Jamaica Institute of Financial Services (JIFS) aims to complete its inaugural survey on compensation and directors fees this month.
Michael McAnuff Jones, director at JIFS, told Sunday Business that 13 large and mid-sized companies will provide information for the survey. The information will delve deeper into compensation than any other survey, despite its relatively small sample size, said Jones. Consultant firm Hussey and Associates will analyse the findings.
"It will look at compensation and the trends over years and outline how directors' fees are treated." He added that the survey will address shortcomings in public companies' annual reports which avoid disaggregating directors' fees. "They provide the total figure and the number of director's; we will tell you how much each gets."
JIFS says the survey reflects its broader focus. The training agency has added research services and networking events for senior managers, dubbed its Finance Club.
Jones along with other directors Karl Williams and Darlene Jones feted senior managers from 26 companies at Red Bones Cafe in Kingston on Thursday for the launch of its Finance Club and unveiling of its new logo.
Participants in the compensation survey include major banks , insurance companies and regulators. One concern among rival surveys he agreed was the reluctance of participants to reveal compensation in full or in part.
Transparency & reciprocity
"Our survey is custom designed and enables us to get the information at a deeper level. So there will be a great level of detail in the survey," said Michael Jones who is also vice-president of human resources at Scotiabank Jamaica.
"There is a level of transparency and reciprocity that will allow us to get more information than other surveys," he said of the organisation, which started offering diploma services in the 1970s and MBAs in the 1990s.
JIFS, formerly known as Jamaica Institute of Bankers, was established in 1977 by the Bank of Jamaica and the commercial banks. The name change in 2010 reflected its expanded mandate to offer its range of training and education services to the entire financial services sector, and not just the banking sector.