PSOJ

CHIEF EXECUTIVE OFFICER’S REPORT
FEBRUARY 2010

OVERVIEW OF THE ECONOMY
Jamaica’s Economy Contracts 2.5% in the Fourth Quarter of 2009
‘The Jamaican economy contracted by 2.5% in the fourth quarter (Q4) of 2009’, according to the Planning Institute of Jamaica at a recent Press Briefing. This marked the ninth (9th) consecutive quarterly contraction since October 2007. The contraction underscores the challenging times that still lay ahead for the economy despite the recently concluded Agreement between the Government of Jamaica and the International Monetary Fund.

Goods producing industries declined by 7.6% and Services industries declined by 0.7% during the Fourth Quarter of 2009. Leading the decline among the Goods Producing industries was ‘Mining and Quarrying’ which has declined by over 55% in each of the last three quarters and an average of -50.3% for calendar year 2009. ‘Manufacturing’ declined by -4.6% in Q4 and at an average rate of -5.5%  for 2009; and ‘Construction’ declined by -3.5% in the Quarter and at an average rate of -4.6% for 2009. ‘Agriculture’ was the only Goods Producing sector recording growth, and it grew by a robust 20.5% during the Quarter and at average of 12.9% for 2009.

Though there was an overall -0.7% decline in the ‘Services’ sector, of the eight (8) industry groups within that sector, four (4) recorded increases during the Fourth Quarter of 2009 and four (4) declined. Leading the decliners was ‘Transport, Storage and Communication’ which declined by -4.2% during the Fourth Quarter and by an average of -4.9% for 2009. They were followed by ‘Wholesale and Retail’ which declined by -0.8% during the Quarter and -1.13% for the year. ‘Government Services’ declined by -1.0% during the Fourth Quarter and by -0.65% during 2009.

Among the industries that grew, ‘Electricity & Water Supply’ grew by 3.1% during the Fourth Quarter and averaged 2.3% for the year. ‘Other Services’ grew by 0.1% during the Quarter and averaged 0.25%  for 2009, while ‘Finance & Insurance Services’ and ‘Hotels & Restaurants’ were flat on the Quarter, but grew by 1% and 1.2% respectively during 2009.

Bottoming-out?
Despite the nearly two-year long recession in the Jamaican economy there are signs that the economy has hit bottom and may be turning around.  Many analysts argue that an economy is bottoming out when there is a lessening in the rate of contraction within the contracting sectors or a quickening of the pace of growth in the sectors that had merely stalled or were growing only slightly. In these regards the performance of the Jamaican economy over the Fourth Quarter of 2009 appears mixed, but tending to support a bottoming out theory.  For instance, among the Goods Producing sectors, there has been a definite lessening of the rate of decline in several industries. Thus, the rate of decline in ‘Mining and Quarrying’ has lessened from -59.6% in the Second Quarter (April -June) 2009 to -56.8% in the Fourth Quarter. The decline in Manufacturing’ has lessened from –8.0% in the Second Quarter of 2009 to –4.6 in Fourth Quarter; and in ‘Construction’, the rate of decline has lessened from –6.3% in Q2 2009 to –3.5% in the Fourth Quarter.

This decline in the rate of contraction is also evident among several Services Industries though there seems to be a falling-off rather than a quickening of the pace among the industries that grew. Thus, the contraction in ‘Transport, Storage & Communication’ lessened from -5.4% in the Second Quarter of 2009 to –4.2% in the Fourth; and in ‘Wholesale and Retail’, the decline lessened from –1.4% in the Second Quarter to –0.8% in the Fourth Quarter of 2009. But the Fourth Quarter growth in ‘Electricity & Water Supply’ and in ‘Hotels and Restaurants’ was two (2) percentage points lower  for both industries than in the Third Quarter of 2009. And those last statistics are the source of the doubt as to whether the economy is turning around, since Fourth Quarter growth in the tourism industry is traditionally stronger than the Third Quarter, marking as it does the beginning of the winter season.

Some analysts have remarked that when recessions are easing, industries often perform in an uncertain up and down manner, or ‘scrape along the bottom’ as some have described it. This performance, they note, may continue for two or three quarters until confidence about the recovery picks up, and more investors abandon their ‘wait and see’ attitude and again start putting their money to work, thereby boosting investment and ushering-in self-sustaining growth. Maybe the lessening contraction in the ‘Goods Producing’ industries and  the uncertain tentative signs of growth in the ‘Services’ sector are therefore further evidence of this bottoming out and economic turn-around taking place.

The JDX and the IMF
The GOJ successful conclusion of a Standby Agreement with the IMF and the 99% take-up of domestic bonds under the Jamaica Debt Exchange (JDX) should also help to support Jamaica’s economic recovery, by mitigating certain short and medium-term liquidity concerns.  Shortly before the signing of the IMF Agreement, the net international reserve (NIR) had recorded five (5) straight monthly declines to US$1,566 million or 12.01weeks of ‘goods and services’ imports, that is, to the borderline of the international benchmark of NIR adequacy. The domestic fiscal situation had also become so strained that the GOJ had to resort to Bank of Jamaica accommodation to the tune of J$31.0 billion between November 2009 and the middle of January 2010 to finance local expenditures. With the signing of the IMF Agreement, and the receipt of the first tranche of US$640 million, the NIR has been boosted to US2, 390 million or a more comfortable level of 17 weeks of ‘goods and services’ imports, and the interest savings the Government has secured through the JDX – estimated at J$30 billion – will certainly ease the pressure on Government’s fiscal accounts.

Acknowledging the alleviation of the strains in Jamaica’s internal and external financial position, all three international rating agencies have since reversed their earlier downgrade and upgraded Jamaica’s bonds rating and outlook. On February 17th, 2010, Fitch upgraded Jamaica’s long-term foreign and local currency ratings to 'B-' and the rating outlook to stable. Fitch also upgraded the short-term foreign currency rating to 'B' and the country ceiling rating to 'B'. Standard & Poor followed on February 25th, 2010, upgrading Jamaica’s sovereign foreign currency debt rating to B-minus from selective default with a stable outlook. Lastly, on March 3, 2010, Moody’s upgraded Jamaica’s local and foreign currency bond rating to B3 from Caa1 on foreign currency and Caa2 on local currency. All three rating agencies cite the present and expected inflows from the multilaterals and the success of the JDX as underlying reasons for their upgrades. Nonetheless, they all underscored that Jamaica faces medium-term vulnerabilities from a debt burden that is still very high and other economic weaknesses.

Jamaica’s Recovery tied to the Global Recovery
What appears more certain is that Jamaica’s recovery is unlikely to be independent of the broader global recovery.  That is because our two key industries and largest income and foreign exchange earners—bauxite and tourism—are inextricably linked with the global economy and rise or fall with it.

This great dependence of the Jamaican economy on the global economy highlights the vulnerabilities and challenges facing the country in the road ahead, especially as it relates to passing the IMF Tests. Because, in the short-term, given the weak to non-existent control the country has over the main drivers of our economy, it is largely, but not entirely within our control how the country performs on the IMF Tests.

This further underscores the absolute necessity that the US$2.4 billion (J$220 billion) that the country will borrow over the next three years from the IMF and other multilaterals be put to good use to reduce the country’s vulnerabilities to weather and external shocks; broaden and strengthen our export industries; and further enhance the country’s autonomous production capacities wherever feasible to reduce our trade dependence.

PSOJ’s Economic Framework
To achieve these objectives, several of the proposals in the Private Sector Organisation of Jamaica (PSOJ) ‘Economic Policy Framework’ that are currently under consideration or being implemented by the Government will have to succeed. These include:

1.    Right-sizing the Government to reduce costs and make Government more efficient without casting out vitally needed skills.

2.    Enacting comprehensive tax reform to reduce the fiscal deficit and balance the budget, and to make the tax system more efficient and equitable, while providing competitive incentives to business.

3.    Improving national security to reduce the fear and risks of crime in order to build confidence and encourage investments.

4.    Further reducing and keeping interests rates low in order to encourage investment and reduce government debt service.

5.    Reducing the country’s dependence on imported fuel which now accounts for 40% of the country’s import bill, and encouraging the development and use of renewable energy.

6.    Providing stronger financial, technical and marketing support to exporting, value-added and linkage industries to improve product quality, brand development, market penetration and income growth.

Achieving these goals will be very challenging and will require further sacrifice and forbearance from the Jamaican people. But in many ways Jamaica is at one of its most profound economic and social crossroads. The country’s debt to GDP ratio of 140% and Government’s chronic over-expenditure above revenues has become unsustainable. At the same time, the country’s narrow, shallow and uncompetitive economy has long fallen short in producing the standard of living and quality of life most Jamaicans desire. Given these circumstances a change has to come.

Jamaica cannot fail to meet these challenges at this time.  The consequences of failure are simply too dire. The country would slip into a deeper debt-trap and more economic and social breakdown.

STANDING COMMITTEE ON NATIONAL SECURITY (SCNS)
At the Committee meeting on February 16, the draft PSOJ Policy Paper on Crime, which had been prepared by the PSOJ’s Research Economist, was discussed.  A sub-committee subsequently met to further discuss the document and incorporated the agreed changes.  The revised document will be circulated for Committee members’ feedback at the next meeting.

JUSTICE REFORM COMMITTEE (JRC)
The Committee did not meet in February.  The President and CEO are continuing their search for a suitable Chair.

On February 19th, 2010 The PSOJ and JCC hosted a meeting with the President of the Chartered Institute of Arbitrators (worldwide), Mr. Joe Behan and Mr. John Bassie, Chairman of the Caribbean Branch of the Chartered Institute of Arbitrators at the PSOJ, to which representatives of PSOJ and JCC member companies were invited.  Mr. Behan spoke of his experiences in ADR in Ireland and commended the PSOJ and JCC on their plans to establish the CADRC.  The CEO used the opportunity to bring members up to date on progress with the CADRC Project.

CORPORATE GOVERNANCE (CG) COMMITTEE
The Committee met on February 2, 2010 at which the following issues were discussed:
•    Update on the Committee’s scorecard
•    The contents of the revised Code on Corporate Governance; recommendation to the JSE to revise its listing rules to include a provision to “comply of explain” deviations from the PSOJ Code
•    The planned round table event
•    Update on the IDB Family Business Project
•    JSE Best Practices awards and the need to encourage more listed companies to participate
•    Tabling of the report of a review of corporate governance in the public sector, titled “Clarifying the Governance Framework for Public Bodies of Jamaica”.

On Tuesday, February 23, 2010, the Committee hosted a highly successful “Round Table on Corporate Governance” at which special Guest Speaker, Dr. Sheila Brown, CEO for the Canadian Centre for Ethics in Public Affairs spoke on the topic: “Corporate Governance and Board Leadership – Engendering Transparency and Trust”.  The PSOJ President also formally launched the PSOJ’s “Code on Corporate Governance 2nd Edition” as well as a “Handbook and Tool Kit on Good Governance”, which were prepared with the kind support of the Canadian International Development Agency (CIDA).  In the afternoon, the Committee collaborated with the Women’s Resource Outreach Centre (WROC) on a round table for women on “Gender and Governance” at which the CEO and Dr. Brown made presentations.

EDUCATION COMMITTEE
The PSOJ Education Committee had its meeting on Friday, February12 and the following matters were discussed:
Articles
Articles from Saffrey Brown and Marie Hitchins were promised for the end of February.

St. Michael’s Primary School Reading Awards Initiative
Sandra Glasgow would be visiting the school on Tuesday, February 16 to read to the students and to have further dialogue with the Acting Principal on aspects of the proposed reading awards initiative.

Meeting with Foundations
The Committee met with sixteen private sector Foundations on Friday, February 19 in the Sam Mahfood Conference Room at the PSOJ.  At that meeting:
•    the committee shared with the group the Education Committee’s focus;
•    presentations were made by Digicel Foundation and Western Union about their response to requests for educational support;
•    Mrs. Brigette McDonald Levy shared her research on the private sector’s CSR activities in education
•    There was a lively discussion about the collaborative approach that should be taken by private sector foundations in response to the needs of the education system.  The consensus was that the meeting should focus on leadership.

National Council on Education – Request for representatives to sit on School Boards
152 letters were sent to the PSOJ’s company members and follow-up calls are underway.  One committee member agreed to assist with the calls.  In addition Committee members volunteered to approach private sector Associations for their support.  

USAID  
Sandra Glasgow reported on her meeting with James Burrowes, Kate Raftery and Claire Spence from USAID regarding a new initiative that USAID would be undertaking which came out of the Summit of the Americas and a directive from President Obama. The aim of the meeting was to ascertain what role the PSOJ could play in helping USAID to create private/public sector partnerships to address youth development issues, particularly for “youth at risk”.   She shared with the USAID Team some of the Committee’s programmes e.g. Mentorship, Reading Programme and the work in progress with the Foundation.  They would be holding similar discussions with various stakeholders and would advise the Organisation to what extent the PSOJ could be involved in the programme.

New Representatives
The Committee welcomed Paul McFarlane, a student at the University of the West Indies, who was invited to join the Committee to represent the youth perspective.   He took the opportunity to inform the Committee about an initiative, being spearheaded by the Youth Parliamentary Watch Committee of Jamaica.  The aim of that initiative would be to empower Jamaican citizens by educating them about critical laws, child protection Acts, environmental protection, pollution, etc. He offered to share the draft proposal with the Committee as soon as it was completed.

The Committee was awaiting a response to a letter sent to the Minister of Education inviting the Ministry to name a representative to sit on Committee.  

TRADE POLICY COMMITTEE (TPC)
Capacity Building Technical Assistance for Regional Standards
In order to strengthen and improve regional standards and quality systems, the CARICOM Regional Organisation for Standards and Quality (CROSQ), with the support of the EU Pro€Invest facility, initiated a capacity building technical assistance project to identify current and future institutional needs of CROSQ and its stakeholders. The output from the needs study has enabled CROSQ to develop a comprehensive Action plan for the years 2011-2015. As part of this project, key stakeholders to CROSQ, including the PSOJ’s Trade and Environment Manager, were invited to take part in two workshops where needs were identified and further developed. The second workshop was held in Barbados on February 22 and 23.  The outcome of the first workshop was a consensus view on the most urgent needs and their priority.  The second workshop agreed on the actions which need to be taken to strengthen CROSQ and its members.

•    Capacity Building
The objective is to train the staff of the national standards bodies and stakeholders involved in standards and quality activities so as to develop the quality infrastructure in the country. Actions of this type include training seminars and workshops, training fellowships, e-Learning, preparation and dissemination of educational material.

•    Reviewing the legal framework
This includes actions targeting regional and national institutions responsible for legislation and governance of the sectors in which CROSQ is expected to work. The objective is to identify needs for institutional reforms to implement international best practices and a regional single market. Actions of this type include surveys of legislation containing technological requirements, the use of international standards where these exist, and the need for conformity assessment procedures.

•    Awareness building and problem identification
The objective is to raise the awareness of the role standards in promoting economic development, integration into the world economy, and for improving the quality of life and sustainable development. A further objective is to identify problems in the existing infrastructure of a country with a view to initiating actions and devoting resources to upgrade that infrastructure to levels adequate for the desired development of the economy. Actions of this type include making stakeholders aware of the latest standards for products, systems, services and conformity assessment.

•    Sustainable management and networking
The objective is to establish networks that efficiently meet stakeholder needs, among National Standards Bodies, Business Support Organizations, Civil Society Organizations, and generally Public-Private Partnerships. This includes providing consultancy, training, hardware, software and training material to help CROSQ members  to develop their ICT infrastructure and use it in standards and quality work and for accessing CROSQ’s IT resources and services.

•    Adaptation to innovation and technology
The objective is the adoption and adaptation of appropriate technology to achieve a modern quality and standards infrastructure, which meets the requirements of today’s globalised economy. This is an essential part of the process to achieve and maintain competitiveness for economic growth and development.  Appropriate support mechanisms, public/private sector partnerships, strategic alliances and joint ventures at the regional and extra regional level, which facilitate research and development, training, and capacity building, would be required to support continuous improvement in the quality and standards system.

Jamaica Village Programme for the 2012 Olympics
The Trade Policy Committee met with Clifton Cameron, Robert Stephens and Danielle Cameron in February to discuss their proposed programme leading up to the 2012 Olympics.  

They have developed a roadmap for a concept called “Jamaica Village 2012” to be held at the London Olympics in 2012 during the period of the track and field events. Jamaica Village 2012 is envisioned as the meeting place for supporters of Jamaica’s athletes.  Events to be staged at the Village will:
•    Deliver a high-quality Jamaican experience to its attendees
•    Expand the global reach of Jamaica’s product promotion
•    Enhance the sales and visibility of Jamaican Products
•    Promote the growth of Jamaica’s tourism industry

To achieve this vision, for the next two and a half years, JVL intends to:
•    Develop a premier Jamaican Event, “Jamaican Village 2012”, at the Olympic Games in London to host a week-long celebration of Jamaican culture that showcases the best of the countries sports, music, arts & craft, fashion, tourism, food, and drinks.
•    Promote Jamaica Village 2012 internationally through a series of events including:
o    The World Athletic Championships in Korea (August 27 - Sept 4, 2011)
o    Various locations/events in Jamaica, the UK, the US, and Canada
•    Launch an online retail and promotional platform in 2010 enabling the Village and its Partners to access an international consumer base. The website will be a global platform for participating Jamaican businesses to market their products and services.  Among other things, the Jamaica Village 2012 website will also be the central point for visitors to purchase tickets for the event, and to communicate.

The Jamaica Village team would like to partner with the PSOJ’s plans to promote Jamaican products and services in Birmingham leading up the Olympics.

USA – 2010 Trade Agenda
•    A National Exports Initiative (NEI) has been launched by the Obama Administration.  It is in keeping with the President’s stated objectives in the January 2010 State of the Union address, to double exports over the next five (5) years in order to support 2 million jobs.

•    Among other things, the Commerce Department will put more emphasis on programmes to find foreign buyers and distributors for American-made products and increase the number of foreign buyers at US trade shows.  Jamaica can expect to be targeted by such a programme.  Already, the US Department of Commerce is organizing a Trade Mission for Jamaica and the Dominican Republic.  It is tentatively scheduled for June 2010.  

•    The Agriculture Department will engage in increased promotion of US products in foreign countries and assist farmers to develop new foreign markets and increase existing market share.  Jamaica is likely to face increased lobbying by US officials wanting to secure market access for US agricultural products on which Jamaica, for various health and safety reasons, has imposed import restrictions.

•    Under the NEI, the US Government will also focus on eliminating perceived trade barriers that are preventing US companies and farmers from enjoying the market access negotiated under various trade agreements.  The US has already given notice of its willingness to utilize available enforcement mechanisms.  In a recent speech to US Agricultural interests, the United States Trade Representative, Ambassador Ron Kirk, confirmed that the US would be proceeding with a WTO Dispute Settlement case against a European Union ban on American poultry.

•    In his State of the Union address, President Obama mentioned that his Administration intended to continue to shape the Doha Round of negotiations at the WTO in terms of the opening of global markets.  

•    It is expected that the US will continue to review and reform its preferential trade programmes in 2010.  This would include the CBI programme which is comprised of the Caribbean Basin Economic Recovery Act (CBERA), the Caribbean Basin Trade Partnership Act (CBTPA) and legislation governing exports from Haiti.  Benefits under the CBERA are permanent.  The CBTPA will expire in September 2010 unless it is renewed.

•    In 2009, both the USTR and the United States International Trade Commission reviewed the operation of the CBERA and the CBTPA.  For the USTR review, one area of focus was the extent to which beneficiary countries continued to comply with the eligibility criteria of the programme.

•    It is expected that among the possible changes that may be proposed for the US’ unilateral trade preference programmes would be the revision of the eligibility criteria for labour, the environment and intellectual property rights.  Such revisions would be of great interest to Jamaica since the country, though WTO TRIPS compliant (except in the area of Patents), remains on the US Special 301 Watch List for alleged intellectual property rights violators due to the failure to complete the Patents and Designs Bill.

•    CARICOM will be lobbying for the extension of the CBTPA under the newly proposed Renewing Hope for Haiti Bill.  Under this Bill, it is proposed to extend the CBTPA to 2013.  Jamaica mainly benefitted from the apparel provisions.

MEMBERSHIP
2010 Subscription Collections
Subscription collection for the month February 2010 was $9,893,908.54.

Follow up calls were made to members to remind them of payments.  Invoices were re-sent to companies as requested.

LAN Integrators has indicated that they are considering resigning from the PSOJ.

New Members
There was one new member for the period:
•    MWC Associates Ltd

The Officers have approved membership for one company
•    Access Financial

Membership Recruitment
Meetings were held with the following prospects:
•    Island Ice
•    Sports Max
•    Trendi Editions

Application packages were sent to the following persons/companies:
•    Island Ice
•    Taxi Ads Ltd
•    Iree Solar
•    Smart Information and Security Systems Ltd
•    Zahra Orane

As part of the recruitment drive, table displays were mounted on February 23 at the Jamaica Pegasus Hotel during the following PSOJ events:
•    Corporate Governance Round Table Breakfast
•    WROC Women’s Round Table Tea Meeting

Other Marketing Efforts
Contact has been made with the following entities re the possibility of a PSOJ presence at their respective events:
•    The Diaspora Advisory Board re the next Diaspora Conference is being explored.
•    Mona School of Business Round Table on Risk Management  
•    The JHTA’s Jamaica Product Exchange Expo (JAPEX).

Membership Database
The first phase of updating the membership database has begun.

We Are Working For You (WAWFY)
The first WAWFY for the year 2010 was e-mailed to members with information on an appeal from the National Youth Service, the PSOJ’s Facebook page, the newly launched Corporate Governance Publications, the Jamaica Employer’s Federation’s upcoming Conference, A US Embassy Black History Month Initiative and an appeal from the Education Committee on behalf of the National Council on Education in its quest to have the private sector represented on public school boards.   

Social Marketing  
The Facebook page has grown and now has one hundred and sixty- one members. Photographs of PSOJ events are constantly being uploaded and messages are sent to members on a regular basis.      

MARKETING AND PUBLIC RELATIONS DEPARTMENT
Meetings/ Functions/ Events                        
•    Corporate Governance Forum – February 23
The PSOJ hosted a breakfast Round Table to discuss Corporate Governance and Board Leadership at the Jamaica Pegasus Hotel on February 23.  The Keynote Speaker was Dr. Sheila Brown, the CEO of the Canadian Centre for Ethics in Public Affairs.   A total 106 persons attended the function which was very informative and had a lively question and answer session.  The revised PSOJ “Code on Corporate Governance” & “Handbook and Toolkit on Good Governance” were launched at that function.

•    WROC Tea – February 23
PSOJ was a co-sponsor of the WROC Tea entitled “Embracing Gender and Ethics in Governance” in the same afternoon of February 23 at the Jamaica Pegasus Hotel with Dr. Sheila Brown. Several influential women spoke on gender in the context of corporate governance.

•    Pension Management Seminar Planning Meeting – February 25
For the past two years, PSOJ has partnered with Prime Asset Management in presenting a pension seminar with local and overseas presenters. A similar seminar is being planned for September of this year and the first planning meeting was convened by Prime Asset Management’s Managing Director Rez Burchenson to discuss the format and strategies for the seminar.

•    JNN TV Programme
The PSOJ is awaiting the draft contract agreement from JNN which would include the business model.  Work has begun on the preparation of the script for the first programme as well as the identification of the shots required for each programme.

•    CPTC/PSOJ TV Programme  Proposal
A meeting was held  on February 9 with Mrs. Angela Patterson, CEO of Creative Production Training Centre (CPTC), PSOJ CEO and the Marketing and Public Relations team regarding the possibility of having television programme featuring PSOJ Hall of Famers and providing an opportunity for young entrepreneurs to benefit from the experience and expertise of  stalwarts in business.  The Secretariat is reviewing the treatment and budget proposed by CPTC.

Messages/Speeches
The following were prepared:
•    PSOJ President’s message for CVM TV’s Telethon for Haiti   which was recorded on February 19.

•    PSOJ Education Committee Chair‘s presentation at the Meeting with private sector Foundations held on February 19.

•    PSOJ President’s Remarks for Corporate Governance Round Table  held on February 23  at the Jamaica Pegasus Hotel

Public/Media Relations - Press Releases/Media Advisories/Radio & TV interviews
•    Monday, February 1:     The Gleaner (Flair)  feature with Deika Morrison and mention of her being a member of the PSOJ Economic Policy Committee

•    Friday, February 5:         Press release from PSOJ on “PSOJ saddened at Prof Rex Nettleford’s death”

•    Wednesday, February 17:    Hot 102 – Segment sponsorship by the PSOJ on the Today Show with Beverley Anderson Manley.   A thirty-minute telephone interview was held with Dr. Sheila Brown, Executive Director of Canadian Centre of Ethics in Public Affairs, Mrs. Marlene Street Forrest, General Manager – Jamaica Stock Exchange and PSOJ Chief Executive Officer, Mrs. Sandra Glasgow.  The interview was centred around Corporate Governance in general and Round Table to be held on February 23.

•    Monday, February 21:      Media advisory sent on PSOJ Corporate Governance Round Table

•    Friday, February 19:     CVM TV recorded President Joseph Matalon’s  message to be played during the station’s telethon in aid of Haiti on February 28

•    Monday, February 23:    Outside broadcast with Power 106 with host Ronnie Thwaites which focused on corporate governance and the Round Table scheduled for the following day.  Interviewees were President Joseph Matalon, Jamaica Exporters Association President Vitus Evans, Chairman of Sagicor Hon. R. Danny Williams, PSOJ Corporate Governance Committee Chair Mrs. Greta Bogues and PSOJ Chief Executive Officer Mrs. Sandra Glasgow.

•    Thursday, February 25:   The Gleaner article with caption “Woman Time Now”    

•    Sunday, February 28:       CVM television  -  PSOJ among companies and organisations featured on CVM telethon in aid of Haiti   

THE JAMAICA INSTITUTE OF BANKERS
MBA Programme
Tutorials
Six (6) tutorials were held in February in the Training Room of the Caribbean Centre.   Two online tutorials were also conducted for the Quantitative module.

Rap Session
The first MBA Rap Session for the January semester was held on Thursday, February 25 in the Board Room of the PSOJ.  Five prospects were in attendance.  It was a very informative and interactive session and one person who attended has since submitted his application.

Participation in Association of Professional Engineers of Trinidad & Tobago (APETT) Seminar
The Director of the Caribbean Centre as well as Milton Foster who is an engineering graduate and local Tutor, participated in APETT’s Presidential Lecture Series on ‘Developments In Engineering Education – Impact on Industry and the Individual’ which was held on February 24, 2010 at the Cara Suites Hotel, Trinidad.  Mr. Foster presented on the topic “Engineering Business Management – An Educational Perspective”.  Over 120 engineers at various levels were in attendance.

Development Programmes
Development Programmes were held for the month of February as follows:
o    February 3 & 4 and February 11 & 12:   In-house development programme on Performance Management for Senior Management Staff of the Financial Services Commission
o    February 22 & 23 (to continue March 2 & 4):  In-house development programme on Performance Management for Managers & Officers of the Financial Services Commission.
o    February 25: Demonstration of the Harvard Business Publishing’s Blended Learning Management Development Programmes for Jamaica and the Caribbean.  This was conducted by Paul Bryan of Knowledge Works Limited.

Sales Meeting
On February 19, the Director and Training Officer responsible for Development Progammes met with Maureen Webber of Development Options Limited, to discuss the development courses being offered by the JIOB and a possible JIOB/Development Options collaboration.

March 3, 2010