As 2017 emerges
from the twilight of a year he characterized as a landmark in the recovery of
the Jamaican economy, member of the St. Ann Chamber of Commerce Past President
Advisory Committee Joe Issa is urging continued good governance, stating “it pays
for your business as well as the country.”
“2016
was a very good year for the economy…all the indicators suggest that while we
have much work left to be done, the economy has started to recover.
Chairman of Passport Immigration and Citizenship Agency |
“You
can tell by the big increase in the money supply in December, that confidence
had returned, so I am urging companies and institutions to continue exercising
good governance in order to sustain the growth we have seen so far last year,”
says Issa, executive chairman of Cool Corporation, one of the largest retail
conglomerates in Jamaica.
Issa’s views are backed by the major
business watchdogs. The Jamaica Manufacture Association has highlighted the downward trend in inflation and exchange rate movements,
among others, while the Jamaica Chamber of Commerce acknowledged growth in
tourism and Business Process Outsourcing, also among others. Noting that it is
cautiously optimistic, the island’s chamber said “we are starting to see growth…increase
in the money supply means more confidence in the economy.”
Said to be no
stranger to advocating accountability and integrity in governance Issa once suggested that politicians enter into a pack with the
constituents whom they are asking to vote for them. The idea, which became
known as ‘The Issa Initiative’ was famously supported by both political parties
and the island’s Chambers of Commerce.
Despite not having been implemented Issa’s idea was highly praised
by the country’s main newspapers for its landmark quality, with the Gleaner
calling it “a watershed in Jamaica's political culture”.
Big on governance, he famously mediated a conflict which had
the potential of unsettling the island and its governance structure. The
country’s powerful 13 chambers of commerce had threatened to march to
parliament if a tax on street lights, which the business community would have
had to pay, is not rolled back. Having been chosen to represent the chambers in
their dispute with the government, Issa successfully negotiated the rollback of
the tax.
Stating that good
governance is not only for governments, but importantly, for the business
community whose performance is linked to its governance structure, Issa says,
“When you exercise good governance, communicating frankly and widely, being
accountable and exercising transparency, all else being equal you will succeed,
as well as the economy.” And Issa is not alone.
General Manager of the Jamaica Stock Exchange (JSE) Marlene
Street-Forrest has also encouraged local companies to pursue best practices in
governance as one means of achieving not only individual corporate growth but
also to produce better economic conditions for Jamaica.
In urging firms to embrace the philosophy that
good governance is the bedrock of sustainable development and longevity, she
said, “Good governance and profitability are the cornerstones of every great
company, and we believe that this drives profitability.”
Professor Neville Ying, chairman of
the Jamaica Stock Exchange (JSE) Best Practices Committee, also alluded to the
connection between governance and success. In explaining the reasoning behind
the renaming of the Governance award under the Chairman’s, he says, “The
fundamental aim of this renaming was to lift the profile of this award to
reflect the growing importance of corporate governance in the sustainable
development and success of businesses.”
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