(CMC) – The government of Trinidad and Tobago says it is using the “very successful” model set up by Jamaica with its Junior Stock Exchange to develop one for its small and medium-sized enterprises (SMEs).
Finance Minister Colm Imbert said it should be noted that Jamaica has had great success with its JSE, noting that “where we have only two companies on the SME level of our market, which have both been struggling lately, Jamaica has 46 active businesses.” companies listed on its Junior Market.
“So we decided to see what was different in Jamaica that we could incorporate here. The main difference was the presence of mentors. In Jamaica, by strategically developing their skills and acting as a compliance advisor, mentors contribute directly to a company’s growth, innovation and overall strategy, thereby improving customer and investor confidence in the company,” he said.
He was addressing the Tuesday launch of the SME Mentoring Program and the SME Marketplace.
Imbert said these mentors are expected to act with skill and care and be responsible for advising the Junior Market Company’s board of directors on putting in place adequate procedures, systems and controls, in order to comply with good governance standards. of business.
He said these include holding regular board meetings, establishing appropriate board committees, including an audit committee and a compensation committee, and carrying out a appropriate due diligence before entering into any material transaction.
Imbert said good fiscal discipline, such as keeping proper accounts and records, good human resources and industrial relations practices, and meeting legal obligations are also necessary.
Imbert said at the launch that in addition to tax incentives and to ease the operational burden of listing, the government, together with the Central Bank and the Stock Exchange, has designed a similar mentoring program that would provide needed support to SMEs. and fill in the gaps. insufficient documentation, as well as ensuring adherence to compliance and corporate governance standards.
He said the proposed mentoring rules for SMEs were published by the Trinidad and Tobago Stock Exchange in June this year and approved by the Securities and Exchange Commission in August.