The Bermuda Branch of The Institute of Chartered Secretaries and Administrators of Canada (ICSA) presented awards to winners of the 1997 Annual Reports Competition at a reception at the Royal Bermuda Yacht Club.

ICSA vice president, Richard Jenkyn, said that the International category was the most keenly competitive, with particularly high scores achieved among the top four entries.

EXEL Ltd. won the category, as judges found their latest annual report to be visually pleasing, saying that the average shareholder would respond favourably to its creativity in layout and innovative presentation.

Balanced content was also a positive feature of the winning entry. The chief executive's report was considered to be well constructed, informative and an accurate reflection of the year's activity. The EXEL annual report also scored high on public relations and quality of content.

Honourable mentions were made of first runner up ACE Ltd. and joint second runner-ups Centre Reinsurance (Bermuda) Ltd. and IPC Holdings Ltd.

In the Local Companies category, Bermuda Monetary Authority (BMA) won as the judges were particularly impressed with the standard of comprehension and clarity of content in all parts of their annual report.

They found a well constructed written presentation supported by imaginative graphics. The BMA report also received high marks for layout and case of interpretation. And the chief executive's report stood out as a good example of a well-planned and scripted text which was easily understood.

Honourable mentions were given to Belco Holdings Ltd. and Bermuda Home Ltd.

after their annual reports also received high marks.

The Non-Profit Organisations category was won by Bermuda Biological Station.

Although it was said to be difficult to judge because of the diversity in budgets for the various non-profit organisations, the decision was unanimous.

The judges felt the winning entry had a well-balanced and attractive presentation, clearly showing what the organisation was doing, how it achieved its goals and its future aspirations. The chief executive's report was said to be clear, informative, concise and representative of the organisational activity. The accounting content was also well-presented with sufficient detail to satisfy all levels of interest, and complying fully with the requirements of the relevant accounting standards.

The judges were retired CEO of Aon Risk Management (Bermuda) Ltd. Robin Spencer-Arscott, Deloitte & Touche partner Mark Smith, chartered secretary and corporate manager with MLH Quin & Co. Marie Grace, retired executive vice president of Bank of N.T. Butterfield & Son Ltd. Stephen Kempe and chartered secretary and chief executive of Shell Bermuda Bob Stewart.

ICSA AWARDS -- From left to right, ICSA Bermuda Branch vice president Richard Jenkyn, Bermuda Monetary Authority general manager Malcolm Williams, Greg Engel from Belco Holdings Ltd., Robert Miller of Centre Re, EXEL Ltd. vice president Gavin Arton, ICSA vice president Margaret Moran, Kendaree Burgess-Fairn of the Bermuda Hospitals Board, Kirsten Badenduck of ACE Ltd., Eric Clee of the Bermuda Zoological Society, Kathleen Frith of the Bermuda Biological Station, and Dennis Higginbottom of IPC Holdings Ltd.