{"id":5006,"date":"2016-06-10T07:54:14","date_gmt":"2016-06-10T07:54:14","guid":{"rendered":"http:\/\/progresomicrofinanzas.org\/en\/?p=5006"},"modified":"2017-11-20T15:55:43","modified_gmt":"2017-11-20T15:55:43","slug":"guidelines-of-basic-principles-for-micro-small-and-medium-sized-enterprises","status":"publish","type":"post","link":"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/guidelines-of-basic-principles-for-micro-small-and-medium-sized-enterprises\/","title":{"rendered":"Guidelines of basic principles for MSMEs"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-right\"><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/5006?print=pdf\" class=\"pdfprnt-button pdfprnt-button-pdf\" target=\"_blank\" ><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/pdf.png\" alt=\"image_pdf\" title=\"View PDF\" \/><\/a><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/5006?print=print\" class=\"pdfprnt-button pdfprnt-button-print\" target=\"_blank\" ><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/print.png\" alt=\"image_print\" title=\"Print Content\" \/><\/a><\/div><p><span style=\"font-weight: 400;\">The<\/span><a href=\"http:\/\/psoj.org\/about-us\/\"> <span style=\"font-weight: 400;\">PSOJ<\/span><\/a><span style=\"font-weight: 400;\"> (Private Sector Organization of Jamaica), which groups together associations, companies and businesspeople operating in the Jamaican private sector, has published the first version of its code of good governance for MSMEs (<\/span><span style=\"font-weight: 400;\">micro, small and medium-sized enterprises)<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The code unifies the core principles of corporate governance that smaller enterprises should apply to build a more robust system of governance and enhance their transparency, reporting and efficiency, and also improve their investment opportunities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The following chart includes a schematic outline of the main recommendations in the code, applicable to companies as a function of their size, business turnover and complexity of their operations:<\/span><\/p>\n<p><b><b>1. Board of Directors (or Advisory Board)<\/b><\/b><\/p>\n<p><em>Board of Directors<\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Responsible for approving businesses\u2019 policies and adopting decisions to reach strategic goals.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Must act with due diligence.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Possibility of receiving external support for effective decision making.<\/span><\/li>\n<\/ul>\n<p><em>Composition<\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Diversity of profiles: talent, experience, independence and knowledge.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Appointment of directors:<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Formal and transparent procedures ensuring best candidates are chosen.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Number of independent, non-executive directors: minimum 1\/3 of total membership of board, and 1 at the very least.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The positions of chairman of the board and CEO should preferably not be concentrated in one person, and there should be a clear separation of roles and responsibilities of both positions.<\/span><\/li>\n<\/ul>\n<p><em>Functioning<\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Should meet sufficiently often to ensure effective exercise of its duties.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Annual assessment of the Board and its members. The corporate governance committee (where it exists) will be responsible for supervising the assessment.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Induction plans for directors, especially non-executive and independent directors.<\/span><\/li>\n<\/ul>\n<p><em>Support committees<\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Constitute at least one Audit Committee and one Remuneration Committee, both chaired by a non-executive independent director.<\/span><\/li>\n<\/ul>\n<p><b><b>2. Transparency and shareholder relations<\/b><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">General Meeting of Shareholders as principal channel of communication with shareholders (at least 21 days notice of meeting)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Annual report useful for disseminating information to shareholders on: financial situation, performance, ownership, governance and financial statements.<\/span><\/li>\n<\/ul>\n<p><b><b>3. Control environment<\/b><\/b><\/p>\n<p><em>Audit<\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Appointment of an internal auditor under transparent, objective criteria and targets.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The head of the internal audit must report directly to the Audit Committee.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One external audit to be carried out each year.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Every year, the independence of the audit function must be assessed, and every 7 years the possible renewal of the contract with the external audit firm must be assessed.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Suitable risk management mechanisms must be put in place.<\/span><\/li>\n<\/ul>\n<p><em>Risks<\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Define the risks policy and regularly review the risk management systems.<\/span><\/li>\n<\/ul>\n<p><b><b>4. Relations with stakeholders<\/b><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Maintain good relations and regular communications with different stakeholders: employees, customers, financiers, regulators, environmental groups, etc.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Have a Code of Ethics and Conduct.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Whistleblower channel for employees.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Focus on long-term sustainability of the enterprise.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The code also contains a specific section with recommendations for family-owned firms. Its appendix details the requirements for eligibility and corporate governance incumbent on enterprising wishing to list on the JSE Junior Market, namely:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Have a board of directors with an appropriate level of talent and experience, which must meet at least once a quarter;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Have at least two non-executive independent directors;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Establish an audit committee and a remunerations committee comprising a majority of independent directors and a fully non-executive membership.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The PSOJ (Private Sector Organization of Jamaica), which groups together associations, companies and businesspeople operating in the Jamaican private sector, has published the first version of its code of good governance for MSMEs (micro, small and medium-sized enterprises). The code unifies the core principles of corporate governance that smaller enterprises should apply to build a [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":4909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"tags":[1155,452,1239,414,373,871,1157,1152,421,1240,1242,859,1154,1241,1156,420,1153,1149,411],"class_list":["post-5006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-associations","tag-audit","tag-control-en-2","tag-corporate-governance","tag-directors","tag-diversity","tag-eligibility","tag-enterprises","tag-independence","tag-jamaica-en-2","tag-junior-en-2","tag-management","tag-medium-sized","tag-micro-en-2","tag-private-sector","tag-risks","tag-small","tag-stakeholders","tag-transparency","numero-7-en","seccion-published-and-draft-legislation-corporate-governance","pais-jamaica-en"],"acf":[],"yoast_head":"<!-- This site is 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