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Harvard Business Publishing, 20 Guest St, Suite 700, Brighton, MA 02135     To redeem your 20% savings: Simply enter HBRORGREG3 in the Promotional Code field (case sensitive) at checkout. Discount will be applied to your order subtotal.    *Valid online or by phone (excludes HBR magazine subscriptions, shipping & handling, taxes, and custom fees). Cannot be combined with other discounted pricing offers. No adjustments to prior purchases. Offer expires 30 days after date of registration.      Please provide a copy of the incident report for each case.    Please provide information for each of the last five financial years, and  the current financial years to date. CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  1  Good afternoon everyone, and thank you for attending the  2017 Annual General Meeting.  It is my distinct honour to embark upon my new role as  President of the Chamber of Commerce. I have been  involved with the Chamber for several years and I believe  that its future is extremely bright.  2016 was a terrific year for the Chamber, and I would like to  take this opportunity to recognise and celebrate the fantastic  achievements of outgoing President, Paul Pearson.  In February, Paul successfully led the Chamber Council &  staff in developing a brand new, 3-year Strategic Plan.  Under his leadership, the Chamber has taken on a new  shape and vision for the foreseeable future. Paul has CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  2  ensured that the Chamber is well on its way to achieving the  goals we set.  For example, as set out in our Strategic Plan, the Chamber  has created three new Committees which are spearheading  different initiatives. Paul's own Committee which he chairs –  the Government Relations Committee – has been  particularly active, having met with the Immigration  Department and the Cayman Islands Bankers' Association.  Under Paul's active leadership, we have developed and  have set out a plan that will allow the Chamber to thrive even  more.  Paul has done an excellent job of strengthening the  Chamber's relationship with Government and he has been  instrumental in leading the Chamber in it various CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  3  programmes which support, promote and protect both our  Membership and the Community.  Paul, as you have a great deal to offer, I sincerely hope that  you will continue your active involvement with us as the  Immediate Past President.  As a token of our sincerest thanks, I would now like to  present you with a gift on behalf of the Chamber Council,  Membership, and Staff. Your commitment will be  remembered for years to come, and we wish you all the best  in your future endeavours.  CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  4  INTRODUCTION  Before discussing my vision for the upcoming year, I would  like to take a moment to tell you about myself.  I came to the Cayman Islands more than 20 years ago.  Apart from some time spent away completing my training as  an attorney, I have lived here that entire time. I began  practicing law more than 15 years ago, and I am now a  partner in a boutique law firm so I appreciate the challenges  in operating a business.  My wife was born and raised in Cayman and we have two  young sons.  Cayman is my home. I am proud to now be a Caymanian  and I care deeply about Cayman's future. CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  5  This was one of the reasons why I joined the Chamber as a  Councillor in 2010. After completing my two-year term I was  privileged to be elected Vice-President in 2014. Last year I  served as President-Elect.  I regard the Chamber as the leading private sector body in  the Cayman Islands with important obligations to both its  membership and the community.  I am aware of some of the more cynical statements that are  made about the Chamber - for example that it cares only for  its members or that it is controlled by large businesses.  Having been deeply involved with the Chamber, I can  confirm that this is simply not true.  While the Chamber does act as an advocate for its members CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  6  on the various issues it is also involved in championing  issues effecting the community. Cayman Crime Stoppers,  Leadership Cayman, Mentoring Cayman, Careers Expo,  Employee Assistance Programme and annual Earth Day  Roadside and Beach cleanup are all initiatives that are  spearheaded by the Chamber.  The Chamber has recently created a new Community and  Membership subcommittee which I chair. It has several  projects which it will be introducing including road  beautification, mangrove restoration, road safety and work  place wellness programs along with an upcoming  environmental pledge for businesses.  All the initiatives I have mentioned benefit everyone, not just  chamber members. CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  7  The Chamber is not controlled by large corporations. It is  made up of more than 650 companies of which 65% are  micro, small to medium size businesses. It is proud to have a  retention rate of well over 90% of all companies and this is a  testament to its value to all business, regardless of size, in  Cayman.  Looking forward I think it is important to reflect on Cayman's  recent past. The Cayman Islands have undergone  considerable change since my arrival in 1995 and even  since my first becoming involved with the Chamber in 2010.  Many of these changes have been positive but there remain  considerable challenges ahead. Issues such as improving  education, maintaining our low crime rate, and ensuing that  Cayman develops in a manner beneficial to all Caymanians  have historically been matters that Cayman has needed to  address and those issues remain just as relevant today. CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  8  All of those issues have been impacted and will continue to  be impacted by economic growth.  Economic Growth  When people discuss economic growth, or even growth in  general, it can evoke feelings of worry or disdain. I have  heard the question "who are we growing for?" and other  criticisms to the concept of economic growth, however, those  statements reveal a lack of understanding about what the  fundamental concept is.  Every nation in the world wants to develop and maintain its  economic growth. Economic growth is an important measure  of every economy and when it stagnates or shrinks this is  often a sign of future trouble. Our Islands enjoy a GDP per  person that measures favourably against other first world CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  9  nations. We have enjoyed sustained economic growth which  has allowed us to develop first rate infrastructure, maintain a  high standard of living and keep crime rates low.  While I accept that there are matters that need to be  addressed and there is room for debate about how we  should grow it cannot be reasonably said that we would be  better off if our economy were to shrink or stagnate.  For too long we have treated economic growth as a dirty  term. To inject more information into the discussion  concerning the growth of the Islands, the Chamber has  developed a series of videos providing fundamental  information about economic growth and how it impacts our  community. These videos are aimed to educate our  community and youth and help them to fully comprehend the  need for economic growth in Cayman, and how we can CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  10  achieve it.  To be clear, the Chamber of Commerce does not support  growth which seeks to sacrifice heritage or culture. That is  not our aim, and we would oppose such an approach. But  we do encourage economic growth, as it will have wide  ranging positive impact.  Without continuing to grow our economy, we cannot expect  our Islands to develop and thrive in the manner that we all  desire.  I would like to pause now to show you the first video in the  series that the Chamber will be rolling out soon:  SHOW ECONOMIC GROWTH VIDEO  CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  11  The growth of the private sector will fuel financial support  into the public sector, meaning that our society will improve.  This allows our infrastructure to continue to develop. Our  hospitals to receive more funding and standards of care to  improve. We will have more funds available to protect our  environment, ensuring we keep public spaces public, and  restore our mangroves. And, perhaps most importantly, our  schools will receive greater support, meaning educational  standards will improve.  And this leads me into another focus of my presidency.  EDUCATION  Education is a vital focus of my Presidency. CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  12  In 2016, the Chamber ran two series of focus groups; one  focusing on immigration, and the other focusing on the costs  of doing business. During both sets of focus groups, it was  reported by our membership that they were struggling to find  skilled Caymanian workers due to education issues and  skills gaps.  Many of us here today likely rely heavily on foreign labour in  our businesses. As the work permit process, can be difficult  and expensive I have little doubt that any sensible business  owner would want to hire Caymanian if given the choice.  In a country, which cannot possibly provide enough labour to  meet the demands of its economy it is imperative that we do  as much as we can to ensure that every willing Caymanian  is given every opportunity to succeed here at home. CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  13  This starts with making sure that our education and training  from pre-school to vocational or professional training is both  robust and comprehensive. In a country with such a high  GDP per capita and a relatively small population I honestly  believe that we should be able to become a global leader in  the quality of our education.  We are not there yet.  We receive numerous reports that the schools are not  currently educating children for all future possibilities,  meaning that many leave school without the necessary skills  or drive for certain, common job roles. This is unacceptable.  For our economy to grow and for our unemployment rate to  decrease, we must emphasize the need for better education.  By not doing so, we are simply not providing Caymanians CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  14  the chance they deserve. By focusing on improving and  developing educational standards throughout the Cayman  Islands, we will not only be improving the future and  livelihood of our neighbors in the community, but we will be  supporting and ensuring stable economic growth.  While some may not see education as an issue that impacts  them this is extremely short sided. We live in a small country  without walls and barriers to divide us. While some people  may not have children, or may have their children attend  private schools we are all impacted by future generations. In  the absence of a strong education system, we will see  greater dependence upon the social network which cost us  all. Worse still we may potentially see higher crime rates. It is  accordingly an issue that impacts all of us.  I am far from an education expert. I am aware however that CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  15  changes take considerable time to put into effect. With the  best of intentions, it is not possible for any government to  bring about the change needed in one term. We have seen  several changes in Government in the last few election  cycles and I firmly believe that unless we as a community  make this a priority issue we will not see any meaningful  improvement. It is simply not possible to see any real  change if whatever course we plot is altered before it bears  fruit. Accordingly, although ministers may change, we must  have a firm focus on the relevant issues so that this  generational matter can be addressed.  For this reason, I have discussed this matter with our current  president-elect and with our newly elected vice president. I  am happy to report that we have all agreed that education  will be a major focus of the Chamber for the foreseeable  future. CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  16  It is important that we start this process from a position of  knowledge.  Our first steps will be as follows:  We will host three focus groups focusing on education and  educational standards in the Cayman Islands. In those  sessions, we hope to gain valuable insight from our members.  We will also hold a BE INFORMED session where we will  invite the ministry to discuss the issues and the plans that  have been developed for the future.  We will tour the schools with a view to obtaining as much firsthand  information as we can. CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  17  We will invite our members and community leaders to enter  an open discussion concerning the matter.  We will ensure that in our Candidates Forums (which I will  discuss in a minute) the candidates vying for elected  positions will address the issue of education.  Once the elections are over we will work with Government  and the private sector to maintain a positive course forward.  It is hoped that the Chamber's involvement in this critical  issue will help bring about a lasting focus to be able to move  Cayman into a position where the subject of education is one  of pride as opposed to concern. CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  18  ELECTIONS  While economic growth and education are the prevailing  focuses for my Presidency, we cannot ignore perhaps the  biggest event that will occur in the Cayman Islands this year.  The 2017 elections are fast approaching, and over 20,000 of  us will be electing the next Government.  Politics in 2016 were turbulent to say the least, with the  election of Donald Trump causing division in the United  States, and BREXIT causing division in the UK and the  European Union.  If we can take anything away from those events, I think it is  that politics now seems to be extremely divisive. Loud  opinions regardless of accuracy seem to drown out more CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  19  factually based positions.  An example of this in Cayman is the subject of  unemployment. Frequently we hear statements concerning  work permits and the negative impact upon Caymanian  employment. It is however a fact that historically as the  number of work permits go up, unemployment has gone  down. The reason for this is simple, more jobs available  means more jobs for everyone including Caymanians. Many  seek to ignore this or even try to state the reverse.  I should add here that I accept that employers have  obligations and duties to the community and not all  employers perform as they should. However, this is the rare  exception not the rule and to place the sole blame for  unemployment at the foot of the private sector is both wrong  and counterproductive. It is only the private sector, and its CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  20  success and growth, that can ensure employment for all.  Given the global trends I have little doubt that we will be  faced with these sorts of statements and positions. While  there certainly is room for debate on all the issues, my  sincere hope is that we keep the arguments based upon fact  and avoid inflammatory positions. Regardless of the results  of the election the only way Cayman will continue to succeed  is if we all stay united.  To allow the community to know the various candidates and  their different positions the Chamber will be hosting a series  of Candidates Forums. We will be holding forums in each  constituency, and we will invite all nominees to attend.  Prior to the forums, we will be giving you, our members, the  opportunity to let us know what questions you want to hear CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  21  answered, and we will present them to all nominees who  attend. I strongly encourage you to take the time to respond  to us so that we can accurately reflect our members  concerns and expectations to the candidates.  Regardless of the outcome the main message from the  Chamber to whatever Government is elected is this: "Let's  build Cayman together." Collaboration is needed between  the Chamber and Government moving forward if we are to  implement positive change, and we will work tirelessly to  ensure this happens.  In 2016 we formed the Government Relations Committee to  improve such relations, and the Chamber Council met with  Caucus quarterly. We will continue these efforts in 2017, as  we want to make as positive an impact as possible for you,  our membership, and the Cayman Islands community.  CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  22  We want the elected Government to support economic  growth in Cayman, as the corresponding financial  contributions from the private sector will benefit all three  Islands.  I urge all nominees to take this into consideration when  announcing their prospective policies and opinions, and we  hope that they realize and acknowledge the necessity for  continued economic growth.  BUSINESS EXCELLENCE AWARDS  Before I conclude my speech, I have a very special  announcement.  The Chamber Council and I feel that businesses in the CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  23  Cayman Islands aren't celebrated enough in the community.  We have awards and celebrations for all sorts of occasions,  yet businesses are often overlooked unless they are  sponsoring (which they do in abundance). And we want this  lack of recognition to change.  This year we have partnered with Digicel to introduce the  Business Excellence Awards.  The event will take place on October 6, and the awards  ceremony will involve our recognition of our members who  go above and beyond.  We want the community to acknowledge the hard work and  dedication of our members, and we want them to recognize  their importance to the Cayman Islands.  CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  24  Further information about the event will be released nearer  the time, but please do save the date for October 6, as it will  be a flagship event that you do not want to miss.  CONCLUSION  In closing, the Chamber Council, staff, and I would like our  members to know that we will continue to represent you to  the highest standard. We will continue to support, promote  and protect you.  We will ensure that the matters impacting you are heard by  the highest officials in Government, and together, with your  support, we will instigate positive change.  To the community, the Chamber will also work hard to  ensure that Cayman continues a path for improvement for CHAMBER PRESIDENT KYLE BROADHURST'S ACCEPTANCE ADDRESS AT THE  CHAMBER OF COMMERCE ANNUAL GENERAL MEETING ON 15th FEBRUARY 2017  25  all. We will be hard at work in the community spearheading  initiatives to improve Cayman. We will also continue to  speak out on the important issues that impact us all.  Thank you for your attention.