Durrant Pate/Contributor

Sagicor Group Jamaica Limited has received the maximum ‘AA’ rating on its corporate governance index (CGI) from the Jamaica Stock Exchange (JSE) for the 2022/2023 review period. 

The CGI rating serves as a benchmark for assessing the corporate governance practices of listed companies against international best practices and legal requirements. It determined that Sagicor’s performance was “excellent” resulting in an increased rating from “A” in the prior review period.

“This marks a significant milestone for Sagicor, as it directly reflects our commitment to corporate governance excellence. What we do at Sagicor for our clients and shareholders is hard work each day. It pays off through our standards and ethical and moral business practices. As a result, we’ve achieved above-average ratings,” commented group president & CEO, Christopher Zacca remarks,

CGI assessment 

The assessment, conducted by the independent Corporate Governance Index Review Committee (CGIRC) of the JSE, evaluates companies listed on the stock exchange based on governance codes developed by the Private Sector Organisation of Jamaica (PSOJ) and legal and regulatory requirements within the rules of the market regulator.

After reviewing criteria, such as the effectiveness of a company’s board of directors, shareholder rights, transparency and disclosure, stakeholder relationships, and ethical conduct, Sagicor was awarded a CGI Rating Score of 92.13, or “AA”.

The CGIRC assessed all 95 listed companies on the JSE. Sagicor was accorded the highest possible scores in criteria such as shareholders’ rights, financial statements, takeovers and mergers, listing agreement, securities transactions, timely disclosure, communication of announcements, and management discussion and analysis for annual reports.

According to Zacca, “the company is grateful to the CGIRC and the Jamaica Stock Exchange for their rigorous evaluation processes and we look forward to continuing this journey of excellence in corporate governance. We are grateful for such an active and involved board of directors, as well as a strategic executive team and dedicated team members across various departments.”

This process and rating system also underscores the JSE’s commitment to best-in-class corporate governance and we applaud the work that they do, along with the immense work of all the regulatory bodies in the financial sector.