The Jamaica Financial Services Commission has proposed corporate governance standards for all entities it regulates, subject to proportional application based on their size, complexity, structure, business and risk profile. The standards would make governing bodies accountable for strategy, regulatory compliance, risk management and internal controls, while requiring clear separation of oversight, management and control functions. Regulated entities would need documented arrangements covering governing body independence and performance, conflicts of interest, remuneration, succession, reporting, committees and outsourcing. Governing bodies would retain accountability for delegated functions, conduct annual assessments of strategy, composition, risk management and controls, and notify relevant regulators within seven days of becoming aware of substantive issues that could materially affect the entity. Entities relying on a group governance framework would have to address gaps against Jamaican requirements, while any claim that a standard should not apply would require justification to the Commission. The effective date remains to be determined.
2026-07-27Jamaica Financial Services Commission
Jamaica Financial Services Commission consults on corporate governance standards for all regulated entities
The Jamaica Financial Services Commission is consulting on proportionate corporate governance standards for all regulated entities. The proposal sets governing body requirements covering strategy, risk and controls, independence, conflicts, remuneration, reporting and outsourcing, including a seven-day notification requirement for material substantive issues. The effective date has not yet been set.