Business notes…

More companies head to court

WIth no new legal provisions through Parliament regarding virtual annual general meetings (AGM) since COVID-19, this issue was compounded by the Government’s latest measure to halt in-person AGM’S, thereby forcing several more companies to apply to the Supreme Court to gain permission to hold their AGM’S in an electronic format.

Although some companies have amended their articles or gained permission to hold their AGM’S for the next three years, Gracekennedy Limited will be requesting permission to hold its future meetings virtually so long as Jamaica remains a disaster area on account of the coronavirus pandemic. This unique approach combined with the company’s expected amendments to its articles should allow it to operate uninterrupted in the near future. Kingston Wharves and Jamaica Producers have applied to get permission from the Supreme Court to hold their 2021 AGM’S on June 17 and 18. Barita was given permission last week to hold its AGM set for April 23 in a virtual format.

patricia sutherland joins JMMBGL as coo

Chair of the JMMB Joan Duncan Foundation and director of JMMB Bank (Jamaica) Limited Patricia Duncan Sutherland has joined JMMB Group Limited (JMMBGL) as its chief operating officer (COO) on a two-year contract. The release posted on the Jamaica Stock Exchange (JSE) noted, “Mrs Sutherland brings her expertise in the areas of strategic planning and operations management to support the effective execution of the initiatives and transformation of JMMB Group operating structure. We look forward to Mrs Sutherland’s fulltime engagement, particularly at this pivotal point in the JMMB Group’s life, knowing that her laser focus and practical approach will certainly help the group to continue to achieve its strategic goals, in the midst of a transforming financial landscape.” Sutherland is the fourth Duncan sibling to be in an active executive role at JMMBGL.

JMMBGL’S 2020 financial year should be ending on a higher note thanks to its associate Sagicor Financial Company (SFC) which posted a US $29 million ($4.21 billion) net profit for the fourth quarter (third quarter for JMMBGL), which was 152 per cent higher