Premier Jennifer Smith yesterday affirmed her Government's commitment to consultation with business at the annual meeting of the Bermuda International Business Association (BIBA).

She said Government would make legislative reform necessary to foster local and international business growth, and promote electronic commerce.

Earlier in her speech she jokingly referred to criticism by some in the business community against the declaration of the January 4 holiday by saying Government should be commended for restraint in not making it an annual occasion.

"I was surprised by the negative comments against the holiday,'' she said at the event, held at the Hamilton Princess.

BIBA chairman Glenn Titterton in his annual report to members said the organisation had formed committees to address the OECD and EU attack on harmful tax practices by offshore jurisdictions, and on Year 2000 compliance efforts.

A BIBA poll of members also indicated that they wanted a review of the Island's rules requiring local companies to be 60 percent owned by Bermudians.

"The rule is incompatible with the global nature of how business is conducted today, and should be reviewed in the context of how the protectionist policies that currently exist in Bermuda affect our global competitiveness as an international business centre,'' he stated. During the year BIBA was also involved in Bermuda's electronic commerce initiative, a series of proposals put forward by the previous UBP Government, and in the formation of the Island's Year 2000 steering committee.

BIBA committees are also working to propose further streamlining of companies' incorporations, and legislation on segregated accounts.

Consultant David Taylor of The Gartner Group spoke at the luncheon on the benefits Bermuda could gain by promoting itself as a place for global electronic commerce.

He said intellectual property legislation, which the PLP Government has said it will put in place, will help attract electronic commerce business to the Island.

DAVID TAYLOR -- Spoke at luncheon.