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

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7 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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Ambassador Marks Champions Investment in Women

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1 month ago

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March 19, 2024

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Jamaica’s Ambassador to the United States, Her Excellency Audrey Marks, has called for increased investment in women as a moral and strategic global necessity.

She argued that, as half of the world’s population, women are not just participants but key drivers of economic growth.

She noted that they occupy diverse roles as scientists, military members, entrepreneurs, educators, and political leaders, underscoring their essential contribution across the spectrum of human endeavour.

“Women play a crucial role in confronting some of the most pressing global challenges today, from geopolitical conflicts and rising poverty levels to the escalating impacts of climate change,” she added.

Ambassador Marks, who was addressing an International Women’s Conference in New York recently, noted that despite the role and contributions of women, the current rate of investment in women is woefully inadequate.

She said that an additional US$360 billion per year is required by developing countries to achieve gender equality under the Sustainable Development Goals (SDGs).

“At this trajectory, more than 340 million women and girls will still live in extreme poverty by 2030,” Ambassador Marks lamented.
She noted that closing gender gaps in employment could boost GDP per capita by an impressive 20 per cent,” illustrating the vast economic benefits of gender parity.

Jamaica’s Ambassador to the United States, Her Excellency Audrey Marks (second right), shares a photo opportunity with (from left) Chief Executive Officer of Nevalliance, Dr. Neva Alexander; Jamaica’s Consul General in New York, Alsion Wilson; former President of the Jamaica Nurses Group of New York, Claudette Powell; and past presidents of the Union of Jamaica Alumni Associations in the United States, Karlene Largie and Lesleyann Samuels. Ambassador Marks was at the International Women’s Conference hosted by Nevalliance at Hofstra University in Hempstead, New York, on March 9.

In her rallying cry for societal change, Ambassador Marks noted the potential for transformative change through collective action and commitment to women’s economic liberation.

She called on women to step forward as active participants in the fight for gender equality.

Emphasising the conference’s theme, ‘Leading Ladies’, Ambassador Marks championed the idea that women must not only advocate for change but embody it, inspiring others by becoming exemplary figures in all spheres of life.

“We must all become leading ladies in our own right. Let us be the change we wish to see,” she urged, calling on women to lead by example and show the world the strength and capability inherent in female leadership.

Jamaica’s Ambassador to the United States, Her Excellency Audrey Marks, is greeted by New York State Senator, Kevin Parker, on her arrival at International Women’s Conference at Hofstra University in Hempstead, New York, on March 9. Looking on (from left) are Jamaica’s Consul General in New York, Alsion Wilson, and Chief Executive Officer of Nevalliance, Dr. Neva Alexander.

Reflecting on her own experiences, Ambassador Marks shared powerful lessons on embracing innovation, the value of relationships, and the uncompromising importance of integrity.

She called on leaders, policymakers, and community members to invest in women, highlighting the undeniable return on investment for society’s broader prosperity and well-being.

“To forge a future where everyone thrives, we must all contribute to creating a world brimming with opportunities, where women empowerment is the norm, not the exception,” she said.

The International Women’s Conference, organised by professional development company Nevalliance, was aimed at enhancing awareness about women’s issues and generate resources to support their growth.

By: JAMAICAN EMBASSY, WASHINGTON DC, March 18, 2024

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The Success Of Our Financial Markets Is Intertwined With The Success Of This Collaboration.

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2 months ago

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February 27, 2024

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The Recent Context: In reflecting on recent industry discussions, particularly in the aftermath of the Jamaica Stock Exchange Regional Conference on Investments and the Capital Markets, a common thread emerged—a resounding call for education, training, and continued professional development. It underscores the dynamic nature of our financial landscape and the pivotal role that collaboration between accountants and regulators plays in ensuring a robust and trustworthy financial ecosystem.

Today I will share my thoughts on the collaboration between accountants and regulators, a crucial alliance that stands as the bedrock of investor confidence and the integrity of our financial markets. My thoughts are by no means new to you but are worthy of repeating. In the intricate dance of numbers and regulations, regulators and accountants must join forces not only to maintain the equilibrium of financial systems but to safeguard the very essence of investors’ trust.

The Unsung Heroes – Accountants and Regulators: Before delving into the heart of my presentation I would also like to take a moment to recognize who I believe are the unsung heroes in our financial narrative—accountants and regulators. Both work diligently, often behind the scenes, to uphold the integrity and transparency of our financial markets. It is this collective effort that enables investors to make informed decisions with confidence or to have a recourse when things go wrong which sometimes it does.

Global Trust in Accountants: Accountants serve as custodians of financial truth. This meticulous work as you know involves not just crunching numbers but ensuring that financial records are accurate, transparent, and adhere to the ever-evolving accounting standards. It is through this dedication that investors can rely on the information presented by companies. As the world at large becomes more and more wary of business operations, it is noteworthy that, global perceptions of chartered accountants have undergone a significant transformation. Recent studies indicate a surge in trust of investors during times of economic turbulence and uncertainty. Chartered accountants have emerged as the most trusted financial professionals, with increased recognition of their role in ensuring transparency and confidence. This is because of standard setting, adherence to standards and regulations and the willingness to be proactive and cooperate and collaborate with stakeholders including other standard setting bodies, government and regulatory bodies.

Similarly, in our local context, the Institute of Chartered Accountants of Jamaica plays a pivotal role in monitoring and upholding the standards of integrity, objectivity, professional competence, and confidentiality. The trust bestowed upon accountants in our jurisdiction mirrors the global trend, reflecting the adherence to these high standards.

In tandem with accountants, regulators act as the vigilant overseers of financial markets. Regulators craft and enforce the rules that govern fair play, market transparency, and investors protection. Regulators are the guardians of market integrity, working tirelessly to detect and prevent fraudulent activities, ensuring a level playing field for all participants. There is therefore cross functional activities between regulators and accountants for the primary purpose of protecting investors.

There must be the Collective Will to act as ‘trustee’ for investors. At the heart of our financial stability lies the collaboration between accountants and regulators. This partnership extends beyond professional duties—it is a shared commitment to act in the public interest, safeguarding the investments and interests of our stakeholders, particularly investors. We saw this played out during the COVID period between ourselves, ICAJ and the FSC where we understood that balance between investors receiving information and the other issues that prevailed. Both Accountants and regulators must work to ensure the strength and proper functioning of our capital markets. This collaboration is indispensable, particularly as investors rely heavily on credible financial information to make sound decisions.

The Role of Accountants: Let’s not underestimate the pivotal role that accountants play in this process. Whether as CFOs, internal auditors, or line and staff accountants, this ability to people in this profession to provide honest and accurate information in a timely manner and in keeping with international best practices, and other legal and regulatory frameworks is the linchpin for attracting capital, maintaining and preserving capital of investors. High-quality and timely information, meticulously provided by accountants, is the lifeblood of our capital markets.

Success Stories: Our markets stand strong due to the active and open dialogue between accountants and regulators. Even at the Exchange, the Regulatory and Market Oversight Division and the ICAJ have active dialogue on market developments, interpretations, and standards that are aimed at ensuring that investors receive the best reports. This collaboration between accountants and regulators has yielded success stories, with oversubscribed offers and successful capital raises, exemplifying the effectiveness of our financial ecosystem. In 2023, we witnessed a commendable mobilization of $18.74 billion in capital through IPOs, APOs, and private offers facilitated by the collaborative efforts of CFOs, accountants, and auditors. The connection here is that without accurate, credible financial information investors would be hard pressed to invest in the capital markets.

Navigating Challenges – A Testimony to Collaboration: The true test of collaboration is evident during challenging times. The recent global pandemic, COVID-19, posed unprecedented challenges, requiring quick and effective responses. The collaboration between regulators and accountants ensured that despite the turmoil, issuers remained compliant, demonstrating the resilience and adaptability of our financial ecosystem.

Adaptability has to be the hallmark of accountants and regulators. Your Agenda seeks to Navigate the Evolving Landscape but even as we delve into the agenda for this workshop, the landscape of the capital markets is evolving rapidly. New products, new services, and even new schemes aimed to mislead crops up daily giving accountants and regulators cause to work to find solutions for disclosures or enhancement of standards to ensure that investors are adequately protected.

Your discussions will undoubtedly cover an array of topics, from reporting methodologies to the introduction of sophisticated products and services in this digital age. The ICAJ and members, by having a robust knowledge of applicable laws and regulations, will play a pivotal role in shaping this landscape.

The Future of Reporting: Looking ahead, our focus must extend to the future of reporting. As we build out new and more sophisticated products and services within this digital age, the ICAJ and its members are at the forefront of ensuring that reporting standards are not just benchmarked but are also easily understood, quantifiable, and measurable. This commitment is essential for investors to appreciate and value their investments.
Crafting Rules and Standards: Collaboration between regulatory bodies and the accounting profession is paramount. Rules and standards must be crafted, enforced, and reported on to remove unnecessary barriers to trade. The information shared and the structures in place will enhance trust in the business climate, aiding investors in making informed decisions about capital allocation.

Preserving the Financial Reporting Supply Chain: In closing, let us acknowledge that the accounting fraternity serves as the vigilant watchguard for the rules and regulations set by regulators. This role becomes even more critical in an age of rapid changes. As we seek to keep pace with global regulatory requirements, active collaboration on matters relating to data protection, new financial instruments valuation, and sustainability reporting is an imperative.

A Call for Collaboration: In essence, our success hinges on preserving what we can aptly call the Financial Reporting Supply Chain. Throughout all stages of this chain, from setting parameters for financial statements to enforcing compliance, the accounting fraternity must ensure that the last link, the investors, is protected.

Closing Thoughts: There has never been any doubt in my mind that the accounting fraternity is integral to these stages, adding trust to the entire process. As we collectively navigate the challenges and opportunities that lie ahead, let us reaffirm our commitment to collaboration, transparency, and the shared goal of benefiting investors. The success of our financial markets is intertwined with the success of this collaboration.

Speech by Dr. Marlene Street Forrest, Managing Director of the Jamaica Stock Exchange given at the Annual International Financial Reporting Standards (IFRS) Virtual Workshop organized by the Institute of Chartered Accountants of Jamaica (ICAJ), February 2-3, 2024.

Source: https://www.jamstockex.com/dr-marlene-street-forrests-speech-at-the-ifrs-virtual-workshop-2024/

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The Path Of Least Resistance…Monique Powell

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5 months ago

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November 30, 2023

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“The path of least resistance would be to just take a job in someone’s company and start enjoying the (comparatively) soft life again. Nothing in this country is set up to truly foster the growth of entrepreneurship. The fortitude and resilience required to stick it out is next level. There’s a part of me that sticks with it because I do feel like the next generation of people who look like me (skin colour and gender) need to see even more visible examples of people from working class backgrounds building enterprises. Money is not what keeps me doing this. The salary I had when I left my job in 2016…a whole 7+ years ago is STILL more than what I take from the business now. Some days I’m motivated to keep doing this, some days I wonder if I’m making the right the choice with my life.”

Monique Powell

#36 Monique Powell, Founder and CEO of QuickCart (formerly QuickPlate)

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Kelli-Dawn Hamilton Appointed CEO of the Jamaica Special Economic Zone Authority (JSEZA).

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5 months ago

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November 18, 2023

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Kelli-Dawn Hamilton is the new Chief Executive Officer (CEO) of the Jamaica Special Economic Zone Authority (JSEZA).

Mrs. Hamilton, who assumed office on October 26, will lead the entity into its next phase of growth and development.

She served as the Authority’s most recent Interim CEO.

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, in his congratulatory statement, said that Mrs. Hamilton will “bring significant experience to the role”.

He noted that she has an acute sense of leadership that will propel Jamaica’s export agenda and attract foreign investments to support the country’s economic growth.

Chairman of the Authority, Chirstopher Levy, expressed his confidence in the new CEO, stating that “we are thrilled to welcome Mrs. Hamilton back to the Jamaica Special Economic Zone Authority”.

“Her proven leadership and strategic insights will undoubtedly accelerate our growth trajectory and reinforce our commitment to delivering exceptional value to our customers and stakeholder,” Chairman of the Authority, Chirstopher Levy

Mrs. Hamilton said she is happy to be rejoining the JSEZA family and looks forward to leveraging the company’s strong foundation and talented workforce to drive innovation and sustainable growth for Jamaica’s special economic zones.

“Together, we will continue to create and build upon the company’s legacy of excellence and reinforce our position as a strategic hub for trade and commerce in the Caribbean Region,” she said.

Mrs. Hamilton has a proven track record and expertise in trade policy, communications and business development and brings to the table a wealth of experience in business advocacy and client relationships, having previously served in various technical and leadership roles at the Jamaica Promotions Corporation (JAMPRO), First Global Bank and the Airports Authority of Jamaica (AAJ).

Her strategic vision, strong leadership abilities, and extensive industry knowledge make her an ideal fit to steer the JSEZA towards continued success and global expansion.

Mrs. Hamilton holds a Master of Science Degree in Comparative Politics and Political Theory from the University of the West Indies, Mona, and has demonstrated her commitment to excellence and leadership throughout her career.

The JSEZA is an agency under the Ministry of Industry, Investment and Commerce charged with driving economic growth through the establishment of special economic zones.

Since its inception in 2016, the company has been at the forefront of foreign and local direct investment attraction within Jamaica’s special economic zone regime.

By: SHERIKA HALL JIS

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Businessuite Markets

Negative Impact In Home Care Business Overshadowed Unilever Caribbean’s Strong Growth In Beauty & Personal Care And Food Channels.

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5 months ago

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November 18, 2023

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Daniela Bucaro Chairman Unilever Caribbean Limited Has Released The Following Unaudited Financial Statements For The Period Ended 30 September, 2023.

For the nine-month period ending September 30, 2023, the Company reported a Profit After Tax of $13.3m, representing an increase of $12.8m over the same period last year. This was achieved despite a decline in revenue of 14.6% from the prior comparative period to $168.1m. The revenue performance was impacted by changing market forces in selected channels as well as the decline in the macroeconomic environment, resulting in declines in the Solution Wash sales in both the local and regional markets. This negative impact in the Home Care business overshadowed strong growth in the Beauty & Personal Care and Food channels.

Profitability, as measured by gross margin, has improved as the Company continues to recognise more favourable material and freight costs with an improved sales mix.

Savings in operating expenses from improved efficiency and consistent cost management strategies have also facilitated margin improvements. Additionally, during this period, the Company recorded $6.2m in freight and logistics benefits, which were related to the previous quarters of this year. These benefits arise out of the conclusion of global freight rate negotiations and the attendant reductions in freight rates in previous quarters.

During the third quarter, Management has adjusted downwards pricing to pass these freight benefits on to our consumers. The impact of this $6.2m reduction in freight expenses to the period ending June 30, 2023, was an increase in Cross profit from $45.8m to $52m and an increase in Profit before tax from $8.7m to $14.9m.

The Company’s steadfast focus on accelerating profitable growth is supported by the improvement in the category mix, where increases in Beauty and Personal Care sales have contributed 59% of total year to date revenue, up from 39% in the prior comparative period.

This significant shift in product mix has boosted profitability and is aligned to our strategic plan centered on portfolio optimisation and sustainable profitable growth for a future fit organisation.

Notwithstanding the challenging environment, local and in the Caribbean markets, UCL maintains a strong financial position, with healthy cash holdings and retained earnings, and reported Earnings Per Share (EPS) of $0.51 for the period ending September 30, 2023.

New Chairman

Unilever Caribbean new chairman of the board of directors Daniela Maria Bucaro appointments took effect from July 14.
In a notice shared on the TT Stock Exchange website, Unilever said Bucaro has 18 years of experience in the company and has held several strategic roles in Central America, the Andean region and the greater Caribbean. She is a senior member of the leadership team of the newly formed Caribbean and Central America (CARICAM) regions. Unilever also announced the appointment of Carolina Arrieta and Jan Jacques Cot as directors of the board.

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