The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Grand Bahama Port Authority’s (GBPA) departing chairman last night told Tribune Business he had “delivered on all the things I went in there for”, although he acknowledged that Freeport’s development had “plateaued”.

Speaking to this newspaper after the GBPA announced his resignation as both chairman and a director, Ian Fair said he had chosen to step down for a combination of ‘personal reasons’ and to focus on his other business commitments.

Emphasising that “there is nothing untoward going on here”, and “no smoking gun” regarding his departure from both the GBPA and the same posts at its Port Group Ltd affiliate, Mr Fair said he had achieved the objectives set for him 18 months into a two-year contract.

“It was a perfectly amicable parting,” he told Tribune Business. “I took on this position 18 months ago for a two-year period, and it became particularly evident 18 months into the 24 that I had delivered on all the things I went in there for.

“My remit was to create a position of peace in our time, create stability; bring the company up to date in the way it was administered, particularly from a corporate governance point of view, and ramp up the promotion and marketing by the Port Authority.”

Mr Fair acknowledged that the GBPA had failed to live up to its developmental and marketing responsibilities under the Hawksbill Creek Agreement, although he argued that the depressed world economy meant promotional activities would likely have ben futile between 2009-2011.

“That was probably the biggest criticism of the Port Authority in the last few years,” he admitted, “not living up to its obligations under the Hawksbill Creek Agreement.”

Tribune Business had been hearing reports that Mr Fair was set to step down from the GBPA since July, although he yesterday said nothing had been decided then.

There had been rumours that former GBPA chairman, Hannes Babak, was returning to assume the position, but Mr Fair said its two shareholding families - the Haywards and St Georges - had yet to decide a replacement and were currently keeping the position open.

Tribune Business has also heard suggestions that Henry St George is keen to emulate his late father and step into his shoes by taking the chairmanship, although that cannot be confirmed.

Still, Freeport businesses and residents are likely to question the timing of Mr Fair’s departure, and whether it will create a leadership vacuum in the Port just when the city is faced with numerous challenges.

Apart from the issues created by the 2013-2014 Budget’s new and increased taxes, there is also the expiring real property tax and Business Licence incentives, which have to be negotiated with the Government if they are to be extended beyond 2015.

Mr Fair yesterday said his decision had been prompted by personal reasons, wanting to spend more time with his family and less travelling, while also concentrating on his other business commitments.

Adding that the GBPA and its Port Group Ltd affiliate required “a lot of hands on” involvement, Mr Fair said there were numerous interests competing for his time.

His private client work, stemming from his private wealth management background, takes him to Asia four times a year for Board meetings, and Mr Fair said he had similar commitments locally with Bahamas First and Butterfield Bank (Bahamas).

Mr Fair has just been made chairman of the latter, and he disclosed to Tribune Business that all these positions - coupled with the GBPA posts - meant he had slept at home in Nassau just three times in the first three months of 2013.

Mr Fair also indicated that the next stage of the GBPA’s development would require a full-time chairman, something he could not be.

“I feel I’ve delivered, but to deliver the next stage is to really drill down, and changing the way it [the Port] is structured and operates will really take time,” he told Tribune Business.

“It’s with mixed feelings that I’ve come to this decision, but that’s the way it is. If I didn’t have so many business commitments, I would have given it my all.”

Emphasising that he was “not walking away” from Freeport, and would remain in an ‘ambassadorial role’, Mr Fair said the city had been an “economic success story” despite its recent troubles.

Pointing out that the $11 billion invested in its infrastructure provided the platform for Freeport’s future growth, he added: “I believe Freeport is the solution to a lot of the social and economic problems of the Bahamas.

“It’s plateaued, and it’s time to take it to the next level. To say it’s a failure is wrong. It’s been an economic success story.”

Mr Fair said Freeport’s problems stemmed from a combination of the 2004 hurricane season and Royal Oasis closure; Edward St George’s death and the subsequent shareholder dispute; and finally, the global recession.