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IN THIS ISSUE The Bermuda Society Bermuda Liaison Group The Bermuda Association Business-to-Business Travel Package Review of 2000 BIBA Tourism Programme of Events for 2001 The Bermuda Society Newsletter - Issue 1 Autumn 2001 41379 BoB newsletter 5/11/01 12:34 pm Page 1

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Page 1: The Bermuda Societythebermudasociety.com/wp-content/uploads/2014/11/... · The Bermuda Society Bermuda Liaison Group The Bermuda Association Business-to-Business Travel Package Review

IN THIS ISSUE

� The Bermuda Society

� Bermuda Liaison Group

� The Bermuda Association

� Business-to-BusinessTravel Package

� Review of 2000

� BIBA

� Tourism

� Programme of Events for2001

The Bermuda SocietyNewsletter - Issue 1Autumn 2001

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Message from The ChairmanThe awfulness of the events of September 11th inNew York and Washington - which were gross acts ofgratuitous evil, perpetrated on innocent anddefenceless persons - has deeply shocked allreasonable and rational people across the world. Themalicious killing of some 7,000 human beings ofmany nationalities and ethnic backgroundsdemonstrated in an horrific way the hideous andtwisted minds of those who planned and carried outthese atrocities. Sadly, like many other places,Bermuda has been directly and indirectly affected -Bermudians are amongst those missing believedkilled in New York - and the effects ripple outwards.

The Bermuda Society expresses its deepest sympathyto those who have suffered loss of family, friends orcolleagues.

The social and economic effects on the victims are yetto be fully felt. Bermuda, of course, will survive.

Now is the time, however, to put every effort intosupporting Bermuda and helping her through thedifficulties, which one hopes will be short-term. TheBermuda Society commits itself to this end.

New Discussion Paper"FutureTrendsBermuda"The atrocities of September 11th in the U.S. have hadan impact of major proportion around the world - notleast the offshore world - and not least Bermuda.

This discussion paper - produced by Bill Storie -addresses where Bermuda could be headed, changesand opportunities within the overall economy,insurance / reinsurance and e-commerce. Access thisdocument on http://www.wrsl.com/FutureTrendsBermuda.html or e-mail Bill Storie at [email protected].

The Bermuda SocietyThe Bermuda Society's (TBS) stated aim is to fosterclose links between Bermuda, the United Kingdomand Europe, particularly in the areas of finance,commerce, economics and politics. Since theSociety's inception in 1987 it has successfullymaintained strong links with both Houses of the British Parliament, and the Commonwealth

Parliament ary Association, with figures in the City ofLondon, in tourism, air transportation, theprofessions, insurance, reinsurance and banking aswell as other opinion formers who have Bermuda'sinterests and good name at heart.

The Society's Committee of Management (whichequates to a Board of Directors) comprises manyleading figures and includes an ex-Governor ofBermuda, an ex-Lord Mayor of the City of London,an ex-Premier of Bermuda, a senior executive ofBritish Airways, the London representative of BIBA'sPR consultants, a senior figure in Bermuda tourism, asenior UK lawyer, a senior UK accountant and aretired CEO of a Bermuda bank, amongst other seniorexecutives from the world of international business.The Premier and Governor of Bermuda are bothPatrons of the Society.

Equally, the list of corporate and private members ofThe Bermuda Society reflects a similar level ofinterest and influence. There is a wide range ofinvolvement, which reinforces the Society's aims andobjectives. This all translates into a close andvaluable liaison between Bermuda and the UK andEurope - with the potential to expand to NorthAmerica

The Society has appointed Gary Phillips (latelyDirector of Tourism) as Coordinator in Bermuda tolook after the Society's interests, to build on the closerelationship with the Bermuda International BusinessAssociation (BIBA), to develop the association withthe Bermuda Chamber of Commerce particularly theInternational Companies Division now theAssociation of Bermuda International Companies, torecruit new members and to enhance the Society'simage on Island.

The Bermuda Society's website can be accessed at:www.bermudasociety.com

There you will find a broad selection of informationabout the Society.

Bermuda Liaison GroupThe Bermuda Liaison Group (BLG) is a workingparty comprising those who are helping to representBermuda's interests in Britain - these include theBermuda Group of the Commonwealth ParliamentaryAssociation, the Overseas Territories Department ofthe Foreign and Commonwealth Office, Matheson &Co. Limited, the Bermuda Tourism Office in London,the PR firm representing the interests of the FinanceMinistry of the Bermuda Government and the PR firmrepresenting BIBA in London. In this way, it is hopedto harness the maximum benefit for Bermuda's profileand good name in Britain.

The Bermuda AssociationThe Society is considering the possibility ofbroadening the base of the BLG to embrace a coregroup of corporate entities (The BermudaAssociation) with significant interests in Bermuda. Itis hoped this will act as a focus for those major U.K.entities which want to remain informed and current onBermuda and to have a forum for discussion aboutways of supporting and enhancing their use ofBermuda.

In addition, it is anticipated that the BermudaAssociation will be a highly focused support in theUnited Kingdom for the Bermuda InternationalBusiness Association and the Association of BermudaInternational Companies (the old InternationalCompanies Division of the Bermuda Chamber ofCommerce)

Business-to-Business TravelPackageAs a direct benefit to Members, TBS has developedan attractive travel and business contact package forcorporate members of the Society, using the facilitiesof a leading independent tour operator and the officesof BIBA and the BCC. As well as providing realbenefits to those with established links to Bermuda,this Business-to-Business package will be ofparticular value to Member organisations wishing toappraise and evaluate the many commercialopportunities or to those seeking to initiate or expandbusiness activity in Bermuda.

This facility is now operational from the UK and iscurrently showing savings of between 12% - 30% onpublic travel and accommodation rates.

Review of ActivityTBS Chairman, Charles Vaughan-Johnson visitedBermuda three times during 2000.

In January, his programme included a lunch meetingwith the BIBA Executive and a meeting with theGovernor. This provided an opportunity to discuss awide range of issues pertaining to Members.

In May his programme included a BIBA Members'Forum and discussions on a joint TBS/BIBA/ICD of

The Bermuda SocietyThe Bermuda Society

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employees and 1,414 non-Bermudians worked for theinternational companies. Total income generated byinternational companies was $1,215 million. Totalpublic sector revenue generates $248 million. Netimpact on Balance of Payments was $639 million.Total employment generated was over 9,200 jobs anda further 4,500 were strongly influenced.

Receipts from international companies increased by2.3% to BD$221 million in the first quarter 2001compared to first quarter 2000.

Accenture Ltd. (ex-Andersen Consulting) hasregistered its holding company in Bermuda -according to documents filed with the US Securitiesand Exchange Commission.

The continued strong growth of the internationalsector of the economy is greatly welcomed by theSociety.

The Bank of Butterfield has bought CIBC's (CanadianImperial Bank of Commerce) Guernsey operations.

The Bank of Butterfield reported record annual netincome of BD$60.74 million for the financial yearended 30 June 2001 - up 50.5% over the previousfinancial year.

The Bank of Bermuda reported core operating incomeof BD$27.7 million for the second quarter ended 30June 2001, but a charge for an out-of-court settlementwith investors in the Cash 4 Titles scam reduced thatamount to BD$3.1 million.

The Bank of Bermuda on 9 July 2001 announced thelaunch of an offshore hedge incubator aimed atAustralian resident managers

The BSX recorded a 52% increase in the BSX/RGdomestic share index in 2000, making it the world'stop performing market for the year according to theInternational Federation of Stock Exchange annualreport released 30 July 2001.

The BSX has announced senior executive changes -CEO, William Woods will leave at the end of 2001when Greg Wojciechowski will take over as Presidentand CEO.

The BSX announced the listing of LOM (Holdings)Limited in July 2001 - the first domestic marketlisting in more than 3 years.

The BSX plan to float itself on its own exchange inthe next few years. The BSX started trading 30 yearsago but was set up as an independent entity 8 yearsago.

July 2001 - The House of Assembly passed theGovernment's White Paper on Bermuda's Long TermResidents.

August 2001 - Premier Jennifer Smith officiallyopened the global headquarters of ACE Ltd. - the165,000 sq. ft. building will house all of ACE Ltd.'s160-strong Bermuda-based employees.

May 2001 - Deputy Premier and Minister of Finance,Eugene Cox officially opened the $115 million globalheadquarters of XL Capital Ltd.

Bermuda's Who's Who Directory is available onlineto www.whoiswho.bm.

New online information source for investors andprofessionals - details of monthly electronicnewsletters on business and legislation in offshorefinancial centres can be accessed [email protected].

Fifteenth International Reinsurance Congress to beheld at the Fairmont Hamilton Princess Hotel from10-12 October 2001.

Details www.hawksmere.co.uk/ bermuda.

Organisers of the Bermuda E-Commerce Conferenceto be held in Bermuda in October 2001 haveannounced that Tim Berners-Lee (the 'founder' of theWorld Wide Web) is to be the keynote speaker.

The Bermuda Commercial Bank has appointedTimothy W. Ulrich as President and CEO. He hasbeen a Director of the Bank since December 1999.Mr. Ulrich has served as Vice President and GeneralCounsel for the Transworld Oil Group, an affiliatedentity.

Shipping Registry - total number of ships 135 with atotal tonnage of around seven million. The latest toregister is P & O's 102,000-tonne 'Golden Princess' -a cruise ship with capacity for 3,400 passengers and1,400 crew.

The Bermuda Commercial Bank has receivedexemption from the 60/40 ownership rule.

The Bermuda Society

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the BCC event together with presentations of TBSactivities and securing support for the expansion toBermuda. This visit was given extensive coverage inthe media.

In September, his programme included meetings withthe Governor, Acting Premier Eugene Cox and theLeader of the Opposition, a lunch meeting withMembers of the BIBA Executive, and a TBSpresentation to Members of the Cabinet.

Each of these visits, with the support of the ViceChairman and the Bermuda Coordinator have servedto raise the profile of TBS and support for its activitiesin Bermuda itself.

TBS hosted events at Guildhall in the City of Londonfor the following speakers from Bermuda:

Henry KeelingChief Executive OfficerXL Mid Ocean Reinsurance

Greg WojciechowskiChief Operating OfficerThe Bermuda Stock Exchange

Warren CabralPartnerAppleby Spurling & Kempe

TBS held its 14th Annual Dinner for Members andGuests in the Great Hall at the Merchant Taylors'Livery Company in the City of London on 29November last.

The Chairman, Charles Vaughan-Johnson and JointVice Chairman, Lord Waddington received the LordMayor of the City of London, who was accompaniedby the Lady Mayoress, the two Sheriffs of the Cityand the Duty Household Officer, and introduced themto the assembled gathering at the Reception prior tothe Dinner.

Following the Loyal and Corporation Toasts, theSociety's Chairman delivered an update on theSociety's business for the year and proposed the Toastto the Guests.

In reply, David Walwyn, the then Deputy Head of theOverseas Territories Department, delivered a speechon behalf of The Baroness Scotland of Asthal, QC,

Parliamentary Under-Secretary of State at the Foreignand Commonwealth Office, who had been delayed inthe House of Lords on parliamentary business.

The Toast to Bermuda was given by William Woods,Chief Executive Officer of the Bermuda StockExchange.

The Reply being given by Gary Phillips, TBSCoordinator in Bermuda.

This Dinner provides an opportunity for prominentBermudian businessmen and political leaders to jointheir counterparts at a first class event. It wasparticularly pleasing to see so many Members andtheir guests at what was the largest gathering at anAnnual Dinner since the Society began.

Key Events in Bermuda60/40 Rule - December 2000 - The Bank of Bermudaannounced Minister Eugene Cox's decision to grantthe Bank a licence exempting it from Bermuda's60/40 ownership laws.

July 2001 - Lines Overseas Management hasannounced that it will apply to the Minister of Financefor exemption to the 60/40 ownership rule.

The Bank of Butterfield and the BermudaCommercial Bank have both since gained exemptionfrom the local ownership rules.

1999 Archer Report - 4.92% growth in newcompanies registering in Bermuda. 538 newcompanies were added to the register in 1999. 11,476being the number of international registeredcompanies on the Island.

The Report's principal findings: internationalcompanies spent $912.1 million and their visitors afurther $27 million in Bermuda. Internationalcompanies with a physical presence accounted for82% of the expenditure. Up to 456 of the companieshave/had a physical presence in Bermuda. $394.5million was paid in wages, salaries and benefits inBermuda. $68.9 million was paid in taxes, fees,duties and licences to the public sector. $203.8million was paid as professional fees and bank fees toBermudian companies and a further $244.9 million toother companies in Bermuda. 1,593 Bermudian

The Bermuda Society

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Future EventsTBS's proposed programme for Lecture Meetings atGuildhall in the City of London during 2001:

� UK Government's White Paper on the change ofstatus of the Overseas Territories - full Britishpassports and the right of abode in the UK forBermudians.

� Tourism - It is planned that the Minister ofTourism will address a Meeting during his nextvisit to the UK

� Transport - It is planned that the Minister ofTransport will address a Meeting during his nextvisit to the UK.

� Law - David Stockman of Conyers Dill &Pearman gave an address during July

Arrangements are also in hand for Dianna Kempe,Managing Partner of Appleby Spurling & Kempe andGavin Arton, Senoir Vice President of XL Capital Ltd.to address a Meeting on a mutually convenient date.

� Bermuda Maritime Museum - Director of theMuseum to address a Meeting most probably inthe autumn.

Members will, of course, be notified as soon as thedates have been finalised.

TBS's Annual General Meeting and Lunch was heldon 22 May 2001 in the Members' Private DiningRoom at Guildhall in the City of London. It wasparticularly pleasing to welcome those visiting fromBermuda, and particularly new Members both fromBermuda and the UK.

TBS's Annual Dinner 2001 for Members and Guestsis to be arranged, if possible, to coincide with thePremier's next visit to London scheduled for theautumn of this year when it is hoped that the Under-Secretary of State at the Foreign and CommonwealthOffice will also be available to attend.

Discussions / Meetings / Receptions to coincide withMinisterial visits - as required by the BermudaGovernment.

Reception for Bermudian students and others livingand working in the UK - an annual event usually heldin November.

TBS's Annual Dinner 2001 will be held in theCholmondeley Room at the House of Lords on 28thNovember next.

The programme of lectures for the year 2002 willembrace:

� An address by the Governor of Bermuda

� An address by the Chairman of BIBA

� An address by a senior executive of BritishAirways

� 'Bermuda as an Offshore Jurisdiction'

� 'Mandarin Oriental'

� 'The Commissioner's House and Malabar Room'

� World Heritage designation for St. George's

Governor Henry Hamilton1734 - 1797The following photographs may be of interest toMembers. Photo A is of a profile bust portrait ofHenry Hamilton by Tassie in milk glass, incised HH,TF 1786, height 12 cms. James Tassie is known tohave been selective in his choice of sitters. He wouldalmost certainly have known Henry Hamilton as afriend before executing this one.

Photo B is of the Epergne presented to HenryHamilton by the Merchants of Liverpool. Its height isover 21 inches and it has its own oak fitted box, whichhas seen much travel.

The Bermuda Society

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First Bermuda Securities, which owns BermudaSavings and Loan, has been granted a release from the60/40 owership rule.

Bermuda-based XL Capital will be added to the S&P500 Index - this is the first Bermuda-based companyto be listed on the Index. XL replaces WachoviaCorp.

The Bermuda Society and BIBATBS has a strong commitment to BIBA - TheBermuda International Business Association - whichis a volunteer business organisation of Bermudaresident service providers supplying quality banking,legal, accounting, financial, trust, management and e-commerce services and products to the internationalclient.

In January 2001, BIBA brought a delegation ofleading figures from both the private and publicsectors to London for an industry briefing session anddinner attended by the Premier, the Deputy Premier &Minister of Finance and the Minister forTelecommunications & E-Commerce at the BreweryConference Centre. This session covered updates onBermuda's capabilities in the fields of e-commerce,financial services and insurance.

On 30 November 2000, St. George's and itssurrounding fortifications were recognised as a WorldHeritage site. The Princess Royal visited Bermuda tobestow the award, which was won against stiffcompetition worldwide. The St. George's Foundationhas asked TBS to assist in making a presentation inLondon to a group of invited people to bring them up-to-date on the progress of the plan for the superbhistorical restoration of St. George.

In June 2000, TBS was pleased to be able to supporta Masterwork's Reception in London and to assistwith contacts with a view to an exhibition in Londonof the Masterworks' collection of original andimportant Bermuda paintings.

An Update on Bermuda TourismUKBermuda is recognised as a popular all year rounddestination for UK holidaymakers and, in particular,for its warm weather, pink sand beaches and fabuloussettings. Bermuda Tourism is strengthening thepublic's perceptions of the Island and promoting it asa destination filled with plenty of activities andattractions to guarantee its appeal for the UK market.

With a wide-ranging calendar of events including theFestival of Performing Arts, the Jazz Festival and theWorld Rugby Classis, Bermuda promises to be aholiday to remember for all ages and all groups - fromnewly-weds to families, there is something foreveryone.

Bermuda Tourism is pro-active in promotingrecognised events to ensure that holidaymakers areaware of what the Island has to offer. In fact with somany opportunities, Bermuda Tourism is educatingthe public, the media and the travel trade on theIsland's 'niche markets', including diving, golf andweddings and honeymoons.

Bermuda Tourism recognises the importance of thetravel trade, i.e. travel agents and tour operators, inmarketing a destination effectively, and has targetedthe trade to help promote the Island. BermudaTourism has taken a strategic approach workingalongside travel agents, tour operators and the media,and selling niche market activity, events andfestivities that Bermuda has to offer.

The Bermuda Society

Photo A

Photo B

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Photos C and D are of Hamilton's table desk, one withit closed and the other with it open, with ElizabethHamilton's (his wife's) will on the open desk. Thebrass plate on top is inscribed 'Henry HamiltonEsquire, Fitzwilliam Street, Dublin'. It is 20 incheswide.

Elizabeth Hamilton's manuscript will, together with acodicil, is a closely written document of 14 pages.Obviously she is most concerned about how her andher husband's possessions are divided on her death.About the Epergne she writes no less than 17 lines.

Thus it is that the profile portrait, the Epergne and thedesk came into the possession of James SackvilleHamilton, a direct descendant of Henry Hamilton'sbrother.

It should be noted that Elizabeth Hamilton writes ofthe Epergne 'given to me by the Merchants ofLiverpool', whereas the inscription reads 'presentedby the Merchants of Liverpool to His ExcellencyHenry Hamilton Esquire…'. Presumably, therefore,Henry Hamilton died between the commissioning ofthe Epergne and its presentation.

For comments or further information aboutTBS or this Newsletter, please contact:

Suzanne StubbinsSecretaryThe Bermuda Society & SecretariatFive TreesWood LaneStanmoreHA7 4JZUnited Kingdom

Tel: +44 (0)20 8954 0652Fax: +44 (0)20 8420 7319E-mail: [email protected]

www.bermudasociety.com

Minimum Annual Fees

Corporate Membership£250.00 / $390.00

Private Joint Membership (couples)£35.00 / $55.00

Private Individual Membership£25.00 / $40.00

Photo C

Photo D

The Bermuda Societyis most grateful to

The Bank of Bermuda Limitedfor their continued support in sponsoring theprinting of this Newsletter

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