JN Group CEO endorses the Jamaica Social Stock Exchange
Now more than ever, amidst the COVID-19 pandemic, there is a great importance in combining economic and social engagement for the good of the nation, says chief executive officer of the Jamaica National Group, Earl Jarrett.
To ensure that shareholders’ funds are being spent in a transparent manner, Jarrett proposes that corporate entities that make large donations as a part of their corporate social responsibility should work with and through the Jamaica Social Stock Exchange (JSSE).
“The concept of a Social Stock Exchange is a good one and provides a means for this community to identify opportunities to transform our wider communities and by extension, our country. Through the Social Stock Exchange investors can get some assurance about the quality of the entities being supported as the social enterprise must meet certain conditions for listing,” Jarrett emphasised.
He was speaking at the Jamaica Stock Exchange and the Inter-American Development Bank’s ‘Innovating Social Sector Financing’ project launch event held on Tuesday at the Jamaica Pegasus hotel in New Kingston.
“These conditions include an assessment of the governance of the entities, accounting and reporting capabilities, credible business plans, audits, and annual meetings where the entities would provide a full report of their activities.”
He further indicated that the JSSE would offer assurance to investors/contributors of the standards of good practice in these organisations, thereby providing donors with a transparent reference.
According to him, the JSSE also encourages the Government to direct some of its social intervention programmes through the social enterprises listed on the JSSE. Such decision would provide the boost required for the JSSE in a similar way to the Government’s use of the JSE for the divestment of Government entities.
Just last week the Community and Workers of Jamaica Co-operative Credit Union Limited became the first mutual society to be officially listed on the JSE. This type of leadership, Jarrett emphasised, is essential for the development of Jamaica.
— Abbion Robinson
