Minister of Finance and the Public Service
Kingston, Jamaica: Thursday, December 1, 2022
The Factories Corporation of Jamaica (FCJ) Ltd. emerged the winner of the Greta Bogues Award for Excellence in Corporate Governance and the Finance Minister’s Award for Board Composition, Functions and Structure at the fifth staging of the Public Bodies’ Corporate Governance Awards held at the Jamaica Pegasus Hotel on Thursday, December 1, 2022.
FCJ unseated the three-time winner, the National Health Fund (NHF), which has won the most awards since the inception of the corporate governance awards.
The entity was selected for the top awards following review by a judging panel comprised of persons from the public and private sectors with vast experience in corporate governance.
Hon. Nigel Clarke, DPhil., MP, Minister of Finance and Public Service in his keynote address underscored the importance of the Public Bodies’ Corporate Governance Awards.
“The reason why we persist with this [Public Bodies’ Corporate Governance Awards] is that what gets measured gets done… and we take time out to recognise the achievements of public bodies and the critically important areas of governance. Public bodies are responsible for 466 billion dollars of expenditure in this fiscal year, across 146 public bodies,” he noted.
Dr. Donald Farquharson, Managing Director, FCJ says this is a big deal and they are elated that they were selected for the top awards at the ceremony.
“The FCJ is just 126 staff and I think we have been striking above our weight class. In 2016, there was a damning auditor general’s report and I was recruited as Managing Director to be a transformational leader. [Several] years later, there is just tremendous success. So the governance awards that concluded in us being the top public sector agency in the country is just big.”
He further added, “I want to big up my staff because they have been the hard workers both the field service staff and the back office staff. So as MD I am very very proud.”
Meanwhile, Keith Duncan, President of the Private Sector Organisation of Jamaica (PSOJ) highlighted the importance of the Corporate Governance Awards adding that PSOJ’s partnership with the MOFPS continues to bear meaningful fruit.
“It’s important that our society implement robust systems of governance critical to transparent and efficient operations. I believe it is important that we recognise the effort made by each entity who have submitted their governance processes for scrutiny and assessment. You are all champions in elevating the bar for good governance in Jamaica.”
Second and third place for the Greta Bogues Award for Excellence in Corporate Governance was the National Health Fund and the National Export-Import Bank of Jamaica respectively. While the second and third runner-ups for the Finance Minister’s Award for Board Composition, Functions and Structure were the National Housing Trust and the National Export-Import Bank of Jamaica.
Dedicated awards were presented for Corporate Governance, Policies, Procedures and Practices and Risk Measurement and Internal Controls to the National Health Fund and the Compliance and Disclosure of Information went to the Office of Utilities Regulation.
Special awards were presented for the Best Website (National Health Fund) and the Best Annual Report (Factories Corporation of Jamaica). While the Port Authority of Jamaica walked away with the Most Improved Public Body award.
The annual staging of the Public Bodies’ Corporate Governance Awards is a collaborative initiative between the Ministry of Finance and the Public Service and the PSOJ that is geared at identifying and rewarding public bodies that have established high standards of corporate governance disclosure and practices.
The awards apply to Public Bodies which are governed by the Public Bodies Management and Accountability Act and the Corporate Governance Framework.
-end-
For further information contact:
Corporate Communication & Public Relations Branch
Ministry of Finance and the Public Service
30 National Heroes Circle
Kingston 4
Tel: (876) 932-4656/4660/4655
Email: Shelly-Ann.Weeks@mof.gov.jm; Shakiel.Rochester-Shorter@mof.gov.jm
Contact: Shelly-Ann Weeks/Shakiel Rochester Shorter
The Hon. Nigel Clarke, D.Phil., MP
Minister of Finance and the Public Service
30 National Heroes Circle, Kingston 4
Tel: (876) 932-4656 / 4660 / 4655
Eml: opedjamaica@gmail.com
Civil servants in leadership roles across central government are being urged to effectively engage in coaching and mentoring employees within the public service so they too can be effective leaders. The call came during the Civil Service Week Public Forum held at the AC Hotel by Marriott on Tuesday, November 21, 2023.
The Government of Jamaica and the World Bank signed a loan agreement for USD 30 million to support the Jamaica Education Project (JEP) which is programmed to conclude on June 30, 2029. The Government of Jamaica and World Bank representatives participated in a visibility ceremony for the loan agreement held at the Ministry of Finance and the Public Service on Monday, November 20, 2023.
The Inter-American Development Bank (IDB) and the Government of Jamaica have signed a Project Preparation Facility (PPF) Technical Assistance agreement to generate a pipeline of investment projects in Jamaica. The total project is valued at US$1.25 million.
On November 3, 2023, the Government of Jamaica (GOJ) issued the first ever Jamaican Dollar (J$) linked international bond in the amount of J$46.6 billion, equivalent to USD 300 million. The issuance, which was oversubscribed 1.4 times, consists of Senior Unsecured Notes due 2030 which are registered with the Securities Exchange Commission in the United States.
Stay in the know with everything going on at the Ministry of Finance and the Public Service by subscribing the MOFPS INSIDER magazine.
Stay in the know with everything going on at the Ministry of Finance and the Public Service.
