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BUSINESSUITE Caribbean Business & Capital Markets Intelligence

CARIBBEAN POWER 100 The Companies and CEOs Shaping the Region’s Economic Future Digital Transformation

Capital Markets

Financial Inclusion

Spotlighting Success. Forecasting the Future. The Definitive Ranking of Caribbean Corporate Power

2025 DIGITAL ISSUE

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PUBLISHERS Businessuite News Centre (BNC) A division of the Businessuite Media Group “Silicon Mountain” Mandeville, Jamaica For all information: businessuitemagazine@gmail.com

CORPORATE INFORMATION Businessuite Media Group International (BMGI) BlackTone Management Services (BMS) A BlackTone Technologies Limited Company “Silicon Mountain—The Business Technology and Innovation Hub of the Caribbean" Mandeville, Jamaica

Office: 1-876-630-2216 | Mobile: 1-876-542-3719 To learn more, go to www.businessuiteonline.com

Publisher’s Letter

“The New Caribbean Corporate Order: Capital, Leadership & Accountability in 2025”

The Businessuite Top 100 Methodology & Ranking Framework

Editorial Analysis

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Top 100 Caribbean Companies by US$ Market Capitalisation

12 15 17

Top 100 Caribbean Companies by US$ Gross Revenue

“CEO Capital Discipline in a Slowing Global Cycle”

Advertorial

“Capital Markets as Architects of Resilience”— Jamaica Stock Exchange (JSE)

Table of Contents

Businessuite Media Group (BMG) Company Profile

33 The Businessuite Caribbean Power 100 45 Chief Executive Officers Features 60 64 68 72 75 Corporate Governance Roundtable 78

Table of Contents

Top 100 Caribbean Companies by US$ Net Profit After Tax

When Leadership Must Answer for Losses: The Case for CEO Accountability

The AI Scare Trade Comes to the Caribbean Why Every Strategic Plan in Your Industry Sounds the Same

Transform Your Data From Risk to Your Most Valuable Asset Business, Capital and the Courage to Grow

Corporate Features RedPlate Group Limited

Blackslate Holdings Group Limited

Closing Essay The Caribbean’s Next Corporate Decade: Scale, Technology & Institutional Capital

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BUSINESSUITE MEDIA GROUP (BMG) COMPANY PROFILE

Businessuite Media Group (BMG) Company Profile

Businessuite Media Group (BMG), incorporated October 2004, is a Caribbean-focused digital media and business intelligence platform headquartered in “Silicon Mountain” Mandeville, Jamaica. The company serves as the primary holding entity for a portfolio of media and internet brands, with a strategic concentration on business journalism, executive analysis, and corporate data coverage across the region. Operating through the Businessuite News Centre (BNC), BMG produces structured, data-driven content distributed across proprietary digital channels and syndicated to third-party publishers. Its editorial coverage focuses on publicly listed companies, capital markets, executive leadership, entrepreneurship, and regional economic trends. Through its Businessuiteonline.com platform, BMG provides rankings, analytical features, and corporate profiles aimed at investors, regulators, boards, and senior executives.

The company positions itself within the specialised segment of Caribbean business media, serving SME decision-makers, institutional stakeholders, entrepreneurs, consultants, and C-suite leaders. Its content architecture emphasises financial transparency, governance accountability, and comparative performance benchmarking aligned with international editorial standards. BMG is operated and managed by BlackTone Management Services (BMS), a subsidiary of BlackTone Technologies Limited, located within Jamaica’s emerging technology and innovation cluster commonly referred to as “Silicon Mountain.” The ultimate parent company, BlackSlate Holdings Group Limited, is a privately held investment firm with exposure to private and public equity strategies, including venture, growth, and leveraged investments. Through its digital-first infrastructure and structured editorial methodology, BMG continues to expand its footprint as a regional business media platform supporting informed capital allocation and corporate accountability in the Caribbean.

2025

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PUBLISHER’S LETTER

The New Caribbean Corporate Order Capital, Leadership & Accountability in 2025

In 2025, Caribbean corporate leadership stands at an inflection point.

For CEOs, 2026 marks a new era of visibility. Capital markets, regulators, and institutional stakeholders are increasingly focused on return on equity, capital allocation, risk The region is no longer defined solely by resilience. It is increasingly governance and earnings quality. defined by capital discipline, Leadership is being evaluated not by cross-border integration, and a narrative, but by measurable rising standard of executive outcomes. accountability.

Against a backdrop of moderating global growth, evolving tax regimes, tighter regulatory coordination, and rapid digital transformation, Caribbean companies are being measured not only by expansion, but by efficiency, governance, and long-term value creation. This year’s Businessuite Top 100 Caribbean Companies and CEOs reflects that shift. The rankings reveal a corporate landscape where diversified conglomerates continue to anchor regional stability, The rankings reveal a corporate landscape where diversified conglomerates continue to anchor regional stability.

The Caribbean’s corporate order is becoming more disciplined, more data-driven, and more interconnected. Companies are navigating global minimum tax frameworks, digital platform disruption, and regional consolidation pressures while strengthening governance structures and operational systems. The Caribbean’s corporate order is becoming more disciplined, more data-driven, and more interconnected. Companies are navigating global minimum tax frameworks, digital platform disruption, and regional consolidation pressures while strengthening governance structures and operational systems.

The rankings reveal a corporate landscape where diversified conglomerates continue to anchor regional stability, financial This edition is not merely a ranking. It institutions demonstrate balance sheet strength, and manufacturing, is a benchmark of institutional maturity. logistics and energy operators adapt to structural change. As capital becomes more mobile and accountability more At the same time, performance transparent, the defining question for dispersion across markets Caribbean leadership is no longer underscores a critical truth: scale whether growth is possible, but alone no longer guarantees whether it is sustainable, governed, leadership. Execution does. and responsibly executed. The new corporate order has arrived.

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2025

THE BUSINESSUITE TOP 100 METHODOLOGY & RANKING FRAMEWORK

The Businessuite Caribbean Top 50 & 100 Methodology & Rankings Framework

How the Businessuite Top 100 Was Compiled The Businessuite Caribbean Top 100 & Power 100 rankings are designed to provide a structured, data-driven assessment of the financial scale, profitability, and executive performance of publicly listed Caribbean companies. The framework aligns with international ranking standards, enabling meaningful comparison with global benchmarks such as Fortune and Forbes, while reflecting the unique structure of Caribbean capital markets.

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Primary Ranking Metric The core ranking for the Top 100 Caribbean Companies is based on annual gross revenue expressed in US dollars. Standardising results in US currency facilitates cross-market comparability across exchanges in: Jamaica Barbados Guyana Trinidad & Tobago The Eastern Caribbean

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THE BUSINESSUITE TOP 100 METHODOLOGY & RANKING FRAMEWORK This engagement was a limited-scope, non-assurance review and did not constitute an audit under international auditing standards. Procedures included: Verification of internal consistency and mechanical accuracy of Excel calculations Recalculation of selected The Top 100 Caribbean CEOs ranking is companies and CEO datasets derived from the percentage change Confirmation of ranking order in net profit after tax attributable to the alignment with the published companies they lead, measured on a methodology year-on-year basis. Review of inclusion criteria application Inclusion Criteria Reasonableness testing of outliers and extreme values Companies included in the rankings meet the following criteria: Dataffluent conducted independent Publicly listed on a recognised extraction and comparative review Caribbean stock exchange across all five exchanges covered. Published audited or officially reported financial results for fiscal Scope & Limitations years 2024 and 2025 The review was limited to datasets Availability of sufficient financial provided at agreed cut-off dates and data for revenue, net profit after did not include procedures to obtain tax, and related calculations information beyond publicly available disclosures. The engagement does not Only publicly disclosed financial represent an audit, review, or information from company annual assurance opinion. reports, stock exchange filings, and regulatory disclosures was used. Based on the procedures performed, nothing came to Dataffluent’s attention Currency Standardisation & toindicate that: Calculations Revenue, net profit after tax, or percentage change calculations All financial figures were converted to were incorrectly derived; or US dollars using exchange rates Ranking orders were inconsistent supplied by the central banks of the with the stated methodology. respective markets as at December 31 st 2024 and applied consistently within Editorial Integrity the dataset. The Businessuite Caribbean Top 100 & Power 100 rankings are intended as a Calculations included: quantitative representation of reported US-dollar revenue conversion US- financial performance and executive dollar net profit after tax Year-on-year percentage change outcomes within defined parameters. in NPAT do not constitute investment Ranking order determination and They advice, credit assessment, or forwardtie-break application looking performance projections. In addition to revenue rankings, supplementary tables assess: Net Profit After Tax (NPAT) in US dollars Year-on-Year Percentage Change in NPAT (2025 vs 2024) Exchange-specific Top 50 subrankings

Ranking positions are determined strictly by numerical outcome based on the stated metric for each table.

By applying a consistent methodology, transparent criteria, and independent data review, Businessuite seeks to provide a credible annual benchmark Independent Data Review of corporate scale, profitability, and To strengthen transparency and credibility, Dataffluent was engaged to leadership performance across the Caribbean region. perform an independent review of selected quantitative data and related calculations used in the preparation of the 2025 rankings.

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EDITORIAL ANALYSIS

I CEO Capital Discipline in a Slowing Global Cycle Global growth in 2025 was steady but constrained. While inflationary pressures have moderated and interest rate tightening cycles are easing in major economies, global expansion remains below prepandemic trends. Trade fragmentation, currency volatility, and shifting capital flows continue to define the operating environment.

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For Caribbean companies— many operating in small, open, import-dependent economies—these conditions amplify both risk and opportunity. In this cycle, capital discipline has become the defining test of executive leadership. Across the region, the strongest-performing companies are not necessarily those pursuing aggressive expansion, but those demonstrating prudent capital allocation, balance sheet resilience, and measured reinvestment strategies.

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EDITORIAL ANALYSIS

Return on equity, return on CEO performance in 2025 is assets, and cash flow therefore being measured by conversion are increasingly execution under constraint. more relevant than topline Decisions around dividend policy, growth alone. Investors and capital expenditure pacing, boards are scrutinising working portfolio rationalisation, and capital management, debt digital investment sequencing profiles, and acquisition carry heightened strategic strategy with greater intensity. weight. Leaders must balance shareholder returns with longHigher global borrowing costs term reinvestment, particularly in over the past two years have sectors such as financial reshaped corporate services, manufacturing, logistics, behaviour. Refinancing risk, and energy where capital currency mismatches, and intensity remains high. exposure to external funding markets have compelled Notably, the region’s topleadership teams to reassess performing CEOs are those who leverage structures and have strengthened core prioritise liquidity buffers. operations before pursuing geographic expansion. Several In parallel, regulatory have divested non-core assets, developments—including consolidated operations, or global minimum tax improved cost discipline to frameworks and enhanced preserve margins amid compliance expectations— fluctuating demand cycles. have elevated the importance Others have invested in digital of governance alignment and infrastructure to improve financial transparency. operational efficiency rather than headline growth.

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EDITORIAL ANALYSIS

In a slowing global cycle, scale alone is insufficient. Resilience is earned through disciplined financial stewardship, strategic patience, and transparent governance. Caribbean capital markets, though smaller than their global counterparts, are increasingly sophisticated. Shareholders now expect clarity around capital allocation frameworks and measurable return thresholds. The 2025 rankings underscore this shift. Leadership credibility is increasingly tied to sustained profitability, earnings quality, and the prudent deployment of capital across complex regional landscapes. In this environment, CEO capital discipline is not defensive—it is strategic. The Caribbean Power 100 – CEOs recognises the executives whose leadership, judgment, and strategic resolve are shaping the region’s economic direction at a time of profound transformation. These leaders operate at the intersection of growth, governance, and uncertainty— steering complex organisations through global volatility, technological disruption, regulatory evolution, and climate risk.

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Distinguished not by visibility alone, but by measurable impact, the CEOs featured in this ranking have demonstrated the ability to create value, inspire confidence, and build resilient institutions that matter to markets, investors, employees, and society. Collectively, they represent the highest standard of executive leadership across the Caribbean, setting the tone for sustainable growth and longterm regional prosperity.

2025

ADVERTORIAL

The Jamaica Stock Exchange (JSE) Advertorial

Capital Markets as Architects of Resilience

Jamaica stands at a defining moment.

Investor confidence depends on clarity, stability, and disciplined governance. It In the aftermath of Hurricane Melissa, the depends on businesses positioned for country was reminded that economic sustainable profitability and markets that growth alone is not enough. True reward transparency and resilience. prosperity demands resilience — in our institutions, our financial systems, and our The JSE is committed to democratizing leadership. As markets fluctuated and access to capital, strengthening market businesses recalibrated, one truth transparency, and aligning regional became clear: resilient capital markets markets around best-in-class standards. are essential to national recovery and long-term stability. The mission is clear: to build a financial ecosystem that not only withstands shocks The Jamaica Stock Exchange (JSE) is — but shapes the future. more than a marketplace for securities. It is a pillar of Jamaica’s financial For Jamaica’s Power 100 leaders, the infrastructure — mobilising capital, opportunity is not just recovery. It is supporting entrepreneurship, and renewal. providing a transparent and orderly environment where businesses can raise funds and investors can build wealth. In today’s climate, that role is even more critical. A key priority is positioning Jamaica at the forefront of global sustainability standards. The JSE is preparing to work closely with stakeholders to build awareness and capacity around IFRS S1 and IFRS S2 — the International Sustainability Standards Board’s global baseline for sustainability and climate-related financial disclosures. Early alignment will enhance transparency, Edited version of a presentation given by Livingstone Morrison, Group CEO, Stock Exchange Limited at the 21st Regional Conference on Investments strengthen corporate risk management, Jamaica Markets “Capital Markets Fuelling Economic Resurgence and and attract sustainability-focused capital & the Capital Resilience” Jamaica Pegasus Hotel On January 20, 2026 to the region.

2025

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The Businessuite Caribbean 100 Companies US$ Market Capitalisation

2025

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Republic Financial Holdings Limited (RFHL) Power 100 Ranking: #1 Power 50 (Trinidad & Tobago): #1

Vincent A. Pereira, Chairman

Republic Financial Holdings Limited The Board declared total dividends (RFHL) is the parent company of the of $6.00 per share for the year, Republic Group, a diversified reinforcing a consistent approach financial services network operating to shareholder returns across 16 countries in the Caribbean, Latin America, and Ghana. The Strategically, RFHL continues to Group comprises Republic Bank prioritise digital transformation, Limited and its regional subsidiaries, regional integration, and disciplined as well as Cayman National balance sheet management. ESG Corporation and other affiliated principles are embedded within entities lending, operations, and governance frameworks, supported Structured as a holding company in by community investment initiatives line with international best practice, such as its Power to Make a RFHL provides centralised Difference programme, which governance, capital management, deployed over US$4.2 million in 2025 and strategic oversight to across education, youth optimise operational efficiency and empowerment, and financial long-term value creation literacy initiatives. For the year ended September 30, Operating in markets characterised 2025, RFHL reported profit by interest rate and foreign attributable to equity holders of $2.2 exchange volatility, RFHL’s diversified billion, representing a 9.8% increase geographic footprint, conservative over the prior year capital management, and centralised governance structure Total assets expanded by 7% to $127 underscore its institutional resilience billion, supported by loan portfolio and its role as a leading Caribbeangrowth, while deposits and other based financial services group funding instruments increased by serving retail, corporate, and 7%, reflecting sustained customer institutional clients. confidence

Businessuite Digital Issue

2025

Top 100 Caribbean Companies by US$ Market Capitalisation

2025

Businessuite Digital Issue

Top 100 Caribbean Companies by US$ Market Capitalisation

Businessuite Digital Issue

2025

The Businessuite Top 100 Caribbean Companies by US$ Gross Revenue

Businessuite Digital Issue

2025

TOP 100 CARIBBEAN COMPANIES BY US$ GROSS REVENUE

Massy Holdings Ltd Ranked #1 – Businessuite Caribbean Power 100 Ranked #1 – Power 50 Trinidad & Tobago

Robert Riley- Chairman

David Affonso, President and Group Chief Executive Officer

Massy Holdings Ltd stands as one of the Caribbean’s most established diversified groups, with more than a century of operating history and a workforce exceeding 13,000 across over 60 operating companies. Founded in 1923 and headquartered in Trinidad and Tobago, the Group maintains a broad regional footprint spanning the Caribbean, Guyana, Colombia, and the United States. Operating through a modern Investment Holding Company (IHC) model, Massy allocates capital across three core portfolios, with a disciplined focus on resilient cash flows, hard-currency earnings, and long-term value creation. This structure strengthens governance oversight, enhances capital allocation discipline, and aligns portfolio performance with clearly defined strategic priorities. For the financial year ended September 30, 2025, Massy reported revenue of TT$15.8 billion (US$2.3 billion) and profit after tax from continuing operations of TT$766.3 million (US$113.7 million), supported by strong operating cash flow generation. The Group’s strategic focus centres on leadership development, operational excellence, technology-enabled transformation, and disciplined expansion into markets capable of generating sustainable hard-currency returns. Governance standards continue to evolve under an independent Board, supported by strengthened financial oversight, international partnerships—including IDB Invest—and enhanced ESG alignment. Massy’s transition to a fully operational IHC framework positions the Group for continued disciplined growth, reinforcing its role as a regional enterprise anchored in stability, accountability, and long-term shareholder value.

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TOP 100 CARIBBEAN COMPANIES BY US$ GROSS REVENUE

GraceKennedy Limited (Jamaica) Ranked #3 – Businessuite Caribbean Power 100 Ranked #1 – Power 50 Jamaica Ranked #1 – Power 50 Jamaica Main Market

GraceKennedy Limited is one of the Caribbean’s most established and diversified corporate groups, with operations spanning food manufacturing and distribution, financial services, and international retail and remittance markets. Founded in 1922, the company is publicly listed on the Jamaica Stock Exchange and the Trinidad and Tobago Stock Exchange, and serves as the parent of the GraceKennedy Group, whose footprint extends across the Caribbean, North America, the United Kingdom, and Europe

Don Wehby, OJ Group CEO, GraceKennedy Limited

ln 2024, GraceKennedy recorded record revenue of $167.0 billion, supported by growth across its Food, Banking & Investments, and Insurance segments, while navigating moderating global inflation, supply-chain pressures, and a slowdown in remittances. The Group’s asset base expanded to $236.6 billion, underpinned by growth in investments, loan receivables, and strategic real estate holdings, reflecting disciplined capital allocation and balance sheet management

Governance and long-term value The Group operates through two core creation remain central to divisions: GK Foods and GK Financial GraceKennedy’s operating Group. model. GK Foods is engaged in The Group maintains a strong manufacturing, distribution, and retail, capital position, consistent producing Grace and Grace-owned shareholder distributions, and a brands in Jamaica and the UK, while structured approach to portfolio distributing both proprietary and optimisation, supported by international brands across Jamaica, prudent risk management and the wider Caribbean, and key ESG-aligned decision-making. diaspora markets. In Jamaica, the Guided by a long-term strategic Group also maintains a direct retail framework anchored in growth, presence through its supermarket operational efficiency, innovation, operations. and organisational performance, GraceKennedy continues to play GK Financial Group delivers a broad a defining role in regional suite of services across Banking & commerce while reinforcing its Investments, Insurance, and Money position as one of the Services, serving individuals and businesses throughout the Caribbean Caribbean’s most resilient and institutionally credible enterprises and its diaspora markets.

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2025

TOP 100 CARIBBEAN COMPANIES BY US$ GROSS REVENUE

Future Energy Source Company Ranked # 25 – Businessuite Caribbean Power 100 Ranked #12 – Power 50 Jamaica Ranked #1 – Power 50 Jamaica Junior Market

This dual-channel model enhances revenue diversity and operational resilience. For the financial year ended March 31, 2025, FESCO recorded record revenue of J$30 Billion, driven primarily by increased fuel volumes, while net profit was reported at J$461 Million. During the period, the company continued to prioritise expansion, committing significant capital to network development and infrastructure, including new service stations and the scaling of its FESGAS liquefied petroleum gas (LPG) business, which completed a fifth filling plant in Montego Bay by the end of 2024.

Jeremy Barnes Managing Director

Operational expansion remains a central strategic focus. By April 2024, FESCO had expanded its footprint to 21 service stations, reinforcing its presence across both urban and regional markets.

Future Energy Source Company Limited (FESCO) is a Jamaicanowned energy company engaged in the marketing and distribution of The company also advanced investment in company-owned petroleum products to retail and infrastructure, including the commercial customers across Jamaica. The company supplies a development of the FESCO Oval on Spanish Town Road, broad fuel portfolio, including E10, supporting long-term operational 87, 90 and 93 octane gasoline, control and efficiency. automotive diesel oil, ultra-low sulphur diesel, and lubricants, Governance and disciplined supporting critical sectors of the execution underpin FESCO’s economy. growth strategy, with capital allocation decisions balancing FESCO’s retail operations are expansion requirements and anchored by a growing national shareholder considerations. network of service stations, providing islandwide access to As a locally owned enterprise transportation fuels. operating in a strategically important sector, FESCO On the commercial side, the continues to strengthen its role in company delivers bulk fuel Jamaica’s energy landscape solutions to the manufacturing, through measured growth, construction, and transportation infrastructure investment, and industries, where reliability and reliable fuel supply supply continuity are essential to operations.

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TOP 100 CARIBBEAN COMPANIES BY US$ GROSS REVENUE

CIBC Caribbean Ranked #10 – Businessuite Caribbean Power 100 Ranked #1 – Power 50 Barbados

The result is a more focused institution operating across a streamlined geographic footprint, while reporting its largest loan portfolio and highest customer base in its history

Mark St. Hill Chief Executive Officer

For the year ended October 31, 2024, CIBC Caribbean reported net income of US$277.5 million, reflecting steady loan growth, higher US interest margins, and disciplined credit management. The bank maintains strong capital ratios, with Tier 1 capital at 17.8% and Total Capital at 20.0%, well above regulatory requirements.

CIBC Caribbean is one of the largest regionally listed financial Strategically, the bank is focused on deepening client relationships, institutions in the English- and advancing digital banking Dutch-speaking Caribbean, operating across 11 countries with capabilities, simplifying operations through automation approximately US$13 billion in and AI, and embedding ESG assets and a market principles into its lending capitalization of US$1.7 billion. framework. The bank delivers a full range of In 2024, it formalised a services through its Corporate Banking Personal and Business sustainability partnership with IDB Invest, reinforcing its commitment Banking, and Wealth to climate resilience and Management segments, responsible finance in the region. supported by approximately 2,700 employees across 48 With nearly two centuries of branches and offices, and a regional banking heritage dating representative office in Hong back to 1836, CIBC Caribbean Kong continues to demonstrate resilience, operational discipline, In 2024, the bank completed a and institutional credibility— multi-year transformation positioning the bank as a programme that rationalised cornerstone of Caribbean business lines and markets, financial intermediation and strengthened its technology platforms, and culminated in its long-term shareholder value creation. rebrand to CIBC Caribbean.

Businessuite Digital Issue

2025

TOP 100 CARIBBEAN COMPANIES BY US$ GROSS REVENUE

Banks DIH (Guyana) Ranked # 21 – Businessuite Caribbean Power 100 Ranked #1 – Power 50 Guyana

Banks DIH Holdings Inc., one of Guyana’s most established publicly listed companies, operates through its principal subsidiary, Banks DIH Limited, with diversified interests spanning beverages, food production, and retail distribution. The Group maintains a dominant position in Guyana’s brewing and beverage manufacturing sector, supported by vertically integrated production and an expanding retail footprint. For the financial year ended September 30, 2025, the Group reported profit after tax attributable to shareholders of $10.636 billion, reflecting resilient performance amid operational adjustments earlier in the year.

Clifford Barrington Reis, C.C.H., Chairman / Managing Director

Following early production downtime linked to scheduled maintenance, the company restored momentum with the commissioning of a new beer bottling plant and continued investment in a new canning line. Production capacity milestones included the storage and brewing of approximately 900,000 cases of malts per month, underscoring scale efficiencies. Capital expenditure extended to retail expansion, including a new Qik Serv outlet in Bartica. Under the leadership of Chairman and Managing Director Clifford B. Reis, the Group continues to emphasise long-term asset investment, operational reliability, and prudent financial management.

The subsidiary recorded $47.356 billion in revenue, $13.795 billion in With strong domestic brand profit before tax, and $9.827 billion in equity and sustained capital profit after tax. reinvestment, Banks DIH The Board approved a final dividend of $1.70 per share, bringing total dividends for the year to $2.35 per share, reinforcing a consistent capital return framework. Operationally, 2025 was marked by disciplined execution and infrastructure modernisation.

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Holdings remains a cornerstone of Guyana’s manufacturing and consumer goods sector, demonstrating institutional resilience and disciplined governance within a rapidly expanding national economy.

Businessuite Digital Issue

TOP 100 CARIBBEAN COMPANIES BY US$ GROSS REVENUE

West Indies Oil Company Limited (WIOC) Ranked # 26 – Businessuite Caribbean Power 100 Ranked #1 – Power 50 Eastern Caribbean Listed: Eastern Caribbean Securities Exchange (ECSE: GCBL)

primarily due to major repairs at the Sea Island Jetty and the multi-buoy mooring berth, as well as maintenance affecting 288,000 barrels of storage capacity.

Mr. Gregory F Georges, Chief Executive Officer

Despite these headwinds, diversified revenue streams— including jet fuel services, throughput revenues, and strong demand from commercial diesel and bulk LPG customers—partially offset the shortfall.

The company has prioritised capital investment to restore and West Indies Oil Company Limited optimise infrastructure, with a (WIOC) is a regional energy infrastructure and services provider, capital expenditure programme operating critical marine berthing, exceeding $32 million projected for 2025 fuel storage, and energy distribution assets that support shipping, aviation, and commercial WIOC maintains a stated dividend policy with a 67% payout fuel markets. ratio of earnings after tax, reinforcing its disciplined The company’s core business approach to shareholder returns model is anchored in three while emphasising operating cost strategic pillars: marine berths, subsea and underground pipelines, control and storage facilities—assets that With long-term supply and underpin its value proposition of storage partnerships in place and reliable and efficient energy a clear focus on operational services. reliability, environmental stewardship, and stakeholder For the 2024 financial year, WIOC reported earnings of $4.11 per share, engagement, WIOC continues to demonstrate institutional reflecting resilient performance resilience and disciplined amid material operational execution within the Caribbean constraints. energy infrastructure landscape. During the period, ship calls declined by 23%, and available storage capacity fell by 16%,

Businessuite Digital Issue

2025

TOP 100 CARIBBEAN COMPANIES BY US$ GROSS REVENUE

Goddard Enterprises Limited Ranked #5 – Businessuite Caribbean Power 100 Ranked #1 – Power 10 Barbados

Headquartered in Barbados, Goddard Enterprises Limited (GEL) is one of the Caribbean’s most diversified publicly listed groups, with operations spanning manufacturing, automotive and industrial distribution, catering and ground handling, building supplies, trading, and financial investments. Listed on the Barbados Stock Exchange, the Group operates through subsidiaries and associates across more than a dozen Caribbean territories, as well as in Latin America and North America.

Anthony H. Ali, Managing Director reflecting disciplined cost management, portfolio rationalisation, and focused execution across key divisions. Performance was supported by associate contributions and operational efficiencies within core segments.

Governance remains central to GEL’s institutional profile. As a publicly traded entity, the Group adheres to international financial reporting standards, independent audit oversight, and structured board GEL’s core business model is governance processes. Capital anchored in portfolio allocation is guided by longdiversification and operational term value creation principles, scale. Its manufacturing division includes regional food production with emphasis on balance sheet resilience and prudent risk and branded consumer goods, management. while its aviation services arm provides ground handling and With a history dating back over catering solutions across major a century, Goddard Enterprises Caribbean airports. Automotive Limited continues to represent a and industrial operations extend distribution networks into multiple stabilising corporate presence within the Caribbean, regional markets, reinforcing the combining regional scale, Group’s integrated supply chain diversified earnings streams, footprint. and disciplined execution within a complex operating For the financial year ended 30 environment. September 2025, the Group reported improved profitability and strengthened operating performance,

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TOP 100 CARIBBEAN COMPANIES BY US$ GROSS REVENUE

Top 100 Caribbean Companies by US$ Revenue

Businessuite Digital Issue

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TOP 100 CARIBBEAN COMPANIES BY US$ GROSS REVENUE

Top 100 Caribbean Companies by US$ Revenue

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Businessuite Digital Issue

The Businessuite Caribbean Top 100 Companies by US$ Net Profit After Tax

2025

Businessuite Digital Issue

TOP 100 CARIBBEAN COMPANIES BY US$ NET PROFIT AFTER TAX

Republic Financial Holdings (TT) Ranked #1 – Businessuite Caribbean Power 100 Ranked #1 – Power 50 Trinidad and Tobago

Republic Financial Holdings Limited (RFHL) is the parent company of the Republic Group, a diversified financial services network operating across 16 countries in the Caribbean, Latin America, and Ghana. The Group comprises Republic Bank Limited and its regional subsidiaries, as well as Cayman National Corporation and other affiliated entities.

Nigel M. Baptiste, Group President and CEO

Structured as a holding company in line with international best practice, Strategically, RFHL continues to prioritise digital transformation, RFHL provides centralised governance, capital management, regional integration, and disciplined and strategic oversight to optimise balance sheet management. ESG principles are embedded within operational efficiency and longlending, operations, and term value creation governance frameworks, supported For the year ended September 30, by community investment initiatives 2025, RFHL reported profit such as its Power to Make a attributable to equity holders of Difference programme, which $2.2 billion, representing a 9.8% deployed over US$4.2 million in 2025 increase over the prior year. across education, youth empowerment, and financial Total assets expanded by 7% to $127 literacy initiatives. billion, supported by loan portfolio growth, while deposits and other Operating in markets characterised funding instruments increased by by interest rate and foreign 7%, reflecting sustained customer exchange volatility, RFHL’s diversified confidence. geographic footprint, conservative capital management, and The Board declared total dividends centralised governance structure of $6.00 per share for the year, underscore its institutional resilience reinforcing a consistent approach and its role as a leading Caribbeanto shareholder returns. based financial services group serving retail, corporate, and institutional clients.

Businessuite Digital Issue

2025

TOP 100 CARIBBEAN COMPANIES BY US$ NET PROFIT AFTER TAX

NCB Financial Group (Jamaica) Ranked #2 – Businessuite Caribbean Power 100 Ranked #1 – Power 50 Jamaica Ranked #1 – Power 50 Jamaica Main Market

Robert Almedia Group Chief Executive Officer Return on equity improved to 12.46%, return on assets to 1.56%, while the cost-to-income ratio strengthened to 64.29%. Shareholders’ equity increased 21% to J$254.3 billion, reflecting balance sheet resilience and capital growth.

NCB Financial Group Limited (NCBFG) is a licensed financial holding company with diversified Strategic execution during the year operations across banking, insurance, wealth management and included the establishment of Centres of Excellence in Investment investment services. Through its Management and Pension Fund three principal subgroups—NCB, Administration, further integration Guardian and Clarien—the Group operates in more than 20 Caribbean across subsidiaries, and a US$225 markets, combining domestic scale million senior secured note issuance in international capital with regional and international markets, reinforcing funding reach. stability and investor confidence. The NCB Subgroup, anchored by National Commercial Bank Jamaica Operationally, the Group reported stronger banking margins, Limited, provides retail and disciplined credit management, corporate banking, payments, significant growth in wealth and treasury, wealth and investment services. Guardian Holdings Limited asset management earnings, and improved insurance service results leads the region in life, health, across Guardian’s portfolio. property and casualty insurance, Continued investment in digital pensions and asset management. channels, payments infrastructure Clarien Group Limited, based in and platform efficiency underpins Bermuda, strengthens the Group’s international diversification through customer engagement and operational scalability. personal, commercial and private banking, as well as trust and NCBFG’s disciplined governance investment services. framework, diversified revenue base and regional integration For the reporting period, the Group delivered net profit of J$36.9 billion, position it as one of the Caribbean’s most systemically with J$23.1 billion attributable to stockholders, representing year-on- significant financial institutions, with a sustained focus on prudent year increases of 71% and 73%, growth and long-term value respectively. creation.

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TOP 100 CARIBBEAN COMPANIES BY US$ NET PROFIT AFTER TAX

Fontana Limited Ranked # 59 – Businessuite Caribbean Power 100 Ranked #23 – Power 50 Jamaica Ranked #1 – Power 50 Jamaica Junior Market Fontana Limited, operating as Fontana Pharmacy, is Jamaica’s leading pharmacy and retail chain, with more than five decades of operating history. Established 56 years ago, the company has evolved from a single-location pharmacy into a multi-format retail network combining pharmaceutical services with a diversified consumer offering that includes beauty, household, gifting, home décor, stationery, and convenience products.

Anne Chang, Chief Executive Officer For the financial year ended June 30, 2024, Fontana reported record revenues of $8.1 billion, an 11% increase year-over-year. Gross profit rose to $3.0 billion, with margins improving to 37.7%, reflecting procurement efficiencies and economies of scale.

Net profit attributable to shareholders was $589.8 million, impacted by higher income taxes following the expiration of its initial tax incentive period. Shareholders’ equity increased by 19%, while net assets closed the year at $5.7 billion, underscoring balance sheet As of 2023, Fontana operated seven locations across Jamaica— strength. Barbican, Mandeville, Montego services— Bay, Ocho Rios, Savanna-la-Mar, Complementary including online shopping, Waterloo, and Portmore. WhatsApp prescription processing, home delivery, and business In January 2025, the company centre services—support customer expanded its footprint through retention and operational the acquisition of Monarch With over 500 Pharmacy, adding four additional resilience. employees and a growing national locations in Kingston and footprint, Fontana Limited Portmore. This strategic demonstrates disciplined expansion reinforces its national expansion, operational scale, and presence and scale advantages sustained capital reinvestment within Jamaica’s formal retail within Jamaica’s stable pharmacy sector. macroeconomic environment.

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2025

TOP 100 CARIBBEAN COMPANIES BY US$ NET PROFIT AFTER TAX

CIBC Caribbean Ranked #3 – Businessuite Caribbean Power 100 Ranked #1 – Power 50 Barbados

CIBC Caribbean is one of the largest regionally listed financial institutions in the English- and Dutch-speaking Caribbean, Mark St. Hill operating across 11 countries with Chief Executive Officer approximately US$13 billion in assets and a market The bank maintains strong capitalization of US$1.7 billion capital ratios, with Tier 1 capital . at 17.8% and Total Capital at The bank delivers a full range of 20.0%, well above regulatory services through its Corporate requirements. Banking Personal and Business Banking, and Wealth Strategically, the bank is focused Management segments, on deepening client supported by approximately 2,700 relationships, advancing digital employees across 48 branches banking capabilities, simplifying and offices, and a representative operations through automation office in Hong Kong. and AI, and embedding ESG principles into its lending In 2024, the bank completed a framework. In 2024, it formalised multi-year transformation a sustainability partnership with programme that rationalised IDB Invest, reinforcing its business lines and markets, commitment to climate strengthened its technology resilience and responsible platforms, and culminated in its finance in the region. rebrand to CIBC Caribbean. The result is a more focused With nearly two centuries of institution operating across a regional banking heritage dating streamlined geographic footprint, back to 1836, CIBC Caribbean while reporting its largest loan continues to demonstrate portfolio and highest customer resilience, operational discipline, base in its history and institutional credibility— positioning the bank as a For the year ended October 31, cornerstone of Caribbean 2024, CIBC Caribbean reported financial intermediation and net income of US$277.5 million, long-term shareholder value reflecting steady loan growth, creation. higher US interest margins, and disciplined credit management.

2025

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TOP 100 CARIBBEAN COMPANIES BY US$ NET PROFIT AFTER TAX

Banks DIH (Guyana) Ranked # 12 – Businessuite Caribbean Power 100 Ranked #1 – Power 50 Guyana

Clifford Barrington Reis, C.C.H., Chairman / Managing Director

Operationally, 2025 was marked by disciplined execution and infrastructure modernisation. Following early production Banks DIH Holdings Inc., one of downtime linked to scheduled Guyana’s most established maintenance, the company publicly listed companies, restored momentum with the operates through its principal subsidiary, Banks DIH Limited, with commissioning of a new beer bottling plant and continued diversified interests spanning beverages, food production, and investment in a new canning line. retail distribution. Production capacity milestones included the storage and brewing he Group maintains a dominant position in Guyana’s brewing and of approximately 900,000 cases of beverage manufacturing sector, malts per month, underscoring supported by vertically integrated scale efficiencies. Capital expenditure extended to retail production and an expanding expansion, including a new Qik retail footprint. Serv outlet in Bartica. For the financial year ended Under the leadership of Chairman September 30, 2025, the Group and Managing Director Clifford B. reported profit after tax Reis, the Group continues to attributable to shareholders of $10.636 billion, reflecting resilient emphasise long-term asset investment, operational reliability, performance amid operational and prudent financial adjustments earlier in the year. The subsidiary recorded $47.356 management. With strong billion in revenue, $13.795 billion in domestic brand equity and sustained capital reinvestment, profit before tax, and $9.827 Banks DIH Holdings remains a billion in profit after tax. cornerstone of Guyana’s manufacturing and consumer The Board approved a final goods sector, demonstrating dividend of $1.70 per share, institutional resilience and bringing total dividends for the disciplined governance within a year to $2.35 per share, rapidly expanding national reinforcing a consistent capital economy. return framework.

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2025

TOP 100 CARIBBEAN COMPANIES BY US$ NET PROFIT AFTER TAX

Grenada Co-operative Bank Ranked #33—Businessuite Caribbean Power 100 Ranked #1 – Power 50 Eastern Caribbean Securities Exchange (ECSE: GCBL)

Larry Lawrence Managing Director

Established in 1932, Grenada Cooperative Bank Limited is the only $4.68 billion and loans increased indigenous commercial bank in 12.0% to $2.51 billion. The Bank’s loan-to-deposit ratio of 53.7% Grenada and a cornerstone of underscores measured balance the country’s financial system. sheet deployment. Founded with “Penny Bank” roots to serve working-class families, With over $1.29 billion in assets, the the institution has evolved into a Bank combines conservative governance with forward-looking full-service commercial bank offering personal, business, and digital investment. Ongoing technology upgrades have corporate banking, alongside strengthened operational broker-dealer investment resilience and customer access, services. while green energy lending Headquartered in St. George’s, it incentives and financial inclusion initiatives support sustainable operates five branches across the island, including Grand Anse, domestic growth. Sauteurs, Grenville, and Community engagement remains Carriacou, and maintains the embedded in its model, including largest domestic ATM network health-focused initiatives through CONNEX. supporting local rehabilitation services. For fiscal year 2025, the Bank reported after-tax profits of $42.8 million, a 32% increase over 2024. Under the leadership of Managing Asset quality remains strong, with Director Larry Lawrence, Grenada Co-operative Bank continues to a non-performing loan ratio of 0.75%, reflecting disciplined credit demonstrate institutional stability, disciplined execution, and a longrisk management. The lending portfolio expanded while liquidity term commitment to inclusive was prudently managed within a financial intermediation within the banking environment where total Eastern Caribbean. system deposits grew 6.6% to

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TOP 100 CARIBBEAN COMPANIES BY US$ NET PROFIT AFTER TAX

Top 100 Caribbean Companies by Net Profit after Tax

2025

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TOP 100 CARIBBEAN COMPANIES BY US$ NET PROFIT AFTER TAX

Top 100 Caribbean Companies by Net Profit after Tax

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2025

The Businessuite Caribbean Power 100 Chief Executive Officers

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2025

THE BUSINESSUITE CARIBBEAN POWER 100 CHIEF EXECUTIVE OFFICERS

Rezworth Burchenson

Chief Executive Officer, VM Investments Limited & VM Wealth Management Ranked #1 – Businessuite Caribbean Power 100 Ranked #1 – Power 50 Jamaica Ranked #1 – Power 50 Jamaica Main Market

Mr. Rezworth Burchenson stands at the forefront of Caribbean financial leadership, ranked #1 in the Businessuite Caribbean Power 100 and #1 in Jamaica’s Power 50. His leadership reflects a disciplined, institution-building approach grounded in governance, capital stewardship, and long-term value creation within regulated financial markets. As Chief Executive Officer of VM Investments Limited (VMIL) and VM Wealth Management (VMWM) since 2019, Mr. Burchenson has overseen a diversified financial platform operating across investment management, corporate finance, structured credit, private equity, and capital markets advisory. VMIL, listed on the Jamaica Stock Exchange since December 2017, operates as an investment and financing company with a mandate to expand capital access while maintaining prudent risk management standards. Under his stewardship, the company has strengthened its balance sheet, reinforced governance architecture, and deepened its strategic investment footprint.

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THE BUSINESSUITE CARIBBEAN POWER 100 CHIEF EXECUTIVE OFFICERS

VMIL holds an 80 per cent ownership position within VM Financial Group Limited and manages a portfolio that spans margin lending, lease financing, trade finance, structured corporate solutions and private equity.

The company committed US$10 million to the Jamaica Actus Small and Medium Enterprise Fund I (JASMEF I), a private equity vehicle anchored by the Development Bank of Jamaica and Actus Partners. The initiative aims to mobilise up to US$100 million in growth capital and support at least 15 scalable SMEs toward public market readiness.

Its subsidiaries and investments include VM Wealth Management Limited and strategic stakes in Kingston Properties Limited Under this structure, VM Wealth (KPREIT),Home Choice Limited, Island Car Rentals, Stationery World Management holds the first right of refusal to act as IPO broker and and Book Center Limited, and transaction arranger, reinforcing ColdBush Organics. vertical integration between private capital formation and public market Notable capital allocation execution. milestone was VMIL’s 30 per cent equity investment in regional Prior to joining the VM Group, fintech Carilend in 2019, Mr. Burchenson served as Chief successfully exited in March 2024, Executive Officer of Prime Asset demonstrating disciplined investment lifecycle management Management and as Vice President and General Manager of Pan and value realisation. Caribbean Asset Management, where he held responsibility for the Governance and institutional Sigma Unit Trust, then Jamaica’s credibility remain central to Mr. largest unit trust. These roles placed Burchenson’s leadership him at the centre of asset allocation framework. In 2024, VMIL received an ‘A’ Corporate Governance rating strategy, fiduciary oversight, and from the Jamaica Stock Exchange, market risk management within Ireflecting board effectiveness, Jamaica’s evolving capital markets. disclosure standards, and Across institutions, his record oversight mechanisms. reflects structured growth, disciplined portfolio management, Strategically, Mr. Burchenson has and operational stabilisation during positioned VMIL as an active periods of volatility. participant in capital market deepening and SME development.

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THE BUSINESSUITE CARIBBEAN POWER 100 CHIEF EXECUTIVE OFFICERS

His contribution extends beyond corporate leadership into national financial governance. Mr. Burchenson serves on the Private Sector Organisation of Jamaica’s Economic Policy Committee and the Jamaica Stock Exchange Best Practices Committee, among other public and private boards. These roles position him within the policy and governance dialogue shaping financial regulation, capital market standards, and institutional best practice across Jamaica. Academically, he holds a Bachelor’s degree in Economics (Honours) and an MBA in Banking and Finance (Honours). He has also completed executive programmes at Wharton, Harvard Business School, and Kaplan-Norton’s Strategy Execution Boot Camp, reinforcing a leadership framework grounded in strategy execution, financial systems

At a time when regional capital markets face heightened regulatory scrutiny, liquidity shifts, and technological disruption, Mr. Burchenson’s tenure has been defined by steady recalibration rather than rapid expansion. His focus on governance ratings, credit profile maintenance, structured capital allocation, and SME market development reflects a long-horizon view of institutional stewardship. Ranked #1 in the Caribbean Power 100, Mr. Burchenson’s leadership is characterised not by episodic performance, but by the deliberate strengthening of institutional architecture—aligning governance, capital discipline, market integration, and stakeholder accountability. In doing so, he represents a model of executive responsibility anchored in financial stability, regulatory alignment, and sustainable enterprise growth within the Caribbean region.

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THE BUSINESSUITE CARIBBEAN POWER 100 CHIEF EXECUTIVE OFFICERS

Berisford Grey Executive Director, President & Chief Executive Officer, Sygnus Real Estate Finance Limited (SRF) Ranked #2 – Businessuite Caribbean Power 100 Ranked #2 – Power 50 Jamaica Ranked #2 – Power 50 Jamaica Main Market Berisford Grey ranks #2 in the Businessuite Caribbean Power 100 and #2 in Jamaica’s Power 50, reflecting a career defined by institutional scale, capital markets innovation, and disciplined execution across regional financial systems. As co-founder of Sygnus Capital and Executive Director, President and CEO of Sygnus Real Estate Finance Limited (SRF), Mr. Grey leads a publicly listed alternative investment platform focused on structured real estate finance across the Caribbean. Incorporated in Saint Lucia and listed on the Main Market of the Jamaica Stock Exchange since October 2021, SRF deploys equity, debt and quasiequity capital across industrial, hospitality, commercial, residential and infrastructure assets. Its mandate spans greenfield developments, brownfield repositioning and opportunistic transactions, supported by flexible instruments including mezzanine debt, bridge financing, preference shares and real estate investment notes. Mr. Grey’s leadership is grounded in global capital markets experience. He began his career in European debt capital markets specialising in securitisation and structured finance, later holding senior roles at Scotia Investments and CIBC FirstCaribbean. At the latter, he served as Managing Director and Executive Director of Corporate & Investment Banking, overseeing a US$3.0 billion loan portfolio and regional strategy. Over the past decade, he has led more than US$10 billion in corporate and sovereign financings.Through disciplined structuring, governance alignment and active asset stewardship, Mr. Grey continues to expand institutional capital formation within the Caribbean’s alternative investment ecosystem.

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2025

THE BUSINESSUITE CARIBBEAN POWER 100 CHIEF EXECUTIVE OFFICERS

Rishi Baddaloo Group Managing Director, Eric Solis Marketing Limited (SOLIS)

Ranked #3 – Businessuite Caribbean Power 100 Ranked #1 – Power 50 Trinidad & Tobago

Under his leadership, SOLIS has strengthened its position as a leading provider of office automation, print management, and digitisation solutions, delivering integrated technologies that enhance productivity and cost efficiency for organisations across the Caribbean. SOLIS operates with a servicecentric model anchored in the sale, rental, and maintenance of multifunction printers and document management systems, supported by enabling software and remote device monitoring.

The company maintains authorised dealership relationships with global technology brands including Konica Minolta, HP, Lexmark, Brother, Samsung, and others— ensuring access to internationally recognised standards and innovation. A defining milestone during Mr. Baddaloo’s tenure was the company’s 2024 IPO, designed to support diversification into Rishi Baddaloo is ranked #3 in the commercial screen technologies Businessuite Caribbean Power and broader regional growth. 100 and #1 in Trinidad & Tobago’s He has institutionalised Power 50, reflecting sustained leadership within the Caribbean’s performance accountability office automation and workplace through measurable service metrics—tracking customer technology sector. satisfaction, first-time fix rates, resolution time, and technician As Group Managing Director of utilisation—reinforcing Eric Solis Marketing Limited (SOLIS) since 2011 and The Office operational discipline. Authority Limited since 2014, Mr. With over five decades of Baddaloo oversees strategic corporate heritage integrated direction, operational into a modern governance performance, and regional framework, SOLIS under Mr. expansion. Baddaloo’s leadership reflects structured expansion, operational resilience, and long-term stewardship within the Caribbean’s evolving business services landscape.

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THE BUSINESSUITE CARIBBEAN POWER 100 CHIEF EXECUTIVE OFFICERS

Andrew Williams Founder & Chief Executive Officer, Regency Petroleum Company Limited (RPL) Ranked #4 – Businessuite Caribbean Power 100 Ranked #3 – Power 50 Jamaica Ranked #1 – Power 50 Jamaica Junior Market

Andrew Williams ranks #4 in the Businessuite Caribbean Power 100, reflecting his role in building Regency Petroleum Company Limited (RPL) into a scaled, publicly listed participant within Jamaica’s downstream energy sector. Since founding RPL in 2018, Mr. Williams has led the company’s transition from start-up entrant to diversified petroleum marketing enterprise. Under his leadership, RPL surpassed J$1 billion in revenue in 2024 and commissioned its third fullservice station, marking a significant operational milestone. The company also completed its second year as a listed entity on the Junior Market of the Jamaica Stock Exchange, maintaining timely regulatory disclosures and structured shareholder engagement.

RPL operates an integrated distribution model across LPG and automotive fuels, supplying propane to commercial and industrial clients, butane cylinders to households through a parish-wide dealer network, and a full suite of automotive fuels including ULSD and gasoline grades.

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The company’s entry into Jamaica’s domestic cooking gas market expanded competition within a historically concentrated segment, reflecting deliberate market positioning and pricing strategy. Mr. Williams’ broader commercial background spans lubricants distribution, auto parts retail, construction, and industrial gases, reinforcing operational and financial oversight capabilities. A graduate in Accounting from the University of the West Indies, he combines entrepreneurial execution with governance awareness appropriate to a listed environment. His leadership reflects measured expansion, capital discipline, and the development of a locally anchored energy brand within Jamaica’s evolving fuel distribution landscape.

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THE BUSINESSUITE CARIBBEAN POWER 100 CHIEF EXECUTIVE OFFICERS

Franklin Murillo Managing Director, Carreras Limited Ranked #5 – Businessuite Caribbean Power 100 Ranked #3 – Power 50 Jamaica Ranked #3 – Power 50 Jamaica Main Market Franklin Murillo ranks #5 in the Businessuite Caribbean Power 100, reflecting nearly two decades of multinational leadership within the British American Tobacco (BAT) Group and his stewardship of Carreras Limited, Jamaica’s leading marketer and distributor of tobacco products.

As Country Manager for Costa Rica, he drove market growth within a complex regulatory framework. Subsequent regional roles overseeing Caribbean and Central American markets strengthened his cross-border execution capabilities.

Appointed Managing Director of Immediately prior to assuming Carreras Limited in October 2022, leadership at Carreras, he Mr. Murillo leads a publicly listed directed brand deployment for company operating within a next-generation products across highly regulated environment Iberian markets, including Spain and majority-owned by BAT. and Portugal. Approximately 49.6% of Carreras’ At Carreras, Mr. Murillo operates shares are held by Jamaican within BAT’s strategic framework investors, positioning the centred on growth, productivity, company at the intersection of responsibility, and organisational global governance standards capability. His leadership and domestic shareholder emphasises disciplined accountability. commercial execution, regulatory compliance, Since joining BAT in 2005, Mr. operational efficiency, and longMurillo has held senior leadership term value preservation. roles across the Caribbean, Central America, and Europe. His international experience, multi-market oversight, and His experience spans trade governance alignment position marketing, distribution strategy, Carreras to maintain market brand activation, and multileadership while operating category portfolio management. responsibly within Jamaica’s evolving regulatory landscape.

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THE BUSINESSUITE CARIBBEAN POWER 100 CHIEF EXECUTIVE OFFICERS

Robert Almeida Interim Group Chief Executive Officer, NCB Financial Group Limited

Ranked #6 – Businessuite Caribbean Power 100 Ranked #5 – Power 50 Jamaica Ranked #4 – Power 50 Jamaica Main Market Robert Almeida ranks #6 in the Businessuite Caribbean Power 100,reflecting his stewardship of one of the Caribbean’s most systemically significant financial institutions during a period of transition. As Interim Group CEO of NCB Financial Group Limited (NCBFG), Mr. Almeida provides strategic oversight across a diversified financial services platform spanning commercial banking, wealth management, insurance, merchant banking and offshore operations. Incorporated in 2016 under Jamaica’s Banking Services Act as the holding company for National Commercial Bank Jamaica Limited, NCBFG today represents the largest financial services group in Jamaica, with regional subsidiaries in Barbados, Cayman, Bermuda and Trinidad & Tobago.

His mandate includes directing group-wide financial performance, strengthening operational alignment across subsidiaries, maintaining disciplined cost management, and reinforcing stakeholder engagement with regulators and investors. He also chairs several boards within the Group, applying financial and governance expertise to performance oversight and accountability.

His leadership during this transitional phase emphasises continuity, integration and prudent capital management— Mr. Almeida brings more than 35 ensuring stability while positioning the organisation for years of experience as an sustained, long-term growth investor,director and executive within an evolving regional and across Canada, the United States and the Caribbean, with a international regulatory focus on financial services since landscape. 1998.

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2025

THE BUSINESSUITE CARIBBEAN POWER 100 CHIEF EXECUTIVE OFFICERS

Ginelle Lambie Managing Director (Ag.), Unilever Caribbean Limited

Ranked #7 – Businessuite Caribbean Power 100 Ranked #2 – Power 50 Trinidad & Tobago With over 20 years of experience in financial management, strategic planning, business analysis, and auditing across the United States and Trinidad & Tobago, Ms. Lambie brings strong financial oversight and governance discipline to the role.

Ginelle Lambie ranks #7 in the Businessuite Caribbean Power 100 and #2 in Trinidad & Tobago’s Power 50, reflecting her leadership of one of the region’s most established consumer goods manufacturers.

Prior to her appointment, she served as National Finance Manager, overseeing financial reporting, forecasting, and operational performance management. Her mandate includes guiding the organisation through strategic transformation toward sustainable, profitable growth in a challenging economic environment.

This has involved portfolio optimisation, cost discipline, Appointed Managing Director operational stabilisation, and (Ag.) of Unilever Caribbean renewed focus on high-growth Limited in January 2024, Ms. categories while maintaining Lambie leads a publicly listed alignment with Unilever’s global company headquartered in governance and sustainability Champs Fleurs, Trinidad, and majority-owned by Unilever PLC frameworks. through its overseas holding A Certified Public Accountant structure. holding degrees from Florida Operating since 1929 and listed International University and the University of Virginia, Ms. Lambie’s on the Trinidad and Tobago leadership reflects financial rigor, Stock Exchange, the company institutional accountability, and manufactures and distributes long-term stewardship within a home care, personal care, and multinational operating structure. food products across the Caribbean under globally recognised brands.

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Tammara Glaves-Hucey Managing Director, Key Insurance Company Limited Ranked #9 – Businessuite Caribbean Power 100 Ranked #7 – Power 50 Jamaica Ranked #6 – Power 50 Jamaica Main Market

Prior to this role, she served in senior leadership positions at GK General Insurance and GK Insurance (Eastern Caribbean) Ltd, where she was instrumental in advancing GraceKennedy’s expansion strategy across the Eastern Caribbean.

Tammara Glaves-Hucey ranks #9 in the Businessuite Caribbean Power 100, reflecting her leadership of Key Insurance Company Limited during a period of ownership transition and strategic repositioning. With more than 19 years of experience in the general insurance industry, Ms. GlavesHucey assumed executive leadership in 2020 following the company’s acquisition by the GraceKennedy Financial Group. Her mandate has centred on transforming the business model, strengthening underwriting discipline, enhancing claims governance, and driving sustainable profitability within Jamaica’s regulated insurance environment.

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Her earlier career included responsibility for claims management at General Accident Insurance Company and Globe Insurance Company, providing operational depth in risk assessment and portfolio management. A Chartered Insurer and Attorney-at-Law with an MBA from Heriot-Watt University, Ms. Glaves-Hucey combines technical insurance expertise with legal and governance insight. She currently serves as a Director of GK Insurance Eastern Caribbean and participates at board level within the GraceKennedy group structure. Her leadership reflects disciplined execution, regulatory awareness, and long-term stewardship— positioning Key Insurance as a stable, Jamaican-owned insurer operating with strengthened institutional alignment and strategic clarity.

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THE BUSINESSUITE CARIBBEAN POWER 100 CHIEF EXECUTIVE OFFICERS

Derry Williams Managing Director, The Bank of Saint Vincent & the Grenadines Ltd.

Ranked #10 – Businessuite Caribbean Power 100 Ranked # 1 – Businessuite Eastern Caribbean Power 10 Derry Williams ranks #10 in the Businessuite Caribbean Power 100, reflecting more than a decade of executive leadership within the Eastern Caribbean banking sector. As Managing Director of The Bank of Saint Vincent & the Grenadines Ltd (BOSVG), Mr. Williams leads a publicly listed commercial bank regulated under the St. Vincent and the Grenadines Banking Act 2015 and traded on the Eastern Caribbean Securities Exchange. Mr. Williams first assumed the role of Managing Director in 2011, returning in 2018 after a two-year regional assignment as Managing Director of East Caribbean Financial Holding Company Limited and Bank of St. Lucia Limited, where he led group restructuring initiatives. His leadership has included consortium coordination in the 2022 acquisition of CIBC FirstCaribbean operations in St. Vincent and St. Kitts and Nevis, strengthening indigenous banking capacity in the OECS.

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The institution operates nine locations across St. Vincent and the Grenadines, serving retail, corporate and public-sector clients within a diversified shareholder structure that includes the Government of St.Vincent and the Grenadines, East Caribbean Financial Holding Company (ECFH), the National Insurance Services, and public investors. With prior service as Deputy CEO and Compliance Officer, Mr. Williams brings governance depth, regulatory familiarity and risk oversight expertise. His tenure has emphasised capital stability, digital modernisation, and prudent expansion—positioning BOSVG as a resilient, locally grounded institution operating within a regional financial framework.

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Top 100 Caribbean Power CEOs

Ranked by % Change in Net Profit After Tax (2025 vs 2024)

Jamaica - Main and Junior Market

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2025

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Barbados

Guyana

Eastern Caribbean

Trinidad & Tobago

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When Leadership Must Answer for Losses The Case for CEO Accountability

For much of the Caribbean corporate landscape, longevity in leadership has traditionally been treated as a virtue. Long-serving chief executives are often credited with institutional memory, deep relationships, and steady stewardship. But as markets evolve faster, competition intensifies, and capital becomes less forgiving, a harder truth is emerging across boardrooms and balance sheets: Longevity without accountability is no longer leadership — it is risk. Across the region, several large, diversified companies have recorded multi-year losses, capital erosion, and repeated strategic reversals, often while the same leadership teams remain firmly in place.

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These outcomes raise an increasingly unavoidable question for shareholders, regulators, and stakeholders alike: At what point must leadership answer directly for sustained underperformance? Why Accountability at the Top Is No Longer Optional In modern corporate governance, the role of the CEO is unambiguous. The chief executive is accountable not only for vision and culture, but for strategy selection, capital allocation, risk appetite, and execution discipline. When organisations experience: Consecutive years of losses Costly expansions that fail to generate returns Capital strain requiring asset sales or retrenchment Deteriorating credit metrics or investor confidence

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FEATURES These are not random outcomes. They are strategic results.

What Global Markets Have Learned the Hard Way

Internationally, boards and markets have become far less tolerant of leadership teams that explain poor results away as “external conditions” while peers operating in the same environment remain profitable or resilient.

International experience offers clear lessons.

Macroeconomic headwinds may shape performance, but strategy determines survival. The Leadership Accountability Gap in the Caribbean One of the Caribbean’s persistent governance challenges is the reluctance to personalise responsibility at the executive level.

Key patterns emerge from global turnarounds:

Poor outcomes are often framed as collective, environmental, or historical — rather than the result of identifiable leadership decisions.

When companies like Microsoft, General Electric, or major global banks replaced entrenched leadership after prolonged underperformance, markets responded positively — often before financial results improved.

This creates three systemic problems:

Why? Because leadership change signalled: Strategic honesty Willingness to confront past errors Openness to new operating models

1. Erosion of trust

Investors, employees, and customers struggle to believe in turnaround plans when the same leadership that presided over decline is tasked with recovery.

2. Cultural stagnation

Organisations cannot reset performance culture without a visible signal that results matter — and that accountability has consequences.

3. Capital market penalties

Markets increasingly price governance risk. Firms with opaque accountability structures trade at discounts, face higher funding costs, and lose strategic flexibility.

Across the U.S., Europe, and Asia, boards have acted decisively when leadership performance diverged persistently from expectations — even in iconic companies. In many cases, replacing long-standing CEOs was not a rejection of their legacy, but an acknowledgment that different phases require different leadership skill sets.

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1. Leadership Change as a Reset Signal

2. Separating Legacy From Capability Boards learned that past success does not guarantee future relevance. Leaders who excelled during expansion phases often struggled during restructuring, digital transformation, or risk recalibration cycles. The best boards acted early — before losses became existential.

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3. Accountability Strengthens, Not Weakens, Institutions

Conclusion: Leadership Must Match the Moment

Contrary to regional fears, leadership transitions rarely destabilised strong institutions. Instead, they restored confidence, attracted talent, and sharpened execution.

The Caribbean’s leading companies operate in a world where capital is mobile, competition is global, and performance is instantly comparable. In that environment, CEO accountability is not punitive — it is protective.

Why Caribbean Boards Must Rethink CEO Assessment

In an era defined by digital disruption, AI-driven efficiency, and rapid shifts in consumer behaviour, For companies featured in the the cost of delayed accountability Businessuite Top/Power 100, reputational capital is immense — is far greater than the discomfort of decisive action. but not immune. Boards should be asking far more direct questions: Has leadership delivered sustainable returns relative to peers? Were major strategic bets properly risk-assessed?

When losses persist, when strategy misfires, and when recovery depends on credibility as much as capital, leadership must be willing to answer — and boards must be willing to act. Because in modern markets, the most dangerous phrase is not “change is coming.”

Did management adjust course quickly when strategies It is “nothing will change.” failed? Has accountability been clearly demonstrated — or consistently deferred? If the answer to these questions is uncomfortable, the response should not be silence or continuity by default.

Accountability Is a Growth Strategy Replacing or transitioning a CEO is often framed as a last resort. In reality, it is frequently a strategic inflection point. Done well, leadership change: Reframes organisational priorities Reenergises internal teams Reassures investors and lenders Signals maturity in governance

2025

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Dedicated to providing secure and consistent returns through a strategically diverse portfolio of regional and international companies with equity investments across the USA and the Caribbean. www.blackslateholdings.com

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The AI Scare Trade Comes to CEOs Can the Caribbean How Prevent Sudden Irrelevance

By any measure, artificial intelligence is no longer a future risk—it is a present-day market verdict.

and human intermediation— precisely the areas where AI excels at displacing cost, time, and friction.

Across Wall Street, entire sectors are being repriced in real time as investors decide which business models are likely to survive the AI era and which are not. High-fee, labour-intensive, intermediarydriven industries—once seen as defensible—are now being punished for what analysts call “susceptibility to sudden irrelevance.”

For Caribbean CEOs and boardrooms, the message is unambiguous: AI is no longer a technology conversation—it is a valuation conversation.

The phenomenon already has a name: the AI scare trade. Business software firms. Tax planning and wealth management platforms. Commercial real estate services. Each has seen sharp sell-offs as investors rotate away from models that depend on manual processes, opaque pricing,

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And the market is asking one blunt question: If AI can do this faster, cheaper, and at scale, why does your company still exist in its current form? Why Investors Are Losing Patience The current market moment is defined by a paradox. On one hand, sceptics warn of an AI bubble. On the other, capital is already reallocating with surgical precision. Businessuite Digital Issue 64

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As analyst Jade Rahmani of Keefe, Bruyette & Woods put it: “Investors are rotating out of high-fee, labour-intensive business models viewed as potentially vulnerable to AIdriven disruption.”

In short, many Caribbean companies sit squarely in the AI crosshairs, even if the disruption has not yet fully landed locally. What Global Winners Did Differently

International companies that This is not about whether AI have avoided the AI scare trade— might work. Investors are betting or benefited from it—share that it already does—at least common strategic moves: well enough to compress 1. They Shifted From Labour margins, commoditise services, Arbitrage to Intelligence and flatten entire layers of Arbitrage traditional value chains. Firms like Amazon, Shopify, and JPMorgan did not attempt to For Caribbean companies— protect human-heavy many of which still rely on processes. Instead, they manual workflows, embedded AI into decisionrelationship-based pricing, making, pricing, fraud detection, and human bottlenecks—this customer service, and logistics. represents a structural threat, not a cyclical one. They reframed value away from people doing tasks toward The Caribbean’s Hidden systems making better decisions. Exposure The Caribbean economy is disproportionately exposed to AI disruption for three reasons: 1. Service-heavy business models Financial services, professional services, real estate, tourism intermediaries, logistics brokers, and retail distribution dominate regional GDP.

2. They Unbundled Services and Monetised Data Where traditional firms sold bundled, opaque services, AI-forward companies broke offerings into components, priced them transparently, and used AI to optimise each layer. The result: lower cost for customers, higher margins for operators.

2. High cost structures relative 3. They Repositioned Themselves to scale as Platforms, Not Providers Labour-intensive operations Rather than selling hours, advice, spread over small markets leave or access, winners repositioned little margin for inefficiency. as platforms that orchestrate outcomes—with AI as the invisible 3. Intermediation as a profit engine. This distinction matters centre enormously for valuation. Many firms earn returns by standing between customers and information—exactly the role AI seeks to eliminate.

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What Caribbean CEOs Must Do— Now

Boards should be asking: Where is AI embedded in our cost structure? How does it improve unit economics? How does it change our growth ceiling?

For Caribbean leaders featured in the Top/Power 100, AI preparedness is no longer The CEO Imperative: Reposition optional. The question is not whether to adopt AI, but how fast or Be Repriced to redesign the business around it. The AI scare trade is not waiting for Caribbean earnings seasons 1. Identify Your “AI Kill Zones” or regulatory clarity. Global Every CEO should ask: capital markets are already pricing in disruption before it fully Which parts of my business arrives. are rules-based? Which depend on manual That creates both danger and review, forms, or approvals? opportunity. Which rely on information asymmetry?

Caribbean companies that act early—restructuring business models, redefining value propositions, and 2. Move From Defensiveness to embedding AI deeply—can Redesign leapfrog global competitors Trying to “protect” legacy processes constrained by legacy scale is the fastest way to lose relevance. and bureaucracy.

Those areas are first in line for AI replacement.

The winning move is to cannibalise yourself before someone else does. That may mean: Automating advisory layers Reducing human touchpoints Lowering headline fees while expanding volume and reach Counterintuitively, lower prices can increase enterprise value if AI expands margins and scalability.

3. Invest in AI as Infrastructure, Not Experiment

Those that delay will not fail gradually. They risk something worse: sudden irrelevance. In the AI era, survival is no longer about size or history. It is about adaptability, intelligence, and speed. And the market is watching.

The market punishes companies treating AI as a pilot project. Winners treat it as core operating infrastructure, on par with finance, compliance, or risk management.

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Businessuite Digital Issue 66

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Why Every Strategic Plan in Your Industry Sounds the Same Scale, Technology & Institutional Capital An awkward silence falls over boardrooms when directors flip through a newly printed plan and instantly recognise it. To their frustration, almost nothing has changed since the last one done five years before. Despite clearly stated expectations, little has shifted. So what’s missing? The reason the strategic logic remained unchanged (and your company didn’t move up the Businessuite Top 100 list) is usually blamed on the executive team.

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Not enough creativity. Not willing to challenge assumptions. Not able to rigorously examine calcified, stale doctrines. Unfortunately, rotating C-Suiters doesn’t work. Neither does a demand for bolder thinking. Or outside experts who merely recycle known frameworks.

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But before you intervene, consider the actual inputs which feed into the process. Your senior team reads the same Harvard Business Review articles as others in the region. They listen to the same lecturers explain the same frameworks. They follow the same big players. And when they reach for inspiration, they draw from the same narrow pool as always. This is why regardless if you replace the entire C-Suite tomorrow, the next plan will look the same.

It never makes it onto a slide deck, but it keeps senior executives up at night due to its power and danger. The single-revenue dependency. The demographic shift. The regulatory change. The new technology tearing up the industry in Asia.

You know which conversation this is at your company. (And even if you belong to the public sector, you are well aware of defunded organisations which lost their way, only to be folded meekly The condition is called “input into others.) homogeneity.” Same inputs = The reason these discussions same outputs. Here is a way to remain informal is not intervene in even the most cowardice. stubborn situations. Instead, the common threeto-five-year planning horizon The Ghost Conversation is just short enough to filter out There is an element of the these questions. Why? Inside overall discussion that takes the usual retreat, everyone place in every company…but unconsciously assumes the not in the formal process. current business model will Where does it happen? In the survive… ”it only needs a few car park, over drinks, or in the tweaks.” The industry structure hallway between sessions. The is also accepted: it won’t topic? A threat only addressed change either. in quiet tones.

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Nobody has to challenge these assumptions because the truncated window makes them seem reasonable. Plus, your incentives reward confident planners, not the ones that point out uncomfortable vulnerabilities.

Contaminate the reference base.

Consequently, the most strategically valuable conversation in the company remains permanently and repeatedly excluded from the corporate strategy.

Stop benchmarking only your direct competitors. Introduce strategic patterns from industries and geographies your team has never studied. When a Caribbean financial services firm studies how a logistics company in Southeast Asia restructured its value chain, the specific details are irrelevant. But the unfamiliar pattern breaks the grooves worn by years of studying the usual suspects.

Three Inputs That Change Everything

(Recommendation: use my compilation of cases at StratCinema.org to be efficient.)

If the problem is structural, so is the fix. Forgo reshuffling the CSuite, and craft three fresh inputs instead. Stretch the horizon. In your next session, ask the team to select a new time frame between 1530-years. Not to forecast, because no-one can predict that far. Consider this a stress test of your company’s “winning” formula, if it follows the current path.

Formalise the ghost conversation. Create a structured session — early in the process, not as an afterthought — where you explicitly ask the team to name the slow-burning threats everyone discusses privately.

The gap between the projected faraway future and your likely, default trajectory shows the reality you must confront. You will find that a longer window does not necessarily produce better predictions. But it will produce better (but uncomfortable) questions, the kind a five-year horizon conveniently avoids - but shouldn’t.

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This is not just brainstorming. It is a permission structure. Most executives will not raise existential concerns unless the architecture of the session boldly invites them to. Picture the boardroom again. The directors open the new plan. They begin reading. And for the first time in a decade, no one recognises it. Not because it is reckless, but because it addresses questions, the previous plans were incapable of asking. It names what everyone knew but nobody had been permitted to say aloud. The team sitting around the table is the same one that produced the last plan. But the talent didn’t change. The inputs did. The CEO who engineers that moment won’t need to explain what strategic leadership looks like. The room will already know.

Francis Wade is a corporate strategy consultant and facilitator. He regularly creates content for a column in the Business Gleaner and the JumpLeap video podcast.

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Transform Your Data From Risk to Your Most Valuable Asset Now that we’re over three years into the implementation of the Jamaica Data Protection Act, 2020 (JDPA), many business leaders will have realised that data protection compliance is a complex transformation programme, requiring them to examine and catalogue every part of their business, make changes to processes and training, implement new systems and controls, and establish ongoing governance frameworks and audit mechanisms.

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Sounds like a lot of work just to comply with some more rules while trying to grow revenue and profits, right? Well, yes, if that’s how they approach it. If business leaders leave data protection in a silo and try to achieve compliance as a minimum cost tick box exercise, their costs will still be substantial and all they will get is a ticked box. They might also find that their expensive checkmark doesn’t actually prevent them from being fined or sued – documenting the controls is one thing but living them is quite another. Businessuite Digital Issue

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On the other hand, they could lean into the JDPA and get the four huge benefits that come from doing privacy properly. Better cyber security Data protection requires businesses to minimise the personal data they collect to what is strictly necessary for the stated purposes of processing, and to limit the number of people who have access to that data on the same principle. If they do this properly, they will significantly reduce what the cyber experts call “attack surface” by cutting down on both the data they keep and the routes to get at it. At the same time, the training businesses must deliver to ensure that all their staff understand how to handle Business efficiency personal data properly will significantly enhance their cyber The foundation of JDPA awareness. compliance is a database called a “Record of Processing Activity” (RoPA). This is a granular list of all of the personal data processing in your business – what you collect, from whom, what you do with it, where you store and process it, who is doing that processing, with whom you share the data, how long you keep it and why you are doing it. That’s a map of your business – it has way more value than just compliance. You can, and should, use it to look for process inefficiencies, duplication and inaccuracy in data, opportunities for automation, and wider business insights. The ROI on this alone can pay for your JDPA programme, plus more!

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Customer trust

Securys has conducted multiple research projects in our Privacy Made Positive® programme. Across multiple geographies and sample groups we’ve shown that 70% of consumers include data protection in their selection criteria when deciding whether to buy from a particular vendor, continue with an existing relationship or complete an inprogress purchase. Can you afford not to use privacy as a competitive advantage in your market? Risk to asset transformation Finally, and most importantly, it will change how business leaders think about data and what they can get from it. The danger of compliance programmes is that they lead businesses to think of data as a risk – and certainly, if they don’t deliver effective data protection, a risk is what it will be.

It transforms into your most valuable asset and the key to data-driven growth. If you’d like us to help you achieve JDPA compliance and transform your data from a risk into an asset, you can contact us at info@securys.com.jm or call us at 876 618-9891.

About Securys Securys is a global data privacy consultancy firm helping organizations turn regular obligations into strategic advantage. We serve clients in over 60 countries, and through our Jamaica office, we work directly with Caribbean businesses and CEOs to strengthen their data protection resilience, improve operational efficiency, build customer trust and transform data from a compliance risk into a highvalue business asset.

Our practical, business-focused approach ensures privacy is not treated as a legal exercise, but as a driver of performance, But the reality is that data should growth and long-term value. be an asset, one that they protect Visit us at www.securys.com.jm because it has value and delivers to learn more. a worthwhile return. If their data is current, deduplicated, accurate, Andre Palmer, properly linked to a single Head of Practice – customer view, securely stored Caribbean, and processed and properly Securys (Jamaica) consented by data principals Ltd. who trust you, it transforms into your most valuable asset and the key to data-driven growth. f their data is current, duplicated, accurate, properly linked to a single customer view, securely stored and processed and properly consented by data principals who trust you,

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Business, Capital and the Courage to Grow Business, Capital and the Courage to Grow Nations do not grow by accident. They grow by design — and by decision. At a time when individualism shapes public discourse and developed economies increasingly look inward, small and emerging states must be deliberate about what fuels their advancement. The answer, consistently and without apology, is business growth supported by intelligent capital formation.

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Business profitability is not a private indulgence. It is the surplus that sustains a nation. When companies generate strong earnings, they reinvest. They expand operations, hire talent, upgrade technology, deepen governance, and enter new markets. Investors receive dividends and capital appreciation, strengthening pensions, household wealth, and reinvestment capacity.

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Jobs multiply. Supply chains widen. Government revenues increase organically as economic activity expands.

Because this tax is assessed on assets rather than profits, it interacts directly with balance sheet capacity.

This is the multiplier effect in motion.

That does not negate its fiscal rationale, but it does illustrate the importance of understanding how such measures ripple through lending, dividend flows, reinvestment decisions, and overall market dynamism.

Capital markets sit at the center of this ecosystem. They transform savings into productive enterprise. They democratize ownership, allowing citizens to participate in national growth beyond their employment income. They reduce reliance on external borrowing by mobilizing domestic capital. And they elevate governance standards because capital demands transparency, discipline, and accountability. When capital flows efficiently, economies accelerate. Financial institutions are particularly critical in this architecture. They are not merely lenders or intermediaries; they are deployers of capital at scale. They underwrite securities, extend credit to SMEs, finance infrastructure, support innovation, manage investments, and distribute dividends that circulate through households and pension systems. Their balance sheets influence the pace of business expansion across the entire economy. The space they have to deploy capital matters. When structural costs influence retained earnings — including measures such as the Asset Tax applied to financial institutions — it can affect the flexibility with which capital is allocated.

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The point is not confrontation; it is calibration. Economic policy works best when fiscal sustainability and capital expansion reinforce each other. A vibrant financial sector strengthens every productive sector — agriculture, manufacturing, tourism, technology, logistics, housing. When financial institutions have the confidence and capacity to deploy capital efficiently, the economy’s growth engine runs more smoothly. Fiscal space widens not because rates are increased, but because productivity deepens. Sustainable growth reduces vulnerability and increases national resilience. Yet while policy alignment matters, the private sector must lead with courage. In an inward-looking global environment, resilience and innovation are strategic imperatives. Businesses must think beyond survival and toward scale. They must embrace technology as leverage, not expense. Businessuite Digital Issue

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They must invest in human capital, climate adaptation, and regional expansion. They must professionalize governance structures to attract institutional and diaspora capital.

It reduces vulnerability to external shocks.

Individual ambition and national advancement are not opposing forces. When structured through business and capital markets, they align. Entrepreneurs Capital is not merely funding — pursuing scale contributes to it is structure, credibility, and employment.The investor growth discipline. pursuing return contributes to Companies that embrace equity expansion. The company financing, green instruments, pursuing profit contributes to strategic partnerships, and fiscal stability. regional integration platforms strengthen their durability. In a world turning inward, smaller Profitability enhances retained economies cannot retreat. They earnings. must innovate. They must mobilize capital intelligently. Retained earnings fortify They must cultivate profitability balance sheets. Stronger as a reinvestment engine. balance sheets reduce cost of And they must ensure that the capital. Lower cost of capital ecosystem — public and private fuels further expansion. — works in harmony to That compounding effect is how accelerate growth. economies move from stability to strength. Profit is expansion capacity. Capital is leverage. Regional collaboration also Innovation is resilience. becomes critical when major economies prioritize domestic And together, they form the agendas. architecture of national strength. Small states can create scale through integration- harmonized standards, cross-border listings, deeper financial connectivity, and shared innovation platforms. Profitable regional enterprises anchor that integration. Capital follows opportunity. Sustainability becomes viable when it is funded by strength. Ultimately, national resilience rests on productive capacity. A country that nurtures innovative, profitable businesses creates employment that retains talent. It builds institutions that attract capital. It expands fiscal space without overburdening citizens.

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Dr. Marlene Street Forrest OJ, CD, JP, MBA, BSc. | Managing Director

StandPoint – From the Street to the Forrest: The future belongs to nations that give capital the space to move, businesses the courage to expand, and policy the wisdom to enable both.

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CORPORATE GOVERNANCE ROUNDTABLE

Corporate Governance Roundtable Risk Oversight in Small Markets

Risk governance in small markets requires a sharper lens and shorter response time. Caribbean boards operate in economies that are concentrated, externally exposed, and often highly interconnected. A single sectoral shock—whether tourism,energy, or financial services—can cascade rapidly across the corporate landscape.

alongside liquidity and credit metrics on board agendas.

Effective oversight in this context demands enterprise-wide risk frameworks that move beyond compliance checklists. Boards are increasingly formalising risk committees, embedding stress testing into capital allocation decisions, and strengthening internal audit independence.

Scenario planning and crisis simulations are becoming governance best practice rather than discretionary exercises.

Cybersecurity, climate exposure, supply chain fragility, and reputational risk now sit

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Small markets also amplify concentration risk—limited counterparties, supplier dependency, and thin capital markets. Directors must therefore evaluate not just financial buffers, but operational redundancy and governance continuity.

In constrained markets, risk oversight is not defensive—it is strategic. Institutions that embed structured risk culture at board level are better positioned to protect franchise value and sustain stakeholder confidence across economic cycles. Businessuite Digital Issue PAGE 9

CORPORATE GOVERNANCE ROUNDTABLE

Currency Volatility Risk Cross-Border Regulatory Management Coordination As Caribbean companies expand Currency exposure remains one regionally, governance increasingly intersects with multi- of the most persistent structural risks in the Caribbean corporate jurisdictional regulation. Crossenvironment. Many regional border banking, insurance, companies earn revenues in manufacturing, and distribution local currencies while carrying operations require alignment input costs, debt obligations, or across tax regimes, prudential capital expenditure standards, securities rules, and commitments denominated in competition laws. U.S. dollars or other hard currencies. Boards must ensure that compliance frameworks are Governance oversight of foreign harmonised rather than fragmented. Regulatory mapping exchange risk has therefore become central to capital —identifying overlapping or conflicting obligations—is now a discipline. Boards are increasingly formalising hedging core governance discipline. policies, reviewing natural hedge alignment between revenue and The rise of global minimum tax standards, enhanced anti-money cost streams, and scrutinising foreign currency borrowing laundering protocols, and strategies. evolving ESG disclosure requirements has heightened the Sensitivity analysis tied to complexity. dividend policy and capital expenditure planning is now Effective coordination depends standard in more mature on strong dialogue between institutions. regulators across territories. For regional groups, this often means Currency volatility also affects parallel engagement with multiple central banks, securities valuation transparency and earnings comparability, commissions, and revenue particularly for multi-territory authorities. Governance structures must therefore include groups reporting in a single functional currency. Clear centralised compliance disclosure frameworks and leadership supported by local conservative translation regulatory expertise. practices are essential to maintaining investor confidence. The strategic implication is clear: regulatory alignment is no longer In this context, currency management is not merely a administrative. It influences treasury function. It is a boardcapital structuring, dividend level responsibility tied to policy, transaction approvals, and integration timelines. Boards liquidity resilience, debt sustainability, and long-term that anticipate regulatory convergence trends—rather than shareholder value protection. react to them—reduce execution risk and enhance institutional credibility across markets.

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CORPORATE GOVERNANCE ROUNDTABLE

Regional Consolidation Outlook Institutional investors are The Caribbean corporate landscape is entering a period increasingly supportive of transactions that strengthen of measured consolidation. balance sheets and expand Market fragmentation, scale limitations, and rising regulatory regional footprints, provided costs are encouraging mergers, governance standards remain robust. Cross-listed entities and acquisitions, and strategic groups with diversified revenue alliances across financial streams are often best services, distribution, positioned to execute manufacturing, and energy. responsibly. For boards, consolidation presents both opportunity and The outlook suggests fewer, stronger regional platforms fiduciary complexity. rather than a proliferation of Transaction disciplinevaluation prudence, integration small standalone operators. planning, and capital structure Consolidation, when executed alignment—determines whether with discipline, has the potential to deepen capital markets, scale enhances returns or improve efficiency, and enhance dilutes them. Governance the Caribbean’s competitiveness scrutiny must extend beyond within global supply chains. headline synergies to operational integration risk and In the coming cycle, scale— cultural alignment. anchored in governance—will be a defining differentiator.

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CORPORATE FEATURE

RedPlate Group Limited

Headquarters: Silicon Mountain, Mandeville, Manchester, Jamaica RedPlate’s business model emphasizes horizontal integration and technology automation to enhance productivity across the value chain.

2026 Special Feature

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CORPORATE FEATURE

RedPlate Group Limited

Its logistics subsidiary will operate smart agnostic warehouse hubs strategically positioned in Kingston, Ocho Rios, Mandeville, Savanna-laMar, and Montego Bay, forming the backbone of an interconnected national network.

Importantly, RedPlate has outlined a growth path toward an initial public offering (IPO) on the Jamaica Stock Exchange, indicative of its governance ambition and capital formation strategy. The company is engaging potential private equity investors in pre-IPO placements while exploring regional expansion partnerships, joint ventures and acquisitions to support its wider Caribbean Built as a horizontally integrated portfolio of operating businesses, footprint . RedPlate combines technology This includes data capture and platforms with traditional analytics to monitor efficiency transport and logistics services and utilization across transport to deliver scalable solutions and fulfillment operations, across business-to-business alongside evolving warehouse (B2B) and business-toautomation and marketplace consumer (B2C) markets. support services that reflect rising standards of systems At the heart of the Group’s integration and risk governance architecture is a multi-modal ecosystem combining passenger RedPlate’s strategic focus is and freight mobility with grounded in disciplined e-commerce and data-driven execution within a fragmented supply chain orchestration. logistics landscape, leveraging scalable technology and RedPlate’s model emphasizes partnerships to strengthen value horizontal integration and chain productivity for customers technology automation to enhance productivity across the and carriers alike. While the Group remains privately owned, value chain. its trajectory toward public Proprietary platforms—such as markets underscores an intent InterMetroONE—extend beyond to broaden institutional ride-hailing into express delivery participation and deepen its and parcel fulfillment, capital base. addressing market fragmentation and low In the context of the Caribbean’s utilization rates within passenger digital and logistics transport and courier sectors. transformation, RedPlate Group RedPlate Group Limited is a Caribbean-based investment holding company focused on technology-enabled transportation, logistics, integrated fulfillment, ecommerce, and related value chain services that address structural inefficiencies in Jamaica’s mobility and supply networks.

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CORPORATE FEATURE

RedPlate Group Limited represents a locally anchored yet technically ambitious enterprise pursuing structural change in essential services infrastructure. Its approach aligns investment capital with operational platforms to enable long-term value creation, infrastructure efficiency and enhanced economic participation for stakeholders throughout the transportcommerce ecosystem. RedPlate Group Limited operates through five integrated business units designed to create a cohesive mobility, logistics and digital commerce ecosystem across Jamaica. InterMetro Transit Jamaica provides technology-enabled passenger transport and last-mile delivery services, supporting route optimisation, fleet coordination and digital booking capabilities. BluePath Logistics and Fulfilment Group manages warehousing, distribution and supply chain services, connecting merchants and enterprises to a structured national delivery network. RedPlate MarketPlace – Kirana - functions as a digital commerce platform, enabling retail vendors and merchants to access suppliers through an integrated payments and fulfilment infrastructure.

RedPlate Technologies Jamaica Limited underpins the Group’s proprietary systems architecture, data management, and platform development. Collectively, these operating units form a horizontally integrated structure that enhances efficiency, strengthens service reliability, and positions the Group to scale within Jamaica’s evolving digital and logistics landscape.

InterMetro Transit Jamaica serves as the mobility anchor of RedPlate Group’s integrated platform, delivering technologyenabled passenger transport and last-mile delivery services across key urban and peri-urban corridors. The unit combines fleet coordination, digital booking capabilities and route optimisation systems to improve efficiency within Jamaica’s fragmented transport landscape. By formalising operations through structured dispatch, data capture and performance monitoring, InterMetro enhances service reliability while supporting independent operators within a managed framework. Its multimodal functionality allows the platform to extend beyond passenger movement into express parcel and on-demand delivery services, strengthening utilisation rates and asset productivity.

RedPlate Financial supports transactional services within the ecosystem, facilitating payment processing and financial inclusion mechanisms aligned to Operating within Jamaica’s transport and e-commerce regulatory environment, activity.

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CORPORATE FEATURE

InterMetro emphasises compliance, safety standards and operational discipline. As part of a broader ecosystem, the unit contributes critical data intelligence and physical distribution capacity that supports the Group’s logistics, marketplace and financial services infrastructure, reinforcing an integrated national mobility and delivery network.

BluePath Logistics and Fulfilment Group provides structured warehousing, inventory management and distribution services designed to improve supply chain efficiency for businesses operating in Jamaica. Through strategically positioned warehouse hubs and coordinated last-mile capabilities, the unit supports merchants, SMEs and larger enterprises with scalable fulfilment solutions. Its operating model integrates storage, order processing and dispatch into a technologyenabled framework that enhances visibility and performance tracking. By combining physical infrastructure with digital coordination tools, the Group addresses structural inefficiencies in inventory movement and delivery reliability. The logistics platform also supports the RedPlate MarketPlace ecosystem, ensuring seamless integration between digital sales channels and physical distribution.

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Emphasis is placed on operational control, cost discipline and service consistency, positioning the unit as a stabilising force within Jamaica’s evolving commerce infrastructure. Through structured processes and performance metrics, the division contributes to longterm value creation across the broader RedPlate portfolio.

RedPlate MarketPlace functions as the Group’s digital commerce interface, connecting retail merchants and vendors, service providers and consumers within an integrated transactional environment. Designed to support small and medium-sized enterprises alongside established merchants, the platform facilitates product listings, order management and coordinated fulfilment through RedPlate’s logistics infrastructure. By linking marketplace activity to warehousing and last-mile delivery services, the unit reduces fragmentation between digital demand and physical distribution. Its model emphasises accessibility, structured onboarding and operational transparency for participating merchants.

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CORPORATE FEATURE

The platform also integrates Operating within Jamaica’s payment processing capabilities regulatory framework, the aligned with the Group’s financial division emphasises compliance, services arm, strengthening risk management and secure transactional efficiency. transaction processing. Its role is complementary rather than In a market characterised by standalone; financial services increasing digital adoption, are designed to reinforce the RedPlate MarketPlace contributes productivity of mobility and to formalisation and data-driven marketplace operations. commerce. The unit’s role within the ecosystem extends beyond Through disciplined governance sales aggregation; it provides and systems integration, critical analytics, customer RedPlate Financial Group engagement tools and strengthens ecosystem stability structured coordination that while contributing to the Group’s enhance merchat performance long-term strategy of building a and support broader supply connected, technology-enabled chain integration. commercial infrastructure.

RedPlate Financial supports the transactional backbone of the wider ecosystem, facilitating payment processing and financial enablement services linked to transport, logistics and e-commerce activity.

RedPlate Technologies Jamaica Limited underpins the Group’s proprietary systems architecture, platform development and data management capabilities.

As the central technology engine, it designs and maintains the digital infrastructure that Its mandate includes enabling powers transport coordination, structured cash flow logistics tracking, marketplace management across drivers, operations and financial merchants, customers and service partners operating within transactions. the RedPlate network. By The unit focuses on scalable embedding financial services software development, into operational platforms, the cybersecurity protocols, unit enhances transparency, performance analytics and traceability and settlement systems integration. By efficiency. consolidating technology development in-house, RedPlate The model promotes financial enhances agility, protects inclusion by integrating digital intellectual property and aligns payment solutions that reduce reliance on informal cash-based innovation with operational priorities. transactions.

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CORPORATE FEATURE

Data analytics generated across the ecosystem provide management with actionable insights into utilisation rates, delivery timelines, customer behaviour and cost structures. This technology foundation supports disciplined decisionmaking and continuous improvement across all operating units.

The Directors of RedPlate Group Limited have positioned the Group on an aggressive growth path over the next twenty-four (24) months, with the expectation to execute an IPO on the Junior Market of the Jamaica Stock Exchange within this time period.

We are always open to explore Pre IPO-Investment and Regional Expansion Opportunities with Within Jamaica’s rapidly carefully selected private equity digitising commercial investors. If this is an opportunity environment, RedPlate you would like to explore and Technologies positions the Group discuss further please give me a to adapt to evolving consumer call or email outlining the nature expectations and regulatory of your interest. standards while maintaining operational control and institutional resilience. Aldo (Al) Antonio Muir Group President and CEO RedPlate Group Limited “Silicon Mountain” Mandeville, Manchester, Jamaica admin@redplateco.com www.redplategroup.com JAM Office: 1-876-630-2216 | Mobile: 1-876- 542-3719

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CORPORATE FEATURE

An Open Letter to Caribbean Business Owners Preparing for Their Next Chapter From BlackSlate Holdings Group Limited

To the founders, family operators, and builders of Caribbean enterprise, You have spent decades doing what few are willing to do. You opened the doors before sunrise. You signed personal guarantees when no one else would. You built teams, survived recessions, navigated currency shocks, and carried payroll through hurricanes and pandemics. You built something that works. Now, many of you are approaching a new season — one where the question is no longer how to grow the business, but how to transition it responsibly. Across the Caribbean and in the United States, a generational shift is underway. Globally, it is called the Silver Tsunami — the largest transfer of privately held businesses in modern history. Here at home, it is quieter, but just as consequential.

Family members may live abroad. Successors may have chosen different paths. Long-standing managers may be nearing retirement. And yet, the businesses themselves remain strong — profitable, respected, and woven into the fabric of their communities.

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At BlackSlate Holdings Group Limited, we believe these businesses deserve continuity — not closure.

Who We Are?

BlackSlate Holdings Group Limited is a privately-owned Jamaican-registered holding company overseeing a diversified portfolio across the Caribbean and the United States. Our approach is deliberate and long-term. We invest in: Wholly owned operating subsidiaries Real estate and strategic property assets Intellectual property, patents, and trademarks Select private equity positions in small and medium-sized enterprises with durable business models We are not short-term traders. We are builders of platforms. Through centralized corporate services and disciplined policy direction, we provide operational support that enhances efficiency while preserving the entrepreneurial DNA that made each business successful.

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CORPORATE FEATURE

What We Are Looking For

We are seeking conversations with founders and owners who: Operate profitable, wellestablished businesses Have strong customer relationships and defensible market positions Value legacy and continuity Are considering succession, partial exit, or full transition

Why This Moment Matters

Too many Caribbean businesses are closing not because they failed — but because succession failed. Each closure represents: Jobs lost Community anchors removed Generational wealth dissipated

The Silver Tsunami does not have to be a We understand that for many of you, this wave of endings. It can be a platform for renewal. is not simply a financial decision. It is personal. Your business carries your name, your reputation, and your life’s work. Our role is not to dismantle what you have built — it is to steward it responsibly into its next phase.

Our Commitment to Continuity

An Invitation

If you are a business owner contemplating retirement, succession, or partnership — we invite you to have a confidential conversation with us. No pressure. No obligation. Just dialogue.

We structure acquisitions thoughtfully. The next chapter of your business deserves Depending on your preferences, this may the same care and strategic thought that include: built the first. Full acquisition with agreed transition support Phased buyouts over time Seller financing arrangements Retention of key management Minority partnerships with a clear succession roadmap Every transaction is approached with discretion, transparency, and respect.

We would be honoured to explore how BlackSlate can help preserve your legacy while creating sustainable growth for the future. With respect for what you’ve built, BlackSlate Holdings Group Limited Building platforms. Preserving legacies. Creating lasting value.

Beyond Capital At BlackSlate, we believe financial return and social contribution are not mutually exclusive. Through The Walkbout Foundation, funded by a percentage of our net revenues, we invest in youth development, cultural exposure, environmental initiatives, and global travel experiences for young Caribbean nationals under 25. We believe the next generation must see the world in order to compete in it. Our commitment to community is not a marketing line. It is embedded in our operating philosophy.

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Aldo (Al) Antonio Muir Executive Chairman BlackSlate Holdings Group Limited Proud Member and Founding Partner of The Silicon Mountain Project Operating from “Silicon Mountain - The Business Technology and Innovation Hub of the Caribbean" Mandeville Manchester Jamaica aldo@blackslateholdings.com www.blackslateholdings.com JAM Office: 1-876-630-2216 | Mobile: 1-876- 542-3719 |

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CLOSING ESSAY

The Caribbean’s Next Corporate Decade Scale, Technology & Institutional Capital

The Caribbean enters its next corporate decade at a structural turning point.

whether through acquisitions, regional subsidiaries, or strategic alliances. Cross-listed entities, diversified conglomerates, and Over the past twenty years, financial groups with multiregional companies have jurisdictional operations are building demonstrated resilience through plti-jurisdictional operations are financial crises, commodity shocks, building platforms that reduce natural disasters, and a global single-market exposure and pandemic. The next ten years, strengthen earnings durability. however, will not be defined primarily by resilience. Regional integration, while gradual, is becoming a corporate They will be defined by scale, imperative. technology integration, and the depth of institutional capital. Technology will be the

Scale is no longer optional. second decisive variable. In fragmented markets, small Digital transformation in the domestic footprints limit efficiency, Caribbean is shifting from pricing power, and access to customer-facing applications funding. Increasingly, the region’s to core infrastructure. Financial strongest performers are those that institutions are investing in have expanded across borders— cybersecurity, compliance whether through acquisitions, systems, and digital onboarding.

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CLOSING ESSAY

Logistics and manufacturing Institutional capital brings both companies are embedding data opportunity and accountability. analytics into inventory As ownership structures diversify, management and route executive transparency, capital optimisation. Retail and allocation discipline, and distribution platforms are earnings quality become central formalising e-commerce to valuation. ecosystems linked to structured fulfilment networks. Over the Boards are evolving from coming decade, competitive advisory bodies to strategic advantage will increasingly oversight institutions, reinforcing depend on systems integration, governance frameworks that can data visibility, and operational withstand external shocks. automation rather than physical expansion alone. The Caribbean’s next corporate decade will not be characterised Artificial intelligence, digital by rapid, speculative growth. It payments, and embedded finance will further reshape cost will likely be marked by consolidation, structured structures and customer expansion, and systems-driven engagement models. Yet productivity. Companies that technology adoption must be disciplined. The region’s capital combine regional scale, markets remain measured and technology-enabled efficiency, and prudent capital stewardship oversight-driven. Boards and will define the upper tier of regulators expect technology investments to demonstrate risk performance. mitigation and productivity gains For CEOs and boards, the —not speculative positioning. mandate is clear: build platforms that outlast cycles. The third pillar is institutional capital Caribbean corporate evolution The Caribbean’s next The is closely tied to the maturation Caribbean is no longer an isolated commercial theatre. It is of its capital markets. Pension an increasingly integrated part funds, insurance pools, sovereign entities, and regional of global capital flows, supply chains, and regulatory private equity are becoming frameworks. Those institutions more active participants in that embrace disciplined growth, strategic transactions. invest in operational intelligence, and align with institutional The expansion of cross-border governance standards will listings, debt issuance, and shape the region’s corporate structured financing vehicles is future. gradually deepening liquidity. The foundation has been built. At the same time, global regulatory frameworks—including The next decade will test its depth. minimum tax regimes and enhanced reporting standards— are aligning Caribbean corporate governance with international norms.

2025

Businessuite Digital Issue 90

For over three decades, we've embraced innovation, blending cutting-edge technology with diverse perspectives to craft solutions that meet both business objectives and human needs. At AMK, we are passionate about creating meaningful experiences that drive real impact for our select clientele. Let,s Have a conversation about your next project amkcommunications@gmail.com

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TOP CEO FOR 2026?