Cliff Borough murdered
CLIFF Borough, the feisty investor who regularly gave directors hell at annual company meetings as he looked out for the interest of small shareholders, was found murdered yesterday at his home at 7 Chesterfield Avenue, Kingston 10, his family said. He was 73.
Police said Borough’s body, with its throat slashed, was found in his bedroom by his gardener at about 6:00 am.
His Suzuki Alto motor car, apparently stolen by his killers, was later found at nearby Lindsay Crescent.
The police did not immediately have a suspect or a motive for the killing.
Formerly a developer, Borough gave up that business to become a full-time investor and was a regular fixture at the Jamaica Stock Exchange on trading days.
But it was at the AGMs that he got attention.
With keen knowledge of the laws and procedures, a sometimes acid tongue and quick wit, he often frustrated directors and managers as he insisted that they pay attention to the interests of minority stockholders.
Though he was sometimes mildly ridiculed for his efforts, no one totally dismissed Borough and his interventions were often welcomed by shareholders who lacked the confidence or gumption to question directors.
Regular peeves of Borough included corporate profligacy, conflict of interest, the maintenance of accounting standards and the need for greater accountability on the part of directors.
In fact, Borough’s efforts were formally recognised two years ago when the stock exchange honoured him “for his contribution towards minority shareholders’ rights”.
Yesterday, Jamaica Stock Exchange general manager Wain Iton said that Borough had become like a part of the exchange.
“He was a shareholder activist who went to the annual general meetings asking questions so as to hold the managers accountable to the shareholders,” Iton said. “That is a crucial function to the development of a market.”
Investment analyst John Jackson echoed the sentiment.
“[Borough’s] voice championed, in part, the cause of minority shareholders,” Jackson said. “He had an independence of mind and because of this he could speak fearlessly. There will likely be a gap in the investment fraternity for sometime.”
Mark Thwaites, Dyoll Group’s company secretary, said that Borough’s wide portfolio — spanning virtually every stock on the exchange — allowed him the ability to monitor happenings in companies.
“[I] hope that justice would be done swiftly to apprehend his killer,” Thwaites said.
Borough is survived by ex-wife Marjorie and children Nicola and Christopher.