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Leadership Is The Software Which Relies On A Vision, It Is People-Focused, Culture-Driven And Pivots On Trust- Price

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7 years ago

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Introduction: Leadership Vs Management

I have always been fascinated by the concept of leadership – not management but leadership; because there is a difference.

 Stephen Covey, the American author most popularly known for his book, 7 Habits of Highly Effective People, said: “Management is efficiency in climbing the ladder of success; leadership determines whether the ladder is leaning against the right wall.”

 Colin Powell, former U.S. Secretary of State, said: “Leadership is the art of accomplishing more than the science of management says is possible”.

 And finally, Bill Owens, American politician and former Governor of Colorado said: “True leadership lies in guiding others to success. In ensuring that everyone is performing at their best, doing the work they are pledged to do and doing it well.”

To go a step further, let’s use the example of hardware and software – after all I am in the technology business!

For me, leadership is the software which relies on a vision, it is people-focused, culture-driven and pivots on trust.

On the other hand, management is the hardware inclusive of plans, strategies, processes and KPIs. And, although management is essential, it is reliant on leadership to achieve anything meaningful.
Ask yourself, what separates:
 Google from Yahoo
 Apple from Blackberry
 And, Richard Branson, CEO of the Virgin Group from Martin Winterkorn, former CEO of Volkswagen

I am certain that strong leadership would be the resounding response. Therefore, I believe we can safely conclude that the difference between the success and failure of any business is leadership.

Ladies and gentlemen, now more than ever, leading – and not simply managing – is needed.
We don’t need to look far to see that this is true.

 We exist in a business environment where competition is no longer limited to the man around the corner, but international companies and providers

 The customer base is more discerning, requiring increased convenience, shorter timelines in the provision of services and better value for money.

 We also have a front seat to see the unfolding of a dynamic political climate. Just have a look at the difference between the presidencies of Barack Obama and now, Donald Trump. Having just passed his six-month mark in office, The Trump presidency has been punctuated with scandals and the resignation of key officials, Sean Spicer being the most recent.

Colleagues, it is clear. We are living in a V.U.C.A. world.
A world that is Volatile. Uncertain. Complex. Ambiguous.

Surviving and thriving as a business leader in a VUCA world requires vision, sound judgement and adaptability.

Essentially, a leader that can Unlearn, Learn and Relearn.

Thomas Friedman, author of The World is Flat and noted New York Times Columnist said, “We are in a new world, using old tools”. Indeed, it can’t be business as usual because the rules of the business environment has changed. Consequently, to operate in this dispensation, we [as leaders] must adopt a new way of leading.

Colleagues, I believe that collaboration must be the foundation of leadership in these VUCA times. Leadership in this new dispensation, therefore, means:
 Inspiring others toward a challenging vision;
 Building consensus and commitment; and
 Introducing and managing change.

Let’s take a moment to address each of these fundamentals.

Inspiring Others toward a Challenging Vision

Ladies and gentlemen, inspiring others towards a challenging vision is often something that we, as business leaders, must do. Sure, we share our vision with investors, stakeholders and customers. However, the people that we need to inspire to make this vision a reality are our employees.

As we’re all aware, Elon Musk is the CEO of SpaceX – a company predicated on the use of rocket science, with the aim of colonising Mars. Between 2006 and 2009, the company created and manufactured Falcon 1, the first privately-developed liquid-fuel launch vehicle to go into orbit around the Earth.

However, on August 2, 2008, the flight of the Falcon 1 rocket failed as it propelled into space. It was a hard day. I am certain that staff were disillusioned… after all, they were being asked to do the impossible and had failed.

Dolly Singh, former head of talent acquisition for SpaceX, shared her account of the day with noted magazine, Business Insider. She said that Elon Musk, after the rocket failure, addressed the SpaceX staff as a matter of priority before addressing the media. He acknowledged that the flight did not get into outer space but they had achieved more than many others on this first attempt. He also encouraged his staff to hold fast to the vision that Falcon 1 represented, as he was not going to give up.

Dolly said that within moments, the energy of the room changed from despair to determination; people begun looking forward instead of looking back at past failures. The invigorated SpaceX team immediately got back to work and figured out what exactly went wrong in a matter of days. After a mere seven weeks, SpaceX had another Falcon 1 ready. It launched successfully on September 28, 2008 making it the first privately built rocket to achieve earth orbit.

Ladies and gentlemen, inspiring people towards a vision is not an activity that is done through one staff meeting or a friendly company email. It is about consistently engaging staff and helping them to see how important they are to achieving the company’s vision. This is critical in challenging times, when things are not going as planned.

Elon Musk could have chosen to address the media as a matter of priority after such a public failure. But, the act of going to his staff and speaking with them first showed his commitment to them. It highlighted that the staff at SpaceX were a team, and as their leader he knew that, in this moment, he needed to reassure them that he was proud of their hard work and wanted them to continue trudging ahead regardless of the setback.

The second fundamental mentioned was: Building Consensus and Commitment.

For the past six years, Google has held the #1 spot in Fortune Magazine’s Best Companies to Work For in the United States. We have all heard about the free gourmet food, haircuts, laundry services and even town hall meetings. Googlers, as they are called, do lots of work but report high levels of satisfaction and low levels of stress in their jobs.

What is of interest is that Google is a cutting edge firm that is marked by its innovativeness and willingness to try new things. There is a culture of discussing ideas and working together to attain consensus, engender commitment and achieve goals. Therefore, each member of staff is able to buy into the ethos of Google.

Ladies and gentlemen, staff engagement is nothing new. But today we must, like Google, ensure that our companies are values-driven and performance-lead. The culture of the organisation is the core that gives life to this philosophy.

o A strong culture must be based on people buying into the company’s vision and seeing their role as important to its achievement.
o A strong culture relies on leaders that focus on developing strengths and minimizing weaknesses among staff.
o A strong culture ensures that people are productive – regardless of whether the CEO is around.

Building consensus and commitment is something that requires people to trust their leaders, and their leaders to trust them. It means working as a team and not in silos.

In my view, this will have a ripple effect on the way in which we engage our clients, customers and shareholders.

The third fundamental mentioned was: Introducing and Managing Change.

Take your mind back to 1997 – Merlene Ottey placed 3rd in the 200metres race at the World Championships in Athens, Greece; Diana, Princess of Wales died in a car crash and Apple was on the brink of bankruptcy. 1997 was also the year that Steve Jobs, regained control of Apple to make the company one of the greatest comeback stories in business.

Steve Jobs had to preside over a period rife with change. As leader, he had to both introduce and manage this change.

o One of his first decisions was to cut costly projects and align with known-competitor, Microsoft, to strengthen the financial base.

o Next, he introduced the iMac, effectively re-inventing the ‘boring beige box” that represented computers at the time. This was a move which increased sales and brought the company back to profitability.

o In 2001, the iPod, iTunes and the Apple Store were born. Jobs did not ask his team to build a retail store so Apple could sell more products and increase its market share. Instead Jobs asked, “How can we reinvent the store?” The question forced his team to think outside of the entire category… not simply outside the box.

Ladies and gentlemen, Steven Jobs made the process of introducing change, a company-wide initiative that disrupted the market. As leaders, we must embrace this process and ensure that we are nimble and able to implement the changes needed to encourage success.

In 2002, when Jobs wanted Apple to forget about Mac OS 9 and move on to Mac OS X, he held a mock funeral for Mac OS 9 and even delivered a eulogy. It meant another big change that staff, consumers and investors had to trust would turn out well. It was the end of an era.

Conclusion
Let me take a few moments to share some tips that I utilise in these VUCA times.
1. The only mistake is the one that you don’t learn from
2. Lead by Example
3. Circumstances Change. Value Don’t
4. Focus on Solutions. Not Problems
5. Learn, Unlearn and Relearn
6. Learn to get out of the Way
7. What do you think?
8. Are you easy to do business with?
9. Great Players don’t win trophies; great teams win trophies
10. Be the leader that you want to follow

Ladies and gentlemen, taken independently, these elements are of great significance. However, when taken together they represent what leading and thriving in this VUCA world requires.

It can’t be business as usual. Therefore, we can’t be ordinary leaders… we must be exceptional.

I end as I began, highlighting the difference between leadership and management. In this instance, I leave you with the words of Jim Rohn, American author and motivational speaker: “The challenge of leadership is to be strong, but not rude; be kind, but not weak; be bold, but not a bully; be thoughtful, but not lazy; be humble, but not timid; be proud, but not arrogant; have humour, but without folly.”

Thank you.

The above was the text of  the Keynote Address given by
Mr. Stephen Price, Managing Director – Flow Jamaica at a PSOJ Breakfast Forum on July 25, 2017 at the Port Antonio Room, Jamaica Pegasus.

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National Insurance Fund (NIF) Plans to Increase Net Assets

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9 hours ago

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April 23, 2024

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The National Insurance Fund (NIF) plans to increase its net assets through the prudent management of the investment portfolio mix.

As stated by the Ministry of Finance and the Public Service (MFPS) in the 2024/25 Jamaica Public Bodies’ Estimates of Revenue and Expenditure, the increase will be achieved through participation in opportunities that allow for the maximum growth potential and dividend yield for funds invested in the financial markets.

The improvement in the net asset value will allow for the continued allocation of payments to the National Insurance Scheme (NIS) as required.

The strategies to be undertaken include increasing investments within the maximum allowable policy limits in financial instruments that provide strong prospects for growth, and diversifying the portfolio into assets that provide increased returns.

Reforms will also be pursued to improve the corporate governance structure of the NIF, to enable the entity to strengthen its compliance regime and respond to market conditions, while facilitating sustained growth and returns on funds held.

The NIS was established under Section 29 of the National Insurance Act of 1966 as the vehicle into which the NIS contributions are paid.

Its core function is the investment of NIS contributions to provide optimum benefits to the contributors.

The investment portfolio comprises a diversified asset portfolio consisting of fixed income, equities, loans and real estate assets.

The NIF disburses funds to the NIS to provide for its registered beneficiaries, which include pension grants and health insurance in the form of NI Gold.

The Fund also remits 20 per cent of NIS contributions to the National Health Fund ( NHF).

The NIF projects a net surplus of $38.9 billion for financial year 2024/25 over $20.1 billion for 2023/24.

By BALFORD HENRY JIS

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Corporate Movements

Corporate Movements – April 2024

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2 weeks ago

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April 9, 2024

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Consequent upon the reorganization of the Mayberry Group of Companies, this letter serves to advise of the Directors and Company Secretary of Mayberry Group Ltd. Note that Mayberry Group Ltd, a company incorporated under the laws of Saint Lucia, was listed on the Jamaica Stock Exchange on December 13, 2023.

The current Listing of Directors, appointed on September 6, 2023, are as follows:

1. Christopher Berry

2. Konrad Berry

3. Gary Peart

4. Richard Surage

5. Gladstone Lewars

6. Alok Jain

7. Erwin Angus

8. Walter Scott

The Corporate Secretary of Mayberry Group Ltd is FinSec Limited, appointed on November 15, 2022.

Justin Nam has resigned as Eppley’s General Manager to pursue other interests after nearly a decade at the company. His resignation is effective May 31, 2024, and he will coordinate with Raymond and Jeffrey to facilitate a smooth transition.

Raymond Donaldson to join Eppley as CEO

Raymond Donaldson will serve as the Chief Executive Officer of Eppley Limited (Eppley) effective May 3, 2024.

“Raymond has extensive leadership experience in financial markets across the Caribbean and a track record of scaling regional businesses. He has consistently demonstrated the ability to lead high performing teams and deliver results. We are delighted that Raymond will be joining Eppley.” said P.B. Scott, Chairman of Eppley.

Jeffrey Brown will also join Eppley on May 3, 2024, as Chief Investment Officer and will work closely with Denise Gallimore, VP of Real Estate and Samantha Summerbell, AVP Credit to grow and expand Eppley’s investment efforts.

Justin Nam has resigned as Eppley’s General Manager to pursue other interests after nearly a decade at the company. His resignation is effective May 31, 2024, and he will coordinate with Raymond and Jeffrey to facilitate a smooth transition.

“Justin has been an integral part of developing Eppley into the leading regional investment firm it is today contributing to the growth of our credit, mezzanine, infrastructure and real estate portfolios across the Caribbean. As an Eppley alumnus, we wish him well in his future endeavours.” said Nicholas Scott, Vice Chairman of Eppley. “I’ve worked closely for many years with both Raymond and Jeffrey. I know they share Eppley’s investment philosophy and I’m confident that they will continue our proud track record and build our business.”

“Eppley is a pioneer in private market investing in the Caribbean and one of the most respected investment firms in our region known for the caliber of its team, its financial performance and its integrity. I plan to lead Eppley guided by its founding principles for benefit of our team, our clients and our shareholders.” said Raymond Donaldson, Eppley’s incoming Chief Executive Officer.

Raymond Donaldson has a 20-year career in banking and finance in Jamaica, the Bahamas and the wider Caribbean. Most recently, Mr. Donaldson was Vice President Corporate and Commercial Banking at National Commercial Bank. Prior to that Mr. Donaldson served as Director of Corporate and Investment Banking in the Bahamas and Turks and Caicos at CIBC FirstCaribbean.

Jeffrey Brown has held executive roles in banking in Jamaica and Barbados, mostly recently as Head of Loan Structuring and Syndications at National Commercial Bank and previously at CIBC FirstCaribbean, Scotiabank and PricewaterhouseCoopers.

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Economists Hail Jamaica’s Sustained Debt Reduction as “Exceptional”

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2 weeks ago

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April 9, 2024

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Photo: Derrick Scott

Jamaica’s Ambassador to the United States, Her Excellency Audrey Marks, shares a moment with (from left) Massachusetts Institute of Technology Professor, Emil Vermer; Professor, Harvard Business School, Laura Alfaro; University of Colorado Professor, Barry Eichengreen; Jamaican economist at Stanford University, Professor Peter Blair Henry; and International Monetary Fund (IMF) Economist, Serkan Arslanalp. Occasion was the Brookings Institute spring papers on economic activity, featuring Jamaica, in Washington DC on March 28.

Jamaica is being hailed as “exceptional” for achieving sustained reduction in the public-debt-to-gross-domestic-product ratio (GDP) despite global financial crises, pandemics, and other emergencies.

In a paper titled ‘Sustained Debt Reduction: The Jamaica Exception’, authors Serkan Arslanalp, Barry Eichengreen and Professor Peter Blair Henry, noted that the sharp, sustained reductions in public debt are outstanding “because public-debt-to-GDP ratios have been trending up in advanced countries, emerging markets, and developing countries alike”.

The paper was presented at the Brookings Institute in Washington on Thursday (March 28).

“Governments have borrowed in response to financial crises, pandemics, wars and other emergencies, resulting in higher debt ratios. But only in rare instances have they succeeded in bringing those higher debt ratios back down once the emergency passed,” the paper pointed out.

Jamaican economist at Stanford University, Professor Peter Blair Henry, delivers a paper on ‘Sustained Debt Reduction the Jamaica Exception’ at the Brookings Institute in Washington DC on Thursday (March 28). At left is Co-presenter University of Colorado Professor, Barry Eichengreen.

In the case of Jamaica, the Government was able to cut its debt ratio in half from 144 per cent of GDP at the end of 2012 to 72 per cent in 2023.

The economists said the achievement was despite vulnerability to hurricanes, floods, droughts, earthquakes, storm surges and landslides, noting that Jamaica is ranked as the third most disaster-prone country in the world according to the Global Facility for Disaster Reduction and Recovery.

“It did so despite a COVID-19 pandemic that disrupted tourism and mandated exceptional increases in public spending. Yet, despite this exogenously prompted deviation from plan, the IMF’s baseline projection, in its 2023 Article IV report, forecasts a further fall in debt-GDP to less than 60 per cent over the next four years,” the paper said further.

The paper highlighted the fact that the Fiscal Responsibility Framework, introduced in 2010, required the Minister of Finance to take measures to reduce, by the end of fiscal year 2016, the fiscal balance to nil, the debt-GDP ratio to 100 per cent, and public-sector wages as a share of GDP to nine per cent.

“The framework was augmented in 2014 to require the Minister, by the end of fiscal year 2018, to specify a multi-year fiscal trajectory to bring the debt-GDP ratio down to 60 per cent by 2026. The framework included an escape clause to be invoked in the event of large shocks.

“This prevented the rule from being so rigid, in a volatile macroeconomic environment, as to lack credibility. At the same time, it included clear criteria and independent oversight to prevent opportunistic use,” the paper said.

: Jamaica’s Ambassador to the United States, Her Excellency Audrey Marks, speaks with University of Colorado Professor, Barry Eichengreen (left), and Massachusetts Institute of Technology (MIT) Professor, Emil Vermer, at the presentation of the Brookings Institute spring papers on economic activity, featuring Jamaica, in Washington DC on March 28.

The paper further pointed to the consensus building exercise entered into by the Government, which was key to the achievement.

“In 2013, a series of ongoing discussions in the National Partnership Council, a social dialogue collaboration involving the Government, parliamentary Opposition, and social partners, culminated in the Partnership for Jamaica Agreement on consensus policies in four areas, first of which was fiscal reform and consolidation,” the paper noted.

“The Partnership for Jamaica Agreement fostered a common belief that the burden of fiscal adjustment would be widely and fairly shared. It supported the creation and ensured broad national acceptance of the Economic Programme Oversight Committee (EPOC) to monitor and publicly report on fiscal policies and outcomes, and to provide independent verification that all parties kept to the terms of their agreement,” the research said.

“By creating a sense of fair burden sharing, Jamaica’s organised process of consultation thus sustained public support for the operation of the country’s fiscal rules, culminating in March 2023 with the establishment of a permanent, independent Fiscal Commission,” the economists declared.

“Jamaica managed its financial system well in this period. It adeptly managed the term structure of the debt, by way of a well-designed fiscal rule, and a partnership agreement creating confidence that the burden of adjustment would be widely and fairly shared.

The fiscal responsibility and the partnership agreement were key, as neither element would have worked to achieve sustained debt reduction in the absence of the other.

Both were needed the authors declared.

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Minister Bartlett Underscores Tourism Strategy and Action Plan’s Importance

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2 weeks ago

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April 9, 2024

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Tourism Minister, Hon. Edmund Bartlett, has emphasised the importance of Jamaica’s Tourism Strategy and Action Plan (TSAP) in generating the stakeholder capacity to respond to the industry’s new architecture.

The TSAP, being executed through a partnership with the Inter-American Development Bank (IDB), is geared towards boosting socio-economic development and investment, building the local tourism industry’s resilience to climate change and reducing the sector’s contribution to climate change.

It also aims to diversify Jamaica’s inbound tourism and promote the industry’s knowledge-based and technology-enabled development.

Mr. Bartlett also highlighted the TSAP’s importance in making tourism more inclusive and more of an enabler of economic growth and development in Jamaica.

“So, the strategies have to look at not just the physical areas but it has to start with human capital. The most important element within our tourism realisation is with people. Jamaica’s wealth is not in minerals, as you know; but what we really have are our people, and our people are the wealth of this country,” the Minister said.

“And so, our strategy has to deal, very strongly, with building, training, building intellectual capacity, building innovative capacities, building creative capacities, [and] building a new sense of how people can convert knowledge into material goods and services which will have a value and a price,” Mr. Bartlett added.

He was speaking during the opening session of the Tourism Strategy and Action Plan Consultation Workshop for Kingston and St. Andrew, at the Spanish Court Hotel in New Kingston on Thursday (April 4).

Minister of Tourism, Hon. Edmund Bartlett (left), shares a light moment with General Manager, Inter-American Development Bank (IDB) Caribbean Country Department Group and Representative in Jamaica, Anton Edmunds, during the opening session of the Tourism Strategy and Action Plan Consultation Workshop for Kingston and St. Andrew, at the Spanish Court Hotel in New Kingston on Thursday (April 4).

Meanwhile, Mr. Bartlett underscored the need to increase local production, which is critical in enabling Jamaica to retain a larger ratio of the tourist dollar.

“The consumption pattern of the visitor is three to five times that of the locals. Some people don’t understand why revenue to government has increased significantly without increasing/or new taxes being imposed. They don’t understand that what tourism has done is to increase the consumption pattern in Jamaica exponentially over the last two and a half years in particular, as we started from zero and grew to what is now 4.2 million visitors,” he stated.

“So, whose food are they eating? That is our job, to make sure that it is Jamaican food… our farmers must step up to the plate. The strategy in tourism must drive the linkages in the various areas, so as to stop the leakages from all the other areas,” Minister Bartlett added.

The workshop marks the final in a series of engagements aimed at highlighting relevant components of the Tourism Strategy and gathering as much input as possible from key stakeholders.

Minister of Tourism, Hon. Edmund Bartlett (left), makes a point to Operations Lead Specialist, Tourism, Inter-American Development Bank (IDB), Olga Gomez-Garcia, during the opening session of the Tourism Strategy and Action Plan Consultation Workshop for Kingston and St. Andrew held at the Spanish Court Hotel in New Kingston on Thursday (April 4). Looking on is General Manager, IDB Caribbean Country Department Group and Representative in Jamaica, Anton Edmunds.

By: LATONYA LINTON, JIS

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Statement by Bank of Jamaica Concerning Previous Regulatory Actions Involving Alliance Financial Services Limited

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2 weeks ago

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April 9, 2024

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Bank of Jamaica (BOJ) takes note of the recent Court Decision in the matter involving Alliance Investment Management Limited (AIML), which is not a licensee of the Bank, and public commentary related to the actions taken by the Bank in December 2021 to suspend the cambio and remittance operating licences issued to then AIML-affiliated company Alliance Financial Services Limited (AFSL) effective 3 December 2021. The Bank’s actions also included the revocation of the authorisation granted to AFSL to operate in the Bank of Jamaica Fintech Regulatory Sandbox as a payment service provider effective 3 December 2021.

As stated by the Bank at the time, the regulatory actions became necessary after the Financial Investigations Division (FID) on 2 December 2021 charged AFSL’s principals and two AFSL-affiliated companies at the time (AIML and Alliance Finance Limited (AFL)) with several offences under the Bank of Jamaica Act and the Banking Services Act. Bank of Jamaica is aware that investigations by the FID into the Alliance Group began around 2018. However, it was only after formal charges were laid against the entities and their principals by the FID following the requisite ruling by the Office of the Director of Public Prosecutions, that BOJ took the regulatory action of the suspension of licences to safeguard the financial system. The formal charging of the entities and their principals raised serious “fit and proper” considerations for their continued operation of financial services under the Bank of Jamaica Act and the Banking Services Act.

Alliance Finance Limited subsequently pleaded guilty in the St. Andrew Parish Court to several breaches of the Bank of Jamaica Act and the Banking Services Act and was fined. These breaches for which AFL was convicted related to “Carrying on the Business of Lending in Foreign Currency in breach of the Bank of Jamaica Act” and “Accepting Deposits Without the Requisite Licence in breach of the Banking Services Act.” The breaches involved engaging in economic activities which are regulated and which require an extensive application process, extensive due diligence checks and continuous monitoring throughout the life of the licence in the case of the Banking Services Act. The breaches also involved engaging in the business of lending in foreign currency without the requisite authorisation that allows for review, due diligence and monitoring mechanisms being applied to ensure continued order in the foreign Exchange market. These represent breaches of the substantive framework of financial services regulated by Bank of Jamaica. One consequence of such breaches is being rendered unfit to own and operate financial services in the financial system.

Bank of Jamaica is also aware of legal action initiated in the Supreme Court by the FID related to criminal forfeiture regarding the offences for which AFL was convicted in relation to the Bank of Jamaica Act and the Banking Services Act.

Bank of Jamaica maintains that its actions taken in December 2021 to suspend the cambio and remittance operating licence of AFSL and to revoke the authorisation granted to AFSL to operate in the BOJ Fintech Regulatory Sandbox as a payment service provider, were necessary as the allegations at the time threatened the good order in the foreign exchange market and payment systems as well as the reputation and good standing of the Jamaican financial system internationally. It is important to note that BOJ’s regulatory actions were the subject of judicial review, and finding in the Bank’s favour, the Court of Appeal noted in its 2022 judgment in the matter of Alliance Financial Services Limited v Bank of Jamaica that, “the risk to the financial sector outweighed the economic loss and inconvenience AFSL may suffer as a result of the continuation of the suspension.”

Bank of Jamaica remains committed to fulfilling its mandate to ensure the stability of the Jamaican financial system and the effective and impartial supervision of its licensees.

It is also to be noted that Alliance’s divestment of business was a strategy and activity pursued by the principals of Alliance as their own business decision.

It is also to be noted that Alliance’s divestment of business was a strategy and activity pursued by the principals of Alliance as their own business decision. Bank of Jamaica had no part in that decision or transaction. On 1 April 2022, BOJ publicly advised that AFSL, under a new ownership structure, applied for a cambio and remittance licence, and having satisfied the Bank’s due diligence requirements, was licenced to offer cambio and remittance services at approved locations effective 23 March 2022.

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