These approvals were:
· Increase authorized share capital - This represents the final building block in the structure of the Bank's Shareholder Rights Plan, which is designed to protect the Bank against hostile takeover.
· Executive Share Plan and Bank of Bermuda Third Employee Share Purchase Plan - These two issues are further steps in the Board's strategy for encouraging the broadest possible employee ownership and creating a contemporary and competitive incentive plan for senior management which, through rigorous performance guidelines, aligns their economic interests firmly with those of the Bank's Shareholders. The Board believes the two proposed share plans are essential to enable the Bank to retain and recruit the best talent.
· Bye-law amendments - These were to remove a somewhat outdate provision from the Bank's bye-laws which required the Bank to have two Deputy Chairmen, which the Board believed was no longer relevant.