The Anguilla Chamber of Commerce and Industry (ACOCI) held its 15th Annual General Meeting on November 19th, 2019 at the Aleta Restaurant of the Four Seasons Resort and Residences. The meeting was called to order by Mrs. Vida Lloyd Richardson, Supporting Director (ACOCI), and chaired by Mr. Haydn Hughes, former Supporting Director (ACOCI).
Ms. Sandra Lovell, President of ACOCI, delivered the President’s report. In her address, Ms. Lovell noted that “many persons and businesses are still reeling from the devastating impact of the storms of 2017 and are still in recovery. This challenge is further amplified, given many of these businesses are still struggling to meet the rising cost of operations driven by higher inflation, taxes, and difficulties of doing business based on out of step public sector policies. That notwithstanding, we continue to operate our businesses with the hope of future improvement in the overall business climate.” She emphasised that ‘for any economy to thrive, a vibrant and diverse business community must drive it.’
Ms. Lovell also highlighted several significant activities undertaken by the Chamber, during the last year, including meetings with Government officials to discuss the Goods and Services Tax (GST) and the manufacturing policy, a partnership with UWI Open Campus Anguilla to sponsor a scholarship; and several networking events and professional development sessions hosted by ACOCI for its membership.
The Auditor’s report was presented by Mr. Claudel Romney, BDO Senior Member, and the Treasurer’s report by Mrs. Felicia Hill.
The Keynote Speaker for the proceedings was Ms. Sharmaine Francois, CEO of the National Commercial Bank of Anguilla (NCBA). In line with NCBA’s tagline ‘Here to Stay’, Ms. Francois shared that within Anguilla the market position remains very strong with NCBA owning 80% of the commercial banking and business market. She also stated that the bank has strong capital adequacy at 10.2% versus the regulatory benchmark of 8%, and strong liquidity at 24% versus the regulatory benchmark of 20%. She also highlighted that NCBA generated a profit at the end of its most recent financial year. Ms. Francois continued to stress that the bank is indeed lending and providing loans as well as facilitating international wire transfers. She further stated that NCBA supports the development of Anguilla and is dedicated to providing the necessary resources to help businesses achieve their commercial financing needs.
One of the highlights of the meeting was the election of three new board directors. The newly elected board members are Ms. Sharmaine Francois, CEO of NCBA, Mrs. Simone Connor, owner of Sandy Island Enterprises, and Mr. Darius James, Founder/President of Anguilla Music Academy. The Anguilla Chamber of Commerce and Industry (ACOCI) would like to take the opportunity to thank the immediate past Directors, Mr. Mark Romney, Mr. Haydn Hughes and Mrs. Latoya Hobbs-Nurse for their time and dedication serving on the ACOCI Board of Directors.
A follow-up meeting and vote was held amongst the appointed members of the Board at a subsequent date.
The full newly elected Board of Directors are:
President: Mrs. Vida Lloyd Richardson
Vice-President: Ms. Sandra Lovell
Secretary: Ms. Simone Connor
Treasurer: Mrs. Felicia Hill
Supporting Directors:
Ms. Heather Wallace
Mr. Darius James
Ms. Sharmaine Francois
Huge congratulations to the newly elected ACOCI Board of Directors.
Looking forward, the Chamber of Commerce will continue to offer support and valuable opportunities to its members. The Chamber of Commerce extends an invitation to all businesses and entrepreneurs to become members of ACOCI. Visit the website anguillachamber.com or call the office at 497-2839 for more information.
Written by Sherise Brooks
