psoj annual report 2012

annual report

2012

2 ANNUAL REPORT 2012

Educationpg 17

Corporate Governancepg 19

Economic Policypg 21

Crime Stoppg 24

Standing Committee on National Security (SCNS)pg 26

Membershippg 29

Energy & Environmentpg 31

Trade Policypg 32

sectiontwo

Who we are, Vision & Missionpg 5

Notice of the AGMpg 6

Statement from The Presidentpg 8

PSOJ Council Memberspg 11

The Executive Committeepg 13

sectionone

COMMITTEE REPORTSWHO WE ARE

FINANCE & MEMBERSHIP

Our Valuable Sponsorspg 50

Financial Statements December 2012 pg 52

Supplementary Information to the Financial Statementspg 80

PSOJ Memberspg 83

St. James Youth Training and Job Placement Projectpg 34

CADRCpg 35

Y.U.T.Epg 36 Secretariatpg 37

Pictorial Reviewpg 41

Historic Moments:PSOJ Hall of Famepg 45

50UnderFiftyAwardeespg 46

Spotlight on the 50UnderFiftypg 48

sectionthree

sectionfour

PROJECTS, SECRETARIAT & HIGHLIGHTS

Design and layout by eMedia Interactive | Printed by The Herald Printers

VISION

MISSION

We are the unifying voice of the private sector working in partnership with the public sector and civil society to achieve the 2030 Vision for Jamaica.

To effectively advocate for the implementation of public policy that enables strong sustainable private sector led economic growth and development.

The Private Sector Organisation of Jamaica (PSOJ) was established in 1976. It is a national organisation of private sector associations, companies and individuals working together to promote a competitive and productive private sector.

The organisation seeks to influence national policy issues of a political, social, or economic nature. The Executive Committee, under guidance from the Council, leads this process by promoting discussions with the country’s government, political directorate and the opposition. The organisation is also in close and constant contact with the major multilateral

and bilateral agencies.

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Manor Park: 184 Constant Spring Road, Kgn. 8, Phone: (876) 969-6646New Kingston: New Kingston Shopping Centre, Phone: (876) 960-9331East Kings House: LoShuSan Barbican Centre, Phone: (876) 978-3143Jacks Hill: Langly’s Texaco, 84 Barbican Road, Kgn. 6, Phone: (876) 978-9733Sovereign Centre: 106 Old Hope Road, Kgn. 6, Phone: (876) 978-5116Liguanea Branch: Lane Plaza, Liguanea, Kgn. 6, Phone: (876) 977-4924Duhaney Park: Duhaney Park Plaza, Kgn. 20, Phone (876) 933-3505MichiSuperCentre: 2-4 Savannah Ave. Kgn 20, phone (876) 755-4203Boulevard SuperCentre: 45 Elma Crescent ,Kgn 20, phone (876) 765-3582

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WHO WE ARE

ANNUAL REPORT 2012 5

NOTICE OF 25TH ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN:That the 25th Annual General Meeting of the Members of The Private Sector Organisation of Jamaica (PSOJ) will be held at the Knutsford Court Hotel (Blue Mountain Suite) 16 Chelsea Avenue, Kingston 10 on Thursday, September 12, 2013, at 4:00 p.m., for the purposes of considering and if thought fit, passing the following resolutions, namely:

1. “That, in keeping with the provisions of Article 7 of the Articles of Association, this meeting will be deemed to be the 25th Annual General Meeting of The PSOJ;

2. That the Reports of the President, the Executive Committee, the Auditors and Audited Financial Statements of Accounts for the year ended December 31, 2012 be and are hereby adopted;

3. In accordance with Article III, Clause 4 of the organisation’s Articles of Association, the following Members of Council retire by rotation, and being eligible offer themselves for re-election:

COMPANIESDigicel ( Jamaica) Ltd.ICD Group LimitedLascelles deMercado & Company Ltd. LIME Red StripeJamaica National Building SocietyPan-Jamaican Investment Trust Ltd.National Commercial Bank Jamaica Ltd.Gleaner Company Jamaica Ltd. (The)Jamaica Broilers Group Limited

ASSOCIATIONSInbond Merchants Association of JamaicaInsurance Association of JamaicaJamaica Bankers Association Jamaica Employers’ FederationJamaica Exporters’ AssociationJamaica Hotel & Tourist Association Jamaica Securities Dealers Association

Jamaica Used Car Dealers AssociationRealtors Association of JamaicaShipping Association of JamaicaSmall Business Association of JamaicaSpirits Pool Association Limited

INDIVIDUALSMr. Elon BeckfordMr. Charles RossMs. Maureen Webber

4. “That such number, as required by the Articles of Association, of persons, duly nominated by the Members, being able and willing to serve, be hereby elected as Members of the Council.”

5. “That the Executive Committee is authorised to issue a Request for Proposal for audit services, select and approve the remuneration and terms of engagement of the external auditor”.

6. To consider any other business that may appropriately be transacted at an Annual General Meeting.

BY ORDER OF THE COUNCIL

Christopher BarnesHONORARY SECRETARY

August 14, 2013

39 Hope RoadKingston 10

ANNUAL REPORT 20126

Honorary Treasurer Jacqueline Sharp presents the overview of the PSOJ’s financial performance at the 2012 AGM

PSOJ Executives at the 2012 AGM

Members who shall be an organisation or a group of two or more individuals, companies, firms, establishments or bodies shall at least seventy-two hours before the commencement of the Annual General Meeting, that is, by 4:00 p.m., on Friday, September 6, 2013, give to the Honorary Secretary or other person acting on his behalf for this purpose written notice of the name and address of one person who shall have been nominated to attend the meeting on the member’s behalf, and such person shall have the voting rights and any other rights and privileges of the member he represents. There shall be no attendance or voting by proxy at any meeting of The PSOJ.

Nominations for Members of Council, who must be members of the organisation in good standing, must be made by a member of the organisation in good standing and seconded by a member of the organisation in good standing, signed by the proposer and seconder and delivered to the Honorary Secretary of the organisation at least fourteen days prior to the date of the meeting, that is, by 4:00 p.m. on Wednesday, August 28, 2013.

LIST OF MEMBERS SERVING A SECOND YEAR ON COUNCIL

COMPANIESGraceKennedy Ltd.Bank of Nova Scotia Jamaica Ltd. (The)Sagicor Life Jamaica Limited

Jamaica Money Market Brokers Limited Jamaica Producers Group Limited CitiMusson ( Jamaica) LimitedWISYNCO Group LimitedSagicor Investments Jamaica LimitedContinental Baking Company Limited

ASSOCIATIONSIncorporated Masterbuilders’ Association of JamaicaInstitute of Chartered Accountants of JamaicaJamaica Customer Service AssociationJamaica Developers AssociationJamaica Livestock AssociationSugar Manufacturing Corp of JamaicaWomen Business Owners ( Jamaica) Ltd.Jamaica Cooperative Credit Union LeagueInstitute of Internal Auditors

INDIVIDUALS Roy BanarseeChristopher Zacca


TThe year 2012 was a landmark year for the PSOJ and the country at large and although we are already halfway through 2013, I am still pleased to present to you a review of the performance of the PSOJ during the 12 month period, January to December 2012.

The country celebrated its 50th anniversary, and it was a year filled with many challenges and severe economic constraints. Despite this, we are pleased with our accomplishments during the period.

My second tenure as President began in July 2012, following the organisation’s Annual General Meeting, which was also held in July. I take this opportunity to thank my predecessor, Joseph M Matalon, CD, and congratulate him on a very successful three year tenure. During his Presidency, he succeeded in making the PSOJ more broad-based and relevant to the wider society and introduced several initiatives that have served to strengthen our advocacy efforts. As Chairman of the Private Sector Working Group, he and the other members were instrumental in submitting a tax reform proposal to the Government of Jamaica, and while it was not accepted in full, it not only influenced some of the reform agenda but more importantly helped to place a national focus on the urgent need for tax reform.

To the Officers, Executive Committee, and Chairpersons who supported Past President Matalon’s efforts during his term in office, I thank you immensely for your support and commitment to the PSOJ and your contributions over the years.

Shortly after my election in July, the Council held its annual one day Strategic Retreat, where it was decided that the organisation will up the ante in its advocacy efforts through the PSOJ’s committees, namely: Economic Policy, Corporate Governance, Standing Committee on National Security, and Energy and Environment, supported by Membership.

Accordingly, the Trade Policy Committee and the Education and Corporate Social Responsibility Committees were handed over to the Jamaica Exporters’ Association ( JEA) and the Jamaica Employers’ Federation ( JEF), respectively in January 2013. This does not mean that the PSOJ will not be involved in either committee; on the contrary we will still provide representatives who will be expected to give regular updates to the Executive Committee. However, by retaining these five committees, the PSOJ has chosen to place greater focus on these major impediments to economic growth in Jamaica, while opting to place the Trade Policy and Education Committees where greater attention can be paid to them.

I thank the members of both committees for their work in advancing the trade, education and corporate social responsibility agendas. I am confident that both the JEA and the JEF will be able to continue the work we have started and adequately advocate for the interests of the Committees. You can be rest assured that the PSOJ will also continue to be involved.

Also coming out of the Strategic Retreat was the decision to develop a more interactive and engaging relationship with you our members and the wider public, as we seek to increase the extent of public awareness of the role of the PSOJ. I believe that this will enable us to improve our effectiveness as the unifying voice of the private sector, while at the same time becoming more visible to the wider public.

STATEMENT FROM THE PRESIDENT

ANNUAL REPORT 20128

Our efforts at playing a key role in influencing national policy issues of a political, social, or economic nature, continued with us being an active stakeholder in Government initiatives. For example, we worked closely with the Government in their efforts to secure an adequate IMF agreement that properly took into consideration the needs of the private sector and the wider society. We understood clearly that this agreement represented the final opportunity to get our economy growing, and we worked hard to ensure that the final agreement reflected the initiatives needed to do so. We also continued to be involved in the Partnership for Transformation talks and provided representation on other committees established by the Government.

The focus of the PSOJ is on enabling strong sustainable private sector led economic growth and development. However, we believe strongly that this should be accompanied by social transformation and development, especially in our inner cities, and as such, we continued to be an active contributor to the Youth Upliftment Through Employment Programme (YUTE). During the second phase, which ran from January 2012 to January 2013, a number of significant objectives were accomplished, including the signing of a Memorandum of Understanding with the National Housing Trust (NHT), HEART Trust/NTA, and Jamaica Emergency Employment Programme ( JEEP), which heralded the YUTE Build Initiative. Under this initiative, participants will be exposed to skills training certification and practical work experience in construction.

YUTE Build is just one of the many elements of the overall YUTE Project, and we look forward to seeing the programme’s ultimate goal of creating opportunities for our marginalized youth being achieved.

Turning our attention now to events, 2012 was the year when the PSOJ outdid itself, putting on two very successful events in particular that were on everyone’s lips for weeks.

First up was the PSOJ’s annual Private Sector Hall of Fame Banquet, where for the first time in its history, a female was inducted. Mrs. Lorna Myers, owner and operator of the Jamaican KFC and Pizza Hut franchises, was the distinguished recipient. A record number of persons turned out to witness her induction into the prestigious club of successful Jamaican business tycoons. One of the island’s most powerful business women, Lorna has worked tirelessly to make Restaurants of Jamaica a profitable and beloved entity, while maintaining the high standards required of KFC and Pizza Hut franchise operators.

The PSOJ is proud to have given Lorna the recognition she deserves, and I am confident that we will see more women take their rightful place in our Hall of Fame.


Following closely on the heels of the Hall of Fame was the 50UnderFifty Awards, which was conceptualized by our Chief Executive Officer, Sandra Glasgow. An official Jamaica 50 event, the Awards sought to honour 50 business leaders, under the age of fifty years old, who based on their contributions to the business community, are expected to make a significant impact on Jamaica’s civic and business landscape in the near future. The Awards culminated in a spectacular event held on November 29, and once again a record number of persons came out to see these 50 business leaders recognised for their work in the areas of education, finance, entrepreneurship, manufacturing, hospitality, tourism and technology.

The 50 business leaders represent a hopeful future for our island. We see them as the next generation that will help to shape the future of the Jamaican economy and assist the PSOJ in advocating for an environment that is conducive to business and sustainable social and economic development.

These quality events joined our regular offerings, including our Annual Economic Forum sponsored by JMMB; and bi-monthly Chairman’s Club Forum, sponsored by LIME and NCB. With our sponsors’ support, we continue to host content rich and value added events that give our members the opportunity to benefit from the knowledge and expertise of prominent local and international speakers and to engage them in dialogue on critical issues.

Other events held during the year included the Annual Pension Seminar, sponsored by Prime Asset Management. Held under the theme, “Creating a World Class Pension System in Jamaica,” former Prime Minister, The Most Honourable Edward Seaga, ON, PC, BA, LL.D. (Hon.), D.Litt. (Hon.), joined a distinguished group of panellists, including Mrs. Sanya Goffe, noted Pension Attorney and Partner at Hart Muirhead Fatta, and Mr. Mark Scott, CFA, the Managing Director (Investments) of Oppenheimer & Co Inc. Our entire roster

of events would not have been possible without the backing from our many sponsors and to them I say a very sincere thank you.

The PSOJ would not have been able to meet its targets without its team comprising 20 hardworking and dedicated staff members. Led by Sandra Glasgow, the team once again went above and beyond in their efforts to provide service excellence and satisfy the needs of members. I thank them all for their efforts and for continuing to make the PSOJ the first class Organisation it is.

2012 was a significant year for the PSOJ. It certainly had its challenges but also brought much success, much of which could not have been achieved without the support of you our valued members. It was a year when the PSOJ was called upon to make its presence felt, as a result of the national challenges being faced, and with the assistance of our members we were able to do so in a big way.

From your invaluable support at meetings and events, to your essential financial support and your valid opinions and ideas, you were with us at every step of the way, and for that I must express my deep gratitude. The leadership and staff of the PSOJ look forward to your continued support, participation and involvement, as we work towards completing the changes necessary in order to make our beloved country, a place of choice to live, work, raise families and do business.

Former President Joseph M Matalon, CD with current President Chris Zacca

ANNUAL REPORT 201210

Bank of Nova Scotia Jamaica Ltd. (The)CitiContinental Baking Company Ltd.Digicel (jamaica) ltd.Gleaner Company jamaica Ltd. (The)GraceKennedy Ltd.ICD Group LimitedJamaica Broilers Group Ltd.Jamaica Money Market Brokers Ltd.Jamaica National Building SocietyJamaica Producers Group Ltd.Lascelles deMercado & Company Ltd.LIMEMusson (Jamaica) Ltd.National Commercial Bank jamaica Ltd.Pan-Jamaican Investment Trust Ltd.Red StripeSagicor Investments jamaica limitedSagicor Life Jamaica LimitedWISYNCO Group Limited

Roy Banarsee Elon Beckford Charles Ross Maureen WebberChristopher Zacca

Council for Voluntary Social Services Inbond Merchants AssociationIncorporated Masterbuilders’ Association of JamaicaInstitute of Chartered Accountants of JamaicaInstitute of Internal Auditors Insurance Association of JamaicaJamaica Bankers AssociationJamaica Co-Operative Credit Union League Jamaica Customer Service AssociationJamaica Developers AssociationJamaica Employers’ FederationJamaica Exporters’ AssociationJamaica Hotel and Tourist AssociationJamaica Livestock AssociationJamaica Securities Dealers AssociationJamaica Used Car Dealers AssociationRealtors Association of JamaicaShipping Association of JamaicaSmall Business Association of JamaicaSpirits Pool Association Ltd.Sugar Manufacturing Corporation of JamaicaWomen Business Owners (Jamaica) Ltd.

PSOJ COUNCIL MEMBERS

Associations

Individuals

Companies


THE EXECUTIVE

COMMITTEE

CHRISTOPHER ZACCAPRESIDENT

KEITH DUNCANVICE PRESIDENT

DON WEHBYVICE PRESIDENT


RICHARD BYLESVICE PRESIDENT

CHRISTOPHER BARNESHONORARY SECRETARY

JACQUELINE SHARPHONORARY TREASURER

SANDRA GLASGOWCHIEF EXECUTIVE OFFICER


WAYNE CHENJAMAICA EMPLOYERS’ FEDERATION

EVELYN SMITHJAMAICA HOTEL &TOURIST ASSOCIATION

YANEEK PAGEWOMEN BUSINESS owners (jamaica) ltd.

MEREDITH DERBYSMALL BUSINESSASSOCIATION OF JAMAICA

BRUCE BOWENJAMAICA BANKERS ASSOCIATION

GARY PEARTJAMAICA SECURITies DEALERS ASSOCIATION

ANDREW COLLINSJAMAICA EXPORTERS’ ASSOCIATION



COMMITTEE REPORTEDUCATION

ChairDr. Lloyd Eubank- GreenLloyd Eubank-Green & Associates

MembersMarie Hitchins Fabric Consultants Limited

Caroline MahfoodGraceKennedy Foundation Patricia SutherlandJamaica Money Market Brokers

Bernita LockeJamaica Employers’ Federation

Saffrey BrownJamaica National Foundation

Alicia Glasgow Jamaica National Foundation

Renee Rattray Mutual Building Societies Foundation

Marcia Woon-Choy MWC & Associates

Rickert Allen National Commercial Bank Jamaica Ltd.

Joseph M Matalon, CD PSOJ

Sandra Glasgow PSOJ

Marcia Ormsby PSOJ

Lisa Lewis Red Stripe

Peggy Bleyburg Hillel Academy

Michael Jones Bank of Nova Scotia Jamaica Ltd. (The)

Karl Williams Sagicor Life Jamaica Limited

Zahra Orane The Happy Zee Paul McFarlane Youth Advocate

Nichocie Bryan PSOJ (Recording Secretary)

Former PSOJ President Joseph M Matalon, CD participates in Read Across Jamaica Day

TThe PSOJ Education Committee continued its mission of advocating for an effective education system that provides benefits for all its stakeholders. Under the Chairmanship of Dr. Lloyd Eubank-Green, Principal Resultant of Lloyd Eubank-Green and Associates, the Committee embarked on the following activities:

PSOJ Education Policy PaperThe Committee achieved a major goal in the finalization of its Education Policy Paper outlining the PSOJ’s position on a number of issues surrounding education.

The Policy Paper was approved by the PSOJ Executive and Council in March and a copy of the document was dispatched to the Minister of Education, Hon. Reverend Ronald Thwaites. Minister Thwaites met with the Committee members on May 11, 2012 and expressed appreciation for the diligence and insight presented in the Education Policy Paper. He noted that the recommendations coincided with those of the Education Ministry, who had endorsed the Paper.

The Policy Paper was posted on the PSOJ’s website.

Representation on External CommitteesCommittee members continued to represent the PSOJ at meetings and activities of external committees relevant to the development of Jamaica’s education sector. These Committees are:

Jamaica Foundation for Lifelong Learning Caribbean Examinations Council (CXC) Committee Council of Community Colleges of Jamaica (CCCJ)

National Council on Education (NCE) Early Childhood Commission National Youth Service (NYS) Board HEART Trust/NTA Interim Board

IIn addition to serving on those external committees, PSOJ’s assigned representatives participated in international conferences such as “World Skills International” and consultative review sessions hosted by HEART Trust/NTA.

PSOJ Reading Project “Reading…..The Bottomline”Members of the PSOJ and the Education Committee continued their participation on a monthly basis in reading projects across Jamaica. The Organisation also mobilized thirteen (13) PSOJ corporate members, who read to over forty (40) schools across the island on Read Across Jamaica Day, held on May 8, 2012.

In addition to reading, PSOJ members engaged in other projects and activities for their “Adopt a School Initiative”. Some of

which include:

Establishment of library and donation of over 500 Mathematics,

Science and English books

Establishment of Reading Room

Establishment of Computer Lab with 8 computers and two printers

Donation of over JMD $300,000 worth

of computer equipment

Donation of trophy for exceptional achievement

Donation of wall fans

The completion of a Hall of Fame Wall to motivate and encourage

exceptional performance

Presentation by members of differentprofessions every month to aid

career choices

*

THE COMMITTEE APPRECIATES ALL WHO SUPPORTED ITS WORK

DURING 2012.

Coming out of the PSOJ’s Strategic Retreat held in September, it was decided that the work of the

Education Committee would be best coordinated by the Jamaica Employers’ Federation and as such the

committee was disbanded in December 2012.

Members of the Scotiabank team speaking with teachers from St. Aloysius Primary School

Jacqueline Sharp from Scotiabank and teacher engage students in reading activities at St. Aloysius Primary School



G

COMMITTEE REPORTCORPORATE GOVERNANCE

Governance Framework for Public BodiesThroughout 2012, the Committee monitored the progress of government’s activities to implement a framework for corporate governance in the public sector, which had been approved by the JLP administration in 2011. The PNP administration made some amendments and as part of the programme, a Code of Ethics was approved and efforts were made to sensitize public servants about the contents of the Code.

Training of Company DirectorsCommittee member Suzanne Goldson facilitated a training session with the Board of Sagicor Investments Jamaica (formerly Pan Caribbean Financial Services), on behalf of The PSOJ. Proposals for training were also sent to the Exim Bank, the Financial Services Commission and to all Ministries of Government, but there was no take up.

On March 30 and 31, 2012, The PSOJ, in partnership with the International Finance Corporation (IFC), the Mona School of

Business and the Jamaica Stock Exchange, hosted a successful regional seminar on Risk Governance and Management for Company Directors.

Jamaica Stock Exchange Best Practices AwardsThe PSOJ continued its support of the annual awards programme by sponsoring the trophies for the winners and runners up for companies listed on the main and junior markets. NCB was for the third year in a row the overall winner. However, the judges deemed that the applications from junior market companies did not meet the necessary standard for the corporate governance award and therefore no company was chosen.

In 2012, the Committee met five times for the year and the main discussions and activities centred on:

Chair: Greta Bogues J. Wray & Nephew and Jamaica Exporters’ Association

Members:Major Hugh Blake Kingston Industrial Garage

Christopher Bovellpsoj Individual member

Tracey Campbell PricewaterhouseCoopers

Suzanne GoldsonUWI

David Hall Institute of Internal Auditors

Howard Haughton Holistic Risk Solutions Limited

Alicia Hussey Myers, Fletcher & Gordon

Senator Kamina Johnson-Smith LIME

Garth Kiddoe Institute of Chartered Accountants of Jamaica

Alastair Macbeath Mondial

N. Patrick McDonald Hart Muirhead Fatta

Loretta Reid-PittFinancial Services Commission

Marlene Street-ForrestJamaica Stock Exchange

Hugh Thompson Small Business Association of Jamaica

John Thompson J. L. Thompson & Co.

Yvonne Clarke from NCB accepts prize for Corporate Governance Award from Violet Vassell of the PSOJ at the JSE Best Practices Awards in December 2012

TThe Protected Disclosures Act, 2011 (Whistleblower Legislation)The Committee monitored the progress of implementing the Bill which had been passed in the previous year. The CEO was instrumental in pointing out to the new Minister of Justice, Senator the Hon. Mark Golding that the Designated Authority had not been named. The Government subsequently named this authority as the Integrity Commission, but at year end, no action had been announced to activate the powers of the Designated Authority, reportedly because there were no resources to do so.

FINPYME Business Ethics Programme for SMEsThe training and technical assistance programme, initiated in 2011 and funded by the Inter-American Investment Corporation (IIC), continued with the provision of technical assistance to seven (7) firms which had participated in the training programme. Mrs. Sandra Glasgow, along with trainer Deanna McFarlane, and heads of three SMEs: Debbie Morrell-Parker of MRD Inventory Management, Mitzian Turner of Micro Credit Limited and Wayne Stanbury of Berry Don Financial Services, travelled to Trinidad in March 2012, to participate in a regional meeting to evaluate the programme. The Agreement with the IIC was extended to September 2012 to enable the five companies that had not commenced the implementation of their Ethics Programmes, to do so.

Corporate Governance Trends in Executive PayThe Committee received a presentation from member Dr. Howard Haughton in September. Dr. Haughton quoted Daniel Morrissey, one of the authors of “Executive Pay and Income Inequality,” as saying “commentators are now identifying excessive executive compensation as the number one problem in corporate governance.” The presentation highlighted the trends in the UK and the lack of available data in Jamaica.

Corporate Governance Disclosure Research ProjectThe PSOJ collaborated with the Caribbean Corporate Governance Institute based in Trinidad and Tobago on a research project undertaken in conjunction with the United Nations Conference on Trade and Development (UNCTAD). The Corporate Governance Disclosure Practices Research Project employed as the benchmark “Guidance on Good Practices in Corporate Governance Disclosures” published by UNCTAD in 2006. The Project assessed how Jamaican companies listed on the Jamaica Stock Exchange disclosed information through their annual reports and on their websites, and measured this against the UNCTAD standard. The findings were presented at a UNCTAD conference hosted in Geneva, by Axel Kravatzky of Trinidad and Tobago and Dennis Brown, representing The PSOJ’s CEO, who was unable to attend. A public presentation of the research findings is to take place in 2013.



COMMITTEE REPORTECONOMIC POLICY

Nicholas Scott EPC Chairman; Musson (jamaica) LTD.

Joseph M Matalon, CD Industrial Commercial

Development Group of Companies

Keith Collister Appliance Traders Ltd

Lisa Lake Clearlake Consulting

Jason Morris Scotia investments

Rezworth Burchenson Prime Asset Management

Colin SteeleConsultant

Deika MorrisonMdk Advisory and

Consulting Ltd.

Christopher BarnesGleaner Company jamaica Ltd. (THe)

Brian Denning PricewaterhouseCoopers

Frank JamesGraceKennedy Financial Group

Earl BartleyPSOJ

Anya WalkerNCB Capital Markets

Nicholas Scott Musson (jamaica) LTD.

Colin Steele Consultant

Adrian Stokes Bank of Nova Scotia

jamaica ltd. (THE)

Don K. YuKPMG

Fayval WilliamsKingston Properties Ltd.

Jermaine Burrell Jamaica Money Market Brokers

Don Wehby EPC Chairman; GraceKennedy Ltd.

Christopher Barnes Gleaner Company jamaica Ltd. (THe)

Dennis Chung Consultant

Keith CollisterSandals Group

Brian DenningPricewaterhouseCoopers

Jason Morrisscotia investments

Membership Jan – July 2012

Membership Aug 2012 – Present (2013)

The membership of the Economic Policy Committee (EPC) transitioned in July 2012 with the election of a new PSOJ Executive.

MeetingsThe Economic Policy Committee (EPC) met for eight (8) regular monthly meetings during 2012/13. Attendance at meetings averaged about 75% of EPC membership.

Work of the EPCIn 2012/13, the work of the EPC was focused on lobbying for or monitoring the implementation of various policy initiatives which began in 2011. These included:

Public Sector Pension Reform The PSOJ’s proposals for reform of the public sector pension system were presented to and discussed by a Joint Select Committee of Parliament in May 2012. Though only a few of the specific proposals offered by the PSOJ were adopted by the Committee, the efforts of the PSOJ over the past three years to place Public Sector Pensions on the reform agenda was addressed in some ways by the GOJ’s expressed intentions to implement a contributory scheme, separated from the Consolidated Fund and managed by an independent board of trustees.

Tax ReformThe PSOJ’s, (and other) proposals, submitted in May 2011 were finally discussed in the Parliamentary Sub-Committee, over a period from September 2011 to April 2012. The PSOJ 4-member team led by Joseph M Matalon, CD made presentations over two days. When the GOJ presented the 2012/13 Budget, the Government made several ‘small to moderate’ moves in the direction of PSOJ proposals advocating reduced rates, a broadened base, and greater equity and fairness in the operation of the system. These included: reduction in the corporate tax rate from 33.3% to 25% for “unregulated” companies while retaining the higher tax rate for regulated companies; reduction in the GCT rate from 17.5% to 16.5% and expanding the range of products to include meats and other raw food stuff; increasing the annual general tax threshold from J$441,168 to J$507,312; and imposing a 5% tax on dividends paid to Jamaican resident shareholders to bring that rate more in line with how non-resident shareholders are treated.

Many analysts and organizations, including the PSOJ, felt that the GOJ needed to make a larger down payment on tax reform than what was done and anticipated the evolution of these reforms ‘as the performance of revenue permits’, as the Government promised. There was however, some public opposition to the PSOJ’s proposal that the number of exempted and zero-rated items be reduced to a very few.

Annual Economic ForumThe Annual Economic Forum was held on June 26, 2012. The theme of the forum was “Consensus but no Action: Why can’t we just do it?”. The motivation for the choice of theme was the long-established observation that even for those changes for which there is consensus, plans and programmes, implementation often lags. Two three-member panels discussed the impediments and obstacles to implementing ‘Secured Transactions Reform’ and ‘Land Titling Reform’ and the steps that needed to be taken to implement essential reforms, among other presentations that took place.

Partnership for Transformation (PFT)Within the Partnership for Transformation, PSOJ representatives through our membership on the Tax Reform Sub-committee urged the adoption of tax policies that were fair and efficient and which would promote greater competitiveness of the Jamaican economy. PSOJ representatives also lobbied for speedy implementation of Public Sector Reform, Pension Reform, and other essential reforms, as well as early formalization of an agreement with the International Monetary Fund.

Chairman’s Club Breakfast MeetingsThree of six breakfast meetings focused specifically on economic issues during 2012. Minister of Finance and Planning, Hon. Peter Phillips was Guest Speaker at the meeting in January and provided updates on the state of the economy and progress towards a new agreement with the IMF. JPS President and CEO Kelly Tomblin spoke on Energy and Electricity; and former Director General of the Planning Institute of Jamaica, Dr. Gladstone Hutchinson offered perspectives on the topic ‘Dynamic Economic Growth in Jamaica at last! Some Necessary Conditions’.

Economic BulletinThe monthly PSOJ Economic Bulletin continued to be published in a timely fashion to provide members with analysis and updates on current economic news and developments.


TThe number of tips received in 2012 increased slightly over the number received in 2011 (705), with the majority of tips received relating to illegal firearms, wanted persons, drugs and gunmen. There was a 300% increase in the number of tips received regarding lotto scammers with the majority of these tips being sent via “web tips” from the web site. Investigations into the 653 “first” calls received led to 86 successes in 2012 which included arrests as well as recoveries of stolen property, illegal firearms and narcotics.

Arrests made from information received by Crime Stop dropped by 48% during the year under review. Arrests connected with drug related crimes made up 30% (12) of the total number of arrests during the year (40) with arrests for possession of illegal firearms next with 17% (7).

PROPERTYThe number of illegal firearms seized during the year under review increased by 73% over 2011 with a total of 19 illegal firearms being recovered. Of these 19 firearms, two were high powered rifles, ten were pistols, four were revolvers and three were homemade firearms. 110 rounds of ammunition were also taken off the streets through information received.

A total of eight stolen motor vehicles were recovered through Crime Stop information in 2012, along with large quantities of stolen property.

The total value of the property recovered/seized during 2012 totalled $6,837,600.

NARCOTICSIn 2012 Crime Stop information led to the seizure/destruction of $41.812 million worth of drugs – 844.1 kgs of cured ganja, 15.5 hectares of ganja plants, 162 sticks of ganja and 10,200 ganja seedlings.

REWARDSEighteen rewards were paid out totaling $613,900. With 86 successes being realized in the year it means that rewards were only requested 20% of the time.

COMMITTEE REPORTCRIME STOP

2011

2012 19 illegal firearms recovered (73% increase)

Total value of property recovered/seized during 2012

2 high powered

10 pistols

4 revolvers

3 homemade

$6,837,600

$613,900Eighteen rewards were paid out totalling

rewards were only requested 20% of the time



844.1kgs

15.5 hectares

16210,200

$41.812 million

In 2012 Crime Stop information led to the seizure/destruction of

worth of drugs

of cured ganja

of ganja plants

sticks ofganja

ganja seedlings

Peter John ThwaitesChairman

Lester Spaulding Deputy Chairman

Michael HirstPrism Communications

Paige Todd Tankweld Ltd.

Sandra Glasgowpsoj

Neville Jamespsoj individuAL MEMBER

Maj Gen. (Retired)Robert Neish

Digicel Foundation

Charles RossSterling Asset Management

SSP Michael JamesJamaica Constabulary

Force

Jenni CampbellGleaner Company jamaica

ltd. (the)

Brian SchmidtIrie FM

William MahfoodWisynco Group

Paul TaiNunes Scholefield

DeLeon & Co.

Marcus JamesAccess Financial

Services Ltd.

BOARD MEMBERS During 2012 there was one change on the Board of Directors – SSP

Michael James replaced SSP James Forbes as the Police Representative on the Board. The following is a list of the current members of the

Board of Directors:

Errol MillerLIME

Belinda WilliamsNational Commercial

Bank jamaica ltd.

Ex Officio Members:

NATIONAL SECURITY (SCNS)

STANDINGCOMMITTEE ON

NNational Security continues to be a serious concern not only from a business standpoint but the nation on a whole. Crime, especially violent crime, is constantly challenging the productivity and progress of the nation and requires focused attention to combat and defeat criminal elements who have become more sophisticated in their illegal activities. This push against crime and criminality cannot be done by the security forces only but requires the concerted effort of every well thinking Jamaican in order to ensure public safety, peace and to have a law abiding society. The PSOJ, through its Standing Committee on National Security (SCNS), continues to work with the security forces and policymakers in finding meaningful solutions towards crime reduction. The organisation is heartened by the fact that the country experienced a reduction in major crimes during the year 2012 and is resolved to continue with its advocacy efforts, as we work towards sustaining the downward trend in crime and violence.

These are the highlights of the Committee for the year under review:

• Meeting with Minister of Justice and SCNS membersThis meeting was held on Thursday March 1, 2012 at the PSOJ with the Minister of Justice, Senator the Honourable Mark Golding. The Committee had submitted a list of concerns regarding the judiciary system to Senator Golding, who acknowledged the issues raised and agreed that the backlog in the court is a major problem. The Minister committed to clearing this backlog as a priority of the Ministry of Justice. The other major area for urgent attention discussed, was the Court records and how to get these records properly sorted out.

The meeting was informed that the Chief Justice has commissioned a review of all the outstanding cases in order to obtain a definite count on these, rather than an estimated figure.

Arising from this meeting and the various SCNS meetings, it was felt that one of the areas of focus the PSOJ could lobby, is the sensitization of judges in relation to their sentencing, especially of serious crimes and how they treat certain pieces of legislation, e.g. POCA, civil forfeiture.

• SCNS Meeting with Minister of National SecurityThis meeting was held on Thursday March 13 at the Ministry of National Security with the recently appointed Minister of National Security, Hon. Peter Bunting, MP. He gave an overview on what were the plans of his administration in the fight against crime. The Minister acknowledged that the Ministry of Justice and the Ministry of National Security have to work in tandem in the fight against crime and spoke of, inter alia, the urgent need to pass the Anti-crime/Anti-Gang Bill which was a critical piece of legislation in the fight against organised and gang-related crimes. He solicited the support of the various stakeholders for their input on this Bill before submission to Cabinet. PSOJ received comments from members of the SCNS and has since forwarded these comments to the Ministry on National Security.

• Minister Bunting – Guest Speaker at Chairman’s Club ForumThe Committee meeting scheduled for March 2012 was not held as members were invited to the PSOJ Chairman’s Club Breakfast Forum at which the Minister of National Security, Hon. Peter Bunting, was the Guest Speaker. Mr. Bunting spoke on the topic “National Security: Strategic for Growth” and presented his administration’s plans for national security and crime reduction to over 100 business persons present at the event.



•Security Event – The PSOJ/Flow President’s forumThis event was held on May 15, 2012, at the Ritz Carlton Hotel in Montego Bay and was very well supported by businesses in the Western Region, especially Montego Bay. The excellent presentations by then PSOJ President, Joseph M Matalon, CD and Flow’s Michelle English on national security, public safety and the need for businesses to work with the security forces in combating illegal activities, paved the way for the main presentation from Chairman of the SCNS, Lt. Commander George Overton. Commander Overton presented PSOJ’s Position Paper on Crime and Violence and recommended practical solutions necessary to reduce crime. Commissioner of Police, Mr. Owen Ellington was also at the event and facilitated a very engaging Question and Answer session which was well received by the audience. The event received excellent press coverage and highlighted the strong commitment of both Flow and the PSOJ in the fight against crime.

• Presentation on ShotSpotter TechnologyArising from the PSOJ/Flow President’s Forum held in Montego Bay, representatives of Flow requested a meeting with the Committee members to make a presentation on a system that will aid the Police Force in being better able to respond to the discharge of a firearm. Mr. John Clear, Vice President, Columbus Business Solutions (Flow) and Mr. Ralph Clark, Chief Executive Officer of ShotSpotter Technology made the presentation to the Committee on the ShotSpotter Flex System Technology (SST). The SST senses where a shot has been discharged, determines what calibre weapon was used and the actual location the shot had been discharged. The presentation was very interesting and Committee members agreed that the implementation of this system could significantly reduce crime. The meeting was informed that the Government has endorsed the use of this technology. Flow has enlisted support of the PSOJ to apply for funding from the EU for this project.

• JCF Strategic Review Implementation Progress DocumentA very comprehensive document was received from the JCF, on “JCF Strategic Review Implementation Progress” which detailed the areas that the Force was seeking to address in its modernisation efforts. Assistant Commissioner of Police (ACP) John McLean, as the Officer in charge of the process, was invited to the September 2012 meeting and gave a detailed presentation of the document which made way for fulsome discussions with Committee members on this Paper.

Crime presents a clear and undeniable challenge to the economic growth of the country which is evidenced in an erosion of investors’ confidence to embark on new projects and also places the country in an unfavourable and unattractive position on the international scene. As the fight against criminal elements is a constant one, let us not be daunted by these challenges but be determined to play our part individually and collectively to dismantle and defeat these elements.

Lt. Commander George Overton Guardsman Group

Joseph M Matalon, CDPSOJ

Sandra Glasgow PSOJ

Peter John Thwaites Crime Stop

Maj Gen. (Retired) Robert Neish Digicel Foundation

Rear Admiral (Retired) Peter Brady Maritime Authority of Jamaica

Owen EllingtonJamaica Constabularyforce

Glenmore HindsJamaica Constabularyforce

Colonel Desmond Edwards Jamaica Defence Force

Richard Pandohie Carreras Ltd.

Prof. Anthony Harriott UWI

Ferris ZiadieFerris Ziadie Ltd.

Michele LemmonMinistry of National Security

Maria WilliamsGraceKennedy Ltd.

Michael Bernard jamiaca freight & shipping company

Violet Vassell PSOJ

David SilveraJamaicans for justice

Committee Members:

Telephone: 754-VMBS (8627) • Email: [email protected] • Website: www.vmbs.com

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MEMBERSHIPCOMMITTEE REPORT

22012 was another great year for the Membership Committee. We hosted nine (9) events in our “Mentoring Emerging Entrepreneurial Leaders” series of entrepreneurial dinner sessions. This year our Guest Mentors included Douglas Orane, Dennis Lalor, R. Danny Williams, Hugh Croskery, Aubyn Hill, Charles Johnston, Brian Jardim, Rita Humphries-Lewin and Michael Lee Chin. These business leaders fielded questions and provided advice and guidance to over 60 entrepreneurs during 2012. The feedback from the attendees and more interestingly from the visiting mentors continued to be very positive. This was similar to feedback received in 2011 - the unanimous response was that the discussions have been very beneficial and educational for all parties.

The main objectives of the Membership Committee are to increase membership in the PSOJ as well as to ensure membership retention by creating networking opportunities for members, and making membership benefits attractive. Most of the events that the PSOJ staged were business-based, giving members just a short time before and after to network. It was agreed that there needed to be an event dedicated solely to the purposes of networking – the PSOJ Executive Lyme was created to achieve this objective. Three of these events were held in 2012 at Bin 26 Wine Bar, Devon House; The Spanish Court Hotel and The Grog Shoppe, Devon House respectively. We are grateful for

the support of our sponsors: Jamaica Broilers Group, Caribbean Producers Jamaica, Rainforest Seafoods, International Asset Services Ltd. and The Marketing Counselors for these Executive Lymes.

Another major event the Committee was integrally involved with was the 50UnderFifty Awards. A sub-committee was formed to focus on the planning and execution of the event and history was wonderfully recorded with the staging of the PSOJ/Gleaner 50UnderFifty Gala Awards Banquet on Thursday November 29, 2012, at the Wyndham Kingston Hotel. An official Jamaica 50 event, the Awards Banquet represented the culmination of months of preparation by the Membership Committee for this event, to honour the 50 Awardees who were nominated as leaders and who are expected to make great contributions to Jamaica’s economic future.

The event was sold out and was a major success. The Guest Speaker was Dr. Freeman Hrabowski, one of TIME Magazine’s 100 Most Influential Leaders of 2012, and President of the University of Maryland Baltimore County (UMBC). He was in fine form as he delivered an energetic and engaging presentation which was well received by the audience. The event received excellent publicity from its print media and main partner, The Gleaner.

Christopher Reckord (Chairman) Wine Bar, Bin 26

Sandra Glasgow PSOJ

Christopher WilliamsProven Wealth

Christopher BarnesGleaner Company jamaicaLtd. (The)

Karin Wilson EdmondsKW Associates

Yaneek Page Future Services International

Patrice McHugh Wilson Bars to Go Group

Susan Fox The Marketing Counselors

Tyrone Wilson EMedia Interactive Ltd.

Violet VassellPSOJ

Kareen Cox PSOJ

Committee Members:

Mentorship of Emerging Entrepreneurial Leaders Dinner with Dennis Lalor

1. To encourage private sector companies, associations, individuals and overseas associates to become members of the PSOJ;

2. To find creative ways to retain members;

3. To develop and drive creative projects that promote the PSOJ;

4. To create networking opportunities for members.

Summary Membership Numbers:

At the beginning of 2012, there were two hundred and forty-four (244) members with the breakdown as follows:

• 21 Associations • 179 Companies • 44 Individuals

There were also 5 resignations from 5 companies.

The net number of members at the end of 2012 was two hundred and sixty-one (261), with the breakdown as follows:

• 23 Associations• 189 Companies• 49 Individuals

Membership COMMITTEE MANDATE:



FFollowing a decision made by the Committee in 2011, an official PSOJ Energy Policy Paper was developed during 2012. The Policy Paper outlined the organisation’s view that the current high cost of energy, dependence on imported oil for over 90% of the country’s energy needs, and inefficient use of energy negatively impact business competitiveness, the nation’s productivity and economic growth. The Paper called for the State to urgently implement measures to significantly reduce the cost of energy, diversify energy sources, and facilitate paths to the development of cleaner, more energy efficient resources.

In July 2012, after President Zacca’s election to lead the PSOJ, he assumed the Chairmanship of the Committee, as he felt that energy and environment were very critical issues affecting the business environment.

On Thursday July 26, the PSOJ and the Development Bank of Jamaica in association with the Greenbiz Energy Programme hosted a half day sustainable energy seminar entitled “Energy: Renewable, Efficiency, Conservation and Management”. Thirty-five persons were in attendance of which twenty-six were PSOJ members.

Presentations involved, inter alia, an overview of the DBJ, remarks from PSOJ President Mr. Christopher Zacca who emphasized the importance of energy conservation in Jamaica and its impact on productivity. The three main presenters Yvette Batts - Managing Director,

BCI Solutions, Mr. Ernesto Wignall of the DBJ and Mr. Christopher Brown also of the DBJ spoke on the topics “Energy Efficiency and Management Tools”, “Financing for Energy Efficiency” and the “Demand Study for Energy Efficiency among SMEs” respectively.

Participants were pleased to learn about the variety of loan facilities available to aid the implementation of energy saving measures in their businesses and also the various grants available to them for the implementation of energy conservation projects.

The participants all had high commendations for the event which they found very informative and well worth the time spent.

Other critical issues which the Committee focused on included:

• Renewables and its related policy• Fuel diversification policy• 360 Megawatt Project

Towards the end of 2012, President Zacca formed a group with other private sector Presidents from the Jamaica Chamber of Commerce ( JCC) and the Jamaica Manufacturers’ Association ( JMA) to advocate with one unified voice for significant changes to be made to the current energy landscape.

COMMITTEE REPORTENERGY & ENVIRONMENT

ChairPresident Chris ZaccaDeputy Chairman David Barrett

MembersEleanor JonesEnvironmental Management Solutions Kelly TomblinJamaica Public Service (JPS) Co. Ltd.

Eaton Haughton Caribbean Esco

Nigel Davy CaribJam Partners, JC

Steven Marston CAC 2000 Limited

Bruce Levy Myers, Fletcher & Gordon

Andrea Scarlett-Lozer Myers Fletcher & Gordon

Jerome MaxwellJAMALCO

Arun Kashyap UNDP Jamaica

Paul Scott Musson (jamaica) LTD.

Nichocie Bryanpsoj (recording secretary)

ICOMMITTEE REPORTTRADE POLICY

In keeping with the Committee’s mandate to develop and advocate for trade policies that will provide new and enhanced trade opportunities for members and the wider business community, the Trade Policy Committee (TPC) pursued strategic initiatives which were also geared towards facilitating a greater understanding of trade issues faced by the private sector, as well as formulating the private sector’s position regarding regional and international trade.

Some of the issues dealt with and initiatives undertaken by the Committee include the following:

• With the assistance of funding received under the CARTFund project, a successful workshop with Business Bridges was held in March 2012.

• On Tuesday, April 3, 2012, the TPC Chair, Mr. Earl Jarrett, hosted His Excellency Antonio Francisco Da Costa E Silva, Ambassador of Brazil, at the Knutsford Court Hotel. The Ambassador addressed participants on Brazil/Jamaica’s trade and economic relations.

• Trevor Hamilton and Associates completed consultations with stakeholders on a regional private sector mechanism and submitted the final report on May 2, 2012. The findings were presented to the PSOJ’s Trade Policy Committee on May 22, 2012.

• In June, export workshops for goods and services (to the European Union) were held at the Wyndham Kingston Hotel, with over 20 persons in attendance at each. The evaluations were generally good and the consultants made recommendations for follow up actions with the participating companies.

A working group was formed with the JEA, JAMPRO and JMA, and two meetings were held on August 23 and 30, 2012, in which a TOR was finalized and preliminary recommendations made to improve the market access database and website. The working group also recommended the next steps for the project in order to achieve the project’s objectives.

Coming out of the PSOJ’s strategic retreat it was decided that the work of the Trade Policy Committee would be best coordinated by the Jamaica Exporters’ Association and as such the committee was disbanded in December 2012.

Trade Policy Breakfast Meeting with Ambassador of Brazil, His Excellency, Antonio Francisco DaCosta E Silva (left) with Earl Jarrett, Sandra Glasgow (right) and Christelle Harris.


T Specifically, the Maroon Town, Cambridge and Anchovy communities were targeted, as well as other towns in the wider St. James area. Many of these communities were former banana growing communities and are now experiencing high rates of youth unemployment due to the decline of traditional agricultural industries. The Project therefore sought to reduce unemployment, provide a skill base and increase productivity by providing training opportunities and jobs for young people in the ICT sector.

The first training programme began in February 2012, with 40 persons. The final batch of 35 trainees is scheduled to be trained between January and February 2013. As at December 2012, approximately 300 persons have received training, surpassing the original target of 200.

Participants were required to have at least 3 CXC subjects, including English. Those who required basic skills training received training and certification through HEART Trust/NTA, while those who had already possessed basic ICT and employability skills were selected for direct placement in the two-month internship programme offered by GGS.

The project was slated to end in December 2012, but a request for an extension of the project until March 15, 2013, and budget amendments, were submitted to the EU Banana Support Programme Office, and these were approved. The project budget was recast based on the projected costs for the extended period.

OUR PROJECTSST. JAMES YOUTH TRAINING AND JOB PLACEMENT PROJECT

The St. James Youth Training and Job Placement Project was developed by the European Union (EU) and the Government of Jamaica, in association with The PSOJ, the Community Training for Empowerment Programme (CTEP), the Tangle River Community Development Committee, and Global Gateway Solutions (GGS) Inc., to provide economic diversification and employment generation opportunities with special emphasis on youths, women and vulnerable groups in the former banana producing areas of southern St. James.

The main objective of the Project, which began in September 2011, was to train and certify 200 persons, mainly females, between the ages of 18 and 30, from communities in South St. James for employment in the Information and Communications Technology (ICT) sector.

Two trainers working with the Project: Sassagay Jones and Jervion Fletcher



( )

OOn September 12, 2012 the Executive Committee took the difficult decision to close the CADRC at the end of 2012 as over $10M in expenses incurred by PSOJ to fund the Centre had to be written-off. While the Centre facilitated a few mediations and arbitrations, including an international arbitration, the PSOJ could no longer afford to continue investing in the development of the CADRC, an expensive undertaking. The Jamaican Institute of Arbitrators ( JIA) which was registered as the vehicle for the operations of the CADRC, supported this decision. The directors, Justice Hugh Small, (Chairman) Justice Roy Anderson, Mr. Maurice Stoppi, Mrs. Janet Morrison and Mr. Donovan Walker, subsequently passed a resolution to windup the company and the winding up process is now underway.

The Close-Out Workshop for the IDB-funded project “Extending ADR Services to SMEs” was held December 5, 2012. Mr. Wayne Beecher, Senior MIF Specialist - IDB, Project Steering Committee members, members of the Board of the JIA, as well as individuals who participated in the ADR Awareness Seminars held in 2011 attended.

The project ended without us fulfilling an important component of the project - getting the Arbitration Act passed. Despite extensive discussions with the former Government and assistance provided to the Ministry of Justice in drafting two Cabinet Submissions, as well as a detailed paper outlining the PSOJ’s case for the drafting of the new Arbitration Bill, no progress was made in that regard. Since the new administration took office, meetings have been held with the Minister of Justice, Senator the Hon. Mark Golding, who indicated his agreement with the PSOJ’s position and that the Bill should be passed by the end of the 2012-2013 legislative year. With the loss of counterpart funding from USAID for this component, the drafting of the legislation is no longer under our control, nor is the time frame for achieving this milestone.

OUR PROJECTS

COMMERCIAL ALTERNATIVE DISPUTE RESOLUTION CENTRE

CADRC

On March 26, 2012 PSOJ Officers took the decision to close the operations of the Commercial Alternative Dispute Resolution Centre (CADRC) at its Knutsford Boulevard location and move it to the offices of The PSOJ. Some of the issues surrounding the relocation of the Centre’s operations were due to the fact that the Jamaica Chamber of Commerce ( JCC), who should have equally shared the local counterpart investment of US$100,000 in the project, withdrew their commitment. The Centre was earning little or no revenue and with the high overheads associated with the Knutsford Boulevard location, The PSOJ could no longer afford to maintain that space.

To fill part of the funding gap, the PSOJ received a grant from the Development Bank of Jamaica to provide Matching Grants to SMEs for use of the Centre’s services and to enable the development and roll-out of a Marketing and PR Programme, including the development of an interactive and functional website. The promotional activities ran from May 4, 2012 to June 30, 2012 with electronic and press advertisements as well as time signals. There were also a number of radio and television interviews.

Justice Hugh Small, Q.C.

TThe programme, Youth Upliftment Through Employment – YUTE – which began in 2010, was rolled out in eight communities during the first phase (Nov. 2010-Dec 2011) and was later extended to include an additional fifteen communities in the second phase ( Jan. 2012- Jan. 2013). The programme is focused on building technical and social skills, increasing employability, and providing long and short term economic and entrepreneurship opportunities for some 1,700 young persons.

There are three programme streams for YUTE, offering a range of opportunities to engage the target group: through employment - YUTE Works; through entrepreneurship – YUTE Entrepreneurs and finally ensuring that the highest risk has an alternative through – U-Turn. YUTE is a series of ‘streams’ with tributaries which will ensure that no young person participating in the programme is ‘left behind’.

As at December 2012, the project has trained 654 volunteer mentors through twenty-five training sessions and currently manages 533 mentorship relationships; 673 participants have had work opportunities ranging from 6 weeks to full time; 396 participants have been placed in skills

training institutions for certification and training; and a total of 287 participants attended the YUTE Entrepreneurial Orientation sessions.

In November 2012, a Memorandum of Understanding was signed with the National Housing Trust, HEART Trust/NTA and Jamaica Emergency Employment Programme ( JEEP) which initiated YUTE Build. YUTE Build is a skills training component which offers training, certification, practical work experience in Construction at the HEART/NCTVET Level 1 and personal development coaching. Participants are expected to participate in monthly personal development workshops looking at soft skills training such as Financial Literacy, Time Management, Anger Management, Drug Abuse Prevention, and Work-Life balance. A seven day residential immersion programme introducing candidates to fundamental construction skills and\or skills development in other disciplines related to housing industry assessing and their suitability for the initiative, will also be held. At the end of the programme participants will acquire NVQJ Level 1 certification in General Construction and practical on the job skills with opportunities identified in collaboration with JEEP, NHT and its contractors.

Signing of YUTE Build MOU with NHT, JEEP and HEART

YUTE also hosted special events which were geared at keeping the participants engaged and active. These events included The JA 50 Legacy Concert and Workshop, and the YUTE Healthy Lifestyles Expo, which saw over 500 participants attending. This was a collaborative effort between state and non-governmental partners, who provided a range of information and services connected to the theme ‘Healthy Minds, Healthy Bodies, Healthy Communities.’

The YUTE programme also saw a production of a services booklet entitled, “Services for Urban Youth”, a gender-neutral special services booklet that deals simply with the various issues affecting youths ranging from employment, to legal, social and health issues, as well as accessing essential services. The booklet provides information for youths to function effectively in daily life and is a quick guide on how to access over 30 services and contact 60 different key service providers. The programme received funding from the National Health Fund and the CHASE Fund to support the Expo and the production of the booklet. Development Options Limited, the YUTE Programme Management Office, committed additional resources to expanding the topics covered.

OUR PROJECTSYUTE

SPECIAL EVENTS*


SECRETARIAT

winsome millenoffice attendant

tashoni ellisadministrative assistant

andreen mcKenzie-leeproject administrative assistant

paulette josephshuman resource officer

Evett evans-coombsexecutive assistant

Sandra Glasgowchief executive officer

cecil lindocaretaker

from left to rightadministration


angela williamscustomer service representative

violet vassellmarketing manager kareen coxpublic relations officer

nichocie bryanadministrative assistant

marketing &public relations

from left to right


michelle scarlettaccountant

kerry-Annhamiltonaccountant

david masonmanager

lascelles pageassistant it administrator

Carlene clarkesenior accountant

kisha-kay walkeraccounting assistant

finance & operations

research & financialservices

from left to right

earl bartleyresearch economist/policy advisor

roxaine smithadministrative officer karis flowersdirector

from left to right


...and tastes...and tastes Ohh so good! Ohh so good!

PICTORIALREVIEW

PSOJ/DBJ Seminar on Sustainable Energy

Former President Joseph M Matalon, CD’s Appreciation Luncheon

PSOJ Chairman’s Club Forum on Reducing Electricity Loss

PSOJ Chairman’s Club Forum on National Security

PSOJ/Prime Asset Pension Seminar2012 Annual General Meeting

Prime Minister Portia Simpson-Miller meets with PSOJ Heads

50UnderFifty Awards Banquet–question and answer segment

50UnderFifty Awards Banquet.


PSOJ President with the 2012 Employee of the Year Behind the scenes of Conversations with 50UnderFifty

50UnderFifty Awards Banquet. Mentorship of Emerging Entrepreneurial Leaders Dinner with Guest Mentor Michael Lee Chin

Private Sector Working Group (PSWG)

PSOJ Chairman’s Club Forum with former Contractor General Greg Christie (left), Chris Zacca and Edward Gabbidon of LIME

Membership Lyme at the Grog Shoppe

PSOJ/Flow President’s Forum in Montego Bay


PSOJ/JMMB Annual Economic ForumPresident Zacca was Guest Speaker at Rotary Club of Downtown Kingston

PSOJ Chairman’s Club Forum with former Director General of the Planning Institute of Jamaica, Dr. Gladstone Hutchinson

LIME Foundation donates to Crime Stop

Members of PSWG in discussion

PSOJ Chairman’s Club Forum with Minister of Finance Peter Phillips



HHistory was made on Wednesday, November 14, 2012, when Lorna Myers, Chairman and co-founder of Restaurants of Jamaica Ltd., owner and operator of the KFC and Pizza Hut franchise, became the first woman to be inducted in the PSOJ’s prestigious Hall of Fame. Myers is the 20th inductee and takes her place in the Hall of Fame among the finest and most celebrated business leaders in Jamaica.

HISTORIC MOMENTSPSOJ HALL OF FAME

Lorna Myers accepts her award from PSOJ President Chris Zacca

Lorna Myers celebrates her award with her children, from left: Tina Matalon, Michelle Myers-Mayne and Mark Myers

With her brother Ken Baugh (left) and Dr. Horace Chang

With PSOJ President and staff

Acceptance speech

Entrepreneurs Innovators

‘Shot’ Callers

Imaginators

Power Brokers

50 underGarth Walker Oliver McIntoshEnola Williamsjason McKay Marsha Smikle

Mark HartBrian Jardim Zachary Harding Andrea KinachPatrice Wilson

Tyrone WilsonRichard Forbes Jnr. Storm Saulterjustine HenzellKimala Bennett

Orville Burrell Gary Matalon Alex Morrissey Keneea Linton-George Solomon Sharpe

Peter Melhado Nicholas Scott Paul Scott Don Wehby William Mahfood

awARd



FinanciersEducators

Leisure Tycoons

Producers

Phillip Armstrong Imani Duncan-Price

Patrick Hylton Marcus James

Rezworth Burchenson

Marvin Hall Gordon Swaby

Lisa LakeYaneek Page

Kellie Magnus

Gregory Burrowes Jason Henzell

Noel Sloley Adam Stewart

Jacqueline Sinclair

Omar Azan Dr. Nigel Clarke

Jeffrey Hall Douglas Lindo

Peter McConnell

Game ChangersDr. Parris Lyew-Ayee

Andrew Pairman Ingrid Riley

Stephen spence Michelle English

erfiftyrDEES

TThese innovative awards were the very first of its kind to be held in Jamaica. The 50 Awardees were chosen by independent judges who made their choices based on established criteria, including, having a business that has been in operation for at least 3 years in a sector that represents the Jamaican economy. Awardees were also required to be fully tax compliant and had to demonstrate corporate social responsibility, job creation and innovative practices in their businesses, among other stipulated conditions.

The 50 were placed in groups of ten, based on the industries that their businesses represented, as well as their personal interests:

The “Shot” Callers The Entrepreneurs The Producers The Innovators The Game Changers The Power Brokers The Educators The Financiers The leisure Tycoons The Imaginators

Our Awards partner, The Gleaner, ran weekly features on each group in the weeks leading up to the November 29 event, while Flow Channel 100 ran a series entitled Conversations with 50UnderFifty, a 30 minute show hosted by our CEO, where the Awardees spoke candidly about their respective businesses, backgrounds and how they hoped to contribute to the growth and development of the Jamaican economy.

Special thanks go to our headline sponsors, Columbus Business Solutions and the National Commercial Bank (NCB) and our remaining sponsors, who worked with us to stage a truly fabulous and memorable event.

SPOTLIGHT ON THE50UNDERFIFTY

On the set of Conversations with 50UnderFifty


CHAIRMAN’S CLUB FORUMLIME

National Commercial Bank jamaica ltd.

ANNUAL ECONOMIC FORUMJamaica Money Market Brokers Limited

Sterling Asset Management Limited

MEMBERS’ LUNCHEON – DECEMBER

International Asset Services LimitedDigicel (Jamaica) Ltd.

Newport Fersan (Jamaica) LimitedHerald Printers Limited (The)

PENSION SEMINAR Prime Asset Management

HALL OF FAME BANQUET Restaurants of Jamaica Limited

executive lyme Jamaica Broilers group

caribbean producers jamaicarainforest seafoods

international asset services ltdthe marketing counselors

50UNDERFIFTY AWARDSgleaner company jamaica ltd. (the)Columbus Business Solutions (FLOW)

National Commercial Bank jamaica ltd.Spanish Court Hotel

EXIM BankCaribbean Producers Jamaica Limited

Wealth MagazineGeneral Accident

Secrets Resorts & SpaThe Marketing Counselors Ltd.

PanMediaGraceKennedy Ltd.

Phase 3 ProductionsMusic 99FM

Power 106FMThe Production Lab

Main Event Entertainment Group Ltd.

MEMBERS’ LUNCHEON – JULYlime

National Commercial Bank jamaica ltd.Victoria Mutual Building Society

Bank of Nova Scotia Jamaica Ltd. (The)GraceKennedy Limited

Jamaica Public Service Company Limited

the PRESIDENT’S FORUMColumbus Business Solutions (FLOW)

Our Valuable SponsorsWe take this opportunity to thank our many sponsors who supported our events throughout 2012.


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THE PRIVATE SECTOR ORGANISATION

OF JAMAICA

Financial Statements

Year Ended December 31, 2012

THEPRIVATE SECTOR ORGANISATION

OF JAMAICA

SUPPLEMENTARY INFORMATION

TO THE FINANCIAL STATEMENTS

Year EndedDecember 31, 2012

876 TECHNOLOGY SOLUTIONS ACCESS FINANCIAL SERVICES LIMITEDADVANCED DIGITAL SERVICESADVANTAGE GENERAL INSURANCE CO. LTD.ADVANCED INTEGRATED SYSTEMS LIMITEDAEGEAN BUNKERING (JA) LTDALLIANCE INVESTMENT MANAGEMENTANBELL GROUP ANSWERS CORPORATION LIMITEDAPPLIANCE TRADERS LIMITEDARC SYSTEMS LIMITEDASSURANCE BROKERS JAMAICA LIMITEDATLAS PROTECTION LIMITEDAULOUS F. MADDEN & COMPANYBANK OF NOVA SCOTIA JAMAICA LTD. (THE)BARS-TO-GO PARTY SERVICES LIMITEDBERRY-DON FINANCIAL SERVICES LIMITEDBERGER PAINTS JAMAICA LIMITEDBILLY CRAIG INSURANCE BROKERS LIMITEDBPM FINANCIAL LIMITEDBRANCH DEVELOPMENT LIMITEDBRYAN STUDIOS LIMITED BUSINESS RECOVERY SERVICES LIMITEDCAC 2000 LTD.CALEDONIA OUTDOOR ADVERTISING COMPANY LIMITEDCAPITAL & CREDIT MERCHANT BANKCARIBBEAN CEMENT COMPANY LIMITEDCARIBBEAN ESCO LIMITEDCARIBBEAN FORTRESS LIMITEDCARRERAS LIMITEDCENTURY 21 HEAVE-HO PROPERTIESCGR COMMUNICATIONS LIMITEDCHUKKA ADVENTURE TOUR GROUPCIBC FIRSTCARIBBEAN BANKCITICOLUMBUS COMMUNICATIONS JAMAICA LIMITED (FLOW)CONTINENTAL BAKING COMPANY LIMITEDCOST CLUB LIMITED (MEGAMART)COURTS JAMAICA LIMITEDD.C. TAVARES & FINSON COMPANY LIMITED

DAIRY INDUSTRIES JAMAICA LIMITEDDELOITTE & TOUCHEDEVELOPMENT PARTNERS & MANAGEMENTDHL (JAMAICA) LIMITED DIGICEL (JAMAICA) LTD.DOT PERSONNEL SERVICES JAMAICA LIMITEDDUNLOP CORBIN COMMUNICATIONSDYNAMIC PACKAGING PRODUCTS LIMITEDECKLEREFFICIENT DELIVERY SOLUTIONSERNST & YOUNGENVIRONMENTAL SOLUTIONS LIMITEDE.W. ABRAHAMS & SONS LIMITEDEMEDIA INTERACTIVE LIMITEDFERRIS ZIADIE LIMITEDFIDELITY MOTORS LIMITEDFRASER FONTAINE & KONG LIMITEDFUTURE SERVICES INTERNATIONALGEDDES REFRIGERATION LIMITEDGENTLES & WILLISGLAXOSMITHKLINE CARIBBEAN LIMITEDGLEANER COMPANY JAMAICA LTD. (THE)GORE DEVELOPMENTS LIMITEDGRACEKENNEDY LTD.G-TECH FOREIGN HOLDINGS CORPORATIONGUARDIAN LIFE LIMITEDGUARDSMAN GROUP LIMITEDHART MUIRHEAD FATTAHENLIN GIBSON HENLINHERALD PRINTERS (THE)HOLISTIC RISK SOLUTIONS LIMITEDHOUSE OF ISSA LIMITEDHRM OPTIONS GROUP INTERNATIONALIBM WORLD TRADE CORPORATIONICD GROUP LIMITEDICWI GROUP LIMITEDILLUMINAT LIMITEDIMPLEMENTATION LIMITEDINTCOMEX JAMAICA LIMITED

PSOJ MEMBERSAS AT DECEMBER 31, 2012

companies


INFOTECH CARIBBEAN (JAMAICA) LTDINTERNATIONAL ASSET SERVICESINTERNATIONAL CREDIT MANAGEMENT SOLUTIONS LTD.JAMAICA BROILERS GROUP LIMITEDJAMAICA COLLECTION & RECOVERY SERVICESJAMAICA ENERGY PARTNERSJAMAICA MONEY MARKET BROKERSJAMAICA NATIONAL BUILDING SOCIETYJN GENERAL INSURANCE COMPANY LIMITED JAMAICA OBSERVER (THE)JAMAICA PEGASUS HOTELJAMAICA PRE-MIX LIMITEDJAMAICA PRODUCERS GROUP LIMITEDJAMAICA PUBLIC SERVICE COMPANY LIMITEDJAMALCOK. CHANDIRAM LIMITEDKEY INSURANCE COMPANY LIMITEDKINGSTON LIVE ENTERTAINMENT (KLE GROUP)KINGSTON PROPERTIES LIMITEDKINGSTON WHARVES LIMITEDKONNEXX SERVICES LIMITED KPMGKRIS AN CHARLES INVESTMENTS COMPANY LIMITED LA MAISON PROPERTY SERIVCES LIMITEDLARIBO MARKETING & CONSULTANTS LIMITEDLASCELLES deMERCADO & COMPANY LTD.LASCO DISTRIBUTORS LIMITEDLAWE INSURANCE AGENCY LIMITEDLEX CARIBBEAN LIMITEDLIMELIVINGSTON ALEXANDER & LEVYL. HOWARD FACEY & COMPANYMANAGEMENT CONTROL SYSTEMS LIMITEDM.F. & G TRUST & FINANCE LIMITEDMWC ASSOCIATES LIMITEDMAPCO BUSINESS PRINTERS LIMITEDMAYBERRY INVESTMENTS LIMITEDMICROSOFT JAMAICA INC.MINOTT EQUIPMENT & CHEMICALSMOORE’S TRANSPORT SERIVCES LIMITEDMUSSON (JAMAICA) LTDMYERS, FLETCHER & GORDONNMH TRADING & DISTRIBUTION (JA.) LIMITEDNATIONAL COMMERCIAL BANK JAMAICA LTD.NESTLE JMP JAMAICA LIMITEDNEWPORT FERSAN (JAMAICA) LIMITEDNEXUS HOSPITALITYNUNES SCHOLEFIELD DELEON & COMPANY

PAN - JAMAICAN INVESTMENT TRUSTPANMEDIAPAYMASTER JAMAICA LIMITEDPEAK BOTTLING COMPANY LIMITEDPOWER SOLUTIONS TECHNOLOGY LIMITEDPRICEWATERHOUSECOOPERSPRIME ASSET MANAGEMENT LIMITEDPRISM COMMUNICATIONS LIMITEDPRO-COMMUNICATIONS LIMITEDPROVEN WEALTH LIMITEDRAINFOREST SEAFOODS LIMITEDRAVERS LIMITEDRBC ROYAL BANK JAMAICA LIMITEDRED STRIPERESTAURANTS OF JAMAICARJR COMMUNICATIONS GROUPSAGICOR LIFE JAMAICA LIMITED SAGICOR INVESTMENTS JAMAICA LIMITEDSECURITY ADVISORY & MANAGEMENT SYSTEMSSEPROD GROUP OF COMPANIESSIGN CRAFT LIMITEDSINGER JAMAICA LTDSPACES LIMITEDSPANISH COURT HOTELSTERLING ASSET MANAGEMENT LIMITED STEWART’S AUTO SALES LIMITEDSTOCKS & SECURITIES LTDSTRAWBERRY HILL HOTEL & SPASTREAMLINE SOLUTIONS JAMAICA LTDSTRONGHOLD DATA SOLUTIONSSUNSHINE AUTO PARTS LIMITEDSUPERCLEANERS DRYCLEANERS & LAUNDERERSSUPREME VENTURES LIMITEDTARA COURIERSTHE BUSINESS DISTRICT LIMITEDTHE BUSINESS LABTOTAL JAMAICA LIMITEDTRAFALGAR TRAVEL LIMITEDUNIVERSITY COLLEGE OF THE CARIBBEANUNITED PETROLEUM (JAMAICA) LIMITEDVICTORIA MUTUAL BUILDING SOCIETYWILLIAM WILSON LIMITEDWINCHESTER MEDICAL SERVICES LTDWISYNCO GROUP LIMITEDWORLDWIDE NOVELTIESWYNDHAM KINGSTON HOTEL


INBOND MERCHANTS ASSOCIATIONINCORPORATED MASTERBUILDERS ASSOCIATION OF JAMAICA

INSTITUTE OF CHARTERED ACCOUNTANTS OF JAMAICAINSTITUTE OF INTERNAL AUDITORS

INSURANCE ASSOCIATION OF JAMAICAJAMAICA BANKERS ASSOCIATION

JAMAICA CO-OPERATIVE CREDIT UNION LEAGUEJAMAICA CUSTOMER SERVICE ASSOCIATION

JAMAICA EMPLOYERS’ FEDERATIONJAMAICA EXPORTERS’ ASSOCIATIONJAMAICA DEVELOPERS ASSOCIATION

JAMAICA HOTEL & TOURIST ASSOCIATIONJAMAICA LIVESTOCK ASSOCIATION LIMITEDJAMAICA SECURITIES DEALERS ASSOCIATIONJAMAICA USED CAR DEALERS ASSOCIATION

REALTORS ASSOCIATION OF JAMAICA LIMITEDSHIPPING ASSOCIATION OF JAMAICA

SMALL BUSINESS ASSOCIATION OF JAMAICASPIRITS POOL ASSOCIATION LIMITED

SUGAR MANUFACTURING CORPORATIONWOMEN BUSINESS OWNERS (JAMAICA) LTD. COUNCIL OF VOLUNTARY SOCIAL SERVICES

JAMAICA INSURANCE BROKERS ASSOCIATION

association members

AS AT DECEMBER 31, 2012


BARNARSEE, ROYBARRETT, DAVID

BECKFORD, ELONBOGUES, GRETA

BOVELL, CHRISTOPHER CLARKE, NIGELCLARKE, OLIVER

COKE-LLOYD, JACQUELINEDON, IAN

EDMONDS WILSON, KARIN EUBANK-GREEN, LLOYD

EYRE, MERVYNFENNELL, MICHAEL

GREEN, JUDITH HENRIQUES, PHILLIP

JAIN, SUSHIL K.JAMES, NEVILLEJARRETT, EARL

THOMPSON, JOHNLEE, OSWALD

MCBEAN, COLINMACBEATH, ALISTAIRMCCONNELL, MARK

MCDONALD-LEVY, BRIGETTE

MOE, FREDRIKMORGAN, HENLEY

NEIL, VALREYORANE, ZAHRA PISKACEK, RUBYPOWELL, ERROL

RECKORD, CHRISTOPHERROSE, LYNDENROSS, CHARLES

SHIRLEY, SANDRA SIMPSON-BENAIH, GEORGIA

SMALL, HUGHSTEELE, COLIN

STEWART, LAURENCESUMMERBELL JNR., DAVID

WEBBER, MAUREENWOOLERY-DAVIS, JEM

VILLERS, RUTHLYNANDERSON, KIRKLAND

FOX, SUSANKELLY, TONY

ROSS, MARIAN ZACCA, CHRISTOPHER

individual members

AS AT DECEMBER 31, 2012

“FROM YOUR INVALUABLE SUPPORT AT MEETINGS AND EVENTS, TO YOUR ESSENTIAL FINANCIAL SUPPORT AND YOUR VALID OPINIONS AND IDEAS, YOU WERE WITH US

AT EVERY STEP OF THE WAY, AND FOR THAT I MUST EXPRESS MY DEEP GRATITUDE. THE LEADERSHIP AND STAFF OF THE PSOJ LOOK FORWARD TO YOUR CONTINUED SUPPORT.“

- PRESIDENT CHRISTOPHER ZACCA


7 Barbados AvenueKingston 10, Jamaica W.I.

Tel: (876) 754-2225-7 Fax: (876) 754-8103website: www.sterling.com.jm

email: [email protected]

INVEST WITH CONFIDENCE

SAFETY and QUALITY

Sterling is one of the strongest and safest financial institutions in Jamaica. The majority of our capital base is concentrated in U.S. Dollar investment grade rated securities and our risk weighted capital adequacy ratio is more than three times the Financial Services Commission’s minimum threshold. The company’s capital base has also grown 35 fold since inception. Sterling Asset Management…Safety, Profitability, Quality.

psoj annual report 2012

Documents

productive private sector

public sector

psoj memberspg

psoj council memberspg

economic policypg

new kingston shopping

barbican road

psoj hall of famepg