Bermuda's top business people past and present will be inducted into a hall of fame officially launched by the Bermuda Employers Council (BEC).

The Bermuda Business Hall of Fame (BBHF) has been founded to identify and honour those who have made a significant contribution to the development of business on the Island.

The BEC also announced the launch of its 50th anniversary gala banquet at the Fairmont Southampton on September 18 and the Malcolm Dixon Scholarship Award at a press conference yesterday.

Martin Law, executive director of the BEC, said that the BBHF is aimed at creating an awareness and appreciation of the country's rich and diverse heritage of business leadership and to inform and educate the community on the management methods employed.

"This is a new and, we believe, quite exciting way of celebrating the success stories that we have had over the decades," he said.

"The BBHF is being founded in order to identify, honour and enshrine those distinctive Bermuda business individuals who have contributed in a major way to the development of business in Bermuda no matter what industry they may have been instrumental in developing."

Four people have been selected by a panel of business leaders for induction in the inaugural year from more than 20 nominations made by the BEC, the Bermuda Chamber of Commerce and the Bermuda Hotel Association of individuals from the 1960s, 1970s, 1980s and 1990s. Future inductees can be from any time in history.

Those inducted will have a plaque with their name on display at City Hall.

The BBHF consists of two parts, according to Mr. Law - the laureate inductees and the educational aspect.

"Firstly is the foundation of laureate inductees whereby we will identify and induct outstanding Bermuda business leaders into the BBHF," he said.

"The exceptional business leaders must have case histories on their practical management techniques to which as potential laureates, they attribute their success.

"It is hoped that the potential laureates' lives provide inspiration, to take risks, to strive for excellence and to set the highest of ethical standards.

"Secondly is the educational aspect, where we will endeavour to create an awareness and appreciation of these leaders' case histories and philosophies."

The criteria for nominations was based on an individual's corporate performance, management and vision, inspirational leadership and ongoing business ethics.

It includes a number of qualities from recognition by his or her peers, organisation and/or profession as having made a significant contribution to its success, serving as a role model for others in business to the impact on Bermuda's business evolvement, strong community involvement, as well as the ability to positively influence the growth of peers and subordinates and the demonstration of a continuity of achievements.

Mr. Law continued: "As I am sure all will agree this was a most difficult task, but we are confident that we have a very strong group of individuals nominated and a group of very worthy inductees for 2010, all of whom of course met the necessary criteria. The actual inductees however will be announced at the inaugural 50th anniversary gala dinner."

The 50th anniversary gala banquet, which has been sponsored by BEC members, will host 500 people with a cocktail reception followed by a dinner and dance.

The Malcolm Dixon Scholarship Award will be presented in honour of labour relations stalwart Malcolm Dixon, who led the BEC from 1987 until his retirement in 2001 to assist individuals pursuing a career in human resources/labour relations management.

The amount has been set at $10,000 per annum but is subject to review by the BEC's board of governors, with a separate committee set up to look at all of the applications received and provide future guidance to the awardees.

To submit your nomination for the Bermuda Business Hall of Fame complete a form on the BEC website at www.bec.bm. The Royal Gazette also welcomes the view of readers on who should be honoured. Send your suggestions, with a brief explanation of why they deserve to be inducted, to business@rg.bm