Government is looking to international business to “raise the bar on corporate responsibility” to improve the lives of Bermudians, said Premier Alex Scott.

In a report to MPs on his recent travels, Mr. Scott said he spelled out what he believes is the accountability the international business sector had to have to the Island's people.

Mr. Scott met executives and clients of HSBC, which has just bought Bank of Bermuda, on April 17 in San Diego before the Risk and Insurance Management (RIMS) meeting.

As well as outlining the successful partnership between public and private sector “it also provided me with an opening to outline, in my view, their responsibility and accountability to the people of Bermuda” he said.

“We hope that the success of these financial sectors also translates into the success of this Government meeting the challenge and aims of its numerous social programmes including housing, health benefits for our seniors, and narrowing the education and wealth differentials of our citizens.

“This Government believes the evolution of the banking and financial sector of our economy must be directly linked and inseparable from the improvement and empowerment of the lives and lot of all of us who inhabit our island home.

“Bermuda works best when the private and public sectors work together, therefore, addressing our social agenda together will create an environment that is good for good, good for Bermudians, good for Bermuda.

“Consequently, this Government looks to the collective efforts of the financial sector - insurance, reinsurance and banking - to raise the bar on corporate responsibility to our citizens.”

The Premier said his lobbying efforts in Washington and New York with Finance Minister Paula Cox had been a big success in highlighting Bermuda's role as a financial centre and dispelling “myths” put out by US Democratic Presidential candidate John Kerry.

He reiterated his claim it was “mission accomplished” in spelling out clearly that Bermuda is not a tax haven, is well regulated, and does not set out to lure US companies.

Of particular importance, was his meeting in Washington with Senator Max Baucus, the ranking Democrat in the Senate Finance Committee.

After the meeting, Sen Baucus, who had been extremely sceptical about Bermuda before, sent the Premier an e-mail.

Mr Scott said the email read: “Our conversation has brought me a deeper appreciation of the unique issues facing Bermuda in an increasingly global economy.

“I applaud your efforts to create a well-regulated business environment, especially with respect to insurance and reinsurance. I look forward to many years of co-operation between the United States and Bermuda as we work to address the crucially important issues arising in international finance.”

Mr. Scott added: “We were able to raise Bermuda's profile in a more positive way and I am happy to report that Sen. Kerry's campaign in regard to Bermuda does not seem to have taken root. I believe we succeeded in dispelling some of the myths that appear to exist, even at the most senior levels, on Capital Hill.”

The Premier said the lobbying was “not the end of the road” and he intended to continue working on this.

He and Ms Cox also spoke at a Bermuda International Business Association (BIBA) seminar in New York to highlight the Island's role in hedge funds, trusts and securitisation.

In an earlier trip, Mr. Scott went to Jamaica to watch the Bermuda Regiment train and met the Caribbean nation's Prime Minister P.J. Patterson.

He said he hoped this would lead to “further open the lines of communication between our respective countries on both domestic and cultural affairs”.

He also attended a CARICOM heads of government meeting in Nevis and St. Kitts.

Bermuda hoped to pick up advice from Caribbean neighbours about the path to independence, he said.

“Our embryonic discussions of independence have the door afar to enable an exchange of information with our Caribbean neighbours who have travelled that road before us and we will continue to encourage that exchange.”