On Monday, January 16th 2017 The Bahamas Millennial Society (BMS), a networking and mentoring organisation for millennials employed in the financial services sector, participated in a National Health Insurance (NHI) Symposium hosted by KPMG – a BFSB member firm. The speakers for the session were Mark Britnell, KPMG’s Global HealthCare Partner, as well as Dr. Victoria Kelly, of the NHI Secretariat, Population Health.
The Bahamas International Securities Exchange (BISX) recently hosted a closed-session Conclave with its Listed Issuers. BISX says the intent was to meet with senior representatives of Listed Issuers to discuss their duties and responsibilities to the market, as well as to discuss the fundamental regulatory principles and overall mission of the Exchange BISX Chief Executive Keith Davies points out, *”The Exchange communicates and meets with its Issuers one-on-one on a regular basis. The reasoning behind this Conclave, however, was to bring as many of our Issuers as possible into one room at the same time. The goal being, of course, to facilitate the exchange of ideas and information not just from the Exchange to its Issuers, but also from the Issuers with each other. The attendance at our meeting was outstanding and it was good to receive the overwhelming positive feedback from our Listed Issuers regarding their participation and depth of learning.”* The Conclave featured four modules intended to provide issuers with the principles regarding how the Exchange’s rules are enforced and more importantly, why the rules are in place. The purpose of each module was to provide issuers with a deeper understanding of the Exchange’s regulatory regime. These Modules were: * Listing on BISX – This session was presented by BISX Chief Operating Officer, Holland Grant, who identified the guiding principles of these BISX Rules as: Capital Formation, Market Development and Suitability. * Issuer’s Continuing Obligations – This session was presented by BISX CEO, Keith Davies, who identified the guiding principles of these BISX Rules as: Transparency, Confidence and Security. * Trading on BISX – This session was presented by Mr. Davies and Mr. Grant jointly, the guiding principles identified for this session were: Transparency, Price Discovery and Equitable Access. * Corporate Governance – This session was presented by Miss Odecca Gibson from the Securities Commission of The Bahamas, who spoke about the existing Corporate Governance Framework in Bahamian law, International Standards related to Corporate Governance, as well as considerations for Company’s Boards and Senior Management. BISX was also pleased to thank the Securities Commission of The Bahamas for their role in the Conclave. Mr. Davies noted, *”We are grateful to the Commission’s Executive Director Christina Rolle for agreeing to participate in this conclave. We wish to thank Ms. Odecca Gibson for speaking on Corporate Governance and Ms. Sandra Duncombe and her Market Surveillance team for participating as well. The relationship between BISX and the Securities Commission is a necessary strong pillar to the effective regulation of the Bahamian capital markets, and we look forward to many more collaborations of this nature.”*
The Rt. Hon. Perry G. Christie, M.P., Prime Minister of The Bahamas, presented remarks at the official inauguration of the University of The Bahamas today, as it transitioned from The College of The Bahamas. He themed his remarks “From the Road of Transition to the Road of Possibilities: The Role of the University of The Bahamas in National Development.” The occasion, he said, encapsulates a promise for the future of the nation as an intellectual powerhouse for the region and a fertile ground for the fulfillment of the highest academic aspirations of the nation’s youth. The Prime Minister took the opportunity to speak to his own vision for the University in the context of the national development strategies and goals of The Bahamas and the continuing relevance of the institution. He said, *”The core role of a National University goes well beyond the inculcation of subject knowledge in its students. More fundamentally, a National University helps to shape National Identity.”* He referenced, too, the importance of commitment not only to academic excellence but also to the values and best practices of research, study, teaching and scholastic writing. *”Indeed, the values that form the aspirational cornerstone of the University of The Bahamas – Knowledge, Truth and Integrity – must not be abstract or fanciful but must instead represent the values that truly inform and guide the teaching and research faculty in all their endeavours.”* Noting that much of what is done must revolve around the respect and care for students, and their potential for innovation and creativity, Prime Minister Christie also spoke to a number of factors considered critical going forward: * the University must take its place as a leader of international education – attracting students from around the world to study in The Bahamas while at the same time attracting specialist researchers and professors. * the University must play a catalytic role in the development of arts and culture. * the University must be a place of relevance within both the national and global contexts. It is, therefore, critical that the University not only “Respond to national needs,” but also “Engage the country” in meaningful discussions. * the University must place emphasis on research in science, technology, engineering and mathematics (STEM) – which includes many disciplines that are critical to long-term planning for the future well-being of the country. * the University must continue its scholarly research and studies into climate change, especially in relation to the menacing prospect of sea level rise and its implications for the low-lying areas of our archipelago. Also: * Courses on disaster management with particular reference to pre-hurricane evacuations and post-hurricane recovery and restoration, must also receive special attention, as must issues of urban planning, land use, and non-fossil fuel-based energy diversification. * As the University looks for new opportunities to do good work and expand its horizons, it must remained focused on achieving strong results and operating accordingly to the principles and best practices of accountability. The Prime Minister added, *”Relevance also means that the University must be cognizant of the needs of the entire country from Inagua in the south to Abaco in the north. We should therefore be able to look forward to an expansion of the system of mini-campuses, research centres and institutes across the country.”* In conclusion, an appeal was made to the youth of the nation to become partners in the collective work towards the building of a better, more modern, more relevant, more upwardly striving and sustainable Bahamas. *”This is the promise of the people of my generation to yours”*. **Minister of Education, Science and Technology** Minister Jerome K. Fitzgerald also presented remarks at the Charter Day ceremony, noting that the country’s future growth, success and sustainability will be inextricably linked to the University of The Bahamas. *”The University will be the place where the brightest minds will congregate and test the elasticity of their imagination and the substance of their theories. Researchers will tackle complex challenges both locally, regionally and internationally. Young people will exchange ideas and cultures. Problems will be solved, dreams manifested and life-long friendships cultivated.”* The Education Minister also appealed to the students in attendance, saying today was their moment in time. *”I want all of you to leave here today with this assurance; it matters not which school you attend, it is of no consequence which community you live; your parents educational background or place of work is of no relevance – as long as you believe in yourself and your God given talents, and you are prepared to work hard and dream of success, there is a space reserved for you at your University of The Bahamas.*” In this context, he called on all Bahamians to assess their value system and commit to making education not just a priority but a core Bahamian value.
Students from the Corporate Governance class of The College of The Bahamas’s (COB) LL.B. Programme recently were treated to a special session at the Bahamas International Securities Exchange (BISX) with CEO Keith Davies and COO Holland Grant. The Exchange Executives spoke not only about BISX but generally about domestic securities law, and the listing and trading of securities. CEO Davies welcomed the opportunity to meet with the next generation of legal professionals saying,*“These young lawyers in training will be the generation that writes the next iteration of the BISX Rules and the Securities Industry Act. It is important to ensure that they are familiar with what went into previous versions of these documents.”* While at BISX, the students also were able to hear about the direct application of corporate governance principles, including the role of directors’ duties, with the application of theoretical principles to real world scenarios bringing alive the issues discussed in the classroom setting. COO Grant noted that BISX has a long history with the College, acknowledging that the education and orientation initiatives represent some of the best ways *”to invest in those persons that will become future employees, future investors and future business partners.”*
The Bahamas is set to establish a nation-wide, demand-driven apprenticeship programme that will combine on and off-the-job training to provide unemployed youth and adults between the ages of 16 and 40 with the skills they need to succeed in the workplace. The $50 million initiative is a joint programme of the Bahamas Government and the [Inter-American Development Bank](http://www.iadb.org/en/inter-american-development-bank,2837.html) (IDB). The jobs initiative is designed to increase workplace skills and improve employability among young people and adults who have had difficulty finding work. Additionally, it will improve the effectiveness of The Bahamas’ public employment services and will help to coordinate efforts of different Bahamian government agencies involved in collecting data that help monitor the country’s labor market performance. Last year, unemployment figures rose to 14.8%, with the subset for young persons twice as high, and labour productivity figures showing consistent decreases in recent years. The Bahamas recognised the need to address this critical problem and with employers identifying lack of job-specific skills as an ongoing recruitment obstacle, the skills training programme became a high priority.
The awards ceremony for the [Towards a Bilingual Bahamas](http://www.bilingualbahamas.com/#tabb) (TABB) pilot programme (2015-2016) was held on Friday September 23rd at the Ministry of Education. The event was attended by over 100 guests and included teachers, students, faculty, ministry officials, and representatives/sponsors from the financial services industry. Participants of TABB from various family islands were represented as well. Towards a Bilingual Bahamas (TABB) is a pilot programme initiated by the Bahamas Financial Services Board in partnership with Rosetta Stone and co-hosted by The Ministry of Education, Science and Technology, and The Ministry of Financial Services. This program is co-sponsored by private sector partners – members of BFSB and The Association of International Banks and trust Companies (AIBT) as well as BFSB Member Professional Industry Association representatives who supported this initiative attended. TABB is committed to providing Bahamian high school students with the opportunity to acquire proficiency in the French or Spanish language. TABB believes that this will make our students more competitive in the international job market. Providing an overview of the programme, Miss McCartney said, *”Studies have found that speaking two or more languages is a great asset to the cognitive process”*. She went on to encourage students to continue to study foreign languages as this will make them more competitive when they enter the workforce. The objectives of TABB are: * To provide schools with an effective tool which will support foreign language teachers and students allowing them to increase students’ knowledge, familiarity and fluency in a foreign language. * To expose students to cultural, business and other customs of native speakers through the Language Learning Cadet Programme offered as a key component of TABB, and the provision of immersions for high performing students. * To make bilingualism a priority for all language programmes and to encourage an early appreciation of languages among students Three students received full scholarships for both the Spanish and French immersion programmes. Spanish students spent three weeks in Costa Rica whilst French students spent two weeks in Quebec, Canada. Testimonials were given in Spanish from students who participated in immersion programs in Costa Rica; as well as musical ensembles sung in Spanish by students. The Old Bight High School in Cat Island was the recipient of the top performing high school award. Currently, plans are underway for TABB’s second year. Corporate and Association financial sponsors included The Winterbotham Trust Company, Windermere Corporate Management Limited, Association of International Banks & Trusts (AIBT) Callenders & Co., Bahamas Institute of Chartered Accountants (BICA), CFA Society The Bahamas, Julius Baer Bank & Trust Bahamas, Bahamas Association of Compliance Officers (BACO), and The Insurance Institute of the Bahamas (IIB).
The International Center for Captive Insurance Education (ICCIE) has confirmed that yet another professional within The Bahamas’ insurance sector has attained the Associates in Captive Insurance (ACI) designation, having successfully completed the very comprehensive training programme. The third designee since January is Sanchez Brooks, Business Support Manager at NUA Insurance Agents and Brokers. Sanchez says, *”I am pleased to have earned the ACI designation as a result of completing the ICCIE programme. Though Captive Insurance was a new and interesting challenge for me, my ten years of experience in the General Insurance arena made the decision to pursue this goal a little easier due to being exposed during my Associate of Chartered Insurance Institute (ACII) studies. Preliminary research cued me to the fact that our local market was once a Captive Insurance hub – and this piqued my interest. As determined as I was to understand why the Captive Insurance market faded, I was even more interested in understanding the complexities of the industry. I look forward to what the future has in store for the Captive Insurance industry in The Bahamas.”* Since 2013, the Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas (ICB) has partnered to provide full scholarships for the ACI designation offered by ICCIE. This training initiative was introduced in collaboration with the Ministry of Financial Services, the Bahamas Insurance Association and the Insurance Institute of The Bahamas, who all also participate in the selection of scholarship recipients. The ACI designation is recognised and respected globally and BFSB has been delighted to add this project as a vital component in its ongoing programme to create an environment that is conducive to the growth of the captives sector. ICCIE has applauded BFSB and its partners on the commitment to the highest standard in captive insurance, while ICB Superintendent Michele Fields continues to encourage other professionals to pursue the accreditation. She notes that this will further inspire confidence in the relevant captive expertise resident in The Bahamas. In a post designation interview with BFSB, Sanchez said, *”Though the two disciplines are quite different, the parallels between Captive and General Insurance are similar. The knowledge gained from the ICCIE, along with the interaction with other practicing professionals around the world created an invaluable opportunity that has enhanced my reach in my current career. The excellent facilitators coupled with the vast knowledge base of individuals allowed for thought-provoking and interactive learning which is a highly recommended starting point for anyone interested in gaining a wealth of knowledge on the intricacies of Captive Insurance.”* Other ACI designees in The Bahamas are Anastasia Campbell (Partner at Graham Thompson) and Yolanda Moss (Account Executive at J.S. Johnson & Co.) – both BFSB/ICB scholarship recipients, as is Sanchez Brooks. After earning the ACI, designees must complete a minimum of 12 continuing education credits in three years – promoting the culture of ongoing learning. BFSB and partners plan to award at least two more scholarships for the ACI programme in 2017, a sign of enduring commitment to meet standards of international best practice in the industry.
The Bahamas Financial Services Board (BFSB) is collaborating with the [Association of International Banks & Trust Companies in The Bahamas](http://aibt-bahamas.com/) (AIBT) and industry partners, Bahamas Association of Compliance Officers (BACO), Bahamas Institute of Chartered Accountants (BICA) and the Society of Trust & Estate Practitioners (STEP) to introduce a new addition to this year’s [Nassau Conference](http://www.nassauconference.com) line-up: a half day, pre-conference [Financial Services Bootcamp](http://nassauconference.com/bootcamp/) under the theme “Financial Services – The Fundamentals”. According to BFSB CEO Tanya McCartney, *”The workshop is designed for individuals working in financial services who need a fundamental understanding of the products and services offered in our market. Presenters will explore the basic building blocks of the key product offerings as well as the related legislative and regulatory environment as well as the latest trends in the financial services sector.”* Scheduled for Tuesday September 20, 2016 at the Meliá Nassau Beach, the Bootcamp serves as a refresher for current industry professionals and introduces new entrants to the sector, as well as College students, to the fundamentals of the sector. The complete overview for the Bootcamp, as well as the full Nassau Conference agenda, and online registration for individuals and groups, can be viewed online at the Nassau Conference [website](http://www.nassauconference.com). Register [online](http://nassauconference.com/register-online/) today.
Yesterday, the Hon. Jerome Fitzgerald, Minister of Education, Science & Technology, said “The Road to University” has begun, announcing November 10, 2016 as the Charter Day on which The College of The Bahamas (COB) will officially become the University of The Bahamas. Speaking at a [press conference](http://www.cob.edu.bs/News/UBCharterDay.php) at the Harry C. Moore Library of COB, the Minister pointed out that the road to university comprised a paradigm shift in the culture and fabric of the country in relation to tertiary education and national development as a whole — an important step in the building of a more modern nation. He said, *”I am deeply honoured to be here to speak to this significant moment in the history of our nation. Our government has long had a vision for modern education for The Bahamas. The road to university is a journey that was mapped out by the Right Honourable Prime Minister Perry Christie fourteen years ago. Now, this vision is finally being realized.”* Last month the Minister [tabled the University of The Bahamas Bill](https://bfsb-bahamas.com/news.php?cmd=view&id=3584&pre=y) in the House of Assembly. Recently passed by Parliament, this provides the legislative framework for the official transition of The College of The Bahamas to The University of The Bahamas. *Photo Credit- Bahamas Information Services (BIS)*
[Commonwealth Bank](http://www.combankltd.com) has officially opened the doors to its new $800,000 corporate learning centre. Located adjacent to its Prince Charles branch, the 8,740-square-foot single story building houses highly functional high-tech training facilities, including interactive digital and audio-visual equipment,conference rooms and motivational themes throughout. The new facility – designed by ARCOP Ltd. Architects and built by Watson Construction – will free up much-needed space at The Plaza, Mackey Street which houses the Plaza branch, the MasterCard credit center and the bank’s head office. Though the newly purchased and renovated space is the largest physical manifestation of its commitment to training, the $1.5 billion bank has never shied away from spending on human interaction and skills development, nor from rewarding those who provide exceptional service. It has sent management and executives to lengthy intensive leadership courses at the Richard Ivey School of Business, Stanford Graduate School of Business, ABA Stonier Graduate School of Banking and the CBA Executive Banking School. The bank has also engaged everyone from those who keep the premises spotlessly clean to the chief executive in customer service training and continually rotates learning programs for all 500-plus staff members. It also rewards good service. According to Anthea Cox, vice president of human resources and training, the new center facilitates the bank’s commitment to an ongoing learning culture. *“We are really excited about our new state-of-the-art corporate learning center which will allow us to facilitate our in-house training in a modern, high tech learning environment,”* Cox said. *“Service is what sets us apart, and that service does not come without constant reinforcement of its importance,”* according to Bank President Ian Jennings. *“At Commonwealth Bank, we believe it is not good enough to be good, nor sufficient to be satisfactory. We are committed to seeing a smile on the face of every customer and although that customer has a choice when banking, we want them to come right back here next time they plan to bank. This facility will help us achieve this goal.”* Commonwealth Bank has 11 branches in New Providence, Grand Bahama and Abaco, six of them with Saturday banking, in addition to numerous off-site ABMs for 24-hour banking. Since going public in the year 2000, the bank with more than 6,000 shareholders has not missed paying a quarterly dividend and has paid an additional extraordinary dividend in most years.
