The Bahamas was yesterday urged by the leader of investor protests at FirstCaribbean International Bank’s annual general meeting to incorporate guidelines and practices already implemented in jurisdictions with mature capital markets to protect minority shareholders.
Julian Brown, president of Benchmark (Bahamas), told The Tribune that in overseeing the performance of public companies, regulators would do well to identify guidelines already operating in jurisdictions with healthy, stable stock exchanges.
Mr. Brown said he was not calling for draconian change, but instead urging the blending of specific guidelines and regulations that have proved successful elsewhere with The Bahamas’ own regulatory regime to ensure a degree of balance, following heavy criticism of the Securities Industry Act over FirstCaribbean Bahamas’ rights offering.
Source: Yolanda Deleveaux, The Tribune
