Corporate Governance in Jamaica, with a Focus on GraceKennedy Limited

The problems of corruption, fraud, and greed amongst corporate entities and persons with fiduciary responsibilities have intensified the expectation of the general public for corporations to demonstrate greater levels of accountability, transparency, and integrity in the way they do business. The speedy pace of globalization makes it essential to reform corporate governance in the Caribbean. In Jamaica, businesses must persuade investors and creditors that they can confidently invest in the island. This means displaying clearer relationships between participation and control, transparency, consistent and detailed financial statements, as well as maintaining good relations with financial markets. Although Jamaica has not always been a leader in transparency and corporate governance, GraceKennedy Limited has managed to be a leader in corporate governance and has gained public confidence over the years. GraceKennedy Limited is a Jamaica-based group that provides a large array of services, ranging from food manufacturing and distribution to financial and cambio (foreign exchange/currency) services. The first part of this article explores the current environment of corporate governance in Jamaica, while the second half examines the corporate governance of GraceKennedy Limited and how the company has implemented its corporate governance framework in Jamaica.