Joe Issa Joins Board Of National Insurance Fund

Certified Public Accountant (CPA), Ocho Rios businessman Joe Issa, has been called to serve on the 12-member Board of Directors of the National Insurance Fund (NIF).

Issa’s academic and business achievements are believed to be behind the appointment to strengthen the efficiency and effectiveness of the NIF, which was established under section 39 of the National Insurance Act.

As a Director of The National Insurance Board, an investment advisory board which has existed since 1990 to manage the investments of the NIF, Issa is said to bring expertise in key areas of the Fund’s operation including accounting, banking, investment, finance, real estate and some experience in legal affairs and the social sector as a civic leader.

Board of Directors NIF- Joe Issa

He is also believed to be capable of serving on any of the Board’s audit, investment and real estate subcommittees.

Issa’s well-known integrity and commitment are also said to auger well for the Board’s role in working closely with the investment secretariat located within the Ministry of Labour, in making recommendations to the Minister of Finance who, under the National Insurance Act has ultimate financial responsibility for the NIF.

Based on Issa’s accounting prowess he is believed to be well place to assist in the discharge of one of the most important responsibilities of the Board, which is to ensure good financial management reflected in the annually-audited financial statements.

According to Wikipedia, Issa attend College of the Holy Cross in Worcester, Massachusetts, USA, where he pursued an accountancy degree, which included one year at the London School of Economics (LSE) in the United Kingdom. He graduated in 1988 and Valedictorian Cum Laude with a number of awards, including the youngest resident Jamaican to become a Certified Public Accountant (CPA).

His enormous and credible success in building his Cool brand of companies that cut across several sectors of the economy and which are being leveraged globally will enhance the Board’s capability to protect the integrity of the Fund, adopt a positive and vigorous investment policy and diversify its asset holdings.

The Fund has a portfolio mix that includes money market instruments, equity and real estate, with which Issa is experienced as, in addition to his own investment successes, he has served on the Board of Directors of several large companies which include Supreme Ventures and First Global Bank.

Based on his vast investment experience, Issa is said to be well equipped to assist in a number of money market instruments which the NIF currently holds, including GOJ local registered stock (LRS), investment debentures, foreign currency bonds and deposits, GOJ land and infrastructure bonds, and short-term money market investments, as well as in equities – listed and unlisted shares and unit trusts – and real estate – commercial, resort and residential properties.

The NIF is funded by National Insurance Contributions and is the source from which pensions and other benefits under the National Insurance Scheme (NIS) are paid, according to the NIF website.

Joe Issa Appointed To Chair SADCO Board

Successful Ocho Rios businessman and Philanthropist Joe Issa, has been appointed to head the Board of Directors of The St. Ann Development Company (SADCo), which manages some of the assets of the Urban Development Corporation (UDC) in the parish.

Issa’s appointment is believed to be based on his tremendous knowledge of the parish, his brand-building capability, his business and accounting acumen and his wide and deep experience in industrial development issues, particularly in the tourism industry.

Board of Director SADCo- Joey Issa

Like its parent company, the UDC, SADCo’s assets are primarily in the form of land and building. The SADCo assets which Issa is being called upon to lead their development, management, growth and protection include Dunn’s River Falls, which is a national treasure and a global brand.

Other assets on Issa’s watch list are: the popular Green Grotto Caves, the Ocho Rios Bay Beach also known as Turtle Beach near the Cruise Ship Pier, Turtle River Park at the entrance of the town,  Pearly Beach, Laughing Waters, Roaring River, Malvern Park Property, the Ocho Rios Craft Market, and some undeveloped lands.

According to one observer, “Issa is a go-getter and as such, is well placed to realize the core business objective of the parent company, which is to make development happen through the planning and implementation of comprehensive development projects and programmes.”

Issa, who is said to have demonstrated strategic management capabilities through the SuperClubs chain of all-inclusive resorts which he helped grow and the establishment and growth of his Cool Group of over 50 companies, is also a best fit in the pursuit of SADCo’s strategic objectives of assuring its financial viability and solvency and improving its business and operational efficiency and service delivery to customers.

Additionally, Issa’s sense of corporate responsibility and philanthropic character shown through his Cool Charities subsidiary which continues to give back to communities in St. Ann and the nearby parish of St. Mary, as well as his much-praised leadership as President of the St. Ann Chamber of Commerce and as a member of its Past President Advisory Committee, augers well for the maximization of SADCo’s social impact and contribution to the development of St. Ann.

As a sociable person who is well-known for hosting local and foreign luminaries including prime ministers, celebrities and even royalty, Issa has demonstrated integrity, accountability and transparency in his social life and business dealings, which have earned him several local and international awards and the admiration of the Jamaican media.

With these social and business characteristics, Issa is believed to be well positioned to showcase the corporate values and philosophy of SADCo, which are people centered in its delivery of services and commitment in making development happen for Jamaicans, while nurturing a culture which values both internal and external customers.

Issa’s persona is also said to be consistent with what the UDC believes in, such as quality, employment of the highest standards in the timely and efficient delivery of products and services, bench-marking operations against international practices, accountability, transparency, taking responsibility for its actions, and open and frequent communication with clients and stakeholders.

According to its website, the UDC has a combined asset base of some $41 billion dollars and is one of the leading urban and rural development agencies in the Caribbean. Since 1968, it “has sought to transform Jamaica’s most viable urban centres and strategic rural towns, whilst preserving the natural environment and spurring economic development.

“The Corporation often seeks investment partners to conquer the new frontiers of development, for example Heritage Tourism. Areas such as the Spanish Town Historic District, Port Royal, Falmouth and Port Antonio offer tremendous scope for development to meet the future needs of Jamaica.”

The UDC is currently working in five areas namely Kingston and Port Royal; Caymanas, St. Catherine; Ocho Rios, St. Ann; Falmouth, Trelawny; and Montego Bay, St. James to produce and implement development plans.