Business

PSOJ supports rationalisation of public bodies

Friday, April 13, 2018

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The Private Sector Organisation of Jamaica (PSOJ) yesterday came out in support of the stated intent of Minister of Finance Nigel Clarke to proceed with the rationalisation of public Bbdies.

“The PSOJ supports the execution of this initiative as a very necessary step to achieve the goal of complete independence from the International Monetary Fund (IMF) for the future and applauds the minister's very clear and determined posture in this regard,” said the organisation via news release.

PSOJ President Howard Mitchell congratulated Dr Clarke and urged him to “ensure that, in selecting members to the approximately 52 boards of Public Bodies which are now due to be appointed between this month and June 2018, the Competency Profile Instrument for Boards of Public Bodies that was approved by Cabinet in January 2017, is used as a primary tool for identifying directors to serve and for selecting directors with the requisite knowledge, skill and track record of integrity so as to add value to the oversight of public bodies”, the release said.

Mitchell also encouraged the minister to see to the strict enforcement of the Corporate Governance Framework for Public Sector Bodies as part of his drive to reduce waste and malfunction and to increase good Governance.

“The PSOJ stands ready to assist the minister and his Administration in both the intended rationalisation exercise and in strengthening the governance and compliance aspects of the operation of public bodies,” the release stated.

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