The Hon. E. T. (Bob) Richards J.P.
Former Minister of Finance, Bermuda.
Public Service Career
Bermuda Senate:- 1997 - 1998. 2004 - 2007.
Member of Parliament:- 2007 - 2017.
Cabinet of Bermuda:
Minister of Telecommunications:- 1997-1998
De-monopolized telecoms in Bermuda; long distance rates fell by 94%, wireless services soared, while prices fell.
Deputy Premier & Minister of Finance:- 2012 - 2017
The 6 quarter US recession translated into 24 quarters of recession in Bermuda. Used tax concessions and, to a limited extent, Government’s balance sheet, to generate about $1.5bn of inward direct investment into the island to break free of recession and resume economic growth.
Spearheaded a unique P3 financing model to redevelop Bermuda’s airport using airport revenues instead of increasing government debt.
Cut government discretionary spending significantly and reduced the size of the civil service, without any layoffs, to cut the annual government deficit in half.
Cut the growth rate of government debt to approach zero.
Instituted the Fiscal Responsibility Panel:- a trio of independent, international economists who annually review and publish their assessment of the government’s fiscal progress.
Restored Bermuda’s good standing with credit rating agencies and international credit markets. Presided over two international bond offerings which sequentially reduced Bermuda Government bonds’ spread over US Treasuries to record low levels.
For the first time ever, introduced and implemented a progressive structure in payroll taxes, the government’s principal revenue source.
Produced a specific road map consisting of tax increases and further spending cuts to balance the government budget in fiscal year 2018/19.
Aggressively defended Bermuda’s reputation and honour internationally in the media and elsewhere against attacks as a tax haven.
Born in 1948 and raised in Bermuda.
In Canada attended St. Andrews College in Aurora, Ontario.
Waterloo Lutheran University in Ontario, Canada:- BA in economics.
University of Windsor, Ontario, Canada:- Bachelor of Commerce and MBA.
Fellow of the Institute of Canadian Bankers
Private Sector Career:
1972-76:- CIBC and Scotia Bank, in Toronto.
1976: In Bermuda, Bermuda National Bank, Assistant Manager, Credit.
1978: Bermuda Monetary Authority, economist and ultimately as General Manager in charge of research and investment of Bermuda's official foreign exchange reserves. During this period, completed courses at the IMF Institute in Washington D.C. on international balance of payments methodology and at the Federal Reserve Bank of New York on international investments for central bankers.
1983: Investment Manager for Shell Trust Bermuda Ltd. managing a $1bn international investment fund and developing a sophisticated computer tracking, analytical and order execution systems.
1987: Founded Bermuda Asset Management, Ltd. (BAM) as the first independent investment management company in Bermuda. BAM primarily managed pension funds and private client assets using a global equities approach.
1995: BAM became affiliated with INVESCO. Was appointed General Manager of INVESCO Global Asset Management Ltd. and a Partner in the ultimate parent of INVESCO in London.
1999: INVESCO left Bermuda and BAM reverted to being a family business.
Bermuda Commercial Bank Ltd.
Shell Trust Bermuda Ltd.
United Kingdom Protection and Indemnity Association Ltd.
(Also serve on Investment Committee)
Bermuda Digital Communications Ltd. (CellOne, now One Communications Ltd.)
MacQuarie Special Situations Fund Ltd.
Public Sector Boards:
Bermuda Monetary Authority
Public Funds Investment Committee (Chairman)
Bermuda Hospital Board
Bermuda Economic Council
Bermuda Association of Security Dealers (Chairman)
“Bermuda, Back from the Brink”, December 2017