Friday, July 31, 2020
Bahamas First yesterday said shareholders had agreed to board of directors' recommendations for all proposed resolutions during last week's annual general meeting (AGM).
Shareholders representing 32.2m shares, some 88 percent of those that have been issued, approved the property and casualty insurer's 2019 annual report, consolidated financial statements and distribution of profit, including dividends paid last year. KPMG was also reappointed as the company's auditor.
Alison Treco, Bahamas First's chair, and Patrick Ward, its group president and chief executive, were both returned as directors as were all other board members. Paul MacDonald, executive vice-president of personal insurance at the Economical Mutual Insurance Company, was also elected to the board.
He has expertise across multiple disciplines, including strategic planning, operational management, technology implementation, intermediary relations and data analytics. Prior to working with Economical, which has a 20 percent equity stake in Bahamas First, Mr MacDonald worked with RSA Canada, as the senior vice-president and chief claims officer.
He also worked at SGI Canada as the vice-president of its Canadian operations, and at PriceWaterhouseCoopers (PwC), where he served as vice-president of insurance consulting - strategy and operations.
Ms Treco, in welcoming Mr MacDonald to the Board, said: "I am delighted to be working with Paul. He brings an impressive track record of leadership, innovative thinking and market expertise that will be an invaluable resource to the company."
She also reminded shareholders the Bahamas First's shares and bonds were listed on the Bahamas International Securities Exchange (BISX) on July 3.
"We are pleased to continue to return value to our shareholders," Ms Treco said in a statement at the conclusion of the meeting. "We thank them for their support of the proposed motions. It is vital that they can continue to exercise their voting rights in order to enable the company to successfully build its operations for the future."