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Corporate Governance

The Board of Directors

The Board of Access Financial Services Limited has oversight responsibility for the Company’s affairs; the management of which is undertaken by the Management Team.

The responsibilities of the Board of Directors include:

• Establishing and monitoring the Company’s strategic goals;
• Supporting and reviewing the performance of the Chief Executive Officer;
• Ensuring the availability of adequate Financial and Human Resources;
• Reviewing and approving the Company’s Annual Budget;
• Reviewing and approving the Company’s Financial Statements;
• Managing Risks;
• Approving appropriate Policies to govern the Company’s operations.

Board Composition

As at March 31, 2017, the Board is comprised of seven (7) Directors and is chaired by Rex James, a Non-Executive Chairman. Peter McConnell, Norman Reid, and Charmaine Boyd-Walker are proposed by the Board and appointed by Shareholders at Annual General Meetings in accordance with the Company’s Articles of Incorporation. Pursuant to the Company’s Articles of Incorporation, Shareholders holding 20% or more of the Company’s shares are entitled to appoint a Shareholder Director. The Shareholder Directors are Neville James, and Christopher Williams. Marcus James serves as Chief Executive Officer and the Company Secretary is Sherri Murray.

Rex James and Peter McConnell are independent directors. A Director is deemed independent where he/she:

  • Has not been an employee of the Company or group within the last five years;
  • Has not, or has not had within the last three years, material business relationship with the Company, either directly, or as a partner, shareholder, Director or senior employee of a body that has such a relationship with the Company;
  • Has not received or is receiving additional remuneration from the Company apart from Director’s fee;
  • Does not participate in the Company’s share option plan or a performance-related pay scheme, or is not a member of the Company’s pension scheme;
  • Does  not have close family ties with any of the Company’s advisors , directors or senior employees;
  • Does not hold cross-directorship or does not have significant links with other directors through involvement in other companies or bodies;
  • Does not represent a significant shareholder; or
  • Has not served on the board for more than nine years from the date of their first election.

Retirement and Rotation of Directors

One third of the Directors are eligible for retirement and rotation annually.  The Directors eligible in any given year are those who have been longest in office since their election. The Chief Executive Officer is not subject to retirement by rotation.

Board Meetings

The Board has quarterly scheduled meetings and convenes for special meetings as required. 

Board Committees

The Board has established and delegated specific responsibilities to two (2) Sub–Committees; the Audit & Governance Committee and the Compensation & Special Projects Committee. 

Audit and Compliance Committee

The Audit and Governance Committee comprises Charmaine Boyd-Walker and Norman Reid. The Committee is responsible for:

• Ensuring compliance with the rules of the Junior Market of the Jamaica Stock Exchange;
• Adherence to applicable Legal and regulatory requirements;
• Reviewing the Company’s Financial Statements;
• Maintaining financial reporting standards;
• Monitoring internal audit controls and procedures and
• Managing the Company’s risks.

Compensation and Special Projects Committee

The Compensation and Special Projects Committee comprises Peter McConnell and Christopher Williams. The Committee is tasked with:

• Overseeing the remuneration of Directors, Officers and Employees,;
• Approving and overseeing special projects undertaken by the Company.

REGISTERED OFFICE:

41B Half-Way-Tree Road
Kingston 5

ATTORNEYS-AT-LAW:

Hart Muirhead Fatta
53 Knutsford Boulevard
Kingston 5

COMPANY SECRETARY:

Sherri Murray

REGISTRAR AGENT:

Jamaica Central Securities Depository Limited
40 Harbour Street
Kingston

BANKERS:

Sagicor Bank (Jamaica) Limited
Bank of Nova Scotia (Jamaica) Limited
National Commercial Bank (Jamaica) Limited

INTERNAL AUDITORS:

PriceWaterhouseCoopers
Scotiabank Centre
Duke Street
Kingston

EXTERNAL AUDITORS:

BDO
26 Beechwood Avenue
Kingston 5

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