Jamaican financial services conglomerate JMMB Group Ltd has implemented a significant board reorganization across its corporate structure, effective December 31, 2025. The restructuring impacts both the parent company and its subsidiary, JMMB Financial Holdings Ltd, following regulatory approval from the Bank of Jamaica.
Five directors have stepped down from JMMB Group Ltd’s board: Andrew Cocking, High Wayne Powell, V Andrew Whyte, Dr. M Anne Crick, and Reece Kong. Simultaneously, JMMB Financial Holdings Ltd witnessed the departure of two board members: Audrey Deer Williams and Audrey Welds.
The transformation comes after the Bank of Jamaica granted formal authorization under Section A (1) (a) of the Banking Services Act 2014, permitting JMMB Financial Holdings Ltd to operate as an official financial holding company. This regulatory milestone prompted the comprehensive governance review.
Corporate governance principles served as the driving force behind the board restructuring. JMMB Group emphasized that the changes aim to establish clearer independence between the two boards, enhancing oversight mechanisms and strengthening accountability frameworks throughout the organization.
The Group publicly acknowledged the contributions of departing directors, recognizing their service during a period of significant regulatory advancement. This restructuring represents a strategic alignment of corporate governance with the company’s newly approved financial holding company status, potentially signaling a new chapter in JMMB’s operational framework.