Finance Minister Dr. Omar Davies with former adviser , proposed New Log director, Marjorie Henriques. THE FINANCIAL Sector Adjustment Company (FINSAC) plans to pack the new board of Life of Jamaica (LoJ) with friendly faces and Government employees, according to details obtained by Wednesday Business.
Among the new board members proposed for LoJ is Ministry of Finance financial regulation unit director Bridgette Wilks, FINSAC senior insurance analyst Michelle Lindo and former FINSAC consultant Desmond Sutherland, head of Sutherland Capital and ex-actuary with First Life Insurance Company and a Fellow of the Society of Actuaries (FSC).
In all, five new board members are expected to be ushered in, including former Planning Institute of Jamaica Executive Director Marjorie Henriques, who was previously a special adviser on projects to Finance Minister Dr. Omar Davies. The final member is FINSAC's current Union Bank chairman and attorney-at-law Dennis Morrison, QC.
Just two days ago, Life of Jamaica (LoJ) said FINSAC planned to appoint a new board to run LoJ under the leadership of Mr. Morrison.
Mr. Morrison is set to be appointed non-executive chairman as FINSAC acquires a majority stake in the country's largest life insurer. He is likely to give up his Union Bank role, as the banking institution is set to be sold to Royal Bank of Trinidad & Tobago.
Details obtained from FINSAC sources suggest that several new board members are to be ushered in at a soon-to-be-called extraordinary general meeting.
On Monday, LoJ confirmed a story in Friday's Financial Gleaner that said current LoJ boss Dennis Lalor would relinquish his role as executive chairman but remain a director of the company following the changes, along with founder Danny Williams.
Team
Both Mr. Lalor, Mr. Williams and LoJ president Milverton Reynolds will remain on the board, making up a new look eight person team.
The five new board members replace accountant Jack Ashenheim, Capital options consultant Oliver Holmes, attorney Noel Levy, Neal & massy Jamaica boss Brian Young and Diane Schwartz, Manulife International chairman and Mr. Lalor's wife.
The news comes as LoJ confirmed months of rumours about FINSAC taking a majority stake when it said the restructuring agency will acquire 76 per cent of the life insurer in return for pumping $2 billion into the company.
On Friday, the Financial Gleaner reported that FINSAC insurance consultant Kurtis Bray could take an executive role. Monday's statement said, "FINSAC plans to appoint a chief operating officer of LoJ to oversee the transition", a role Mr. Bray is now expected to play.
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