The Labour Day holiday has coincided with the release of the Polaris Holding Company Ltd annual report which reveals major concessions won by those who comprise the port workers division of the Bermuda Industrial Union.

The changes were not as a result of any negotiated settlement, but rather the company adhering to “its mission to do the right thing, at the right time, for the right reasons”.

Instead, it was Stevedoring Services Ltd, the Polaris division, implementing a key policy decision, after the Polaris Human Resource and Compensation Committee approved the implementation of a training policy that even the company said was a long time coming.

The committee said it “finally addresses the inconsistency and perceived favouritism that has been a criticism of management by staff going back several years”.

In addition, short-term disability coverage for the staff was introduced and a discretionary gratuitous compassionate pay policy was established to allow consideration for longer-term illness within specific boundaries.

The HRCC also continued oversight of the Employee Share Purchase Plan in its second year, with 17 staff having taken advantage of the opportunity to own a stake in the company since its inception.

The Polaris annual report, released in a filing with the Bermuda Stock Exchange, also noted: “The HRCC again provided oversight and advice to the CEO regarding the Court of Appeal matter between SSL, the Minister of Labour and the Bermuda Industrial Union, finally heard in June of this year.”

The report included high praise for port workers from retiring CEO Warren Jones.

Mr Jones, himself, won choice words from Cheryl Hayward-Chew, chairwoman of the board of directors, who spoke on their behalf: “I acknowledge the monumental impact Warren has had on every aspect of the company through his ability to consistently engage with all stakeholders.”

But Polaris suffered a consolidated loss in the year to March 31, 2023, triggered by a year-end write down of the remaining goodwill ($1.1 million) associated with the purchase of East End Asphalt Company Limited.

The charge would have been fully offset by other non-operating gains; however, those gains (more than $1 million) ultimately took place in the new year because of timing.

Polaris suffered its second net loss in three years (2021: $511,000 loss; 2022: $1.13 million profit; 2023: $482,000 loss).

Polaris maintained strong cashflow throughout 2023 as it funded quarterly dividends and loan payments, ending the year in a solid cash position.

Mr Jones said: “Stevedoring Services Limited performed better than last year, but not as well as projected, and with EEA’s poor financial performance, this put the consolidated company in a loss position.”

“SSL is a barometer of Bermuda’s economic situation,” he said.

“Although SSL achieved a profit, container and break bulk [cargo not in a container] is well below what we saw prior to Covid-19.”

The asphalt company was also impacted by the softness in the construction industry since the pandemic, partially a result of interest rates.

Mr Jones said that no matter the recent developments, EEA remains poised for success with the right people in place to make it happen.

He said: “No one could have predicted Covid-19 and the resultant economic downturn. In this fiscal year, the lack of on-island construction activity affected EEA.

“Key to EEA’s success is partnerships with the Government and the corporations of Hamilton and St George. While EEA did limited work for the corporations, nothing was forthcoming from the Government.

“We have since done a significant amount of work to raise our profile with the Government. Better days are ahead and a mutually beneficial relationship is beginning to flourish.“

• This article has been amended to clarify that the 2023 Annual Report points out the changes made for the benefit of employees were decisions taken solely by the company.