Ministry of Agriculture, Marine Resources and Local Government

• Minister: The Hon. V. Alfred Gray, M.P.
• Parliamentary Secretary: The Hon. Anthony Moss, M.P.

Ministry of Education, Science & Technology

• Minister: Sen. The Hon. Jerome Fitzgerald, M.P.-Elect

Ministry of The Environment and Housing

• Minister: Kendred Dorsett, M.P.-Elect

Ministry of Finance

• Minister: The Rt. Hon. Perry G. Christie
• Minister of State: Sen. The Hon. Michael Halkitis, M.P.-Elect
• Consultant: James Smith CMG

Ministry of Financial Services

• Minister: The Hon. Ryan Pinder, M.P.

Ministry of Foreign Affairs and Immigration

• Minister: The Hon. Frederick A. Mitchell, M.P.
• Parliamentary Secretary: Cleola Hamilton, M.P.-Elect

Ministry for Grand Bahama

• Minister: Dr. Michael Darville, M.P.-Elect

Ministry of Health

• Minister: Dr. Perry Gomez, M.P.-Elect

Ministry of Labour and National Insurance

• Minister: The Hon. Shane Gibson, M.P.

Ministry of Legal Affairs/Office of the Attorney General

• Minister/Attorney General: Senator the Hon. Allyson Maynard Gibson
• Minister of State: Damian Gomez, M.P.-Elect

Ministry of National Security

• Minister: The Hon. Dr. Bernard J. Nottage., M.P.
• Minister of State: Senator the Hon. Keith Bell

Ministry of Social Services

• Minister: The Hon. Melanie Griffin, M.P.

Ministry of Tourism

• Minister: The Hon. Obediah Wilchcombe, M.P.

Ministry of Transport and Aviation

• Minister: The Hon. Glenys Hanna-Martin, M.P.
• Minister of State: Hope Strachan, M.P.-Elect

Ministry of Works and Urban Development

• Minister: The Hon. Philip Brave Davis, M.P.
• Parliamentary Secretary: Renward Wells, M.P.-Elect

Ministry of Youth, Sports and Culture

• Minister: Dr. Daniel Johnson, M.P.-Elect

Office of the Prime Minister

• Minister of State for Investments: Khaalis Rolle, M.P.-Elect

In finalising his team, PM Christie noted that his new government will begin immediately to implement the programmes set out in the Party’s Charter of Governance.

The new session of the Parliament of The Bahamas is slated to be opened on the 23rd May, at which time the Government will move for the appointment of MP-Elect Dr. Kendal Major as the next Speaker of the House of Assembly and of MP-Elect Deon Smith as Deputy Speaker. The Hon. Dr Bernard Nottage, the nation's new National Security Minister, is Government Leader in the House of Assembly, while The Hon. Dr. Hubert Minnis, M.P., is Leader of the Opposition. Senate appointments for both the Administration and the Opposition are expected in due course.

This, he said, would allow all to feed off their respective strengths and develop strategies that would benefit the sector as a whole. The Chairman said The Bahamas has the potential to become even more of a major maritime player in the Western Hemisphere given its location, tax regime, existing harbours and the services provided to seafaring vessels. The maritime industry is considered to be the third largest contributor to the Bahamian economy, with the Bahamas Ship Register having almost 1,700 vessels, representing 57 million gross tonnes. That being said, Mr. Fair pointed out "We do not intend to rest on our laurels. Our vision is to have all these maritime industries and organisations join forces and coordinate their approach to the rest of the world. This would bring benefits to all Bahamians," Mr Fair said.

His vision for Maritime Bahamas includes a coordinating team but he says modern communications would make it possible to involve virtually all interested parties in the broader policy decisions. It could become a 'one stop shop' for those making enquiries about maritime business in The Bahamas; ensure that any presence at international conferences and exhibitions reflects the full range of maritime interests and possibilities within The Bahamas; and advise on careers in the sector. “By having maritime interests talking to one another, fresh ideas would emerge to enhance the future for all."

The Chairman also spoke to the maritime industry’s huge potential to generate extra work and spin-offs for the Bahamian financial services industry - including the insurance sector, accountants and attorneys - and said there are lessons to be learned from other small island states that have exploited the maritime sector. For example, both Cyprus and the Isle of Man have attracted large numbers of ship management countries, with finance houses and insurance companies following these firms to the latter jurisdiction. “The Bahamas could use its proximity to the Americas to do the same, and also market the attractions of its tax system - as Singapore did to attract Japanese shipping owners.”

Mr. Fair took the opportunity of the Chamber presentation to announce plans to host a high level Bahamas International Business Forum in Freeport during February 2013, in conjunction with the Commonwealth Business Council. "The Council has much experience in organising such events, and in identifying international persons of interest to attend,” he said. GBPA plans also include a number of promotional visits overseas, with Asia, South America and Europe identified as initial targets. “The key message is what Grand Bahama has to offer as a global shipping and business centre in preparation for the opening of the expanded Panama Canal in 2014. As a result of our strategic location we can - and should - be a major beneficiary of the increased trade flows from this expansion."

Outgoing Prime Minister Hubert A. Ingraham conceded the elections last night, also announcing that he will resign from active politics.

Prime Minister Christie said at Government House today that his full slate of Cabinet Ministers will be announced by the end of the week.

About the Prime Minister

The Rt. Hon. Perry Gladstone Christie was born in Nassau on August 21st, 1943.

Named Senator by Prime Minister the Rt. Hon. Sir Lynden Pindling in November, 1974 he is believed to have been the youngest Bahamian ever appointed to the Senate. Mr. Christie served in that capacity until June, 1977. In January of that year he was appointed Chairman of the Gaming Board. Receiving the PLP’s nomination for the Centreville constituency in the 1977 general election, Mr. Christie was elected Member of Parliament for that constituency, and shortly after appointed Minister of Health and National Insurance. During the June, 1982 general election, he was re-elected Member of Parliament for Centreville, and once again was appointed to the Prime Minister’s Cabinet, as Minister of Tourism. He ran as an independent candidate in the 1987 general election, retaining his seat in the Centreville constituency. Three years later he returned to the fold of the Progressive Liberal Party, and was appointed Minister of Agriculture, Trade and Industry by the Prime Minister. In January, 1993 following the PLP’s defeat in the August, 1992 general election, Mr. Christie was elected Co-Deputy Leader of the PLP with responsibility for party activities outside Parliament.

Victorious in the newly created Farm Road constituency in the general election, he was appointed Leader of the Opposition by the Governor-General on April 07, 1997. He had been elected leader of the PLP at a special convention on April 05. Mr. Christie thus succeeded the late Rt. Hon. Sir Lynden Pindling, M.P., who had led the PLP since 1956 as both Leader of the Opposition and leader of the party.

He was sworn in as the third Prime Minister of an independent Bahamas on May 03, 2002, following his Progressive Liberal Party’s triumph over the Free National Movement in that year’s general elections.

Prime Minister Christie attended the Eastern Senior School in New Providence, the University Tutorial College, London, Inner Temple and Birmingham University, from which he graduated with honours in 1969.

The COB has signed a Memorandum of Understanding with SUNY for a Maritime Studies Baccalaureate degree programme -- a flagship offering of the its Northern Bahamas campus (NBC) in Grand Bahama. Effectively, successful graduates will receive a degree from the college and another from SUNY Maritime College in two disciplines: Bachelor of Science in Maritime Operations Engine Licence and Bachelor of Science in Maritime Operations Unlimited Deck Licence. The Baccalaureate degree programmes will raise awareness of the maritime industry and opportunities that exist for Bahamians. Dr Brendamae Cleare, Interim Vice President for Academic Affairs at COB points out, “The Bahamas is perfectly poised to become a centre of maritime excellence.” Captain Walt Nadolny, Vice Chairman of the Marine Transportation Department and Assistant Professor of Environmental Policy and Management at SUNY Maritime College, adds “We’ve had a history of Bahamian students so this seemed like a very natural fit.”

SUNY is an undergraduate and graduate institution focused on engineering, business, science, and maritime transportation. U.S. News & World Report has ranked SUNY Maritime College as a top tier regional college and 6th overall among public baccalaureate colleges in the North, and in 2011 The Princeton Review named the College a "best Northeastern college" in America.

Students will study at COB's campus in Grand Bahama for the first three semesters, SUNY for the next four and the final semester will be taught at COB's main campus. Students will spend their summers at sea, fulfilling the practical component of the degree programme and learning how to become adept seafarers.

Dr. Richard Burke, Professor and Chairman of Engineering at SUNY says, the United States and The Bahamas are neighbours and it is the neighbourly thing to do, to work together for a common purpose. “And it allows us to, vicariously perhaps, share in the justifiable pride in having a flag that has become very significant in the ports of the world.”

The international shipping industry employs some 1.25 million seafarers, thousands of whom are attached to vessels that sail under the Bahamas Flag.

Recognising Importance of Financial Services Industry

The political parties have released their platforms, all paying tribute to international financial services and its importance to the national economy.

The FNM in its Manifesto speaks to its efforts to safeguard and protect the sector, especially the high-value jobs held by Bahamians within financial services. It lists a number of pending initiatives that will complement the necessary measures to ensure compliance with internationally adopted best practices, noting that it will continue to insist on adherence to the “level playing field” principle. Some of these include exploring the broadest options for embracing the opportunities in the new global financial environment to ensure that The Bahamas’ financial services sector is both more resilient and better able to profit from international trade; promoting greater efficiency to ensure timely consideration and determination of applications, policies and procedures; keeping policies, programmes and legislation important to the success of domestic and international business under review. The FNM also pledges to maintain continuous dialogue with business leaders and stakeholders, so as to remain abreast of the changing needs of the sector

In its Vision 2030 Charter for Governance, the Progressive Liberal Party (PLP) pledges to ensure that The Bahamas remains on the cutting edge of law reforms that facilitate an increasing range of complex cross border transactions through a major rebranding initiative carried out by a re-invented Ministry of Financial Services. Such Ministry it says will give dedicated full time leadership for the development and promotion of this industry. Specific initiatives include strengthening of relations between the Government and the private sector; ensuring Bahamian investment in the sector; ensuring the stability and predictability of the business environment, the quality of staffing available, and the support provided by infrastructure; strengthening links between the financial services sector and tourism; promoting The Bahamas as a uniquely qualified domain for an international arbitration court, comparable to The Hague as a location for the International Court for Criminal Justice. In short, the PLP aims to associate The Bahamas with diversity of financial services industry activities which flourish in the jurisdiction and specifically deepen carefully selected areas.

The DNA Vision 2012 and Beyond commits to a National Development Plan that prudently charts a course for sustained development – one that will form the basis of a new highway to empower the people, grow the economy, put people back to work and leave a vibrant and robust economy upon which future generations can thrive. It specifically identifies the financial services arena as one it will actively pursue, recognising the opportunities for expansion with the existing best-trained professionals in the region. It proposes to create a Financial Services Authority, which will be a ‘one stop shop’ for doing business in The Bahamas. Particular emphasis will be on targeting new markets, while expanding product ranges and encouraging Bahamian ownership in the sector.

“It is critical that we have a presence at events such as RIMS” said Ms. Allen BFSB’s CEO and Executive Director, “since our evolving insurance sector requires exposure to global insurance decision makers. By partnering with ICB we are not only able to showcase the insurance opportunities in The Bahamas but also present the broader financial services and business landscape that exists. It is in keeping with the integrated approach that we have adopted for the industry.”

Arvind Baghel, Head of Insurance Supervision at ICB, said RIMS provides the Commission with the opportunity to hear firsthand about global developments and trends in the insurance industry. "We are here to stay abreast with international developments in insurance and to support BFSB's efforts to promote The Bahamas' insurance sector," he said.

The Bahamas is exhibiting at the conference to promote the advantages of this jurisdiction as an insurance domicile to the thousands of global delegates who will be in attendance. Joining Ms. Allen at RIMS as part of the delegation are Venetia Gibson of BFSB and Carl Culmer of the ICB.

In March BFSB and ICB also jointly attended the annual International Conference of the Captive Insurance Companies Association (CICA) in Scottsdale, Arizona.

Government Structure

Executive power is vested in Queen Elizabeth II, as chief of state, with a Governor-General appointed to act as her representative in accordance with advice from the Cabinet. The Cabinet constitutes the executive branch of Government, is responsible to the Parliament, and comprises at least nine Ministers inclusive of the Prime Minister and Attorney General. The Governor-General appoints as Prime Minister the leader of the majority party in Parliament.

There is a bicameral legislature in The Bahamas, made up of an appointed Senate and an elected House of Assembly. The Senate's members are selected by the Governor-General: nine on the advice of the Prime Minister, four on the advice of the Leader of the Opposition and three with the advice of the Prime Minister after consultation with the Leader of the Opposition. The House of Assembly is elected by district. The normal life of the Parliament is five years, but it may be dissolved at any time by the Governor-General, on the advice of the Prime Minister. The Bahamas House of Assembly dates back to 1729, and represents one of the oldest of the representative legislative bodies in the British Commonwealth.

Elections were held last on May 2, 2007 when the Free National Movement (FNM) became the Government of The Bahamas. Prime Minister, the Right Honourable Hubert Ingraham, returned to head the government after retirement. He had served as Prime Minister from 1992 to 2002.

The review of Korea also looked at the effectiveness of Korea’s exchange of information in practice (Phase 1 plus Phase 2). These reports bring to a total of 70 the number of peer review the Global Forum has completed since March 2010.

The Global Forum also issued 3 supplementary reports - for Barbados, Bermuda and Qatar – which assess the whether these jurisdictions have acted upon the Forum’s recommendations to improve agreements and legislation. All three jurisdictions’ compliance with the international standards has progressing significantly. The Phase 2 reviews for Bermuda and Qatar will take place in the second half of 2012 and for Barbados in the first half of 2013.

These in depth reviews identify deficiencies and make recommendations on how the jurisdictions should address these concerns. The legal and regulatory framework is improving quickly in many jurisdictions. Previously, 11 jurisdictions were not able to move to the second phase in the review process. As a result of work by Barbados to establish a network of international agreements to underpin information exchange in tax matters, Barbados can now move to its Phase 2 review. The reports of Costa Rica and Guatemala, however, conclude that they will not yet move to the next stage of the review process because the deficiencies in their legal frameworks are serious. This will be reconsidered once reports on their progress are received.

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Mr Fair will guide the strategic direction of the organisation and focus on maximising growth opportunities for Freeport and Grand Bahama. He will work closely with GBPA president Ian Rolle and the current executive team to develop new strategies for development, and build on already existing initiatives and programmes.

Sir Jack Hayward and the St George family said in a joint statement: "Ian Fair exemplifies the true essence of seasoned leadership. His immense international exposure, and expressed interest in promoting the untapped potential of Grand Bahama to the world, will greatly assist in improving the economic conditions we now face. With the great work that the current team at the GBPA has been doing, in spite of the times, coupled with Ian's appointment, we believe that Freeport is on the verge of reaching its true potential."

Noting the challenges of the past few years due to a world recession, Mr Fair comments, "I am very excited about the opportunity to work with all involved in order to make Freeport and Grand Bahama boom again. It can and should be a significant contributor to the development of The Bahamas.”

The GBPA points to the wealth of knowledge in global business (more than 43 years in the Bahamian financial services sector) that Mr. Fairs brings to the position, further noting "He will play a significant role in further developing and enhancing important partnerships that are critical for the growth and development of Freeport and Grand Bahama Island."

Mr. Fair currently is Chairman of the Bahamas Maritime Authority (BMA) and the Bahamas International Securities Exchange (BISX). He also serves as Chairman of the Bahamas First Insurance Group and as Deputy Chairman of Butterfield Bank (Bahamas). He was the founding chairman of the Bahamas Financial Services Board (BFSB).

Mrs. Smith brings a portfolio of strong regulatory experience to this position. In 2000 she joined the Public Utilities Commission (PUC) - which preceded URCA – as a Financial Analyst, and later held the position of Senior Case Officer. In January 2011, she was appointed Director of Policy and Regulation. In this capacity, she has been URCA’s most senior executive since August 2011 when the CEO position became vacant.

A Certified Public Accountant, Mrs. Smith’s professional experience includes posts in the international and local financial sectors, prior to her work as a Regulator.