Business in brief

Butterfield Bank

The Bank of NT Butterfield & Son has announced that Sophia Harris has been appointed chairwoman of the board of directors of its wholly-owned subsidiary, Butterfield Bank (Cayman) Limited, effective 6 November.

Mrs. Harris, who has served as a non-executive director on the Cayman board since 2002, is the managing partner and founder of Solomon Harris, an independent law firm in the Cayman Islands.

Mrs. Harris has served as chairwoman of the Immigration Department’s Business Staffing Plan Board of the Cayman Islands and is chairwoman of the Immigration Appeals Tribunal. She has also served on the board of governors of the University College of the Cayman Islands. Mrs. Harris is a past president of the Rotary Club of Grand Cayman and the Chamber of Commerce, a council member of the Cayman Islands Law Society and sat as a council member of the Caymanian Bar Association.

Conor O’Dea, managing director of Butterfield Bank (Cayman) Limited and senior executive vice president of international banking at Butterfield, said, “We are fortunate to have had Sophia serve as a director for more than ten years and we are pleased she has accepted the position of chair. The board will continue to benefit from Sophia’s perspective and specialised knowledge of the international financial services industry.”

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The composition of the board of directors of Butterfield Bank (Cayman) Limited is as follows: Sophia Harris (chairwoman), managing partner, Solomon Harris; Michael McWatt, deputy managing director, Butterfield Bank (Cayman) Limited; Conor O’Dea, managing director, Butterfield Bank (Cayman) Limited and senior executive vice president international banking at Butterfield Group; James E O’Neill, managing director, Frapag Finance Ltd.

General Registry

General Registry staff attended training sessions on 7 and 8 November to learn the enhanced capabilities of the Cayman Islands Online Registry Information Service system. CORIS is available to service providers licensed by the Cayman Islands Monetary Authority, which allows its users remote access to information on those companies they administer.

According to Registry’s senior management team, the upgrade to the electronic data management system will provide for online companies registration and will be released in phases. Other online functions will be available including filing of changes to: share capital, name and registered office. Electronic delivery of documents will also be available to subscribers. Registry staff expect the system to go live for CORIS users during the first quarter of 2013.

Higgs & Johnson

Higgs & Johnson, attorneys-at-law, have once again supported the Pink Ladies Volunteer Corps Cayman Islands in their Christmas Bazaar preparation.

Since the early 1980s, the Pink Ladies have been raising money and volunteering for the National Council of Voluntary Organisations, Pines Retirement Home, Health Services Authority, Lighthouse School, Special Olympics and other community projects. The activities that the Pink Ladies participate in are quite varied and diverse, with the funds being immediately returned to the community through a variety of projects.

One of the longstanding fundraisers associated with this remarkable group of women is their annual Christmas Bazaar. This year’s bazaar will be held on Saturday, 1 December, at the Arts and Recreation Centre in Camana Bay.

Bernadine Murrain, bazaar coordinator for the Pink Ladies, received the firm’s donation from partners Gina Berry, Philip Boni and Chris Narborough.

Higgs & Johnson also continued its support of The Lee Denim Day (in the Bahamas) and the Lions Dress Down/Dress Pink Day (in the Cayman Islands) as they both continue to be some of the largest single-day fundraisers for breast cancer awareness in both jurisdictions, providing assistance in raising funds for the fight against breast cancer and evoking nationwide support.

The firm relaxed its dress code at all of its offices and encouraged members of staff to participate in the various awareness and fundraising initiatives. The annual Lee National Denim Day was organised in conjunction with the Cancer Society of The Bahamas. The Lions Club of Tropical Gardens’ also provided lapel pins, bracelets and other breast cancer awareness items for purchase to support the Lions Club’s various initiatives which include providing mammograms, support, education and financial assistance.


The board of directors of Caribbean Utilities Company has declared a dividend of US$0.165 per Class A Ordinary Share, or an annualised dividend of US$0.66 per share. The dividend will be payable 15 December to shareholders of record on 26 November.

Chamber of Commerce Pension Plan

State Street Corporation announced that it has been appointed by the Cayman Islands Chamber of Commerce Pension Plan to provide custody services to its USD$270 million plan.

“Global financial events that have occurred in the past several years have highlighted the importance of having financial partners with strong controls and a solid risk rating,” said William Fleury, general manager and chief operating officer, Cayman Islands Chamber of Commerce Pension Plan.

“The Chamber Plan is delighted to partner with State Street whose leading technology, expertise in custody, and local and global footprint were also strong factors in their selection.”

Rich Anton, senior vice president in State Street’s Alternative Investment Solutions team and head of the Cayman solutions team, said, “Institutional investors, including pension plans, continue to seek greater depth of services, transparency and operational efficiency. We have a long history and commitment to the Cayman Islands and work collaboratively with our clients to identify opportunities where we can help them to best achieve their investment goals. We look forward to developing a long-term partnership with Cayman Islands Chamber of Commerce Pension Plan and supporting their growth.”

Scotiabank & Trust

Scotiabank & Trust (Cayman) Ltd organised a fundraising garage sale with an objective of donating funds raised towards Feed our Future to enable the continued provision of school meals for needy children in Cayman’s community. Shannon Sylvestre of Scotiabank & Trust (Cayman) Ltd. Said, “Our philanthropy is based around our programme, Bright Future, which is all about the youth of the Caribbean. With that in mind, a group of employees, from Scotiacentre, decided to have a garage sale on 3 November. It was a huge success raising $558.75, which Scotiabank matched, allowing them to donate $1,117.50 to Feed Our Future. These funds will feed a primary school aged child for an entire year.”

Accepting the funds on behalf of Feed our Future, Stacey VanDevelde, Chairwoman said, “We are most appreciative of the decision taken by the management and staff of this longstanding Cayman institution to donate funds to our cause. This is a clear demonstration of Scotiabank & Trust’s commitment to our community and corporate citizenship.”

The donated funds will support the provision of school meals to children in need over the remainder of the 2012/2013 school year.

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