imbalance that exists in international business.

This was one of the key challenges for the organisation identified by outgoing chairman Mr. Richard Butterfield at BIBA's annual general meeting yesterday.

He said that chief among the challenges facing BIBA in 1994 was the need to identify ways to ensure that the racial participation in the international business industry reflected Bermuda's racial balance more closely.

"We are seeking ways of moving pragmatically and immediately against these obdurate and persistent problems, and winning,'' said Mr. Butterfield.

Mr. Cummings Zuill was elected as the new BIBA chairman.

Premier the Hon. Sir John Swan, the keynote speaker, welcomed the partnership between Government and Bermuda-owned companies servicing international businesses.

He said it was important to make sure, not only that Bermudians understood the value of international business to Bermuda, but that a concerted effort is made to let Bermudians know they have a real and attractive future in it.

Sixty lawyers, bankers, accountants and management consultants attended the meeting at which BIBA's plan for the generic marketing of Bermuda as the premier offshore jurisdiction was presented.

The marketing plan will be implemented in 1994, according to marketing committee chairman Mr. Greg Haycock.

Other tasks facing BIBA in 1994, and achievements during 1993 were identified by Mr. Butterfield in his report.

During 1993, a first round of marketing research was professionally conducted for BIBA, he said.

The areas were personal trusts, collective investment schemes, Foreign Sales Corporations and aircraft register.

Significant results achieved during the year included: Trust Law and Practice: A Bill to amend the Conveyancing Act, clarifying the respective rights of the settlor of a trust and the settlor's creditor is believed ready to go to Cabinet.

A request has been sent to London by Government for an Order in Council making possible the creation of a Register of Aircraft Mortgages; Formation of a Bermuda International Arbitration Institute is under consideration; Companies Act Amendments; Personal Holding Companies; Corporate Holding Companies; Mutual Funds: Amendments to the Companies (Auditors Report) Rules have been agreed and included in amendments to the Companies Act; Securities and Financial Services; Partnerships: Recommendations have been prepared for amending legislation providing for overseas partnerships to be licensed to operate from Bermuda, and to make certain further improvements to the Limited Partnership Act and the new Exempted Partnerships Act of 1992.