Fayval Williams

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The Honourable
Fayval Williams
MP
Minister Without Portfolio in the Ministry of Finance and the Public Service
Assumed office
23 March 2018
State Minister in the Ministry of Finance and the Public Service
In office
7 March 2015 – 26 March 2018
Prime MinisterAndrew Holness
Member of Parliament for St Andrew Eastern
Assumed office
10 March 2015
Preceded byAndre Hylton
Personal details
Born (1958-05-28) May 28, 1958 (age 60)
St Catherine
Nationality Jamaica
Political partyJamaica Labour Party
Spouse(s)Leo Williams
Alma mater

Fayval Shirley Williams (born 28 May 1958) is a Jamaican politician who is the Member of Parliament for the St Andrew Eastern constituency. She is also the minister without portfolio in the Ministry of Finance and the Public Service, having been promoted in a Cabinet reshuffle by Prime Minister Andrew Holness on March 26, 2018. She is the first female to be a minister in the Ministry of Finance and the Public Service. In June 2014, Fayval Williams was named as a member of the Jamaica Labour Party's Economic Advisory Council.Council.[1][2]

She was elected as Member of Parliament 25 February 2016 when she polled 7143 votes to become the first female Member of Parliament for St Andrew Eastern.[3] She is a member of the governing Jamaica Labour Party and has served as secretary for the party's Central Executive Committee.

Education[edit]

Fayval Williams is a Chartered Financial Analyst (CFA). She has a Masters in Business Administration (MBA) with concentration in Finance from The Wharton Business School at the University of Pennsylvania and a Bachelor of Arts (cum laude) in Economics from Harvard University in Cambridge, Massachusetts. Fayval attended Ferncourt High School in St Ann, Jamaica.[4]

Early career[edit]

Shortly after leaving high school, Fayval Williams landed a job at the Bank of Nova Scotia in Kingston where she worked as a teller for three (3) years before she left to pursue higher studies in the United States.

She would later work as an Information Systems Analyst for Morgan Stanley, an American multinational financial services corporation that provides securities products and services to customers, including corporations, governments, financial institutions, and individuals.

She gained valuable experience at the Equitable Real Estate Investment Management in Chicago, Illinois. While there, she performed valuation analysis on commercial real estate properties.

Politics[edit]

Fayval Williams was first sworn in as Member of Parliament in the House of Representatives on 10 March 2016.

She was presented as caretaker for the St Andrew Eastern constituency 23 March 2015 by the leader of the Jamaica Labour Party Andrew Holness after having been organising the consitituency since early 2014.[5] She was officially nominated as the Jamaica Labour Party candidate on February 9, 2016 at the Mona High School.[6][7][8] Williams succeeded Dr Saphire Longmore as caretaker, who lost to the People’s National Party’s (PNP) Andre Hylton by a mere 254 votes in the 2011 General Election. During the tenure of Dr St Aubyn Bartlett (former Member of Parliament), she served as constituency treasurer.

Finance Ministry[edit]

Williams was promoted to a full minister on March 23, 2018 by Prime Minister Andrew Holness in a Cabinet reshuffled to join Dr Nigel Clarke as ministers in the Ministry of Finance and the Public Service.[9]

On 7 March 2016, Fayval Williams was appointed as State Minister in the Ministry of Finance to work alongside Audley Shaw and Rudyard Spencer. Her portfolio responsibilities include but not limited to fiscal policy.[10][11]

Economic Policy[edit]

Months after taking up post at the Finance Ministry, Fayval Williams informed that the government would be exploring alternatives 11.4 Billion annual National Housing Trust withdrawals for budget financing, effectively discontinuing the policy of the previous administration.[12]

In her first Sectoral presentation in Parliament June 24, 2016, Williams disclosed that he Pensions (Public Service) Act to establish a contributory pension scheme in the public sector, is to come before Parliament. "Getting the public employee pension administration system completed is a key goal for this administration," Williams announced.[13]

In July 2016, Fayval Williams pointed to the need for Jamaica to implement a national identification system.[14]

As State Minister, Williams invited the Small Business Association of Jamaica (SBAJ) to formulate an implementation team to work with the government of Jamaica to strategise the growth and development of its members. Her invitation was triggered by the SBAJ announcing its three main goals for 2016 for which it seeks government intervention. She noted that government intervention is always necessary for the private sector of any economy. She signaled that the government would be willing to assist, but only if the implementation team was established.[15]

Public Sector Policy[edit]

Williams has argued that improving efficiencies through the modernisation and transformation of the public sector is critical in achieving higher levels of economic growth.[16]

Political Representation[edit]

August Town[edit]

Fayval Williams in an interview publish in The Gleaner on September 21, 2018 said there is potential for the August Town community but expressed frustration that crime is retarding the progress of strides made in the community over the years. "I mean, those are programmes that we should be putting our energies into, but you take one step forward and 10 steps back, and it gets frustrating," she said [17].

Parliament[edit]

In the lower house of parliament, Fayval Williams sits on the Public Administration and Appropriations Committee (PAAC). The committee has the task of monitoring spending by all Government ministries, departments and agencies. She is also a member of the Human Resource and Social Development Committee.

On 25 July 2017, Williams piloted three bills in Parliament which allow for tax exemption for listed companies using the share buyback option, The bills which she amended where: The Transfer Tax (Amendment) Act, the Income Tax (Amendment) Act and the Stamp Duty (Amendment) Act. Williams explained to the Parliament that she share repurchase option was introduced through an amendment to the Companies Act in 2004. She argued that there was a discrepancy between the option and the related tax laws, which made it unattractive to shareholders.[18]

Investment and Brokering[edit]

Jamaica[edit]

Kingston Properties[edit]

Fayval Williams served as executive director of Kingston Properties, a Real Estate Investment Trust company from 2008 until 2015 when she resigned to take up duties in the Jamaica Labour Party as its caretaker for the constituency of St Andrew Eastern. Fayval, her husband Leo Williams and Stuart White conceptualized the real estate investment company in 2007 to invest in the Carlton Savannah Hotel in Port of Spain, Trinidad, naming the company Carlton Savannah REIT (Jamaica) Limited.[19][20][21][22][23]

During the 7 years Mrs Williams held the position as Executive Director, shareholders equity in Kingston Properties grew from J$406.6 million to J$793.6 million at end of June 2015.

Settlement[edit]

In 2016, Fayval Williams got a 32 Million payout from Kingston Properties as settlement for a long-term incentive plan (LTIP), which entitled the executive director to an allocation of shares based on the achievement of certain profit performance targets. The LTIP plan was not implemented and that it was mutually agreed between Williams and the board that the amount of $32.85 million be paid in lieu and in full settlement of the non-implementation of the LTIP.[24]

Jamaica Money Market Brokers (JMMB)[edit]

Williams worked with Jamaica Money Market Brokers Limited (JMMB Ltd). She was involved in decision-making at the senior management level at JMMB. She also led JMMB’s endeavour to develop world-class investment research capabilities.[25]

Her other duties at the money market brokers company include interfacing with the Financial Services Commission and the Jamaica Security Dealers Association (JSDA) on issues such as the impact of international accounting standards (particularly IAS39), development of a local Jamaican fixed income yield curve, determining capital adequacy and margin requirement for the local Repo Market. At JMMB, Williams also provided oversight for non-standard lending and served as the Head of the Valuation and Pricing team for JMMB’s public offering in December, 2002. Additionally, Williams served as chief investment officer of JMMB Limited from 2005 to 2007 with investment responsibilities spanning the trading department, investment research, and pensions.[26][27]

Financial Services Commission (FSC)[edit]

Fayval Williams on her return to Jamaica has consulted with the Financial Services Commission (FSC) in the area of risk management, research and policy.[28] Her working papers included: Regulatory framework for private equity funds in developed capital markets; FSC’s Competition Policy Statement; Criteria for Recognizing a Caribbean regional Credit Rating Agency; and The Concept of Accredited Investors in the Jamaican Financial Market. She also worked on the development of early warning ratios for the brokerage industry; performed analytical work on Jamaica’s bond price volatility and liquidity management strategies; developed FSC’s input into the Memorandum of Understanding of the International Organization of Securities Commission (“IOSCO”); researched comparative information on Educational Savings Plans; led efforts to complete the IOSCO-Self Assessment exercise for the FSC.

United States[edit]

Putnam Investments[edit]

Fayval Williams worked in the area of equity analysis at Putnam Investments, a top-10-global mutual fund manager located in Boston, Massachusetts. Her investment recommendations span various companies in a variety of industries such as advertising, restaurant, global airlines, telecom, direct broadcasting satellite, environmental services, defense, power systems and technology. She published detailed financial forecasts and in-depth company and industry reports used by the various product groups at Putnam. Her stock recommendations outperformed the S&P500 during 1997-2001. She also had portfolio management responsibilities for a segment of a core portfolio product and led Putnam’s efforts to incubate a market neutral (hedge) fund.

Wellington Management Company[edit]

At Wellington Management Company in Boston, Massachusetts, Fayval Williams performed analysis and issued various recommendations for an expansive range of fixed income securities covering a broad spectrum of commercial enterprises including Transportation, Paper & Forest Products, Cable, Chemicals, Aerospace & Defense, Autos, and Railroad. Her other fixed income responsibilities included the analysis of asset- backed securities (ABS) and commercial mortgage backed securities (CMBS). Assets under her management grew significantly in these securities as a result of the confidence the portfolio managers had in her work.

Northwestern Mutual Life[edit]

At Northwestern Mutual Life, in Milwaukee, Wisconsin, Williams’s responsibilities included daily trading of a wide array of various fixed income securities. She also performed analysis of corporate bonds across the credit spectrum (AAA to CCC). In addition, she also had portfolio management responsibilities for approximately US$3 billion. She was a member of the team that provided macro-economic and market input for both the strategic and tactical portfolio decisions.

Media Industry[edit]

Fayval Williams, Juliet Holness, Andrew Holness, Ruel Reid

Fayval Williams was the chairman of one of Jamaica’s leading media entity Nationwide News Network. She also hosted a daily financial programme on the radio station called Global Markets.[29] Williams is a co-founder and director of film animation company ReelRock GSW.[30]

Energy Industry[edit]

Fayval Williams serves as a director of Caribbean Energy Finance Company Ltd (CEFC), a renewable energy company chaired by her husband Leo Williams. Williams also serves as company secretary for CEFC. The company specialises in providing renewable energy solutions through affordable finance options. Its main target are companies around the Caribbean.[31]

Advocacy and community[edit]

Fayval Williams is a past president of the Beverly Hills Citizens Association Benevolent Society.[32][33] She is also a past treasurer of the American Women’s Group.[34]

Other activities[edit]

Williams is also a member of the Women Business Owners Jamaica Limited group. She participated in a BBC programme with more than 100 organisations in more than 50 countries around the world in the third BBC 100 Women Online International Conversation.[35] She has also served at various levels at the Private Sector Organization of Jamaica (PSOJ) while she was active in the private sector.[36]

Achievements[edit]

In December 2017, Businessuite Magazine named Williams the number one CEO in the Caribbean for 2016.[37]

Personal life[edit]

Fayval Williams is married to business mogul Leo Williams with whom she has two daughters.

References[edit]

  1. ^ "Opposition names Economic Advisory Council - News". Jamaica Observer. Retrieved 2016-02-29.
  2. ^ "Aubyn Hill heads JLP economic advisory body". jamaica-gleaner.com. Retrieved 2016-02-29.
  3. ^ "#DecisionJa2016: JLP's Fayval Williams wins St Andrew Eastern - News". Jamaica Observer. Retrieved 2016-02-27.
  4. ^ "Fayval Williams positive about snatching St Andrew Eastern for JLP - News". Jamaica Observer. Retrieved 2016-02-27.
  5. ^ "Fayval Williams presented as the newly elected Jamaica Labour Party candidate for the St. Andrew Eastern constituency". jamaica-gleaner.com. Retrieved 2016-02-27.
  6. ^ "PHOTOS: Fayval Williams nominated in Eastern St Andrew". Loop News Jamaica. Retrieved 2016-02-27.
  7. ^ "Jamaica Observer Limited: Business Awards". www.jamaicaobserver.com. Retrieved 2016-02-27.
  8. ^ "#DecisionJa2016: Labourites enjoy the showers as Fayval Williams nominated in St Andrew Eastern - News". Jamaica Observer. Retrieved 2016-02-27.
  9. ^ "PM Announces Cabinet Changes - Jamaica Information Service". Jamaica Information Service. 2018-03-26. Retrieved 2018-03-27.
  10. ^ "Tight Government - News". Jamaica Observer. Retrieved 2016-03-08.
  11. ^ "Fayval to steer IMF programme". jamaica-gleaner.com. Retrieved 2016-03-08.
  12. ^ "Gov't exploring alternative to $11.4b annual NHT withdrawals for Budget financing". jamaica-gleaner.com. Retrieved 2016-07-25.
  13. ^ Linton, Latonya (June 24, 2016). "Pension Legislation for Parliament". Jamaica Information Service. Retrieved 27 July 2016.
  14. ^ "Junior minister wants national ID system fast-tracked - News". Jamaica Observer. Retrieved 2016-07-25.
  15. ^ CEEN TV (2016-06-09), Fayval Williams calls for Implementation team among SBAJ | CEEN News | May 30, retrieved 2016-07-25
  16. ^ "Improving Public Sector Efficiencies Key - Williams - Jamaica Information Service". Jamaica Information Service. 2016-03-22. Retrieved 2016-12-24.
  17. ^ "Gleaner Editors' Forum | August Town political representatives distance themselves from criminals". jamaica-gleaner.com. Retrieved 2018-09-28.
  18. ^ Limited, Jamaica Observer. "Laws amended for companies to repurchase shares". Jamaica Observer. Retrieved 2017-10-01.
  19. ^ "Fayval Williams Leaves Kingston Properties | Nationwide 90FM - Jamaica". nationwideradiojm.com. Retrieved 2016-02-27.
  20. ^ "Kevin Richards To Lead Kingston Properties Ltd. Fayval Williams Resigns". MoneyMax101. Retrieved 2016-02-27.
  21. ^ "Fayval Williams resigns from Kingston Properties". Loop News Jamaica. Retrieved 2016-02-27.
  22. ^ "Williams rings bell on Kingston Properties - Business". Jamaica Observer. Retrieved 2016-02-27.
  23. ^ "Kingston Properties Limited (KPREIT) - Resignation/Appointment of Executive Director - Jamaica Stock Exchange". Jamaica Stock Exchange. Retrieved 2016-02-27.
  24. ^ "Kingston Properties to finalise $30m executive payout to Fayval Williams". jamaica-gleaner.com. Retrieved 2016-05-29.
  25. ^ "Jamaica Gleaner Online". old.jamaica-gleaner.com. Retrieved 2016-02-27.
  26. ^ "JMMB 2005 Annual Reports" (PDF). Jamaica Money Market Brokers. JMMB. Retrieved 2016-02-27.
  27. ^ "Jamaica Securities Dealer Association -". www.jamaicasecuritiesdealers.com. Retrieved 2016-02-27.
  28. ^ "Meet the newcomers: Fayval Williams in it for the long haul". jamaica-gleaner.com. Retrieved 2016-02-27.
  29. ^ "Hughes' Nationwide News Network attracts big investment - News". Jamaica Observer. Retrieved 2016-02-27.
  30. ^ "About Us". www.gswanimation.com. Retrieved 2016-02-28.
  31. ^ "New energy start-up to raise $450m on JSE - Business". Jamaica Observer. Retrieved 2016-06-20.
  32. ^ "Beverly Hills residents fuss over Mona Estates -". Jamaica Observer. Retrieved 2016-02-27.
  33. ^ "Fayval Williams Writes Mike Henry" (PDF). Beverly Hills Citizens Association Benevolent Society. Retrieved 2016-02-27.
  34. ^ "American Women's Group gets new board". jamaica-gleaner.com. Retrieved 2016-02-29.
  35. ^ "Jamaicans participate in BBC100 Women programme". jamaica-gleaner.com. Retrieved 2016-02-29.
  36. ^ "PSOJ Annual Report 2013" (PDF). Private Sector Organization if Jamaica. PSOJ. Retrieved 2016-03-08.
  37. ^ "2016 Businessuite #1 Jamaica CEO – Fayval Williams Executive Director Kingston Properties limited –Main Market". Businessuite Online. Retrieved 2016-12-26.

External links[edit]