Business

PetroCaribe adds three

Three directors have been added to the board of the PetroCaribe Development Fund, including manager of the oil-backed fund, Sharon Webber.

The other two are Milverton Reynolds, managing director of the Development Bank of Jamaica (DBJ), and Natalie Haynes, division chief for banking and market operations, Bank of Jamaica.

The PetroCaribe Fund is administered out of the DBJ.

The new directors' tenure runs to 2012.

Minna Israel gets another term at JBA

Minna Israel, president and country head of RBTT Bank Jamaica Limited, got unanimous approval from her colleagues to retain the presidency of the Jamaica Bankers' Association.

She was re-elected July 28 at the bankers' annual general meeting.

Israel's executive includes vice-president and treasurer, Philip Armstrong, the managing director of PanCaribbeanBank Limited; and secretary Pamela Smith, the general manager of MF&G Trust and Finance Limited.

Israel plans to maintain focus on the implementation of a local credit bureau system, being undertaken by Government; the dialogue on the Proceeds of Crime Act; and compliance issues relative to the Caribbean Financial Action Task Force, a release from the bankers' association said.

Two join H&L

Communications and cultural maven Grace Silvera and supermarket manager Andrea Coy were added to the board of Hardware & Lumber Limited on June 30.

Silvera, whose substantive job is with Red Stripe/Desnoes and Geddes Limited, is on secondment to the Jamaica Cultural Development Commission, a state-run entity, as its executive director.

Coy is manager of the Hi-Lo Food Stores chain, part of the GraceKennedy family, as is H&L.

Golding at GK

GraceKennedy Limited advised the market this week that Senator Mark Golding has been appointed to its board with effect from July 29.

Golding is a co-investor in new firm Proven Investment Limited and its affiliated Proven Management Limited, teaming up with long-time business partner and parliamentarian Peter Bunting, who is chairman of the firm. The other two partners are Chris Williams and Gary Sinclair.

GraceKennedy also advised that Chris Bovell, the lead non-executive board director, has given up his chairmanship of the food conglomerate's Corporate Governance & Nomination Committee ahead of his October 7 retirement from the board.

Bovell's departure is mandated by company rules, which requires that directors step down when they reach age 72.

Professor Gordon Shirley, principal of the University of the West Indies and member of the GraceKennedy board for 14 years, since May 30, 1996, was named new chair of the governance committee effective July 29.

BNS transitions

In continuation of its tradition of overseas exposure for Jamaican managers, Heather Goldson of Scotiabank Jamaica has been seconded to Bank of Nova Scotia Canada.

There she is working as regional marketing director for the English Caribbean. Her job in Kingston was similar - as senior vice-president in charge of marketing and products.

Her Canadian transfer took effect May 31.

Scotiabank also announced that Muna Issa has resigned her board positions for Bank of Nova Scotia Jamaica Limited, Scotia Group Jamaica Limited and Scotia DBG Investments Limited, effective July 19.

Issa, who joined the Scotia board 11 years ago, back on August 26, 1999, is treasurer of SuperClubs, a family-run resort chain, and president of its marketing subsidiary International Lifestyles Inc.

Pasquale Minicucci, a senior vice-president in the Scotiabank Canada group, also resigned the Jamaican banking group's boards on August 1, leaving just shy of three years from his November 26, 2007 admission.

Lascelles names new director but no chairman

Lascelles deMercado & Company Limited remains without a chairman following the late June resignation of Dr Shafeek Sultan-Khan, but has now filled the vacant seat.

Trinidad appointee Andrew Mitchell joined the board on July 28.

Lascelles does not expect to replace its chairman until the new Kamla Persad-Bissesar administration in Trinidad decides how to proceed with the rescue of CL Financial group.

CL owns more than 80 per cent of Lascelles.

Usually, the chairman of CL also sits in the top seat on the Lascelles board.

Board switch at Carreras

Carreras Limited has advised in a stock-market filing that Leonardo Morales resigned on July 19, and that his seat was immediately filled by Alan Davy of British American Tobacco, parent company.

Davy's appointment took effect July 20.

business@gleanerjm.com