CORPORATE GOVERNANCE
The Time for Accountability...
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Corporate Governance
The broad objective of the Board is to ensure that the policy directives of the ministry and the Government of Jamaica are fulfilled.
Board Objective
The Board of Directors of Factories Corporation of Jamaica Limited has responsibility for corporate governance matters and is the prime policy decision maker of the company. The Board of Directors is appointed by Cabinet on the recommendation of the responsible minister in our parent ministry - Economic Growth and Job Creation. The broad objective of the Board is to ensure that the policy directives of the ministry and the Government of Jamaica are fulfilled. FCJ is in compliance with all the guidelines established by the Ministry of Finance, the National Contracts Commission and our Portfolio Ministry regarding prudent management of our financial affairs and accountability.
Background
The Board commenced its tenure under the dark cloud of a very scathing Report by the Auditor General’s Department, whose assessment of the Corporation highlighted less than satisfactory corporate governance arrangements at the Corporation during the previous Financial Year. As a result, governance at the level of the Board of Directors as well as at the Executive level, was given renewed focus. We prioritized the actions and recommendations arising from the Auditor General’s Assessment and by the end of the 2016/2017 Financial Year, the following were achieved:
Corporate Governance Committee
A committee was established with the mandate to ensure compliance with the Public Bodies Management and Accountable Act.
Realignment
Commencement of the process of filling the competency gaps within the Corporation. Approval for nine posts, including the post of Procurement Manager was secured.
Retooling
Departments and Evaluation Committees were established. As a result, the Corporation saw a reduction in civil works, and enhanced communication and visibility for the company.
Review
Reviewing and strengthening of Policies and Procedures such as the Procurement Policy.
Governance Reports
Annual General Meeting & Board of Directors' Retreat
The Company
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