The Jamaica Observer Business Leader Award Selection Committee will have to navigate through a maze of intricate issues to arrive at consensus around which of the dozens of foreign investors who have risked their capital in the local economy over the past several years, will make it as one of the ten nominees for this year’s award.

With US$800 million average annual foreign direct investments over the past ten years, Jamaica presents a rich and varied field of overseas investors that run the gamut from portfolio investments and equity partnerships, to outright acquisition of existing operations, investments for corporate salvaging, efficiency improvement and capacity boosting, to start up of new companies and entire industries.

But in looking at these entrepreneurs, and in assessing the impact of their investments on Jamaica, the award committee will be guided by rules that, while specific in critical details, are broad, flexible and inclusive enough to allow consideration of a wide range and varying scales of enterprises.

Each nominee will have his or her story published in the pages of the Business Observer during the weeks leading up to the grand gala in November, at which one of the foreign investors will be named Business Leader 2009.

This year’s award represents a departure from the 13-year tradition of nominating only local entrepreneurs, and is in keeping with the Jamaica Observer’s drive to promote the island as a place that welcomes and provides strong institutional support for foreigners who wish to do business here.

The project is supported by two principal sponsors – J Wray & Nephew Ltd through its Appleton Rum brand; and Pan Caribbean Financial Services Ltd – both longstanding sponsors of the iconic programme. In addition, 12 of Jamaica’s most respected entrepreneurs, all of whom have in the past been nominated for the award, along with two public sector entities, have endorsed the concept, and have been adding their voices in support of foreign investment in Jamaica. These 12 individuals along with a representative from each of the two public entities – Jampro, and Jamaica Tourist Board – are part of the award selection committee.

In line with one of the important charters of the programme, the committee will nominate either the owner of the firm that has invested here, or in the case of a public company where the ownership is diffuse, the executive who was mostly responsible for the decision to invest in Jamaica. It is individuals, not corporations who are nominated for the Business Leader Award.

The committee will consider how much money the investor initially pumped into the project here, and any additional capital that followed the initial investment.

The number of Jamaicans who are directly employed by the enterprise will be a factor, as well the number of indirect employment that has been generated by the business. Critical too, will be an assessment of the depth and breadth of backward integration and linkages that can be traced directly to the investment.

The committee will assess the actual and initial transformational impact of the investment within the particular sector and on the overall economy, and will try to get a handle on the future and potential impact of the investment.

At the same time, a critical question for which answer will be sought is how has the investment impacted the lives of ordinary Jamaicans? The members of the committee will also seek to establish if the capital that was committed in Jamaica created a pull for other investments into the economy. In other words, has the company been a model that induces others to Jamaica?

Other considerations will be: what is the track record of the company involved in terms of employment practice, community involvement, compliance with local laws including environmental regulations?

There are also non-positive considerations that will be addressed, among them, whether the investment has had any negative impact on the economy – like deleterious pricing pressure, punitive price hikes, business displacement, or quality compromise to a particular sector.

The committee members are:

Ryland Campbell, co-founder, principal shareholder and executive chairman of Capital and Credit Financial Group. Campbell was the Business Leader for 2005.

Audrey Hinchcliffe, founder, principal and executive chairman of Manpower and Maintenance group of companies. She was nominated in 2002 for the award, and again last year, as part of the Family in Business programme.

Gassan Azan, founder and principal of MegaMart chain of stores and the Bashco chain of discount stores. He was nominated in 2000 for the award.

Alexander Melville, a member of the Melville family that owns Tropical Battery Ltd and Chukka Caribbean Adventures. Last year, the Melvilles were selected as the Jamaica Observer Business Leader Family.

Fred Smith, principal and managing director of the Montego Bay-based Tropical Tours Ltd. He and his father Ralph, the founder of Tropical Tours were jointly nominated for the Business Leader Award in 2007.

Donna Duncan-Scott, a principal of Jamaica Money Market Brokers. She remains the only woman to have been selected Business Leader – in 2002.

Chris Berry, principal and executive chairman of Mayberry Investments, and a 2004 nominee.

Charles Ross, principal and managing director of Sterling Asset Management Ltd., and a 2007 nominee.

William Mahfood, managing director of Wisynco Group, and a member of the Mahfood family that was nominated for the Business Leader Family award last year. Mahfood himself was nominated in 2003.

Audrey Marks, the founder and principal of Paymaster Jamaica and a year 2000 nominee. Marks is now Jamaica’s ambassador to the USA.

Paul Hoo, co-founder and chairman of Supreme Ventures and a joint nominee in 2002 with Peter Stewart who is now deceased.

Patrick Casserly, entrepreneur and former co-owner of e-Services Ltd. He was named Business Leader in 2004. He is now president of the Montego Bay Chamber of Commerce.

The Jamaica Tourist Board is represented by its executive chairman, John Lynch; while Jampro is represented by its president, Sancia Templer.