2007 annual report - Cayman Islands Chamber of Commerce

2007 annual report
2007 annual report
www.caymanchamber.ky
About the Chamber of Commerce
About the Chamber of Commerce
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CHAMBER MISSION: The Cayman Islands Chamber of Commerce promotes,
protects and supports business and community success.
2007 chamber council & staff
2007 chamber council & staff
President
Angelyn Hernandez
(Bodden Corporate Services)
President-Elect
James Tibbetts
(Cayman Petro Services)
Vice President
The Cayman Islands Chamber of Commerce is the largest not-for profit organisation representing businesses, associations and individuals operating in the
Cayman Islands with a membership base of 676 corporate and associate members that collectively employ 19,696 workers. The Chamber of Commerce is
recognised as the leading voice of business and the advocate of public welfare.
Established in 1965, the Chamber’s main objectives are:
•
To promote and protect the trade, business, commerce, agriculture, industries and manufacturers and public welfare in the Cayman Islands;
•
To consider, discuss and take action on questions directly or indirectly relating to or affecting such trade, business, commerce, agriculture, industries
and manufacturers and public welfare in the Cayman Islands;
•
To collect and disseminate information concerning business and the public
welfare;
•
To promote, approve or oppose legislation and other measures affecting
business and the public welfare;
•
To act as arbitrators or set up machinery for arbitration in commercial disputes
Eddie Thompson
(CAD Plus)
Treasurer
Wayne Cowan
(Strategic Risk Solutions)
Secretary
James O’Neill
(Frapag Finance Ltd)
Councillors:
Brian Barnes (Barnes Bartender Service)
Stuart Bostock (The Security Centre Limited)
James Bovell (RE/MAX Cayman Islands)
Woody Foster (Foster’s Food Fair)
Gerry Kirkconnell (Kirk Freeport)
The Chamber has a distinguished history of assisting its members and the
wider community to maintain an environment that promotes economic prosperity and social harmony. Many programmes and services have been introduced
to ensure that the Cayman Islands is recognized as a world class location to live
and conduct business.
The Chamber initiates and supports programmes and services and speaks out
on issues that help members to increase profitability, productivity and performance. The Employee Assistance programme, Junior Achievement, the Professional Development and Training Centre, Better Business Council, Chamber
Pension Plan, Cayman Crime Stoppers, Put Drugs Out of Business, Mentoring
Cayman, Business Expo, Career Visits, Education and Job Expo and regular
trade missions provide members and the community with exceptional programmes that benefit business and the wider community.
Staff
Wil Pineau, Chief Executive Officer
Kerry Pratt, Operations Manager
Catherine Healy, Marketing Associate
Joanne Diaz-Berry,
Programmes Coordinator
Robert Schultz,
Customer Relationship Manager,
Chamber Pension Plan
The Chamber’s leadership (a Council of 12 elected individuals from among the
membership) includes some of Cayman’s top business leaders and entrepreneurs who work collaboratively to fulfill the objectives of the organisation. They
are supported by a professional staff with many years experience in not-forprofit management, economic development, programme and event coordination, fundraising and public advocacy.
President’s message
President’s message
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In the past 12 months, my time at the Chamber has been an effective and fruitful one. The Chamber has succeeded in addressing many issues relating to our
economy and our community.
Our three platforms for the year, Education, Environment and Economic Development, were reflected in the events and programmes that we offered.
This year we launched the first Golden Apple Awards for Excellence in Teaching. At this event we recognised outstanding teachers who demonstrated a
commitment to improving the level of education for future generations. I hope
that this award ceremony encourages both teachers and educational institutions
to improve the quality of education.
Chamber of Commerce President
Angelyn Hernandez
It is essential for our population to have a skilled labour force from which local
and international firms can acquire educated staff, and to build strong, educated
leaders for the future. We continued to support our youth with programmes such
as Mentoring Cayman, Junior Acheivement and the Career Awareness Visits.
By encouraging students to learn more about business at an early age we are
preparing them for the future.
Focusing on the Environment, we engaged our Government, local companies
and foundations and highlighted the desperate need for recycling in our Islands.
We heavily promoted companies offering environmentally-friendly products and
services. Over 100 businesses and individuals have signed the Environmental
Pledge, which has been endorsed by His Excellency the Governor Mr. Stuart
Jack, CVO. It is the Chamber’s aim to continue promoting “green” practices at
home and in the workplace.
We have been working closely with Government on several projects including
the National Assessment of Living Conditions, Mentoring Cayman and the Legislative Luncheon. By keeping the lines of communication open we can ensure
a continued mutually beneficial relationship between the public and private sectors.
Angelyn Hernandez meets with
distributor Pascale Bruni during
the Honduran Trade Show at
Comfort Suites.
I would like to take this opportunity to thank the Chamber Council and Staff for
all their hard work. Without them, and without the help from volunteers and participants in Chamber activities, our achievements this year would not have been
possible.
The Chamber not only represents its members, but works to improve the community and our islands as a whole. I encourage all members to get involved in
the work of the Chamber and become an active partner in business and community success.
Angelyn Hernandez presents
Triple C Student Elizabeth Charles
with an award for Outstanding
Leadership, with Principal Marjorie
Ebanks.
Top 10 achievements of 2007
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Top 10 achievements of 2007
1. IMPROVED NETWORKING AND MARKETING OPPORTUNITIES:
Whether it’s growing a business or reaching out to lend a hand in our community, it’s all about who you know. The Chamber organised more than 90
events and activities that enabled members to elevate their community
profile, increase business, gain new customers and improve business performance. The Business Expo continues to be one of the leading business
events to promote products and services on the local calendar.
2. INFORMED MEMBERS: The more you know, the easier it is to make
informed decisions and take advantage of new opportunities. Through the
monthly luncheons, THE CHAMBER magazine, website tools, desktop
calendar, direct mail campaigns, training opportunities and weekly e-mails,
the Chamber provided the tools and information that assisted members to
remain up-to-date and informed.
Earth Day RoadSide Clean-up
volunteers from Walkers removed
debris and garbage from along
South Church Street.
3. PROVIDED USEFUL INFORMATION: Businesses require current statistics to keep pace with the marketplace. The Chamber released an updated Salary and Benefits report which provided members with the latest
compensation trends covering more than 150 benchmark positions in the
priva te
s ector
and
utilised
the
Ch amber’s
website,
www.caymanchamber.ky to inform members about important news and
information.
4. SUPPORTED YOUTH DEVELOPMENT AND WORKPLACE
TRAINING: The future of the Cayman Islands depends on the type of
leaders we produce today. The Chamber continued its support of Mentoring Cayman, Junior Achievement and Career Awareness visits to our
schools, financed graduation awards, and organised 39 training workshops
and courses as part of the Chamber’s Professional Development and
Training Centre to assist member businesses to improve productivity
which leads to increased profitability.
Tony Williams and supporters cut
the ribbon to officially open the
Castrol Express Lube Centre at the
Tony’s Toys Business After Hours.
5.
CREATED REVENUE STREAMS: Enhancing our services for members requires increasing revenue. By implementing a new dues structure in
2006 and adding sponsorship opportunities and non-dues revenue, the
Chamber paved the way for further revenue growth in 2007, which allows
us to deliver more value to our members.
6. IMPROVED TECHNOLOGY: The Internet offers a dynamic, cost-
Gold Sponsors and the recipients
of the first Golden Apple Awards
for Excellence in Teaching.
effective way for the Chamber to deliver value to its members and others.
In 2007, we implemented a new membership software system that integrates seamlessly with our website www.caymanchamber.ky. With this
software, members are able to access their business information online,
create e-coupons, review number of referrals and outstanding invoices,
revise mailing and billing information, post employment listings and customise reports and statistics.
Top 10 achievements of 2007
Top 10 achievements of 2007
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7. ENGAGED DECISION MAKERS: As a leader in fostering community dialogue and informed decision-making, the Chamber has a critical role to play in educating decision-makers and bringing them together. In 2007, we supported and helped with the deliberations on
several key government boards and advisory committees, in the areas of the port, immigration, education, labour, crime prevention and
detection, health care, environment, youth development and entrepreneurship, tourism and financial services.
8.
EXPANDED TRADE RELATIONS: Establishing relationships with
regional and international trading partners is essential for Cayman’s
ongoing success. The Chamber continued to build on its relationship
with business and government leaders in Panama during the second
trade mission to that country. These efforts have led to the establishment of increased shipping and air cargo services. Efforts were also
initiated with business owners in Honduras in order to establish additional trade opportunities with another non-traditional source of products and services. Chamber representatives also attended the Miami
Conference on Latin America and the Caribbean in Miami and the
World Chambers Congress in Istanbul, Turkey.
Claudette Saint-Reid, Country
Manager of Sagicor Life with
Angelyn Hernandez and Wil
Pineau at the Sagicor Business
After Hours.
9. RAISED AWARENESS ON ENVIRONMENTAL ISSUES: Preserving and protecting the Cayman Islands’ environmental capital is
important for our long term future and economic sustainability. The
Chamber demonstrated its commitment to the environment by drafting and releasing an Environmental Pledge for businesses and residents of the Cayman Islands. This effort created national awareness
of the need for everyone to take action to help save our environment.
And, as another way to demonstrate our commitment, the Chamber
organised its largest island wide roadside clean-up for Earth Day with
more than 1,000 volunteers pitching in to keep Cayman clean.
Students from Cayman Prep at a
Career Awareness Visit to
Butterfield Bank.
10. PROVIDED AN OBJECTIVE VOICE: Strong business needs a
strong advocate. In 2007 the Chamber focused on three keys areas
of emphasis: education, environment and economic development.
Each of these areas were featured at length in THE CHAMBER
magazine and actions were undertaken to raise awareness of the
need to protect our environment through the Chamber’s Environment
Pledge, support our teachers through the Golden Apple Awards for
Excellence in Teaching and to improve our economic climate through
trade missions and public forums.
Minister Alden McLaughlin, LOGB
Kurt Tibbetts, CEO Education
Angela Martins with Wil Pineau,
Angelyn Hernandez and James
Tibbetts at the September
Luncheon on Education.
CEO’s message
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CEO’s message
Your Chamber of Commerce enjoyed another successful year in 2007 due in
large part to the outstanding support that was received by the membership and
the hard work of the Council and staff. After some incredible challenges thrust
upon us by Hurricane Ivan in late 2004, the Chamber’s operations are continuing
to recover and there are plans to return to staffing levels that existed prior to the
storm.
Chamber of Commerce CEO
Wil Pineau
We continued to restore our services and programmes so that our members receive value for their investment in the organisation. We focused on improving our
workforce development programmes, marketing and promotional events and communication tools including upgrades in technology.
We kept you informed on the key issues impacting your businesses and spoke
out on your behalf when necessary.
We worked to implement a plan of action which focused on the environment, education and economic development. I believe we have been successful in achieving some major accomplishments in each of these areas. The Golden Apple
Awards for Excellence in Teaching celebrated the incredible accomplishments of
many hard working educators in public and private sector schools. The Chamber’s Environmental Pledge and Earth Day Roadside Clean-up raised awareness
and prompted many businesses and residents to take actions to preserve and
protect the environment.
St. Ignatius students complete the
Economics for Success course
conducted by Wil Pineau.
Economic development remained the primary focus for the Chamber and we organised another successful trade mission to Panama and welcomed business
leaders from Honduras to our shores in an effort to expand trade opportunities.
The Business Expo, Business After Hours events, the Chamber’s website
www.caymanchamber.ky, and quarterly magazine enabled members to showcase
products and services to thousands of potential consumers.
We responded to requests from international investors and visitors who were
seeking to relocate or establish new businesses and we engaged Government
leaders at all levels with your concerns on business and community issues and
introduced the first Legislative Luncheon.
We aim to provide members with programmes, benefits and services that are cost
effective and relevant which leads to increased productivity and profitability. It is
our ambition to continually provide exceptional customer service and to promote
and protect your interests.
On behalf of Operations Manager, Mrs. Kerry Pratt, Programmes Coordinator
Mrs. Joanne Diaz-Berry and Marketing Associate Miss Catherine Healy, I would
like to thank all members, volunteers and partners that have contributed their
time, talent and treasure to support the work of the Chamber this year. The staff
and I are looking forward to serving you in 2008.
Wil Pineau greets His Excellency
the Governor Mr. Stuart Jack
CVO at Business Expo 2007.
2007 year in review
2007 year in review
PROGRAMMES Workforce and youth development, education, business ethics
and support for local purchasing are the key programme areas supported by the
Chamber. The Professional Development and Training Centre conducted 39
courses in 2007 that benefited more than 500 participants. Over 100 businesses
participated in the Discount Card Programme. Mentoring Cayman matched 56
business and government leaders with high school students. More than 250 students from both public and private high schools participated in the Career Awareness visits to member businesses. 14 member businesses sponsored Junior
Achievement companies in 2007 with more than 250 students participating in the
company programme and hundreds of students benefited from the JA Economics for Success programme in public and private sectors schools. The Better
Business Council continued to promote business ethics and helped to resolve
complaints between consumers and members.
REPRESENTATION Chamber representatives serve on several Government
boards and advisory committees including the Port Authority, Boatswain’s
Beach, National Youth Commission, Chamber Pension Plan, Junior Achievement, Central Tenders Review Committee, National Hurricane Committee, National Hazards Committee, National Curriculum Review Committee, Cayman Islands National Influenza Pandemic Committee and the Caymanian Status and
Permanent Residency Board. The Council met quarterly with His Excellency the
Governor and invited Ministers of Government to attend monthly luncheons to
provide members with regular updates on key public policy issues such as the
National Assessment of Living Conditions, the Environment, the proposed Tobacco Bill, Disaster Preparedness and Education. The Chamber released two
membership surveys in 2007, a Salary & Benefits Survey and a Media Survey.
President Ms. Angelyn Hernandez and CEO Mr. Wil Pineau attended the World
Chambers Congress in Istanbul, Turkey; Vice President Mr. Eddie Thompson
attended the Caribbean Association of Industry and Commerce meeting in Trinidad; CEO Mr. Pineau attended the ACCE Conference in Sacramento, California;
Programmes Coordinator Mrs. Joanne Diaz-Berry attended the CANJAC conference with 12 JA students in Canada.
EVENTS The Chamber organised more than 25 events during the year including
14 Business After Hours, the Business Expo, the Golden Apple Awards for Excellence in Teaching, Trade Mission to Panama, Honduras Trade visit, Earth Day
Road Side Clean-up, Governor’s environmental reception and the RE/MAX
Chamber of Commerce Golf Classic at the Britannia Golf Course which helped to
raise money for Cayman Hospice Care, David Wade Foster Foundation and the
Chamber’s educational programmes.
COMMUNICATION Keeping members and the wider community informed is one
of the core areas of responsibility for the Chamber. Our website,
www.caymanchamber.ky averaged more than 25,000 unique visits each month
and recorded more than 350,000 business referrals in 2007. Everyday an average of 402 referrals were made through the use of the Chamber’s online business directory. Four issues of THE CHAMBER, our quarterly magazine, were
released, each addressing one of the Chamber’s main areas of focus, Communications, Environment, Education and Economic Development. The magazine is
distributed in the Caymanian Compass and delivered to more than 25 locations
in Grand Cayman. The Chamber’s Desktop calendar for 2008 listing the key
Chamber and community dates, will be given to the first renewing members. A
Beating Fraud guide, sponsored by Deloitte, was released and distributed to all
members and to retail banks and law firms Islandwide. The Chamber office responded to thousands of information requests from visitors, investors, consumers and entrepreneurs by phone, by email and stop in visits to our offices.
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Delegates in the Owen Roberts
Airport before the 2nd Panama
Trade Mission in March.
Quin & Hampson Attorney, Murali
Ram, explains the details of the
proposed Tobacco Bill at the
March Luncheon.
Mentoring Cayman volunteers
and students enjoy a social
outing on a Catamaran Cruise.
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treasurer’s report
treasurer’s report
A look at the financial statements for the calendar year ended December 2006 will
reveal your Chamber’s financial situation has stabilized following the disastrous
effects of Hurricane Ivan on our finances for 2004. Your Chamber can report a net
income for the year of $18,500 compared to just under $10,000 in 2005 – reversing
the $100,000 reported loss in 2004.
Total income totaled in excess of $750,000 for the first time in the Chambers’ history which reflects a 24% increase over 2005 levels whilst expenses were held at
an increase of 22% over 2005 levels.
Chamber of Commerce Treasurer
Wayne Cowan
I believe the stabilization & continuing improvement in our financial operations demonstrates the soundness of the financial management of your Council & Chief Executive Officer Mr. Wil Pineau – all of whom have shown a great deal of financial
restraint during this year of continuing recovery. It is not an easy task to continue
improving revenues whilst ensuring expenses are controlled and at the same time
improve upon the high level of service you, our members, expect from us.
Income sources have now returned to pre-Ivan levels due to the reintroduction of
programmes that were cancelled in 2004 such as: Mentoring Cayman, Junior
Achievement and the Business Expo. As a result Members’ equity increased to
$109,000.
Professional Development and
Training Centre Facilitator Rod
Waddell (standing) and the
participants of Advanced Sales
Skills.
Financial highlights are as follows:
• Membership dues income increased 16% to $319,000
• Programme income increased to just under $250,000 (this includes income derived from the Panama trade trip)
• Income from Fund raising activities doubled from 2005 to $31,000
• Income from Training courses has started to pick up again reflecting a small
increase from 2005 levels to $49,000
On the expense side our payroll expense increased by 13% from last year due to
the addition of a staff member & our determination to ensure we retain quality &
enthusiastic staff.
In summary, 2006 was a very positive financial year for your Chamber; a year of
continuing recovery & stabilization as we continue to work on returning to normal
levels of the delivery of programmes and services to our members.
So how is your Chamber faring in 2007? I am pleased to report that total income
generated for the year ended 31st December 2007 is projected at $819,000 and
total expenditure $750,000. My projection for year end 2007 is for a net income of
approximately $69,000.
Expo Task Force Chairman Brian
Barnes stands with Governor
Jack, Minister Clifford, William
Peguero and Ana Casildo in the
Cayman National booth at
Business Expo 2007.
I would like to thank all of you, our members, for your continued support over this
last year and I would encourage you to support the Chamber in its programmes,
training courses, special events and fundraisers in 2008 so that we can fully reestablish the Chamber to its preeminent position in the Cayman Islands’ business
community.
In closing, a very big thank you to our auditors Krys & Associates, not only for providing a first class audit for us, but for not charging us a single dollar.
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