Member Profiles

Peter J Hardy, BA, MA, FCIS, PAdm.
An Officer of the Most Excellent Order of the British Empire

Bermuda Branch Chairman Douglas Mello sat down with Peter Hardy, Corporate Secretary of the Gibbons Group and Chair of their Group Compliance Committee to discuss Peter’s involvement in the financial services industry since 1970.

In 1970, after a career in teaching at the University of Toronto and in the public school system in Bermuda, Peter joined the Ministry of Finance where he remained for 30 years in various capacities. In 1970 Peter became Bermuda’s first Registrar of Companies. During his tenure he created the Companies Registry; he implemented the 60/40 rule (in order to be a local Bermuda Company it had to/and still does have to be owned by a majority of Bermuda shareholders) and developed Bermuda’s first Company Registration procedures under the Companies (Incorporation by Registration) Act of 1970. Prior to 1970, every company was created by Private Act of Parliament.

Between 1973-89 Peter was Bermuda’s first Commissioner of Employment Tax/Tax Commissioner. During his time in this role he implemented Bermuda’s first tax on remuneration from employment (Employment Tax) as well as Bermuda’s first island-wide tax on remuneration (Hospital Levy). From 1989 through 1994 Peter was the Assistant Financial Secretary. Throughout his time as the Assistant Financial Secretary Peter oversaw the restructuring of Government’s Data Processing Department as well as overseeing various legislative initiatives, including the first regulation of Bermuda Trust Companies – Trust Companies Act 1991; he represented Bermuda at inaugural and subsequent meetings of the Caribbean Financial Action Task Force (“CFATF”) and developed and implemented procedures for responding to requests for information under the Tax Information Exchange Agreement that Bermuda negotiated with the United States.

In 1994 Peter was promoted to the post of Financial Secretary, a post in which he served until his retirement from the Civil Service in 2000. Highlights of Peter’s time in this position include overseeing the preparation of six Government Budgets, the creation of the International Company section in the Ministry HQ, negotiation of procedural and legal changes in the Tax Treaty with US Treasury, to prevent its abrogation, and to obtain US support when dealing with OECD. Peter led the Bermuda Government’s negotiations with the OECD during its “Harmful Tax” initiative and represented Bermuda on the steering committee for the KPMG review of offshore territories. Peter also acted as the first chairman of the Government’s National Anti-Money Laundering Committee.

Peter has also been extensively involved in the Church at Wesley Methodist, which is affiliated with the United Church of Canada. Peter has a strong interest in music which has led him to be a member of the Bermuda Philharmonic, membership in the Bermuda Chamber Choir and sharing in the founding of a male singing group, the Ambassadors of Harmony.

In 2002 Peter was awarded an OBE, being made an Officer of the Most Excellent Order of the British Empire, for public service in Bermuda.

Although Peter is now employed in the private sector he is still a contributing member to the Bermuda’s finance services industry. Peter is an Executive Member of the Association of Bermuda Compliance Officers and a Member of the Bermuda International Business Association’s Legislative Change Committee.