Bacardi International's president and CEO Michael Brennan will be watching with keen interest to see whether the US lifts its trade embargo with Cuba.

Mr. Brennan, who took time out from his busy schedule to talk exclusively to The Royal Gazette at the spirits company's official presentation of an Investors in People award from Minister of Home Affairs David Burch at the Bermuda Underwater Exploration Institute (BUEI) yesterday.

He discussed a range of hot topics from the trade embargo to acquiring stakes in Patrón and Leblon, and losing out on a deal to Pernod Ricard SA on the purchase of Vin & Sprit, the maker of Absolut, as well as the company's recent loan refinancing and its first sale of bonds in euros.

Mr. Brennan said that Bacardi, which was originally founded in Cuba in 1862, would be closely monitoring US-Cuba trade relations to see what developed and the potential impact it might have on the rum industry. The embargo was imposed by the US on Cuba in October 1960 and covers all commercial, economic, and financial transactions.

"It is something where we are watching and monitoring what is done with great interest," he said.

"The company was originally founded in Cuba, so it has got a keen interest of what is happening there. But I think it is too early to say what will happen."

Mr. Brennan, who is also the global treasurer for Bacardi Ltd., a position he has held since 2006, said Bacardi was very committed to Bermuda, where the company has been based for more than 40 years, and developing the staff there.

"Bermuda has been our home for over 40 years and we see no change to that and we are developing our people here," he said. "We are a family-owned company and we like to have that philosophy in our offices across the world with our brands and people."

Bacardi missed out on the takeover of Absolut makers Vin & Sprit, along with other unsuccessful bidders liquor group Fortune Brands and an investment group controlled by Sweden's Wallenberg family, after French spirits company Pernod saw its $8.34 billion bid accepted.

But Mr. Brennan said Bacardi was only willing to bid what it considered to be the right value to acquire a new company and not pay over the odds.

He said the company was always looking for good quality brands that fit in well with its portfolio and believed that the investments in internationally-renowned tequila brand Patrón and Leblon, a luxury spirit from Brazil, proved to be two cases in point.

Mr. Brennan confirmed that Bacardi had completed its under $2 billion loan refinancing which was launched last month, following a $3 billion deal, including a $2 billion loan to refinance debt incurred by its takeover of Grey Goose Vodka in 2004 and a $1 billion bridge loan to bond issuance in March, despite tough economic conditions and the global credit crunch.

He went on to say that the company was on the lookout for new campaigns to follow up the success of its 'Champions Drink Responsibly' campaign, which won the Best International Communication Award at the European Excellence Awards 2008 only four months after its launch across 40 different markets, with seven-time Formula One world champion Michael Schumacher as the global social responsibility ambassador.

Meanwhile, Mr. Brennan said Bacardi was also searching for opportunities to help in disaster relief efforts, such as the company's $100,000 donation to the Pan American Development Foundation earmarked for assistance in Cuba in the wake of the devastation wreaked by Hurricanes Gustav and Ike where thousands of homes destroyed, crops ruined, infrastructure damaged and lives disrupted.

Talking about the Investor in People award, Mr. Brennan explained that a team of staff across Bacardi had been working on the achievement for the past two years, identifying its strengths and areas it needed to improve on, culminating in receipt of the accolade in recognition of its efforts from the International Quality Centre in the UK.

"We have found that we were really strong in investing in our people in ways such as holding and attending conferences and getting further education for them and really getting to the next level through this process," he said.

All of Bacardi's Bermuda personnel, including Bacardi Ltd. president and CEO Seamus McBride, were in attendance at the formal recognition ceremony held at BUEI with the presentation made by Mr. Burch and Jocene Wade, a consultant and local Bermuda representative for Investors in People. The project team was set up in November 2006, with the help of external adviser Eric Jenkinson, of Jenkinson Consulting & Associates, in Ireland, and aimed to achieve recognition of the company's inclusion and involvement of employees in its development.

The award means that the management of Bacardi Bermuda will be committed to improving the organisation and actively encouraging the learning and development of all of its employees.

The assessment report will be carried out by external assessor Sarah Carnegie, who interviewed 17 employees, confirming that significant effort focused on improving the habits that support the requirements of the Investors in People standard.