Good corporate governance dictates that the we comply with all applicable laws and regulations and that our operations are sustainably, responsibly and efficiently managed in the interests of our shareholder and stakeholders. Our values, policies, guidelines and code of ethics are important tools in our approach to doing business. Therefore, good corporate governance underpins our systems of accountability, transparency and efficiency.
As a Government organization, our corporate governance principles are rooted in internationally accepted standards and are locally guided by and subjected to:
- 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 (2004)
Our corporate governance guidelines allow for a transparent structure with clear and discrete responsibilities at each level and which places a premium on accountability. Accordingly, we are required to submit reports to various Government Ministries, Departments and Agencies. These include:
- The annual report which is due within 120 days of the end of the Financial Year
- The annual Corporate Plan to the Ministry of Finance and Planning, outlining our objectives and expected performance for the next three years.
- Quarterly Contracts Awards which are submitted to the Public Procurement Commission on a quarterly basis
- Monthly procurement reports which are required by the Ministry of Finance & Planning
We are managed by a non-executive Board of Directors. The roles of the Chairman and the Managing Director are separated to ensure a clear distinction between the Chairman’s responsibility to oversee our strategic policy direction and the Managing Director’s responsibility to manage our operational activities. The division of responsibilities between the Chairman and the Managing Director is clearly established and set out in our Corporate Governance Framework.
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.
The Board is collectively responsible for strategic management and oversight, serves as the focal point for Corporate Governance and is accountable to the Responsible Minister & Shareholder representatives. Additionally, they ensure compliance with the Public Bodies Management & Accountability Act, and other applicable legislation and Government of Jamaica policies while actively participating in the development of our strategic direction.
The Board delegates its powers and authorities from time to time to sub-committees in order to ensure the operational efficiency and specific issues are being handled with the relevant expertise. Four (4) board sub-committees have been established; each has its specific duties and responsibilities set out in its own terms of reference, which is embedded in our Corporate Governance charter.
- Audit & Corporate Governance Committee
- Investment, Finance & Loans Committee
- Human Resource & Compensation Committee
- Enterprise Risk Management Committee