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New board of directors elected at BFSB 2014 AGM

The Bahamas Financial Services Board hosted its 2014 Annual General Meeting September 24 at the British Colonial Hilton Hotel. 

Thursday, October 2, 2014
Thursday, October 2, 2014

The Bahamas Financial Services Board (BFSB) hosted its 2014 Annual General Meeting (AGM) September 24 in the Governor’s Ballroom of the British Colonial Hilton Hotel.

Chief executive officer Aliya Allen (pictured) in her annual report to members spoke to the co-existence of opposite states of play within the industry.

“Embroiled in challenges we’ve nevertheless seen glimpses of how wonderful our future as an industry could be,” she said. She highlighted the activities of BFSB over the previous year, including the introduction of the ICON in recent months, and spoke to the ongoing challenge of creating value while servicing a diverse membership.

Allen identified several factors that will be critical for the success of the financial services industry going forward: business efficacy, regulation, industry engagement and cooperation among key stakeholders including the government and the regulators, as well as a sound financial services policy framework, and innovation. She said strengthening the strands in an appreciable way, individually and collectively, is a part of BFSB’s vision for the future.

The CEO extended appreciation to the government, the regulators, the board of directors, professional industry associations and the general membership for all the successes enjoyed to date.

At the AGM, members elected the BFSB Board of Directors for the 2014-2016 term.

Company directors elected include: Llewellyn Boyer-Cartwright, Callenders & Co; Timothy Colclough, Butterfield Trust (Bahamas) Ltd; Christel Sands-Feaste, Higgs & Johnson; Steven Ferguson, UBS Trustees (Bahamas) Ltd; Heather Bellot-Hazarian, BCS Fiduciary Services; Juan Iglesias, Andbank (Bahamas) Ltd; Vanessa Knowles, Credit Suisse AG Bahamas Branch; Samantha Knowles-Pratt, Delaney Partners; Michelle Pindling-Sands, Graham Thompson; Jeremy Profitt, RBC Wealth Management; Prince Rahming, PricewaterhouseCoopers; Khrystle Rutherford-Ferguson, Fidelity Bank (Bahamas) Ltd; C James Schaefer, Old Fort Financial; Michele Thompson, Ernst & Young; Fabrizio Tuletta, BSI Overseas (Bahamas) Ltd; and April Turner, McKinney, Bancroft & Hughes. Elected as representatives of their respective Professional Industry Associations were: Ivan Hooper, Association of International Banks & Trust Companies in The Bahamas; Shasta Treco-Moxey, Bahamas Association of Compliance Officers; Dwana Davis-Imhoff, Bahamas Bar Association; Howard Knowles, Bahamas Insurance Association; Darnell Osborne, Bahamas Institute of Chartered Accountants; Brian Jones, Bahamas Investment & Securities Business Association; Coretta Owen, Bahamas Real Estate Association; Sean Albert, Clearing Banks Association; Kevin Burrows, CFA Society Bahamas; and Marie Cargill, Society of Trust & Estate Practitioners.

Allen and Dr Nicola Virgill-Rolle, director at the Ministry of Financial Services, will serve as permanent directors.

The new board will elect the chairman, vice chairmen, treasurer and secretary of BFSB at its October meeting.

Secretary general of the Commonwealth Secretariat Kamalesh Sharma met with the Prime Minister and the governor general during an official visit to The Bahamas this week.

Tax transparency will continue to dominate the financial landscape for the foreseeable future, according to a leading US tax lawyer, who has praised the efforts of The Bahamas' Ministry of Finance in positioning the jurisdiction ahead of the trend for greater disclosure and compliance.

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