Durrant Pate/Contributor 

Eyebrows are being raised over the one-year leave of absence that has been requested by Access Financial Services (AFS) executive chairman, Marcus James, which has formally been approved by the board.

No information has been released publicly or to the Jamaica Stock Exchange (JSE), where the AFS is a listed company, about the reason for this sudden request for a one-year leave of absence. But when Our Today pressed our sources there, we were told that the reason was personal and would not be divulged at this time.

James, who founded AFS in 2000 requested a one-year leave of absence from his role effective June 27, 2024, which was granted. However, during this period, he will continue to serve on the Board. 

Arising from this, independent director Michael Shaw has been appointed as the new board chairman. Shaw brings extensive leadership experience in the financial sector, having served in senior positions, where he consistently exceeded targets, improved efficiency, and delivered strong financial results.

AFS is one of the leading providers of personal and business loans to Jamaica’s microfinance sector, operating through an island-wide retail network of 16 branches with an overseas subsidiary in America. The company was listed on the JSE junior market in 2009.

New chairman credentials

Prior to his elevation, Shaw served as a member of AFS’ audit & risk management and human resources & compensation committees. He was appointed to the Board in June 2020 as an independent director.

He is an experienced banking executive with local and international experience, who brings a wealth of knowledge in sales management, risk management and governance practices. With over 30 years’ experience in the financial sector and a former managing director at Scotiabank Belize. 

Shaw is regarded for having a solid track record of revenue generation and improving operational efficiencies. He currently serves as chairman of the National Water Commission, and is a board member of the Urban Development Corporation, Jamaica Mortgage Bank and Polypet Limited.

Other board changes

Additionally, the board has appointed Charmaine Boyd-Walker, as chairman of the audit & risk management committee. Boyd-Walker has over 25 years of experience in accounting and finance with significant expertise in audit and accounting standards, internal controls, compliance, and risk management.

The board expressed its full confidence in these changes and looks forward to the exceptional contributions that the new appointees will make in their respective roles. AFS is seeking a replacement for the departure of its company secretary of the board, Sherri Murray, who resigned effective July 8. 

The board was grateful to Murray for her contributions and wished her all the best in her future endeavours. In the meantime, Carla Stephens-Mullings has been appointed as the new company secretary, effective July 9.