new members as there are precious few companies left in Bermuda who have not already joined, according to the chairman.

Mr. Cummings Zuill said yesterday there are only about six small international companies located here that are not part of the organisation.

Seven members, Gulfstream Securities Ltd., Lines Overseas Management Ltd., Mid Ocean Trust Co. Ltd., Milligan-Whyte & Smith, Millpoint Ltd., M.L.H. Quin & Co., and Smith Barnard & Diel, joined in 1994 bringing the total to 37.

BIBA, an organisation devoted to promoting the Island's international business sector and incorporated as a limited liability company this year, has adopted a bigger promotional role and increased its funding from the private sector through its membership.

One of BIBA's goals is to promote Bermuda as a premier international business jurisdiction but it also acts as a forum for its members.

Mr. Zuill, speaking at BIBA's annual general meeting after his first year as chairman, also said Bermuda's marketing entities lack a common voice to market itself as "a single product''.

And he said the organisation is considering increased communication between the Island's other various marketing groups, like the Department of Tourism, the Bermuda Insurance Institute (BII), the Insurance Advisory Committee, and Tourism and Finance ministries.

"While BIBA is developing channels of communications between organisations, there is no structure at the policy-making level. There is no long-term strategy for the marketing of Bermuda in its entirety as a single product,'' he said.

"A method of dialogue with the various entities marketing Bermuda needs to be established to identify areas where the sectors share common issues and common objectives where a common strategy can be added, he explained.

Mr. Zuill will serve for another year before stepping down to allow one of the deputy chairmen, Mr. Glenn Titterton, Ms Jan Spurling or Ms Dianne Kempe, to take over.

Mr. Zuill said It has participated in such initiatives as the Commission on Competitiveness, the Green Paper on Independence and has initiated two research projects to gauge awareness of Bermuda's international business -- sector at home and abroad, as well as established an overseas marketing programme, according to the chairman's 1994 report released yesterday.

Other highlights from 1994 were the formation of the Bermuda Shipping Organisation following a recommendation by the now-disbanded BIBA Shipping Committee, and a code of conduct for the mutual funds industry after a two-year collaboration with the Bermuda Monetary Authority.

The organisation's committees were also involved with amendments to the Companies Act and the establishment of the Demise Charter Register.

In 1992 representatives from Government, BIBA, the International Companies Division of the Chamber of Commerce, met to define a mission for the Island's international business industry.

BIBA's executive consists of one representative from each of the four membership categories; accounting, banking, legal, and management services.

The executive, appointed by a board of up to 20 members, meets at least three times monthly while the board meets monthly.

BIBA has five product management committees, seven marketing committees and eight infrastructure committees and they liaise with a comprehensive list of Island associations.