2012/13 Annual Report
Our Mission:
To work with the
Government towards
the development of the
international business
sector in the interest
of o...
Annual Report 2012-2013
CONTENTS
04	 Board of Directors
05	 BIBA Committees
06	 President’s Report
08	 Executive Director’...
4
Board of Directors
Directors and Officers
President
Ms. Melanie Jones
Lex Caribbean
1ST
Vice President
Mr. Ryle Weekes
C...
5
BIBA Committees 2012 – 2013
BANKING COMMITTEE
CHAIR: Mr. ANDREW ALLEYNE
Ms. Dalia Littlewood
Ms. Erin O’Neil
Mr. Mark Te...
6
President’s Report
Ms. Melanie Jones Lex Caribbean
W
hen I assumed the role of the president
of the Barbados Internation...
7
governance within BIBA. I am looking forward to seeing
this project continue to unfold and find full fruition over
the c...
8
Executive Director’s Report
Mr. Henderson Holmes Executive Director
T
he BIBA Secretariat continued to discharge its
res...
9
BIBA once again partnered with Lexis-Nexis in the
staging of its 2013 International Tax and Trust Congress,
which was he...
10
and two Invest Barbados officers. I assisted with manning
the booth, visited all the exhibitors at the show and seized
...
Annual Report 2012/2013
Committees’ Reports
12
BIBA Banking Committee
Chairperson: Mr. Andrew Alleyne Dancap Bank (Barbados) Inc.
During the year under review, the Ba...
13
Bank and the Financial Service
Commission. Three proposals
were received and are being
reviewed by representatives
of t...
14
BIBA Goverance Committee
Chairperson: Ms. Dalia Littlewood Freedom Financial
C
urrent buzz words of world class governa...
15
•	 Selection of Directors, Orientation &
Succession Planning
	 The Executive Committee will propose directors to
member...
16
BIBA Insurance Committee
Chairperson: Ms. Janice Burke Wentworth Insurance
Regulatory Matters
T
he dominant topic for t...
17
Insurance Committee Members
Ms. Marcelline Christie
TD Reinsurance
Mr. Peter Walford
Imagine Insurance
Mr. Claudio Macc...
18
BIBA Legal Profession Committee
Chair: Ms. Melanie Jones Lex Caribbean
D
uring the 2012 – 2013 year, the Legal
Professi...
19
Legal Profession
Committee Members
Mr. Henderson
Holmes
BIBA
Mr. Aidan Rogers
Blue Corporate Managers
(Barbados) Inc.
M...
20
BIBA Marketing and Communications
Committee
Chairperson: Ms. Renatta Mohammed Deloitte
O
ver the course of the reportin...
21
22
T
here has been much interaction between
the Tax Committee and other BIBA
Committees; namely the Banking and
Insurance ...
23
•	 Awaiting ratification
	 There are five signed DTAs (i.e. with Ghana,
Portugal, Bahrain, Qatar and San Marino) that a...
24
BIBA Service Providers/IBCs
Committee
Chairperson: Ms. Connie Smith Tricor Caribbean
A
s Chair of the Service Providers...
25
to the same standard, which is
customary in jurisdictions offering
similar services.
With regard to amendments to
other...
26
I
n 2012/13 BIBA-Canada continued to grow its
membership base and its involvement in support
of Canadian investors look...
27
BIBA Charity
Trustee Chairperson:
Ms. Lisl Lewis
Lisl Lewis FCA
T
he BIBA Charity was
registered by charitable
trust de...
28
I
nternational Business Week (IBW) continues to
play a pivotal role in sensitizing the Barbadian
public to the signific...
29
riveting presentation on the future of investments, Avinash Persaud’s candid plea
for a more robust on-island telecommu...
30
International Business Week 2012
THANK YOU
The President and the Board of Directors of the Barbados International Busin...
31
International Business Week 2012
32
International Business Week 2012
33
International Business Week 2012
34
The Barbados International Business Association
#19 Pine Road, Belleville
St Michael, B11114
Tel: (246)434-2422
Fax: (246)...
Barbados International Business Association Annual Report 2012-2013
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Barbados International Business Association Annual Report 2012-2013

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In this report you will find a list of all the committees and their members who have volunteered their time and efforts on behalf of BIBA over the past year, and whose work has augmented the leadership exercised by the BIBA Board of Directors and Executive Committee. This annual report serves as a permanent record of the activities of BIBA over the past year.

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Barbados International Business Association Annual Report 2012-2013

  1. 1. 2012/13 Annual Report
  2. 2. Our Mission: To work with the Government towards the development of the international business sector in the interest of our members and the Barbados economy.
  3. 3. Annual Report 2012-2013 CONTENTS 04 Board of Directors 05 BIBA Committees 06 President’s Report 08 Executive Director’s Report 11 Committees’ Reports 12 Banking Committee Report 14 Governance Committee Report 16 Insurance Committee Report 18 Legal Profession Committee Report 20 Marketing and Communications Committee Report 22 Tax Committee Report 24 Service Providers and IBCs Committee Report 26 BIBA Canada 27 BIBA Charity 28 International Business Week 2012
  4. 4. 4 Board of Directors Directors and Officers President Ms. Melanie Jones Lex Caribbean 1ST Vice President Mr. Ryle Weekes Cidel Bank & Trust 2nd Vice President & Immediate Past President Ms. Connie Smith Tricor Caribbean Ltd. Treasurer Mr. Peter Walford Imagine Insurance Inc. Secretary Ms. Julia Taggart Cidel Bank & Trust Directors Mr. Andrew Alleyne Dancap Bank (Barbados) Inc. Mr. Elliott Barrow RBC (Caribbean) Corporation Ms. Maria Robinson Ernst & Young Ms. Dalia Littlewood Freedom Financial Inc. Ms. Ronaele Dathorne-Bayrd, PriceWaterhouseCoopers SRL Mr. John Howard Summit International Bank Ms. Liza Harridyal-Sodha Harridyal-Sodha & Associates Mr. Nicholas Crichlow Marsh Management Services Ms. Keisha Hyde Porchetta Harridyal-Sodha & Associates Ms. Janice Burke Wentworth Insurance Company Ltd Mr. Christopher Evans CGE Group Ltd.
  5. 5. 5 BIBA Committees 2012 – 2013 BANKING COMMITTEE CHAIR: Mr. ANDREW ALLEYNE Ms. Dalia Littlewood Ms. Erin O’Neil Mr. Mark Teversham Ms. Shonda Forde Ms. Marcia Cyrus Mr. Gerard Lussan Mr. Michael Berry Mr. Ross Parker Mr. Gregory McConnie GOVERNANCE COMMITTEE CHAIR: Ms. DALIA LITTLEWOOD Ms. Kerry-Ann Cato Ms. Shonda Forde INSURANCE COMMITTEE CHAIR: Ms.JANICE BURKE Mr. Peter Walford Mr. Christopher Evans Mr. Claudio Macchi Mr. Gabriel Kelly Ms. Marcelline Christie Mr. Mohan Nadwandi Mr. Wayne Fields Mr. Vinston Hampden Mr. Grafton Williams Mr. Henderson Holmes Mr. Andre Procope Mr. Nicholas Crichlow Ms. Bertha Pilgrim Mr. Greg Smith Ms. Paula Alleyne LEGAL PROFESSION COMMITTEE CHAIR: Ms. MELANIE JONES Ms. Sade Jemmott Ms. Gillian Clarke Mr. Andrew Ferreira Ms. Liesel Weekes Ms. Ayo Barnard Rawlins Mr. Henderson Holmes Mr. Aidan Rogers Ms. Tara Frater Ms. Kathy-Ann Christian Dr. Wilhelm Bourne Mr. Daine Hinds Mr. Sean Lewis MARKETING & COMMUNICATIONS COMMITTEE CHAIR: Ms. RENATTA MOHAMMED Ms. Joan Workman Ms. Carmel Haynes Ms. Fay Toppin Ms. Marquita Sugrim Ms. Natasha Vlahakis Ms. Nia Vlahakis TAX COMMITTEE CHAIR: Ms. MARIA ROBINSON Mr. Howard Henry Ms. Gloria Eduardo Ms. Dominique Pepin Mr. Gilles Gosselin Mr. Andrew Brathwaite Ms. Angela Robinson SERVICE PROVIDERS and IBC COMMITTEE CHAIR: Ms. CONNIE SMITH Ms. Cadian Drummond Ms. Tara Frater Ms. Julia Taggart Mr. Stephen Greaves Ms. Lois Inniss Ms. Ronaele Dathorne-Bayrd Mr. Roland Jones
  6. 6. 6 President’s Report Ms. Melanie Jones Lex Caribbean W hen I assumed the role of the president of the Barbados International Business Association (BIBA) in June 2012, I was acutely aware that we were heading into seriously challenging times for the international business sector. Over the course of my tenure, we have seen a renewed and vigorous assault launched against international financial services centres across the world by the member states of the Organisation for Economic Cooperation and Development (OECD) and by other developed nations. We have also witnessed the formidable advance of the United States Foreign Account Tax Compliance Act (FATCA) legislation with which we must comply in order to retain our US business and our credibility in the world arena for financial services players. Meanwhile we have grappled with the sustained threat posed to our competitiveness by a doggedly poor business facilitation environment. Frustratingly our repeated engagements with the various agencies that enable business in Barbados have not yet delivered the wide ranging improvements in business efficacy that we must secure in order to maximise this jurisdiction’s potential and capture the sizeable chunk of market share that could be ours if it were easier to do business here. Against this background we at BIBA have nevertheless remained undaunted in our efforts to press for change in certain mission critical areas. Through the efforts of our various sub-committees, we succeeded in having government mount high-level discussions with regulatory and ministerial officials in Canada relative to the intensified scrutiny to which Barbados-resident international bank subsidiaries of Canadian parents have been put by the Canada Revenue Agency. We have also analysed a whole suite of changes proposed in respect of our Companies Act by the Registrar of Companies and prepared a strong and detailed response aimed at preventing the implementation of a number of flawed provisions while proposing much needed enhancements. As a corollary to that, we have had productive discussions with the Registrar and her team on various innovations to Registry processes and their interface with the International Business Unit; and we are delighted to report that those innovations are actually in motion and some of them are available to the public right now. We have also engaged in some detail with the Financial Services Commission (the “FSC”) on important regulatory issues, with particular emphasis on those arising from the anti-money laundering legislation and guidelines as they relate to insurance entities; and we have completed our work on a much-needed new product, being the drafting instructions for the Limited Liability Partnership legislation which we developed in collaboration with the Institute of Chartered Accountants (“ICAB”), with some support from the Barbados Bar Association (the “BBA”). Our committees have also continued throughout the year to dialogue with the Central Bank of Barbados (CBB) and the FSC on various developing regulatory guidelines and policies to ensure that requirements are not made which are adverse to our international financial services sector. I could not leave the work of the Committees without mentioning the work of the Governance Committee, constituted during my tenure. Best in class governance is an aspiration very close to my heart for BIBA and I am delighted to be able to say that this new committee has made meaningful inroads in the process of evaluating and enhancing our
  7. 7. 7 governance within BIBA. I am looking forward to seeing this project continue to unfold and find full fruition over the coming year. Through the work of selected members of our Board and our Executive Director BIBA has also been instrumental in shaping the Barbados’ response to FATCA, by virtue of our representation on the FATCA Task Force that is being jointly led by the CBB and Invest Barbados. In addition a small group of us have also initiated an ongoing project with the leadership of the Barbados Hotel and Tourism Association with the Minister of International Business and with the Minister of Tourism to formulate strategies for working in a transformational execution-based fashion on strategically selected initiatives which will benefit both tourism and international business as we exploit the synergies and interdependencies between the two sectors. This is another new undertaking in which I have taken a very personal interest and I remain committed to assisting in driving this new project forward. When I took office last year, I also pledged a more collaborative approach to tackling issues of cross- sectoral importance. During my tenure, BIBA has shared a mission with the BBA to identify and publicly reject the gravest ills besetting the legal justice system in Barbados and to insist upon greater accountability on the part of both the judiciary and the legal fraternity. These efforts are directed at stemming the tide of judicial inefficiencies and professional misbehaviour which threaten to undermine local and international confidence in Barbados as a safe and competitive place in which to do business. Simultaneously, we have also continued to collaborate with the ICAB, as mentioned already; and we have deepened our relationship with the Barbados chapter of the Society of Trust and Estate Professionals, holding one joint luncheon seminar with them and committing to further partnerships. We have also maintained our close working relationship with Invest Barbados and I continue to laud their indefatigable efforts, in spite of limited resources, to promote Barbados as a jurisdiction of choice for investors. Lastly we have instigated and created a sustainable collaboration with the public and private sector leaders in the tourism arena, to which I have already alluded. Public education was another focus high on my agenda and over the course of the year the Executive Director and I have appeared on several radio and television programmes to extol the benefits of international business to the Barbadian public, especially the critical role it plays in the survival and growth of the Barbados economy. No more so was this promoted than through International Business Week 2012, which was staged on October 21 – 27 that year. This week served as an intense and extended uniting “moment” for us in the international business sector and a wider group within the Barbadian public. Let me pause here and say that the time, energy and effort put in by those who volunteered to make this happen, was invaluable. Once again I express my heartfelt thanks to all who participated in the events of the week, and those who supported the activities through their kind contributions and sponsorship. I continue to applaud the BIBA Secretariat for collaborating with the Steering Committee and Sub-Committees to bring each great idea and event to impactful execution. This in turn leads me to affirm that not only in the planning and execution of International Business Week, but in all spheres of BIBA’s endeavors, the Secretariat is the engine room that keeps this entire association running. It would therefore be remiss of me not to thank our Executive Director, Mr. Henderson Holmes; our Senior Executive, Ms. Carmel Haynes; and our Executive Assistant, Ms. Lisa Martin for their valiant efforts behind- the-scenes to ensure that every BIBA activity or event is rolled out professionally, with style and to the benefit of our association’s reputation. As I close, I wish to thank the membership of BIBA for supporting my presidency, and also the Board and the Executive Committee of BIBA for working in their voluntary roles as if they were well-paid careers on which their lives depended. What I have seen in working with these groups is a collaboration and a fellowship that rivals the best of any professional and corporate social experience that I can imagine (and I have a creative, energetic and aspirational imagination, as those who know me well will confirm.) I trust that in the 2013-2014 year you will join with me in throwing your support behind our incoming President, Ryle Weekes, our incoming (again) First Vice President, Connie Smith, our entire incoming Board and the BIBA Secretariat. ■
  8. 8. 8 Executive Director’s Report Mr. Henderson Holmes Executive Director T he BIBA Secretariat continued to discharge its responsibilities of serving the interest of BIBA members by both responding to their directly expressed needs and by diligently implementing the initiatives of the Board of Directors and the various sub-committees. Highlights of the activities in which the Secretariat has been involved are as follows: Luncheons BIBA staged seven luncheon seminars over the course of the reporting period, the majority of which explored the international business opportunities that presented themselves in emerging and non-traditional source markets such as Latin America and the Middle East. The first was held on July 4, 2012 entitled: “Selected Markets in Review: Prospects for Barbados as an International Business Hub” and featured presentations by new BIBA president Ms. Melanie Jones of Lex Caribbean; Mr. Ben Arrindell of Cidel Bank & Trust; recently retired BIBA Tax Committee Chair Russ Jones, previously of PricewaterhouseCoopers, and Jerome Dwight of RBC Wealth Management. Afterthesummerbreak,therewasafollow-upluncheonon September 5 entitled: “Selected Markets Redux: Further Prospects for Barbados as an International Business Hub,” which featured immediate past president of BIBA Ms. Connie Smith, Mr. Wayne Kirton of Invest Barbados, and Simon Owen of Folio Insurance Management in Panama. On November 20, the first ever joint luncheon seminar with the Society for Trust and Estate Practitioners (STEP) was held and featured STEP member Mr. James Meyer of the Miami-based firm Harper Meyer Perez Hagen O’Connor Albert & Dribin LLP, who spoke on the topic: “Barbados as an Important Part of Latin American Business and/or Estate Planning. In the new year, Mr. David Viney, of new BIBA member firm David Viney Consulting, addressed the topic: “Doing Business with Qatar” for the January 2013 luncheon, which was timely given that Barbados had signed a Double Taxation Agreement (DTA) with Qatar in December 2012. The next luncheon was on February 20 and spoke to an issue that has garnered much focus from the international financial service companies and the wider membership: “Addressing the Challenge of Becoming FATCA Compliant”. This presentation was made by Ernst & Young representatives, Mr. Jamie McLachlan and Mr. Rendra Gopee. The most popular luncheon seminar staged for the year was the one held on April 17, which attracted close to 200 participants and featured new Minister of International Business, The Hon. Donville Inniss, who delivered a presentation entitled: “International Business – Our Best Hope in the New Economic Order”. The final luncheon for the 2012-2013 BIBA administrative year, held June 19, 2013, featured a presentation by BIBA past president Mr. Michael Berry, who spoke on the topic: “Latin Jaguars: Peru and the Power of Free Markets”. Business Partnerships BIBA partnered for the first time with the Caribbean Financial Action Task Force and the Barbados Association of Compliance Professionals to stage the Eighth Annual Anti-Money Laundering/Counter-Financing of Terrorism Conference in Barbados from January 31 to February 1, 2013. Despite having been organised in a relatively short space of time, this event still managed to attract 182 conference attendees and 30 workshop participants.
  9. 9. 9 BIBA once again partnered with Lexis-Nexis in the staging of its 2013 International Tax and Trust Congress, which was held on March 12 and 13. It attracted a lower participation than last year with 95 attendees inclusive of speakers, but the presentations were said to be of a high quality, despite dealing with very familiar topics. BIBA Networking Mingles The BIBA networking socials re-started early in 2013 under the coordination of the Senior Executive, Ms. Carmel Haynes, and thanks to consistent sponsorship, three have been staged over the reporting period with the intention of keeping up the bi-monthly pace for the rest of the year as the events grow in popularity. The first was staged on February 28 on the grounds of the George Washington House with the support of the resident cafe, The Stables Coffee Shop, and new entrant to the Barbados telecommunications environment, Karib Cable. That networking mingle attracted 76 guests. The second was held on April 25 at the refurbished and re- branded Radisson Aquatica Resort, formerly the Grand Barbados. This networking mingle attracted 107 guests and two member firms as sponsors: CGM Gallagher and Ernst & Young. The last one for the administrative year attracted 129 guests and was held at The Grove Show Home at the Limegrove Lifestyle Centre with the compliments of Altman Real Estate. The main sponsor of that event was Deloitte while the food and beverage sponsors were subsidiaries of the Goddard Group: GCG Events and Hanschell Inniss. Firms that are interested in sponsoring future mingles are encouraged to contact me or any of the other staff of the BIBA Secretariat to discuss how they can take advantage of this opportunity. BIBA Community Outreach Programme While offering commentary in the media on various issues of interest to international business in Barbados when called upon, I have also become a regular contributor to the Central Bank of Barbados’s International Business and Financial Services Newsletter providing a BIBA perspective on developments that affect our sector. I also made presentations to the Rotary Club South, The Kiwanis Bridgetown Club and the Sunshine Optimist Club on the nature and Contribution of International Business to the Barbadian economy, in furtherance of the BIBA Community Outreach Programme. International Conference Participation I attended the RIMS Conference & Tradeshow, held April 20-24, 2013, in Los Angeles, California, as part of the Barbados delegation. The Barbados delegation of 12 persons comprised seven industry professionals, two representatives from the Financial Service Commission,
  10. 10. 10 and two Invest Barbados officers. I assisted with manning the booth, visited all the exhibitors at the show and seized all opportunities to engage with delegates during the networking and social events. I also attended the 9th Captives & Corporate Insurance Strategies Summit, which was held in Toronto, May 22 -23, 2013. This conference, the only one held in Canada on captive insurance, continues to be very Barbados focussed as several of the speakers made references to Barbados as a domicile in which captive solutions can be provided. The conference has grown significantly this year compared with previous years; from about 50 participants in previous years to over 120 this year. There were 14 other participants from Barbados, excluding the two Invest Barbados officers stationed in Toronto. I met with Terrence Sooley, Director Conference Production and Research, who has responsibility for organising this conference. He informed me of their plans to take the conference across Canada and to especially target the oil and gas and mining centres. I assured him of BIBA’s continued support. Throughout the year a substantial amount of my time was spent in meetings with government agencies on a wide array of subjects of relevance to the interest of BIBA members. One of the bodies in which I represent the association on a monthly basis is the Joint Policy Working Group which is the committee appointed by Cabinet as the channel for apprising government of the issues affecting the international business sector, and recommending appropriate solutions. I also served as the official BIBA representative on the International Business Sector Task Force for the Development of a Strategic Plan 2012-2017. At the time of preparation of this report the second draft of the plan, which benefitted substantially from the feedback of BIBA members, was being completed for final review and refinement. Membership BIBA’s membership now stands at 182 member firms. Over the course of this administrative year BIBA has added 23 new members. The new members are: Advantage Offshore Managers Aliseo Reinsurance SCC Arcos Energy Inc Cache Media Ltd. David Viney Consulting Inc. Eckler Ltd. Globe Finance Inc. Hastings Attorneys-at-Law Justicia Chambers KCN Partners Inc. Kudu International Inc. Laven Financial Services Lisl B. Lewis FCA Palm Captive Consultants Ltd. RBC (B’dos) Trading Corporation Signia Financial Group Inc. St. George & Associates Ltd Sun Life Financial Reinsurance (Barbados) Limited Sun Life Reinsurance (Barbados) No.3 Corp The Chamber of Dr. Vanessa Kodilinye The Scotia Private Group Total Banking Corporation We welcome these new members and encourage all of their employees to support the association’s activities and volunteer to serve on our committees accordingly. ■ BIBA Secretariat Ms. Carmel Haynes Senior Executive Ms. Lisa Martin Executive Assistant
  11. 11. Annual Report 2012/2013 Committees’ Reports
  12. 12. 12 BIBA Banking Committee Chairperson: Mr. Andrew Alleyne Dancap Bank (Barbados) Inc. During the year under review, the Banking Committee focused on the following key issues: providing comments to the Central Bank of Barbados (CBB) on proposed revisions to the International Financial Service Act (IFSA); providing feedback on new draft guidelines; working with the Central Bank and government in responding to the increased attention being paid by the Canada Revenue Agency (CRA) to Canadian owned banks in Barbados; and keeping members abreast on current information on the United States Foreign Account Tax Compliance Act (FATCA). Canadian Tax Issues During 2012 the Banking Committee met with the CBB Governor, Dr. DeLisle Worrell and his senior staff to advise them on the key issues affecting Canadian owned banks. The BIBA Banking Committee collaborated with the BIBA Tax Committee to provide the Central Bank with a briefing paper which discussed many of the technical issues. Following the Central Bank’s official visit to Canada in September 2012, members of both committees attended a November meeting at the Governor’s residence to be briefed on the mission. Governor Worrell reported that his meeting with the Canadian Deputy Minister of Finance went well and Canada’s Deputy Minister of Finance had assured him that the CRA was not targeting Canadian banks in Barbados. However, the Deputy Minister of Finance’s comments appeared inconsistent with the feedback from several Canadian-owned banks operating in Barbados, which have been reporting increased scrutiny by the CRA. Working with Government in responding to Canada In March 2013, several members of the BIBA Executive attended a meeting with the Hon. Donville Inniss, Minister of International Business, and his senior staff. A number of international business and banking issues were discussed. Minister Inniss advised BIBA that a diplomatic note was delivered to the Prime Minister of Canada, which outlined the issues related to CRA’s aggressive stance in relation to Barbados banks and requested dialogue be opened between the two countries at the highest level. A response was subsequently received from Prime Minister Harper, which was described as “encouraging and favourable”. Central Bank Guidelines and amendments to IFSA The CBB issued several new draft guidelines and questionnaires during the final quarter of 2012 and the first quarter of 2013, as the CBB prepares for an FSAT review in 2013. The Committee submitted a letter to the CBB listing members’ concerns, with regard to the draft Corporate Governance Guideline. A final Corporate Governance Guideline was issued in February 2013, which incorporated many of the Committee’s recommendations. The Banking Committee also provided comments on the draft Measuring Capital Adequacy for Market Risk Guideline issued by the Central Bank in November 2012. In response to requests from banking and insurance members for professional assistance on implementing new guidelines, an RFP was circulated, requesting proposals to provide members with assistance in implementing new guidelines issued by the Central
  13. 13. 13 Bank and the Financial Service Commission. Three proposals were received and are being reviewed by representatives of the Banking and Insurance committees. FATCA The Committee Chair is one of three BIBA representatives on the Barbados FATCA Task Force, which is led by the CBB and Invest Barbados. The Task Force is considering the impact of FACTA compliance on reporting institutions and is making recommendations to Cabinet on the type of Intergovernmental Agreement (IGA) that Barbados should negotiate with the IRS. The Task Force has been researching Model I and Model II IGAs, as well as sample IGAs from other jurisdictions. The Task Force is recommending to Cabinet that Barbados engage in negotiations with the IRS to sign a reciprocal Model 1 IGA. The Committee is planning a technical seminar on FATCA for BIBA members. This is likely to be held in August or September 2013. ■ Ms. Shonda Forde Cidel Bank & Trust Ms. Marcia Cyrus CIBC FirstCaribbean International Bank Mr. Gerard Lussan Concorde Bank Ms. Dalia Littlewood Freedom Financial Inc. Ms. Erin O’Neil DGM Bank & Trust Mr. Mark Teversham Windemere Bank & Trust Mr. Michael Berry Glenhuron Bank Mr. Ross Parker PricewaterhouseCoopers SRL Mr. Gregory McConnie Brookfield International Bank Inc. Banking Committee Members
  14. 14. 14 BIBA Goverance Committee Chairperson: Ms. Dalia Littlewood Freedom Financial C urrent buzz words of world class governance include Transparency, Integrity, Performance, Oversight, Structure. The decision was taken this administrative year to form for the first time a Governance Committee that would assess and examine how the BIBA Board, Executive and Secretariat were operating, and whether or not their performances were aligned with international best practices. While there are many areas where the board is operating and aligned with best practices, an objective inner look helped identify areas for improvement. The Directors of the BIBA board completed an extensive Self Assessment Survey where there was an examination of the key international governance principles. The Governance Committee members created survey questions and evaluated the responses in preparation for the Board’s Self Assessment Workshop. The Board attended a Governance Self Assessment workshop where several areas were examined and debated. The outcome is the following recommendations: • Strategic Planning Align refreshed three year strategy with vision and mission. Track and measure successes. • Board Structure Conduct an annual review of appropriateness of size and composition prior to each AGM. • Board Meetings Restructure the meetings to have full Board meetings every other month and Executive Meetings on alternate months. Implement measures that will make meetings more effective. “BIBA seeks to improve its board performance to world class standards” Ms. Kerry-Ann Cato Brookfield International Bank Ms. Shonda Forde Cidel Bank & Trust Governance Committee Members
  15. 15. 15 • Selection of Directors, Orientation & Succession Planning The Executive Committee will propose directors to members based on a pre-determined list of criteria. An orientation program will be developed for new directors. Succession planning policies and process will be implemented. • Performance Measurement Formalize performance measurement of Executive Director by Executive Committee and in camera feedback from the Board. Evaluate performance of board members to ensure they are able to fully contribute and if not, then by-laws regarding removal/resignations should be enforced. • Member / Public Relations & Communication Implement communication plan and reach out for feedback on BIBA’s effectiveness. The BIBA Board will formalize the recommendations and prepare an implementation plan. The Governance Committee will support the implementation over the next year as well as embarking on preparing formal governance and roles and accountabilities documents for the board’s consideration. ■
  16. 16. 16 BIBA Insurance Committee Chairperson: Ms. Janice Burke Wentworth Insurance Regulatory Matters T he dominant topic for the year was the issuance of industry and anti-money laundering guidelines by the Financial Services Commission (FSC). While on the surface these were welcomed by the international insurance industry, there was much debate regarding interpretation and application, particularly surrounding the anti-money laundering (AML) guidelines. The industry continued to struggle with its inability to interpret and apply effectively, much of the language and requirements deemed to be onerous, simply because the AML guideline was written in the context of banking as opposed to insurance. These practical struggles, coupled with the fact that Barbados is now the only jurisdiction that appears to include reinsurance within the scope of its anti-money laundering regulations, is particularly troubling to the industry – including those currently invested in Barbados and those seeking to invest. On a broader scale, the underlying legislation, the Money Laundering & Financing of Terrorism (Prevention & Control) Act, 2010 (MLFTA), is troubling for the international sector as the definition of a financial institution per the Act, not only includes Exempt Insurance Companies (EICs) and Qualifying Insurance Companies (QICs), but also includes International Business Companies (IBCs). While we continue to dialogue with the FSC on these guidelines in an effort to develop a mutually beneficial partnership, there is a need for amendments to the definition of a financial institution within the context of the MLFTA. During the latter half of 2012 and early 2013, there was no relief from, in the words of my predecessor, the FSC’s “hazy start” in April 2011 and the “growing pains” seen in early 2012. This was evident in the resignation of the FSC’s CEO, Ian Carrington. Many in the industry who worked with and knew Mr. Carrington, were enthusiastic about the vision and future of the organization under his leadership and had expected that his tenure would last much longer than a very brief 18 months . His knowledge and understanding of the industry, and the future opportunities available to Barbados, will be sorely missed. Incorporated Cell Company Legislation As we look to the next year, we have made a start on proposing and lobbying for much needed Incorporated Cell company legislation. In order to remain competitive, it is necessary for our legislation to evolve. Many of our competitors have recognized the benefits of the Incorporated Cell Structure and enacted relevant legislation. A proposal for such developed by this committee with assistance from the BIBA Legal Profession Committee has been taken before the Joint Policy Working Group (JPWG) and a sub-committee of the JPWG will be assigned the task of moving this proposal forward through the necessary government channels. The government’s interest is encouraging and we are hopeful that meaningful progress will continue over the next year. ■
  17. 17. 17 Insurance Committee Members Ms. Marcelline Christie TD Reinsurance Mr. Peter Walford Imagine Insurance Mr. Claudio Macchi Manufacturers P&C Ltd. Mr. Wayne Fields DGM Bank & Trust Mr. Andre Procope Advantage Offshore Managers Ms. Paula Alleyne Manufacturers P&C Ltd. Mr. Christopher Evans CGE Group Mr. Mohan Nadwani DGM Bank & Trust Mr. Henderson Holmes Barbados International Business Association Mr. Gregory Smith Amphora Captive Insurance Managers Mr. Gabriel Kelly London Life and Casualty (Barbados) Corp. Mr. Vinston Hampden AON Insurance Management Services Mr. Nicholas Crichlow Marsh Management Services (Barbados) Mr. Grafton Williams UI Management Inc. Ms. Bertha Pilgrim Eckler
  18. 18. 18 BIBA Legal Profession Committee Chair: Ms. Melanie Jones Lex Caribbean D uring the 2012 – 2013 year, the Legal Profession Committee (LPC) continued to focus on initiatives from the previous year and continued to deepen its collaborative efforts with the Barbados Bar Association (BBA) and other BIBA Committees. The LPC finalised its work on the Limited Liability Partnership (LLP) legislation initiative previously begun with the Institute of Chartered Accountants of Barbados (ICAB) by assisting in finalising the drafting instructions, with particular focus placed on the areas of taxation, international licensing and the audit threshold. Driven by concerns over the evident shortcomings in the Barbados court system, which were becoming a powerful deterrent to business and a fundamental impediment to Barbados’ competitiveness and therefore its economic future, the LPC, with the support of the entire BIBA Executive, collaborated with the Bar Association to press the Chief Justice to address the serious deficiencies plaguing the system. In October 2012, following my attendance at a meeting of the Bar Association, I was requested to review past correspondence between the BBA and the Chief Justice on the dire challenges within the justice system, after which, I drafted a letter that was sent by the President of the BBA to the Chief Justice in November. As a result of this letter, the Chief Justice met with BBA President Andrew Pilgrim and senior members of the Bar Council and committed to the implementation of certain Practice Directions proposed by the Bar Counsel, which promise to alleviate some of the most aggravating practical difficulties in the system. Since then, a Benchmark Committee was put in place by Mr. Pilgrim and the Chief Justice to discuss and resolve the justice system issues. Since the constitution of the Benchmark Committee various Practice Directions recommended by the Bar Association to the Chief Justice have been implemented, offering mitigation of some of the most serious day to day frustrations experienced by attorneys and their clients. Where we are now is that we have seen enough engagement and action to give us a sense of cautious optimism that change will come to the justice system. This represents progress, because candidly, hopelessness and disillusionment better characterized generally held attitudes when our committee first took the plunge into this particular pool of alligators. Since the beginning of 2013 the LPC has been collaborating with the BIBA Insurance Committee to develop a case for Incorporated Cell Legislation for Barbados. I supported past Insurance Committee Chair Mr. Chris Evans in preparing an initial draft paper outlining the business opportunity for such legislation based on an article written by Tom Jones, immediate past chair of the committee. This is being further reviewed and next steps planned. We also examined proposed changes to the Companies Act and joined in the effort led by the IBCs and Service Providers Committee to formulate detailed responses on the proposed changes. Other areas of focus for the LPC over the course of the year were reaching out to Invest Barbados to better define ways that they could collaborate on outward marketing missions by the legal profession to key international business source markets; and requesting Invest Barbados’s support in highlighting the particular deficiencies in the recently implemented Special Entry Permits regime for High Net Worth Individuals (HNWIs)
  19. 19. 19 Legal Profession Committee Members Mr. Henderson Holmes BIBA Mr. Aidan Rogers Blue Corporate Managers (Barbados) Inc. Ms. Tara Frater Lex Caribbean Ms. Sade Jemmott Lex Caribbean Ms. Gillian Clarke Clarke Gittens Farmer Ms. Ayo Barnard Rawlins Harridyal-Sodha & Associates Ms. Kathy-Ann Christian Christian Law Chambers Dr. Wilhelm Bourne Alpha & Omega Law Chambers Mr. Daine Hinds Delany Finisterre Mr. Sean Lewis Alpha & Omega Law Chambers that were in need of attention if Barbados was to be functionally attractive to HNWIs. I also took the opportunity to highlight this and other procedural concerns to the new Minister of International Business, The Hon. Donville Inniss, when I led a BIBA delegation in my capacity of President of the association to meet with him at the start of his term of office. During our meeting, I spoke of many lost opportunities because of a lack of a holistic coordination of the treatment and orientation of business prospects and I argued that when prospective foreign investors bring projects to Barbados, which is by definition an international business project, then the Ministry of International Business should act as a central coordination agency within government for the numerous ministries with which the foreign investor may need to engage. The Minister expressed a willingness to play this role. Looking ahead we intend to build on the work done over the last year to consolidate those efforts into additional tangible results. We also intend to foster a deeper collaboration with the BBA especially in the lawyers regulation and discipline arena and to identify and progress in a strategically focussed manner, key legislation- related and jurisdiction- marketing initiatives. ■
  20. 20. 20 BIBA Marketing and Communications Committee Chairperson: Ms. Renatta Mohammed Deloitte O ver the course of the reporting period, the BIBA Marketing and Communications Committee focused on three areas: producing a BIBA Communication Guide, a BIBA Brand Guide, and recommendations for the establishment of the BIBA Marketplace. The Communication Guide and the Brand Guide need to be accepted and reinforced by the BIBA Executive while the BIBA Marketplace recommendations provide the blue print for this on-line advertising service to be launched. The Communication Guide was designed to clearly outline the communication channels and areas of authority for use by the BIBA Executive and Secretariat while the Brand Guide provides suggested templates and pays homage to the use of the BIBA logo. The BIBA Marketplace recommendation provides suggested ad rates and sizes as well as promotional guidance to make this on-line service a revenue generating, resource site for BIBA’s membership and others. Several members of the Committee provided input to BIBA events, conferences and the creation of supportive material. The Chair Ms. Renatta Mohammed served on the Steering Committee for International Business Week (IBW) 2012; while Ms. Joan Workman, also of this Committee, served as the chair of the and IBW 2012 Public Education Committee. The on-going working relationship between the Committee and the Secretariat was strengthened with the Committee members serving as a sounding board for advice and idea generation for the development of BIBA events and their subsequent marketing and promotion. ■ Marketing and Communications Committee Members Ms. Carmel Haynes Barbados International Business Association Ms. Marquita Sugrim Ms. Nia Vlahakis Caribbean Business Publications Inc. Ms. Natasha Vlahakis Caribbean Business Publications Inc.
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  22. 22. 22 T here has been much interaction between the Tax Committee and other BIBA Committees; namely the Banking and Insurance Committees. The Tax Committee’s input was sought on responses to the Canada Revenue Agency (CRA) tax audits of Canadian private banks registered in Barbados, and on proposed changes to the International Financial Services Act. The Insurance Committee met with me and two colleagues from Ernst & Young Canada to discuss developments in that market and the insurance industry in general. The Tax Committee also provided guidance on tax return filing requirements and provided input on the Insurance Committee’s thrust to develop a case for Incorporated Cell Companies in Barbados. More broadly, the slow economic recovery being experienced in the Organisation for Economic Cooperation and Development (OECD) states and other developed countries has led to many interesting developments in taxation over the past year. Initially, the race continued between countries to increase the number of their Tax Information Exchange Agreements (TIEAs) and Double Taxation Agreements (DTAs). Also, countries endeavoured to meet the requirements of the Phase 2 peer reviews required under the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes. Then, the OECD moved the goal posts, again. This time it was in the form of its publication on Addressing Base Erosion and Profit Shifting. This publication, together with media reports about Starbucks, Google and other multinationals needing to pay their fair share of taxes, fuelled a public debate which still continues. The action points of the recently concluded G8 summit held in Lough Erne, brought all of these matters together with the concept of tax authorities automatically sharing information to fight tax evasion. Where this will end, no one knows, but in Francois Hendy’s blog she predicted that: “the next OECD ranking of countries will include a category of jurisdictions who have indicated no interest in the new automatic exchange of information standard and have yet to receive a passing grade in either one or both of their assessments. What (we) do not know is whether a jurisdiction who is fully compliant with the elements in both assessments, if such a jurisdiction exists, will still be blacklisted by the OECD, if they too, express no interest in ‘automaticity’”. On the matter of Double Taxation Agreements (DTAs), during the year, Barbados continued to increase its DTAs and other agreements. • Double Taxation Agreements (DTAs) There are thirty-two (32) DTAs in force. The CARICOM multilateral DTA counted as ten (10). • The new (revised) Barbados/U.K DTA entered into force on December 19, 2012. • The Protocol to the DTA with Sweden entered into force on December 12, 2012. • The Protocol to the DTA with Finland entered into force on June 1, 2012. BIBA Tax Committee Chairperson: Ms. Maria Robinson Ernst & Young
  23. 23. 23 • Awaiting ratification There are five signed DTAs (i.e. with Ghana, Portugal, Bahrain, Qatar and San Marino) that are awaiting ratification. • Awaiting signature There are seven DTAs that have been initialed that are awaiting signature (i.e. with Italy, Vietnam, Belgium, Singapore, Slovak Republic, United Arab Emirates and Malaysia.) There are two signed Protocols to the existing DTAs which are awaiting ratification (i.e. with Norway and Canada). • Tax Information Exchange Agreements (TIEAs) The TIEAs with Denmark and Greenland are currently in force. The signed TIEA with the Faroe Islands is awaiting ratification. Additionally, there are three initialled TIEAs that are awaiting signature (i.e. with Germany, France and South Africa). • Bilateral Investment Treaties (BITs) Finally, there are 11 BITs signed with nine currently in force. The two BITs not in force are with Ghana and the Belgium Luxembourg Economic Union (BLEU). They are awaiting ratification. Looking at markets, activity in the international financial services sector originating from Mexico increased. Healthy levels of activity were also seen from Central America, notability from Panama. Owing to the reduction in tax rates for international business companies, there was some slowing down in the number of Canadian head quartered companies that left Barbados for no- tax jurisdictions with TIEAs. However, the effectiveness of Barbados’ rate reduction in keeping international businesses here may only be short-lived should such migrant companies obtain positive confirmation from the CRA that exempt surplus treatment can be obtained on repatriation of their profits to Canada. On the other hand, we are aware of an up-tick in CRA’s tax audit activity in our jurisdiction and some consequent fall out. In time the non-tax jurisdictions will also feel these effects. This has been my first year as Chair of the tax committee and I would like to thank BIBA for affording me this opportunity. ■ Tax Committee Members Mr. Gilles Gosselin SG Global Consulting Mr. Andrew Brathwaite AFB Consulting Inc. Mr. Howard Henry OSS Advisors Ms. Gloria Eduardo PricewaterhouseCoopers SRL Ms. Dominique Pepin Ernst & Young
  24. 24. 24 BIBA Service Providers/IBCs Committee Chairperson: Ms. Connie Smith Tricor Caribbean A s Chair of the Service Providers Committee, it is my pleasure to update on the Committee’s efforts over the past year. A number of initiatives were identified by the Committee for attention, these included: 1. Where possible, partner with the International Business Unit, the Office of the Chief Parliamentary Council and the Attorney General’s Chambers regarding proposed draft legislation, namely: a) Private Trust Companies Act b) Foundations Act c) Regulations to support the International Corporate and Trust Service Providers Act 2. Together with the same agencies identified at 1. above, work though amendments proposed to: a) Money Laundering and Financing of Terrorism (Preventions and Control) Act b) The International Corporate and Trust Service Providers Act c) The Society with Restricted Liability Act d) The International Business Companies Act 3. Continue to identify and recommend opportunities where improvements to the ease of doing business in Barbados by both the private and public sectors. 4. Harness every opportunity to work closer with BIBA’s strategic partners. The Committee was pleased with the enactment of the Foundations Act as well as the Private Trust Companies Act; these are both still awaiting proclamation. However, there are legitimate concerns surrounding the success of these two pieces of legislation. First, that licensed Corporate and Trust Service Providers are required to register Foundations, but as the Regulations to support the International Trust and Corporate Service Providers Act (“the Service Providers Act”) have not yet been finalized, service providers are not yet being licensed. Secondly, it is our understanding that as products or solutions like Trusts, Foundations and Private Trust Companies are not highly favoured by the Global Forum’s assessors; it is entirely possible that these new solutions may be under unnecessary scrutiny from that perspective. The Committee also obtained a copy of the Amendments to the Companies Act Cap. 308 and other Related Legislation proposed by the Registrar of Companies. These Proposals contained a number of challenges from the services providers’ perspective, which in our estimation, if adopted, could well render the jurisdiction hopelessly uncompetitive and destroy the utility of the regime as a product that we can promote effectively. The Committee conducted a review of the Proposals and formally wrote to the Registrar with our comments on same. The Chair, together with other members of the Executive, also met with the Minister with responsibility for International Business to outline our challenges with the Proposals and provide alternative solutions. We hope that these alternative solutions will be favourably considered. The Committee continues to recommend a number of changes to the Service Providers Act. BIBA was previously given assurances that these amendments would mostly be implemented and we therefore continue to bring these amendments to the attention of those responsible. We consider that it is an imperative that all service providers operating within Barbados be regulated
  25. 25. 25 to the same standard, which is customary in jurisdictions offering similar services. With regard to amendments to other legislation, for some time now, BIBA has articulated a desperate need for all enabling legislation to be reviewed and amended holistically. We consider that often, amendments are made to a singular piece of legislation without considering the impact on other enabling legislation. This practice is detrimental to the jurisdiction’s success. In the meantime, we have offered that the issuance of Policy Directives or Guidance Notes, together with regular engagements with those operating in the industry would be beneficial. As Chair of this Committee, I, with other members of the Executive have engaged the Minister with responsibility for International Business on the jurisdiction’s progress through Phase 2 of the Global Forum’s Peer Review process. Members would recall the Global Forum was satisfied with the assessment of Barbados’ Supplemental Report to the Phase 1 process and in April 2012, informed that Barbados would be required to undergo the Phase 2 review in 2013. While Phase 1 focused on the legislative framework to facilitate transparency and exchange of information for tax purposes, the Phase 2 process focuses on the implementation of the international standard in practice of exchange of information. ■ Service Providers/IBCs Committee Members Ms. Julia Taggart Cidel Bank & Trust Mr. Stephen Greaves Platinum Offshore Management Services Ms. Ronaele Dathorne-Bayrd PricewaterhouseCoopers SRL Ms. Lois Inniss JLT Towner Barbados Ms. Cadian Drummond Harridyal Sodha & Associates Ms. Tara Frater Lex Caribbean Mr. Roland Jones RBC (Caribbean) Corporation
  26. 26. 26 I n 2012/13 BIBA-Canada continued to grow its membership base and its involvement in support of Canadian investors looking to Barbados as a strategic partner in their global competitive strategy. In May 2012, BIBA-Canada organized a series of lawyer- to-lawyer meetings in Toronto and Calgary for a team of lawyers from the BIBA Legal Profession Committee comprising four different Barbados law firms, who visited multiple legal firms in Toronto and Calgary. It was declared by the organizers to be a major success - relationships were enhanced and new business opportunities explored. That same month, Chairman Tom Sears was honoured for his work in international business when the Governor General of Canada, the Right Honourable David Johnston, presented him with a Visitation Medal while both were in Barbados. In June 2012, we were delighted to greet Barbados Prime Minister Freundel Stuart as he traveled to Toronto and spoke at the Toronto Board of Trade. The Prime Minister underscored the importance of Canada’s international business community and the long standing relationship between these two great countries. The Prime Minister also used the opportunity to announce key new business incentives that are seen by practitioners as critical to preserving and growing business relations between Canada and Barbados.  It was decided to grow the BIBA-Canada Board by two positions and we were very pleased to welcome Kieran Young of DGM Bank Canada and Kip Shaw from Cidel Bank and Trust Canada to the Board. Additionally we have been investigating the possibility of expanding BIBA-Canada’s reach into Calgary under the leadership of Gord Anderson at Cidel Bank. BIBA-Canada continued to work closely with Invest Barbados in their marketing efforts across Canada and attended several key events, including Invest Barbados’s annual Symposium in Toronto in June, and the Oil & Gas Mining breakfast in Calgary in October. Similarly BIBA- Canada continued to play an important role providing advice to the Governor of the Central Bank of Barbados, Dr DeLisle Worrell during his annual visit to the Office of the Superintendent of Financial Institutions and the Bank of Canada. The Board also continued to work with the Barbados High Commission in Canada throughout the year with their efforts to ensure that our relationship with Canada’s Ministries of Finance and Foreign Affairs remains strong. Looking forward we see the role of BIBA-Canada growing to support the on-going needs of the international business community and we look forward to welcoming our BIBA membership whenever they visit Canada. ■ BIBA Canada Chairperson: Mr. Tom Sears
  27. 27. 27 BIBA Charity Trustee Chairperson: Ms. Lisl Lewis Lisl Lewis FCA T he BIBA Charity was registered by charitable trust deed on March 5, 2010, and acts as a conduit for BIBA members and other interested parties to donate to the Barbadian community in which they make their home. Since registration in 2010, the Charity has focussed on public healthcare as its main charitable objective. The Charity has had an active year of fund raising and donations, starting in October 2012 with the ever-popular Fun Walk/Run which kicks off the International Business Week festivities. The event, which saw a significant increase in the number of runners compared to previous years, was well attended and supported by BIBA members and the wider Barbadian public. In February 2012, the Charity donated more than $90,000 in medical equipment to the eight polyclinics across Barbados. The donated equipment included foetal monitors and oxygen concentrators for every polyclinic. The machines were specifically identified by the Chief Medical Officer and her team as being priority items for the polyclinics, allowing these primary care institutions to improve the level of prenatal and asthma care delivered to the Barbadian public. In accepting the donation, Minister of Health, Donville Inniss, commended the Charity for the generous contribution that “will help us deliver a higher quality service to those who come before us.” In May, the Charity was able to sponsor the creative design T-shirt competition staged by the Child Care Board for the children in residential children’s homes as part of their Child Month activities. The theme for Child Month 2013 was “Healthy Families: A Brighter Future for our Children”, and the competition saw more than 40 entries. It was heart warming to see the level of effort that was put into the submissions, as these young artists in foster care interpreted what this theme meant to them. The Charity continues to plan its fundraising calendar for the rest of 2013/14, and will be holding the annual Fun Walk/Run and an exciting new closing event as part of International Business Week 2013. Our focus this year for donations will be specific projects at the Sir Mr. Peter Boos Caribbean Business Publications Mr. Henderson Holmes Barbados International Business Association Ms. Dawn Williams Meridian Law Ms. Louisa Lewis-Ward PricewaterhouseCoopers SRL Trustees Advisors Winston Scott Polyclinic, one of the highest traffic polyclinics on the island, and we are working with their Medical Officer to determine how best we can help them. You will be hearing more about this worthy cause soon! We look forward, as always, to your support, and invite you to make tax-deductible direct donations in addition to participating in the fundraising events. ■
  28. 28. 28 I nternational Business Week (IBW) continues to play a pivotal role in sensitizing the Barbadian public to the significant contribution the sector makes to the local economy and the country’s international reputation. IBW 2012 was held during the week of October 21- 27 under the theme: “Innovation: Our Pathway to New Horizons”. Judging from the comments made by attendees after the events, the wide media coverage and engaged participants; it is fair to say that the week was once again successful. This year the church service which traditionally kicks off the week was held on Sunday, October 21, at the beautiful and serene St. George Parish Church. The packed congregation included Attorney General Adriel Brathwaite, who delivered a special message, as well as BIBA directors, members and strategic partners, and was presided over by Reverend Canon Gooding. For the first time during IBW, after the service light refreshments were served to the congregation on the grounds of the church to allow an opportunity for the worshippers to engage the visiting members of the international business sector in light conversation. The BIBA Charity Fun Run/Walk was the next event that afternoon and saw over 300 runners and walkers drawn from the general public and BIBA member firms traverse the 5KM route, culminating in a Sunday afternoon lime at Dippers bar. The maquee social event of the week, the Opening Reception on Monday, October 22, exceeded the expectations of many. The wonderful ambience and culinary delights of the Cin Cin by the Sea restaurant were a fitting complement to the stylish fashions and exhuberent repartee of the over 200 attendees. Minister George Hutson delivered the featured remarks to the well-watered crowd before the night came to a satisfying end. On Tuesday, October 23, over 400 students from over 20 Secondary schools converged on the Lloyd Erskine Sandiford Centre for the Secondary Schools Symposium. Afterpresentationsfromanumberorindustryprofessionals on their working lives, the youngsters benefitted from small breakout sessions where they could engage the professionals on a variety of career options. The public discussion forum was held later that evening at the same venue. Staged under the theme “Barbados to the World”, panelists were Irish innovation expert Dr. Eddy Molloy, Ken Campbell of Invest Barbados, Immediate Past President of BIBA Connie Smith, and Dr. Justin Robinson of the University of the West Indies (UWI) Cave Hill, explored the industry’s growth prospects with moderator Patrick Hoyos. The next day, the Careers Showcase was once again staged on the Guild Lawn of the UWI Campus, where students were able to gain career guidance from various international business representatives from both the public and private spheres including Auditors, Corporate Secretaries, Lawyers and Wealth Managers. Closing the week was the IBW Conference, which has established itself as a fixture on the calendars of industry practioners. For over a day-and-a-half commencing on Thursday, October 25, over 250 attendees absorbed the wisdom, experience and at times humour of a stellar cast of local and international presenters. David Darst’s International Business Week 2012 Steering Committee Chairperson: Mr. Ryle Weekes Cidel Bank & Trust
  29. 29. 29 riveting presentation on the future of investments, Avinash Persaud’s candid plea for a more robust on-island telecommunications service and Jonathan Garbutt’s encouraging presentation on why Barbados would remain the preferred choice by most Canadian multinationals even in the face of the rapidly increasing Tax Information Exchange Agreement jurisdictions were some of the highlights of the conference, which was in its third year of production. The success of the IBW 2012 was largely attributed to the careful planning, tireless effort and selfless commitment of the Steering Committee and Subcommittee members, and the BIBA Secretariat, who worked diligently for over six months to make it all happen. I commend them for their contribution and look forward to their continued support. I anticipate that IBW 2013 will be even better, offering BIBA members, sponsors and the general public even more to celebrate. ■ International Business Week 2012 Steering Committee Members Ms. Connie Smith Tricor Caribbean Ms. Diana Wilson-Patrick Lex Caribbean Dr. Anthony Fisher University of the West Indies, Cave Hill Mr. Dustin Delany Delany Finisterre Attorneys-at-Law Mr. Elliott Barrow RBC Wealth Management Ms. Emeline Taitt Invest Barbados Ms. Gaile Fingall Immigration Department Mr. Godfrey Hinds Corporate Affairs and Intellectual Property Office Ms. Janice Burke Wentworth Insurance Ms. Joan Workman OSS Advisors Mr. John Skinner Ministry of International Business Ms. Lisl Lewis BIBA Charity Ms. Melanie Jones Lex Caribbean Mr. Michael Foster Amphora Life Mr. Neville Pollard Central Bank of Barbados Mr. Ricardo Mapp Department of Inland Revenue Mr. Henderson Holmes Barbados International Business Association Ms. Carmel Haynes Barbados International Business Association
  30. 30. 30 International Business Week 2012 THANK YOU The President and the Board of Directors of the Barbados International Business Association extend our gratitude and appreciation to the Sponsors, Donors and Strategic Partners who have collaborated with us to stage the 4th International Business Week. We look forward to continuing to partner with each of you on future initiatives. Event Sponsors and Contributors Barbados Public Workers Co-operative Credit Union Ltd., Bank of Nova Scotia, Brookfield International Bank, Chancery Chambers, Deloitte, Fortress Fund Managers, Glenhuron Bank, JLT Towner, Kixko Inc., Ministry of International Business and International Transport, Oliver Wyman, PricewaterhouseCoopers SRL, Summit International Bank The Central Bank of Barbados The Immigration Department The Inland Revenue Department Invest Barbados The Ministry of Education The Ministry of International Business and International Transport The University of the West Indies, Cave Hill PLATINUM SPONSOR BRONZE SPONSORS STRATEGIC PARTNERS INTERNATIONAL BUSINESS WEEK OCTOBER 21-27, 2012
  31. 31. 31 International Business Week 2012
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  35. 35. The Barbados International Business Association #19 Pine Road, Belleville St Michael, B11114 Tel: (246)434-2422 Fax: (246) 434-2423 E-mail: biba@biba.bb www.biba.bb

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