BSE Third Quarter Report 2015

2015

Third Quarter Report

Overview At the close of the first nine months of 2015, trading activity on the Barbados Stock Exchange (BSE) can only be described as positive having recorded increases in both trading volumes and values. As illustrated in Table 1, the total volume of shares traded increased by 284% while total value of shares traded increased by 456% when compared with the corresponding period in 2014. The Regular and Put Through Markets recorded increases in terms of both volume and value while there was no activity on the Junior Market.

The Block Trade Market recorded one transaction which saw 13.1 million shares in Banks Holdings Limited trading at $4.00 per share; there were no block trades during 2014. Excluding extraordinary transactions which occurred (Banks Holdings Limited - 13,170,728 shares, $52,682,912) total traded volume and value would have increased by 69% and 115% respectively.

The third quarter of 2015 was characterized by increases in total trading activity as there was significant improvements in the levels of both regular and negotiated transactions. Total trading volume and value for the quarter rose by 736% and 1863% respectively (See Table 2).

Table 1 – Trading Activity for First Nine Months Year-to-Date Volume

Year-to-Date Value $

% Change

Market

2015

2014

2015

2014

Volume

Value

Regular

8,297,498

4,560,366

18,622,472

11,988,386

82%

55%

Put - Through

2,052,590

1,561,161

14,527,560

3,436,192

31%

323%

-

-

-

-

NA

NA

13,170,728

-

52,682,912

-

NA

NA

23,520,816

6,121,527

85,832,943

15,424,578

284%

456%

Junior Block Trade Total

Table 2 – Trading Activity for Third Quarter Third Quarter Volume

Third Quarter Value $

% Change

Market

2015

2014

2015

2014

Volume

Value

Regular

4,454,066

1,668,858

7,155,300

2,508,143

167%

185%

Put - Through

1,773,006

650,785

12,745,890

1,188,818

172%

972%

-

-

-

-

NA

NA

13,170,728

-

52,682,912

-

NA

NA

19,397,800

2,319,643

72,584,102

3,696,961

736%

1863%

Junior Block Trade

Total

Regular Market The Regular Market recorded increases in both the volume and value traded at the end of the third quarter of 2015. As illustrated in Table 3, the total share volume was 8,297,498, representing an increase of 82% when compared to the 4,560,366 shares recorded for the same period in 2014. There was also an increase of 55% in the value of shares traded at the end of the quarter as compared to the same period in 2014. The number of trades occurring on the Regular Market increased by 25% as 1,122 trades occurred by the close of the third quarter of 2015; this as compared to 898 trades in 2014. Figure 1 illustrates a monthly comparison of the volume of regular market trades for 2015 and 2014.

2015 First Quarter Report | 4

There was a reduction in the average share price, however, the advance/decline ratio improved from 7 securities advancing and 8 declining in 2014, to 8 securities advancing and 3 declining at the close of the third quarter of 2015. All market measures - indices and market capitalization - recorded year-on-year increases. The Cross-Listed Index recorded the largest increase of 4% while the Local and Composite indices recorded increases of 2% and 3% respectively. For the Market Capitalization measures - Local, Cross-Listed and Composite, each recorded an increase of 2% respectively. The number of securities listed for the period ended September 30th, 2015 decreased to 241; down from 26 at the close of the third quarter of 2014.

Table 3 - Year on Year Regular Market Statistics Total Share Volume Total Share Value Average Daily Share Volume Average Daily Share Value Number of Trades Number of Trade Days

30-Sep-15

30-Sep-14

% Change

8,297,498

4,560,366

82%

18,622,472

11,988,386

55%

44,372

24,518

81%

$99,585

$64,454

55%

1,122

898

25%

187

186

1%

1 Pursuant to the Rules of the Barbados Stock Exchange Inc. (BSE) and the Order of the Financial Services Commission, the shares of Royal Fidelity TIGRS A Fund were delisted from the Board of the BSE on March 18th, 2015.

Pursuant to the Rules of the Barbados Stock Exchange Inc. (BSE) and the Order of the Financial Services Commission, the shares of Royal Fidelity TIGRS A1 Fund were delisted from the Board of the BSE on August 26th, 2015.

Average Share Price

$5.36

$5.47

-2%

8/3

7/8

N/A

Local Index

2,185.88

2,136.73

2%

Cross – Listed Index

1,738.92

1,676.68

4%

624.28

607.29

3%

Local Market Capitalization

5,478,432,217

5,365,898,408

2%

Cross-Listed Market Capitalization

2,855,279,363

2,798,239,355

2%

Composite Market Capitalization

8,333,711,581

8,164,137,763

2%

24

26

-8%

Advance/Decline Ratio

Composite Market Index

Number of Listed Securities

Figure 1 - Trade Frequency Comparison

2015 First Quarter Report | 5

Table 3 - Year on Year Regular Market Statistics

Table 4 and Table 5 show the top traded companies by volume and value for the yearto-date. Fortress Caribbean Property Fund - Value Fund and Banks Holdings Limited were the top two traded securities in terms of volume, accounting for 45% and 16% of the total volume traded for the period January 1st to September 30th, 2015 respectively. Although only accounting for 4% of the total volume traded for the year, Massy Holdings Limited was the top performer in terms of value traded (37%). They were followed by Banks Holdings Limited (18%) and Fortress Caribbean Property Fund - Value Fund (11%) which rounded out the top three. Sagicor Financial Corporation was the most actively traded security on the board of the Exchange accounting for 26% of the number of trades conducted as at the close of the third quarter of 2015.

Table 4 - Top Five Traded Companies by Volume: Year to date

2015 First Quarter Report | 6

2015

2014

2015

2014

Volume

Volume

Value

Value

Fortress C’bean Property Fund - Val Fund

3,720,236

1,295,317

2,085,932

702,114

Banks Holdings Limited

1,309,866

237,692

3,371,594

715,745

Sagicor Financial Corporation

943,599

744,404

1,660,597

1,490,318

Firstcaribbean International Bank

683,229

109,326

1,291,056

229,725

Fortress C’bean Property Fund - Dev Fund

654,929

820,796

150,117

170,637

Company

Table 5 - Top Five Traded Companies by Value: Year-to-Date 2015

2014

2015

2014

Value

Value

Volume

Volume

Massy Holdings Limited

$6,818,558

$1,030,326

341,472

52,403

Banks Holdings Limited

$3,371,594

$715,745

1,309,866

237,692

Fortress C’bean Property Fund - Val Fund

$2,085,932

$702,114

3,720,236

1,295,317

Sagicor Financial Corporation

$1,660,597

$1,490,318

943,599

744,404

Firstcaribbean International Bank

$1,291,056

$229,725

683,229

109,326

Company

As Table 6 and Table 7 illustrate, Fortress Caribbean Property Fund - Value Fund and Banks Holdings Limited retained the top two traded securities for the third quarter in terms of volume. In terms of value, Massy Holdings Limited and Fortress Caribbean Property Fund Value Fund were the top two traded securities.

2015

2014

2015

2014

Volume

Volume

Value

Value

3,018,626

533,675

$1,717,584

$293,521

Banks Holdings Limited

394,627

90,935

$1,014,527

$268,143

Firstcaribbean International Bank

342,251

23,638

$643,521

$41,405

Sagicor Financial Corporation

245,194

272,412

$433,699

$494,452

Fortress C’bean Property Fund - Dev Fund

116,404

542,009

$24,656

$119,217

Company Fortress C’bean Property Fund - Val Fund

Table 7 - Top Five Traded Companies by Value: 3rd Quarter 2015

2014

2015

2014

Value

Value

Volume

Volume

Massy Holdings Limited

$2,251,811

$229,864

112,588

11,527

Fortress C’bean Property Fund - Val Fund

$1,717,584

$293,521

3,018,626

533,675

Banks Holdings Limited

$1,014,527

$268,143

394,627

90,935

Firstcaribbean International Bank

$643,521

$41,405

342,251

23,638

Goddard Enterprises Limited

$482,348

$542,943

73,435

86,640

Company

2015 First Quarter Report | 7

Table 6 - Top Five Traded Companies by Volume: 3rd Quarter

Junior Market There was no activity on the Junior Market for the period January 1 to September 30th, 2015.

Put-Through Market Table 8 - Put Through Market Activity - YTD

2015 First Quarter Report | 8

No. of Trades

Volume

Banks Holdings Limited

5

21,936

$65,659

Firstcaribbean International Bank

1

14,166

$26,915

12

1,955,789

$14,036,216

Massy Holdings Limited

3

11,870

$282,850

One Caribbean Media Limited

1

7,913

$54,204

Sagicor Financial Corporation

19

29,916

$52,915

2

11,000

$8,800

41

2,052,590

Security

Goddard Enterprises Limited

Trinidad Cement Limited

Totals

Value

$14,527,560

Table 8 illustrates the Put Through transactions which have occurred as at September 30th, 2015. The Put Through Market recorded increases in terms of both volume (31%) and value (323%) for the period under examination over the corresponding period in 2014. A total of forty-one (41) trades were conducted across seven (7) securities.

Block Trade Market There were no block trades during the first two quarters of 2015, however, during the third quarter one (1) block trade transaction occurred. The transaction was approved by the BSE as it was in accordance with Item 2(d), Section 7.01.20 - Block Trade Rule - of the Rules of the Barbados Stock Exchange Inc. which states, “the sale and purchase of a listed security pursuant to a take-over transaction, conducted or to be conducted in accordance with

applicable laws�. Banks Holdings Limited was the sole security trading a total of 13,170,728 shares at $4.00 on September 22nd, 2015.

As at September 30th, 2015 twenty-seven (27) Barbados Government Debentures and twelve (12) Barbados Government Treasury Notes traded on the board of the Exchange as compared to twenty-three (23) Barbados Government Debentures and fifteen (15) Barbados Government Treasury Notes trading for the corresponding period in 2014. There were a total of 194 trades occurring on the Bond Market resulting in a face value of 30,666,000 trading as compared to 179 trades occurring, resulting in a face value of 5,471,000 trading as at September 30th, 2014. Table 9 summarizes all bonds traded for the period ended September 30th, 2015.

Table 9 - Summary of Bonds Traded Security

No. of Trades

Volume

Barbados Government Debenture 4.75% 2016

6

32,000

Barbados Government Debenture 5.875% 2018

3

1,003,000

Barbados Government Debenture 6% 2020

1

3,000

Barbados Government Debenture 6.125% 2021

3

12,000

Barbados Government Debenture 6.25% 2019

2

8,000

Barbados Government Debenture 6.25% 2022

5

118,000

Barbados Government Debenture 6.5% 2015

1

51,000

Barbados Government Debenture 6.625% 2018

2

265,000

Barbados Government Debenture 6.625% 2020

2

5,000

Barbados Government Debenture 6.625% 2024

1

14,000

Barbados Government Debenture 6.75% 2021

2

3,000

Barbados Government Debenture 6.875% 2020

3

3,901,000

Barbados Government Debenture 6.875% 2023

11

148,000

Barbados Government Debenture 6.875% 2024

6

37,000

Barbados Government Debenture 7% 2017

9

155,000

Barbados Government Debenture 7% 2023

9

52,000

Barbados Government Debenture 7% 2024

2

415,000

Barbados Government Debenture 7.125% 2026

7

10,000

Barbados Government Debenture 7.25% 2026

1

1,000

Barbados Government Debenture 7.25% 2028

6

300,000

Barbados Government Debenture 7.25% 2029

4

31,000

Barbados Government Debenture 7.375% 2027

7

105,000

2015 First Quarter Report | 9

Bond Market

Table 9 - Summary of Bonds Traded

2015 First Quarter Report | 10

Barbados Government Debenture 7.375% 2029

5

6,000

Barbados Government Debenture 7.75% 2020

1

1,000

Barbados Government Debenture 7.75% 2025

8

50,000

Barbados Government Debenture 7.75% 2032

7

8,000

Barbados Government Debenture 8.50% 2018

1

20,000

Barbados Government T/Note 5.875% 2015

1

10,000

Barbados Government T/Note 6% 2016

18

5,405,000

Barbados Government T/Note 6% 2017

11

735,000

Barbados Government T/Note 6% 2018

3

4,000

Barbados Government T/Note 6.125% 2021

3

34,000

Barbados Government T/Note 6.25% 2018

11

7,258,000

Barbados Government T/Note 6.25% 2021

20

259,000

Barbados Government T/Note 6.375% 2019

4

10,032,000

Barbados Government T/Note 6.5% 2016

1

100,000

Barbados Government T/Note 6.5% 2019

1

2,000

Barbados Government T/Note 6.625% 2019

5

58,000

Barbados Government T/Note 7.5% 2017

1

15,000

194

30,666,000

Total

There were mixed results for the indices and market capitalization when examined over the past three, nine and twelve month periods. For the third quarter, as illustrated in Table 10, only the Local and Composite Indices recorded declines of 0.35% and 0.21% respectively from their positions at June 30th, 2015; there was a 0.05% increase in the Cross-Listed Index measure. When the comparison is extended to nine and twelve months (Table 11 and Table 12), all index measures recorded improvements in performance. Over the nine month the Local, Cross-Listed and Composite Indices recorded increases of 2.27%, 1.90% and 2.14% respectively while over the twelve month they recorded increases of 2.30%, 3.71% and 2.80% respectively.

Table 10 - Index Comparison 3rd Quarter Index

30-Sep-15

30-Jun-15

Local

2,185.88

2,193.49

-0.35%

Cross Listed

1,738.92

1,738.13

0.05%

624.28

625.59

-0.21%

Composite

% Change

Table 11 - Index Comparison Nine Months Index

30-Sep-15

31-Dec-14

Local

2,185.88

2,137.26

2.27%

Cross Listed

1,738.92

1,706.54

1.90%

624.28

611.23

2.14%

Composite

% Change

Table 12 - Index Comparison Year-on-Year Index

30-Sep-15

30-Sep-14

Local

2,185.88

2,136.73

2.30%

Cross Listed

1,738.92

1,676.68

3.71%

624.28

607.29

2.80%

Composite

% Change

2015 First Quarter Report | 11

Index and Market Capitalization Movement

The market capitalization comparisons are illustrated in Table 13 - 15. The Market Capitalization measures for the three month recorded declines, however, when extended to the nine and twelve months each measure recorded increases over their respective reporting positions.

The third quarter results can be attributed to a 2.11% decline in the price of FirstCaribbean International Bank from $1.90 at the close of the second quarter of 2015 to $1.86 as at September 30, 2015 coupled with the cancellation of approximately 3.5 million shares in Massy Holdings Limited. Banks Holdings Limited experienced a 24.5% increase in its share price subsequent to the Block Trade transaction which saw its share price rise from $2.49 to $3.10. Figure 2 illustrates index movements over the last twelve months.

Table 13 - Market Capitalization Comparison 3rd Quarter Market Capitalization

2015 First Quarter Report | 12

30-Sep-15

30-Jun-15

% Change

Local

5,478,432,217

5,498,518,789.16

-0.37%

Cross Listed

2,855,279,363

2,914,676,249.60

-2.04%

Composite

8,333,711,581

8,413,195,039

-0.94%

Table 14 - Market Capitalization Comparison Nine Months Market Capitalization

30-Sep-15

31-Dec-14

% Change

Local

5,478,432,217

5,367,178,305

2.07%

Cross Listed

2,855,279,363

2,849,599,943

0.20%

Composite

8,333,711,581

8,216,778,248

1.42%

Table 15 -Market Capitalization Comparison Year-on-Year Market Capitalization

30-Sep-15

30-Sep-14

% Change

Local

5,478,432,217

5,365,898,408

2.10%

Cross Listed

2,855,279,363

2,798,239,355

2.04%

Composite

8,333,711,581

8,164,137,763

2.08%

2015 First Quarter Report | 13

Figure 2 - Index Movement - 12 months

Company Activity Comparative Report Fortress Caribbean Property Fund - Value Fund was the top advancer for the first nine months of 2015 experiencing a 14% increase in price from $0.50 as at December 30th, 2014 to $0.57 at the close of the third quarter. One Caribbean Media Limited (13.23%) was the only other security to experience share price appreciation in excess of 10%.

As previously mentioned, three companies experienced declines, however, only one suffered a decline in excess of 10% for the first nine months of 2015. Barbados Farms Limited suffered the largest decline as their share price fell from $0.50 at the close of 2014 to $0.40 at the end of the third quarter of 2015; a reduction of 20%. Fortress Caribbean Property Fund Development Fund and Sagicor Financial Corporation were the other two companies to experience declines. Table 16 illustrates the year to date trading activity for all Regular and Junior Market securities.

For the third quarter of 2015, four (4) securities advanced, three (3) declined, ten (10) remained unchanged, seven (7) did not trade; one (1) security was delisted. This is compared to five (5) securities advanced, five (5) declined, ten (10) remained unchanged and six (6) did not trade. Table 17 illustrates the third quarter trading activity for all Regular and Junior Market securities.

2015 First Quarter Report | 15

For the first nine months of the year, ending September 30, 2015, eight (8) securities advanced, three (3) declined, nine (9) remained unchanged, and four (4) did not trade; one (1) security was delisted. This is compared to seven (7) securities advanced, eight (8) declined, seven (7) remained unchanged, and four (4) did not trade; one (1) security was delisted.

Table 16 - Year-to-date Trading Activity by Company 2015 (Regular and Junior Market (J) only) 3rd Quarter

Closing Price

Volume

Value $

Sep 30

Dec 31

1,500

375

0.32

0.32

0.00%

21,627

39,498

1.80

1.65

9.09%

4,883

7,605

1.60

1.50

6.67%

Barbados Farms Limited

28,460

11,846

0.40

0.50

-20.00%

Banks Holdings Limited

1,309,866

3,371,594

3.10

2.90

6.90%

654,929

150,117

0.21

0.22

-4.55%

3,720,236

2,085,932

0.57

0.50

14.00%

Cave Shepherd and Company Limited

58,981

177,074

3.00

3.00

0.00%

Cable and Wireless Barbados Limited

49,512

120,941

3.00

3.00

0.00%

FirstCaribbean International Bank

683,229

1,291,056

1.86

1.80

3.33%

Goddard Enterprises Limited

166,070

1,079,028

6.58

6.34

3.79%

Insurance Corporation Of Barbados Limited

163,739

413,107

2.60

2.41

7.88%

JMMB Group Limited

8,262

1,239

0.15

0.15

0.00%

35,150

902,900

25.70

25.70

0.00%

0

-

3.30

3.30

0.00%

341,472

6,818,558

20.00

20.00

0.00%

One Caribbean Media Limited

54,179

373,998

7.02

6.20

13.23%

Sagicor Financial Corporation 6.5% Pref

51,684

115,721

2.26

2.26

0.00%

943,599

1,660,597

1.75

1.80

-2.78%

0

-

0.80

0.80

0.00%

West India Biscuit Company Limited

70

910

10.46

10.46

0.00%

The West Indies Rum Distilleries Limited

50

375

8.00

8.00

0.00%

Royal Fidelity TIGRS A1 Fund*(J)

0

-

-

10.00

NA

Royal Fidelity TIGRS A2 Fund (J)

0

-

10.00

10.00

0.00%

Royal Fidelity TIGRS A3 Fund (J)

0

-

10.00

10.00

0.00%

8,297,498

18,622,472

Security ABV Investments Incorporated BICO Limited Barbados Dairy Industries Limited

2015 First Quarter Report | 16

Fortress Caribbean Property Fund - Dev Fund Fortress Caribbean Property Fund - Val Fund

Emera (Caribbean) Incorporated Emera (Caribbean) Incorporated 5.5% Pref Massy Holdings Limited

Sagicor Financial Corporation Trinidad Cement Limited

*Delisted

% Change

Table 17 - 3rd Quarter Trading Activity By Company 2015 (Regular and Junior Market (J) only)

Volume

Value

Sep 30

June 30

% Change

0

-

0.32

0.32

0.00%

200

360

1.80

1.70

5.88%

0

-

1.60

1.60

0.00%

Barbados Farms Limited

17,938

7,258

0.40

0.40

0.00%

Banks Holdings Limited

394,627

1,014,527

3.10

2.49

24.50%

Fortress Caribbean Property Fund - Dev Fund

116,404

24,656

0.21

0.22

-4.55%

3,018,626

1,717,584

0.57

0.57

0.00%

Cave Shepherd and Company Limited

10,397

31,393

3.00

3.00

0.00%

Cable and Wireless Barbados Limited

13,045

31,222

3.00

3.00

0.00%

342,251

643,521

1.86

1.90

-2.11%

Goddard Enterprises Limited

73,435

482,348

6.58

6.43

2.33%

Insurance Corporation Of Barbados Limited

33,589

85,702

2.60

2.60

0.00%

JMMB Group Limited

4,700

705

0.15

0.15

0.00%

Emera (Caribbean) Incorporated

8,992

230,719

25.70

25.70

0.00%

0

-

3.30

3.30

0.00%

112,588

2,251,811

20.00

20.00

0.00%

One Caribbean Media Limited

12,585

88,196

7.02

7.00

0.29%

Sagicor Financial Corporation 6.5% Pref

49,425

110,690

2.26

2.26

0.00%

245,194

433,699

1.75

1.76

-0.57%

0

-

0.80

0.80

0.00%

70

910

10.46

10.46

0.00%

The West Indies Rum Distilleries Limited

0

-

8.00

8.00

0.00%

Royal Fidelity TIGRS A1 Fund*(J)

0

-

-

10.00

NA

Royal Fidelity TIGRS A2 Fund (J)

0

-

10.00

10.00

0.00%

Royal Fidelity TIGRS A3 Fund (J)

0

-

10.00

10.00

0.00%

4,454,066

7,155,300

-

-

Security ABV Investments Incorporated BICO Limited Barbados Dairy Industries Limited

Fortress Caribbean Property Fund - Val Fund

FirstCaribbean International Bank

Emera (Caribbean) Incorporated 5.5% Pref Massy Holdings Limited

Sagicor Financial Corporation Trinidad Cement Limited West India Biscuit Company Limited

*Delisted

2015 First Quarter Report | 17

Closing Price

Conclusion

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2015 First Quarter Report | 18

Table 18 - Regional Indexqui Comparative Icipsam estis di vel eturepe ritatum berrum Analysis quiscip santur magnihil moluptatiate nos in re suntium quodis dis dolore sim fugita voluptaquis alitas as militatatur as sam repta conseque sam, idelit restiuntia simil Performance iundigent eturio. Aximent odictibeaque poria dolupiti blaccusame ne Threeomnit utempor Nine Twelve vollam es quae niendae corest volorem volut rovidel Regional Exchange Month Month Month modigendicid es aliant fugitem volorio quatis ea quid eiunt alita dundipsust et Barbados volor re con recum iminist omnim imolupit labo.

Stock Exchange (BSE) Composite Index dendae-0.21% 2.14%Andandiorro 2.80% excearis rectorum istia plique adi resequam eati derest as earionsequis porepudita quunt.

Jamaica Stock praesci Exchange (JSE) Market Index -0.97% 26.16% 30.11%

Minveror ma numquiam, ventiis magnimp eratist iatiis eatet apicidu Trinidad and Tobago Stock Exchange (TTSE) -1.24% -0.29% 0.21% ciendit omnimus dolorem esto te etur?

Composite Index Caes doluptatius et volut omni Eastern Caribbean Stock Exchange (ECSE)dolo Share quas aut venis volut utendus molorem.

-0.06% -13.54% -14.01% Index To omnisiti net maximai onsequi que od quat.

Us inctiur maion repratem untiam etur repraecte perum nisimen digent The third quarter of 2015 has been promising for the Barbados Stock vercia sam idus modigna tinctot atiam.

Exchange with increases in both trading volumes and values of 736% and 1863% respectively over their corresponding June 2015 closing figures, inclusive of extraordinary transactions, and 168% and 438% in terms of volume and value excluding these extraordinary transactions. General improvements in trading activity, led the BSE Composite Index to record a decrease of 0.21% for the three month, however, over the nine and twelve month this index measure recorded increases of 2.14% and 2.80% respectively. A look at our regional counterparts shows all are recording decreases over the three month, however, the JSE and TTSE recorded increases over the twelve month. The ECSE was the only exchange to record decreases over all three periods under consideration. As we look toward the fourth quarter of 2015 we are hopeful that trading activity and general market conditions continue to improve.

On September 24th and 25th the BSE in association with the Canadian

Society of Corporate Secretaries (CSCS) held its third annual BSE Corporate Governance and Accountability Conference (CGAC) at the Hilton Barbados at Needham’s Point, St. Michael. This year’s featured speakers included Professors Richard Leblanc and Poonam Puri - York University/Osgoode Hall Law School, Mr. John Fraser - former Senior Vice President, Internal Audit and Chief Risk Officer of Hydro One Networks Inc., Donna McManmon - Regional Sales Director, Diligent Corporation, Dr. Axel Kravatzky Chairman, Caribbean Corporate Governance Institute, Andrew Brathwaite - Audit Engagement Leader, KPMG Barbados and Stacey Estwick - Lecturer, University of the West Indies, Cave Hill.

A Private Company’s View on the Applicability of Corporate Governance Practices to Their Business was the topic of a panel discussion which was facilitated by Professor Richard Leblanc. Panelists included Tom Hall Chief Executive Officer, Williams Industries Incorporated, Richard Mark Managing Director, R. L. Mark & Company Limited and Ronaele DathorneBayrd - Engagement Leader - Corporate Services, PwC Barbados.

The BSE would like to take this opportunity to thank all partners and sponsors - Canada Society of Corporate Secretaries (CSCS), Caribbean Corporate Governance Institute (CCGI), Diligent Corporation, KPMG Barbados and PwC Barbados. We would also like to thank all attendees for their support and look forward to seeing them at BSE CGAC 2016.

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