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C. Compliance and Disclosure of Information – 20% 18. Has the Public Body complied with the following requirements: -

a. Submission of the following within the specified timeline:

i. Corporate Plan ii. Monthly Reports iii. Quarterly Reports iv. Annual Report

b. Kindly state number of audit committee meetings for the period. ….…. c. At least 1 member of the Audit Committee is a qualified Accountant… d. Payment of statutory obligations are submitted on time……

19. How is Public Body information revealed to stakeholders Please check all that apply.

i. Updated Website iii. Quarterly Reports

ii. Press Briefings iv. Annual Reports vi. Otherv.

If Other, please specify: …………………………………………………………………………………………

20. Are conflict of interest and/or related party transactions disclosed at board meetings and where

................................................................................................................................................

21. Does your Annual Report meet the disclosure requirement of the First Schedule of the PBMA Act,

22.

23.

24. Does your Public Body disclose the compensation of its Directors and Senior Managers in the

appropriate disclosed by note in the Annual Report Briefly discuss. YES/NO

YES/NO YES/NO YES/NO

YES/NO YES/NO

YES/NO

YES/NO

Annual Report YES/NO 3

................................................................................................................................................

YES/NO

Quarterly Financial Statements

................................................................................................................................................

as well as, CGFPB Principle 17. 1a, b, c & 4

Does your Public Body have a Board approved Code of Ethics/Conduct Please attach a copy of the Code of Ethics.

Does your Public Body have a board approved Whistle Blowing Policy Please attach a copy of the Whistle Blowing Policy.

YES/NO

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June 12, 2021


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T he Private Sector Organisation of Jamaica (PSOJ) in collaboration with the Ministry of Finance and the Public Service (MFPS) has established the annual Public Sector Corporate Governance Awards for public bodies.

These awards will be applicable to those Public Bodies which are governed by the Public Bodies Management and Accountability Act (PBMAA) and the Corporate Governance Framework for Public Bodies (CGF).

Award Objectives  To promote awareness and adherence to the principles of

good corporate governance  To encourage improvements in the standard of corporate

governance disclosure  To recognize Public Bodies that have established high

standards of corporate governance disclosures and practices

A. Eligibility for Entry All Public Bodies governed by the (PBMAA), namely:  Statutory Bodies or Authorities (with body corporate status)  Government Owned Companies

B. Award Evaluation The Event will cover three (3) special awards and four (4) category awards; the latter will determine the overall winner. A questionnaire has been developed in order to elicit responses in relation to the categories. The completed questionnaire will be evaluated by the judging panel using the evaluation scheme which is based on the assignment of 100 points, as allocated among the 4 categories as noted below:

NOTES

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1. RATIONALE FOR THE CREATION OF A PUBLIC INVESTMENT MANAGEMENT SYSTEM (PIMS) IN JAMAICA The Government has committed to strengthen Jamaica’s public investment management system, as part of a comprehensive public financial management (PFM reform) agenda. This reform has seen the incorporation of public investment management as part of an enhanced fiscal governance framework that seeks to increase fiscal surpluses over time and concurrently reduce the debt to gross domestic product (GDP) ratio so that public resources can be allocated to public investment and other activities that have the potential to contribute to growth in the economy.

Cabinet Decision No X of March 2014 gave approval for the institutionalization of the Public Investment Management System (PIMS) and, in doing so, standardize the treatment of public investment across the public sector with respect to the entire project cycle.

Public investment projects are investments that require planning, execution, monitoring and evaluation carried out as an integrated set of activities aimed at meeting a development objective, at a specific cost and within a defined timeframe(Section 48A, FAA Act Amendments 2014). The Financial Administration and Audit Act (FAA Act) (Amended), 20141 sets out the elements of the strengthened Public Investment Management System (PIMS) which will seek to create a common framework for the preparation, appraisal, approval and management of all public investments in Jamaica, irrespective of the source of funding or procurement and implementation modalities. A key element of the system is the Public Sector Investment Programme (PSIP); a rolling 5 year plan of Cabinet approved public investment projects.

Since these amendments, more legislative and regulatory work has been done to further refine the PIMS and, by extension, the PSIP. In February 2015, additional amendments to both the FAA and PBMA provided for exceptions to the definition of public investment. The exception limits public investment to those undertaken by entities within the specified public sector. The specified public sector is defined as the public sector minus those entities that will be certified as commercial by the Auditor General and, therefore outside of the fiscal rules, as at April 1, 2017. It is anticipated that only a few entities will qualify and the specified public sector will encompass much more than 90% of the public sector. The ambits of the PIMS and PSIP, therefore, is quite extensive in scope.

The Financial Administration and Audit (Amendment) Act 2014 – Fourth Schedule (Section 48B (2) provides that an element of the Public Investment Management System shall be a Public Investment Performance Report. This is a comprehensive performance report on the Government’s Public Investment Programme, which shall be produced and published periodically by the Minister.

1 Gazette 31st day of March 2014, enacted April 1, 2014

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3. COMPLIANCE AND DISCLOSURE OF INFORMATION

This award will examine whether the Public Body has been compliant with the statutory requirements of the PBMAA, inclusive of the development of Corporate Plans, Annual Reports and the contents therein.

4. RISK MEASUREMENT AND INTERNAL CONTROLS This award will assess whether the Public Body has appropriate internal control policies and systems such as a Risk Management Policy and Internal Audit functions.

D. Entry Procedures Each Public Body will receive the relevant questionnaire (application form) for completion by 30th June, 2019. Questionnaires must be completed and returned to the PSOJ by Tuesday, 1st October, 2019, the latest, together with two (2) copies of the annual report for the financial year ending March 31st , 2018. NO ENTRY FEE IS REQURIED.

E. Review & Judging Procedures The awards review and judging panel will comprise representatives from the PSOJ Corporate Governance Committee, the MoFPS and other independent private sector leaders in the field of corporate governance.

For all categories, there will be two levels of review: 1. Quality Review 2. Compliance Review

I. Quality Review An assessment will be done on the quality and standard of presentation and disclosure of corporate governance information in annual reports. Where relevant, other publicly available information may also be taken into account, for example the Public Body website. The emphasis will be on voluntary disclosures that exceed the minimum statutory and regulatory requirements.

II. Compliance Review

A check will be conducted on compliance with the mandatory corporate governance disclosure requirements under the PBMAA, CGF and the Companies Act where applicable.

After completion of the above review, the judging panel will shortlist the top five (5) candidates for interviews during November 2019 to determine the final winners. The interviews will assist in clarifying areas of ambiguity and substantiate documents submitted. The Officers who sign the submitted application form must also attend the interview. F. Judging Criteria The judging criteria for the main categories include the following:  Overall presentation  Promptness of reporting  Quality of disclosure in relation to the following information:  Corporate governance statement and practices  Board structure and functioning including board composition

and diversity  Remuneration policy and details of directors and senior

managements remuneration packages  Internal controls and risk management

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June 12, 2021


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Ministry of Finance and the Public Service Fiscal Policy Paper 2021 Part 1 | Page 108

Figure VII (m): Estimated Financing Gaps for Emergency Losses

Source: WBG & MOFPS Notes: High severity – Category 5 hurricane and a major earthquake; Medium severity – Category 3 hurricane; Low severity – Category 1 hurricane. *CCRIF payments are estimated and may differ from actual events. National Natural Disaster Risk Financing Policy Committed to ensuring that there are sufficient mechanisms available for disaster relief, recovery and reconstruction without significant recourse to the national budget, the GOJ is crafting a national policy to guide disaster risk financing. The draft policy, which is slated to be tabled in Parliament within the first half of FY 2021/22, proposes a risk-layered approach to disaster risk financing and also places focus on the need for an up to date GOJ asset register to facilitate the insurance of public assets, as well as the importance of private insurance to limit the implicit liability of the Government in the event of debilitating private losses. Public Bodies The operations of public bodies pose a risk to the Central Government budget to the extent that these entities are unable to service debt, whether government guaranteed or otherwise, cover their operating expenses or satisfy their investment needs. Subject to the Public Bodies Management and Accountability (PBMA) Act, public bodies may only access loans with the approval of the GOJ. At the same time the Public Debt Management Act (PDMA) legislates that government guaranteed loans (GGLs) should be no more than 8.0%, 5.0% and 3.0% of GDP at end-FY 2016/17, FY 2021/22 and FY 2026/27, respectively. As at end-December 2020, GGLs-to-GDP was recorded at 4.7%, 0.3 percentage point below the 5.0% limit set for FY 2021/22. While the nominal value of GGLs has been decreasing, shocks to GDP growth could compromise the achievement of these targets. Additionally, given the severe economic impact of the COVID-19 pandemic, public bodies may be required to seek guarantees in order to borrow. The GOJ

$159.8

-$45.4

-$243.2 -400

-200

0

200

400

600

800

High Medium Low

Contingencies Fund & NDF CCRIF-SPC*

IDB Contingent Credit Financing Gap

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June 12, 2021


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