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

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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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Private Sector Urged to Champion Productivity

“Equity means ensuring access to financing, financial inclusion, fair treatment under regulation, and a level playing field for all, including women, youth, and marginalised communities,” she said.

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Minister without Portfolio in the Office of the Prime Minister with Responsibility for Efficiency, Innovation and Digital Transformation, Senator the Hon. Ambassador Audrey Marks, delivers the main address during the Jamaica Chamber of Commerce (JCC) 40th Annual Awards Banquet at The Jamaica Pegasus hotel in New Kingston on June 12.

 

The private sector is being urged to lead the charge in boosting productivity, driving growth, and accelerating national development.

This was the charge from Minister without Portfolio in the Office of the Prime Minister with Responsibility for Efficiency, Innovation and Digital Transformation, Senator the Hon. Ambassador Audrey Marks.

She was speaking during the Jamaica Chamber of Commerce (JCC) 40th Annual Awards Banquet on June 12, at The Jamaica Pegasus hotel in New Kingston.

The banquet was held under the theme ‘Shaping the Future: Driving Productivity, Championing Equity, Inspiring Entrepreneurship’.

Senator Marks pointed out that, “The theme is a call to action and a blueprint for building a Jamaica that thrives locally and competes globally.”

She noted that productivity challenges remain a “stubborn barrier” to unlocking the country’s full potential.

The Minister explained that, over the past decade, the Government has prioritised debt reduction, inflation control and broader socioeconomic stabilisation—creating an enabling environment for businesses to operate and thrive.

She said these efforts have yielded tangible results, including a debt-to-GDP ratio of 68.7 per cent, inflation falling within the Bank of Jamaica’s four to six per cent target range, and a 43.3 per cent decline in murders between January and May 2025, compared to the same period last year.

Senator Marks assured that Jamaica has reached a stable socioeconomic position, one poised to unlock exponential growth and national development.

“To achieve that growth, the Government will now have to pivot from stabilisation to GDP growth strategies. We must boost productivity, not by working harder but by working smarter. It’s about integrating technology, upskilling our workforce, streamlining operations, and investing in innovation. This is where the private sector can lead the charge,” the Minister outlined.

Senator Marks noted that the second pillar of the theme, ‘championing equity’, challenges stakeholders to confront the entrenched issue of unequal access to opportunities.

“Equity means ensuring access to financing, financial inclusion, fair treatment under regulation, and a level playing field for all, including women, youth, and marginalised communities,” she said.

The Minister pointed out that the JCC has been playing a key role in levelling the playing field for micro, small and medium-sized enterprises (MSMEs).

“The President of the Chamber of Commerce has placed a spotlight squarely on ensuring that MSMEs are not left behind, because it’s these businesses that are the backbone of the economy. They are the creative and entrepreneurial engine in every community, in every parish, that keep our economy going, and they must be empowered, not as an afterthought but as a priority,” Senator Marks stated.

She noted that the JCC has spearheaded several initiatives over the years to bridge opportunity gaps for citizens and entrepreneurs – from redevelopment projects in downtown Kingston to partnerships aimed at tackling crime and advancing technology.

Meanwhile, Ambassador Marks underscored the importance of inspiring entrepreneurship, the third pillar of the JCC event’s theme.

She highlighted that Jamaicans are natural innovators, excelling as creators in music, cuisine, logistics, fintech, and other dynamic sectors.

“But there needs to be developed, locally, a culture that celebrates and encourages young innovators to start, and if you fail, to continue… and you can fail again, we will still be here to support you. That is my primary purpose in this position in the Government, to create that culture that celebrates innovation and supports entrepreneurship,” Senator Marks affirmed.

She urged the JCC to continue supporting Jamaica’s boldest thinkers, noting that the awardees are “examples of what is possible”.

“Please continue to nurture that spirit. Let us invest in it, educate it, mentor it, and showcase it, because the next tech genius could be a young Jamaican right now with nothing but a laptop and a dream,” Senator Marks said.

The JCC annual awards banquet celebrated outstanding businesses and individuals across categories, including the best in business performance, sustainability and marketing.

By: Donique Weston, JIS

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Dorothea Gordon-Smith Marks 50 Years of Quiet Power in Waste Management

Gordon-Smith has never been one to seek the spotlight. Her legacy is not one of noise or flash—but of consistency, care, and conviction. In an industry that rarely sees women at the top, she not only rose—she transformed what leadership looks like.

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In 1975, Dorothea Gordon-Smith left her job in banking while pregnant with her youngest child—not to retreat, but to step into the unknown. Together with her late husband Michael, she co-founded Garbage Disposal and Sanitation Systems Ltd. (GDSS), a modest one-truck operation that would, over the next five decades, grow into one of Jamaica’s most respected and enduring waste management companies.

Today, at 77, Gordon-Smith still leads the enterprise with poise and quiet determination. GDSS now boasts 35 trucks, offices in Kingston, Montego Bay, and Salem, more than 100 employees, and over 650 clients across 11 parishes. But it is not the size of the company that best defines her—it’s the spirit with which she built it.

A Start Rooted in Sacrifice and Resolve

When GDSS faltered in its early days, Gordon-Smith didn’t hesitate. Encouraged by her mother, and understanding the practicalities of their household income, she stepped in to steady the business while caring for a newborn. “There was no maternity leave in those days,” she recalled. “So I had to resign from my job in banking, anyway.”

She turned the office into a nursery and the business into her mission. From accounting and staffing to scouting sites and supervising mechanical repairs, Gordon-Smith immersed herself in every detail. She learned by doing, listening, and adjusting. And when major clients like West Indies Pulp and Paper and West Indies Glass shut down, she adapted—introducing recycling services and launching export initiatives to keep the company alive.

Community First, Always

From the beginning, Gordon-Smith made business decisions rooted in values. She deliberately placed GDSS offices near inner-city communities, because she saw the social and economic potential in places others overlooked.

“I believe most people are good,” she said. “I make it a point to speak to people in the communities we’re located with dignity and respect. One of the first things I do is hire from the community.”

That philosophy remains central to the GDSS culture. It was most recently on display during the company’s 50th anniversary health fair in Riverton City—a direct reflection of Gordon-Smith’s belief in service, equity, and the deep interconnectedness between business and community.

Guided by Instinct, Grounded in Care

Throughout her career, Gordon-Smith has relied not only on skill and strategy but also on something less quantifiable: intuition. She trusted her gut when making difficult decisions or hiring staff—and when she ignored it, she says, she paid the price.

Despite working in a traditionally male-dominated industry, she never allowed gender to define her path. “I didn’t spend much time thinking about whether I belonged,” she said. “I just focused on the work.”

Yet even as she moved through the complexities of running a national waste management company, Gordon-Smith remained acutely aware of the personal toll. The stress was unrelenting, the responsibilities heavy—and so, to sustain herself, she turned to self-discipline and self-care.

Many of Gordon-Smith’s days begin with cardio and weights. She eats with intention, maintains a schedule of regular massages, and makes time for weekly beautification rituals that have become part of her rhythm. Her home, though often filled with friends and family, is a space of calm—a place where laughter is easy and peace is protected.

Her vibrant, ever-changing hairstyles and bold wardrobe reflect the same intentionality. They’re an extension of a personality that is warm, expressive, and quietly powerful. Her looks, like her spirit, defy her age—but it is her discipline, not vanity, that fuels her vitality.

More Than a Business, A Living Legacy

As she begins stepping back from daily operations, Gordon-Smith is reflective—not just about the trucks and contracts, but about the lives her leadership has touched.

“There were hard times,” she said. “There were months I couldn’t even draw a salary. But when I thought about the jobs we created, and the families that depend on those jobs—that always kept me going.”

She refers to her employees as “over 100 children”—a sentiment that reflects both affection and responsibility. Loyalty, mutual respect, and long-standing service define the culture she built.

In 2024 alone, under her guidance, GDSS exported over 1,000 tonnes of glass and processed more than 500 tonnes of plastic and paper—a testament to her vision for a cleaner, more sustainable Jamaica.

But perhaps her greatest impact lies in what she represents: a woman who entered a tough, gritty industry without pretense and reshaped it through persistence, empathy, and grace.

A Quiet Redefinition of Leadership

Gordon-Smith has never been one to seek the spotlight. Her legacy is not one of noise or flash—but of consistency, care, and conviction. In an industry that rarely sees women at the top, she not only rose—she transformed what leadership looks like.

Her story is proof that strength doesn’t always roar. Sometimes it moves steadily, dressed in bright colors, guided by intuition, and held together by deep, unshakable purpose.

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Who is Safia Cooper?: Steering Pulse Investments into a New Era

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In the wake of her father Kingsley Cooper’s passing in June 2024, Safia Cooper has stepped into the role of Managing Director of Pulse Investments Limited, a company listed on the main market of the Jamaica Stock Exchange. With a rich background in marketing and a deep connection to the company’s legacy, Safia is poised to lead Pulse into its next chapter.

A Legacy Continued
Safia’s journey with Pulse began in earnest in 2012 when she joined as Director of Sales and Marketing. Her prior experience included managerial roles at Red Stripe Jamaica and Diageo Brazil, where she honed her skills in brand management and strategic marketing. She holds a BSc in International Relations from the University of the West Indies and an MBA from Nova Southeastern University.
In 2016, Safia was appointed CEO of Pulse, marking a significant step in the planned succession from her father . Her leadership has been characterized by a focus on expanding Pulse’s hospitality and leisure segments, including overseeing events like Caribbean Fashion week and the Caribbean Model Search Finals.

Navigating Challenges
The transition in leadership coincided with a challenging financial period for Pulse. The company’s revenue for the financial year ending June 2024 was $815.9 million, down 14% from the previous year. Net profits also declined to $543 million from $1.43 billion in 2023, impacted by impairments and restated financials.
Despite these hurdles, Safia has demonstrated resilience and a commitment to transparency. She acknowledged the financial challenges, noting the company’s efforts to address asset impairments and focus on recoverability of credits, particularly from media houses with reduced activity.

Vision for the Future
Under Safia’s leadership, Pulse continues to emphasize its core areas: fashion, media, and real estate. The company is advancing projects like Pulse Homes, a 30-unit eco-friendly residential development in Stony Hill, aimed at high-net-worth clients . Additionally, Pulse maintains a diverse portfolio, including model agency representation, show production, and property rentals.
Safia’s approach blends respect for the company’s storied history with a forward-looking strategy. Her tenure is marked by a dedication to innovation, strategic growth, and honouring the legacy established by her father. As Pulse navigates the evolving landscape of the creative industries, Safia’s leadership is central to its continued success.

In summary, Safia Cooper embodies the fusion of tradition and innovation, guiding Pulse Investments with a vision that honours its past while embracing the future.

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Corporate Movements: Margaret Campbell Appointed CEO of GKMS Group; Lee-Anne Bruce Named COO

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GraceKennedy Limited (GK) is pleased to announce leadership changes at GraceKennedy Money Services (GKMS) as part of its ongoing succession plan and strategic talent development and deployment.

Effective April 1, 2025, Margaret Campbell will assume the role of Chief Executive Officer (CEO) of the GKMS Group. Campbell, who has worked with GKMS for over 25 years, has served as its Chief Operating Officer (COO) since 2020. She joined GKMS in 1996 and has held several leadership roles during her tenure including, Financial Controller, Chief Financial Officer (CFO), and Country Manager for GKMS Jamaica. A Fellow Certified Chartered Accountant, Campbell also holds an MBA in Finance from the University of Manchester and serves on several GK subsidiary boards. She is also the current President of the Jamaica Money Remitters Association.

Frank James, Group CEO of GraceKennedy, expressed confidence in Campbell’s leadership, stating, “Margaret has demonstrated strong leadership and an unwavering commitment to providing exceptional value and convenience to our customers across Jamaica and the wider Caribbean, in keeping with our vision of being the number one Caribbean brand in the world. I have no doubt she will continue to drive GKMS forward.”

Grace Burnett, CEO of GKFG, added, “Margaret’s industry expertise and strategic approach make her the ideal person to lead GKMS into the future. Her experience and passion for operational excellence will be instrumental as GKFG continues to grow and evolve.” The announcement of Campbell’s appointment comes as Burnett, who has led GKMS since 2019, prepares to retire from GraceKennedy later this year.

Lee-Anne Bruce

Additionally, GraceKennedy has named Lee-Anne Bruce as the new COO of the GKMS Group, also effective April 1, 2025. Bruce holds a bachelor’s degree from the Frank G. Zarb School of Business at Hofstra University and is a Certified Anti-Money Laundering Specialist. With over a decade in senior leadership roles at GK, she has served as Group Chief Compliance Officer, Chief Risk Officer, and most recently, Chief Audit Executive. She began her career at GK in 2003, when she played a key role in GKMS’ expansion into the Eastern Caribbean.

Margaret Campbell, incoming GKMS CEO, welcomed Bruce’s appointment, stating, “Lee-Anne is no stranger to GKMS and her extensive experience and understanding of our business will undoubtedly be invaluable in her new role.”

In light of the leadership changes at GKMS, Judith Chung, Group Chief Compliance Officer & Senior Legal Counsel, will act as Chief Audit Executive of GraceKennedy Limited, while Jason Bailey, Head of Risk, will temporarily assume responsibility for the Compliance portfolio.

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GraceKennedy Limited (GK) Announces Additional Leadership Changes

These leadership changes align with the Company’s commitment to fostering a performance-driven culture while promoting innovation and consumer centricity.

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GraceKennedy Limited (GK) has announced key leadership changes set to take effect in 2025 as part of the Company’s succession plan.

Effective February 14, 2025, Andrea Coy will assume the role of CEO of GraceKennedy Foods, a move which will see the integration of the domestic and international segments of GK’s food division under a single leadership structure.

Since joining GraceKennedy in 2005 as Hi-Lo’s Financial Controller, Coy has held several key leadership roles within GK, including General Manager of Hi-Lo Food Stores and World Brands Services, CEO of Hardware & Lumber, Senior General Manager of the GK Foods Global Category Management Unit, and CEO of GK Foods Domestic. She has led GK’s international food operations since 2018 and is a member of the GK Executive Committee. Under her leadership, both GK’s domestic and international food businesses recorded significant growth in revenues and profitability. Coy holds degrees in Accounting from the University of the West Indies and is a member of the Institute of Chartered Accountants of Jamaica. She specializes in Turnaround Management and has completed advanced studies in the field at Harvard Business School. She serves on the Board of the Bank of Jamaica.

Later this year, following a distinguished 25-year career at GK, Grace Burnett will retire as CEO of the GraceKennedy Financial Group (GKFG), effective August 14, 2025. Upon her retirement, Steven Whittingham, the current Deputy CEO of GKFG, will step into the role of CEO, ensuring a seamless transition in leadership.

Grace Burnett

Burnett joined GK in 2000 and has held several key leadership roles within the Group. She previously served as Managing Director of GK General Insurance and Allied Insurance Brokers, where she led strategic operations for GK’s insurance business. From 2014 to 2019, she was the CEO of GK’s Insurance Segment, driving growth and innovation in the sector. An attorney-at-law, she has been the CEO of GKFG since 2016 and holds the position of the President & CEO of GraceKennedy Money Services. She is also a member of the GK Executive Committee. Well-known for her expertise in customer service, operations, and talent development, Burnett has earned accolades both within GK and externally. Her outstanding contributions to the insurance industry and exemplary leadership were formally recognised in 2024 when she received the prestigious Insurance Association of Jamaica Leadership Excellence Award.

Steven Whittingham

Whittingham joined GK in 2013 and has been Deputy CEO of GKFG since 2022, overseeing the Group’s Insurance Segment, merchant banking, and investment portfolios. He is a member of the GK Executive Committee and leads GK’s digital transformation. He has held various leadership roles within GK, including Chief Investment Officer of GraceKennedy Limited, Chief Operating Officer of GKFG, President of First Global Financial Services and Managing Director of GK Capital Management. During his tenure he has been instrumental in driving GK’s expansion through strategic mergers, acquisitions, and greenfield startups, consistently delivering impressive growth across portfolios. Whittingham holds dual degrees in Systems Engineering and Economics from the University of Pennsylvania and an MBA from Harvard Business School. In 2024 he was appointed Chairman of the Jamaica Stock Exchange, and he has served on several public and private sector boards.

These announcements come as GK prepares for another major leadership transition later this week. Last month, the Company confirmed that Group CEO, the Honourable Don Wehby, CD, OJ, will retire on February 14, 2025, stepping down from the Board of Directors after a distinguished tenure.

He will be succeeded by Frank James, current CEO of GK Foods Domestic and former Group CFO. GraceKennedy remains steadfast in its commitment to executing its strategy and ensuring excellence across all its operations.

These leadership changes align with the Company’s commitment to fostering a performance-driven culture while promoting innovation and consumer centricity. As the GK team strives to achieve its vision of becoming the number one Caribbean brand in the world, these appointments will provide continuity and strategically position GraceKennedy for sustained growth and innovation in the years ahead.

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