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Proceedings of The Senate 2018-2019 1 BERMUDA TO THE HONOURABLE THE PRESIDENT AND MEMBERS OF THE SENATE: PROCEEDINGS OF THE SENATE The House of Assembly returns herewith to SESSION OF 2018 - 2019 Your Honourable House the accompanying Public Bill entitled “The Premier, Ministers and Opposition Leader Personal Staffs Act 2019” and informs Your Honourable House No. 17 that the House of Assembly has disagreed with the proposed amendments on the said WEDNESDAY, 3rd JULY 2019 Bill as suggested by Your Honourable House in the following areas:- PRESENT: “That Clause 9 of the Bill be amended as Senator the Hon. Mrs. J.E. DILLAS-WRIGHT, follows:- M.B.E., J.P. - PRESIDENT Senator J.S. JARDINE, J.P. 1. By deleting the word “March” and VICE-PRESIDENT substituting the word “May” in the first Senator Mrs. W.M.P. SIMMONS, J.P. paragraph; Senator the Hon. Ms. K.L. SIMMONS, J.P. Senator H.A. RICHARDSON, J.P. 2. By deleting the words “appointed Senator J.P. HAYWARD, J.P. to a” and substituting the words “who Senator Ms. C.C. CAESAR, J.P. have served or are currently serving on Senator V.M.E. CAMPBELL, J.P. any” in the first paragraph; Senator T.N. KEMPE, J.P. Senator M.J.A. JONES 3. By deleting the word “calendar” Senator D.V. ROBINSON and substituting the word “fiscal” in the first paragraph; ---------------------------------------- 4. By inserting the word “gross” [This meeting of Senate was conducted in immediately after the word “their” in the Senate Chamber at the Sessions subsection 9(b); and House.] 5. By inserting the words “for the entire fiscal year” immediately after the 10:01a.m. word “remuneration” in subsection 9(b).” On the motion of Senator J.S. Jardine, As such, Clause 9 would remain as part of the th the Minutes of the meeting of Wednesday, 26 original Bill as tabled in our Honourable June 2019 were taken as read and confirmed. House on 31st May, 2019, which would read as follows: “Annual Report Senator the Hon. the President acknowledged the presence of several BPSU 9. On or before 31 March, the Premier Summer Interns in the Public Gallery. shall lay in each House of the Legislature a report listing the names of all persons appointed to a personal staff during the previous calendar year, indicating— The following Message was received from the Honourable House of Assembly and (a) their functions; read out by the Clerk:- (b) their remuneration; and (No. 10) 1 Proceedings of The Senate 2018-2019 2 (c) in the case of the personal staff of the invested capital of the Fund’s investors at a Minister, whether each person that time, and (b) $500,000. The was appointed as an expert in a Government's commitment to backstop the specified field or as a political management fee is capped at a total amount adviser.” of $3,000,000. To the extent the Government's capital is not returned by the conclusion of the Fund's investment period, the Government Hon. Dennis P. Lister, JP, MP will have pro-rata limited partner interests in SPEAKER the Fund. The amount of Management Fees paid by the Bermuda Government to the Fund Sessions House, Manager, Fortress Investment Group LLC 21st June, 2019 (together with is affiliates, “Fortress”), to date is $175,342.47, and as of June 30, 2019, the Fund has accrued an additional ~$1 million of Management Fees due from the Bermuda 10:05a.m. Government, which the Fund has yet to call. Senator the Hon. K.L. Simmons, as Attorney-General and Minister of Legal Q2. With respect to the Bermuda Affairs, presented a Ministerial Statement Infrastructure Fund, would the Junior providing a “Sex Offender Management Minister please inform the Senate as to the Update” criteria used for evaluating businesses or projects under consideration for investment, and how the investments are Senator the Hon. K.L. Simmons, as ultimately determined? Attorney-General and Minister of Legal Affairs, presented a Ministerial Statement A2. The Fund evaluates investments that entitled “Liquor Licence Amendment Act 2019 fit the investment mandate of the Fund across (Reform Implementation)”. several criteria, which include, among others, the following: -Profitability Questions/Question Period -Actionability -Risk-Adjusted Returns 10:18a.m. -Management Team Capability -Reliability of Technology and/or Design Senator V.M.E. Campbell tabled the -Quality of Service Provider following Written Answers to Parliamentary -Downside Protection Questions from Senator D.V. Robinson:- -Value Creation Potential Parliamentary Questions Q3. Would the Junior Minister please Q1. With respect to the Bermuda inform the Senate as to what are the Fund Infrastructure Fund, would the Junior Manager’s exact duties undertaken in Minister please inform the Senate as to the managing the Fund, as required by the amount of public monies that have been Government and Institutional investors in committed to the Fund by the Government the Fund? of Bermuda since the Fund commenced operations in April 2018? A3. The Fund Manager’s basic duties to the Fund are to act as investment advisor for A1. The Government of Bermuda the Fund, invest in companies and projects, backstops the Fund's minimum semi-annual purchase and sell assets, securities and management fee of $500,000, essentially businesses on the Fund’s behalf, and manage paying the difference, if any, between (a) the and supervise the Fund’s investments. management fee earned by Fortress based on 2 Proceedings of The Senate 2018-2019 3 10:19a.m. Senator V.M.E. Campbell moved that the Senate do now rescind each of the Senator W.M.P. Simmons asked Amendments to Clause 9 of the Bill which Senator the Hon. K.L. Simmons a question were approved by the Senate in Committee at regarding her Ministerial Statement on Sex the last day of meeting, such that the Bill may Offender Management. be restored to its original text, that is to rescind the following motion: Senator K.L. Simmons replied. “That Clause 9 of the Bill be amended as follows:- Senator M.J.A. Jones asked Senator the Hon. K.L. Simmons a question. 1. By deleting the word “March” and substituting the word “May” in the first Senator K.L. Simmons replied. paragraph; 2. By deleting the words “appointed Senator T.N. Kempe asked Senator to a” and substituting the words “who the Hon. K.L. Simmons a question. have served or are currently serving on any” in the first paragraph; Senator K.L. Simmons replied. 3. By deleting the word “calendar” and substituting the word “fiscal” in the (10:24a.m. – Senator the Hon. the President first paragraph; acknowledged the presence of the Director of Court Services, Mrs. Gina Hurst-Maybury, in 4. By inserting the word “gross” the Public Gallery.) immediately after the word “their” in subsection 9(b); and 5. By inserting the words “for the Orders of the Day entire fiscal year” immediately after the word “remuneration” in subsection 9(b).” 10:25a.m. Further to the Message received 10:28a.m. – Senator T.N. Kempe earlier today from the Honourable House of 10:30a.m. – Senator J.S. Jardine (in the Chair) Assembly conveying their disagreement with 10:34a.m. – Senator Campbell. Amendments to the Bill entitled the “Premier, Ministers and Opposition Leader Personal Staffs Act 2019” as proposed by the Senate, The motion to rescind the Senator V.M.E. Campbell moved that the Amendments made to Clause 9 of the Bill at Senate do now resolve back into Committee of the last day of meeting was agreed to. the Whole for further consideration of the Amendments approved by Senate at the last day of meeting -- which was agreed to. On the motion of Senator V.M.E. Campbell, Clause 9, as printed in the original version of the Bill, was agreed to. The Senate resolved itself into a Committee of the Whole for further consideration of Clause 9 of the Public Bill The Committee rose. entitled the “Premier, Ministers and Opposition Leader Personal Staffs Act 2019”, The Senate resumed. Senator J.S. Jardine in the Chair. The Senate adopted the report of the Committee. 3 Proceedings of The Senate 2018-2019 4 Senator V.M.E. Campbell moved that The Bill was accordingly read a third the Bill entitled the “Premier, Ministers and time. Opposition Leader Personal Staffs Act 2019” be now read a Third time – which was agreed Senator V.M.E. Campbell moved that to. the Bill entitled the “Government Loans Amendment Act 2019” do now pass -- which The Bill was accordingly read a third was agreed to. time. The Bill was accordingly passed and Senator V.M.E. Campbell moved that ordered to be laid before His Excellency the the Bill entitled the “Premier, Ministers and Governor for His Excellency’s assent. Opposition Leader Personal Staffs Act 2019” do now pass -- which was agreed to. The Bill was accordingly passed and 11:00a.m. ordered to be laid before His Excellency the Governor for His Excellency’s assent. Senator H.A. Richardson moved that the Public Bill entitled the “Electricity Amendment Act 2019” be now read a second time -- which was agreed to. 10:41a.m. Senator Richardson spoke on the Bill. Senator V.M.E. Campbell moved that the Public Bill entitled the “Government Loans Amendment Act 2019” be now read a second (11:11a.m. – Senator the Hon. the President time -- which was agreed to. acknowledged the presence of the Permanent Secretary for Home Affairs, Ms. Rozy Azhar, in Senator Campbell spoke on the Bill. the Chamber.) (10:48a.m. – Senator the Hon.