Scott prepares to step down as PSOJ president

Business editor

Wednesday, November 15, 2017

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P B Scott, president of the Private Sector Organisation of Jamaica, will be stepping down from that position on November 29, when a new president and team will be elected.

“This will be my last Hall of Fame as PSOJ president, as regretably, given business committments, I am unable to go beyond the one term I had initially committed to,” he said.

Scott made the announcement at the PSOJ function to induct Richard Byles to its hall of fame at the Jamaica Pegasus in New Kingston on Monday evening.

In his last public address as PSOJ president, Scott said that Jamaica needs to grow.

“The truth is, our economy is overly reliant on imports, which is a huge drag on our growth,” he said, arguing that “we have to unlock our capital markets so Jamaica can become a meritocracy”.

“We have to fine tune our economy on a constant basis,” he said.

Scott said that he was amazed at how simple it was for a consumer to borrow to buy a motor car, while companies face difficulty to access loans to improve their operations.

Scott, who is also chairman and CEO of the Musson Group and chairman of Facey Commodity Company Ltd, was elected in August 2016 and has served 15 months in the position. He is the 18th president of the organisation, succeeding William Mahfood.

Mahfood had served the organisation for 20 months, but opted to demit office four months early in order to focus on his remit as Wisynco chairman, following the devastating fire at the company's warehouse.

The PSOJ is governed by a 50-member council elected by the general membership to serve for a two-year period. As the governing body, the council sets the organisation's policies and elects an executive committee from amongst its members each year.




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