Dennie Quill, Contributor
PEOPLE WHO write opinion columns crave feedback. So when I received a note from the Private Sector Organisation of Jamaica (PSOJ) reacting to my comments last week, questioning the protocol which governs appointments to boards, committees and commissions, I felt great.
The PSOJ assures me that the area of good corporate governance is of great concern, particularly the need to promote best business practices among the private sector.
Here is an excerpt from the PSOJ's letter: "In light of such concerns, the PSOJ established a Corporate Governance committee in 2001. The committee's mission is to become the key influencer in the delivery and adoption of corporate governance best business practices, including the provision of access to knowledge and learning resources for the business sector, so that they can more effectively compete in the global market.
CORPORATE GOVERNANCE SEMINARS
The PSOJ, in its corporate governance initiative and in collaboration with Commonwealth Association of Corporate Governance (CACG), has been presenting corporate governance seminars since 2002. Approximately 100 persons have participated in these seminars. These professional development seminars gave functional guidance and equipped directors with skills to more effectively and efficiently execute their roles and responsibilities as board members. The PSOJ offers a wide range of courses concentrating on the core aspects of corporate governance, ranging from a two-day course of an introductory nature to a five-day directors' certification course.
It is the intention of the PSOJ to assemble a pool of highly competent professional directors, which will be made available to our members for board nomination. We are also currently finalising a proposed Code of Corporate Governance for Jamaica."
Reference was also made to their website www.psoj.org, and specifically to the Corporate Governance page, for additional information.
ESTABLISHING SOUND POLICIES
It means then that a cadre of active, thoughtful and knowledgeable persons will soon be available to join boardrooms across Jamaica whose primary function will be to establish sound policies by which businesses or organisations are administered for the benefit of all.
Apparently there is also concern among shareholders, because I read that a group was recently formed in Kingston and I believe the intention is to ensure that shareholders are properly represented on boards and that the history of hushing objection is abandoned. Perhaps an appraisal of boards may be a logical next step.
I daresay it would be quite an eye-opener if one of our noted playwrights should present a parody mimicking what goes on in some of the nation's boardrooms. It may confirm what people have been talking about for years. Recently, I had words with a few persons who have served on highly reputable boards and it was hilarious to hear their accounts of what goes on.
There are members who attend specifically for the stipend and the lunch. Yes, board luncheons are often spectacular affairs when the best china and well-starched lace napkins are brought out. And the fare is delectable. So board members and their guests are guaranteed to be wined and dined in fine style.
SLEEPING IN MEETINGS
I am told some board members don't even read the documents in advance of the meetings and as soon as they are settled in their chairs, they start to sleep, prompting a nudge or two from their fellow board members.
There are some members, I am told, whose sole purpose on public boards is to report to the minister or political representative. In these instances, the member is not working in partnership with his colleagues, but has a hidden agenda and conflicting loyalty. Such are the goings-on in boardrooms and since there is little accountability, shareholders are often left in the dark.
So we welcome the PSOJ's initiative and look forward to positive results.
Last week, I referred to the difficult time I believe Air Jamaica will have to stay afloat, and behold I got an e-mail from Spirit Airlines which said, "Just wanted to make sure that you saw this release cross the wire and let you know that we've extended the dates the $9 fares are being offered." Yes $9. How will our poor national airline cope? This is one for Messrs. Conway, Melhado et al to consider.
Dennie Quill is a veteran journalist who may be reached at denniequill@hotmail.com.
