directors of the Bermuda Monetary Authority (BMA).

Dr. Saul, who served as Finance Minister from 1989 until 1995 when he became Premier, is executive vice president of Fidelity International in Bermuda. He resigned as Premier in March.

BMA chairman Mansfield (Jimmy) Brock said Mr. Stewart had resigned from his directorship after he was made vice chairman of the Bank of N.T. Butterfield and Son Ltd. in October.

Mr. Stewart resigned to avoid any conflict of interest between his duties as director at the BMA and his new position at the bank, which was a management position, Mr. Brock said.

Mr. Stewart is chief executive of the Royal Dutch/Shell Group of Companies in Bermuda. He had served on the BMA board since 1989. He has been on the Bank of Butterfield's board as a director since 1988.

Dr. Saul had previously served on the BMA board from 1986 to 1989.

"He brings a tremendous amount of experience and knowledge to the board,'' Mr. Brock said. "He has knowledge not only about the international sector, but also about the local economy.'' GOVERNMENT GVT