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Stories of Inspiration: Retired ICAJ Member, Mrs. Patricia Reid-Waugh Shares Her Life’s Journey

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8 years ago

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ICAJ congratulates its retired member, the multitalented and multifaceted, Mrs. Patricia Reid-Waugh, on her most recent successes in the literary arts. Her performance of Miss Lou’s ‘Dry Foot Bwoy’ and her own poem ‘Me An Me Jacob’ earned her a Gold Medal in the Jamaica Cultural Development Commission’s (JCDC) Speech Competition (Jamaican Language Poetry) in February 2017. She also published her first book, “Retirement, A New Adventure” in February this year.

Mrs. Reid-Waugh holds a Bachelor of Science (Hons.) in Mathematics and Economics, Post-Graduate Diploma in Education in the Teaching of Mathematics and a Master of Science in Accounting, all from the University of the West Indies (UWI). Additionally, she pursued graduate studies in Educational Administration under a USAID Fellowship at the University of Wisconsin, Madison, USA.
Let Pat tell you a bit more about her colourful life….

Life in the Classroom

Fresh out of university, I commenced my professional career as a Mathematics Teacher at Calabar High School in September 1974. Though inexperienced, it did not take me long to convey to the boys that I meant business. After four weeks of intensive instruction on the rudiments of the Circle Theorems, my 5th Form class was administered a test with the caution that anyone who scored less than 60% would be required to serve a detention.

A few students sought to test the theory that this young teacher need not be taken seriously. They did so to their detriment. Needless to say, the word got around quickly that if you were placed in Mrs. Waugh’s Math class, don’t test! A significant achievement during my tenure at Calabar (1974 – 1981) was grooming high achievers of the 3rd Form to sit O’Level Mathematics and Additional Mathematics in the 4thForm. Selected students were challenged to heights of academic excellence and many boys in other mathematics groups were envious of their counterparts who benefited from this experiment.

In my opinion, the implementation of accelerated learning initiatives for the highest achievers at Grade 9 motivates these students to the extraordinary performance of which they are capable. Conversely, students who struggle academically should also be afforded specialized attention to bring them up to a passing grade. As a teacher, I was always guided by a simple philosophy – “if the student has not learnt then the teacher has not taught.” I was therefore prepared to give as many extra classes as possible, free of charge, to ensure my students’ success. Their success was my success.

Transition to the Accountancy Profession

In August 1981, I left Calabar to pursue the MSc Accounting degree, in preparation for a career transition. I joined the Deloitte firm (then Touche Ross) upon completion. For me, Deloitte was the best training ground for any new accounting professional. The environment was supportive and family oriented; partners led by example, demonstrating a high work ethic and commitment to clients. Partners, Sydney Fernando and Carey Metz had the greatest influence on my professional accountancy career, and I credit their training for my being awarded a prize by the firm for “Effective Response in Situations of Urgency.” My 14 years with Deloitte Jamaica was split in two periods sandwiching a stint as Financial Controller at McIntosh Bedding Company and the now defunct Jamaica Record.

In January 2001, I was recruited by the Deloitte firm in St. Maarten, Netherlands Antilles where I spent a couple years before moving to the St. Maarten Telephone Company to assist with setting up an Internal Audit Department. In June 2004, I moved to the island of Nevis to take up the position of Regulator for Nevis’ Financial Services and a Commissioner of the St Kitts and Nevis Financial Services Commission.

I gained significant exposure to international regulatory processes and procedures established to fight money laundering and counter the financing of terrorism. I represented the Federation of St. Kitts and Nevis at numerous regional and international meetings and conferences dealing with regulation of financial services in general and AML/CFT regulation and compliance. In 2009, I was appointed to serve on the Working Group of the Caribbean Financial Action Task Force (CFATF) that was given the responsibility of preparing the first Strategic Plan for the organization. The work of the Group culminated in the presentation of CFATF’s Strategic Plan for 2011-2015.

Life in Nevis

Living on an island with approximately 12,000 people was a unique experience. Within a week of my arrival, everybody in Nevis knew that there was “a Jamaican lady who drives a blue and silver Jeep living in the yellow upstairs house at Zetlands.” Nevisians are warm and welcoming to anyone who is a productive individual, regardless of where the person hails from. Almost everyone to whom I was introduced said “Welcome to Nevis!” They embraced my friendly personality and distinct cultural background and I, in turn, did my best to contribute positively to the society both professionally and socially.

Having studied organ playing at the Jamaica School of Music and recognizing that there was a shortage of church musicians on the island, I volunteered to play the organ for one of the Anglican churches. I also assisted with organizing special events, e.g. assisting the Library in mounting annual Black History Month exhibitions and executing cultural activities. I simply immersed myself in Nevisian life, adjusted to whatever differences there were, thoroughly enjoyed my time there and made lasting friendships.

Life in Retirement

I took the decision to return to Jamaica in the summer of 2011 to avail myself of specialized diagnostic and other medical services that were not readily available in St. Kitts and Nevis. This marked the beginning of life in retirement. In addition to volunteering and mentoring, retirement has afforded me time to pursue so many new and arguable ‘out-of-the-box’ activities for personal enrichment. I have always had an interest in writing and for a long time have been writing poems and storytelling pieces for family, church and work events.

I recall the days at Deloitte Jamaica when I would write poems for a Long Service Award Ceremony or Christmas Party or in Nevis when my storytelling pieces espousing our colourful Jamaican culture would be the talk of the island for months thereafter. In 2010, I was awarded a Merit Certificate by the Jamaica Cultural Development Commission for an original poem titled “Me An Me Jacob”, a piece in which an old woman celebrates her 57 years of marriage to her Jacob. Humour is good medicine for any and every disease and the literary and performing arts offer unique opportunities for dishing out generous doses of this medicine.

In March 2012, the ICAJ Writers’ Club was launched and, naturally, I was a foundation member. Regrettably, the Club has not been as vibrant as it could be and this is a pity because an abundance of talent resides in the ICAJ. I would certainly like to see the revival of this Club. My involvement with the Club encouraged me to start writing a book comprising stories of my life. This project fell by the wayside because the literary expert who was assisting me migrated to Germany and was no longer able to provide the required guidance.

I then turned my attention to another aspiration, learning to play the violin. My first efforts were not very melodious. There was so much squeaking and squawking coming from my apartment that at times I was embarrassed to face my neighbors. Thankfully, things have improved considerably and I can now produce a decent sound having achieved success in the Trinity College Grades 1 & 2 Violin examinations.

Recently, I auditioned for the JCDC Speech Competition (Jamaican Language Poetry) and was selected to compete in the Kingston & St. Andrew Parish Finals. Competitors in the Adult Category are required to perform two contrasting pieces. My performance of Miss Lou’s ‘Dry Foot Bwoy’ and my own poem ‘Me An Me Jacob’ earned me a Gold Medal in February 2017. It was a fun experience!

Retirement, A New Adventure

The most exciting of my retirement activities is the writing and publication of my first book “Retirement, A New Adventure” which was launched on February 5, 2017. In February 2016, I saw a two-day publishing workshop advertised. I decided to attend so I could gain some insight to allow me to finish the book on stories of my life. During the exercise, the facilitator asked participants to state the title of a book each would want to write.

I jotted down ‘The Joy of Retirement’. We were then asked to map out chapters and I made appropriate notes following the instructions of the facilitator. The workshop was interesting and instructive. Some three weeks later I bounced into the papers from the workshop and immediately thought it would be a great idea to write such a book. Nine months later “Retirement, A New Adventure” was birthed.

The book motivates pre-retirees and retirees to adopt a positive, wholesome and fun outlook to life after work in order to stay active and engaged. The thesis of the book is that life in retirement involves much more than just ensuring financial security. Retirement opens up opportunities for doing and learning new things, exploring new places and meeting new people, discovering our hidden talents and showcasing them, and, experimenting with new tools and technologies to reconnect with the past and connect to the future. Retirement affords time to fulfil long-held dreams and aspirations on the journey to self-actualization. My adventure continues….what will your adventure be?

Republished with the permission of the Institute of Chartered Accountants of Jamaica (ICAJ). For further information, please contact Patricia Reid-Waugh at preidwaugh@yahoo.com. www.icaj.org

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Who is Marlene J. Street Forrest, Managing Director of the Jamaica Stock Exchange Group?

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16 mins ago

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November 16, 2024

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Transforming the JSE into a Global Benchmark
Dr. Marlene J. Street Forrest, CD, JP, has been a transformative figure at the Jamaica Stock Exchange (JSE), serving as its Managing Director for nearly 20 years. She is credited with steering the Exchange into a modern era characterized by transparency, technological innovation, and diversified offerings. Under her leadership, the JSE has seen major milestones, including the demutualization of the organization and the establishment of the Junior Market and the US Dollar Denominated Market. These initiatives have significantly increased capital accessibility for businesses and bolstered the Exchange’s regional and global profile​

A Career Defined by Leadership and Vision
Dr. Street Forrest’s journey in financial services and leadership spans multiple sectors, both in Jamaica and internationally. She earned her Bachelor of Science in Management Studies from the University of the West Indies and an MBA from Barry University in Florida. Her academic grounding paved the way for a career marked by strategic vision and operational excellence. Recognized as a Certified Business Consultant, she has brought expertise in enterprise risk management, cybersecurity, and governance to her work at the JSE​

Celebrated Achievements and Global Recognition
Her contributions have garnered numerous accolades, including the Order of Distinction (Commander Rank) in 2016 and the Afroglobal Excellence Award for Global Impact the same year. She has also been recognized as a Business Leader of the Decade and honored with an honorary Doctorate in Public Policy by the University of the Commonwealth Caribbean in 2021. Her authored works, such as On Leadership: Discipline, Discretion, and Daring, offer insights into her philosophy and strategies for effective leadership​.

Facing Challenges in a Male-Dominated Industry
As a female leader in a male-dominated industry, Dr. Street Forrest overcame significant challenges through a combination of resilience, strategic networking, and an unwavering commitment to excellence. Her success reflects her ability to lead with integrity while navigating the complexities of the financial sector.

Looking Ahead: The Next Chapter for the JSE
With Dr. Street Forrest set to retire, her successor will need to embody characteristics of innovation, foresight, and adaptability to sustain and surpass her achievements. The incoming leader will face the challenge of continuing digital transformation, expanding market reach, and maintaining the JSE’s reputation as a global benchmark in financial services.

The legacy of Dr. Marlene J. Street Forrest will undoubtedly serve as a guiding beacon for the next era of leadership at the Jamaica Stock Exchange.

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Who Is Hon. Fayval Williams, Jamaica’s New Minister of Finance and Public Service?

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25 mins ago

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November 16, 2024

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Trailblazing Leadership
Hon. Fayval Williams recently made history as Jamaica’s first female Minister of Finance and Public Service, appointed on November 1, 2024, following Dr. Nigel Clarke’s transition to his new role as Deputy Managing Director at the International Monetary Fund. This appointment marks a pivotal moment in Jamaica’s governmental landscape, reflecting a strong commitment to gender representation at the highest levels of public service leadership. Prime Minister Andrew Holness highlighted this move as part of a broader strategy to shift towards aggressive economic growth policies​

A Career Marked by Excellence
Before her groundbreaking role as Finance Minister, Williams served as Jamaica’s Minister of Education, Youth, and Information, where she tackled critical reforms in education policy and skills development. She has also held positions in the private sector, including as a Senior Vice President at Cable & Wireless Jamaica and as Chief Financial Officer at Air Jamaica. Her extensive financial expertise, underscored by a strong academic background—including an MBA from The Wharton School and a bachelor’s degree in Economics from Harvard University—has prepared her for the intricacies of managing public finances​

Vision for Jamaica’s Future
As Finance Minister, Williams is expected to focus on accelerating Jamaica’s economic growth while maintaining fiscal discipline, a hallmark of her predecessor’s tenure. She inherits a robust financial portfolio, but her challenge lies in building on Jamaica’s economic stability to drive transformative development initiatives. With a senior advisor in financial strategy, Alok Jain, supporting her, Williams is positioned to engage with private sector stakeholders to create impactful partnerships​

Looking Ahead
Williams’s leadership underscores her ability to break barriers, adapt to complex challenges, and inspire through innovation. As she embarks on this historic journey, her tenure promises to reshape Jamaica’s fiscal policies and growth trajectory, setting a new benchmark for inclusive leadership in the region.

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Business Leaders Express Confidence in New Minister of Finance and the Public Service

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2 weeks ago

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October 31, 2024

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Business leaders in Jamaica are expressing confidence in the ability of newly appointed Minister of Finance and the Public Service, Hon. Fayval Williams, to manage Jamaica’s macroeconomic affairs.

Stakeholders from the Private Sector Organisation of Jamaica (PSOJ), Jamaica Manufacturers and Exporters Association (JMEA), and the Micro, Small and Medium-Sized Enterprise (MSME) Alliance concur that Minister Williams has the requisite qualifications and experience to build on the sound economic management platform laid by her predecessor, Dr. the Hon. Nigel Clarke.

PSOJ President, Metry Seaga, pointed out that, “whilst she has big shoes to fill, Minister Williams has the credentials and the experience to do a fine job”.

“We encourage her to maintain the policies that have brought us to a solid fiscal place internationally. We also encourage her to look forward to developing growth in the economy,” he added.

Mr. Seaga maintained that growth must be paramount in the new Minister’s plan, pointing out that, “we have done the hard work as a country; it is time now for the people to reap those benefits”.

JCC Chief Executive Officer, Larry Watson, is also of the view that, “Minister Williams is well qualified for the post”, adding that “we have full confidence that she will do well.

“She follows on the heels of Jamaica’s most successful Minister of Finance and the Public Service, so she has big shoes to fill. Her success will, in part, be measured on the extent to which Jamaica can achieve substantial and sustained economic growth. We wish her all the best in her new role,” Mr. Watson stated.

Meanwhile, the MSME Alliance pointed out that a majority of its members, “view the appointment in a favourable light”.

The Alliance further stated that 83.3 per cent of its membership believes that there was no better option for appointment by Prime Minister, Dr. the Most Hon. Andrew Holness, than Mrs. Williams.

Meanwhile, the JMEA, in a release, also expressed confidence, “in Minister Williams’ leadership and commitment to advancing Jamaica’s economic landscape”.

The Association added that it, “looks forward to working together to foster a more competitive and resilient business environment”.

“The JMEA looks forward to continued engagement with the Ministry and the private sector, in pursuit of Jamaica’s macroeconomic stability. We believe strongly in the need to address red tape and bureaucracy that hinder private-sector growth and development,” the organisation further stated.

The entity indicated that it would continue to lobby for the promulgation of laws that will simplify the process for doing business in Jamaica.

“We urge the timely implementation of regulations under the Pioneer Industry Act and the Large-scale Industry Act, part of the OMNIBUS Incentive Act that has been pending since 2014, to create an environment that encourages investment and growth,” the JMEA release outlined.

Mrs. Williams was appointed Minister of Finance and the Public Service on Wednesday (October 30) by Prime Minister Holness, who made the announcement during a post-Cabinet press briefing at Jamaica House.

A Chartered Financial Analyst (CFA), Mrs. Williams holds a Master’s in Business Administration (MBA) with concentration in Finance from the Wharton Business School and a Bachelor of Arts (cum laude) in Economics from Harvard University in the United States.

Mrs. Williams, who is Member of Parliament for St. Andrew Eastern, is the first female to be appointed Portfolio Minister in the Finance Ministry.

By: Andrew Laidley JIS

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Who is Angelique Parisot-Potter, Massy Holdings’ Former General Counsel and Executive Vice-President of Business Integrity?

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4 months ago

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July 13, 2024

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Early Career and Rise in Massy Holdings
Angelique Parisot-Potter served as the Executive Vice-President of Business Integrity and Group General Counsel at Massy Holdings Ltd. Before joining Massy, she had an extensive career in law and corporate governance, holding significant roles that positioned her as a key player in the corporate legal landscape.

Whistleblower Revelations and Impact
Parisot-Potter’s tenure at Massy took a dramatic turn in December 2023 when she made allegations about questionable practices within the company’s executive training programs. At Massy’s 100th annual general meeting, she revealed that the leadership programs involved bizarre rituals, including communicating with the dead and self-healing with “white light energy,” which she claimed were a misuse of foreign exchange and resources. Her whistleblower revelations were detailed in a 13-page document submitted to the company, leading to significant media coverage and internal turmoil at Massy​​.

Resignation and Aftermath
Following her public disclosure, Parisot-Potter was placed on administrative leave. Massy Holdings initiated a disciplinary investigation, asserting that she had disclosed confidential matters. Despite the company’s denial of her claims, Parisot-Potter resigned from her position on December 27, 2023, just nine days after going public with her allegations. Her resignation came amidst a period of significant scrutiny and internal review within Massy Holdings​.

The Resignation of Gervase Warner
The fallout from Parisot-Potter’s revelations had far-reaching consequences, including the resignation of Massy’s President and CEO, Gervase Warner. Warner, who had been with Massy since 2009, announced his retirement on February 8, 2024. While his early departure was officially attributed to personal reasons, it closely followed the controversy sparked by Parisot-Potter’s claims. Warner’s leadership was notable for significant profitability and growth, with the company seeing a compound annual growth rate of 15% over the last five years of his tenure. He was succeeded by David Alfonso, a long-time executive within the company​​.

Conclusion
Angelique Parisot-Potter’s career at Massy Holdings was marked by her commitment to corporate integrity and governance. Her whistleblower actions underscore the complexities and challenges of corporate governance and the personal and professional risks involved in exposing potential misconduct. As Massy Holdings continues to navigate the aftermath of these events, Parisot-Potter’s role in bringing these issues to light remains a significant chapter in the company’s history.

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A Legacy of Leadership: Dr. Marlene Street Forrest and the Future of the Jamaica Stock Exchange

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5 months ago

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June 25, 2024

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“As the JSE looks to the future, it will be crucial to find a leader who can match, if not exceed, Dr. Street Forrest’s impressive legacy.”

Introduction
Dr. Marlene Street Forrest, who has led the Jamaica Stock Exchange (JSE) for nearly two decades, is set to retire, leaving behind a legacy of innovation and resilience. Her tenure has been marked by significant achievements and overcoming challenges in a male-dominated field, setting a high bar for her successor.

Accomplishments and Achievements
Dr. Street Forrest’s tenure at the JSE has been transformative. Under her leadership, the JSE has seen a notable increase in market activity, listings, and the introduction of new financial instruments.

She spearheaded the launch of corporate secretarial services to assist smaller companies in maintaining compliance and accurate reporting, which is crucial for their growth and sustainability​​.

In recognition of her outstanding leadership, Dr. Street Forrest received several prestigious awards, including the Order of Distinction in the Rank of Commander (CD) in 2016 and the Afroglobal Excellence Award for Global Impact from Canada the same year​.

Her efforts have not only enhanced the visibility and credibility of the JSE but have also contributed significantly to Jamaica’s economic resilience and development.

Overcoming Challenges
Leading the JSE in a male-dominated industry came with its challenges. Dr. Street Forrest often had to navigate skepticism and bias, proving her competence through relentless hard work and strategic vision.

The global financial crisis and the COVID-19 pandemic posed additional challenges, yet she successfully steered the JSE through these turbulent times by promoting market stability and investor confidence​.

Her focus on digital transformation and enhancing regulatory compliance helped the JSE remain a pivotal player in Jamaica’s economic strategy. She emphasized the importance of high-quality, timely financial information and investor education, which are critical for maintaining market integrity and attracting capital​​.

The Road Ahead: What Her Successor Needs
As the search for Dr. Street Forrest’s successor begins, the JSE requires a leader who can build on her legacy of innovation and resilience. Key characteristics for the next managing director include:

Visionary Leadership: The ability to foresee and adapt to market trends and technological advancements.
Strong Regulatory Knowledge: Ensuring compliance and fostering investor trust through transparent practices.
Commitment to Digital Transformation: Embracing new technologies to enhance market operations and accessibility.
Economic Insight: Understanding market dynamics and economic policies to drive growth and stability.
Collaboration Skills: Building strong relationships with stakeholders, including regulators, investors, and listed companies.

Benchmarking against global stock exchange leaders, the new head of the JSE should embody a blend of strategic foresight, regulatory acumen, and innovative thinking. Leaders like Adena Friedman of Nasdaq and David Schwimmer of the London Stock Exchange exemplify these traits, balancing market growth with robust governance.

Conclusion
Dr. Marlene Street Forrest’s leadership at the JSE has set a high standard, marked by significant achievements and resilience in the face of challenges. Her successor will need to bring a mix of visionary leadership, regulatory knowledge, and a commitment to digital transformation to continue driving the JSE’s growth and success. As the JSE looks to the future, it will be crucial to find a leader who can match, if not exceed, Dr. Street Forrest’s impressive legacy.

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