Of the current Cabinet, Paula Cox is relatively unique in that she has current first hand experience with the international business sector which is at the heart of Bermuda’s economy. In addition to her demanding role as Minister of Finance, she holds a sinecure as a legal counsel at the insurer Ace.
Most Bermudians have no doubt as to Minister Cox’s capabilities and she can be described as “loyal to a fault”. And indeed that’s the problem. As part of a PLP dynasty, she is loyal to the party leader even when her internal alarm bells must be shrieking.
In your legal role, would you find it acceptable if major entities of your corporation were 5 years or more behind in their audits, including pension funds with more than $1 billion in assets? I think not. Why do you abide it in the Bermuda Government?
Would you sit passively if executives of your corporation were identified as having behaved unethically if not criminally? Wouldn’t you be surprised if there was a shareholder outcry? Wouldn’t you demand a proper investigation and work to improve rules and procedures as well as reinforce ongoing audit? Ahem, never mind finding something new for the offending party to do? I think you would. Why are you silent in the Bermuda Government?
Respectfully, Minister Cox, this silent complicity both disappoints and scares your professional peers and aspirants.