The Private Sector Organisation of Jamaica (PSOJ) at its annual general meeting on Tuesday selected a new 46-member council for a two-year term, one of whose immediate tasks is the election of a new president and board.

PSOJ president Christopher Zacca has already announced he is stepping down when his current term ends, paving the way for a replacement candidate to emerge.

The council, which comprises representatives of Jamaica's largest and most powerful companies, will select a new president on June 18 in closed door elections.

CEO of the ICD Group, Joseph M. Matalon has said a definite 'yes' to an interest in the presidency, saying he plans to lead the PSOJ into a new era based on collaborative leadership.

"What I am going to be doing is having discussions with a number of members and seeking their advice as to what they believe are the main or most important areas for focus in the coming year and then that will inform the agenda," Matalon told the Financial Gleaner on Thursday.

Powerful interests

He is said to have the backing of the most powerful interests inside the PSOJ, and so far is unopposed, informed sources say.

Matalon, a graduate of the London School of Economics, is chairman of British Caribbean Insurance Company, and a director on the boards of Scotia Group Jamaica, The Gleaner Company, publisher of this newspaper, and the Development Bank of Jamaica, which he chairs.

He is also chairman of the St Patrick's Foundation.

Matalon, outside of corporate circles, is more broadly known for the oft-quoted 2004 Tax Reform report.

Outgoing PSOJ president Zacca who advanced a number of programmes during his tenure - the most recent being the IDB/PSOJ grant secured to strengthen family-owned businesses - is also leaving the organisation in a more financially healthy position.

"We have seen a return to profitability, after several years of deficits," Zacca told the Financial Gleaner.

"The PSOJ has not asked its members for extra funding, as had been the practice for many previous years."

Instead, Zacca pointed out, the PSOJ has sought, and obtained, funding from agencies such as the Canadian International Development Agency, the Private Sector Development Programme part funded by the European Union, and the Commonwealth of Learning.

Activities from which he derived most satisfaction, Zacca said, included "a significantly greater unity and cooperation between the PSOJ as a body and others, especially with the Chamber of Commerce and the Jamaica Manufacturers' Association, extending to a number of chambers in rural Jamaica," he said.

Restarted council

"We have restarted the presidents council which I hope others will continue."

The new PSOJ council that will decide his replacement is made up of five individual members, 10 companies, and 21 business associations.

Ten of the 20 companies - Appliance Traders Limited, Digicel, Gleaner Company, ICD Group, Jamaica National Building Society, J Wray & Nephew Group, LIME Jamaica, National Commercial Bank, Pan Jamaican Investment Trust, and Red Stripe/D&G - were newly elected Tuesday.

The other 10 serving a second term are: Jamaica Observer, Jamaica Public Service Company, Musson Jamaica Limited, Jamaica Producers Group,

FirstCaribbean Jamaica, Big City Brewing Company, Citigroup, GraceKennedy Limited, Sagicor Life Jamaica, Pan Caribbean Financial Services.

Council members

The five individuals on the council are former banker Elon Beckford, commercial attorney Christopher Bovell, mutual fund manager and former PSOJ executive director Charles Ross, Oswald Lee, and Roy Banarsee.

Alongside the presidential pick, the June meeting will elect a full slate of: three vice presidents, a secretary, treasurer, and an executive committee, comprising seven officers and seven associations.

Zacca, the deputy chairman of ATL Group, has served PSOJ for two and a half years.

business@gleanerjm.com