Corporate Governance

Good corporate governance underpins the DBJ’s systems of accountability, transparency and efficiency. The Board of Directors, Audit & Conduct Review sub-Committee, Internal Audit, Enterprise Risk Management, senior management and staff have all contributed to the company’s success of maintaining a strong governance foundation.

The Bank’s corporate governance principles are rooted in internationally accepted standards that are locally guided by:

  • The Government of Jamaica Corporate Governance Framework for Public Bodies (2012)
  • The Public Bodies Management Accountability Act (2012)
  • Financial Administrative & Audit Act
  • Companies Act of Jamaica

The Bank’s corporate governance guidelines allow for a transparent structure with clear and discrete responsibilities at each level and which places a premium on accountability.

DBJ’s Corporate Governance Structure

DBJ’s Corporate Governance Structure

The DBJ is governed by a Board of Directors which ensures the highest standard of corporate governance practices. Various sub-committees assist the Board in fulfilling its oversight responsibilities while the management team executes the business strategy and oversees the day-to-day operations of the Bank.

The DBJ’s Board of Directors are selected and appointed in accordance with the Financial Services Commission’s (FSC) “fit and proper” standards and members have satisfactorily demonstrated:

  • Contribution to nation building, business, institutions and professions
  • Integrity, honesty and the ability to generate public confidence
  • Sound and independent business judgement
  • Financial literacy
  • Knowledge and appreciation of public issues and familiarity with local, national and international affairs
  • Knowledge of the business of the company
  • Ability to dedicate adequate time to the Board and committee work.
Corporate Plan

The DBJ is required to submit an annual Corporate Plan to the Ministry of Finance and Planning, outlining the Bank’s objectives and expected performance for the following three years.



Risk Management

Enterprise Risk Management (ERM) is central to the fulfilment of the Mission and Vision of the DBJ. By taking risks, the Bank becomes a catalyst for growth in the national economy. Therefore, the Bank manages its risk on an enterprise-wide basis, ensuring on-going, continuous risk management, which is embedded within the business cycle, starting with strategic planning, and carrying through to execution and evaluation.

The DBJ’s ERM programme is guided by its ERM Framework and Policy which was approved by its Board of Directors in 2014.

The DBJ realises that if risks are not properly managed, then the Bank could face unexpected and possibly severe financial distress. A sound ERM framework therefore addresses the integration of risk management in high-level decision making, as well as day-to-day business decisions and outlines the Board’s role in effective oversight.

The DBJ has created a customized Integrated Enterprise Risk Management Framework influenced heavily by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the International Organization for Standardization- ISO 31000:2009 ERM frameworks.

The Bank’s ERM framework establishes a structured and disciplined approach towards managing risk. This structure is applied to all categories of risks across functional, structural and departmental silos including credit risk, market risk, liquidity risk, treasury risk, operational risk, reputational risk, legal risk, etc.

The framework considers the following:

DBJ’s Framework
Laws and Reports

As a Government organisation that utilises taxpayer funds, the DBJ is subject to various laws. These include:

  • Companies Act
  • Public Bodies Management and Accountability Act
  • Financial Administration & Audit Act; and
  • As the Administrator and Investment Manager of the pension funds, the DBJ is governed by the Pension (Superannuation and Retirement Schemes) Act

The Bank is also required to submit several reports to various Government Ministries, Departments and Agencies. These include:

  1. The annual report which is due within 120 days of the end of the Financial Year
  2. Quarterly Contracts Awards which are submitted to the Office of The Contractor General on a quarterly basis
  3. Monthly procurement reports which are required by the Ministry of Finance & Planning under the Public Reporting System
The DBJ Workplace

The Development Bank of Jamaica has a complement of approximately 120 members of staff. It is comprised of 10 divisions headed by the Managing Director and nine General Managers.

The divisions are as follows:

  1. The Managing Director’s Office
  2. Audit Services
  3. Human Resources and Administration
  4. Loan Origination and Portfolio Management
  5. Public-Private Partnerships and Privatisation
  6. Strategic Services
  7. Management Information Systems
  8. Legal Services
  9. Finance & Treasury
  10. Micro Finance Institutions