Billed as a strategy-based dialogue involving leaders of the financial services industry, a CEO Conclave was hosted by the Bahamas Financial Services Board (BFSB) on Saturday, April 27. The forum was open to CEOs of member firms, BFSB’s Board of Directors, and Heads of Professional Industry Associations.
BFSB Chairman Paul Winder noted that Conclave participants recognised the need to refine the current business model for financial services – domestically and internationally – and to clearly define the value proposition of the jurisdiction. He said, *“This is in line with “The Way Forward” discussions at this year’s International Business & Finance Summit, and BFSB’s ongoing strategy for sustained growth. BFSB will review the various recommendations arising from the day-long CEO Conclave and will take appropriate action in the usual spirit of public/private sector collaboration.”*
Industry issues discussed in the closed-door sessions revolved around two topic areas, “A Changing Paradigm: Positioning The Bahamas to Benefit” and “Opportunities for Growth”, with dialogue focusing on international initiatives impacting the sector and factors relative to creating a business environment conducive to industry growth.
BFSB CEO Aliya Allen said of Saturday’s productive sessions, *“The tone of the conclave was largely optimistic. Concerns were raised about a variety of issues impacting the sector, including international initiatives, regulatory policy and immigration; with a number of solutions discussed. BFSB is committed to working along with Government and regulators to address these and to chart the way forward. The strength of public private sector cooperation is what sets The Bahamas apart from others. Now is the time to work together to ensure that there is a sustainable future. I’m confident that there is.”*
Ms. Allen noted that it is intended to host such events on a quarterly basis going forward with future Conclaves inviting Government and Regulatory participation.