This past week the Bahamas Financial Services Board (BFSB) elected a new Board of Directors for the 2012-2014 term. The officers of the organization will be selected at an early Board Meeting.

BFSB Directors elected in their individual capacity include:

* Michele Balice, BSI Overseas (Bahamas) Ltd.;
* Heather M.A. Bellot-Hazarian, MMG Bahamas Limited;
* Linda Beidler-D’Aguilar, Graham, Thompson & Co.;
* Timothy J. Colclough, Butterfield Bank (Bahamas) Limited;
* Steven Ferguson; UBS Trustees (Bahamas) Limited;
* Ivan Hooper, The Winterbotham Trust Company;
* Vanessa Knowles, Credit Suisse Bahamas;
* Samantha Knowles-Pratt, Delaney Partners;
* Peter Maynard, Peter D. Maynard & Co.;
* Tiffany Norris-Pilcher, Ernst & Young;
* Jeremy Proffitt, RBC Wealth Management;
* Prince Rahming, PricewaterhouseCoopers Bahamas;
* Christel Sands-Feaste, Higgs & Johnson;
* C. James Schaefer IV, Old Fort Financial;
* Arthur Seligman, Lennox Paton;
* April Turner, McKinney, Bancroft & Hughes; and
* Paul Winder, ATC Trustees (Bahamas) Ltd.

The Board also consists of individuals who are elected to represent professional industry associations (“PIAs”). BFSB has always respected and valued the role played by PIAs and welcome their contribution as directors on the board. Those associations elected to serve on the new Board are:

* Association of International Banks & Trust Companies (AIBT) – Bruno Roberts
* Bahamas Association of Compliance Officers (BACO) – Marsha G. Ferguson
* Bahamas Investments and Securities Business Association (BISBA) – Brian Jones
* Bahamas Bar Association (BBA) – Paula Adderley
* Bahamas Insurance Association (BIA) – Howard Knowles
* Bahamas Institute of Chartered Accountants (BICA) – Pedro Delaney
* Bahamas Real Estate Association (BREA) – W. Larry Roberts
* CFA Society of The Bahamas (CFASB) – Velma Miller
* Society of Trust and Estate Practitioners (STEP) – Anita Bain

Aliya Allen, in her capacity as BFSB’s CEO & Executive Director serves as a permanent representative on the Board, as does Viana Gardiner, Acting Director of Trade & Industry within the Ministry of Financial Services, as the Government Representative.

At the Annual General Meeting held on September 24, Chairman Paul Winder addressed the need for BFSB to continue its agenda of change. He also referenced the many regulatory developments of recent times, noting that there is no question that “smart” regulation brings many benefits. He stressed, however, the importance of working to ensure that regulation does not become a barrier to sustainable growth. In this context, he said *“Regulators must be change agents, fully grounded in business practices.”*

Aliya Allen, in her CEO’s report, spoke to BFSB’s mandate of industry development and the important roles both “Big” and “Small” Development continues to play as the organization strives to fulfill both this critical directive and its key promotional mandate. She said, *“BFSB has over the years proven that it is an effective tool for both Government and BFSB members to effect real improvement in the business of financial services in the country and the image of The Bahamas as an international financial centre. BFSB works hard to implement and effect its dual mandate for development and promotion of financial services.”*

BFSB, launched in April 1998, represents an innovative commitment by the financial services industry and the Government of The Bahamas to further the development of The Bahamas as an international financial centre. The Board is a multidisciplinary body that, through the active contribution of government, professional industry associations and individual member firms, has pursued an active agenda for improvement in the jurisdiction and promotion of the benefits of The Bahamas for international finance.

Member firms are drawn from banks and trust companies, securities and investment advisory services, insurance and investment fund administration as well as legal, accounting, realtor and other professionals.

PHOTO CAPTION: Directors immediately following the 2012 AGM: Standing – Left to right: Bruno Roberts, Jeremy Proffitt, Christel Sands-Feaste, Peter Maynard; Arthur Seligman, Brian Jones, April Turner, Howard Knowles, Jasmine Davis, Heather Bellot Hazarian. Seated – Left to right: Tiffany Norris-Pilcher, Samantha Knowles Pratt, Aliya G. Allen (CEO), Paul Winder, Vanessa Knowles, Linda D’Aguilar, and Velma Miller.