New Director & Board Members At ABIC
The Association of Bermuda International Companies [ABIC] ushered in a changing of the guard at its 2022 Annual General Meeting, as Wayne Smith was welcomed as the new Executive Director, succeeding Richard Winchell, who has retired after 16 years in the role.
A spokesperson said, “Mr Winchell and ABIC Administrator Greta Peters, who is also retiring after eight years, received a warm applause in appreciation of their substantial contributions from representatives of ABIC member companies who attended the AGM at O’Hara House.
“Mr Smith has more than 25 years of executive experience in both the private and public sectors and most recently led the Bermuda Government’s concierge and engagement services division. Malinda Jennings will replace Ms Peters as Administrator.
“Patrick Tannock, Chairman of ABIC and CEO of AXA XL Insurance in Bermuda, laid out ABIC’s plans for 2023, as it works to promote a sound business environment in Bermuda for International Business and the Bermuda community, and to raise awareness of IB’s value proposition.”
Wayne Smith [ABIC's new Executive Director], LaMel Burch and Michael Walsh [2 newly appointed ABIC directors]
“We must build on and utilise our competitive advantage of speed to market to provide real-time solutions to the opportunities that come from change,” Mr Tannock said.
“Collectively, both industry and government must work together to ensure that we minimize any bureaucracy that could negatively impact this competitive advantage and identify any areas of friction to enhance our speed of execution.
“We’re also going to work to ensure that we can continue to attract fresh, high-quality intellectual capital, while continuing our commitment to retain and develop our current talent, both local and international, to ensure a win-win and to continue to drive innovation.
“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 Bermudian people. We are all in this together.
“We plan to continue to ramp up our work with member companies to accelerate the transition from simply awareness of why DEI matters to the development and execution of strategies to work to increase diversity, equity and inclusion in Bermuda’s International Business workforce.
“We’re also going to continue to provide intellectual capital and input to support Government’s plan to produce economic recovery. We will do all that we can to raise awareness of Bermuda’s IB value proposition both domestically and internationally.”
Christie Hunter Arscott and Claude Lefebvre
The spokesperson said, “Mr Tannock also spoke about ABIC’s evolution over its first 50 years, since it was founded as the International Companies Division of the Bermuda Chamber of Commerce in 1971.”
“Over the past 50 years, ABIC has cemented its role as the definitive voice of Bermuda international companies. However, it has also evolved to become an organization that listens, learns and engages with the broader community,” Mr Tannock said.
“Looking ahead to the next 50 years, ABIC’s work in helping international companies and Bermuda adapt to the challenges of a fast-changing world has never been more relevant.”
The spokesperson said, “During the AGM Mr Smith was one of a slate of three new directors appointed to the ABIC Board, along with LaMel Burch, CFO of Artex Capital Solutions and Head of Central Services for Artex in Bermuda, and Michael Walsh, CFO of L&G Reinsurance. Two directors, Frank “Chip” Gillis and Barclay Simmons, have retired from the board.
“The board voted unanimously for Mr Winchell to be retained as an honorary director after his retirement as Executive Director.
“The AGM also featured “A Conversation with Christie Hunter Arscott”, an award-winning advisor, speaker and author, who spoke about DEI, a major focus of ABIC, in an engaging question-and-answer session.
“Ms Hunter Arscott, a Rhodes scholar, has been named by Thinkers50 as “one of the 30 management thinkers most likely to shape the future of how organizations are managed and led”. Her research and writing have been featured in international publications, including Harvard Business Review, Forbes, Fortune, European Business Review, Time and Business Insider.
“In conversation with Claude Lefebvre, President of Helix Underwriting Partners, an ABIC member company, Ms Hunter Arscott answered questions about the challenges of implementing DEI strategies.”
“The key thing is to take the ‘us versus them’ out of the DEI discussion and make it about creating a vibrant and dynamic culture for all employees,” Ms Hunter Arscott said. “There is a balance, you should measure key performance indicators around diversity and you should, in some way, tie that to an incentive for individuals.
“But this is not a policing thing. This should be about: how do we create the best, most vibrant, dynamic, diverse and inclusive culture at our company? What are our goals? And how are we going to collectively work towards that? The discussion has to be done in that tone. This is about everyone.”
She also addressed the issue of racism in Bermuda. “We skirt around it all the time,” said Ms Hunter Arscott, who is Bermudian. “We need to have honest discussions around the legacy that exists and that permeates our society, our school systems, families, social groups — hard discussions, but we need to take those on.
“If we look at the representation of black Bermudians in the industry, we need to be doing better. We need honest discussions around race and how we, as an industry and as organizations, view historical legacies and current biases that permeate the system. And how do we address the past while also creating ways to interrupt that bias in our organizations now?”
Answering a question from the audience, Ms Hunter Arscott said: “I think ‘DEI fatigue’ is largely driven by the fact that there’s talk and not action. And there’s intent, but not outcomes. If we stopped talking so much, and started putting more of our energy into action, then some of that fatigue would be reduced.”
