Years Standing for Love Years Standing for Love Years Standing for......... Our Promise We promise to keep your best interests at heart, and we will try to do so by listening to, understanding and caring for you and your family’s unique needs, exceeding your greatest expectations by providing simple transparent solutions, oriented around you and your family’s life goals. Our Mission To maximize client satisfaction through exceptional client care and world class financial advice and expertise. Solidity, ethics, credibility and openness are hallmarks of JMMB as experts in all aspects of our operations. To be a dynamic, international, multifaceted financial group that has a caring, loving and fun environment where team members are productive, creative, happy and fulfilled. Standing for......... families. YEARS Table of Content Memories - Company Highlights 01 Country Highlights 125 Corporate Profile 03 Corporate Governance Report 131 Corporate Structure 05 Risk Report 140 Corporate Information 07 Going Green Report 146 Group Chairman and Group CEO Report 13 Marketing Report 147 Notice of Annual General Meeting 17 Information Technology Report 148 Ten - Year Statistical Review 19 Report of the Directors 149 A Legacy of Love - Tribute to Noel Lyon 21 Board of Directors 25 Financial Reports 150 Profiles of Directors 27 Top 10 Shareholders 30 Independent Auditors’ Report to the Members 151 Shareholdings of Directors 31 Consolidated profit and loss account 158 Shareholdings of Leadership Team 32 Consolidated statement of profit and loss Regional Macroeconomic Landscape 35 and other comprehensive income 159 Management Discussion and Analysis 52 Consolidated statement of financial position 160 Group Executive Team Leaders 91 Consolidated statement of changes Heads of Country 95 in stockholders’ equity 162 Heads of Entities 96 Consolidated statement of cash flows 163 Vision of Love 101 Statement of profit and loss account JMMB Joan Duncan Foundation 103 and other comprehensive income 165 The Elaine Evans Story 109 Statement of financial position 166 Our Client Partnership 111 Statement of changes in stockholders’ equity 167 Group Culture and Human Development 114 Statement of cash flows 168 Recognising the 25 longest serving Notes to the financial statements 169 team members 121 Proxy Form Insert JMMB ANNUAL REPORT 2017 DUNCAN DUNCAN-SCOTT Keith Duncan takes 25-year strategic plan, which for the helmallows her to devoteat more energyJMMBthe last five years has been RESIDENT AND chief to her children, and at the same focused on regional expansion. operating officer (COO) of time contribute to the JMMB Included in this plan is our aim to Jamaica Money Market Group. systematically and strategically PBrokers (JMMB), Keith Duncan, replicate the JMMB business and STRUCTURES ARE IMPORTANT will now take over leadership of culture model into North America the JMMB Group of companies She stated, “As we expand and Europe. as Donna Duncan-Scott has cho- regionally it is important that we “Currently, Caribbean Money sen to play a new role in the put appropriate structures in place Market Brokers Ltd. (CMMB) in JMMB Group, the company stat- to continue to build our culture Trinidad and Tobago, Barbados ed yesterday. based on the core values of and St. Lucia are showing good The new leadership, effective honesty, openness, integrity and returns (adding J$335.4M over the last six-month period, a 97.8 immediately, represents a change- love, which has been the source of per cent increase), and we expect over from Donna Duncan-Scott our success. Keith has been applying equal amounts of energy to open our first branch in Guyana who, for the past seven years, has before the end of the year. In this been successfully spearheading and commitment to the advance- ment of JMMB over the years and capacity, we will continue to the growth of the company. strengthen core management and STRONG LEADERSHIP will continue to do so as head of the group. Our clients can be organisational effectiveness to meet the challenges as well as The strength of her leadership assured continued successes and prepare us for further expansion.” was substantiated by the growth in accountability under his direction. S the companies’ capital base from He stands for accountability, ME under $200 million up to $5 results and has a global perspec- S billion up to December 2004 tive. Our relationship, while FORCE ALWAYS ATTRACT when she went on her leave of unique, is complementary and this absence. In his new role, Mr. move we will continue to serve PEACE CANNOT BE KEPT S Duncan will continue to steer the the JMMB mission built by our BE ACHIEVED BY UNDER development and implementation mother, Joan Duncan.” of strategies and procedures to In expressing his appreciation R sustain the company’s growth. of the latest development, Mr. THE WORLD IS A DANGE In outlining the reasons behind Duncan noted that the JMMB OF THOSE WHO DO EVIL,N the transition, Mrs. Duncan-Scott, Group has been enjoying steady WHO LOOK ON AND DO who will assume the new part- growth and under his stewardship T time role of Executive Director will continue to realise its goals in This message is brought to you by for Culture and Leadership regional and international money Development for the JMMB markets. “We have developed a Group, explained that the change 1 YEARS DUNCAN DUNCAN-SCOTT Keith Duncan takes 25-year strategic plan, which for the helmallows her to devoteat more energyJMMBthe last five years has been RESIDENT AND chief to her children, and at the same focused on regional expansion. operating officer (COO) of time contribute to the JMMB Included in this plan is our aim to Jamaica Money Market Group. systematically and strategically PBrokers (JMMB), Keith Duncan, replicate the JMMB business and STRUCTURES ARE IMPORTANT will now take over leadership of culture model into North America the JMMB Group of companies She stated, “As we expand and Europe. as Donna Duncan-Scott has cho- regionally it is important that we “Currently, Caribbean Money sen to play a new role in the put appropriate structures in place Market Brokers Ltd. (CMMB) in JMMB Group, the company stat- to continue to build our culture Trinidad and Tobago, Barbados ed yesterday. based on the core values of and St. Lucia are showing good The new leadership, effective honesty, openness, integrity and returns (adding J$335.4M over the last six-month period, a 97.8 immediately, represents a change- love, which has been the source of per cent increase), and we expect over from Donna Duncan-Scott our success. Keith has been applying equal amounts of energy to open our first branch in Guyana who, for the past seven years, has before the end of the year. In this been successfully spearheading and commitment to the advance- ment of JMMB over the years and capacity, we will continue to the growth of the company. strengthen core management and STRONG LEADERSHIP will continue to do so as head of the group. Our clients can be organisational effectiveness to meet the challenges as well as The strength of her leadership assured continued successes and prepare us for further expansion.” was substantiated by the growth in accountability under his direction. S the companies’ capital base from He stands for accountability, ME under $200 million up to $5 results and has a global perspec- S billion up to December 2004 tive. Our relationship, while FORCE ALWAYS ATTRACT when she went on her leave of unique, is complementary and this absence. In his new role, Mr. move we will continue to serve PEACE CANNOT BE KEPT S Duncan will continue to steer the the JMMB mission built by our BE ACHIEVED BY UNDER development and implementation mother, Joan Duncan.” of strategies and procedures to In expressing his appreciation R sustain the company’s growth. of the latest development, Mr. THE WORLD IS A DANGE In outlining the reasons behind Duncan noted that the JMMB OF THOSE WHO DO EVIL,N the transition, Mrs. Duncan-Scott, Group has been enjoying steady WHO LOOK ON AND DO who will assume the new part- growth and under his stewardship T time role of Executive Director will continue to realise its goals in This message is brought to you by for Culture and Leadership regional and international money Development for the JMMB markets. “We have developed a Group, explained that the change JMMB ANNUAL REPORT 2017 2 Corporate Profile The JMMB Group is one of the leading financial groups in the Caribbean, serving approximately 220,000 clients in Jamaica, Trinidad and Tobago and the Dominican Republic combined. The JMMB Group provides a broad range of financial solutions including; investments, banking, JMMB Group’s Formula: remittances, and insurance brokering, to individual, corporate and institutional clients. Vision + Values + Expertise = Phenomenal Success. Our mission is to maximize client satisfaction through exceptional client care, world class financial advice and expertise. Solidity, ethics, credibility and openness are hallmarks of JMMB, as experts in all aspects of our operations. Grounded in our Vision of Love, our core values of integrity, respect, honesty and love, our cadre CORPORATE CITIZENSHIP of talented team members and our commitment to helping our clients achieve their financial goals, The JMMB Group takes its role as a socially- are the pillars of our success. responsible corporate citizen very seriously, and this has been a guiding principle, and a part of CORPORATE STRUCTURE our DNA, since inception. Hence, our structured corporate social responsibility programmes are JMMB Group Limited is the holding company of delivered primarily through the JMMB Joan the JMMB Group of Companies, namely: JMMB Duncan Foundation in Jamaica, and localized Merchant Bank Limited; JMMB Money Transfer community initiatives in the countries within which Limited; Jamaica Money Market Brokers Limited; we operate.