MSBM announces endowment fund, scholarships at 10th anniversary gala

The Mona School of Business and Management (MSBM) last Thursday night presented 10th anniversary awards in six categories and announced an endowment fund and 10 scholarships in celebration of the milestone during its gala and awards ceremony at The Jamaica Pegasus hotel in New Kingston.

The event culminated the commemoration of the 10th anniversary of the merger of the former Mona School of Business (MSB) and the Department of Management Studies (DOMS) to form the MSBM, which has been recognised as the premier business school in the region.

Addressing the gala, MSBM Executive Director Dr David McBean announced that 10 scholarships (five undergraduate and five postgraduate) will be awarded to students who have demonstrated excellence in their chosen field of study.

“These scholarships will be named in honour of some of our outstanding pioneers, staff and other stakeholders,” McBean explained as he urged companies to contribute to scholarships for students, both to celebrate excellence, as well as to help needy students complete their courses of study.

Noting that “many corporations already give, but the needs are great”, McBean said that “as a charity we annually spend a significant percentage of our surpluses in improving both the MSBM and The UWI. But like any good company we have built significant reserves, not only for a rainy day, but to reinvest in our business. It is now time to move to the next level to ensure that we have a mechanism to properly structure our financial affairs, and to provide avenues for partnership”.

McBean announced “the launch of the MSBM Endowment Fund, to be started with $500 million of MSBM assets, and invited the private sector in particular “to match or exceed our initial investment, so that next year when we gather, the executive director can announce that we have an endowment fund not of half a billion dollars, but in excess of $1 billion”.

McBean explained that “this endowment provides us with a transparent and efficient way to manage our investments into the future, but more importantly will provide a structured and transparent way for you, our partners, to contribute to MSBM. We will also be calling on you to participate in the governance of the fund, as well as being advisers. So this will be a true partnership”.

He said further that “these funds will be used to ensure that the next generation of academics and students will be well prepared to meet the challenges of the ‘Fifth Industrial Revolution’, which will mean that both the public and private sector will continue to reap the benefits of world-class teaching, learning and research at the world-ranked MSBM. I am therefore hopeful that you will respond positively to this request to match our own endeavour to advance education for the benefit of the society, and to help us manage these funds”.

The 10th anniversary gala honoured former heads and executive directors of the MSBM including professors Randolph Williams, Gordon Shirley, Alvin Wint, Neville Ying, Evan Duggan, Paul Simmonds, Densil Williams; drs Anne Crick, Noel Cowell, Cezley Sampson and McBean. Posthumous awards were also named in recognition of Dr Marshall Hall, Dr George Wadinambiaratchi and Locksley Lindo.

The MSBM presented the following awards:

Outstanding Business Leaders

- Courtney Campbell, president & CEO, VM Group

- Jeffrey Hall, executive vice chairman & CEO, Pan Jamaica Group Limited

- Senator Don Wehby, Group CEO, GraceKennedy Limited

- Christopher Zacca, president & CEO, Sagicor Group

Emerging Business Leaders

- Kimala Bennet, founder & CEO, The LAB

- Berisford Grey, president & CEO, Sygnus Capital

- Xesus Johnson, CEO, Supreme Ventures Gaming Limited

Outstanding Public Sector CEO

- Everton Anderson CD, CEO, National Health Fund

Distinguished Alumnus

- Earl Jarrett, CEO, Jamaica National Group;

- Audrey Tugwell Henry, president & CEO, Scotia Group Jamaica

- Rear Admiral Antonette Wemyss Gorman, chief of defence staff, Jamaica Defence Force.

MSBM Business Partners

- George Willie, philanthropist

- The JMMB Joan Duncan Foundation

- The United States Agency for International Development

- The Vincent Hosang Family Foundation