Board of Directors
The Board of Directors of Fortress Fund Managers Limited is committed to exercising corporate governance practices that enhance all stakeholders’ value and promote the long-term growth and financial viability of the Company. The Company adheres to all legal and regulatory requirements, guidelines and recommendations applicable to it as outlined by the requisite regulatory bodies in Barbados and the Cayman Islands.
The Board’s key responsibilities which its exercises through decision making and oversight are strategic planning, risk management, succession planning, shareholder communications and public disclosures, corporate governance, legal and regulatory compliance and performance evaluations.
The Board determines its own organisation and has Audit & Risk and Corporate Governance & Nomination Committees to assist it in fulfilling its duties.
Board of Directors and
The Board is comprised of knowledgeable and experienced directors. The maximum number of Directors permitted by the Company’s By-Laws is ten with a minimum of two. The Board currently consists of seven members; five of whom are independent; and one non-executive and one executive director.
The following outlines the biographical detail and experience of the Directors.
Roger Cave, CFA is currently Non-Executive Chairman of Fortress Fund Managers Limited and was elected Chairman of the Board of Directors in June 2023.
Mr. Cave is the Chief Executive Officer of Cave Shepherd & Co. Limited. He also serves as a Director on the Boards of SigniaGlobe Financial Group and DGM Financial Group.
Mr. Cave founded Fortress Fund Managers in 1996 and served as the company’s Investment Director until May 2023, achieving some of the best long-term track records in the region. Prior to founding Fortress, he worked with PriceWaterhouse and the Commonwealth Development Corporation in Barbados as well as Coopers & Lybrand in Toronto.
He is a CFA charterholder as well as a Chartered Accountant. He is also a Fellow of the Institute of Accountants of Barbados (ICAB). Mr. Cave is a graduate of Bishop’s University, Canada where he obtained a BBA.
Ruth Henry is an Independent Director of Fortress Fund Managers Limited.
Ms. Henry is admitted to practice as an Attorney-at-Law in Barbados. She has worked extensively in corporate and property law including advising local, regional and international clients in corporate structuring, regulatory issues, and large commercial transactions. Ms. Henry is currently a Senior Associate with Chancery Chambers and is a member of the Society of Trust and Estate Practitioners. She holds a Bachelor of Laws from the University of the West Indies, Cave Hill.
John Howard is an Independent Director of Fortress Fund Managers Limited.
Mr. Howard was Director of Invest Barbados and of the Institute of Chartered Accountants in the Caribbean. He was also past President of the Barbados International Business Association (BIBA).
He is currently President of Summit International Bank where he has responsibility for a global portfolio of assets. He worked previously as Finance Director with Barrick International Bank Corporation, the global treasury operation for Barrick Gold and was also Vice President, Business Advisory Services, for PwC in the region. Mr. Howard is a Chartered Accountant and Certified Financial Analyst.
Greg McConnie is an Independent Director of Fortress Fund Managers Limited.
Mr. McConnie has over 25 years of experience in the financial services industry. He is the President and Chief Executive Officer of Brookfield International Holdings Inc. In addition, he has also served for seven years as a Director of BIBA – The Association for Global Business, where he was at times a President, 2nd and 1st Vice-President.
Mr. McConnie was educated at the University of the West Indies and is a Fellow of the Association of Chartered Certified Accountants and of the Institute of Chartered Accountants of Barbados. He also holds the Associate in Reinsurance (ARe) designation from The Institutes.
Maria Nicholls is an Independent Director of Fortress Fund Managers Limited.
She is currently the Chief Financial Officer of London Life and Casualty (Barbados) Corporation, a composite reinsurer that writes life, annuity, mortgage and property and casualty reinsurance business. Ms. Nicholls is a Chartered Accountant with over 25 years of experience in auditing, accounting, financial and general management. She qualified as a Chartered Accountant in 1994 and is a graduate of the University of Windsor in Ontario, Canada with a Bachelor of Commerce (Accounting) degree.
Tracey Shuffler is an Independent Director of Fortress Fund Managers Limited. She is a former president of the Barbados Chamber of Commerce and Industry.
She is currently the Chief Executive Officer of Caribbean Distribution Partners Limited, a fast-moving consumer goods (FMCG) distribution company jointly owned by Goddard Enterprises Limited and Agostini’s Limited.
Ms. Shuffler has over 20 years of experience in executive leadership across several industries including food and beverage marketing, tourism related services and support, and FMCG distribution. She has a Bachelor of Commerce degree from McGill University and an MBA in International Business & Finance from Concordia University both in Quebec, Canada.
John Williams is a Non-Executive Director of Fortress Fund Managers Limited and previously served as Non-Executive Chairman of the Board.
Mr. Williams is the former Chief Executive Officer of Cave Shepherd & Co. Limited. He is also Non-Executive Chairman of SigniaGlobe Financial Group Inc. and serves as a Director on the Boards of DGM Holdings Inc. and Bridgetown Cruise Terminal Inc.
Mr. Williams has over 30 years’ experience in senior management positions in both the services and manufacturing industries. In 2011, he was appointed Chairman of the Barbados Private Sector Association, a position he held until January 2014. Previously, he has served as President of the Barbados Chamber of Commerce and Industry and Deputy President of the Institute of Chartered Accountants of Barbados. Mr. Williams is a Fellow of the Institute of Chartered Accountants of England and Wales (FCA) and the Institute of Chartered Accountants of Barbados (ICAB).
Hanna Chrysostom was appointed as Company Secretary Fortress Fund Managers Limited in 2013.
She is responsible for ensuring the integrity of Fortress’ governance framework and as In-House Counsel, she also offers legal and regulatory advice on matters and conducts legal research for the benefit of the Company.
Ms. Chrysostom is admitted to practice as an Attorney-at-Law in Barbados and Trinidad & Tobago. She has had a diverse legal career with over ten (10) years of experience in corporate and commercial law, and litigation. She has worked in private practice and as in-house counsel for a major international telecommunications company. Ms. Chrysostom holds a Master of Business Administration from the University of Durham, UK.
The Audit & Risk and Corporate Governance & Nomination Committees play an integral part in the governance process of the Company in that they assist the Board with the proper discharge of its functions by providing an opportunity for more in-depth discussions. The Committees are required to regularly report back to the Board on findings, assessments, and recommended courses of action.
Audit & Risk Committee
The members of the Audit & Risk Committee are independent directors. An independent director is an individual who meets the independence requirements of the Company’s Corporate Governance Policy. The members are financially literate with a sound understanding of accounting principles and possess experience in analysing and evaluating financial statements.
The Audit & Risk Committee assists the Board in overseeing the external audit process and managing all aspects of the relationship with the external auditors. It provides a direct channel of communication between the auditors and the Board and assists the Board in ensuring that the audit is conducted in a thorough, objective and cost-effective manner. The Committee also reviews interim and audited financial statements and oversees the internal audit function, reviewing the internal auditor’s assessment of the adequacy and effectiveness of the Company’s internal controls, legal and regulatory compliance and risk management.
Members of the Audit and Risk Committee:
- John Howard, Chairman
- Greg McConnie
- Maria Nicholls
Corporate Governance & Nomination Committee
The members of the Corporate Governance & Nomination Committee are independent directors. An independent director is an individual who meets the independence requirements of the Company’s Corporate Governance Policy.
The Corporate Governance & Nomination Committee develops and recommends to the Board policies and procedures to establish and maintain good corporate governance practices. The Committee is also responsible for reviewing and advising the Board on the nomination and appointment of directors and assists the Board in creating a culture of honesty, integrity, transparency and accountability.
Members of the Corporate Governance and Nomination Committee:
- Tracey Shuffler, Chairperson
- Ruth Henry
- Maria Nicholls
Oversight and Regulation
Fortress Fund Managers Limited is registered with and regulated by the Financial Services Commission of Barbados. The funds may also be subject to regulation by authorities in which they are domiciled and/or sold. Fortress Fund Managers Limited, its affiliates, and the funds are subject to regular internal audits and annual external audits of financial statements and key processes and controls. Audited financial statements of the funds are available to investors.