Howard Mitchell has resigned from the Board of Directors and as Chairman of Caribbean Flavours and Fragrances (CFF). The only regret is that it has taken so long to be effective in light of his appointment and acceptance of a seat on the board of the Financial Services Commission. But it’s better late than never.
The question still arises though and it has to do with a matter where an investor has complained to the FSC about certain matters pertaining to CFF and its shareholdings and treatment pertaining to control of CFF by Derrimon Trading. How will the FSC handle this matter, to ensure that no one accuses it of an unfair ruling.
Back in 2008, I was approached to sit on the board of Financial Services Commission, it did not take me long to turn it down as I saw the potential for conflict. I was recently talking to two senior brokers and the issue of my recent appointment to the FSC came up. I advised them that I was not a member due to conflicts. But they indicated that they were of that view too and wondered why I was listed as a member, they never indicated if they accepted what I said but we never went much further with the issue. Suffice to say, that is indicated once I understood that I was to be appointed that is could not accept same, due to possible conflicts.
I was concerned about the late Emile George being chairman of a number of listed company boards and also chairman of the FSC. I wrote about it hoping that good sense would prevail but that was never the case.
I am aware that the issue of conflict or perceived conflict has been raised about the present FSC chair. I now note that Howard Mitchell has advised the Jamaica Stock Exchange that he resigned from the Board of Directors and as Chairman effective August 11, 2016 of Caribbean Flavours and Fragrances Limited (CFF) because of his appointment as Chairman of the Financial Services Commission and the possibility for there to be perceived a conflict of interest.
As a country we need to move to a place where such appointments should be seriously consider by both those who proposed and those of us who are asked to serve and so ensure a higher standard of governance.