Durrant Pate/Contributor

Come year-end, several resignations will take effect at the board level of JMMB Group and JMMB Financial Holdings, arising from the Bank of Jamaica (BOJ) granting approval for the subsidiary to operate as a financial holding company.

Andrew Cocking, Hugh Powell, V Andrew Whyte, Reece Kong and Dr Anne Crick have all resigned as directors at JMMB Group Limited, but will continue to serve on the board of JMMB Financial Holdings.

Meanwhile, Audrey Deer Williams and Audrey Welds have both vacated directorship of JMMB Financial Holdings Limited but will continue to serve on the JMMB Group board.

The resignations are effective December 31. To uphold the principles of good governance, the boards of directors for both JMMB Group Limited and JMMB Financial Holdings Limited have undergone a reorganisation. This restructuring of the directorship aims to ensure the independence of each board, thereby strengthening oversight and accountability within the group. 

“The separation of board responsibilities is designed to facilitate more focused and effective governance for each entity, allowing for tailored strategic direction and risk management in line with their respective mandates. By clearly delineating the roles and decision-making authority of each board, the group can better safeguard its stakeholders’ interests and comply with regulatory requirements, such as those outlined in the Banking Services Act 2014,” a regulatory notice from the company reveals.

The group wishes to express its sincere appreciation to the above-named directors for their invaluable contributions to the respective boards, noting that their continued directorship with the group of companies will further support the group’s commitment to robust governance and strategic growth.