Prime Minister Freundel Stuart has stoutly defended Sagicor Financial Corporation???s recently announced decision to re-domicile its registered office to a location outside of this island, saying it is not a loss of confidence in Barbados.
Mr. Stuart made the comments today while addressing the Barbados Chamber of Commerce and Industry???s luncheon at Hilton Barbados.
He told his audience: ???Barbados will benefit from Sagicor???s improved performance in the same way that Canada, the United States and the United Kingdom benefit from the improved performance of their companies domiciled here!??Directors have to make hard business decisions, and not decisions based on sentimentality!
???I wish Sagicor well, as we all should, as it continues to make its presence felt not only around the region but beyond it, and I look forward to the benefits that will flow to shareholders from this change of domicile.???
The Prime Minister said those persons who were feeding the loss of confidence frenzy pounced on the announcement and immediately framed it as an additional item of such evidence.
???When directors sit to make decisions, therefore, the question that must always guide them is ???what do the best interests of the company require at this time???? So was it with Sagicor???s directors,??? he declared.
??????Sagicor has strategic objectives as well, and those objectives have dictated that the interests of the company would be best served by being domiciled elsewhere at this time,??? Mr. Stuart underscored.
Sagicor Financial Corporation is a corporate descendant of the Barbados Mutual Life Assurance Society, which came under the microscope in Barbados in 1989 over its structure.
The Prime Minister’s full speech may be downloaded here.