William 'Bill' Clarke worked his way to the top of Scotiabank Jamaica. - FileThey have been consistent in their support, for which I am truly grateful.
Why are you believed to be media shy and how do you handle media criticism?
I am not by any means media shy, but I have an aversion to those in the media who seek to report anecdotal information rather than facts.
I do not necessarily respond to most media criticism, especially when it is baseless and the objective is to sully a person's reputation or keep a fictitious story alive.
I think it is timely for media owners and responsible journalists to take a firm position against those who bring disrepute to the profession.
Why do you usually speak so fearlessly and what has been the worst backlash of speaking your mind?
I have always believed that the herd mentality was not something to which I could subscribe. I am not afraid to stand alone on any issue regardless of how controversial it may be, if it is the right thing to do.
I will disagree with the majority if I am not convinced that there is logic and good sense in the position taken. I have received severe criticism on positions that I have taken publicly on several issues, but I take them in stride.
There is a truism that people should agree to disagree, agreeably.
How do you now view the last Private Sector Organisation of Jamaica presidential race? Looking back, would you have done anything differently?
The hostility that was channelled towards me by a wide cross section of point persons from the 'privileged class' and their surrogates was, to say the least, surprising and a great disappointment, considering that I was approached and encouraged to seek the position.
It was indeed a travesty in a country that pontificates so much about democracy and pluralism.
I learned lessons that will be indelible on my mind.
I have no regrets about what I was seeking to accomplish and will never again participate in the affairs of that organisation.
How do you see Scotiabank's future in Jamaica and how have you managed to stay in the top three all these years?
Scotiabank will continue to be the predominant financial-service provider in Jamaica. We pursue very deliberate strategic objectives that make us best in class across all our business lines.
We welcome competition, but are presumptuous to state categorically that none of our competitors has the highly skilled and dedicated professionals who can execute as well as we do.
Do you have any personal goals to achieve before your proposed 2012 retirement?
There are some specific goals that I do not wish to share publicly. Suffice it to say they should positively impact the success of Scotiabank, especially as it relates to our financial success and corporate social responsibility.
With regard to the age of retirement, it really comes down to whether you can continue to make a valuable contribution after 65, while being cognisant that if you train persons to take over leadership at various levels of the organisation then you need to give them the opportunity to take up the mantle.
How do you see the future of commercial banking in Jamaica?
Commercial banking will remain the core strength of the financial landscape in Jamaica. While there are no real barriers to entry, new players will find it difficult to carve out market share that will make them economically viable.
Jamaica is now a signatory to an economic partnership agreement (with the European Union), which essentially removes all barriers of entry to international financial intermediaries, hence, it is not inconceivable that very large global entities could establish a presence in Jamaica in the foreseeable future.
Is the ultimate failure of alternative investment schemes inevitable and given recent developments, is the worst over?
I have said consistently, much to the chagrin of a wide cross section of the population, that it is only a matter of time before the greedy will become the needy.
There is really no free lunch in whatever you do in life. There is nothing that can duplicate hard work.
If it is too good to be true, it may very well not be real.
Can you predict Jamaica's economic future?
Jamaica is facing and will for the foreseeable future experience very challenging times.
The global recession and financial-sector crisis will negatively impact us, and will be particularly difficult for our citizens who are most vulnerable.
The spiralling oil prices, world food crisis, and the unpredictability of natural disasters, place Jamaica in the cross hairs of a world in turmoil.
Casino gaming is by no means a panacea and will require careful and skilful management by the policymakers to avoid any further hardship on the most vulnerable.
We need to embark on serious agricultural reform that will ensure the citizens, like our grandparents, eat more of what we grow to minimise importation of non-essentials.
We have been pretending for several years that gambling was not a major part of the daily lives of our people.
If the moral high ground is to prevail, then we need to have a national consensus that certain other vices among the people should be discontinued such as horse racing, liquor, tobacco, genetically modified foods and hormone-induced proteins. But that will not happen, therefore, the debate rages on.
What should our Government do to stave off the ripple effects of the foreseen American recession?
Jamaica is basically helpless with respect to the magnitude of the global challenges. We will face tougher times. As we face the realities of the world, it will cost more for petrol, which should then force conservation. Food will become scarce and will cost much more for some basic staples.
The Government will find it even more difficult to meet the increasing cost of supporting the social services and infrastructure. Our fiscal deficit will worsen as the cost of borrowing new money, coupled with our existing foreign-debt exposure, will widen the gap.
What were your best and worst experiences in the 40 years?
I have had a wide range of positive experiences that are too numerous to mention.
There have been valiant attempts by the detractors who have surreptitiously sought to malign my character and integrity, but to no avail.
In all cases, persons with a malicious agenda have fallen on their own swords. Banking is such a dynamic environment that I have always been motivated to learn something new.
What has been your biggest surprise? Any worker who you will never forget?
Since assuming the position of CEO, I have been particularly pleased at the number of young, highly qualified professionals who have joined the company. This has validated what I have always hoped for: that Scotiabank Jamaica is a great place to work. We are able to fill just about any senior or executive position that becomes vacant given the breadth and depth of the talented professionals across the group.
I certainly will not forget Gene Williams who employed and mentored me in those formative years.
Should we dollarise; and what about a single common Caribbean currency?
I am no economist or monetary expert but I hardly think that could be successfully achieved, unless we are prepared to become a ward of the United States - which is quite improbable. We must earn our way out of the current economic challenges and not look to others to save us.
If as a region we have so many differences with respect to employment, movement of capital, oil and gas producers versus oil dependencies, rice producer versus rice consumer, then I hardly believe that a common currency will emerge in my lifetime.
Assess your first and last 20 years; and how would Bill Clarke like to be remembered?
The first 20 years were the foundation for a career that really took off in the last 20 years, and more so in the last 13 years as CEO.
The bank has been a great place to work.
I received excellent coaching and guidance from some of the great stalwarts of Scotiabank in Canada, for example, Callum Johnston, Peter Godsoe, Bruce Birmingham and Jim Meek.
Since assuming the role of CEO, I have had the opportunity of working with some of the finest directors any CEO could hope for. I have been really fortunate to have had the ongoing support and guidance from Mayer Matalon, our deputy chairman. He is to me, one of the best human beings with whom I have interacted.
He is genuine to the core and never afraid to speak his mind.
Having had the privilege of working for the finest institution in Jamaica and to have attained the position of CEO, placed enormous obligations on me to demonstrate corporate social responsibility of immeasurable proportions.
I have strived to do that every day for the last 13 years and it will be one of the objectives that I will keep in focus.
barbara.ellington@gleanerjm.com
