dissemination of information to the investing public via their website.
Therefore the JSE will exam Member Dealers website for the following:
- Content of Website
- Presentation Style
D. Expansion of Investors Base and Expansion of Listed Companies Base
The JSE wants to simulate the development of the Capital Market and make it the engine of growth for the economy. The JSE recognizes that the Capital Market has huge potential and with the help of all
involved will be able to unleash the great potential of the nation.
Therefore, the JSE will recognize the Member Dealer who throughout the year, brings the most companies to list their Securities on the Exchange or on the other hand, list other products or a combination of both on the market and increase the clients in the JCSD.
Members of the JSE Best Practices Awards Committee are:
- Professor Neville Ying (Chairman) – Mona School of Business and Management
- Mr. Ricardo Allen – CEO, One on One Educational Services Jamaica Limited
- Mr. Errol Anderson – General Manager, Xsomo International Limited
- Ms. Lisa Bell – Managing Director, Exim Bank
- Mr. Nigel Coke – Director, Jamaica Union of Seventh-day Adventists
- Mr. Collin Greenland – Institute of Internal Auditors / Association of Certified Fraud Examiners/ American College of Forensic Examiners Institute
- Mr. David Hall – Institute of Internal Auditors Jamaica Chapter Limited
- Dr. Andre Haughton – Lecturer, University of the West Indies
- Ms. Alicia Hussey – Attorney-at-Law, Hussey Legal
- Dr. Nsombi Jaja – Certified Management Consultant
- Mr. William Lawrence – Chairman, JSE e-Campus Academic Review Committee
- Ms. Antoinette McKain – CEO, JDIC
- Ms. Roxanne Miller – Attorney-At-Law, DunnCox
- Mrs. Audrey Richards – Consultant, Development Bank of Jamaica Limited
- Janice Simmonds-Fisher – MD/Director, Bio-regeneration Integrated Medical Centre
- Mrs. Julie Thompson James – CEO, Cube Corporate
JSE Members are:
- Mrs. Marlene Street Forrest – Managing Director
- Ms. Andrea Kelly – General Manager, JCSD & JCSD Trustee Services Limited
- Mr. Neville Ellis – Marketing & Communications Manager
- Mr. Michael Johnson – Deputy Group Business Development Manager | Snr. Marketing Officer
Disclaimer: Please be advised that all award winners are based on meeting the criteria designed by each sub-committee and approved by the general committee. The winners are based on the previous year’s information and therefore the awarding of prizes to either a listed company or broker is not an indication of current performance.
Past Main & Junior Market Winners of the coveted Governer General’s Awards are:
- 2019 – NCB FINANCIAL GROUP LIMITED
- 2018 – GRACEKENNEDY LIMITED & NCB FINANCIAL GROUP LIMITED
- 2017 – NCB FINANCIAL GROUP LIMITED
- 2016 – JMMB GROUP LIMITED
- 2015 – NATIONAL COMMERCIAL BANK JAMAICA LIMITED
- 2014 – NATIONAL COMMERCIAL BANK JAMAICA LIMITED
- 2013 – NATIONAL COMMERCIAL BANK JAMAICA LIMITED & SAGICOR GROUP
- 2012 – NATIONAL COMMERCIAL BANK JAMAICA LIMITED
- 2011 – NATIONAL COMMERCIAL BANK JAMAICA LIMITED
- 2010 – PAN CARIBBEAN FINANCIAL SERVICES
- 2009 – NATIONAL COMMERCIAL BANK JAMAICA LIMITED
- 2008 – PAN CARIBBEAN FINANCIAL SERVICES & SCOTIA DBG INVESTMENTS
- 2007 – PAN CARIBBEAN FINANCIAL SERVICES & NATIONAL COMMERCIAL BANK JAMAICA LIMITED
- 2006 – BANK OF NOVA SCOTIA
- 2005 – DEHRING, BUNTING AND GOLDING
- 2004 – GRACEKENNEDY LIMITED
- 2019 – HONEY BUN (1982) LIMITED
- 2018 – LASCO MANUFACTURING LIMITED
- 2017 – HONEY BUN (1982) LIMITED
- 2016 – HONEY BUN (1982) LIMITED
- 2015 – HONEY BUN (1982) LIMITED
- 2014 – ACCESS FINANCIAL SERVICES LIMITED
Past Member Dealer Winners are:
- 2019 – SAGICOR INVESTMENTS JAMAICA LIMITED
- 2018 – SAGICOR INVESTMENTS JAMAICA LIMITED & NCB CAPITAL MARKETS LIMITED
- 2017 – NCB CAPITAL MARKETS LIMITED
- 2016 – JMMB SECURITIES LIMITED
- 2015 – JMMB SECURITIES LIMITED
- 2014 – JMMB LIMITED
- 2013 – MAYBERRY INVESTMENTS LIMITED
- 2012 – MAYBERRY INVESTMENTS LIMITED
- 2011 – MAYBERRY INVESTMENTS LIMITED
- 2010 – MAYBERRY INVESTMENTS LIMITE