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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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 Corporate social responsibility  Conflict of interest and connected transactions and

relationships  Other disclosures relating to, e.g., board committees, internal

audit, shareholder communications and investor relations  Ease of identifying compliance information

The judges will also take into account other publicly- available information that reflects on the standard of particular Public Bodies corporate governance. The decision of the judges will be final. In the event that the judges are unable to find entries of sufficient merit, they may, at their discretion, withhold some awards.

H. Award Ceremony  The Awards Ceremony should be attended by all applicants

and other guests and will be held in December 2019.  Media representatives will be invited to cover the Awards

Ceremony as a part of the public relations arrangement.

Notification: Enquiries in relation to the Public-Sector Corporate Governance Awards 2019 should be directed to:

Miss Greta Bogues, Chairman, PSOJ Corporate Governance Committee Private Sector Organisation of Jamaica (PSOJ) 39 Hope Road, Kingston 10. Phone : 876-927-6238 E mail : cherylb@psoj.org and/or gretab@cwjamaica.com OR Mrs Cheryl Sylvester-James Senior Director, Ministry of Finance and the Public Service 30 National Heroes Circle, Kingston 4 Phone: 876- 932-5056 E-mail: cheryl.james@mof.gov.jm

Categories Scores

Board composition, functions & structure 25% Corporate governance policies, procedures & Practices

30%

Compliance and disclosure of information 20% Risk Measurement and Internal Controls 25%

TOTAL 100%

C. Award Categories BEST OVERALL CORPORATE GOVERNANCE

AWARD SPECIAL AWARDS as noted hereunder:

- Best Annual Report Award - Best Website Award - Most Improved Public Body

Four (4) Dedicated Category Awards: 1. BOARD COMPOSITION, FUNCTIONS &

STRUCTURE This award aims to identify good corporate governance practices articulated in the CGF especially in relation to the separation of roles of the CEO and Board Chair, Board diversity, competency of Board members, establishment of Board Committees, and conduct of orientation and training of Board members as well as board evaluation.

2. CORPORATE GOVERNANCE POLICIES, PROCE-

DURES AND PRACTICES This award seeks to assess the extent to which specific recommended corporate governance policies, procedures and practices in relation to the operation of the Board have been implemented. These include Board Charter, Corporate Social Responsibility policy, appraisal of the CEO and availability of preparatory documents for board meetings.

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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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Mr. Speaker, I am pleased that in November 2016 the Private

Sector Organization of Jamaica (PSOJ) in collaboration with the

Ministry of Finance and the Public Service (MOFPS) launched the

PSOJ Public Sector Corporate Governance Awards. This is

intended to promote awareness and adherence to the principles

of good corporate governance, to encourage improvements in the

standard of corporate governance disclosure and, importantly; to

recognize Public Bodies that have established high standards of

corporate governance, disclosures and practices.

We expect, Mr. Speaker, that in highlighting Public Bodies by way

of a recognition award, that the entities will be incentivized and as

such will promote and maintain a higher level of effective

governance which will rebound to increasing Public Bodies

performance and enhanced public trust.

The Awards are scheduled to be held in November 2017 and will

be applicable to those Public Bodies which are governed by the

Public Bodies Management and Accountability (PBMA) Act and

the Corporate Governance Framework for Public Bodies (CGF).

The entities will be assessed based on their performance in Fiscal

Year 2016/17.

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  PUBLIC BODIES CORPORATE GOVERNANCE AWARD QUESTIONNAIRE 2019 

PARTICIPANT GUIDELINES   

This survey is being conducted by the Ministry of Finance and the Public Service (MOFPS) and the Jamaica">Private Sector Organisation of Jamaica (PSOJ) to assess the quality and effectiveness of corporate governance practices in public bodies as defined in the Public Bodies Management and Accountability Act (PBMAA) and the Corporate Governance Framework for Public Bodies (CGFPB) with a view to determining candidates for the PSOJ Public Sector Corporate Governance Award. The aim of the Award is to encourage the full adoption of required legislations and regulations that are in line with corporate governance international best practices. Responses are relevant for the period 1st April 2018 to 31st March 2019. Brevity in responses is appreciated, but additional narrative may also be attached on separate sheets where considered necessary. Once completed, this document should be signed by two senior officers of the Public Body, one of whom must be a member of the Board of Directors, and then returned to the Private Sector Organisation of Jamaica by Tuesday, October 1st , 2019 We do not require highly confidential information. All responses, documents and information provided will be held in the strictest confidence. Interviews will be conducted with finalist and these will assist in clarifying areas of ambiguity, substantiate documents submitted to the Evaluating Committee and understanding how corporate governance is being practiced within the Public Body.   Name of Public Body: ……..………………………………….……………………………......................... Address:………..………………………………………………………………………………………………….. Contact Person(s) ……………………………………………………………………………………………….. Telephone Number ……………………………………………………………………………………………… Email………………………………………………………………………………………...........…..……………

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