Public Sector Awards Deadline Extended to October 6

The application deadline for the Inaugural Public Sector Corporate Governance Awards has been extended to Friday, October 6.

The awards are open to all public bodies governed by the Public Bodies Management and Accountability Act, inclusive of statutory bodies, regulatory bodies, authorities, commissions and government-owned entities.

Corporate Governance Trainer/Consultant, Ann-Marie Rhoden, speaking at a JIS ‘Think Tank’, today (September 29), explained that corporate governance embodies processes and systems by which corporate entities are directed, controlled, managed and are held to account.

She outlined the benefits of good corporate governance, including ensuring survival of the organization, creating value for the shareholders, boosting investor confidence, allowing access to more resources, and enabling the Government to meet its fiscal targets.

Acting Deputy Financial Secretary at the Public Enterprises Division, Ms. Carlene O’Connor, added that the Corporate Governance Framework, to which each public body should subscribe, is expected to lead to the improvement of the performance of public bodies.

Chairman of the Corporate Governance Committee of the Private Sector Organisation of Jamaica (PSOJ), Greta Bogues, outlined that the objective of the awards is to promote awareness and adherence to the principles of good corporate governance and to encourage improvements in the standards of corporate governance disclosure.

“Most importantly, the awards aim to recognise public bodies that have established high standards of corporate governance disclosures and practices,” she said.

Award categories include Board Composition; Functions and Structure; Corporate Governance Policies, Procedures and Practices; Compliance and Disclosure of Information; Risk Measurement and Internal Controls, as well as a Best Overall Corporate Governance award.

Organisations will be judged for the fiscal year April 2016 to March 2017.

Interested applicants must complete the questionnaire received from the Committee and return it to the PSOJ, along with two copies of the annual report.

Ms. Bogues explained that the top-five applicants will be interviewed, as “we want to ensure that it is not just the documentation, but we want to ensure that it is being practised in the organisation”.

She spoke of the diversity of the judging panel, with one representative coming from the Ministry of Finance and the Public Service, two coming from the PSOJ, one from the Office of the Cabinet; one from Academia and two persons from the public.

The awards ceremony will be held in December 2017.