CAYMAN BUSINESS: THE VIEW FROM THE TOP...102 SPECIAL ADVERTORIAL SECTION DART ENTERPRISES LTD. (345)...

A D V E R T O R I A L S E C T I O N

CAYMAN BUSINESS:

THE VIEW FROM THE TOP

100 SPECIAL ADVERTORIAL SECTION

If you’re in the “news business,” bad newsis often good news, since it appears to bea truism that “bad news sells.”A corollary to that maxim is that gov-

ernment is often either the bearer or thecause of the bad news. More often than not,business contributes only a small amount tothe public conversation.

Nevertheless, it is the private sectorthat not only funds government but also isresponsible for the well being of its em-

ployees and for creating profit for its in-vestors. Put another way, it is business, notgovernment, that keeps the Cayman econ-omy moving.

In these challenging times, with theworldwide economy causing uncertainty anda global sense of cynicism, we are happy tooffer a “contrarian” view in this SpecialSupplement.

Yes, the economy has slowed and busi-nesses have been forced to cut back and re-

group over the last few years. But, in manyinstances, businesses are demonstratingadaptive powers and flexibility to adjust tochanging realities that government would dowell to emulate.

In nearly all instances, the executivesrepresented in this supplement are puttingemphasis, energy, and resources on improv-ing the products and services they deliver totheir clients and customers.

In this section, the top executives from

EXECUTIVE OVERVIEW:

some of Cayman’s top companies sharetheir visions for guiding their own busi-nesses through and out of the economicdownturn.

At the same time, many of these goodcorporate citizens are continuing to giveback to the community, a philosophy en-couraged and acted on by the top executivesdown through their entire staffs.

Covering a range of sectors includingtelecommunications, banking, legal, and

accounting, each article in this section of-fers an executive view of the company—where it came from, where it is going, itsproducts and services, and its hardworkingstaff.

Cayman’s CEOs take this opportunity toshowcase their companies and theirstrengths, how they contribute to the localeconomy, and single out for praise the mostoutstanding members of their staffs.

The messages are universally positive

and in many instances inspirational.Naysayers may be able to shout louder andget more newsprint, but from our perspec-tive, the “Views From The Top” are the onesworth listening to. After all, these privatesector executives, unlike those in the publicsector, are playing with their own (or theirinvestors’) money.

But don’t take our word for it. Readthrough this supplement and let Cayman’sexecutives speak for themselves . . .

SPECIAL ADVERTORIAL SECTION 101

Covering a range of

sectors including

telecommunications,

banking, legal,

and accounting,

each article in this section

offers an executive view

of the company—

where it came from,

where it is going,

its products and services,

and its hardworking staff.

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A High-end Vision

of Business in the

Cayman Islands


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CAYMAN BUSINESS: THE VIEW FROM THE TOP

The group of companies that make upDart Enterprises Ltd. has grown sub-stantially over the past decade and

continues to make an impressive contributionto the local economy. With its infrastructureand real estate development, commerce anddiversified investments, conservative esti-mates calculate the total injection in the localeconomy to be more than three quarters of abillion dollars since its inception—and this isbefore any multiplier effect. Directly orthrough its subsidiary companies, DartEnterprises locally employs more than 500 peo-ple and through its vendors, sub-contractors

and service providers contributes to the em-ployment of several hundred more. In itscharacteristic unassuming nature, the grouphas also provided strategic partnerships andcritical investment capital to Caymanian en-trepreneurs and established business ownersacross a range of local businesses.

Dart Realty (Cayman) Ltd., one of theDart Enterprises subsidiaries and a leader inreal estate development, has redefined mod-ern place making with the creation of CamanaBay. Based on a vision that the Dart familyhad when they first arrived in Grand Caymanalmost 20 years ago, The Town of CamanaBay has set a new standard as a master-planned

community, designed by an award-winninggroup of architects and planners. Active witha number of shops, restaurants and businesses,plus a full roster of weekly, monthly and an-nual events, life is blossoming at Camana Bay.Jackie Doak, Chief Operating Officer, shares,“The Dart family’s commitment to CamanaBay and the Cayman Islands enables a long-term view that endures an unpredictableglobal economy and the challenges of deliv-ering a 25-year, 500-acre development.”

Camana Bay is confidently moving for-ward with its 3 to 5 year plans, which includetwo new Class A office buildings totaling

145,000 square feet, a hotel and the muchanticipated launch of an extraordinary col-lection of different residential offerings. Thenext 6 months will see an exciting array ofnew retail and restaurant tenant openings.

Dart Realty also worked closely with theCayman Islands Government and theNational Roads Authority to create the mas-terfully landscaped and scenic stretch of roadthat weaves through Camana Bay, investingseveral million dollars into the project.Beyond Camana Bay, Dart Realty owns andoperates office and retail space in RegattaOffice Park, The Island Plaza and TheFlagship Building (formerly the West WindBuilding). As Mark VanDevelde, ChiefExecutive Officer, explains, “We are commit-ted to the Cayman Islands, its prosperity and

quality of life for residents. As part of thatcommitment, we have a specific interest inproviding, facilitating or enhancing infra-structure and amenities, ranging from thecruise port to community parks.” DartEnterprises is also actively involved in givingto the community through its charitable do-nations, preferring to focus on those that sup-port education, youth and communitydevelopment. The various parks created, withthe thoughtful designs that set Dart Realtyapart, are one of these involvements, includ-ing Scholars Park in West Bay developed withthe direction and involvement of MLA ClineGlidden Jr. At the request of MLA EllioSolomon, plans are also underway to enhancethree existing parks in George Town.

Another example of Dart’s commitmentto education was the decision to build a state-of-the-art school as part of Camana Bay.Funded with a donation from the William &Claire Dart Foundation, Dart Realty de-signed and built the modern classrooms andsports facilities which culminated with the2006 opening of the Cayman InternationalSchool (CIS), a premier school managed andgoverned by International School Services.The 13-acre campus welcomes age groupsfrom early childhood to high school, andproudly offers the International BaccalaureateWorld School Diploma Programme. Anotherrecent addition was The Arts & RecreationCentre, familiarly known as The ARC—a20,000 square foot multi-purpose indoor fa-cility. Opened in 2009, The ARC is locatednext to CIS and is used on a daily basis byGrand Cayman’s business communities, or-ganizations and national sports teams.Camana Bay also offers world-class sportingfacilities at the CIS campus.

Other areas that the company is activelyinvolved in include facilitating tourism de-velopment and addressing environmentalconcerns. DECCO, Dart Enterprises’ con-struction and project management sub-sidiary, is the development partner selectedby the Government to lead the GeorgeTown cruise berthing and port redevelop-ment project. The Dart executive team be-lieves that an enhanced visitor experiencein George Town will lead to a substantialpositive economic impact on the Cayman

D A R T E N T E R P R I S E S L T D.

Committed to Supporting

—And Building—Cayman’s Future

Jackie Doak, Chief Operating Officer,and Mark VanDevelde, Chief ExecutiveOfficer, Dart Enterprises Ltd.

Islands as a cruise destination and could at-tract more stay-over and repeat tourists. TheGeorge Town port project includes a re-design of the George Town waterfront areato make it more user-friendly for tourists andalleviate the traffic congestion. CameronGraham, CEO of DECCO, adds “Public-pri-vate partnerships for large scale infrastruc-ture projects are complex. However, thechallenges are worthy of the effort, as theoutcome will transform George Town to pro-vide a welcome to millions of cruise visitors.We must put forward the very best of the his-toric capital and combine it with modernfunctionality to ensure we continue as a suc-cessful cruise destination.”

As the largest adjacent landowner to theGeorge Town landfill, it is no surprise thatthe Group is an active supporter of WISE

Cayman, a recently formed community actiongroup which is determined to shape a moresustainable solid waste management policyand help to reduce the country’s rate of wastegeneration per capita. “We applaud theGovernment’s commitment to address theissue of national solid waste and we stand byready to assist with finding more sustainableways to deal with our waste, which should bedriven by a commitment to reduce, reuseand recycle as much as possible,” said theCEO. The company is supportive of theWISE Cayman recommendation to create anew eco-park for waste handling and the ef-fective remediation and eventual closure ofthe George Town landfill. In keeping withthe case history for hundreds of closed land-fills and Dart’s own approach to publicspaces, the existing site of the landfill could

eventually be used to create a new amenity,such as a public park.

It is clear that with its interest in the in-frastructure and development of the islandand the expansion of its businesses, DartEnterprises will continue to grow along withthe Cayman Islands. This could be benefi-cial in many respects. Mark concludes, “AtDart Enterprises, we are striving to provideimproved facilities and services to our cus-tomers, employees, their families and thecommunity—and hope that through our ef-forts and those of our valued team membersand partners, we are enhancing what is al-ready a wonderful place. The executive teamat Dart Enterprises views such growth as away to strengthen Cayman for our existingvisitors and residents—and to attract newones in the future.”

“We are committed to the Cayman Islands, its pros-

perity and quality of life for residents. As part of that

commitment, we have a specific interest in providing,

facilitating or enhancing infrastructure and amenities,

ranging from the cruise port to community parks.”

—Mark VanDevelde



Exceptional people,traditional values,and forward-think-

ing management haveproven the ideal combina-tion for Higgs & Johnson,as the law firm continuesto build on its decades ofexperience.

Operating for morethan 50 years and one ofthe leading firms in The

Bahamas, Higgs & Johnson established apresence in Cayman when it merged withTruman Bodden & Company, with its 35years of experience, on January 1, 2009.

After the merger, Chris Narborough ledthe Cayman firm as Country ManagingPartner. In January of this year Philip Boni,who had headed the Litigation Department atTruman Bodden & Company, becameCountry Managing Partner, charged withsteering the firm’s growth based on the still-rel-evant guiding principles of its founders. Theirresident partner Gina Berry continues to be re-sponsible for human capital in the Caymanfirm. To this day, the logo of the firm includesthe Latin words “honor et integritas.”

“Here in Cayman, our business model di-vides into four the type of matters uponwhich we give legal advice, namely litiga-tion, company commercial, real estate andprobate, and mutual funds. We also haveH&J Corporate Services, a company man-agement company providing registered officeservices,” he explained.

“I am very lucky to be surrounded by acrew of very talented people, not only interms of their legal skills but also their inci-sive and innovative minds,” added Mr. Boni.

Acknowledging the challenges thrownup by the current global economy, Mr. Bonistill sees plenty of reason for optimism, citingthe strength of Cayman’s Funds industry andthe opportunities presented by the alterna-tive investment sector.

He also pointed to the significance of ameeting earlier this year between PremierMcKeeva Bush and the chairman of the ChinaEverbright Group where they discussed poten-tial business opportunities. “That meetingshows how Cayman is looking away from the

more traditional markets of the United Statesand Europe and toward one of the BRIC coun-tries (which also include Brazil, Russia andIndia),” Mr. Boni said.

Additionally, he referred to an article inThe Economist which mentions the possibil-ity of Cayman developing a medical tourismindustry through Dr. Devi Shetty’s NarayanaCayman medical project, which could lead toopportunities to provide a variety of legalservices, which Higgs & Johnson is poised toassist with. Mr. Boni also noted that the arti-cle recognized Cayman for its innovation,which he considers a key theme.

Speaking of future progress for Higgs &Johnson, Mr. Boni said Cayman will be thenucleus of the plan to extend the provision

of legal services beyond the boundaries ofCayman but will retain Cayman as the hubof its intellectual capital. “We will maintainour Cayman office as the nerve center forthese exciting new products and legal serv-ices, supported by our Bahamas office. This isgoing to involve not only all of our legal andfinancial talent but also technology. We arethe iPad generation.”

Mr. Boni said: “The practice recognizes itneeds to review its expansion strategy and mustenter new jurisdictions that are complemen-tary to key areas of internal competence, prof-itability and market demand. The underlyingobjective is to extend the firm’s existing spe-cializations into competitor jurisdictions,where the firm can add value through its coreexperience whilst concurrently making thefirm more accessible to the international fi-nancial centers it seeks to service."

While Higgs & Johnson is taking greatsteps forward, Mr. Boni is quick to point to ex-ceptional staff as the driving force. “Our peo-

ple are innovators with skill and knowledgewho utilize technology effectively, providingquality service at a good price,” he said. “Weprovide personal service with a short responsetime and have a client-oriented approach. Weare small enough to move quickly; big enoughto make a difference.”

In response to client demand, Higgs &Johnson is now a listing agent on theCayman Islands Stock Exchange, he added.This allows the Cayman office to assist itsclients in also becoming listing agents, en-abling them to market more easily their se-curities in all jurisdictions which recognizethe International Organization of SecuritiesCommissions’ approval of the CaymanIslands, such as The Bahamas.

Mr. Boni noted the accomplishments of sen-ior partner Philip Dunkley, who recently becamea Queen’s Counsel. Another partner, JohnDelaney, also became a QC and then answeredan important call from the government of TheBahamas to become its Attorney General.

The Cayman team of diverse and quali-fied attorneys practice in areas includingLitigation; Real Estate & Development;Securities; Financial Services Law &Regulation; Private Clients & WealthManagement; and Insolvency.

In recognition of staff displaying outstand-ing ability, diligence, teamwork, and the driveto go that extra mile, the firm presents anExcel Award to employees twice yearly, worth$1,000 and nominated by their peer group.

Higgs & Johnson takes seriously the pro-motion of home grown talent and recentlyhired an articled clerk, Stacy-Ann Kelly, whoearned a first class Bachelor’s degree from theUniversity of the West Indies and completedstudies at the School of Law at the Universityof the West of England.

Mr. Boni stressed the importance of agroup effort. “I’m very much a team player andwant the firm to be not just any one particu-lar person, ego, talent or skill but to be a team.And it is my intention and it is the firm’s pol-icy to promote and extend Cayman Islands’skill sets into other geographic areas.

“Our policy is to build on decades of legaland financial experience in the CaymanIslands and to develop and promote thoseskills in other jurisdictions.”

H I G G S & J O H N S O N

Innovation and Talent

Drive Growth

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Resident partners in the Cayman Islands:Gina Berry and Chris Narborough.

Philip BoniCountry Managing Partner


The eighth anniver-sary of BDO inGrand Cayman,

on October 1 this year,marks a new cycle ingrowth for the accountingfirm and reaffirms the suc-cess of its business model.

Managing PartnerGlen Trenouth, who es-tablished the firm on hisown, has seen it double

every year through 2008. “By the end of2008, we had 40 staff,” he recalls, addingthat the economic downturn led to someconsolidation, “but now we arein a growth cycle again.”

Over the years, three otherpartners have joined the seniorteam—Muzaffar Soomro, PaulArbo, and James George—andhe anticipates employee num-bers reaching the mid-30s byBDO’s anniversary. Trenouthalso stresses the importance ofnurturing and training home-grown talent, with three juniorCaymanian accountants at BDOin various stages of study to taketheir Association of Chartered CertifiedAccountants exams.

“Training Caymanians is vital for the sta-bility of the Island and to help promote an ed-ucated population. And having the right staffat the manager level to train juniors is invalu-able. We provide on-the-job training as wellas give staff the time off they need for studying,and pay for their professional exams and anypreparatory courses they might need.”

But the entire company also benefitsfrom management’s commitment to its em-ployees. “We have an open-door philoso-phy,” says Trenouth. “Staff at all levels canapproach anyone in the office to discuss anyissue. All our doors are open.”

BDO maintains an open door to the com-munity as well, with the company involved inseveral charitable projects. Trenouth is aDirector of Rotary Sunrise, in charge offundraising until June 30, 2011. BDO itselfprovides pro bono auditing work for several not-for-profit organizations including the CAYS

Foundation, the Cayman Islands Red Cross,the Central Caribbean Marine Institute, andCayman Finance. BDO is one of the mainsponsors of the Cayman Islands Squash Openand the firm always takes part in the annualEarth Day cleanup.

The Cayman office is part of a worldwidenetwork of BDO firms, comprising morethan 1,100 offices in 110 countries employ-ing 46,000 people and with a total globalturnover of US$5 billion.

“BDO’s worldwide objective is sustainableand profitable growth. In order to achieve this,we must fulfill market demand for greaterchoice and be recognized as a leading global

player in the accountancy market,” he adds.Trenouth explains that the core business

for BDO in Cayman is auditing more than500 hedge funds and more than 100 captiveinsurance companies, though their clientelealso includes hotels and a number of localenterprises. The firm is also looking to de-velop its insolvency work.

Despite its impressive audit numbers,BDO never loses sight of each client as anindividual. “Compared to other firms, wehave a high partner-to-staff ratio so clientsget to deal with senior-level management,”says Trenouth. “Our dedicated professionalsembrace our commitment to being a people-based organization that provides high-qual-ity, personalized client service.”

And BDO’s global reach enhances thatservice, Trenouth points out. “If we are audit-ing a hedge fund set up in Cayman but admin-istered in Ireland with the investment managerin New York, for example, we will work withour New York or Irish offices as needed.”

Overall, BDO works with 18 other in-ternational offices on hedge fund audits.

With the firm facing increasingly com-plex business and regulatory environments,“we must all ensure that we fulfill our pro-fessional mandate for high-quality perform-ance in all that we do,” he adds.

A cornerstone of that mandate is BDO’sclient-driven service. “We stress that ourclients must always have access to our staff.Everyone in the firm knows we expect themto be available and to be responsive to ourclients’ needs.”

In addition to the one-on-one attentionBDO delivers, the firm is looking to the latest

technology to improvecustomer service evenmore.

A Dutch software company has developedan Audit Process Tool exclusively for BDOworldwide that will enable each office to workseamlessly with every other office when au-diting a joint international engagement.

“This is cutting-edge technology,” saysTrenouth. “It is the most advanced in themarketplace and the most up-to-date withauditing standards.”

All of these advantages form part of agrand plan because a leader needs to be vi-sionary, he believes. “My vision is for BDOto be technologically advanced while em-ploying the best people possible.

“One of BDO’s international values is whatmatters to you, the client, matters to us, butthat should be applied to our staff as well, if wewant to be the employer of choice globally.”

And, as the firm enters its ninth year,that plan seems to be well in hand. Trenouthfinishes with BDO’s U.S. television adtagline: “Remember, people who know,know BDO.”

Employer of choice:Partners and staff atBDO stand togetherin their commitmentto clients.


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Glen TrenouthManaging Partner

B D O

Calculating the Formula

for Success

In the CaymanIslands, Bermuda,The Bahamas

and most otherplaces (including theUnited States), adaily diet of “news,”provided by televi-sion, print media,Internet blogs, andradio talk shows,would lead a listeneror a reader to believe

that nearly everything, nearly everywhere, isnegative—and, of course, that is not the case.

Despite the economic challenges facingmany countries (notably Greece, Spain,Italy, and England) as well as many states inthe United States (including California,Illinois, New Jersey, and New York), there isevidence that many companies in the pri-vate sector are growing, innovating, and pro-viding better service than ever to theirclients and excellent returns to their share-holders and investors.

Ernst & Young is one of those companies.As Regional Managing Partner for the

The Bahamas, Bermuda, and the CaymanIslands (the “BBC”), I can report that ourfirm, despite the global economic turndown,has adapted nimbly to changing economicrealities and the ever-changing regulatorylandscape.

Internationally, Ernst & Young employs144,000 professionals, including more than35,000 financial services practitioners whoprovide integrated assurance, tax, transac-tion, and advisory services to our asset man-agement, banking, capital markets, andinsurance clients.

To better serve our clients, 10 years agoErnst & Young created the AmericasFinancial Services Office which today hasgrown to more than 4,000 professionals inover 50 locations across the United Statesand Latin America, as well as in TheBahamas, Bermuda, and the Cayman Islands.

This alignment among the BBC offshorefinancial centers has enabled our profession-als to provide seamless client servicethroughout the Caribbean region. Our BBCpractice comprises 19 Partners and more

than 250 others dedicated to serving ourclients’ needs.

Being integrated with the FinancialServices Office, along with our deep con-nections within the global firm, the BBC of-fers our clients a depth and breadth offinancial and advisory expertise that is un-equalled in our industry. Our clients alsobenefit from faster response times, a consis-tent approach, customized and personalizedservice, and immediate access to specializedteams which possess unsurpassed industryknowledge and experience.

Within the BBC, our tax service (a growtharea within our region) illustrates the point:

Our team includes highly experiencedtax professionals well versed in assistingasset management, insurance, and multina-tional companies in addressing the com-plexities and challenges inherent in theirU.S. and global tax structures. Our tax serv-ices include:

• U.S. federal tax compliance and planningservices

• Indirect tax compliance and planningservices, including broad state and localcapabilities

• Tax accounting and risk advisory services• Individual tax planning and compliance

Dan ScottRegional Managing Partner

E R N S T & YO U N G

Leading the Way

Locally, Regionally, and Globally

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(Left Photo) Girl Guides gather as (back row) Commissioner Joy Frater (left) receives a checkfrom Lauren Nelson, Director of Finance at Ernst & Young Ltd. (Right Photo) Ernst & YoungLtd. staffer Ishmael DaSilva presents the proceeds from a “Denim Day” to Red CrossDirector Jondo Obi.

(Left Photo) Ernst & Young Ltd. Financial Controller Thiry Gordon presents a donation toCharmaine Moss of the Cayman Heart Fund. (Right Photo) Silvia Perry, President of theCayman Islands Diabetes Association, accepts a check from Ernst & Young Ltd. ManagerMichael Oldfield, while Cassandra Barnett of CIDA, Ernst & Young Ltd. ManagingPartner Dan Scott, and Maribal Dadal of CIDA look on.


Likewise, our insolvency, liquidation,and restructuring services are in increasingdemand and represent another growth areawithin the BBC.

Of course, at Ernst & Young we realizethat our responsibilities extend beyond pro-viding first-rate service to our clients. We arealso fully engaged in our communities andare committed to the betterment of the is-lands in which we operate.

Across the BBC region, for example,Ernst & Young has adopted a program of“Denim Days” in which our staffs “dressdown” one day a month and, in return, do-nate to worthwhile causes and charities.These donations are then matched by thepartners in each location.

Recent beneficiaries of the program inGrand Cayman, for example, include theCayman Islands Diabetes Association,Cayman’s Girl Guides, the Cayman HeartFund, and the Cayman Islands Red Crosswhich, in part because of Ernst & Young’sparticipation, was able to make a substantialcontribution to the relief efforts in Haiti fol-lowing its devastating earthquake.

Likewise, Ernst & Young strives to reachout to tomorrow’s leaders in its BBC com-munities to foster discussion, interaction,and dialog. Recently in Cayman, the firmhosted an Executive Women’s ClientRoundtable that focused on the develop-ment and retention of outstanding women.

A second roundtable focused on “Voicesof the Future: Cayman’s Next Generation ofLeaders.” The forum included a small group

of tomorrow’s leaders who came together toshare their personal achievements, careerchallenges, and insights with their peers.

Both roundtables were met with enthu-siastic responses from the attendees.

Ernst & Young continues to underscoreits commitment to the highest standards ineducation by providing academic achieve-ment awards, internships, and job opportu-nities to outstanding students throughoutthe BBC region.

A notable example: Melanie McTaggart,a former recipient of an Ernst & Young Ltd.scholarship in Grand Cayman, recentlygraduated from the Wharton School ofBusiness and received the Adam AverellRoss Award, given to the senior undergrad-uate accounting student who “gives themost promise of success on the basis of char-acter, scholarship, and personality.”Melanie, who spent several weeks this sum-mer as an intern in the New York offices ofErnst & Young, will enter the University ofTexas in the fall to take a Master’s Degreein Professional Accounting.

While we’re not suggesting that “nonews is good news,” we are suggesting thatmuch “good news” goes unreported, and wehave been pleased to share with you some ofthe positive initiatives that are on-going atErnst & Young.

As Regional Managing

Partner for the The

Bahamas, Bermuda, and

the Cayman Islands (the

“BBC”), I can report that

our firm, despite the global

economic turndown,

has adapted nimbly to

changing economic realities

and the ever-changing

regulatory landscape.

—Dan Scott

Ernst & Young Ltd. in the Cayman Islands


The worldwide eco-nomic turmoil of thelast few years has

turned the ambitions ofmany financial jurisdictionson their heads, and a signif-icant aspect of this tumulthas been the need of manycountries to bail out theirbanking industries.

As our Premier, theHon. McKeeva Bush re-cently alluded, Cayman, like

Canada, is one of the few countries in the

world with a developed banking industrythat has not had to provide financial supportto its local banking industry. CaymanNational, as the main indigenous bank inthe Cayman Islands, has played a centralrole in that remarkable feat.

Our long-term strategy of conservatismdeveloped over a 36-year history protectedus from the hugely negative issues that im-pacted so many in our industry. A few yearsago it was certainly tempting to stray fromour prudent investment policies to keep pacewith the returns being recorded by competi-tors that took on higher risk investments,

but events proved our stance as the sensibleone, leaving us with a strong balance sheetand a steady share price.

The regulatory controls in the CaymanIslands should also be acknowledged as ro-bust when compared with many others whofailed the investors in so many other finan-cial centers.

So where does that leave us in Cayman?As a country, the Cayman Islands does

not carry the burden of having to bail out itsbanking industry—yes, the financial posi-tion of the country is not as strong as onewould like, but the current deficit must be

kept in context. A fewyears of prudent fiscalmanagement will see usback in good shape.

Many major jurisdic-tions in the world willsee years of dire fiscalcontrol before theyemerge from their cur-rent and unacceptable state. Conversely,Cayman National does not carry forwardthe millstone of poor investment manage-ment. We remain nicely profitable with our2010 half-year results up 50% on 2009, de-

spite the ongoing low interest rate envi-ronment. Our business over the past fewyears has been groomed to contend withthe economic conditions that now prevail.From this comfort zone we can now takeadvantage of what is now before us—a timeof opportunity.

We see today and the immediate futureas a time for on-going prudence and safe,steady management, coupled with carefuland sensible analysis of the opportunitiesthat emerge from such times as we have allwitnessed in recent years.

Both the Cayman Islands and

Cayman National have the ability to cap-italize on their enviable positions whilemuch of the world remains in serious eco-nomic disarray—this is certainly the time ofopportunity.

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Stuart DackChief Executive

C A Y M A N N A T I O N A L

‘This is Certainly

The Time of Opportunity’


Cayman National Headquarters in George Town and thelobby at the Cayman National branch at Camana Bay.

“We see today and the

immediate future as a time

for on-going prudence and

safe, steady management,

coupled with careful and

sensible analysis of the

opportunities that emerge

from such times.”

—Stuart Dack

When Progressive Distributors Ltdwas launched in 2003, the companyalready had the benefit of four

decades of experience, as it merged the opera-tions of Kirkconnell Brothers Ltd, FosterBrothers Ltd, and Foster’s Food Fair Wholesale.

Brothers Shane and Dax Foster havebeen guiding PDL since then, strengthenedby their legacy of sound business principlesand backed by their own 20-plus years at pre-cursor Foster Brothers. Shane is the ChiefExecutive Officer and Dax is the ChiefOperating Officer.

Progressive Distributors has continued togrow and now offers products from morethan 400 brands in Grocery, Food Service,Pharmaceutical, Health & Beauty Care, andSouvenir & Apparel.

But one unbending constant has beenthe company’s commitment both to excel-lence in customer service and maintainingbusiness relationships founded on integrityand trust. And as new customers are added,

good relationships with long-time clientscontinue, enabling the business to grow, andtranslating into an increased range of prod-ucts and services that becomes available tomeet expanding needs.

“As a full-service wholesaler and distrib-utor in today’s hyper-competitive market-place, we are the local eyes, ears and arms ofthe manufacturers and their products thatwe represent,” Dax explains. “We play a vitalrole in providing a local service networklinking the manufacturers, retailers, and ul-timately, the consumers together.”

The Pharmaceutical Department ofProgressive Distributors exemplifies the com-pany’s rigorous adherence to great customer

service coupled with the highest quality busi-ness practices.

“We exceed government requirementsfor being a licensed pharmaceutical whole-saler as does our storage facility. We receive,manage and ship to the highest industrystandards, which I think is very impressivefor a company on such a small island. We area world-class pharmaceutical supplier with aworld-class facility,” says Dax.

Kathy Barnett, PharmaceuticalDepartment Manager, has worked as a phar-macist in Grand Cayman since 1991, joiningPDL five years ago. She brings not only valuedexperience to the department, but also a keendrive to offer the best in customer service.

“We supply quality pharmaceuticals, bothbranded and generic, to doctors and pharma-cies in Cayman. To keep costs down to ourcustomers, we are moving more towardsgeneric, but with absolutely no compromisingon quality and safety standards. We ensurethey are of the highest quality from the UKand Canada,” Kathy explains.

The company emphasizes safety, qualityand efficiency, Dax adds. “Our state-of-the-art facilities accommodate infrastructurethat can meet any requirement,” he pointsout. “We can purchase, store and maintaininventory to match any major facility. Thestock is managed with utmost integrity andtraceability. We have 24-hour security withtemperatures constantly monitored andwired to an alarm system.”

And safely stored are pharmaceuticals sup-plied by these top companies: Abbott, AlconLabs, AstraZeneca, Bayer-Schering, Eli Lilly,Janssen, Merck, and Pfizer. In addition, the de-partment deals with Apotex (generics), GPLabs (UK wholesaler), Abbott Medisense andLifescan (blood glucose monitoring equip-ment) and Celebrate (bariatric supplements).

To ensure the community is well served,with access to all of the medications, cus-tomers can order online and can also useorder guides specific to their requirements.The Pharmaceutical Department also deliv-ers six days a week.

In keeping with Progressive’s commit-ment to customer service, however, Kathypublicly posts her cell phone number and isavailable in an emergency; she has in the

past delivered to clients on a Sunday. “I amthere if they need me,” she stresses.

PDL is one of the main suppliers of phar-maceuticals to the Health ServicesAuthority and also supplies medication tothe Department of Agriculture, the veteri-nary clinics and the Cayman Turtle Farm,mostly in the form of antibiotics.

Some of the most prescribed medicationsthe department sells include Lipitor andLantus Insulin. Over a 12-month period,PDL sold 14,352 boxes of the cholesterolmedicine, amounting to almost 290,000tablets, treating about 786 patients. For thediabetes medication, 2,840 bottles were sold,representing about 240 patients.

Progressive Distributors supports the med-ical community in other ways, holding threeto four continuing education evenings a year,in partnership with pharmaceutical compa-nies. Previous topics include “Managing theChallenges of Hypertension and Diabetes inthe 21st Century” and “EffectiveManagement of Tobacco Dependence,” bothof great interest in Cayman.

All of the extras that the PharmaceuticalDepartment provides exemplify the valuesystem that drives Progressive Distributors,says Dax Foster.

“Our vision is to continue to distributehigh-quality pharmaceutical products, and de-liver consistently excellent and efficientservice along with all the marketing and busi-ness support that both the manufacturer andour customers need for their success.”

For more information on the Pharmaceutical

Department, contact Pharmacist Kathy

Barnett at (345) 525-6778 (cell) or email at

[email protected].

Kathy BarnettPharmaceutical Department Manager

P R O G R E S S I V E D I S T R I B U T O R S LT D .

Delivering Full Service

to the Cayman Islands


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Dax Foster Chief Operating Officer

Shane FosterChief Executive Officer



When LIMEtakes on ac o m m u -

nity-service project,the entire companygets involved, andCayman GeneralManager AnthonyRitch would have it noother way.

“LIME has a longhistory of helping ourcommunity. We have

been a part of Cayman for over 40 years andduring that time we have supported manygreat projects such as Cayman Carnival,many Chamber of Commerceevents, summer camps, sportingevents, talent shows, musicalconcerts, provided free internetfor schools and libraries, andmany, many more,” he ex-plains.

“A lot of my colleagues al-ready volunteer in programsacross our islands whether it isthrough their churches, men-toring programs, as members ofservice clubs and sports clubs,the National Trust or theNCVO, for example.”

Throughout the Caribbean,wherever LIME has offices, thecompany makes sure to take anactive role in giving back.LIME’s employees in Caymanhave certainly taken this cor-porate philosophy to heart.

The company teamed upwith the Do SomethingCayman campaign this year to help revital-ize the Savannah Heritage Park. Nearly allthe 175 staff were able to contribute, splitinto two separate occasions, by paintingbuildings and picnic tables, restoring aswing set, installing lights for the basketballcourt and planting almost 60 trees.

Everyone, including Ritch, CEO DavidShaw, Chief Commercial Officer MiltonBrady, and Executive Vice President ofHuman Resources Henry Reid joined in.The latter three men are based outside of

Cayman and were here taking part in ateam-building day, where corporate execu-tives meet with the entire company to talkabout the organization and its direction forthe future.

After the morning session, almost half ofLIME’s employees headed out for their firstday at the park, a project that proved mean-ingful to all.

“The Savannah Park project that manyof our staff were involved in was a fantasticopportunity for a large group of us to make adifference in a very short time,” Ritchsays. “This was a major undertaking, but alsoa company-wide gratifying experience thatwe know has delivered real value to the

Savannah community.”Reynaldo Ysaguirrie, Customer

Solutions Delivery Coordinator, articulatedwhat most of his colleagues were feeling onthe day: “It doesn’t matter what district youlive in, as long as you are doing somethingfor the Cayman Islands and contributing tothe community.”

That belief drives LIME as a whole, saysCayman Marketing Manager Julie Hutton.“We’ve made a renewed commitment to ourcommunities throughout the Caribbean; it’s

part of our company philosophy to be in-volved and to help.”

LIME’s Random Acts of Kindness pro-gram is a positive extension of that commit-ment, Ms. Hutton adds. “Our staff goes outinto the community to surprise people. Andthis can happen during work hours or evenon weekends and holidays. It could involvebringing flowers to patients in the hospital,buying people tickets as they wait in line atthe cinema or paying for someone’s groceries.

“On Valentine’s Day this year, webrought flowers to all the residents and staffat The Pines Retirement Home. And ouremployees find great satisfaction in partici-pating in these acts of kindness.”

Over the summer LIME staff volun-teered at the Lighthouse School’s first-evercamp and stepped in to repaint the NCVOFoster Home, while its residents enjoyed aweeklong holiday.

And Ritch will continue to make publicservice a priority. “My vision is for everyonewho works at LIME to give a little of theirtime to our community; we all live and workhere and by donating some time to a projectwe can make great advances in improvinglife across the Cayman Islands.”

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Anthony RitchGeneral Manager LIME Cayman

L I M E

A Tradition of Connecting

to the Community

“The Savannah Parkproject that many ofour staff were involved in was afantastic opportunityfor a large group of us to make a difference . . .”

—Anthony Ritch

A day at the park: (from left)Anthony Ritch, GeneralManager LIME Cayman, and David Shaw, CEO LIME,pitch in. (Below) LIME staffspruce up the woodwork.

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Built on a foundation of strong values,the success of Bodden Holdings Ltd.has proven that doing business the

right way is really the only way to do business.Director Attlee Bodden credits his

mother and father, Valda and Capt. TheoBodden, with steering both their family andthe company in the right direction. “Ourparents instilled in us and the business thathonesty and integrity came first,” he says.“And those remain our core values today.”

But as a company so interwoven withthe modern history of the Cayman Islands,Bodden Holdings’ future is still firmlyand resolutely linked to its past.

The directors of this firm—AttleeBodden, Pansy Anderson, and twinsMaxine and Maureen Bodden—which hasbeen operating in Cayman, in one formor another, for almost 60 years, proudlyrecount their father’s business acumen.

Attlee speaks of his father “comingoff the sea” in 1954 to embrace a land-based life with his family. While he didnot bring material wealth with him,Capt. Theo did possess a valuable com-modity. “He had an innate ability to seea need for things and services that werenot being provided in Cayman.”

This business sense proved almostimmediately beneficial as Capt. Theostarted selling propane stoves and re-lated products to a population mostlydependent on kerosene, or on cookingon cabooses fueled by firewood. That ledto bringing in propane cylinders to en-sure his customers never ran out of gas. Andeventually Home Gas was born.

As for the other companies under theBodden Holdings umbrella, Bodden FuneralServices can be traced to the sale of casketsand Capt. Theo bringing in the firsthearse/ambulance combination in the formof a 1957 Packard.

A request to pilot and be the agent forNCL cruise ships led to Capt. Theo beingasked to supply tenders, which was the pre-cursor to Bodden Shipping Agency.

Capt. Theo also sold Philco appliances,and when Ford bought that company, he mettheir representatives, resulting in a dealer-ship, the creation of Vampt Motors in 1968,and the first cars being brought down laterthat year.

Budget Rent A Car was a natural pro-gression after Vampt, and opened for businessin 1979, out of an office at the car dealership.

Andy Anderson, Pansy’s late husband,started the newest member of the group,Trenchless Technology, whose directional bor-ing and drilling enables the laying of cableswith minimal disruption to roads and traffic.

The success of all the companies underBodden Holdings has enabled the directorsto continue looking for innovative ways toimprove the businesses and serve the com-munity better.

Home Gas is a perfect example. Thecompany not only sells propane appliances,yard equipment and pest-control technology,which are much better for the environmentand helps people cut their power bills, butalso runs its whole fleet on the clean fuel.

Though the businesses cover a widerange of services, they share one very impor-tant quality: the ability to find and keep ex-ceptional staff.

“I believe that the quality of our employ-ees, especially our managers, in our businesseshas been key to our success,” says Pansy.“They really have done a fantastic job.”

All of the directors paid tribute to theirvery long-serving employees—RayCampbell, who has passed a company-record49 years and started out doing yard work,

then delivered appliances at all hours withCapt. Theo, and 85-year-old Lester Turner,who still cleans and paints propane cylinders.

Plus there is Gaston Malony, who startedas a salesman at Vampt Motors in 1970 andis now the General Manager, and DesmondChisholm who has worked at the Vamptbody shop since 1979.

“We don’t think of them as just a persondoing work,” Maxine says of the more than100 staff. “We love our employees. We letthem know they are appreciated. We com-municate it. We show it in different ways.”

And many of the businesses mentorand train Caymanians. “We also haveprovided scholarships to qualified appli-cants that have come to us,” says COOand CFO Colin Reid. “There are a lot ofopportunities here for people that geteducated and trained to develop theircareers in our organization.

“We’ve got some challenges rightnow but historically this island and thepeople here have always managed tosolve all the challenges with innova-tive solutions. We just need to keepdoing what we’re doing. Look for newopportunities, use technology, and pre-serve the island.”

Helping Cayman will always be up-permost for Bodden Holdings. As partof that mandate, the company held anopen Service of Remembrance inDecember 2009, in which more than600 people participated to remembertheir loved ones who passed away. The

free event proved so popular and so movingthat the directors are planning anotherservice for December 2010.

The companies also give back by spon-soring local sports. Home Gas and VamptMotors support Little League, youth rollerhockey, and adult softball and basketballteams.

“Our vision is to continue to provide forthe community,” says Maureen. “Wherever wefeel there is a need we will look for ways to fillit, and continue in our efforts to preserve thequality of life as well as the environment.”

This commitment continues with thenext and future generations of the Boddenfamily carrying on the legacy, and proudlyupholding the long-cherished values ofCapt. Theo and Mrs. Valda.

B O D D E N H O L D I N G S LT D .

Steered by Family Values


(Left to right): Pansy Anderson, Maxine Bodden,Attlee Bodden, and Maureen Bodden

proudly watch over their family’s companies.


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In July 2009, a newly appointed Board, withJude Scott as Chairman, was faced with acrisis when they assumed their roles for the

cash-strapped and overwhelmed local airline. Ayear later, we sat down with Mr. Scott alongwith Fabian Whorms, Acting CEO, and PaulTibbetts, Senior VP Commercial Affairs andCFO, to reflect on the prior year and the futureprospects of Cayman Airways.

Q.: Mr. Scott, give us some background onwhat you and the new Board found at CALand what your initial priorities were.

JUDE SCOTT: I would be happy to.Cayman Airways, the national flag carrier,has served the Cayman Islands for over fourdecades. It is common knowledge that formost of that time it has struggled with scarcefinancial resources and strained to meet themany different roles it had been called toplay. To state that the task ahead of this newBoard was challenging would be a vast un-derstatement. Indeed, faced with decliningrevenue and a high cost structure, the veryexistence of the airline was at stake.

Working closely with the Government, theBoard had one objective—to address the com-pany’s financial issues so that the airline couldtruly provide an effective economic benefit tothe country. A restructured leadership team(Management), under the command of sea-soned Cayman Airways Vice President FabianWhorms as Acting Chief Executive Officer(CEO), was established to effect the necessarychanges. Both the Board and Managementcommitted themselves to stabilizing the air-line and seeing it through to success.

Q.: Mr. Scott, thank you for that back-ground. I note that you are recently retired.What led you to step back out of retirementto take on the Chairmanship of CaymanAirways?

JUDE SCOTT: As a Caymanian I have al-ways sought ways to support my country. Isaw my retirement as a great opportunity forme to do just that. Accordingly, I was ex-cited to get involved with the airline as a keycomponent of our nation’s tourism product.

Q.: What is it that made this Board expectdifferent results of the National Carrier?

JUDE SCOTT: The new Board broughtstrategic focus to a struggling company lookingfor direction. From the onset, we made it clearthat in order to meet its objective, CaymanAirways had to commit itself to a vision ofbeing an airline we can all be immenselyproud of, one which reflects a top-quality air-line, delivering top-quality service; an or-ganization which is attracting the best andbrightest Caymanian talent and developingits people and the airline to reach their fullpotential. The members of the Board and

the newly restructured management team allshared this vision for the airline.

Q.: What was your first order of business?

JUDE SCOTT: In order to achieve the ob-jective and meet the vision, we knew thatwe had to stem the cash bleed. Countlessweekends and late nights were spent by theBoard and Management reviewing and un-derstanding the airline’s true financial andorganizational situation. This understandingled to a variety of actions being taken to sig-nificantly reduce costs. Aircraft leases andGround Handling arrangements were rene-gotiated, the cargo operation overhauled,and the quantity of flights operated adjustedto more appropriately suit demand.

Additionally, the staff complement of theairline was strategically reduced from justover 400 down to approximately 355. Thisreduction saved millions and was done insuch a manner as to have no impact on op-erations and cause minimal stress and anxi-ety to our valued staff.

Q.: Do you foresee additional changes tothe current staffing levels at the airline?

FABIAN WHORMS: We believe that ourCayman Airways family of staff is now at alevel where it is optimally staffed and requireseveryone to give 100 percent of themselves.

We have a dedicated and talented family ofstaff and are seeing them come together toimprove our company. Our staff is driven toprovide excellence with a single objective ofeffectively serving these islands.

Q.: With these changes, do you anticipateimprovement within the airline?

FABIAN WHORMS: Well, this exercisehas certainly been extensive. We have lookedat every area of the airline for cost savings andare continuing to review more. Throughoutthis exercise we paid particular attention tothe scenario where the airline had historicallyborrowed in order to meet its unfunded obli-gations. The current servicing of this debt, re-lated to historical underfunding, compounded

C A Y M A N A I R W A Y S

Cleared for Takeoff Based on

Prudent Business Principles

Cayman Airways had to commit itself to

a vision of being an airline we can all be

immensely proud of, one which reflects a

top-quality airline, delivering top-quality

service; an organization which is attract-

ing the best and brightest Caymanian

talent and developing its people and

the airline to reach their full potential.

—Jude Scott

Jude ScottChairman of the Board

cash flow problems of the airline. Workingwith the Government (the airline’s sole“Shareholder”), we reached an agreement forthe Shareholder to assume full responsibilityfor this deficiency and for the servicing bur-den of the related debt to be borne by theGovernment. It is truly a turning point for theairline. Finally, after much effort, we are in ascenario where the airline is correctly fundedand can more effectively provide the neces-sary services for our country.

Q.: Much has been in the media about yourcost savings and an Airlift Framework de-veloped for the airline. Can you discuss thatframework?

FABIAN WHORMS: This AirliftFramework, with its four key elements, hascreated the mechanism to evaluate the air-line and served as the basis for establishingaccountability. All the airlift and services ofthe airline have been defined into four keyareas. The first element, Core airlift, focuseson the routes which make commercial senseto operate. Core airlift, during normal eco-nomic times, is expected to break even orprovide some profit for the airline. The nexttwo elements of the framework, StrategicTourism and Strategic Domestic, are thoseroutes and operations which theGovernment purchases, as part of the largernational tourism or domestic developmentstrategy. The final element, Surplus airlift, in-volves the for-profit selling of aircraft time

through charters and other profit-makingventures.

PAUL TIBBETTS: The framework allowsthe management team to more effectivelyprioritize and make decisions. It also pro-vides the foundation for us to measure thetrue benefit of the airline to our local econ-omy. It is easy to see the investment that thecountry puts into Cayman Airways, but it isnot always so easy to see the benefit.Through this Airlift Framework, our goal isto enable the national benefits of the airlineto be more transparent and measurable tothe country.

Q.: While your focus has obviously been onrestructuring and cost cutting this past year,I understand that the airline has also put re-newed emphasis on customer service. Canyou share a bit about that?

PAUL TIBBETTS: Cayman Airways hasreinvested in the nationwide “PersonalResponsibility In Delivering Excellence(PRIDE)” program, and we are quick to rec-ognize the outstanding service of many ofour agents. We are tremendously pleasedwith the improvement in our customerservice and the incredible effort of our stafffamily, but we are committed to more. Weare demanding it of ourselves and of thosearound us. Our aim is to delight our cus-tomers and provide nothing short of top-quality service.

Q.: What are your reflections on the pastyear, and where do you envision the airlinein the future?

JUDE SCOTT: With one year of progressunder our belt, we are excited about the fu-ture. It has been a challenging year for us.One involving much time and sacrifice, butalso rewarding as we have seen such incred-ible cohesion in our Board and with our staffwhile developing a close relationship be-tween the Government and the airline. I be-lieve that credibility is really the soul ofleadership. We have a tremendously talentedBoard and Management who have provedtheir credibility. Our Management team hasmuch to be proud of for this past year, andour staff have been amazing as they have allworked through this together. There is stillmuch to be done, but together we know itwill be accomplished. Given the airline’ssocio-economic value to these islands, it isvital that Cayman Airways achieves a levelof sustainability allowing it to perform itsvital role for our country. With the path theairline is on now, we are confident that itwill not only survive, but indeed thrive. Welook forward to the future as this airlinedrives the tourism and development aspectsof our economy. Cayman Airways is withoutdoubt ready for takeoff.


CAYMAN BUSINESS: THE VIEW FROM THE TOP...102 SPECIAL ADVERTORIAL SECTION DART ENTERPRISES LTD. (345)...

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Transcript of CAYMAN BUSINESS: THE VIEW FROM THE TOP...102 SPECIAL ADVERTORIAL SECTION DART ENTERPRISES LTD. (345)...