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.

1. 2012/13 Annual Report

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. 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
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
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
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
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
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
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
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. Annual Report 2012/2013
Committees’ Reports

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
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
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
• 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
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
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
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
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
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.

21. 21

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
• 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
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
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
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
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
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
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
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
International Business Week 2012

32. 32
International Business Week 2012

33. 33
International Business Week 2012

34. 34

36. 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