Patrick Tannock: “We’re All In This Together”

November 20, 2015

The Association of Bermuda International Companies [ABIC] held its 12th Annual General Meeting yesterday [Nov 19], with ABIC Chairman Patrick Tannock calling for “continued collaboration between government, ABIC members, unions and other community stakeholders to ensure that Bermuda remains a leader in International Business.”

Mr. Tannock stated, “These are tough times and we are all expected to do more with less. In addition to experiencing social and economic challenges, increased scrutiny and intense competition from other jurisdictions, Bermuda is facing unprecedented change and we are in unchartered territory.”

Patrick Tannock Bermuda Nov 20 2015 fb

Noting that ABIC’s mission is to promote a sound business environment in Bermuda for International Business and the Bermuda community and to advocate for balanced government policies that maintain Bermuda as a well-respected domicile of choice, Mr. Tannock said: “We need to ensure that Bermuda remains user-friendly, friction-free and solution-orientated. Our attitude and behaviors will set us apart from our competitors.

“That is why it is critical that everyone in Bermuda fully understands the value of International Business to the island’s economy and the responsibility that each of us have for ensuring that we maintain that value. We cannot afford to be polarized on this issue.

“It must be clear that International Business is not the bad guy or the spoiled one that gets everything it wants. In order to remain competitive, Bermuda must provide an environment in which International Business gets what it needs to thrive.

“Likewise, we in International Business must be respectful of Bermuda’s culture as well as the aspirations and values of the Bermuda people. We’re all in this together.”

Mr. Tannock continued, “We are proud of the ongoing efforts of our membership and key stakeholders in making progress on raising the awareness of the value of International Business and improving the dialogue.

“These include:

  • Executing on the ABIC Communication Plan for 2015 which involves meetings with key stakeholders such as political parties, unions and public schools.
  • Partnering with the Bermuda Business Development Agency in the launch of the Everybody’s Business Campaign. Through live radio talk-show panel discussions, hosted by Cyril Whitter of the ABIC Executive, a range of topics have been explored including why International Business matters to everyone, International Business trends, threats and diversification, the Bermuda Economy, Bermudians in International Business, guest workers, careers in International Business and International Business synergies with Tourism.
  • Meeting with guidance counsellors and curriculum officers at the public senior schools to develop the economics curriculum, particularly students’ understanding of the Bermuda economy, the value of international business and the challenges and the opportunities in the International Business sector. In addition, work is underway on developing a presentation on International Business for business studies classes.
  • Increasing Bermuda students’ awareness of the careers in International Business.

As in previous years, ABIC continues to invest in education.

  • Through the ABIC Education Awards we are supporting 14 students with scholarships this year. Now in its 38th year, the ABIC Education Awards have supported more than 540 students. Former recipients of these awards have subsequently gone on to make significant contributions to the island’s business sector.
  • As the founding sponsor of Bermudascholarships.com, Bermuda’s one stop scholarship website for students and donors, ABIC this year took on fiduciary responsibility for the website. We are pleased to report that the website rebuild has commenced and funds have been raised thanks to our partnership on this initiative with the Bank of Bermuda Foundation, Ace, XL Catlin, the Ministry of Education, OIL, The Bermuda Foundation for Insurance Studies, Renaissance Re and Deloitte.

Mr. Tannock concluded, “I would like to thank members of the ABIC Board and every ABIC member for making 2015 a successful year.

“We will continue to keep our fingers on the pulse of our community and pursue every opportunity to collaborate with all stakeholders to ensure that Bermuda remains the business domicile of choice.”

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Comments (10)

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  1. David says:

    Patrick Tannock is the man. He gave a fantastic speech at the PLP Founder’s Day a couple years back. Everyone on this island, Bermudian and non-Bermudian, should watch that speech. Check it out on YouTube.

  2. Straight Up! says:

    This is the first time i can ever recall an IB Executive ever stating publicly that for IB to be sustainable and successful in Bermuda that there must be a two way street of appreciation and respect for our values and the aspirations of Bermudians.

    We can only admire his courage as we we always hear we have to do this and do that and the IB companies are treated like royalty and given liscence to do whatever they want!

    Although most IB Companies are good corporate citzens we should salute Mr. Tannock for using his postion and visibility to assert that there must be mutual respect for this thing to work!

    This guy has called it right down the middle! I hope people are listening!!

    What a good guy!! Respect!!

    • sage says:

      This is exactly what every Joe Blow has been saying for years whilst being labelled as anti-IB, this and what Charman said, but it only becomes true when some CEO says the obvious.

  3. Cool says:

    I met this guy earlier this summer. For all that he has accomplished he still seems like a down to earth guy. A local in a top position but yet grounded…you give us young black males hope sir.

  4. Well spoken, Tannock. Yes, I want for all of Bermuda to be aware of what you have said. We Bermudians MUST be included in the International Business mix. Good gracious!! We are the brightest and amongst the smartest people in this small country!!
    We do deserve an increased black representation at the I.B. level! Hmm….. wonder what the hiccup is???

    • Sickofantz says:

      Where did he actually say that more black Bermudians must be included in the IB mix? While I applaud this I can’t see it in this article is there a full transcript of the speech anywhere?

    • Its not a hiccup, that’s the system of the world. Why is everyone acting brand new on this topic. Its a psychological and ideological concept that has been ingrained in History since Europeans started exploring.

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