08 May To prepare specific sections of an integrated report for a university assignment. Scope of work – Develop an organizational overview section. – Analyze the external environmen
To prepare specific sections of an integrated report for a university assignment.
Scope of work
– Develop an organizational overview section. – Analyze the external environment factors. – Create a governance section related to the assignment requirements. (more details will be provided)
Hello Hassan here are the things you should consider when writing about:
1. Organizational Overview and External Environment “The organizational overview should inform us about what the entity does, which would encompass its mission and vision, therefore identifying the entity’s purpose and intention. “ Identify critical human resources. “The external environment provides information about the context under which the entity operates and will therefore enlighten us about, economic conditions, technological changes, environmental challenges and societal issues. “ Information should be provided on material factors in the external environment that can impact the entity’s ability to create value in the short, medium and long term and its response to these factors.
2. External Environment Some items to consider: • Economic conditions • Technological changes • Information on societal issues
Some items to consider continued: • Competitive landscape and market positioning (consider such factors as, the threat of new competition, substitute services or products, bargaining power of suppliers and customers, and the level of competitive rivalry).
Please try and include the Use Porter’s Five Forces Classification Framework
• Horizontal competition
Rivalry among Existing entities
Threat of New Entrants
Threat of Substitutes
• Vertical competition – Supplier Power – Buyer Power Some items to consider continued:
• Legislative and regulatory environment under which the entity operates • Micro conditions and macro conditions
• Industry trends.
• Speed and impact of technological changes
• Information on environmental issues
3. Governance “The section on governance should identify the entity’s governance structure and how this structure supports the entity’s ability to create value in the short, medium and long term
Some items to consider when writing on governance:
•Ability to create value in the short, medium and long term
•Any regulatory requirements and if so, its impact on the entity’s governance structure (does it exceed the regulatory requirements).
•The Board of Directors responsibility for promoting and enabling innovation
•Senior Management and Directors skills, such as, competence and experience
•Senior Management and Directors diversity such as, gender
• Mechanisms for dealing with integrity and ethical issues
• Relevance of remuneration and incentives on value creation
• Governance processes for formulating strategy, making strategic decisions, monitoring strategy, monitoring culture and influencing strategy
• Attitude towards risk and its approach to managing those risks
2024 Annual Report
2 GraceKennedy Annual Report 2024
GraceKennedy’s 103-year legacy stands as a testament to our unwavering commitment to unlocking
value and unleashing greatness.
In 2024, we reinforced this commitment through innovation,
strategic partnerships, and customer-centric solutions, creating
value not only for our customers, shareholders, and business
partners, but for the communities we serve.
At GraceKennedy, we are driven by a culture of excellence. We
continue to invest in our people, technology, and sustainability,
ensuring that we remain a forward-thinking leader in the markets
where we operate. By embracing new opportunities and challenging
ourselves to constantly improve, our amazing GK team is paving
the way for our Company’s long-term success.
Looking ahead, we are confident in our ability to unlock greater
value and unleash our collective potential to create a lasting, and
even more meaningful impact.
We are GraceKennedy: Unlocking Value. Unleashing Greatness.
3
Our Vision To be the #1 Caribbean brand with Jamaican roots and a global reach,
by building on our core pillars of Foods and Financial Services to
provide strong returns to our shareholders and improve the quality of
life of our team members, customers and the communities we serve.
Our Purpose To bring superior products and services to customers that contribute
to a better global society and greater financial well-being.
Our Core Values Honesty • Integrity • Trust • Commitment • Humility • Respect
Chairman’s Message
CEO’s Message
Ten-Year Financial Review
Notice of Annual General Meeting
Management Discussion & Analysis
We Care
GK at a Glance 2024
Leadership Team & Corporate Data
Directors’ Report
Group Audit Committee Report
Corporate Governance & Nomination Committee Report
Audited Financial Statements
Form of Proxy
Senior Management
05
06
08
16
18
20
54
74
80
94
98
104
116
258
A Legacy of Leadership: Honouring Don Wehby 10
C O
N T
E N
T S
GK AT A GLANCE
$167 B
$87.0 B
Employee Engagement Score
75%
OVER 1.5 M KILOGRAMMES
of waste prevented from entering the Kingston Harbour
OVER
7,700 Jamaican university students received support from our GK Foundation’s GK Campus Connect Food Bank
2,359 VOLUNTEER HOURS
contributed by GK team members
OVER
$33 M
Over 1,700 Jamaican students received tuition support from our Grace & Staff Community Development Foundation
in scholarships and bursaries awarded to Jamaican students
+
60% of senior management positions held by women
WHERE W E E ARN
HOW WE E ARN
Jamaica
Food Trading
57.8%
79%
Europe (including the UK)
Insurance
11.6%
10%
North America
Money Services
24.0%
5%
Other Caribbean Countries
Banking and Investments
6.5%
6%
Other Countries 0.1%
$298 M INVESTED IN COMMUNITY DEVELOPM E N T PROJ E CTS
People empowered through the GK Money Sense financial literacy campaign
1.1 M$236.6 B$8.4 B
$12.3 B
$8.0 B Total Revenue
Shareholders’ Equity
Net Profit Attributable to Shareholders
Profit Before Tax
Profit Before Other Income
Total Assets
7.8%
10.0%
8.1%
8.6%
6.0%
7.8%
6 GraceKennedy Annual Report 2024
“ In 2024, we achieved a historic milestone, surpassing
$167 billion in revenue and $12 billion in profit before
tax, a testament to our strategic vision, resilience,
and dedication.
Our GraceKennedy Foods division delivered a robust
performance, with both revenue and profit exceeding
2023 levels. Similarly, our GraceKennedy Financial
Group achieved commendable growth, propelled by
strong performances in our Banking & Investment
and Insurance segments.
In 2024, we were honoured with several prestigious
awards. Most notably, the Jamaica Chamber of
Commerce recognised GraceKennedy with the Best
of Chamber Award (Extra-Large Category) and its
inaugural Environmental, Social, and Governance
(ESG) Award.
Chairman’s Message
“GraceKennedy continues to build on its proud legacy of excellence, and our unwavering commitment to innovation, sustainability, and corporate citizenship continues to yield positive results.
The Jamaica Manufacturers and Exporters Association
also acknowledged our contributions to economic
development and environmental stewardship in
Jamaica with the ESG Most Sustainable Manufacturer
Award and the N. Gordon-Rowe Buy Jamaican Award.
Our award-winning corporate governance programme
remains a cornerstone of our success. GraceKennedy
is committed to upholding the highest standards and
our governance framework ensures that we operate
with integrity while advancing initiatives that drive
long-term value. We remain focused on embedding
ESG principles into our core strategy. We are deeply
committed to sustainability, and our ongoing efforts
drive our business growth while positively impacting
the communities in which we operate. From reducing
our environmental footprint to fostering social
responsibility, GraceKennedy is dedicated to shaping
a more sustainable future.
This commitment to excellence and responsible
leadership is reflected in the outstanding individuals
who have shaped our Company’s success. Another
defining moment of the year was the recognition
of our now-retired Group CEO, Don Wehby, who was
conferred with the prestigious Order of Jamaica by
the Government of Jamaica. This national honour
celebrates his outstanding contributions to business,
entrepreneurship and community, reinforcing his
legacy as a visionary leader.
7
Prof. Gordon Shirley, OJ Chairman, GraceKennedy Limited
2024 also marked the beginning of a significant
transition for our Group, as we prepared for Don’s
retirement. Under his transformative leadership,
GraceKennedy experienced extraordinary growth.
Between 2011 to 2024, his tenure as Group CEO saw
revenue nearly triple, rising from J$58 billion to
J$167 billion, a clear demonstration of his dedication,
and exceptional leadership. We extend our deepest
gratitude to Don for his invaluable contributions
and unwavering commitment to GraceKennedy’s
success.
Interview With Frank What was the secret to GK’s success in 2024?
Grounded in our core values – Honesty, Integrity, Trust, Commitment, Humility, and Respect – and guided by our We Care ethos, in 2024 we successfully navigated a dynamic global landscape and seized strategic opportunities. As a result, we delivered an impressive performance—revenue reached J$167 billion, and profit before tax exceeded J$12 billion for the first time in GK’s history. This success was rooted in our commitment to building a culture of excellence through great people – our theme for last year. And a key factor to achieving this is maintaining high employee engagement. By empowering our team, we are positioning ourselves for strong, sustainable growth. Last year, we reached a record employee engagement score of 75%, reflecting not only the passion and dedication of our team but also our commitment to fostering a positive workplace culture. Equally important is the unwavering support of our wider GK family – customers, shareholders, business partners, and the communities we serve – which remains at the heart of our success.
What’s in store for GK in 2025?
2025 will be a year of acceleration at GK, guided by our theme, We Are GraceKennedy: Unlocking Value. Unleashing Greatness. Our dynamic leadership team is propelling our momentum, as we expand our Grace and Grace-owned brands, enhance our digital offerings like the GK One app, and pursue growth through mergers and acquisitions, and strategic partnerships. We remain committed to investing in our people, fostering a culture of trust, innovation, and collaboration across our Group. And at the same time, we are focused on strengthening our operational efficiency and advancing our Environmental, Social and Governance agenda to drive sustainable growth and unlock value for all stakeholders. Agility will be key in achieving this—our ability to adapt will keep us competitive and ready to seize new opportunities as they arise. With our clear strategy in place, we are ready to unleash greatness and make a lasting impact in 2025 and beyond.
“ Frank James Group Chief Executive Officer, GraceKennedy Limited
9
“
“ What is GraceKennedy’s Long-Term Vision?
We are scaling our business with ambitious targets to double revenue and triple profits by 2030, with 70% of our revenue and profits coming from markets outside Jamaica. But our vision extends beyond financial growth. We are also committed to our purpose which is to bring superior products and services to customers that contribute to a better global society and greater financial well- being. Central to our strategy is empowering our people, helping them grow, build wealth, and achieve shared success, all while creating a positive impact on both people and the planet. GraceKennedy is more than just a business. We are building a legacy of excellence and opportunity for future generations.
Having recently been appointed Group CEO, what are your main priorities moving forward?
It is an incredible honour to step into this role. My predecessor Don Wehby was instrumental in shaping GraceKennedy’s success, and I am truly grateful for his mentorship over the years. Don challenged and empowered me to grow, instilling in me a deep commitment to excellence. I also owe gratitude to other GK leaders of recent times— Douglas Orane and Raf Diaz—whose guidance also shaped my leadership approach and reinforced the values that define GraceKennedy. I also recognise the profound influence of their predecessors — Carlton Alexander, Luis Fred Kennedy, James Moss-Solomon Sr., Fred W. Kennedy, and Dr John Grace—whose vision and leadership built the strong foundation on which our Company stands today.
My priority now is to build on the extraordinary legacy of these great leaders by staying true to GK’s core values and fostering a culture of collaboration and empowerment. I believe in being present, engaging with our people, listening, and taking decisive action. By working together, we will create lasting value, ensuring that GraceKennedy continues to thrive.
What motivates you as a leader, and how do you maintain a balance?
As a leader, I’m driven by a commitment to people and a strategic mindset. I believe that strong teams build strong businesses, and I’m passionate about fostering collaboration, empowerment, and trust. People are GK’s greatest asset, and our success is rooted in their dedication. My leadership style is hands- on, and I strive to create a culture where everyone can grow, contribute, and feel valued, all while driving the company toward success.
Beyond work, family is key to maintaining a balance. My wife and children help to keep me grounded, and my faith plays a central role in my life. For me it’s about finding harmony between the demands of leadership and the importance of family by always aiming to be fully present whatever the occasion. Prioritising quality time with my family, staying connected to my faith, and maintaining a sense of perspective helps me to lead with purpose and also strengthens my ability to support those around me.
Tell us about this year’s theme.
Our 2025 theme, We Are GraceKennedy: Unlocking Value, Unleashing Greatness, is a powerful statement of both our rich history and our vibrant future.
We are GraceKennedy reflects our 103-year legacy, built on the unwavering foundation of our core values—Honesty, Integrity, Trust, Commitment, Humility, and Respect. These principles, instilled by our founders, define who we are and how we operate. Unlocking Value speaks to our commitment to creating meaningful and sustainable impact for all stakeholders—our customers, business partners, shareholders, and communities. Unleashing Greatness is about recognising that by empowering our people to reach their full potential and deliver our products and services at the highest standard, we position GraceKennedy for even greater success.
I look forward to the journey that lies ahead. The future is very bright!
Our long-term vision is clear: to be the number one Caribbean brand in the world. This is about more than market leadership—it’s about representing Jamaican excellence on the world stage.
10 GraceKennedy Annual Report 202410 GraceKennedy Annual Report 2024
11
“Beyond his technical expertise, Don’s honesty and straightforward approach have inspired me greatly. No matter the issue, he addresses it head-on, with integrity and clarity—a quality that is rare and invaluable in today’s business world.”
Christopher Bovell Retired Director, GraceKennedy Limited
“You consistently demonstrate your love for your country by giving back of your time. Always willing to accept the call for national service and to make an impact for change and the betterment of all Jamaicans.”
Andrea Coy CEO, GK Foods
“Don has proven that leaders can, and should be, relatable, genuine and deeply rooted in a passion for people and purpose.”
Romario Creary Senior Treasury Manager, GK Money Services
“His service to Government and country, his Alma Mater, his church and commitment to funding education for thousands through GraceKennedy’s two Foundations are just some of the more impactful things he has done.”
Radcliffe Daley President & CEO, First Global Bank
“ “ “Your visionary leadership, unwavering dedication, and brilliant business mind sets you apart as a trailblazer and role model for us all.”
Deidre Cousins Chief Information Officer, GraceKennedy Limited
His leadership upholds our core values of honesty, integrity, trust, commitment, humility, and respect. Beyond work, Don’s values resonate in his family life, teaching me and countless others about the importance of balance.
– Grace Burnett CEO GraceKennedy Financial Group
11
12 GraceKennedy Annual Report 2024
“His commitment to our Foundation’s mission is remarkable—he goes above and beyond to ensure we have the resources and support needed to make a lasting impact in our communities.”
Sandrina Davis CEO, Grace & Staff Community Development Foundation
“ “His commitment to fostering a culture of employee engagement and recognition is truly exemplary, reflecting his deep understanding of the vital role team members play in driving GraceKennedy’s success.”
Melisha Gordon Legal Counsel & Assistant Corporate Secretary, GraceKennedy Limited
“Mr Wehby importantly for me, has embodied a culture of meritocracy, creating an environment where everyone has the chance to excel and where the pursuit of excellence is always celebrated.”
Terry-Ann Graver Chief Operating Officer, First Global Bank
“I consider myself very fortunate to have worked very closely with Don; he not only mentored me but also challenged and empowered me. Don, thanks for your leadership and for your friendship.”
Frank James Group CEO, GraceKennedy Limited
“He encourages you to push the boundaries of what is possible but will pull on the reins if you are going off track. He leads with his values and his heart but is laser focused on how we can grow GraceKennedy from strength to strength.”
Cathrine Kennedy General Manager, Hi-Lo Food Stores
“His leadership has been especially impactful in guiding GraceKennedy’s corporate social responsibility efforts, with a strong focus on expanding support for young people and students in need—an acknowledgment of education’s vital role in building Jamaica’s future.”
Andrew Leo-Rhynie Head of Mergers & Acquisitions, GraceKennedy Limited “
“Mr Wehby has always been more than just a leader; he has the uncanny ability to balance bold decision-making with a deep sense of empathy. He understands that the strength of the organisation is not only evidenced in the financial performance but also in the people who make it all possible.
— Sydoney Johnson Company Secretary & Registrar, GraceKennedy Limited
12 GraceKennedy Annual Report 2024
13
“His belief in out-of-the-box thinking has pushed GraceKennedy to reach new heights, and he consistently encourages others to challenge the status quo and innovate.”
Fay McIntosh Retired Director, GraceKennedy Limited
“His genuine care for everyone he interacts with has influenced my own decision-making and actions.”
Andrew Messado Group CFO, GraceKennedy Limited
“Many see the business side of Don, but I have been fortunate to experience the ‘softer’ side. He genuinely cares about people, especially when it matters most.”
Annette Morrison Group Chief HR Officer, GraceKennedy Limited
“He leads with kindness, compassion, and a strong moral compass, never hesitating to help a team member or offer support when it’s most needed. His balance of strength and empathy inspires us all to give our best.”
Gail Moss-Solomon General Counsel & Chief Corporate Secretary, GraceKennedy Limited
“Our work in environmental sustainability, especially the Kingston Harbour Cleanup Project, has benefitted tremendously from his vision and dedication. His steadfast support has been instrumental in making this initiative a success, contributing to a cleaner, healthier Kingston Harbour and reinforcing our commitment to environmental stewardship.”
Caroline Mahfood CEO, GraceKennedy Foundation
“ “ For young Jamaican professionals, Don
exemplifies a model of leadership that combines patriotic commitment and approachability. He connects easily with people at all levels, valuing their ideas and perspectives and empowering countless team members to innovative thinking.
— O.K. Melhado Mentor
13
14 GraceKennedy Annual Report 2024
“You lead by example, showing us that family is the foundation of everything, and you never hesitate to remind us to prioritise what matters most. You are more than just my boss, you are family.”
Camile Mundell Barrett Executive Assistant, GraceKennedy Limited
“Over our three decades of knowing each other, I have come to admire Don not only as a dynamic leader but as someone who sets ambitious goals, holds himself and others accountable, and approaches challenges with a sharp, solution- oriented focus.”
Douglas Orane Retired Chairman & CEO, GraceKennedy Limited
“Don Wehby’s strategic leadership has played a pivotal role in guiding GraceKennedy to unprecedented growth. His business acumen and commitment to the Company values of honesty, integrity and trust coupled with innovation, team engagement and customer service have solidified ‘Grace’ as a leading brand in the Caribbean and the Diaspora.”
Prof. Gordon Shirley OJ Chairman, GraceKennedy Limited
“He has a natural ability to connect with people wherever he goes and is truly one of the most well-rounded individuals I know.”
Hilary Wehby Wife
“
“His commitment to leveraging GraceKennedy’s two foundations, the GraceKennedy Foundation and the Grace & Staff Community Development Foundation, has enabled the Company, as a corporate citizen, to engage in philanthropy, empowerment and capacity building, providing opportunities for those who might otherwise lack access to personal advancement.
— Most Rev. Kenneth D. Richards, DD, Archbishop of Kingston
14 GraceKennedy Annual Report 2024
15
“He always finds the time to participate in not only work events, but in our community outreach and social programmes. At our annual Christmas treats, he is always the first to engage the elderly and get them laughing, while singing his favourite carols with the GK choir.”
“He has played a stellar role in the development of sports in Jamaica, transitioning from gold medal winning hurdler to advocate, visionary and patron. His commitment to supporting track and field has provided the opportunity for generations of athletes to participate in the ISSA / GraceKennedy Boys and Girls Championships.”
Robyn Wilson Corporate Planner, GK Foods
Steven Whittingham Deputy CEO, GraceKennedy Financial Group
“ “He has devoted his life to bettering others,
embodying humility in everything he does. I have admired, time and again, his unending capacity to give of himself to family, GraceKennedy, friends and the many persons who he mentored and assisted directly and indirectly.
— Dorothea Ziadie Sister
15
16 GraceKennedy Annual Report 2024
Number of Shares (including treasury shares)
‘000 2022
‘000 2021
Percentage change over prior year
Market Capitalisation
Total Borrowings
Revenues Percentage change over prior year
Profit before Taxation
Percentage change over prior year
Profit after Taxation
Percentage change over prior year
Net Profit Attributable to Stockholders Percentage change over prior year
Dividends paid to Stockholders
Percentage change over prior year
Return on Equity
Profit before Taxation / Sales
Profit after Taxation / Sales
Dividend Payout Ratio
Earnings per Stock Unit – basic ($)
Number of Employees
Debt to Equity Ratio
Shareholders Equity per Stock Unit
(excluding treasury shares) : JA$
I M P O R T A N T R A T I O S
Closing Stock Price – JSE : JA$
Closing Stock Price – TTSE : TT$
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