Files
Abstract
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.