A wide cross section of Bermudians were briefed at a morning forum on recent changes to The Companies Act on Friday.

The forum was hosted by the Bermuda International Business Association (BIBA), whose Companies Act Amendments Committee is a key resource for Parliament in making timely changes to the Act.

About 80 people attended the event at the Princess Hotel, including representatives from the Bermuda Monetary Authority and the Chamber of Commerce's International Companies Division, Opposition Leader Jennifer Smith, Attorney General Elliot Motley, together with professionals from banks, insurers and law and accounting firms.

BIBA chairman Tom Davis said, "There have been so many changes that we've worked toward over the last couple of years. Some important amendments were passed during the last session of Parliament.

"This was an opportunity to bring representatives of our committee -- a very large committee -- and its chairman, Price Waterhouse/Gray & Kempe partner Tom Conyers -- together with some professionals in the international business industry, and explain what some of the changes were designed to achieve.

"The committee has been extremely effective and is also considering changes to other legislation, such has the Partnership Act and the Trustee Act.

"They accomplished quite a bit over this latest period. There were a number of things that were really needed. It is always difficult to anticipate how the market will change and what competitors will do, but we want to remain the leaders, as opposed to followers.'' Mr. Davis said that a score of members sit on the BIBA committee, representing the private and public sector, spending hundreds of hours a year examining and discussing the Companies Act, to determine which provisions may be outdated, or where anomalies might exist.

He said, "Their contribution to keeping Bermuda competitive is significant.'' He added that BIBA invites a diverse group of people to the informal members' forums about four times a year.

He said, "Open dialogue among Bermuda's organisations about issues facing the international business industry can only be productive. We face ever-increasing competition and it behooves all of us to be aware of the issues.'' "There were a number of things that were really needed. It is always difficult to anticipate how the market will change and what competitors will do, but we want to remain the leaders, as opposed to followers.'' -- BIBA chairman Tom Davis (above).