Fayval Shirley Williams (born 28 May 1958) is a
Jamaica
Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of His ...
n
politician
A politician is a person active in party politics, or a person holding or seeking an elected office in government. Politicians propose, support, reject and create laws that govern the land and by an extension of its people. Broadly speaking, a ...
who is the Minister of Education, Youth and Information and the
Member of Parliament
A member of parliament (MP) is the representative in parliament of the people who live in their electoral district. In many countries with bicameral parliaments, this term refers only to members of the lower house since upper house members of ...
for the
St Andrew Eastern constituency. Williams had previously been the minister in the Ministry of Science, Energy and Technology as well as the minister without portfolio in the Ministry of Finance and the Public Service. She is the first female to be a minister in the Ministry of Finance and the Public Service, and also the first female minister of science, energy and technology. In June 2014, Fayval Williams was named as a member of the
Jamaica Labour Party
The Jamaica Labour Party (JLP) is one of the two major political parties in Jamaica, the other being the People's National Party (PNP). While its name might suggest that it is a social democratic party (as is the case for "Labour" parties in seve ...
's Economic Advisory Council.
In the
September 3, 2020 General Elections Williams was re-elected to the House of Representatives as the member of parliament for
St Andrew Eastern. She was sworn in at a ceremony held at the Jamaica Conference Centre on 15 September 2020 amid the coronavirus pandemic.
Williams was first elected as Member of Parliament in the
2016 general election when she polled 7,143 votes to become the first female Member of Parliament for
St Andrew Eastern. She is a member of the governing
Jamaica Labour Party
The Jamaica Labour Party (JLP) is one of the two major political parties in Jamaica, the other being the People's National Party (PNP). While its name might suggest that it is a social democratic party (as is the case for "Labour" parties in seve ...
and has served as secretary for the party's Central Executive Committee.
Education
Fayval Williams is a
Chartered Financial Analyst
The Chartered Financial Analyst (CFA) program is a postgraduate professional certification offered internationally by the American-based CFA Institute (formerly the Association for Investment Management and Research, or AIMR) to investment and fina ...
(CFA). She has a
Masters in Business Administration
A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...
(MBA) with concentration in Finance from The
Wharton Business School
The Wharton School of the University of Pennsylvania ( ; also known as Wharton Business School, the Wharton School, Penn Wharton, and Wharton) is the business school of the University of Pennsylvania, a private Ivy League research university in P ...
at the
University of Pennsylvania
The University of Pennsylvania (also known as Penn or UPenn) is a private research university in Philadelphia. It is the fourth-oldest institution of higher education in the United States and is ranked among the highest-regarded universitie ...
. Williams is also the holder of and a Bachelor of Arts (cum laude) in Economics from
Harvard University
Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher le ...
in Cambridge, Massachusetts. Fayval attended
Ferncourt High School in
St Ann, Jamaica.
Early life and career
Fayval Williams grew up in Ty Dixon, St Catherine and is the seventh of nine children of her parents Myrtle Johnston and James Johnston. Williams father was a carpenter who was known as a builder of
Seventh Day Baptist Churches. Williams grew up as a Sabbath keeper under the influence of her mother and would attend church regularly on Saturdays. Williams had to board with another family while she attended Ferncourt High School.
Shortly after leaving high school, Fayval Williams landed a job at the
Bank of Nova Scotia
The Bank of Nova Scotia (french: link=no, Banque de Nouvelle-Écosse), operating as Scotiabank (french: link=no, Banque Scotia), is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada ...
in
Kingston where she worked as a teller for three (3) years before she left to pursue higher studies in the
United States of America
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territo ...
.
She would later work as an Information Systems Analyst for
Morgan Stanley
Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...
, 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
Equitable Holdings, Inc. (formerly The Equitable Life Assurance Society of the United States and AXA Equitable Life Insurance Company, and also known as The Equitable) is an American financial services and insurance company that was founded in 1 ...
in
Chicago
(''City in a Garden''); I Will
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,
Illinois
Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. Its largest metropolitan areas include the Chicago metropolitan area, and the Metro East section, of Greater St. Louis. Other smaller metropolita ...
. While there, she performed valuation analysis on commercial real estate properties.
Politics
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
Andrew Michael Holness, (born 22 July 1972) is a Jamaican politician who has been the Prime Minister of Jamaica since 3 March 2016, following the 2016 Jamaican general election. Holness previously served as prime minister from October 2011 to ...
after having been organising the constituency since early 2014. She was officially nominated as the Jamaica Labour Party candidate on February 9, 2016 at the Mona High School. 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.
Williams secured a second term as member of parliament for St Andrew Eastern in the September 3, 2020 General Elections. Preliminary numbers published by the Electoral Office of Jamaica showed that Williams polling 6,972 votes to her opponent Venesha Phillips total of 4,730.
Ministry of Education Youth and Information
![Fayval-williams-school](https://upload.wikimedia.org/wikipedia/commons/4/4d/Fayval-williams-school.jpg)
Williams became the minister in the ministry during the COVID-19 pandemic. During much of 2020, schools across Jamaica had been closed and teaching and learning were being conducted online. However, Williams led a pilot programme which involved 17 public schools resuming face-to-face teaching and learning.
Williams announced on 9 January 2023 that civics education was being reintroduced in the National Standards Curriculum at all levels. The minister emphasized that the program is a crucial addition to the curriculum that would help children become more aware of their identity as Jamaicans and progress toward becoming law-abiding, productive citizens in the future.
On 11 January 2023, Williams tabled a report in the House of Representatives, published by the Office of the Advocate (OCA), of the findings of an investigation into the relationship between the Child Protection and Family Services Agency (CPFSA) and Carl Robanske, head of the US-based organisation Embracing Orphans. Robanske had been sanctioned in the US for exchanging sexually inappropriate messages to a minor. Williams said she was outraged at the findings of the report provided by the Office of the Children’s Advocate while accusing Chief Executive Officer of the CPFSA Rosalee Gage Grey disobeying instructions to sever ties with the American after the claims of sexual misconduct surfaced.
Williams said she was "misled" by Gage Grey and called on her to step aside while investigations are ongoing. Williams told Parliament that the police have been given the information necessary for a deeper probe to determine if charges can be brought against persons named in the OCA report.
Ministry of Science, Energy and Technology
Williams was appointed minister of science, energy and technology on February 14, 2019 by Prime Minister Andrew Holness. She took over from him after he managed the portfolio for 6 months following the resignation of Dr Andrew Wheatley.
Williams was a part of the negotiating team led by Foreign Affairs Minister
Kamina Johnson Smith
Kamina Johnson Smith is a Jamaican attorney and politician. A member of the Jamaica Labour Party, Johnson Smith is currently the Minister of Foreign Affairs and Foreign Trade in the second Holness cabinet. Since 2009 Johnson Smith has been a me ...
, negotiating a purchase of Venezuela's 49 percent shares in the Jamaica-state-owned oil refinery Petroleum Corporation of Jamaica. On 30 January 2019, Williams in providing an update on the status of the negotiation with Venezuela, said that there was no agreement between the Government of Jamaica and the Government of Venezuela on the issue of the share buy-back. Subsequent to that announcement by the minister, Prime Minister Andrew Holness on 12 February 2019, tabled legislation (The Compulsory Acquisition (Shares in Petrojam) Act 2019) in the House of Representatives to set in motion to compulsory acquisition of the 49 per cent shares held by PDV Caribe, a subsidiary of the Venezuelan state-owned firm Petroleos de Venezuela (PDVSA).
Upon assuming the portfolio, Williams promised complete transparency in the management of the portfolio. Even though the Jamaica's two recognised newspapers welcomed the appointment of Williams as the new portfolio minister, they have said that her task at the ministry will be "tough".
Petroleum Corporation of Jamaica (Petrojam)
In her contribution to a bill aim at compulsorily acquire the 49 per cent shares held by PDV Caribe, a subsidiary of the Venezuelan state-owned firm Petroleos de Venezuela (PDVSA), Williams told Parliament on 19 February 2019 that an international firm placed the value of Petrojam at US$34 million. Williams said that a valuation conducted in 2006 by the same firm placed the value at US$126 million.
Ministry of Finance and the Public Service
![Audley-shaw-fayval-williams](https://upload.wikimedia.org/wikipedia/commons/2/26/Audley-shaw-fayval-williams.jpg)
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.
On 7 March 2016, Fayval Williams was appointed as State Minister in the Ministry of Finance to work alongside
Audley Shaw
Audley Shaw (born 13 June 1952) is a Jamaican politician. He currently serves as Minister of Transport & Mining since January 2022. Prior to this appointment he served as the Minister of Industry, Investment and Commerce from September 2020 - J ...
and Rudyard Spencer. Her portfolio responsibilities include but not limited to fiscal policy.
Economic Policy
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.
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.
In July 2016, Fayval Williams pointed to the need for Jamaica to implement a national identification system.
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.
Public Sector Policy
Williams has argued that improving efficiencies through the modernisation and transformation of the public sector is critical in achieving higher levels of economic growth.
Political Representation
August Town
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.
Williams has repeatedly make calls for a Zone of Special Operation (ZOSO) to be declared in August Town. She has expressed concern about the level of violence in the community, revealing that residents there are living in fear due to violence.
Parliament
In the Lower House of Parliament, Fayval Williams sat 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.
Investment and Brokering
Jamaica
Kingston Properties
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.
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
=
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.
Jamaica Money Market Brokers (JMMB)
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.
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.
Financial Services Commission (FSC)
Fayval Williams on her return to Jamaica has consulted with the Financial Services Commission (FSC) in the area of risk management, research and policy. 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
Putnam Investments
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
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
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
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. Williams is a co-founder and director of film animation company ReelRock GSW.
Energy Industry
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.
Advocacy and community
Fayval Williams is a past president of the Beverly Hills Citizens Association Benevolent Society. She is also a past treasurer of the American Women’s Group.
Other activities
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. She has also served at various levels at the Private Sector Organization of Jamaica (PSOJ) while she was active in the private sector.
Achievements
In December 2017, Businessuite Magazine named Williams the number one CEO in the Caribbean for 2016.
See also
*
Women in the House of Representatives of Jamaica
Jamaica is the first English-speaking country in the Caribbean to achieve universal adult suffrage and grant women the right to be elected to Parliament. Between 1944 and 2020, a total of 47 women have been elected as members of the House of Repr ...
*
List of Education Ministers of Jamaica
Personal life
Fayval Williams is married to business mogul Leo Williams with whom she has two daughters.
References
External links
Ministry of Finance ProfileJamaica Information Service
{{DEFAULTSORT:Williams, Fayval
1958 births
Living people
Government ministers of Jamaica
Members of the House of Representatives of Jamaica
Jamaica Labour Party politicians
Harvard College alumni
Women government ministers of Jamaica
Education Ministers of Jamaica
Wharton School of the University of Pennsylvania alumni
CFA charterholders
21st-century Jamaican women politicians
21st-century Jamaican politicians
Members of the 13th Parliament of Jamaica
Members of the 14th Parliament of Jamaica