Jamaica Broilers Group has announced fresh steps to strengthen its corporate governance, following the major fraud uncovered in its United States operations.
In a material information release to the Jamaica Stock Exchange, the company says its Board of Directors has engaged Cube Corporate Support Limited, a governance advisory firm licensed by the Financial Services Commission, to carry out a comprehensive review of its governance framework.
The review is scheduled to begin on February 2.
The exercise will examine the performance and structure of the board, including its operations, policies, conduct, director development and diversity.
It will also assess the adequacy of independent oversight, internal controls and risk management systems, as well as the company's disclosure and reporting practices.
Jamaica Broilers says the review will include a detailed gap analysis, leading to an action plan with recommendations aimed at strengthening governance and improving implementation across the group.
The move follows revelations that the company was the victim of a massive, multi-year fraud in its U.S. operations, which created a J$46 billion hole in its balance sheet and exposed serious vulnerabilities within the group's internal systems.
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