The Bermuda Stock Exchange (BSX) has increased the size of its Council to 11 from eight members and installed a new chairwoman, Ms Audette Exel, the managing director of the Bermuda Commercial Bank.

And the Council has been beefed up with top officials from the Island's banks and other key industries, strengthening the credibility and, perhaps, the potency of the Exchange's directors.

BSX CEO, Mr. William Woods, said the Council has been enlarged to include five non-bank representatives from the various users of the Exchange, including the trading members, listed companies and service providers.

The Council also decided to have two joint deputy-chairmen representing the remaining two banks on the Island. They are Bank of Butterfield president and CEO Mr. Michael Collier and Bank of Bermuda president and CEO Mr. Charles Vaughan-Johnson.

The BSX now has an extremely senior council, which Mr. Woods said would be necessary to see it through "the important development stage over the next twelve months''.

Mr. Woods said,"The status of the new council reflects the importance the banks attach to the development of the BSX, with the senior executive management of all three banks as members.

"In addition, the inclusion of a senior representative from a local law firm, two listed companies and Mr. Arthur Sculley (formerly with J.P. Morgan) means that the BSX has a tremendous pool of experience to draw on as we build the world's first truly international, offshore capital market here in Bermuda.'' The board includes International Executive of the Bank of Butterfield, Mr.

Charles Gunn, who has just stepped down as chairman. Also included from the banking world are Ms Dominique Smith, general manager (treasury) at the Bermuda Commercial Bank and Mr. Peter Mellor, senior vice president (investments) at the Bank of Bermuda.

The last board also included two bank executives from each of the three banks.

Stepping down are Bank of Bermuda executive vice president for Bank Asset Management and former deputy chairman of the council, Mr. James Masters, and Bank of Butterfield executive vice president for treasury & capital markets, Mr. Malcolm Brown. They were replaced by Mr. Vaughan-Johnson and Mr. Collier.

Also gone is the Hon. Lynda Milligan-White, the Government Senator who has been elevated to Minister for Legislative and Women's Affairs. She had been a recent appointment along with Mr. Jeffrey Conyers, CEO of First Bermuda Securities Ltd., who remains.

Other newcomers to the board are: Mr. John D. Campbell, senior partner at Appleby, Spurling & Kempe; Mr. Robert Mulderig, chairman and CEO of Mutual Risk Management Ltd.; Mr. Garry Madeiros, president and CEO of Belco Holdings Ltd.; and Mr. Arthur Sculley, president of Sculley Brothers.

Ms Audette Exel APPOINTMENT APP