Contact Mar/Apr 2018 by Rock and Small

MAR/APR 2018

SPEAKING HIS MIND

Alastair Campbell SHARES his thoughts on the Channel Islands

FOCUS ON FUNDS

ALASTAIR CAMPBELL

LORD HASTINGS

The islandsâ&#x20AC;&#x2122; fund associations discuss their industry and its prospects

The author and journalist tells us his fears for Brexit and his hopes for mental health awareness

On how the UNâ&#x20AC;&#x2122;s global development goals are just as relevant in the islands

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WELCOME TO THE SPRING ISSUE OF CONTACT Martyn Dorey

President Guernsey Chamber of Commerce

Chamber’s monthly lunches started this year on a high, with our January speaker, Deputy Gavin St Pier, making a landmark speech to a capacity audience on the need for pre-election coalitions between individuals, based on shared values and ethics. Gavin firmly believes this will put an end to personality-based ‘populist’ politics. He also called for a manifesto of growth, with the model of delivery based on partnership between government and the private sector, a model that Chamber roundly supports. Recently the formation of a new £25m Guernsey Investment Fund was announced, which will invest with a Bailiwick emphasis. It demonstrates that the States of Guernsey is serious about growth and is prepared to lead by example to stimulate inward investment. The investment decisions are going to be taken by an arm’s length body free from political interference, and we commend this approach. We need to get better at gathering funds for inward investment, as well as being more inwardly investable. With the May deadline fast approaching for GDPR, we are holding a workshop in March and one in April for our members to understand the new legislation and how this impacts the data they hold on clients and suppliers. Members attending the workshop will have access to a bespoke online health tool and free one-hour consultation. In addition, we are also running a cyber security course for our members. Lastly, while organising our annual dinner we had a key question: ‘do you increase financial risk by having a more expensive speaker at an annual event?’ We explored this, and the answer is that you actually lower risk, all tables for our annual dinner to hear Alastair Campbell have sold out. The next question is at an economic level: ‘are there areas where you think we could invest to lower economic risks?’ Get in touch and share your thoughts.

Eliot Lincoln

President Jersey Chamber of Commerce

The year has started at pace with some encouraging responses to Chamber’s recent lobbying activity. The decision by States members in mid-December 2017 to reject the Jersey infrastructure levy, following an open letter to government from our building and development committee, is good news for developers and commerce. We were disappointed that the new retail tax was approved as part of Budget 2017, and our recent freedom of information request confirmed our concerns that the ‘consultation’ process examining the impact of the tax was insufficient. The open letter Chamber submitted to the chief officer of the Treasury & Resources department is included in this issue, and we don’t feel the matter has been concluded. Onto our events programme, and our February Chamber lunch featuring the recently appointed chief executive of the States of Jersey, Charlie Parker, sold out quicker than any Chamber lunch on record! How Charlie will fare in his drive to improve the public sector will only be clear in time, but his speech provides some comfort that the right focus is being talked about. We will see how easily that talk will be converted into action, but I remain optimistic. We are a few short months away from two significant changes. The first is Jersey’s implementation of the EU GDPR legislation that will affect every island business. Chamber has been vocal in communicating with our members on this subject, but some businesses still have lots to do. We encourage you to invest some time in ensuring you are ready for the legislation change due on 26 May. Secondly, we have the upcoming general election on 16 May. Informal electioneering has already begun and Chamber is eager to ensure that our business community has strong, commercially astute individuals prepared to stand. We’re committed to helping keep candidates informed of business issues and encourage our members to support their employees to register to vote and have their say in the future of the island and commerce.

EDITOR Tamara Timothy

editor@collaboratecommunications.com

SALES Julie Todd

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Adam Martel

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DESIGN & PRODUCTION Anthony Barbapiccola

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Contact is produced six times a year by Collaborate Communications Ltd. To receive Contact magazine call Julie Todd on 01534 858514 or email sales@collaboratecommunications.com Contact is published by Collaborate Communications Ltd. Copyright 2018. All rights reserved. Any reproduction without permission is prohibited. Contact contains editorial content from external contributors which does not necessarily reflect the views of the publishers and the factual accuracy of which cannot be guaranteed by the publishers. Contact does not accept or respond to unsolicited manuscripts and photographs. The publishers do not accept responsibility for errors in advertisements or third party offers.

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CO N TE N T S

NEWS & EVENTS 14 Guernsey Chamber news Guernsey Chamber of Commerce discusses the opportunities surrounding the new ‘Guernsey’ film. 24 Jersey Chamber news Jersey Chamber of Commerce outlines its lobbying of the States of Jersey regarding the new retail tax. 32 Young Business Group Guernsey’s Young Business Group is looking for entrepreneurs to enter this year’s Bill Green Award.

Young Business Group 32

Lord Hastings CBE 84

44-46 Funds Jersey and Guernsey’s fund associations outline their work in the islands.

PEOPLE 05 Alastair Campbell Contact sits down with Alastair Campbell to talk about everything from Brexit to mental health. 84 Lord Hastings CBE Lord Michael Hastings CBE tells Contact how he tries to make the world a better place, and what we can all do to help. 86 Olympia McEwan The Guernsey artist discusses the inspiration for her ‘yellow chair’ portraits of local women.

Alastair Campbell 05

88 Paul Talbot We meet the driving force behind Jersey Bus and Boat Tours.

CONTRIBUTORS Richard Digard Tamara Timothy

Writer Writer

Chris George Photographer Cambridge Jones Photographer Tom White Photographer Funds 44

Olympia McEwan 86

I N T E RVIE W

ALASTAIR CAMPBELL

He’s not a man who is known for holding back, so Alastair Campbell’s exclusive interview with Contact covered everything from Brexit to mental health. The former director of communications and strategy for Tony Blair, Alastair has been at the very heart of government alongside a wide-ranging media career. He shared his thoughts with Tamara Timothy.

Alastair Campbell’s list of achievements is a long one, and as an author, journalist, political aide and mental health campaigner, there is no shortage of subjects he has an opinion on. With a visit to Guernsey on the horizon, he’s been thinking about the Channel Islands and how they are perceived elsewhere. ‘Jersey in particular is still associated with Bergerac – that’s not necessarily a bad thing, and it certainly shows the

power of having a brand within popular culture. But what’s the brand that goes beyond that now? How do you project yourselves in a more modern way? I think that’s the key question that Channel Islanders need to be asking now.’

industry, great sailing, etc. But as far as their UK-wide domestic profile is concerned, I think that the growing debate is certainly about taxation and tax avoidance. That’s just something that is inevitable for anywhere that has its own tax jurisdiction.’

‘I think Guernsey and Jersey have to look at the big picture. If you mentioned the Channel Islands to most people, I think the general sense is of places that are very picturesque with great beaches, a tourist

The Channel Islands’ tax status is something that the British Labour Party, in particular, has been associated with condemning. Alastair was at the heart of New Labour, but times have changed for the party.

INTERV IEW

‘I think Labour has a strong position on tax avoidance. Gordon Brown was obviously very committed to taking action on what he considered tax avoidance loopholes and so forth. The party under Jeremy Corbyn would clearly go even further. Equality is the buzz word now and I understand that – as wealth grows so do the questions about whether it can be shared equally.’ But when those questions are directed at the Channel Islands, Alastair has some advice on how they can ensure the realities of island life impact on any debate. ‘The Channel Islands need to think about how they are projected to the rest of the world. If their tax status becomes all that they are known for, then that becomes a problem as they are then closely identified with something that is largely seen in a negative light. But actually, Channel Islanders face all the same problems that are seen elsewhere in the UK. The important issues are health and education and all the areas that affect peoples’ daily lives. It’s about highlighting the similarities rather than focusing on the differences. ‘Yes, the islands have special tax arrangements and are bound to get caught up in the tax avoidance debate. But you need to ensure that people elsewhere don’t get the idea that the islands are simply full of mega-rich tax avoiders.’

During his time at Downing Street, Alastair saw up close the constitutional relationship between all parts of the United Kingdom. He says that with the huge amount of constitutional change seen over recent years, the Channel Islands should ensure they are happy with their position.

‘The Channel Islands need to think about how they are projected to the rest of the world. If their tax status becomes all that they are known for, then that becomes a problem...’ ‘The relationship is pretty unique in terms of your constitutional position, and it seems to have ticked along fairly well, especially if you consider the amount of constitutional change we have seen elsewhere. If you look at the relationship between Scotland or Wales and the rest of the UK, or the new elected mayor positions, there has been so much change and churn on the constitutional front. The fact that Guernsey and Jersey have just carried on without any turmoil is probably a good thing. ‘Devolution is about people in a particular locality deciding that they want to make decisions based on the opportunities that are available to them. The people and politicians in Jersey and Guernsey need to feel that they are getting a fair deal, and are not being discriminated against because of where they sit geographically. I think that is something that should be thought about in the islands and debated in depth. ‘The islands have been ahead of the game in terms of their relationship and having their own systems and political systems and leaders. Obviously in having that, you

were ahead of other parts of the country. But now that devolution means that other areas are doing things in their own way, it should be the time that the Channel Islands, individually and collectively, review their constitutional relationship.’ When I speak to Alastair, he’s just returned to London from some time in France. When asked whether there is any merit in the Channel Islands looking south for closer links, he says it’s up to the islands’ governments if they want to work with their French counterparts. ‘But it’s in your name - the word ‘channel’ conjures up that sense of the French connection alongside British dependency, and there have to be opportunities there for tourism at least.’ As a clear Europhile, Alastair has been a vociferous critic of Brexit, and is still regularly speaking about why the United Kingdom should stay within the EU bloc. ‘I do understand why some people voted the way they did, but I think that it will end up being very damaging for some communities. Former industrial working class areas are feeling disconnected from globalised economies, especially if their area of the country is not doing so well. It’s easy for them to blame that on immigrants. But I do believe that the poorer people who voted for Brexit are going to be amongst those most damaged by it.’ As the New European’s editor at large, Alastair writes regularly on the topic. He’s very pessimistic about the UK’s prospects on leaving the European Union. He says he has seen every major economic analysis state that the United Kingdom will be financially worse off for leaving, especially if no trade deal is agreed. But he doesn’t feel the political leadership is there for a successful exit in any form. ‘I understand that it’s very difficult to reverse it now that we have the referendum result, but I feel that I have to fight for what I believe in. Both Government and the Opposition are treating this as though it’s a done deal, but I think

I N T E RVIE W

‘The way I see it is we all have physical health and mental health. It’s taken as given that we all see a doctor about our physical health, but our mental health is not given the same consideration.

that if MPs weren’t whipped on this issue, they would agree that Brexit is going to be bad for the country.’ Alastair is clearly determined to fight for something he feels strongly about when it comes to Brexit, and that is true of his charitable work as well. He is well known for his charity campaigning, and is an ambassador for mental health charity Mind and their ‘Time to Change’ campaign. He had a well-documented breakdown in the mid-1980s, and is open about his struggles with depression and alcoholism. ‘The way I see it is we all have physical health and mental health. It’s taken as given that we all see a doctor about our physical health, but our mental health is not given the same consideration. ‘The stigma and taboo around talking about mental health issues is improving slowly, and I think the media has helped with that by having lots of people coming out and speaking about it openly. The UK government has also said a lot of the right things, but not enough is being done. The services simply aren’t there to support people.’ While Alastair believes it is becoming easier to talk about mental health issues, he’s very aware that it can be difficult in the workplace. ‘The message I’d give to employers in that situation is not to see it completely as a negative. Some of the greatest figures in history – Abraham Lincoln, Winston Churchill, Charles Darwin,

Marie Curie – all had mental illnesses. I say to employers that if they have two comparable CVs but one has six months missing due to a breakdown or a drug problem or similar, they should take that person. They will have great resilience and their honesty should stand them in good stead in their employment. Those types of actions will make a big difference to how mental health issues are perceived.’ The ‘Time to Change’ campaign is one Alastair is very proud to be involved with. ‘I feel that we’re achieving something with it. The young royals are obviously involved and I believe they are doing it

because they are genuinely motivated to make a difference in this area. It’s an issue whose time is coming, we are seeing more coverage of mental health problems in soap operas and films and that all seeps through into the public consciousness.’ Alastair Campbell is the guest speaker at the Guernsey Chamber of Commerce’s sold-out gala dinner on Thursday 17 May at Beau Sejour which will be raising funds for local mental health charity Guernsey Mind. ■

Client screening solution for Ravenscroft Ravenscroft has become the first company in the world to introduce a new client screening solution developed in the Channel Islands. The RiskScreen system, which was developed by Channel Islands-based regtech business KYC Global Technologies, allows Ravenscroft to exceed current legislation on the monitoring of clients. Ravenscroft’s money laundering reporting officer, Guy Hardill said: ‘We now have 5,000 clients and billions of pounds of assets under management and this, together with the constant changing AML requirements, meant we needed a more efficient approach to monitoring. We wanted to identify a solution which

would meet our exacting technical requirements, now and into the future, and to find a company that shared the same customer service values as us.’ CEO of KYC Global Technologies, Stephen Platt said: ‘RiskScreen Onsite Batch is a cutting edge customer screening tool. It automatically compares the entire customer base of an institution against the world-leading Dow Jones sanctions, PEP and watchlist database. This enables firms to screen their entire customer base automatically, saving huge amounts of time over the manual alternative and increasing protection against money laundering, corruption and terrorism financing risk.

‘We already have an extensive order book for the tool, and are delighted to have been able to make Ravenscroft the first business anywhere in the world to benefit from this next generation screening technology.’ ■

Sixth success for Jersey The shortlist for the award included Guernsey, Singapore, Isle of Man and Cayman Islands. Business development director, William McGilivray accepted the award for Jersey at the awards ceremony in London.

Jersey has been named ‘International Finance Centre (IFC) of the Year’ at the annual Citywealth IFC awards for the sixth year in a row.

Geoff Cook, CEO of Jersey Finance, said: ‘It is very positive news to see that Jersey has been recognised as a leading IFC yet again. It is clear that by working with key stakeholders and experts in the finance industry, and

maintaining positive international relations, we have been able to adapt and evolve to fit the ever-changing private wealth landscape. We will continue to provide a world-class service as Jersey looks to the future, and I would like to thank the judging panel and our business partners for ensuring our work is recognised as such.’ At the awards, Guernsey-based Cazenove Capital was also awarded both the ‘Channel Islands Private Bank of the Year’ and the ‘Channel Islands Investment Manager of the Year’ and managing partner of Bedell Cristin, David Cadin, received the ‘Outstanding Individual of the Year’ award. ■

C H AN N E L I SL AN DS NE WS The ID Register, an online customer due diligence (CDD) platform has signed a strategic alliance with professional services provider, KPMG Channel Islands Limited. Tim Andrews, director of The ID Register signed the alliance with Jason Laity, senior partner and Tony Mancini, tax partner of KPMG.

KPMG allies with The ID Register

Tim Andrews said: ‘I am excited to build on our long standing working relationship with KPMG in the Channel Islands as we drive towards our goal of being the central utility for investors in private funds. KPMG in the Channel Islands bring assurance and

A new fund offering investment to innovators and entrepreneurial companies has been launched in Guernsey. The Guernsey Investment Fund will invest in projects and businesses which have a Bailiwick of Guernsey focus, or which may benefit directly or indirectly the development of the Bailiwick. The fund’s aim is to deliver long-term capital growth to its shareholders, and the States of Guernsey has committed to investing up to £25m.

States invest in Guernsey

An independent board has been appointed to have overall responsibility for the management of the Guernsey Investment Fund, each cell and its respective portfolio.

technical expertise to the alliance. Together we can provide a complete solution to the burden of fund subscription, FATCA/ CRS and KYC for all market participants.’ Jason Laity said: ‘At KPMG, alliances are central to our goal to become the clear choice for our clients. By combining forces with leading services and technology providers, we are able to deliver comprehensive solutions that help our clients address their toughest business challenges. We see the alliance with The ID Register as fitting that requirement for our clients faced with increasing regulatory requirements and the demands of automatic reporting for tax purposes.’ ■

Chairman Gilbert Chalk said: ‘The Guernsey Investment Fund is a significant source of new finance for technology and innovation which will provide Guernsey with a potentially wide and lucrative window on new leading technologies. The board is honoured to be given the opportunity to launch the fund which we believe will stimulate growth, generate employment opportunities and diversify the tax base. It’s fantastic to see that there is already a number of interesting projects which are looking for investment.’ The protected cell fund will be managed by Ravenscroft and will initially launch with a technology and innovation cell. Property and infrastructure cells are being considered for the future. ■

Jersey move for Collas Crill Collas Crill’s Jersey office has moved into Gaspé House. The move saw the international law firm move into the new office on the Esplanade, joining current tenants Deloitte on the first floor. Based next to the Grand Hotel, Gaspé House was purpose-built by developers Dandara and completed for occupation at the end of last year. The law firm moved its second largest global office into the new build that also houses RBC Wealth Management.

Nuno Santos-Costa, managing partner of Collas Crill in Jersey, said: ‘This is an exciting time for Collas Crill. With its open plan design and contemporary client area, the move to Gaspé House marks our ongoing commitment to our Jersey team as we continue to expand our global footprint. For us, the move represents our ambition and growth as a global offshore law firm; a reflection of our modern, forward-thinking brand and culture. The new space is a professional and welcoming

environment, reinforcing a collegiate working approach that will support our long-term ambitions for the firm.’ ■ 9

CHAN N EL ISL A ND S NE WS

Guernsey-based airline and tech developer Waves has been granted European Aviation Safety Agency (EASA) approval to operate commercial flights into the UK and Europe.

Waves approved for European take-off

Known as a Third Country Operator approval, or TCO, it means the airline has passed a rigorous auditing process by the Cologne-based agency to demonstrate its systems, manuals and key staff are fully compliant. It means Waves can now, if it chooses, operate charter flights into any country in the EU, including the UK. This gives the carrier the potential to add a longer-range aircraft type to its fleet.

Waves’ director of aviation, Matt Bisson, said: ‘EASA approval of our TCO status is an important milestone for the company. We have worked with 2 REG, Guernsey’s own aircraft registry and the provider of our Air Operator Certificate, to meet the very high standards demanded by the agency. Our approval is exactly the same as one needed by, for example, a large US carrier that wants to operate flights into Europe. ‘This is a fantastic achievement for Waves and it means our inter-island services can now be augmented by charters into northern France which is an important tourism and business destination for Channel Islanders.’ ■

TISE launches new service The International Stock Exchange (TISE) has launched a new service to assist local financial services firms with obtaining a Legal Entity Identifier (LEI). An LEI is a unique 20-character alphanumeric identification code designed for regulators to globally identify all legal entities that are engaging in financial transactions. The scope of entities required to have an LEI widened significantly from 3 January 2018. TISE is now able to act as an easily

accessible conduit through which local firms are able to obtain LEIs for their own entities or those of their clients from the London Stock Exchange (LSE). Fiona Le Poidevin, CEO of The International Stock Exchange Group, said: ‘We are delighted to be able to offer this new service to assist local financial services firms with obtaining LEIs for their own entities and also those of their clients. This service is open to both existing members of the exchange and also non-member firms with whom we

don’t have a pre-existing relationship. We believe that the offering of an administrative hub for obtaining, renewing and maintaining single or multiple LEIs with the LSE from within the Crown Dependencies could be attractive to local financial services firms.’ ■

Children compromising corporate security Security experts are warning businesses to change wifi passwords more regularly to prevent unauthorised users accessing their networks. Logicalis has concerns a group of youngsters could be compromising the security of Jersey businesses by sharing private wifi passwords with an online community.

Depending on how a network is configured, wifi access could give users the inside track to Local Access Networks (LANs), opening up the risk outsiders can see what LAN users are doing, giving unauthorised access and compromising security. Ricky Magalhaes, head of offshore security, said: ‘There is a group of young people in Jersey who take private passwords of businesses, organisations, and private homes, and share them

online. Young people have a greater incentive to do this because they don’t always have data or 4G and so wifi is their main way to access the internet. ‘While this is not only illegal – it puts the youngsters into a grey area where hacking could be the next step. There is a fine line between testing the limits, and going down the path of cyber-crime and it wouldn’t take a lot for some of these youngsters to cross that line.’ ■

C H AN N E L I SL AN DS NE WS

Positive outlook for property market Guernsey’s residential property prices bulletin has shown a growing housing market in the island. The figures from the final quarter of 2017 showed that the mix adjusted average price for property was up by 0.3% against the previous quarter and 2.5% higher than the final quarter of 2016. While sales had dropped slightly at the end of the year with a total of 186 local market transactions, there were 39 more purchases in comparison to quarter four of 2016. An overall increase in market activity

during 2017 increased the prices of homes with the mean average price ending at £424,524 from £432,341 at the start of 2017. Nigel Pascoe, director of lending, Skipton International, said: ‘These figures are hugely encouraging for the Guernsey property market and a clear indication that the market has turned the corner back into positive growth. We had a very busy 2017 as lenders and fully expect this to continue into this year. Our outlook remains that now is a fantastic time to be looking to buy in Guernsey.’

In the open market transactions have also increased by 5%, after previously subdued sales activity in this sector. ■

ICAEW accreditation for Intertrust

Intertrust in Jersey has been accredited by the Institute of Chartered Accountants in England and Wales (ICAEW).

The accreditation means that Intertrust is now an approved training employer and can offer its employees the choice between the Association of Chartered Certified Accountants (ACCA) and the Associate Chartered Accountant (ACA) qualifications when undertaking their studies. Intertrust received the accreditation after demonstrating to the ICAEW that it had a thorough training and skills development programme within the organisation and outlining how it would support trainee accountants.

HR director of Intertrust in Jersey, Lisa Bragg said: ‘It is great that we have achieved this accreditation and that we can now also offer ACA qualifications to existing and prospective employees. This will allow them to have more opportunities to study on the island and will expand the training courses we currently offer. At Intertrust, we pride ourselves in recruiting trainees across all service lines, and this accreditation demonstrates our commitment to achieve that.’ ■

States sign up to disability charter The States of Guernsey has signed up to the Employers’ Disability Charter. It is a list of nine commitments put together by the Guernsey Employment Trust (GET) to help improve or enhance employment opportunities for disabled people.

GET designed the charter to offer businesses something tangible to help improve their workplace practices, cultures and attitudes towards disabled people. Commitments include such areas as encouraging applications from disabled people by using the charter logo in advertisements and circulating vacancies to relevant organisations. A number of companies have signed up to charter alongside the States of Guernsey including Barclays, D W Lloyd Limited, Earlswood Garden Centre, Elizabeth

College, Guernsey Electricity, Guernsey Employment Trust, Guernsey Housing Association and Island Coachways. Chief executive of GET, Nicola Ioannou-Droushiotis, said: ‘The spirit of the Employers’ Disability Charter is about taking a proactive approach and taking small steps to improve workplace practices. Signing up is voluntary, and free. GET are available to offer advice and can assist employers with planning the steps that they will need to take.’ ■

CHAN N EL ISL A ND S NE WS

Jersey Airport has seen a positive start to the year, with air passenger numbers up on the same periods in recent years, while sea passenger numbers are down.

Passengers choosing air travel in Jersey

Almost 2,000 more passengers travelled through Jersey Airport in January 2018 than during the same period in 2017. The total recorded for January 2018 was 86,956 air passengers compared with 85,063 in 2017 and 83,091 in 2016. The start of the year has reported increases in the London market on 2017 as well as rises in passenger numbers for Scotland,

the Midlands and the South. However, interisland air passenger numbers for January were down 11% compared with 2017. Sea passenger numbers for the month of January were down by just over 2,600 passengers compared with the same period in 2017. A total of 8,860 sea passengers travelled through the ports in January compared with 11,489 in 2017 and 11,602 in 2016. The number of arrival ship movements was also down slightly from 143 in January 2017 to 134 in January 2018. ■

Telecoms agreement with Andorra

JT has signed an agreement with the national telecoms company of Andorra to work together in areas such as the Internet of Things (IoT) and information security.

The co-operation programme will also promote the professional development of employees. Staff will be seconded from JT to Andorra Telecom and vice versa to share knowledge and experience, identify how the companies can work closer together, and promote multicultural and dynamic working environments.

above its weight on the international stage. We’ve both invested in full-fibre broadband networks and are developing innovative IoT services to help devices connect with each other automatically. This partnership makes perfect sense because we’re moving in the same direction but still have a lot to learn from each other.’

The agreement was signed in Andorra by JT chief executive officer Graeme Millar and his counterpart at Andorra Telecom, Jordi Nadal.

Jordi said: ‘Although, geographically, Andorra and the Channel Islands are very different, as telecoms operators, we face similar challenges and this new agreement will be insightful and rewarding for both partners.’ ■

Graeme said: ‘Like JT, Andorra is a government-owned company that punches

Help on hand for complex KIDs A Guernsey-based actuarial technology company has been working with international asset managers to provide calculations required for Key Information Documents (KIDs) prepared in compliance with the EU’s new Packaged Retail and Insurance-based Investment Products (PRIIPs) regulations. Asset managers now need to adhere to new technical standards for the KID. The content must include summary risk indicators, projected returns and disclosure of costs for investment products. The underlying calculations which 12

feature in the document must be in line with the regulations and current practice guidelines, and accurately reflect the PRIIPs’ investment qualities. According to a local actuarial technology company, Dorey Financial Modelling, creating the numbers can be extremely complex. Managing director, Martyn Dorey said: ‘Product categorisation, the range of financial outcomes and costs can be complicated, and factors such as currency fluctuations, private equity, and fund wind-up dates come into play as well. All of this needs to be adequately explored with the product manufacturer and

their legal teams, so we pay close attention and listen to the product manufacturers’ forward-looking views. Our long experience of specialised investment actuarial work means we have been well placed to deliver basic as well as very demanding KIDs.’ ■

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GUERNSEY CHAMBER NEWS

Route To A Vibrant Heart of Town Valuable insight into the importance to the whole David Elliott community of ensuring that Town is a vibrant, welcoming and strongly supported part of island life will be given at the March Chamber lunch. Speaker David Elliott is chair of the Jersey Retail Association and has spearheaded an initiative to promote the interests of the sector and make clear its value to the island as a whole. He will explain how a joined-up approach is helping to ensure that St Helier is a lively, welcoming space in which islanders and visitors can enjoy shopping and dining.

The Jersey Retail Association was set up with a grant of £100,000 from the Economic Development, Tourism, Sport and Culture Department. The money is being used to fund the appointment of a chief executive and meet the start up costs and ongoing marketing. David, who is a director of Voisins, worked for several years to help the broad sector, initially through the Retail Development Group. The Jersey Retail Association is affiliated to the British Retail Consortium in the UK. Retailers will receive help with training, promotions such as late-night shopping events and an ability to act as a consortium to lobby for improvements to infrastructure and regulations that affect their businesses.

on giving them practical support. We are looking forward to bringing together all our retailing talent to share best practice and address common interest. The support from Economic Development Minister Lyndon Farnham will enable us to build and develop the industry, ensuring that we continue to provide a vibrant offering to islanders and play our part in supporting tourism.’ David is looking forward to his Guernsey visit and getting to know people in the retail and hospitality sector. The lunch is on Monday 19 March at the Old Government House Hotel from 12-2pm, kindly sponsored by Sure. Please book on Eventbrite. Non-members also welcome. ■

He said: ‘Until now, retailers have not had an industry body focusing specifically

APRIL CHAMBER LUNCH Keep the date free for our April Chamber lunch. It will take place on Monday 16 April at the Old Government House Hotel with a speaker from our lunch sponsor, Sure. Further information will be released closer to the date along with booking details.

Old Government House Hotel

Save The Date – Insurance Seminar Guernsey Chamber will be hosting a seminar on 7 June from 12-2pm with a visiting speaker from Lloyds of London. Receive expert advice at the seminar, sponsored by Cherry Godfrey. It is free to Chamber members, but please book on Eventbrite. Place: Old Government House Hotel Date: Thursday 7 June Time: 12 - 2pm Price: Free to members Reservations: Book on Eventbrite

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ART AND EDUCATION Chamber Council member David Ummels is a pivotal part of the ‘Art for Guernsey’ initiative. The project will see a group of local art collectors lend artworks of museum quality to local schools and colleges. This will enable establishments to undertake cross-curriculum projects focused on the pieces of art. The artists are of the calibre of Andy Warhol, Magritte, Durer, Malievich and young contemporary artists such as Eugen Gorean and Olympia McEwan. Some 18 different schools, including primary, secondary, special schools, the College of Further Education as well as the private colleges are participating in the project. The art will remain with each school for a term before they swap over in the spring and summer terms respectively.

Having the opportunity to be exposed to both Olivia Kemp’s intricate, accomplished artwork and partake in a class of hers was really enriching as a student in Guernsey, not only experientially, but also through my value as an art student looking to study elsewhere and further my own artistic prospects

In addition to this, David Ummels, the founder of ‘Art for Guernsey’ brought Olivia Kemp, an internationally renowned artist, to Guernsey. Following on from a visit to the island in the spring of 2017, Olivia created artworks inspired by Guernsey which were exhibited in Market Square from 28 September – 6 October 2017. Over 650 children from 15 different schools visited the exhibition during trips where they were able to watch an interview of Olivia as well as get inspiration from her work. Students from the Grammar School and Sixth Form Centre were impressed with the level of detail within her work and to see this within the scale of her large

pieces really made a strong impression. During the Autumn term, St Mary & St Michael Catholic Primary School had the opportunity to undertake a whole school topic. This coincided perfectly with the launch of the new Guernsey curriculum. Through the work of Malevich, who was the featured artist in school, they were able to give the children a joyous and purposeful context for their art learning, which also linked to many other areas of the curriculum. Areas of learning included geometry, creative writing, performing arts, music, healthy diet, geography and foreign languages. As well as the exhibition visits, Olivia,

Year 13 A Level art student at the Grammar School and Sixth Form Centre alongside colleague Nikki Gardham, held seven life drawing workshops in five schools with students ranging from years five to 13 as well as staff taking part. These workshops involved drawing from a model using charcoal, pencil and ink. The Grammar School and Sixth Form Centre hosted two workshops, one of which took place in the gym to enable as many students as possible to have the opportunity of working with Olivia and Nikki. The pupils have found the workshops to be challenging but rewarding as they were pushed out of their comfort zones but learnt a lot from the experience. ■

Going to the Olivia Kemp exhibition at the gallery was a very different experience from seeing her work online. During the research process you don’t fully grasp the scale of the work. I thought it was an amazing exhibition. We also took part in a workshop which was held by both Olivia Kemp and her mentor from the Royal Drawing School in London. The workshop was challenging but rewarding because I found it hard to draw the model in a short amount of time but I learnt a lot from the experience. Year 10 GCSE student at the Grammar School and Sixth Form Centre 15

GUERN SEY CH A M B E R NE WS

GUERNSEY HITS THE BIG SCREEN The Arts Foundation Guernsey is pleased to announce the Guernsey premiere screening event of The Guernsey Literary and Potato Peel Pie Society film which will take place in April. The event will be held prior to the general release of the film on Friday 20 April. The event, which is being organised by the Arts Foundation Guernsey and supported by the Guernsey Arts Commission, will act as a fundraiser for the Arts Foundation Guernsey. The Arts Foundation Guernsey is a Guernsey charity set up to support, promote and broaden art and cultural activities in Guernsey and to make the arts an integral part of the island experience.

The premiere will connect the island’s history, underlining the pride local people can take in their heritage and how it inspired the story featured in the bestselling novel and now on the big screen. It also aims to enable emerging talent across the spectrum of the arts including performing and visual arts, literature, new media, film and design. Melissa Mourton, chair of Arts Foundation Guernsey, said: ‘This is a fantastic opportunity to bring the glamour of a red carpet Hollywood-style premiere event of the film while raising funds to support the arts in Guernsey.’

The premiere will connect the island’s history, underlining the pride local people can take in their heritage and how it inspired the story featured in the bestselling novel and now on the big screen. The event will be ‘set’ with movie themed posters, historical photos, and Occupation facts on information boards. Guests will arrive via the red carpet to a festive atmosphere with backdrops of scenes from the movie and photos from the Occupation providing opportunities for photographs. To add some Hollywood style glitz and glamour, there will be a black tie catered reception, which will set the mood prior to the screening. Tickets for the black tie event and film screening will be available to the public and special packages can be arranged for corporations for parties of 20 or more. More details about the premiere event will be announced when they have been finalised. Liz Froneberger, daughter of Mary Ann Shaffer, the original author of the novel, The Guernsey Literary and Potato Peel Pie Society, has agreed to travel to Guernsey to attend the events on behalf of her late mother. The events and screening are made possible by grant funding from the States of Guernsey and sponsorship by Specsavers. Dame Mary Perkins, cofounder of Specsavers, said: ‘Specsavers is proud to be sponsoring The Guernsey Literary and Potato Peel Pie Society film

I have hugely enjoyed the book with an extra sense of pride that it was based in my home island. I can’t wait to see how it translates to the big screen premiere events here in the island. We are very keen to support events that promote art and culture in Guernsey and, as with so many people, I have hugely enjoyed the book with an extra sense of pride that it was based in my home island. I can’t wait to see how it translates to the big screen.’ Tickets enquiries can be made by emailing artsfoundationgsy@gmail.com.

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FILM LINKS FOR LITERARY FESTIVAL The Guernsey Literary Festival is marking the release of The Guernsey Literary and Potato Peel Pie Society film with a series of special events in the island featuring the writer, producer and screenwriter behind the film. Based on the best-selling novel of the same name, the film stars Lily James as Juliet, Penelope Wilton as Amelia, Michiel Huisman as Dawsey and Matthew Goode as Sidney. As the film is released in cinemas nationwide in April, the Guernsey Literary Festival is staging a series of special events to coincide with the long-awaited film.

Watching the filming of Guernsey Literary and Potato Peel Pie Society was like seeing my aunt Mary Ann Shaffer’s imagination— and mine—come to life The Guernsey Literary Festival events, to be held on 22 and 23 April, will feature the writer Annie Barrows, film producer Paula Mazur and screenwriter Thomas Bezucha.

Paula Mazur

They will include a discussion on the transformation from the printed page to the big screen, a discussion on historical fiction with Annie Barrows, a discussion on the art of scriptwriting, and educational events in schools. The book, which was written by Mary Ann Shaffer and her niece Annie Barrows, was published in the USA by The Dial Press in 2008. A New York Times bestseller, The Guernsey Literary and Potato Peel Pie Society has been published in 37 countries and 32 languages. Annie’s first solo novel for adults, The Truth According to Us, was published in 2015. Annie Barrows

Annie says: ‘Watching the filming of Guernsey Literary and Potato Peel Pie Society was like seeing my aunt Mary Ann Shaffer’s imagination—and mine—come to life. I expect that viewers in Guernsey will have the same uncanny sense of the past taking solid form when they see the film, and I’m thrilled that I will be able to join Guernsey people for the experience.’ Paula Mazur is an award-winning producer, known for Nim’s Island (2008), Corrina, Corrina (1994) and The Man Who Invented Christmas (2017). Scriptwriter Thomas Bezucha is the American writer and director of the

award-winning films Big Eden, The Family Stone (starring Diane Keaton and Sarah Jessica Parker), and Monte Carlo (starring Selena Gomez). The events in Guernsey will be sponsored by PraxisIFM, who will be supporting the Literary Festival for the first time. Visit www.guernseyliteraryfestival.com for more information on the events and how to book tickets. ■

Thomas Bezucha

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A GOLDEN YEAR FOR AURIGNY PR manager at Aurigny, Paul Ainsworth, explains how the airline plans to mark an important anniversary this year.

Paul Ainsworth

2018 is a very special and exciting year for Aurigny for many reasons, not least because the airline is celebrating its 50th anniversary.

The first of March is the actual day that Aurigny marks the maiden flight between Alderney and Guernsey, all the way back in 1968, but the airline has a whole year of celebrations planned to mark the major milestone. From its humble beginnings, the airline has grown its passenger numbers and route network considerably over these past five decades and by the end of last year the airline had surpassed 15.5 million passengers. The airline also enters its anniversary year on the back of major accolades and industry recognition. Not only was Aurigny ranked best short-haul airline by Which? Magazine – its highest ever placing - it was also named third best short haul airline in the 2017 Telegraph Travel Awards. Not resting on its laurels, a main focus for Aurigny heading into 2018 is its continued efforts to

develop and improve the level of service it offers customers. A real example of this has been the recent launch of Aurigny’s own team of staff at Gatwick. This now means customers can deal directly with Aurigny throughout their journey, from start to finish, and staff are on hand to directly deal with any questions or issues they have. In its opening months, it has already made an incredibly positive difference and received considerable customer praise and support. Importantly, it is an initiative that shows how Aurigny is dedicated to enhancing the customer experience, at all stages of the booking and journey. The airline also continues to look to develop existing and new technology to improve communication and provide the best and very latest information to customers. Looking ahead to its anniversary plans, Aurigny is organising a number of events, activities and competitions throughout 2018, and is inviting charities and organisations to suggest volunteering opportunities for airline staff. Special events include a charity ‘aircraft pull’ during the summer, a commemorative recreation of the first flight, and the Statesowned airline also plans to be involved in all the major events in the Bailiwick calendar including the North Show and Battle of Flowers, the West Show, the Harbour Carnival, and Alderney Week. We really want the whole of the community to help celebrate this special year in

style. It is a really exciting time for us at Aurigny and we hope everyone will get involved in the celebrations. As a community airline, we are incredibly proud of what Aurigny has achieved over the last 50 years, but none of it would have been possible without the dedication and hard work of so many staff, past and present, and the incredible support of the travelling public. For that we owe a huge thanks to everyone. While Aurigny may be reaching the big ‘five-0’, it is fair to say there are no signs of the airline slowing down and there are many other exciting plans coming up for 2018 and for the many years ahead. ■

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BLUE SKIES AHEAD

Rob Veron, chief executive officer at Blue Islands, discusses their approach to inter-island travel. 2017 was another record year for Blue Islands – carrying some 370,000 customers to and from the Channel Islands – a near six-fold increase on our 2006 figure. Key to this evolution has been continued commercial approaches to investment in infrastructure, route development and fleet capacity growth. The inter-island route encapsulates the Blue Islands’ drive, desire and capability to serve our Channel Islands’ communities in the best way possible. Blue Islands knows how important this route is, which is why our business model and approach has consistently evolved to meet – and exceed – market demands. In 2004, Blue Islands used eight-seat Britten-Norman Islanders and 14-seat Trislanders on the route, with a high frequency schedule, but could not entirely satisfy the passenger demand at the peak travel times. Blue Islands’ fleet evolved to using larger, faster 19-seat Jetstream and 31-seat Dornier 328, allowing us to satisfy a larger portion of the market, yet still not completely meeting demand at peak times. The next development saw us dedicate a 46seat ATR 42 to the inter-island route, enabling what is arguably the biggest evolution in inter-island air travel in history, because for the first time a single operator had deployed an aircraft with sufficient capacity to satisfy peak market demand. Known as ‘Blue Shuttle’, up to 12 flights a day were operated. But this substantial evolution had a cost. With

100% capacity surplus, competition became so fierce that fares dropped to £25 each way, resulting in Blue Islands and Aurigny attributing a £1 million loss a year each to the route. Clearly this was not sustainable and in a move to preserve competition, the Channel Islands Competition and Regulatory Authority approved setting up a block-space codeshare, meaning the Blue Islands ATR aircraft would operate flights, but seats would be sold in competition by both airlines. This removed the significant capacity oversupply, mitigated heavy losses and moved fares towards sustainability. The codeshare ended following the initial two-year agreement, and Aurigny did not re-enter the market – leaving Blue Islands and Flybe to compete. At this point, I should dispel a myth surrounding the franchise agreement. Blue Islands and Flybe remain separate companies, the franchise agreement is simply a sales and marketing piece. Blue Islands operates its own aircraft, on schedules of our choosing, at prices we set and pays airport charges separately negotiated. Both airlines compete for a greater share of this key Channel Islands’ market. Last year we made two route adjustments. First, we deployed our largest aircraft, the 68-seat ATR 72 on peak days, at peak times, boosting the capacity a further 48% at those times. This enabled more people than ever before to travel at their preferred time. Schedule changes were also made following a request for customer

feedback. While Blue Islands’ capacity has surged over the years, the central principle of ultra-high frequency services has not changed – with up to 10 Blue Islands and a further four Flybe flights a day still available. Inter-island remains, next to London Gatwick, the most frequently serviced route to and from the Channel Islands. Blue Islands’ inter-island timings and frequency are targeted to ensure services on this vital route remain commercially sustainable. We don’t doubt the market will continue to evolve. Technology plays an ever-increasing part in our business lives and travel costs remain one of the most scrutinised within any business. Blue Islands remains dedicated to continuing to provide a robust, good value and above all, sustainable service to our loyal customer base for years to come. One of the most significant costs of operating this route are the charges paid to Guernsey and Jersey airports – expected to be some £1.65 million this year - £80,000 more than 2017. Despite this, fares range between £39.99 and £64.99 one way, with free itinerary and name changes along with 23kg luggage included. We are hopeful both the islands’ States will soon take the more holistic view of their ports being key parts of infrastructure, rather than revenue earning profit and loss driven businesses, enabling, rather than curtailing economic growth through greater passenger numbers. ■

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Balance needed between economic and lifeline routes

Guernsey Chamber of Commerce’s transport sub-committee says it can see encouraging signs for the island’s travel links. They’ve recently met with States Trading Supervisory Board member Stuart Falla and reviewed Economic Development’s economic development green paper.

Ensuring government strikes the right balance between transport links as economic enablers and maintaining lifeline routes will remain the key task of the transport subcommittee throughout 2018.

others, so it was always going to be a balance to get the right destinations at the right cost. ‘It is an absolute tightrope to act as an economic enabler but not burden the taxpayer,’ he said of Aurigny’s role in maintaining lifeline links.

Chairman Barry Cash made this clear following a meeting attended by Stuart Falla, a member of the States Trading Supervisory Board which, among other responsibilities, acts as the States’ shareholder of its trading assets and also manages the harbours and Guernsey and Alderney airports.

Stuart also drew attention to the current situation where STSB, Economic Development, Policy and Resources and Environment and Infrastructure all had various responsibilities affecting transport and the challenges that implied for effective policymaking.

The meeting, which coincided with the release by the Committee for Economic Development of its ‘green paper’ on Guernsey Economic Vision: Investment, Growth and High Value Employment, triggered a high-level discussion on strategic transport policy. The debate with members of the subcommittee also covered operational aspects of the current sea and air links which the Bailiwick has with Jersey and elsewhere and the areas of criticism that frequently surface in public and industry forums. Stuart acknowledged many of the points and highlighted the difference in populations between the two main islands – more than 100,000 in Jersey and around 63,000 in Guernsey – and asked whether that made the Bailiwick sub-optimal from a market perspective. If so, commercial interests would be able to supply some routes but not 20

However, a comprehensive review of the approach to providing sea and air infrastructure had been launched by the States and a working party involving those four bodies will carry it out. Speaking after the meeting with Stuart, Barry welcomed the formation of the working party, saying it would enable a more coordinated and focused approach to transport issues. ‘Previously, it was difficult to find solutions to some of the problems because they fell between the various committees,’ he said. ‘We anticipate that will no longer happen.’ The transport sub-committee has a wide mandate and will concentrate on helping government and other interested parties get the balance right between acting as an economic enabler and maintaining lifeline routes for the benefit of the community. ‘If an air route costs £1m a year to operate but adds £5m to Guernsey’s net income, why would you not support it?’ Barry asked.

The economic viability and success of the Bailiwick depends on proper communications, both physical – via sea and air links – and digital/ electronic. The digital links were quite good, while not cheap, but physical connectivity was satisfactory in some areas only, and was again not cheap. ‘Looking at the cost of travel from Guernsey or Jersey, it is clear that Guernsey fares are somewhat high, so we have to look at how that might be modified to charge enough yet attract sufficient passengers to ensure the viability of the route,’ said Barry. Broadly, however, the transport subcommittee welcomed the vision green paper from Economic Development and looked forward to helping it develop. That particularly included the return of an affordable, reliable and timely inter-island sea link with appropriate levels of customer service. Other topics in the transport vision include commercialising Guernsey airport and investment into its infrastructure, including low visibility landing systems, and the extension of the runway, which the sub-committee supports. The sub-committee is also looking at the development of electric vehicles, driverless shuttle buses and a number of alternative transport options. ■

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Business connectivity is key

Justin Bellinger, Sure’s chief digital officer, discusses how, in an increasingly digital world, futureproofing the islands’ connectivity is vital.

The business landscape is constantly changing so ongoing investment in telecoms and digital infrastructure is essential to allow businesses to innovate and thrive. Futureproofing the islands’ connectivity is a key focus for us to enable businesses to benefit from technological advancements.

network is officially the fastest in the Channel Islands, with download speeds more than twice as fast as the other operators, according to independent research conducted by industry specialist Regulaid. These investments will have a huge benefit for local businesses as they make the shift to mobile connectivity.

Businesses are benefitting Businesses are well served when it comes to on-island connectivity thanks to Sure’s ongoing multimillion-pound investment in a fibre telecoms network which is connected to several global providers and links to one of the most reliable and extensive IP networks in the world.

Making global connections When it comes to international connectivity it would be easy to think that the islands are isolated, but Guernsey is actually connected to 153 countries via more than 70 global cable systems and geostationary satellites. This global connectivity is vital for the islands’ businesses as they need fast, secure and resilient access to systems and data along with the ability to connect to anywhere in the world.

Smaller businesses can also benefit from fast local connectivity with an up-to 100Mb/s broadband service via our unlimited fibre combination VDSL broadband network. To date we have installed more than 400km of fibre into the network so even more customers and small businesses can access our superfast and ultrafast broadband services. Our investment in the network to offer a faster and more resilient service is continuing this year, including bringing superfast broadband to Alderney. However, a fixed internet connection is no longer a necessity for all businesses as companies are increasingly using the mobile network to connect. Thanks to social media and the cloud, almost every digital interaction has the potential to be mobile. We’ve made a significant investment in our 4G and 4G+ mobile networks and we’re proud that the

Sure’s multimillion-pound, state-of-the-art telecommunications networks connect Guernsey, through the UK and France, to the rest of the world via three separate cable systems offering huge capacity and diversity for local businesses. The range of cable routes provides network resilience for business continuity and security purposes and our ongoing investment in the networks means we can expand the solutions available to local businesses as they grow, providing great flexibility and scalability. We also have the largest and most qualified network team in Guernsey to design and manage telecommunications networks of any size. Our local experience, coupled with the ability to connect to anywhere in the world, means that we can build and manage global networks

for corporates from Guernsey to South Africa and Singapore to the Caribbean that are secure, resilient and reliable. Beyond connectivity Offering businesses a range of specialist products and services continues to drive our investments. We are bringing more content from providers such as YouTube onshore so it is more accessible and we have the ability to connect businesses directly to Amazon and Microsoft Cloud Platforms. Beyond connectivity, Sure provides a number of dedicated IT solutions including managed services, data centres, cloud, professional services and security. There is no ‘one-size-fitsall’ solution so we work to find the right products and services for companies, focusing on their requirements so they can focus on running their businesses. Sure is dedicated to supporting the islands’ business communities to help them innovate, connect and compete on a local and global level. Consistent and considered investment in our networks and infrastructure is required so all companies can benefit from the latest digital technology. These investments also benefit the islands’ communities as we expand the broadband network to increase the speeds available in homes and continue to develop the islands’ fastest mobile network, ensuring all of our customers can be ready for a digital future. ■

G U E R NSE Y N E W M E M B E R S

BUSINESS AVIATION SERVICES GUERNSEY LIMITED

Business Aviation Services Guernsey Limited (BASG) is part of the HNA group of companies that includes: Hongkong Jet, Deer Jet and Asia Jet. BASG is a wholly owned subsidiary of Hongkong Jet and Deer Jet and provides Aircraft Operating Certificate (AOC) and 2-REG registry services. BAS Guernsey is a business aviation service company that was created in Europe and obtained its AOC from the Bailiwick of Guernsey DCA under 2-REG. Based in St Peter Port, BAS Guernsey provides business jet owners with bespoke aircraft

CIB is a leading provider of general insurance broking services to both individuals and companies.

CHANNEL INSURANCE BROKERS LIMITED

JB MANAGEMENT ASSOCIATES LIMITED

We are committed to providing insurance solutions and client services by employing outstanding individuals with a wealth of knowledge, qualifications and experience in the local and international markets. CIB prides itself in understanding that we work for “you” the client and our culture will always represent this. Our clients value our integrity and trust us to take care of

JB Management Associates Limited provides a range of management services for small businesses and other organisations. The services offered include management development, leadership coaching, mentoring, consultancy and administration support. This includes professional advice within the fields of emergency preparedness, business continuity, organisational development and serious incident investigation.

management services, designed both to meet clients’ individual requirements and provide the opportunity to offset aircraft ownership costs by chartering the managed aircraft to third parties. Leveraging a portfolio of service providers within the HNA Group, BASG provides clients with professional, efficient and economical services. Contact: John Pym Email: john.pym@basg.gg Tel: 07839 737787 Website: www.basg.gg

their insurance requirements and provide them with any support they might need. CIB is part of the PIB Insurance Group (UK top 100 broker) and is based in Guernsey with plans to further expand into Jersey. CIB is licensed by the GFSC. Contact: Cathy Lillington Email: cathy.lillington@cib-insurance.co.gg Tel: 01481 732101 Website: www.cib-insurance.co.gg

Our clients need a varied assortment of advisory and management services to assist them in the challenges and opportunities they face in the ever-changing business environment. JB Management Associates provides a package of these services led by a chartered manager and experienced former chief executive. Contact: Jon Beausire Email: jon@jbma.gg Tel: 07839 777177 Website: www.jbma.gg

G UERN SEY N E W M EMBE RS

The Guernsey MS Society aims to support any Bailiwick resident who is living with MS.

THE GUERNSEY MS SOCIETY

This support extends to the person’s immediate family and carers. Support can take several forms and may include information, advice and education about wellness strategies; emotional support and friendship; practical advice; transport to appointments, clubs etc; assistance with financial planning; and finally, crisis intervention.

Evans Architecture is a CIAT (Chartered Institute of Architectural Technologists) registered practice, allowing any project to be realised with consideration to the design and technology from start to finish.

EVANS ARCHITECTURE

R&D DE JERSEY LIMITED

Silvie, the founder of Evans Architecture, graduated from the University of Brighton in 2009 with a First Class Honours Degree in Architectural Technology. Since returning to Guernsey, Silvie has gained valuable experience in the construction industry, ranging

Established in 2011 by Guernsey-born and educated brothers Ryan and Darren De Jersey, R&D De Jersey Limited are skilled carpenters and decorators who also specialise in loft conversions, extensions, decking and roofing services. They can take on any size of project and the brothers, together with their team of skilled craftsmen, work closely with customers to realise their plans and to complete their projects on

Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions.

AON INSURANCE MANAGERS (GUERNSEY) LIMITED

These activities are supported by funds raised by the society. When circumstances permit, we contribute to supporting the UK Society in funding their research programmes. Contact: Gill Ford Email: secretary@guernseyms.com Tel: 07781 412131 Website: guernseyms.com

from new build domestic projects to extensions and house refurbishments for private clients. Silvie has an approachable and friendly personality, whilst providing an efficient and professional service, which helps make you feel at ease throughout the entire process. Contact: Silvie Luscombe Email: silvie@evansarchitecture.gg Tel: 07781 402915 Website: www.evansarchitecture.gg

time and within budget constraints. The team has over 50 years’ experience in the trade and their attention to detail is second to none. Contact: Darren De Jersey Email: admin@rddejersey.com Tel: 01481 259138 Website: www.rddejersey.com

Contact: Mark Elliott Email: mark.elliott8@aon.co.gg Tel: 01481 707909 Website: www.aon.com/guernsey

Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

JERSEY CHAMBER NEWS

Executive Council Profile Adam Budworth Honorary Treasurer

I am relatively new to Chamber, having joined the executive council as honorary treasurer in May 2017 following conversations with Chamber’s president, Eliot Lincoln, regarding the importance of Chamber to the local business community. Although I am still finding my feet, I am delighted to be on board and look forward to the challenges ahead. Originally from the Midlands in the UK, I moved to Jersey 20 years ago and now consider myself part of the local community.

may explain a few things!), Following graduation, my career started with a small local practice in Southampton before qualifying with the Jersey office of Deloitte. A call out of the blue led me to join a mid-sized firm with a focus on local business, and at the age of 28, I became a partner. I remained with the firm for 13 years. Four years ago, I joined Grant Thornton as head of their local business advisory team and two years later was appointed managing director for the Channel Islands, leading a team of over 110 people across Jersey and Guernsey. I have now spent more than 20 years working with local businesses in Jersey and believe I have a good understanding of the issues they face and the solutions to address them.

Chamber provides the platform and voice for all local businesses to voice their opinion, share their ideas and help shape the future for our children I am fortunate that I followed my childhood vocation and am now in a role I have always dreamed of holding. From an early age, I wanted to be an accountant - not for me the dreams of becoming a professional footballer or astronaut, being an accountant was the goal! University took me to Dundee and Oklahoma in the United States (which

I get enormous satisfaction from seeing Jersey businesses grow and I strongly believe that the local business community should be the lifeblood and future of the island’s economy. Chamber provides the platform and voice for all local businesses to voice their opinion, share their ideas and help shape the future for our children. I have been impressed with how well Chamber lobbies on behalf of local businesses and how important the lobbying and industry

I am delighted to be part of this dedicated group of people supporting and promoting the local business community for the benefit of commerce and the island as a whole. insights from the various subcommittees are in shaping Jersey’s future. Grant Thornton, locally and globally, have a focus on the growth for our clients, our people and the community. My experience gained locally and globally through my experiences with other Grant Thornton member firms allows me to put something back through my involvement with Chamber. Many organisations would not survive if it were not for the tireless work undertaken by volunteers supporting the overall purpose. Chamber is no different, and we have more than 100 volunteers giving their time and experience to the various committees. I am delighted to be part of this dedicated group of people supporting and promoting the local business community for the benefit of commerce and the island as a whole. I am certainly looking forward to the year ahead, given it is Chamber’s 250th anniversary (the oldest Chamber in the English-speaking world) and I hope the whole business community will support the events we will be putting on during our anniversary year. ■

J E RSE Y C H AM B ER NE WS

Voice of an island – setting Jersey apart from other international finance centres

will share the vital work being undertaken around reputation.

Speaker: Amy Bryant, deputy chief executive, Jersey Finance

This will include how Jersey Finance is working with other key stakeholders to bring clarity to the role that international finance centres like Jersey play, and how Jersey is leading the way in an increasingly uncertain world.

Date:

Wednesday 14 March

Venue: Radisson Blu Timings: 12:15-14:30

MARCH Lunch

Overview Jersey’s financial future is important to us all, and ensuring Jersey’s positive reputation, both locally and globally, helps secure this.

Event sponsor:

Appleby

Wine Sponsor:

Dunell’s Premier Wines

Coffee Sponsor: Cooper & Co

Our March guest speaker Amy Bryant, deputy chief executive of Jersey Finance,

Members’ choice election special Speaker: To be selected by members’ poll Date:

Wednesday 18 April

Venue: The Royal Yacht Timings: 12:15-14:30

APRIL lunch

DATES FOR 2018 CHAMBER LUNCHES

Overview Ahead of Jersey’s General Election on 16 May, our April Chamber lunch will have a political focus and a twist on our usual format and speaker selection process. Chamber is committed to supporting our members to be informed about and engaged with the local political scene. Equally, we want to ensure that the candidates elected to represent members in future government are commercially aware and well versed on the business issues of the day and how these issues are affecting our membership.

15 May 13 June 11 July 12 September

Pomme D’Or

As part of this commitment, our April Chamber lunch will be an election special. On the release of the full list of electoral candidates on Friday 13 April, Chamber members will be anonymously polled and asked to select the four candidates they most wish to hear from at this Chamber lunch ahead of election day. The four candidates who receive the most votes will be invited to take part in a ‘Question Time’ style lunch event. Questions will be invited in advance and there will also be the opportunity to put questions to the speakers directly as part of the event. Lunch will be served as usual and start and end times will remain the same. Event sponsor:

HSBC

Wine Sponsor:

Dunell’s Premier Wines

Coffee Sponsor: Cooper & Co

10 October

Radisson Blu

L’Horizon

14 November

Pomme D’Or

Radisson Blu

12 December

The Royal Yacht

J ERSEY C HAM B E R NE WS

In November 2017, Chamber lobbied the States against introducing a 20% retail tax, as part of the 2018 Jersey Budget. Chamber’s lobbying was not to entirely reject the tax, as many of our retail members were happy to support a 10% rate; however, the major concern stemmed from an absolute lack of consultation on this matter. Below is an abridged version of the open letter we sent to the States Treasurer regarding Chamber’s very grave concerns in terms of the reference made to a ‘consultation’ during the budget debate and the potential impact this may have had on the vote and ultimate decision to implement the new 20% tax. Letter: We write to you as the Chief Officer of Treasury and Resources as the Jersey Chamber of Commerce is deeply concerned following the decision to implement the Retail Tax at a 20% level taken by the States in November 2017. Following that decision, much discussion has ensued within Chamber with our members, primarily around the information used in the making of that decision and the nature of the consultation undertaken as described by the Treasury Minister during the States debate on the matter. Our concerns prompted Chamber to submit a Freedom of Information (FOI) request regarding the information used during this debate. You will recall that Chamber lobbied States Members about the unintended

consequences the 20% rate would generate and importantly, the lack of consultation that was carried out with the retail sector. Unfortunately, those concerns seem to have been ignored. As was the sector’s acknowledgement that the tax was appropriate but at a rate of 10%, in line with the finance sector. During the debate, the following consultation statements were made by the Treasury Minister, these are direct quotes taken from Hansard. 30th November 17 1.2.20Senator A.J.H. Maclean: ………………… Of course there has been a lot of consultation and I am going to talk about it now because the Deputy is looking confused and is frowning. First and foremost, the process started over a year ago….. 2.3.7Senator A.J.H. Maclean:

…….We have undertaken the research. We have undertaken the consultation with businesses within the retail sector………..

Of the twenty companies referenced by the Treasury Minister in the budget debate, the Jersey Chamber of Commerce and the Retail Association have had direct communication with nine. Our discussions have made it clear that none of these companies were contacted twelve months prior to the budget debate to participate in any form of consultation. The first communication they received regarding the Retail Tax was an email on the 15th September (referenced in the FOI), just ten weeks ahead of the budget debate. The email on the 15th September invited those twenty businesses to a presentation on the 20th or 21st September. Retail Members of Chamber and our President

J E RSE Y C H AM B ER NE WS The implementation of a tax at the agreed level will affect all of our large retailers, their decisions on training, expansion, recruitment and whether to be trading in Jersey at all.

on this important change to our tax regime when presented with the information made available to them and the unfounded impression that a consultation had taken place with the retail sector when in fact it had not.

attended these briefing presentations, where they were told of the intended implementation of the Retail Tax, its rate and sliding scale. They were told the information was embargoed, as States Members had not yet been briefed and that this information was to be the content that would be in the 2018 Jersey Budget Proposal.

Our retail sector has yet to see the decimation that many of the UK high streets have seen in the last decade, but it is clear that factors that influence decisions to be part of the retail sector are marginal and it takes very small changes to have a significant and lasting effect on the high street and beyond. The implementation of a tax at the agreed level will affect all of our large retailers, their decisions on training, expansion, recruitment and whether to be trading in Jersey at all.

We are unsure how our States Members could have made the correct decision

Chamber agrees that everyone on our island should pay their way, but this

must be taken into account in the round, including income received through employee taxation and the GST that is recovered on the island’s behalf. We feel, as previously communicated, that a corporate tax rate of 10% would be far more appropriate and is in the best interests of the island to help protect the retail sector and GST receipts. In light of this information, if our States Members feel that they have made a decision without the full facts, we would ask that the States look to reconsider this decision. Yours Sincerely, Executive Council Jersey Chamber of Commerce ■

Charity of the year 2018: the Jersey Employment Trust The Jersey Employment Trust (JET) is a free professional recruitment service in Jersey whose primary role is to assist people with a disability to prepare for, find and maintain employment in Jersey. The charity currently provides support for more than 500 clients and in 2017 the charity supported more than 200 clients to find and retain paid work. JET’s primary purposes are to promote diversity in the workplace, job match the right client to the right job, offer in-work support, and offer advice and training to employers looking to employ someone with disabilities. Having a disability and/or long-term health condition doesn’t mean you cannot work. Our clients want to work but sometimes they need a little extra support and a chance to prove their worth. We are delighted to be nominated as Jersey Chamber’s charity of choice for 2018. There are a variety of ways that Chamber members can support JET

and we hope to engage with many of you over the coming year. Firstly, our free recruitment service is available to all businesses here in Jersey, and we offer the reassurance that we only match suitable candidates to each role. Your business might also support us by providing work experience opportunities for our clients or setting up mock interviews to help them prepare for the recruitment experience. Another key part of JET is our retail element - Acorn Enterprises - which creates a revenue stream for the charity and, more importantly, offers our clients an opportunity to learn valuable workplace skills before entering full-time employment. Everyone can support Acorn by donating old, unwanted items to our Acorn Reuse Centre (located at La Collette) and by

visiting Acorn Enterprises (La Rue Asplet, Trinity) to buy something from the shop, flower nursery or café. You can also help by helping us to raise awareness through social media channels when you visit us. If you or your business would like to learn more about JET and how you might get involved or support our charity, please contact a.berry@jet.co.je or visit our website www.jet.co.je. We look forward to meeting as many members as possible at Chamber events throughout the year. ■

J E R SE Y N E W M E M B E R S B&Q has been proudly serving customers since 1969, when two men walked on the moon, and two men called Richard Block and David Quayle opened their first store in Southampton.

B&Q

LGT VESTRA (JERSEY) LIMITED

B&Q Jersey opened its doors at our current site in 1998. The way customers shop, use their homes and live their lives continues to evolve, and we continue to bring customers brilliant solutions that are innovative and sustainable, including paint that can be colour-matched to any item and peat-free

LGT Vestra (Jersey) Limited is a subsidiary of LGT Vestra LLP, a partnership set up by experienced industry professionals in partnership with the private banking group, LGT, to provide wealth management service to private clients, financial intermediaries and their clients. Why choose LGT Vestra (Jersey) Limited? • Unbiased approach – access to a wide range of investment solutions for clients • Service offering – a personal and professional full-service offering

QI FINANCE

Qi Finance, the Channel Islands’ local loan specialist, is part of the Qi Group which also includes Quidsin.com, winner of the 2016 Best Business Award at the Jersey Customer Service Awards. Our qualified team can offer expert, friendly advice for business and personal financial needs. We aim to assist local residents and businesses by offering loans for cash flow, refurbishments, expansions, capital

bedding plants. The way we run our business is evolving too, as we draw on the strength of our bigger corporate family and source more products through Kingfisher. What’s stayed the same as we approach our 50th birthday is our colleagues’ dedication to providing great prices and great advice to customers who want to live better by creating smarter homes. Tel: 01534 763 510 Email: Jersey.DutyManager@b-and-q.co.uk Website: www.diy.com

• Investment process – high conviction and dynamic portfolio construction • Transparency – transparent charging and accountability LGT Vestra (Jersey) Limited is regulated by the Jersey Financial Services Commission. Our reference number is IB0263. Contact: Paul Soares Tel: 01534 786424 / 07829 998886 Email: paul.soares@lgtvestra.com Website: www.lgtvestra.com

improvements and more. Our latest product, innovative business cash advance, offers an ideal solution for shops, services, restaurants, salons and cafes. As a local lender, we can offer same-day turnaround with high approvals and low-interest rates. Contact: Andy Morton or Leah Black Tel: 01534 634001 Email: Finance@qifinance.com Website: www.qifinance.com

J E RSE Y N E W M EMBE RS

BLUE LLAMA

VERSUS FINANCE

Blue Llama harnesses the power of the internet so it works in your favour, taking the time to learn about your business, your customers, your ideas and objectives. We identify where we can add maximum value to make your online presence work harder, relay the right message, delight customers and drive growth.

Since 2012 we’ve created over 100 websites of all shapes and sizes. We’ve built lasting relationships with household names like JT and Avis but also love working with small businesses and solo entrepreneurs who understand the value of an effective web presence. Tel: 01534 527005 Email: thrive@bluellama.co.uk Website: bluellama.co.uk

Versus Finance is a newly established company specialising in flexible personal commercial asset and marine finance solutions. Versus is led by managing director Marco Fernandes, who has extensive experience working in the lending industry, having worked as a director for Homebuyer Loans and

business manager for Close Finance amongst others. Having seen a gap in the market for a more personal and direct relationship (you will know us by name) with clients and dealers, the company was established. Tel: 01534 769669 Email: support@versusfinance.com Website: www.versusfinance.com

The Jersey Chamber of Commerce is the largest business membership forum in Jersey, representing businesses of all sizes.

Become a Chamber Of Commerce Member Member benefits: - Access to the most effective business networking community in the island, with regular networking events attended by more than 4,000 senior business people annually - Discounted Chamber Event tickets - ‘New Member’ promotion in Contact Magazine - Weekly communications, with links to the latest government reports & consultations that affect business - Dedicated Member email address listen@jerseychamber.com, to raise individual business concerns - Business listing on the Chamber website - Reduced rates on business services including obtaining Certificates of Origin & Letters of Credit - Member to Member discount offers - Reduced rate meeting room hire

For more information on membership please contact the Chamber Executive Team. 01534 724 536 | admin@jerseychamber.com

www.jerseychamber.com

FR E M ED ED O IA M

G RE BD EN O LI G HT

Select.je, linking talent with opportunity

PETER CHARALAMBOUS

JO WARING-HOCKLEY

MARTYN WHITE

BDO Greenlight has appointed Peter Charalambous as a senior consultant.

Jo Waring-Hockley has joined telecommunications provider JT as its human resources director.

Martyn White has been appointed account director at Freedom Media.

M ST O EP OR HE E NS

‘Businesses in the Channel Islands are in the process of making significant changes across all areas as they prepare for the implementation of EU GDPR and other major regulatory initiatives. This is a hands-on role, created as BDO Greenlight moves into new services, and I expect to be very busy.’

Stuart Stables, commercial director, said: ‘This is a significant appointment for Freedom Media. Martyn brings a wealth of strategic marketing, brand management, PR and business development experience, particularly in professional services, and his expertise is a great fit with our team of creative, video and media experts.’

Chief executive officer Graeme Millar said: ‘With a strong track record of developing HR strategies to deliver commercial solutions to support business imperatives, growth and change, Jo will be a huge asset to the whole JT family.’

O G IE R

Peter said:

A senior marketing professional with 20 years’ experience, Martyn will be responsible for advising clients on their strategic marketing and communications plans, managing key accounts and helping to grow the business further.

Jo was previously human resources director at Jersey Electricity. She will now oversee JT’s resourcing strategy, work alongside the executive team on strategic planning, help to enhance customer experience, and serve as a link between management and employees.

S C T PR HA AND IV RT A AT E RD E RE BA D NK

Peter has had an extensive career driving automation, regulatory compliance, people management, functional leadership and profit and growth for global banks across Europe, Asia and North America.

GUARIN CLAYTON

PHILIP HARVEY

LUCY CHAMBERS

Moore Stephens has appointed Guarin Clayton as client services director.

Philip Harvey has joined Standard Chartered Private Bank as executive director of its wealth intermediaries team.

Lucy Chambers has rejoined Ogier’s banking and finance team as a senior associate.

Guarin has over 25 years’ experience in the private banking sector and independent trust company operations in Jersey. His previous roles have involved wealth planning, risk management, remediation and relationship development.

Philip will be responsible for developing and strengthening relationships with professional intermediaries, both on and off island. He was previously team head of financial intermediaries for Jersey at Deutsche Bank International.

Lucy was previously at Ogier for over 10 years but has spent the past three years as technical manager at The International Stock Exchange, supporting the listing and membership committee and updating and maintaining the listing rules. Katrina Edge, who leads Ogier’s European banking and finance team, said:

Managing director Angus Taylor said:

Philip said:

‘Having such experience and knowledge in the field is a real asset to our clients, business and colleagues. Guarin’s fresh perspective and new ideas will add real value to our growing business.’

‘Standard Chartered’s commitment to the Channel Islands and footprint in the emerging markets makes it an exciting company to be a part of. I’m looking forward to engaging with the professional intermediary sector.’

‘We are delighted to welcome Lucy back to the firm. Lucy has extensive experience in both structured finance and TISE listings which will further strengthen our market leading team in these areas.’

Select.je, 2nd Floor, York Chambers, York Street, St Helier, JE2 3RQ

hello@select.je

01534 88 88 66

www.select.je

Let’s get social!

The Hand Picked Group has a new management team across its two Jersey hotels. Shaun McGachan and Thusitha Sumanasekera have been appointed as hotel managers at L’Horizon Beach Hotel & Spa and Grand Jersey Hotel & Spa respectively while Simon Miller will be general manager for both. Simon said: ‘I firmly believe the new structure presents a great opportunity for the two hotels to work more closely and effectively together.’

C AS O SE NS T UL RI TA SK NT S

Photo left-right: Shaun McGachan, Simon Miller & Thusitha Sumanasekera

KP M G

H J AS OS ER SO PI SE C TAL Y IA IT TI Y O N SIMON SOAR

JAMES LE BAILLY

The Jersey Hospitality Association has appointed Simon Soar as its new manager.

KPMG has announced the appointment of James Le Bailly as audit director.

Simon has over 16 years’ experience managing bars and restaurants in the Channel Islands and working in brand management. He also runs bar events and training company BarTechnics.

James is rejoining the Channel Islands’ team after two years working on secondment in San Francisco and the Bay Area. His international experience has allowed him to develop his real estate expertise and provide valuable insight into venture capital financing and technology.

Simon said: ‘Hospitality and tourism play a huge role in island life – as employers, as venues, and as part of the economy. A strong hospitality industry is vital to island life and I look forward to doing my part to help it develop sustainably over the years to come.’

James said: ‘San Francisco was a real eye-opener for me. Not only the technology that I experienced first-hand, but the mindset to disruption and innovation; challenging how we do things. I have returned to the Channel Islands excited about the future of our finance industry.’

HS BC

SHAUN MCGACHAN, SIMON MILLER & THUSITHA SUMANASEKERA

FA G IRW RO A UP Y

P HA HO ICK ND TE ED LS

...without the hard sell!

JOE DONOHOE

ALISON CREED

ANTHONY HINGLEY

Joe Donohoe has taken up a position on the board of ARC’S Jersey subsidiary.

Fairway Group has appointed Alison Creed as its new pensions director.

Anthony Hingley has joined HSBC as head of private wealth solutions.

The chartered accountant previously spent three years with ARC while completing a law degree with the University of London and has now rejoined the investment consulting firm. He has 30 years’ experience in the world of international private wealth.

Alison has over 19 years’ experience within the international pension and employee benefits arena, with expertise spanning the personal and corporate pension markets.

Anthony will be responsible for implementing an ambitious strategy to grow HSBC’s private wealth business in Jersey. He has significant experience in the global private wealth sector, and was most recently based in Hong Kong.

Joe said: ‘The business is ambitious in its expansion plans while still showing strong commitment to Jersey. I’m looking forward to reconnecting with colleagues and clients and adding my experience to ARC’s development.’

Director Peter Culnane said: ‘Her background in international employee benefits, pension trusteeships and administration are the ideal foundations to her new position, which will see her taking responsibility for both the continued growth in the local pensions market as well as Fairway Group’s international pension and savings growth ambitions.’

Anthony said: ‘HSBC has real global strength in delivering private wealth solutions in Jersey, and we have world-class expertise that are an ideal fit for internationaly mobile private clients. We therefore see real potential to grow our business here, and I’m looking forward to leading on that strategy.’

YOU N G BUSINE SS G ROU P

Awarding

INNOVATION

Entries for YBG’s 2018 Bill Green Award for Entrepreneurial Spirit opened on Thursday 8 February and close at 5pm on Friday 30 March 2018. The award recognises businesses that have demonstrated a desire to succeed and the ambition, vision and drive to turn ideas into a successful business. Presented each year to a company that has impressed the judges with its drive and innovative spirit, the award is in honour of celebrated local entrepreneur and politician Bill Green.

president, he was aware that following the Occupation, the old traditional methods of trading were changing and traders would need to adapt and change with the times. He also tried to encourage better relations with other Chambers and felt that Guernsey was a little too isolated. He believed that unity was the key to being able to assert greater power. YBG welcomes nominations for Guernsey businesses, whether they are start-ups or long established. The award offers entrants the chance to raise their company’s public profile, analyse their business, benchmark their success against others and differentiate from competitors. Previous winners include B-Creative, Livingroom, ibz.tv, Pet Technology Store and Donkeylogic. The judging criteria includes: • A robust business model;

Bill Green was a well-known local businessperson who was passionate about Guernsey and always sought to encourage the business sector. He believed that luck was only the ability to recognise opportunities – an ability that he considered played an important factor in whether you are successful or not in any sphere of life. Bill recognised the requirements of the islanders and the developing social trends of his time. During the Occupation, the bicycle was the primary form of transport for islanders as the Germans had requisitioned motor vehicles. As bicycles became very precious possessions, Bill developed a successful bicycle business. Noting that there were no locks to secure bicycles, he also made a side income from charging people to store their bicycles at his shop in Smith Street while they went about their business. A subscriber member of the Chamber of Commerce since 1954, he was president of the Chamber in 1963. As

The call is out to Guernsey’s most enterprising businesses and to the public to help identify and showcase what the island’s businesses achieved in 2017/2018.

• Evidence of a well-researched business plan; • Vision, leadership and personality in the organisation; • Evidence of how the business has managed any risks or challenges that have arisen; • Evidence of business development; and • A clear outline for future sustainability. The Guernsey Registry will award a free trademark to all three short-listed entrants and the winner and runner up will receive the use of the YBG Bill Green Award logos on stationery and marketing materials for the year following the award presentation. The winner will also receive a cash prize of £250 and a free membership for YBG for a year. The announcement of the short-listed entrants will go out in April and an informal

interview with the members of the judging panel will take place in May. The three finalists will receive a pair of tickets each for the YBG Summer Ball taking place on 30 June 2018 at the Duke of Richmond Hotel. The Summer Ball is a glittering evening of fine dining and first-rate entertainment. After the presentation of short videos of the finalists, the announcement of the winner and runner-up takes place. The evening includes a champagne reception, insights from an interesting speaker and, after the award presentation, music from a local band. A portion of the proceeds from the sales of wine goes to the YBG nominated charity. Non-members are welcome and tickets go on sale shortly for individuals or tables of 10. Anyone interested in nominating a candidate should contact Déne Reardon at vicepresident@ybg.gg or, to nominate online, visit www.ybg.gg/projects/billgreen-award for more details. ■

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FEATUR E

VIEWPOINT as seen by Richard Digard

A CLEAR FOCUS FOR CHAMBER With both islands facing downside economic risks identified by ratings agency Standard & Poor’s and political dithering from their own States, the Channel Islands’ Chambers have a clear role to play in 2018 and beyond. Richard Digard explains why he believes they need to keep government focused on the economy. Writing here last issue, the presidents of the Guernsey and Jersey Chambers coincidentally picked an identical theme in their respective addresses to members: the future.

This will be particularly important in 2018 as both islands face up to challenges and difficulties that are probably unprecedented in peacetime – but which also involve concerns over the effectiveness of government itself.

In each case, Martyn Dorey for Guernsey and Eliot Lincoln for Jersey highlighted the uncertainty of what lies ahead, with Martyn saying that vision and enterprise would be essential if the island was to maintain its global position as a great place to live and work.

It’s tempting to say that the islands are in different places. Economically, however, they are not. The latest Standard & Poor’s rating makes that clear: ‘The outlook revision reflects our view that the risks for the ratings on Jersey [and Guernsey] are increasingly tilted to the downside.’

Both islands face immense structural challenges in the shape of Brexit, the framework of government, an ageing population, external pressures on their finance sectors, falling productivity and fiscal deficits The same holds true for Jersey, of course, and both presidents spoke of the strengths of Chamber in pooling expertise and lobbying and campaigning for change and improvement in island life.

And as chartered accountant and commentator Richard Hemans put it in his ‘end of term’ report on the islands’ fiscal performances: ‘Both islands face immense structural challenges in the shape of Brexit, the framework of

government, an ageing population, external pressures on their finance sectors, falling productivity and fiscal deficits. ‘These challenges must be met through cultural change in the States and the wider population, fiscal stimulus, investment in skills, entrepreneurialism and infrastructure, wider labour force participation, the review of trading and political relationships with other jurisdictions, further and deeper reform of the system of government, tax reform and the broader embrace of technology. It will be difficult but achievable.’ Well, possibly. But those of us who have been watching the CI Assemblies for a long time truly wonder whether they will be able to pull it off. This is why. The impact of the 2008 slump on Jersey was much more severe than here because St Peter Port’s financial services sector was more diverse. So – as we’re frequently told – Guernsey had a good recession.

F EAT URE This hard-baked the belief in the States of Guernsey that deputies didn’t need to do anything in the aftermath of the great recession and, unfortunately, that attitude still persists among large numbers of them – and in certain sections of the public sector too. Jersey, by contrast, had to respond to disturbing levels of unemployment and started investing in its economy and infrastructure. It also, successfully, persuaded everyone that the island was fixed after the crash.

virtually rule by decree, the adversarial system there means that pretty much whatever ministers do is seen as wrong and deputies line up to tear it down. Neither set up is helpful when both islands are struggling to find a way ahead in the fog of Brexit and other challenges. That is why organisations like Chamber have such a crucial role to play in the months ahead because islanders, unfortunately, cannot rely on their politicians to steer them through these difficult times.

The reality is that many States members are opposed to external input, which is why committees do not as a matter of course invite non-States members onto the two seats that most departments have available for the purpose – a shocking waste of opportunity. We now know that’s not so. Or, even if things had improved, the uncertainty of Brexit has, says S&P, plunged both economies back into flat or declining territory. If that’s the case, then robust policy responses will be required by both Assemblies. And where they are in different places is in the political cycle. Not Jersey’s forthcoming general election, although that’s not helpful, but in their ability to command and control policy and its implementation. Guernsey, of course, can’t. Its consensus committee system is basically falling apart, something which led to chief minister Gavin St Pier telling Guernsey Chamber in January that ‘the political system right now feels febrile and toxic’. He also made the point that criticism of his ‘lack of leadership’, and that of that of Policy and Resources, the closest Guernsey has to Jersey’s Council of Ministers, was actually more that States members didn’t like where he and P&R were trying to lead. While Jersey’s chief minister doesn’t have such problems, because ministers can

It’s an unfortunate truth that Guernsey’s Assembly is borderline hostile to business and commerce, fixated on macro green issues of little relevance in island terms and hideously factionalised over the future of education, just as Jersey has deep fault lines of its own. For these reasons, Chamber, and the other business groups, have a vital role to play in trying to keep attention focused on the economy because States members won’t do it for them. That lobby needs to be two-fold: helping to inform islanders of the difficulty of doing business locally, as distinct from the version they get from government, and outlining compelling policies that, if implemented, should make the islands even better places to live and work. I don’t underestimate the difficulties. Guernsey Chamber’s Martyn Dorey called for closer ties between the public and private sector but the new head of the Economic Development Committee responded that creating a joint board or forum would be a step too far.

January address that ‘we need a manifesto for growth and public-private partnership’, as he went on to criticise work to date done by Economic Development on its Economic Vision document (now shelved by the new president and committee). ‘But in the long-term, the absence of a clear vision is damaging,’ said Deputy St Pier. ‘How can we make decisions on air and sea links, on ferries and runways, when there is not a clear vision of the type of economy that we, collectively, want to build? The emphasis was on collectively but, again, the reality is that many States members are opposed to external input, which is why committees do not as a matter of course invite non-States members onto the two seats that most departments have available for the purpose – a shocking waste of opportunity.

Vision and enterprise will be required in the months ahead... That’s particularly the case now we are in a situation where both islands require the best input from wherever it can be found. The Guernsey Chamber president is clearly correct when he said that vision and enterprise will be required in the months ahead, yet self-evidently government cannot have the monopoly on either, particularly in the commercial arena. So the challenge for business in 2018 is not just making its voice heard but also persuading politicians that those comments need to be acted upon for the future viability of these islands. To paraphrase Mr Hemans: it will be difficult, but it has to be achievable because so much depends on that. ■

That’s after Gavin St Pier told Chamber in his

IT RE SO LU TI O N

C IN OR TR TE P U RN OR ST AT AT IO IO NA N L

AP PL EB Y

GUER N SEY P EOPL E

LISA UPHAM

KEN BRADLEY

COLE OSBORNE

Offshore law firm Appleby has appointed Lisa Upham as a senior professional support lawyer.

Ken Bradley has been appointed non-executive director of Trust Corporation International.

Cole Osborne has joined Resolution IT as senior systems consultant.

Lisa is a Guernsey advocate with over 17 years of offshore experience. She has previously advised on a wide range of commercial and corporate matters with an emphasis on corporate reorganisations, business acquisitions, financing and banking transactions.

A senior finance industry professional, Ken has held a number of senior positions in large international banks. His primary role will be to provide independent and objective advice and challenge to the board and directors in setting and implementing the firm’s growth strategy.

Cole is a Microsoft certified systems administrator. His role at the IT managed services provider will be to provide a high level of proactive IT support for new and existing clients. Olly Duquemin, joint managing director, said: ‘Cole’s varied experience and detailed technical knowledge will further strengthen the friendly and efficient service we offer to our clients. We’re excited to welcome him to the team, who remain committed to providing the highest levels of proactive IT support possible.’

C O LL AS C RI LL

PR AX IS IF M

‘We are delighted to welcome Lisa to the team. Her appointment reflects our ambitious growth plans in Guernsey and further strengthens our ability to offer a seamless service to our clients.’

‘I am very much looking forward to working with Trust Corporation International’s board. I am joining an exceptional business which has justifiably carved out a reputation for excellence and for the high calibre of its team at all levels.’

IN TE R RN BS AT IO NA L

Guernsey group partner, Wendy Benjamin, said:

Ken said:

KEVIN SCOTT

JEAN-PAUL PETERS

NIGEL VOOGHT

PraxisIFM has appointed Kevin Scott to its newly created chief operating officer role as part of its plan to grow its international business.

Jean-Paul Peters has taken on the role of head of fund administration sector at RBS International.

Collas Crill has appointed Nigel Vooght as the new chairman of the Collas Crill Group.

Kevin has more than 20 years’ experience at senior level with well-known asset management groups. Most recently he was head of EMEA and UK at Jupiter Asset Management.

Jean-Paul has worked for the bank for 18 years and is also head of funds banking in Guernsey.

Group CEO, Dr Simon Thornton, said: ‘We’re delighted someone with Kevin’s experience is joining us. His experience in building and managing a very successful international business will be invaluable to us and I’m looking forward to working with him.’

Peter Brown, head of funds banking, said: ‘As part of our focus and commitment to the funds banking market, we have put in place an experienced and talented team of leaders, highly skilled in delivering banking solutions to our customers and with the capacity to effectively lead our teams as we expand in this sector.’

Nigel’s primary role will be to oversee the growth and governance of the firm’s seven offices. As PwC’s global financial leader for the past eight years, he supported the company in doubling the size of its practice. Group managing partner, Jason Romer, said: ‘Nigel is a fantastic addition to Collas Crill and we anticipate benefitting hugely from his extensive experience in building client relationships, sharing knowledge across networks and focusing our resources where it will really make a difference.’

LI Q UI D

G LO BA L NW H

BA BB É

LL P

G UE RN SEY P EOP LE

KATHERINE HITCHINS

HELEN BOUGOURD & ADAM PICKERING

CAROLYN VAN VLIET

Katherine Hitchins has been named the new head of corporate at law firm Babbé LLP.

Two members of the senior management team have been appointed to the Guernsey board of NWH Global.

Carolyn Van Vliet has joined integrated communications consultancy Liquid as a PR consultant.

Helen Bougourd is head of client services at the trust and corporate services firm, while Adam Pickering is compliance manager. Adam joined NWH in 2015 while Helen was appointed to her current role in 2016.

Carolyn started her PR career in London and has worked with a range of big name travel and leisure companies, including Etihad Airways, Visit Wales and One&Only Hotels.

R M BC AN W AG E EM ALT EN H T

‘I am honoured and excited to be assuming the role of head of corporate at Babbé. Our corporate team has gone from strength to strength and I aim to continue that trend so we become an ever more prominent presence in the market.’

Global chief executive officer, Charlotte Denton said: ‘During their relatively short time at NWH Helen and Adam have both demonstrated their significant experience and they will be invaluable additions to the Guernsey board.’

PETRINA LE VALLOIS

SHAUN BROUGHTON

RBC Wealth Management, part of Royal Bank of Canada (RBC) has appointed Petrina Le Vallois as director.

Shaun Broughton has been appointed as new car specialist at Doyle Motors Limited.

Petrina joined the Guernsey-based fiduciary services business from the Guernsey Financial Services Commission. She brings 35 years of experience to the role and has previously worked in private banking, family office and regulatory positions. David Foster, head of fiduciary services, said: ‘Her detailed understanding of the industry and long track record of providing exceptional client service will complement our experienced team in the Channel Islands.’

Shaun brings with him a wealth of experience in both retail and customer service, most recently as general manager at 7Day Self Store.

Lisa Downes, Channel Islands PR director said: ‘We have experienced a significant amount of growth in the past year and it is great to further strengthen the Channel Islands PR team to ensure we continue to deliver the exceptionally high standards of service our clients expect and deserve.’

C 5A LL IA NC E

Katherine said:

M DOY O L TO E RS

Katherine is a partner in the firm’s corporate team and takes over from fellow partner Stuart Tyler. Before joining Babbé she gained more than 13 years’ experience as in-house legal counsel for leading investment banks in both Europe and Asia.

SIMON TIDD, JON LE NOURY & PHIL SOLWAY Three senior members of staff at C5 Alliance have been promoted. Simon Tidd is now head of professional services, Jon Le Noury has taken up the head of project delivery role and Phil Solway has risen from consultant to senior consultant.

Dealer principle Jeremy Rees said:

Managing director Marc Laine said:

‘Shaun brings significant experience in the retail and customer service arena, and we look forward to him expanding our already significant presence in the local motor industry.’

‘C5 Alliance is a centre of excellence for technology solutions and that is entirely down to the high calibre of people we employ. Simon, Jon and Phil will add an enormous amount of value to the business.’ Photo left to right: Jon Le Noury, Marc Laine, Simon Tidd and Phil Solway

B REXIT

The Channel Islands and Brexit

Patrick Millar, head of products and solutions, ABN AMRO (Channel Islands) Limited, considers the possibilities for Brexit’s impact on the islands.

Whilst the Channel Islands may not have been able to vote on the matter, Brexit is inevitably going to affect us. Although the real Brexit hasn’t happened yet, its implications are still becoming apparent to us more than 18 months after the referendum. It is futile to try and calculate the pros and cons of Brexit for the Channel Islands as it depends on too many variables. Brexit is a textbook example of the risk of an economic segregation between old partners. The textbook says that integration, or more to the point, the international division of labour, is welfare enhancing for all countries, although there will be losers within countries. This is essentially David Ricardo’s trade theory of comparative advantages. In as far as Brexit aims to reset the trade deals with the EU, it will reduce the comparative advantages for the UK (and the EU), and could have damaging economic effects for both parties. The possibility of a lose-lose state should focus the mind to achieve a better result than the outright secession. But there are two additional key points to be made about it.

The first point is not just economic, but also political. Brexit leaders and supporters are making the case for greater political gain and regaining control over various policy areas. There are undoubtedly arguments where it makes sense to accept economic damage for both political and national gains. In addition, the second point is that UK policy makers will have a variety of possibilities to limit the economic damage. In my opinion, the most apparent policy will be to negotiate as good a trade deal as they can with the EU. Guernsey has traditionally had a favourable arrangement with the EU, though it is unlikely that the UK will be able to negotiate such terms. Brexit gives the UK the opportunity to negotiate trade deals with third countries on more favourable terms than the EU. There are no guarantees that this will be the case however, as international negotiations will entail their own set of economic and political ambitions. A further mitigation would be to allow the currency to weaken, should the economic damage threaten to be significant. We have already seen this happen to a large degree, when sterling devalued by 12% immediately following the referendum vote. The UK equity markets have been quite resilient with the FTSE up over 21% since the referendum. A final key benefit would be the pursuit of other economic policies that are more business friendly than EU policies. This will attract business and in a variety of instances can be easy to achieve. In other words, this method would be using Brexit in the manner in which it was intended, to adopt those policies

most favourable to UK businesses. So, what are the implications of Brexit for the Channel Islands? The answer will heavily depend on the exact shape of the negotiated settlement between the UK and the EU. The concern is that the EU will use Brexit as an opportunity to tear up the special arrangement that we have enjoyed and maintained. However, this agreement is simply a collection of separately negotiated policies and co-operation agreements which are all subject to change or revision, based on the fluctuation of economic and political goals of the EU. We then have the matter of the relationship between the Channel Islands and the UK. This relationship is quite favourable but, like the EU example, is also constantly subject to renegotiation as a result of changing priorities within the UK. Brexit has simply focused our attention on the ever-present possibility of change. The Channel Islands must maintain close dialogue with the UK and EU to ensure the best possible outcome. The future requires a more pragmatic approach than a simple stay/leave ideology. Fortunately, discussions between the UK and the EU have moved beyond the emotional stage and both sides now seem genuinely engaged in negotiations in order to reach a mutually beneficial solution. The Channel Islands are likewise strongly committed to ensuring they have input and dialogue during the process. All parties share a mutual interest in achieving a win-win solution. ■

Officially the Islands’

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t® Awa eedtes

For the second year running JT has won the Speedtest® Awards by Ookla,® the world’s No.1 internet test. JT has the FASTEST mobile network in Jersey and Guernsey.

Switch your business to the Islands’ FASTEST network today. T 882345 E business.solutions@jtglobal.com W www.jtglobal.com/business4G Based on Ookla’s analysis of Speedtest Intelligence data for Q2–Q3 2017. Ookla trademarks used under license and reprinted with permission.

An eye for detail Orchestrating positive outcomes Structure, monitor and control your investment portfolio for our clients for over 30 years

IAM Advisory provides an innovative, independent and comprehensive service suitable for anyone with direct or fiduciary responsibility for investments. With offices in Guernsey, Jersey and London, we provide advice on all aspects of the management of a substantial investment portfolio. years of experience supportedanbyindependent a full research For 30Over years40IAM Advisory has beenis providing capability covering managers, funds and investment and comprehensive service, providing advice on all aspects strategy. Risk control is achieved through creating dynamic structures that of the management of substantial investment portfolios. demand active and effective management from discretionary managers and funds. We take an innovative approach to the structure, management Clientsofrange from high net worth through family offices, trusts and control investment portfolios, aiming to maximise and pension plans to sovereign wealth funds. investment returns with an objectively set and controlled level of risk Our thatobjective is matchedis to the needs investment and objectives of each to maximise returns, netclient. of all costs, at an objectively set, and subsequently controlled, level of risk that Our unique experience and proprietary systems create dynamic is directly appropriate to the client. investment structures that deliver risk control through active and effective management.

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trustees and pension plans and sovereign wealth funds.

Licensed by the Guernsey Financial Services Commission and the Jersey Financial Services Commission. Authorised and regulated by the Financial Conduct Authority.

I N VE STM E N T M AN AG E ME N T

Will 2018 be the year the ‘Active Manager’ Fights Back? Rachel de Gruchy, managing director, IAM Advisory Jersey, considers whether more active fund managers could prove their worth this year.

The ongoing battle between active and passive styles of fund management, and the seemingly inexorable rise of passive’s share of investors’ wallets, continues to provoke much comment and debate. News such as the US index giant Vanguard owning nearly 7% of the Standard & Poors 500 index (a broad measure of the US stock market), and stakes of more than 10% in over 80 stocks in that index, certainly create attention grabbing headlines. 2018 is the Chinese Year of the Dog – will it be the year in which the active fund manager emerges from the doghouse and regains favour? Recent estimates suggest that some 37% of US equities are owned by passives, will this trend continue or might actives start to turn the tide in their favour?

detailed research performed by active managers can give them a distinct edge. Both passive and active can have a place in an investment portfolio, with their selection - and the balance between the two - being carefully managed by a professional investment adviser. Even passive investors must decide when to sell and where to reinvest, and there is some evidence as to their lack of success in making these key decisions. As the number and complexity of passive funds grow, investors can easily end up with nearly as many decisions to make as their active counterparts. With valuations in bond and equity markets currently at historic highs, and interest rates looking to rise, the flexibility of the active manager should enable the investor to benefit from management of the downside risks as well as the further potential upside.

With valuations in bond and equity markets currently at historic highs, and interest rates looking to rise, the flexibility of the active manager should enable the investor to benefit from management of the downside risks as well as the further potential upside. The arguments in favour of passive are well rehearsed – their low management fees are very attractive to investors, who have increasingly been questioning whether active managers can really add value above their (higher) fees. However, not all asset classes are a ‘no-brainer’ for passive investors: in specialist sectors such as corporate bonds (a PIMCO study found actively managed bond funds generally outperformed their median passive peers after fees), emerging markets and smaller companies, the more

The language and logic of the passive benchmark, peer group or peer group index has permeated all aspects of active management and beating it has become the goal. What are the outcomes of this? Fund managers become more concerned with corporate risk relative to the rest of the market than with client risk, because that’s how they are measured; managers focus on industry standard definitions, which leads to increased commonality, so-called ‘herding’. Portfolio construction takes place using index-based benchmarks

or composite indices and many selfproclaimed active managers prove to be closet indexers whilst disgruntled investors still pay the active management fee. Recent regulatory changes have forced more transparency on fund fee information, with illuminating results. Nevertheless, we believe this misses the point, the investor wishes to see performance in absolute terms net of fees - the focus should be on the ability to perform in absolute not relative terms and we view the obsession of the investment world with indices as a central part of the problem. We believe the increasingly passive world has evolved from the dominant market benchmark culture, creating significant misallocation of assets in investment markets. Others share our concerns, with billionaire Paul Singer of Elliott Management declaring it “destructive to the growth-creating and consensus-building prospects of free-market capitalism”. However, the growing distortion created by passive trading has increased the possibility of alpha (outperformance) for active fund managers - Mark Wiedman of Blackrock, a leading passive fund manager, comments that too much indexed money will self-correct as active managers find more opportunities to perform. Will 2018 mark ‘the return of the active manager’? The opportunity is there for truly active fund managers and, by careful selection and monitoring within a dynamic yet robust portfolio structure, the investor can reap the rewards of a currently contrarian view. ■

FUN DS

Burn before reading

Rachael Bearder, consultant at stockbroking and investment management firm Ravenscroft, looks at the value of Key Investor Information Documents.

‘Everything should be made as simple as possible, but not simpler.’

Regulators ensure the data is consistent by mandating the formulae to be used and how information should be displayed. This means, in practice, that most information is converted to a numerical format, which it is hoped, is quick to read and understand. The difficulty with this is that, whilst a picture paints a thousand words, a single number paints…well, a single number. If I were to sell you a chilli sauce with a Scoville unit of 10,000 would you consider that to be hot or mild? The relevance is not the score – it’s how you experience the heat.

Albert Einstein There can be little argument against simplifying investment information and Einstein might have been pleased to see EU regulators develop KIIDS (Key Investor Information Documents), to provide concise and client-friendly key information on investment trusts (funds will be in-scope in 2020). You can compare overall risk, performance scenarios and charges, in the knowledge that each party has had to use the same methodology to derive the information. The concept is excellent, as it allows a relatively easy comparison of, say, two ‘balanced’ funds without having to trawl through pages of documentation. Despite this, John Kay, director of The Scottish Mortgage Investment Trust, called the new rules ‘disastrous’ and advised investors ‘if you have received a hard copy, burn before reading’ Why the negative commentary on such a good idea? The answer lies in the need for the information to be consistent and replicable across an enormous universe of funds.

Comparatively, in a KIID, the risk profile is shown on a scale of one (lower risk) to seven (higher risk). This makes comparing the risks of two investments easy, but what is ‘risk’? For many investors, ‘risk’ is the risk of losing money, or not achieving the outcome that the investment was made for. ‘Risk’ in the KIID document is a reflection of the investment’s volatility. If a fund’s price doesn’t move up and down very much, it is ‘low risk’ on this measure (even if it invests in bitcoin). The KIID risk score indicates how much you might expect the price of the fund to move in comparison with another, but it does not tell you whether that fund has a high or low risk of delivering what you need. Returning to the Scoville scale, Naga chillies could be classified as relatively low risk if you are buying them to rub on fences to keep elephants away from your crops, (they will probably do the job!). If you’re looking to add a little spice to your bolognese, however, that same chilli is most definitely high risk. The other aspect of KIIDs which has come under criticism is performance scenarios.

Each KIID presents potential performance of the fund for each of four scenarios – ‘favourable’, ‘moderate’, ‘unfavourable’ and ‘stress’. You might imagine that a ‘stress’ scenario would represent that of a pretty cataclysmic event in markets – perhaps a fall in global equities of 40% (similar to that of 2008). However, in a KIID, a mathematical prediction based on returns over the last five years is used to determine the scenarios. Thus, given the past five years have been positive for most markets, even ‘stress’ scenarios can show positive returns and ‘favourable’ scenarios can be extremely optimistic. Look for the explanatory guidance which should provide more reasonable projections.

Whilst KIIDs are useful, there is no better way of determining what you need and how any investment might meet those needs than sitting down with the manager and talking things through. If these issues exist despite regulators’ best intentions, what can you do to ensure you have the right investment? Whilst KIIDs are useful, there is no better way of determining what you need and how any investment might meet those needs than sitting down with the manager and talking things through. The trust and understanding gained as a result of a face to face conversation is not something that any one-pager can replace and will prevent you from owning an investment habanero when you really need a bell pepper. ■

If you’re looking for income and want to beat the bank, you should meet Bob.

Why? Because Bob can introduce you to Ravenscroft Investment Management. At Ravenscroft we understand the individual investment needs of each client and believe there is an investment for everyone, which is why you can start your own plan with a minimum investment of just £5,000. So if you’re looking for income and want to beat the bank, it’s worth meeting Bob. To find out more about Ravenscroft Investment Management’s products and services call Bob on +44 (0)1481 732769, email him at rtannahill@ravenscroft.gg or visit www.ravenscroft.gg

INVESTMENTS FOR EVERYONE Guernsey: +44 (0)1481 729100 Jersey: +44 (0)1534 722051

www.ravenscroft.gg

Ravenscroft is a trading name of Ravenscroft Limited (“RL”) (company number 42906) and Ravenscroft Investment Management Limited (“RIML”) (company number 49397) both of which have their registered office addresses at P.O. Box 222, The Market Buildings, Fountain Street, St. Peter Port, Guernsey, GY1 4JG. Ravenscroft Investment Management is a trading name of RIML. RL and RIML are licensed and regulated by the Guernsey Financial Services Commission and RL is a member of both the London Stock Exchange and the Channel Islands Securities Exchange. Ravenscroft is the registered business name of Ravenscroft Jersey Limited (“RJL”) (company number 99050) whose registered office address is at P.O. Box 419, First Floor, Weighbridge House, Liberation Square, St. Helier, Jersey, JE2 3NA. RJL is licensed and regulated by the Jersey Financial Services Commission in the conduct of Investment Business and Fund Services Business. About the Ravenscroft Group of Companies: RIML and RJL are wholly owned subsidiaries of RL.

FUN DS

THE FOUNDATIONS OF GUERNSEY FUNDS

Guernsey Investment Fund Association (GIFA) chairman, Paul Smith, looks back at the industry’s development in the island, and forward to its future.

Guernsey has had a fund industry since the late 1970s and since then the island has seen significant changes in the way that investment funds are administered, monitored and regulated. As well as the continuing march towards increased regulation and control, we are now seeing the technology used to manage and operate funds taking another step change with Artificial Intelligence (AI), algorythmic trading systems and distributed ledger systems or blockchain. The key reasons for the use of pooled investment vehicles, funds, still remain however. They are a means of providing investors with access to a wide range of investments whilst mitigating investment risk through the diversity that might not otherwise be available to those investors individually. International investment funds facilitate the flow of capital around the world in the most efficient and cost-effective way possible and Guernsey has been at the forefront of this industry for over 50 years. The advantages of using an investment fund include: (i) professional management of the target assets by individuals or teams with specific industry expertise, (ii) the ability to diversify portfolios across a broad range of individual investments or investment strategies, (iii) sharing investment and professional expenses, thereby providing economies of scale, and (iv) access to alternative investments which may well be outside the scope of even the most sophisticated investors acting on their own. Guernsey has evolved into a highly skilled and well-regulated international finance

centre and, whilst it is widely recognised as being the leading jurisdiction for private equity and listed funds, it is also able to offer services capable of establishing and servicing a wide range of investment structures investing in anything from ‘blue chip’ equities and bonds, to venture capital, real estate, infrastructure, green finance, social impact and other ‘alternative’ asset classes. GIFA was established in 1989 as a trade association to represent the island’s growing fund management industry. Its principal objective is to protect and enhance the collective interests of its members. This means working closely with the island’s government and regulators to ensure that fund businesses are able to develop and introduce new products and services to meet the increasingly sophisticated needs of the international investor. It also means striving to maintain the island’s reputation as a safe and well regulated offshore centre with a strong commitment to investor protection. GIFA recognises that the provision of high quality, professional services and advice must be supported by a structured programme of training and professional development. In conjunction with educational authorities and professional institutes GIFA supports and promotes a wide range of ongoing courses for individuals, many of which lead to the attainment of a professional qualification. It is that infrastructure of highly trained and experienced people combined with internationally recognised standards of

regulation, a flexible and pragmatic legal framework and stable government that makes Guernsey such a successful place to do business. The issues of investor protection, tax avoidance, money laundering and the financing of terrorism are high on the political agenda – and rightly so. Guernsey was one of the first offshore jurisdictions to establish its own independent financial services regulator, the Guernsey Financial Services Commission in 1987, and, since then, it has introduced and updated a regulatory regime that meets the highest international standards. Guernsey also has its own, internationally recognised, regulations on anti-money laundering and countering the financing of terrorism and a centralised beneficial ownership register. Offshore funds are not established to enable investors to avoid tax. They are, however, tax efficient vehicles that facilitate investment without adding yet another layer of tax, i.e. they are tax neutral. Guernsey is a member of the OECD and it fully complies with tax reporting regimes such as FATCA and CRS, by automatically providing information on investors in funds established in Guernsey to competent authorities. It has also signed tax information exchange agreements with 60 countries to date. GIFA is key to ensuring that all of its members are able to work together with government, regulators and promotional agencies to ensure that Guernsey remains a leading investment fund jurisdiction. ■

F UN D S

Opportunity knocks for Guernsey’s funds industry

A Guernsey ‘funds masterclass’ in London heard that the island can play an important role in supporting the City of London to take a more global perspective.

Opportunities are emerging for Guernsey’s funds industry to take advantage of changing investor demands and uncertainty surrounding Brexit. Guernsey Finance’s ‘Funds Masterclass’ event in London drew a crowd of more than 200 industry figures from the island and the capital to discuss the regulatory environment outside the EU and the advantages of operating outside the bloc. Investor demand Among the issues raised in a panel discussion at the event was an assessment of why managers are increasingly looking to establish parallel funds in and out of Europe to meet the demands of investors. Concerns about European regulation and the increasing costs of UCITS funds in Europe are driving managers to consider duplicate structures outside of Europe. Guernsey is well placed to accommodate that demand. ‘The funds industry evolves to need. We have seen it in investor requirements, income, the need for particular asset class, or need driven by regulatory change. There are all sorts of things a fund structure and manager can do to address demand and supply,’ said William Normand, investment funds partner at law firm Travers Smith in London. Andrew Seaman, executive partner and chief investment officer at Stratton Street Capital, has already made a similar move.

He said that managers had to respond to investor concerns about increasing costs. The company launched a Guernseydomiciled Renminbi bond in 2007, and followed it with a UCITS version in 2013. ‘They appeal to very different markets,’ he said. ‘The reason we have both is that they appeal to very different audience – there is huge demand for UCITS in Europe, if you haven’t got it, you can’t really sell in Europe at all. But a lot of regulation and cost goes with it. The UCITS brand is extremely successful but comes with a lot of regulation, and eventually it may regulate itself out of business. ‘In comparison in Guernsey the cost of setting up is very cheap, the speed to market is very quick, and if you are based outside of Europe and looking where to put your funds, why would you want to put it in a very bureaucratic, highly regulated area, which is more expensive than elsewhere? ‘We are increasingly seeing clients in Asia, Australia, Switzerland and the US, considering options other than UCITS. That wasn’t the trend a few years ago, but is much more common today.’ Brexit The event also heard that a lack of clarity about the UK’s regulatory position could lead managers to seek to launch new funds before March 2019, and to use stable and understood regulatory environments such as that in Guernsey.

‘I think there is a real wind of opportunity,’ said Robert Mellor, UK asset management tax partner at PwC, who delivered the keynote address. ‘If you look at the pace of fund launches, London-based alternative managers want to get their funds away now. If you can get a fund away before March 2019 or during the transition, then you’ve got a closed-ended funds on the books. Then when it comes to raising their next fund, they’ll then know what the landscape is.’ Guernsey Finance chief executive Dominic Wheatley said that the superiority of the Guernsey funds service offer was a traditional marketing point. Strong global distribution channels were well-placed to support UK-focused investment managers to pivot their business models to the rest of the world. ‘We are seeing our position as a complementary centre to the UK asset management industry gaining in appreciation,’ he said. ‘Guernsey products can help the UK asset management industry to compete against its EU competitors. ‘London and the Channel Islands’ funds centres have a symbiotic relationship. The UK’s intention to emerge from Brexit as a more free and vibrant financial trading hub is key for the islands, while we will play a key role in supporting and complementing the City’s efforts.’ ■

FUN DS

A Positive Future for Jersey’s Alternatives Funds Industry

Mike Byrne, chairman of the Jersey Funds Association, discusses how the funds sector in the island is capitalising on all available opportunities.

Jersey’s forward-looking funds sector remains one of the most robust elements within Jersey’s range of financial services and the indications are that it is set to play an increasingly important role in facilitating cross-border investment, particularly within the alternative fund space, in a post-Brexit era. The sector has continued to perform well over the past year, with a number of significant new funds – including the largest ever private equity fund and some of the biggest alternative funds ever launched – making use of Jersey’s stable, tried and tested regime during 2017. Figures from the Jersey Financial Services Commission (JFSC) show that the net asset value of regulated funds being administered in Jersey last year peaked at just over £266bn – the highest level ever, surpassing even pre-crisis levels.

It’s vital that Jersey continues to demonstrate innovation within its funds armoury, however, and the collaborative approach of the regulator, industry and government, resulted last year in the introduction of the Jersey Private Fund vehicle – a structure geared towards the needs of small numbers of professional investors needing a streamlined, quickto-market option. This new vehicle has been hugely successful, with around 90 such structures launched to date – including some very large funds indeed.

marketed into the EU in this way growing 15% annually and the number of managers by 17% (JFSC, December 2017).

Jersey is extremely well placed to play a pivotal role in supporting non-EU (including, postBrexit, UK) managers...

The future success of fund managers, including those in and outside of the EU, lies in being able to access global markets easily. Few jurisdictions, offshore or onshore, are as equipped to deliver that as efficiently and as robustly as Jersey. Research (‘Analysis of Jersey’s Alternative Funds Sector Investor Base’, 2018, Jersey Finance), for example, found that, post-Brexit, 72% of capital in Jersey alternative funds will be committed from non-EU countries, reflecting that Jersey offers genuinely global opportunities.

Alternative asset classes account for almost three quarters of Jersey’s total funds business, with private equity continuing to be Jersey’s largest industry sub-sector representing around a third of alternatives business by net asset value, followed by hedge (24%) and real estate (19%).

Particularly in light of the AIFMD, market access remains a key factor in Jersey’s ongoing success. As a mature alternative funds domicile, Jersey has long found favour with investors around the world and a look at the investor registers of Jersey funds reveals sophisticated investors from a broad cross section of markets – the top five sources of capital committed to Jersey funds, for instance, are the UK, the US, Ireland, Luxembourg and Canada.

Meanwhile, the community of fund managers operating in Jersey has grown to now include some of the most significant hedge, real estate and private equity fund managers. Notably, Jersey has become the sixth largest hedge fund management hub globally against industry benchmarks.

Europe remains an important market and Jersey is extremely well placed to play a pivotal role in supporting non-EU (including, post-Brexit, UK) managers wanting to access EU investor capital. More and more managers are making use of Jersey’s private placement regime, with the number of alternative funds being

At the same time, Jersey can also play an important role in enabling EU managers to mitigate the impact of Brexit. A hugely significant proportion of investors in alternatives are based in the UK and access to the City is just as important an issue for EU managers as access to the EU is for UK managers. Jersey’s strong ties with the UK are vital in this respect.

Looking forward through 2018, the focus for Jersey and the Jersey Funds Association is on working with investors and managers to enable seamless cross-border investment to continue and to differentiate Jersey in the market. Ultimately, we firmly believe that Jersey offers a highly attractive and non-contentious opportunity for pooling international capital and giving investors and managers in the alternatives space the confidence and certainty they need for the future.■

2018 GUERNSEY

THURSDAY 13TH SEPTEMBER 2018 CELEBRATING THE CENTENARY OF THE ROYAL AIR FORCE, 1ST APRIL 2018 AND PROUD TO BE PART OF BATTLE OF BRITAIN WEEK

The RAF100 programme will salute the Royal Air Force Centenary and: • COMMEMORATE – RAF’s achievements and all those who have served • CELEBRATE – the RAF of today • INSPIRE – RAF Family and the wider public about the RAF’s future The history of the Royal Air Force starts on 1st April 1918 when the Royal Air Force is formed with the amalgamation of the Royal Flying Corps (RFC) and the Royal Naval Air Service (RNAS). The RAF took its place beside the British navy and army as a separate military service with its own ministry. 1st April 2018 will mark the centenary of the Royal Air Force; its achievements over 100 years and honour all those who have served and who continue to serve in conflicts around the world. The RAF Family includes: the Whole Force; veterans, the Air Cadets; the RAF charities, business or industry partners; or indeed anyone associated with the RAF – and that includes Guernsey and the Guernsey Air Display. The Guernsey Air Display is appealing to all companies in the Bailiwick of Guernsey to support the 2018 Guernsey Air Display in the landmark Centenary year of the Royal Air Force and to become Consortium Members. 2018 Guernsey Air Display will be held on Thursday 13th September: your Air Display and RAF100, the Centenary programme, need your support.

2018 CONSORTIUM PACKAGES

GOLD £2,950

SILVER £2,450

BRONZE £1,950

Places at the Guernsey Air Display reception at Castle Cornet At the additional cost of £60 per person Extra places can be purchased subject to availability @ £60 pp

2018 Guernsey Air Display pin badges For all guests attending the Air Display reception at Castle Cornet

Island FM radio advertising 15 x 10 second bespoke advertisements (one script with Consortium corporate name given) to be aired in the week leading up to the Air Display CT Plus (buses.gg) Logo on boot lid and rear window vinyls to be on a CT Plus buses.gg for 3 months leading up to the Air Display Official Air Display programme Logo on back cover Digital promotion Inclusion of company logo and hyperlink on www.guernseyairdisplay.com and www.eventguernsey.com Inclusion and tagging (where accounts are available) in social media posts on Facebook, Twitter and LinkedIn Prize Draw to win a 20 Minute Aerobatic Display

For more information on the 2018 Guernsey Air Display, RAF100 Programme and how you can pledge your support, visit www.guernseyairdisplay.com or email natalie@eventguernsey.com / alex@eventguernsey.com

Our current situation. Jenny Mitchell, director of Situations in Guernsey, brings Contact readers up to date with what’s happening at the recruitment agency.

Here we are in March/April already and nearly through the first quarter of the year. We’re also nearing the anniversary of our 32nd year in business since our foundation back in April 1986 so we’ve been reflecting on what are some of the keys to success in business, staying ahead of the game and maintaining our position as one of the island’s leading recruitment agencies. Advances in technology Since we started Situations, there have been massive leaps forward in technology. One of the most important has been the advent of the internet, something we completely take for granted now of course. Today, so much of our business is generated online and the first port of call for most candidates and clients alike is our website, www. situations.gg, which generates nearly 50% of new enquiries, the remainder being mainly former candidates and recommendations. We are constantly uploading new vacancies throughout the day and sending notifications of new roles to registered candidates so it’s very real time and immediate, and with our fantastic online texting software there’s no way our candidates will miss new opportunities as they arise!

Our social media reach increases hugely year-on-year, with website traffic and new visitors constantly rising.

Innovation The website has some unique features which we’re extremely proud of and that have proven a huge success, such as our Salary Calculator and Salary Guide. We’re also regularly changing and improving many features on the website to make them more user friendly and accessible to desktop, laptop, tablet and mobile phones.

Sharepoint surprisingly painless. It’s also a critical part of becoming General Data Protection Regulation (GDPR) compliant as it is much more secure. In fact GDPR is taking up quite a lot of our time at present, as we want to be well ahead of the May 2018 deadline for compliance, mainly because data protection is so fundamental to our business as we hold such sensitive information on behalf of clients and candidates alike.

With a new logo and strap-line, “Talk to the Recruitment People” we feel this reflects so well the essence of what we do best, keeping in touch with our candidates and clients, getting to know and understand their personalities, needs, businesses and culture. Digital marketing Digital marketing now plays a huge part in the recruitment industry; we use Facebook, LinkedIn, Twitter, Instagram and Google advertising. Via these channels and our blog, we advise the public on exciting new vacancies, the state of the local and UK employment markets, developments in the recruitment industry and share relevant business articles. We have an external social media consultant who we meet regularly and an in-house digital officer to manage our online presence. Our social media reach increases hugely year-on-year, with website traffic and new visitors constantly rising. The Cloud and GDPR We’ve also just moved to the Cloud, and have found the change to Office 365 and

Refreshing the brand Last, but not least, perhaps the most visible development for 2018 is our brand refresh. The new advertising campaign launched this January and we’re loving our new look “Super People, Super Jobs” ads. With a new logo and strap-line, “Talk to the Recruitment People” we feel this reflects so well the essence of what we do best, keeping in touch with our candidates and clients, getting to know and understand their personalities, needs, businesses and culture. Our friendly, approachable and qualified consultants make sure they make the best possible match between our candidates and clients. ■

We really take the time to find out what makes you special, highlighting your unique strengths so you can realise your true potential. Come and talk to us and see how SUPER your career can be.

situations.gg

TRAIN IN G

The Mindful Leader

Simon Le Tocq, chief executive of the GTA University Centre, outlines why we should listen to the evidence coming out of neuroscience to help us become better leaders.

Let’s imagine two different Monday mornings for an executive called ‘Simon’. ‘Bad’ Monday: Simon’s wife is away, he gets up late. Daughter one won’t get up. Daughter two won’t eat her breakfast. They argue. There are tears. After spending 10 minutes looking for a hockey stick, they leave for school. They get stuck in traffic. Simon arrives at work stressed and 20 minutes late. ‘Good’ Monday: Simon’s wife is back. Simon gets up early and manages a run before breakfast. The children are dressed with school bags packed and eating breakfast together. Daughter two makes everyone laugh with her jokes. Simon’s wife takes the children to school, Simon takes the bus to work, reading his book, and arrives early. So: once at work, on which Monday would Simon have been the best, most productive executive he could be? It is easy to imagine that ‘Bad’ Monday morning would set up a Monday to forget for Simon’s team and ‘Good’ Monday morning might set up a day where Simon brought his ‘A game’. But does this need to be the case? The answer is an emphatic ‘no’ and the key to ensuring that both mornings are ‘A game’ days will lie in Simon’s ability to manage his state of mind. We have all had mornings like the ones described and, at work, leaders have far greater challenges to deal with than a missing hockey stick. An executive’s work can be high-pressured, fast paced and round-the-clock. Work-related

stress is a growing problem for many and poses a major threat to the health of individuals and organisations.

and this is why mindfulness (experiencing the present moment with nonjudgemental awareness) is so powerful.

We expect our leaders to have clear, intelligent and realistic judgment capability and be capable of emotional control. But sometimes leaders experience stress they cannot manage. This becomes a genuine business risk as it can lead to impulsive and irrational decision-making. Neuroscience reveals that stress can have profound negative effects on how the brain works. The prefrontal cortex, the brain region which serves our highest-order cognitive abilities, can be significantly impaired by mild stress. The pre-frontal cortex effectively switches off, the survival centres in the brain take over, causing the brain to react in a more instinctive way – such as when suddenly faced with a life-threatening situation. We expect our leaders to have clear, intelligent and realistic judgment capability and be capable of emotional control. But sometimes leaders experience stress they cannot manage. This becomes a genuine business risk as it can lead to impulsive and irrational decision-making. The good news for Simon is that it’s possible to develop emotional intelligence and in doing so enhance leadership performance. The practice of mindfulness provides a highly effective means for developing emotional intelligence. Effective leadership requires emotional and intellectual abilities including selfknowledge, self-awareness and empathy. To become emotionally intelligent we must first be aware of our own emotions

The mindful leader is in tune with his thoughts and emotions and can manage these emotions when events don’t go to plan. Mindfulness creates space between an event and our reaction to it. It offers an anchor to secure us in the turbulent waters of the corporate world. The mindful leader can interpret and predict the consequence of allowing unchecked emotion to rule his/her behaviour and so becomes more resilient. Emotions such as anger or anxiety are recognised but need not take over the individual’s behaviour and negatively impact leadership performance. Emotional intelligence and mindfulness may not be able to stop bad Monday mornings but they will make us better leaders. ■

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Cloud drives outsourcing of IT Cloud computing is driving the adoption of IT outsourcing, explains Jason Connolly, director at Next Generation IT.

Many local businesses have embraced cloud computing, improving their competitiveness and also the flexibility to quickly grow, shrink or relocate their business. Partnering with local IT specialists to buy-in services has enabled forward-looking companies to focus on their core business, allowing them the flexibility to take advantage of new opportunities as and when they arise. This means that few small businesses employ teams of internal IT staff. Coupled with this, the demands on technical staff and resources has never been greater: • Pace of change in technology – the complexity of IT systems is growing at an exponential rate. Organisations want to take advantage of new, more advanced technologies but the reality is that no one person can know everything about IT and building a team of staff is costly. • GDPR – this regulation introduces complexity and demands on IT personnel and infrastructure that is expensive and time consuming to meet. GDPR requires policies, procedures and controls that can be very difficult, if not impossible, to implement on legacy onsite systems. • Data security – cyber-attacks are more complex, persistent and frequent than ever before. Mitigation of these threats is becoming more onerous for small businesses in terms of both time and expense.

WHY OUTSOURCE? Outsourcing IT provides a shortcut for many businesses to tackle these 52

issues effectively and access the necessary know-how, capability and experience to meet the expanding requirements of modern businesses: • Cost savings – cost is the primary reason many organisations buy-in IT services. Economies of scale allows the outsource provider to more efficiently provide the service. • Quality of service – IT providers gain a wealth of experience supporting many different organisations. Consequently, specialist IT companies can draw on this experience to provide a consistently high level of service. • Access to specialised skills – IT is becoming a more diverse and complex discipline. No one person can be an expert in every area of IT. Smaller businesses can gain access to specialist resources that only larger companies could afford to employ. • Flexibility – in these uncertain times, buying in service can give the ability to grow and shrink the service with your needs. Minimising costs in austerity, and providing the capability to grow resources rapidly, when growth returns. • Avoiding staffing issues – the recruitment, management and training of staff can be a real headache, especially within the constraints of a fixed local labour market. Buying in IT resource minimises this drain on a company’s resources and frees up key staff to focus on the core business. Good IT people, particularly knowledgeable staff, with the right

organisational and communication skills, are difficult to find. • Risk mitigation – IT providers employ a pool of people to call on. The role of technical staff has grown and now includes cyber security, GDPR, technical aspects of compliance and managing policies and procedures. • Management and control – a good outsource service does not just provide an engineer but also management resource. This ensures service level agreements are met, employees are motivated, and advice and communication is available to management teams.

Know your cloud provider Many of our clients outsource the provision of their IT systems and support and rely entirely on us to meet their current and future IT needs and challenges. It is important to take the time to select a business with a proven track record and reputation, security expertise and knowledge of local data protection requirements. The following questions should be asked: • Is your provider following the requisite industry standards and best practice? • What evidence can they provide to back this up? • Is your data stored in the right jurisdiction, who has access to it and what controls are in place to keep it safe and secure? ■

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THE BENEFITS FOR BUSINESS

Sarah Rolph, director of Centillion Consulting Limited, recently moved from a long-term career in the fiduciary industry to becoming an outsourced provider herself. She explains the benefits of outsourcing from a business’s perspective. Centillion launched in 2015, creating a strong brand in the finance industry and providing a service offering which caters for the much-needed regulatory demands and challenges across all spheres of finance. Its aim is to deliver cost-effective pragmatic solutions for businesses looking for compliance, secretarial and governance support at the highest level and that is how I first came across them. With compliance and corporate governance areas of ever-increasing regulatory focus, businesses must be both prepared and able to do everything necessary. The importance of robust and strong policies and procedures and, of course, of board buy-in can never be

underestimated. However, resources can be very difficult to source at senior levels and it is often at this level that the governance expertise is most necessary. Outsourcing certain functions of a business has many benefits, not least because it opens up a wider pool of experienced senior professionals and thus more choice when selecting the right fit. Having Centillion working alongside me for 15 months enabled me, as a business leader, to tap into knowledge and skill that proved invaluable and brought a variety of views and options to the table. The arrangement provided for much greater flexibility than employing a single person and allowed us access to the brains of two senior people rather than just one.

Management Support

Regulatory & AML/CFT Compliance

Governance & Internal Controls

Corporate Secretarial Support

GDPR / Data Protec�on

Project Management

Phone-a-Friend

In addition, outsourcing can provide external support to your entire team, including the board, MLRO, compliance officer and company secretary, when considering key control items such as the business risk assessment, compliance manuals, corporate governance matrices, procedural reviews, board evaluations and much more. Outsourcing can provide a fresh pair of eyes, which can be priceless to a business when looking to modernise or streamline operations or to bring in new methodologies to meet the increasing regulation and scrutiny to which the finance industry, in particular, is subject. ■

Jo Carre 07781 158551 jo@cen�llionconsul�ng.com

Haley Camp 07781 447221 haley@cen�llionconsul�ng.com

Sarah Rolph 07781 128847 sarah@cen�llionconsul�ng.com

www.centillionconsulting.com

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Key factors to consider when deciding to outsource

Craig Shorto, manager at BDO Limited in Guernsey, talks about the benefits of outsourcing accountancy expertise and shares some tips to bear in mind when appointing an outsourcing partner.

At BDO we are seeing the value that we provide to our clients change and grow. Yes, tax, audit and bookkeeping requirements are key to our offering but these are extending out to embrace areas such as business advisory support and, in particular, outsourcing. The context for this shift is important. Guernsey is home to an eclectic range of businesses at various stages of maturity that share a common difficulty: sourcing appropriately qualified and experienced expertise when they need it most. Scarcity of the appropriate professional financial talent can impact on the ability of any business to generate competitive advantage. With unemployment at a record multi-year low this problem is not due to change in the short term as tensions continue to increase on the labour market. What indicators might lead a business to think about outsourcing financial processes or particular roles?

The choice of partner in any outsourcing relationship is crucial for the long-term success of an engagement. It may be that having a strong command in a particular industry, a well-resourced team at appropriate levels of expertise and/or access to the right accounting systems will be key considerations. Our BDODrive services are underpinned by the benefits of a global accounting practice with strong expertise through a rich history in Guernsey’s financial and commercial markets. Through them, BDO offers a compelling way to access local expertise and support. Increase focus At some stages in the lifecycle of any business, time spent on administrative workflow, such as accounts payable, or more strategic functions, like budgeting, can detract from other priorities. This can lead to a range of frustrations and impact on market success. Outsourcing is an efficient way of accessing expertise flexibly and when it’s needed most.

At BDO we marry a wide pool of expert talent with technology, including cloud accounting, to deliver smart working and robust management reporting. Access expertise It may be that recruiting the required talent and developing skills and expertise is not possible at a certain point in time or desirable for commercial reasons. Outsourcing specific accounting roles, from chief financial officer to the full accounts department, to inject the appropriate talent where and at the time when it is most needed, may be preferable.

In these cases, outsourcing particular pieces of financial workflow has logic. In choosing to select an outsourcing partner, it’s important to check that their business is of the required scale and employs professionals at the appropriate level of qualification to efficiently cater for your timeframes and requirements across the annual financial cycle of the business. At BDO we marry a wide pool of expert talent with technology, including cloud

accounting, to deliver smart working and robust management reporting. The main reason for outsourcing is to deliver efficiency to business processes. Selecting a firm that has wide experience of financial processes, procedures, technology and a track record of delivering efficiency may be important areas to think about. Consistency Understanding the client approach and focus which your partner will take is crucial. Having a dedicated point of contact who is responsible for your client relationship can provide comfort that you are working with someone who is committed to your business into the long term. Alongside our heritage in Guernsey of over 110 years, BDO has particular expertise with businesses in the commercial, private wealth, funds and insurance sectors of Guernsey’s economy. As an employer of over 75 people, we offer consistency and the capability to build valuable familiarity with your business and objectives. Location Finally, thinking about where your provider needs to be based for the relationship to work for you is important. For some clients, location is less relevant whereas for others local access and local knowledge of the standards of the provider matter. BDO’s services that combine to form BDODrive are available internationally across our offices. Crucially BDO Limited has a dedicated team that is responsible for providing BDODrive directly to clients, here in Guernsey. ■

“Our needs were exceptionally specific so only BDO were able to put together exactly the right service package for us”

BDODrive Experience tells us that the value accountancy professionals offer is evolving at a considerable pace. We have established BDODrive as a collection of services which provide a different perspective on your business through a combination of insight, intelligence and information. BDODrive includes: 1. Advice that establishes where you are today, a clear vision for the future and the journey ahead 2. Services that support your business including accounting, outsourcing and compliance 3. Accounting, analysis and forecasting Technology. The suite of services that make up BDODrive is tailored to your requirements and ambitions. This means they apply to individuals, small businesses and large companies equally and at every stage of growth. BDO is the only Platinum Partner of Xero accounting technology in Guernsey

Audit | Tax | Advisory www.bdo.gg BDO Limited, a limited liability company incorporated in Guernsey, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. © 2018 BDO Limited. All rights reserved

CRAIG SHORTO Manager, BDODrive +44 (0)1481 741603 craig.shorto@bdo.gg ZOE JACKSON Client Accountant +44 (0)1 481 748451 zoe.jackson@bdo.gg

A NEW REIGN DAWNS Source in, not out At RAS we think of the service we offer as Insourcing. Somewhat different to the “historic” outsourcing concept. With RAS our team are a part of your business, not some remote and distant operation down the road. As an integral part of your day to day operations, you always retain full control. In today’s ever-more regulated world, having a close and transparent relationship with your support team simply makes good business sense. The reality of modern business is that you need the support of experts directly engaged in your business. Using the RAS Insourcing service, you tap into our skills and resources when you want them most. Need your own marketing executive for just ten hours a week? No problem. Need a financial analyst for five hours a month? We can do that too. Pay for what you need, when you need it, no more, no less.

efficiencies, investing in growth or diversifying your core services.

You also get access to a wider range of services with us. These include Business Administration, Marketing and Creative Design and more. Offered alongside these are highly specialised services such as Risk & Resilience, Consultancy, Business Development and Project Delivery. All offered with seamless end to end delivery. Furthermore, a relationship with RAS provides access to our considerable network, experience and expertise. Each division has a dedicated partner

who ensures that excellence and firstclass service is always delivered. Our team have backgrounds in sectors as diverse as IT infrastructure, financial services, risk, marketing, aviation and management consultancy.

So, when you need a strategic partnership to support your core services, and where operational oversight is a must for regulatory or risk compliance, come and discuss your needs with RAS. Because when the initial consultation is free, why wouldn’t you? For more information on our Insourcing approach visit rasgrp.com/insourcing.

COMPLIANCE OUTSOURCING BUSINESS ADMINISTRATION BUSINESS CONSULTANCY BUSINESS BROKERAGE

You only need to engage the people that drive your income stream. This avoids spending money on expensive, yet key, personnel who are simply not required full time. With more income generators and less support staff draining your profits, revenues increase. This results in greater flexibility, allowing you to utilise capital in other ways: improving

RISK & RESILIENCE PUBLIC RELATIONS CREATIVE DESIGN MARKETING

email us: enquiries@rasgrp.com call us: 01481 200570

rasgrp.com/insourcing

Our winning Fund Administration team will get you in pole position

At Ipes we understand the challenges facing investment managers. Increasing regulatory, reporting and investor demands continue to strengthen the European Private Equity market but they donâ&#x20AC;&#x2122;t make your lives any easier. But we do. We constantly innovate and develop new services to enable your success. Which is just one reason Ipes is a leading provider of outsourced services to Private Equity in Europe.

FUNDS ADMINISTRATOR OF THE YEAR

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IPES

390 Funds 195 Clients 265 People 5 European Offices $165+ billion administered 19,000+ investors 20 years experience To learn more about our Intelligent Private Equity Support, contact Nigel Strachan, Group Head of Business Development: +44 7700 703862 or email nigel.strachan@ipes.com

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PIONEERING TECHNOLOGY

Barry McClay, chief operating officer at Ipes, explains how technology has helped the fund administrators stay at the forefront of the industry during their 20 years in business.

In the two decades since Ipes was founded, fund administration has evolved considerably to keep pace with major regulatory changes and their associated demands. Ipes has an established track record of investing in new products and services and proactively supporting our clients in an everchanging regulatory environment. We have demonstrated this through the introduction of services such as AIF Depositary in 2014, FATCA reporting in 2015, and the launch of The ID Register in 2016. For us, technology has been a key part of our development during that time. Investing in the right technology solutions has been a major focus for Ipes and has played a large part in how we provide our fund management services. Capital Tracker is our in-house webbased system. We are fairly unique within our industry in our pure focus on fund services so we didn’t feel that an off-the-shelf IT solution would provide us with everything we needed. Capital Tracker is completely integrated with our processes, which means that when our procedures change we can quickly adapt our system to suit our new needs. It was developed entirely with the requirements of private equity in mind. It is used for managing calls, distributions, cash movements, bookkeeping and investor reporting. From its initial iteration we have progressed it in ways such as adding on modules for Depositary and AIFMD reporting to ensure it meets our clients’ needs.

From Capital Tracker, we evolved The ID Register (TIDR), which we launched in 2016. It was a major undertaking for Ipes, and something we strongly believed would benefit the industry and our clients. Private equity is a fast-moving area, but there has traditionally been a real lag in the investor vetting process. The current paper based process of investor due diligence is time consuming and repetitive, requiring investors to submit the same information over and over again for every investment they make. TIDR is an online platform which allows individuals to create a profile for their due diligence requirements. An investor can provide their information once and then we can share it securely with lawyers and fund managers across the globe. We use real time sanctions screening against global sanctions and PEP lists so that the information is always kept up to date.

and cost-effective it is also very secure; we are aware of the importance of the information we hold and ensure that it is protected. In the time TIDR has been operational we have had over 19,000 individuals subscribe to the platform from a wide range of sources. Together with the personal service we provide, our technology has enabled Ipes to grow from its small start in Guernsey in 1998 to a team of 265 people across five European offices. We now work with 195 clients and provide administration and depositary oversight to $165 billion assets for 390 funds. Amongst the private equity fund administrators, we were ranked third globally by number of funds serviced last year (Preqin, July 2017), and are the second largest fund administrator in Guernsey (Monterey Insight, 2017).

We now work with 195 clients and provide administration and depositary oversight to $165 billion assets for 390 funds. We first launched TIDR with a complete focus on that due diligence service; however, the demand for it has resulted in us evolving it further. TIDR can now be used for investor reporting and ensuring that clients’ information is compatible with FATCA and CRS requirements. A key initiative in 2017 was to use that technology to make investor onboarding and fund closing easier and quicker for our clients, and we have now successfully supported a number of our clients with their fund closings. While the online platform is efficient

As Ipes celebrates 20 years in business, we are delighted to reflect on how far we have come, but are just as focused on looking forward. We are certain more regulatory change will come, but innovative technology products have been a key part of our success so far and that is one thing we expect to continue. ■

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PROTECTING YOU AND YOUR DATA

Victoria Pratt and Stephen Ozanne, senior associates at Walkers in Guernsey, examine the three key issues for outsourcing in relation to new data laws.

Imagine this; you head up a successful medium sized business based in Guernsey called Me-Co. Hitherto, data protection has been but a small consideration for you among many other more pressing and profitable concerns.

Me-Co maintains effective control of the information it passes to Support-Co. Not only must a written contract be in place, but that contract must contain a handful of new mandatory provisions; for example, in relation to confidentiality, security and the reporting of data breaches.

handling of the data so as to be satisfied Support-Co is processing the data in compliance with the law. Although Me-Co will have checked that Support-Co has appropriate security in place, both parties must be clear as to what will happen in the case of a breach, such as a leak of client lists.

Your excellent team has flagged up that the new EU General Data Protection Regulation (GDPR) and the draft Data Protection (Bailiwick of Guernsey) Law, 2017 mean this has got to change. The board has been briefed that the newly created Data Protection Authority will have the power to audit and inspect your business to ensure compliance and issue hefty fines of up to €20 million or 4% of worldwide annual turnover for serious non-compliance.

As the new regime maintains restrictions on transferring data across borders, Support-Co’s location, or more accurately the location where SupportCo processes the data, is going to be important.

International transfers

For several years Support-Co, a business based outside Guernsey, has been engaged to provide Me-Co with help in managing marketing and client lists. This arrangement amounts to ‘outsourcing’. Support-Co itself is provided with IT support by an outfit called Background-Co. You wonder: ‘What must we do to ensure that our arrangements with Support-Co comply with the new legislation?’

Support-Co as processor must have a similar contract in place with Background-Co as sub-processor and, although Me-Co need not be a party to that contract, Me-Co will have the right to object to the subprocessing. Support-Co would be wise to hold off signing up terms with BackgroundCo until the formal agreement has been reached with Me-Co and ideally consent to the sub-processing has been obtained.

Read on…

Other measures

If Support-Co is based outside the EEA in a country not deemed ‘adequate’ (such as India or Pakistan) then information can be transferred out there provided that further safeguards (called ‘appropriate steps’ in GDPR speak) have been put in place. If Support-Co is in the USA then, as it is unclear whether the EU-US privacy shield will survive GDPR, Me-Co should monitor developments and be prepared to move quickly if necessary.

New contractual clauses

While the contract places obligations on the processor (or sub-processor), it is essential that technological and organisational measures put the terms of the contract into practical effect. For example, SupportCo must be able to provide Me-Co with information so that it can respond to data subject access requests. Me-Co must be able to go in and audit Support-Co’s

The necessary further safeguards to allow that transfer will be the use of legally binding documentation and one of the following; ‘binding corporate rules’, approved standard data protection contract clauses, adherence to approved codes of conduct or obtaining an approved certification, with the approval in each case coming from the relevant data protection authority. ■

In GDPR speak, Me-Co will be a ‘controller’ and Support-Co will be a ‘processor’ with Background-Co being a ‘sub-processor’. Each business will have new duties imposed on it by the upcoming legislation. The arrangements currently in place must be reviewed as it is vital to ensure that

As the new regime maintains restrictions on transferring data across borders, SupportCo’s location, or more accurately the location where Support-Co processes the data, is going to be important. Me-Co can transfer the data internationally more easily if Support-Co is in the EEA or a jurisdiction with data protection legislation that has been deemed ‘adequate’.

Legal Corporate Fiduciary

www.walkersglobal.com

12-14 New Street St. Peter Port Guernsey, GY1 2PF T +44 (0)1481 723 723 E info@walkersglobal.com

Global Legal and Professional Services

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JFSC Outsourcing Policy

With the summer deadline for compliance with the JFSC’s Outsourcing Policy approaching, Ed Shorrock, director of regulatory consulting at Duff and Phelps in Jersey outlines what to look out for.

Following feedback on the JFSC Outsourcing Policy (the Policy) and Guidance Notes in March last year, the deadline for compliance is quickly approaching. In many respects, the issues surrounding outsourcing are a variation on a very familiar theme – one of substance. This also neatly chimes with the EU Code of Conduct Group’s recent finding that while Jersey was co-operative in international tax transparency and compliant with BEPS requirements, the EU has concerns over economic substance. Outsourcing arrangements, in our view, fall full square into the debate about economic activity and economic substance. Using the term ‘letter box’ in the document as a basic premise of the policy is a deliberate nod to the terminology used by bodies within the EU. At one end of the spectrum, firms are keen to gain access to resources which can be cheaper or which are simply not available within these shores. At the other end is a regulatory and political climate which is firmly focused on ensuring that firms remain fully responsible and accountable for outsourced functions, and that any outsourcing arrangements do not result in firms simply becoming brass plate operations, or lead to regulatory failure. So, what of some of the key elements of the new outsourcing policy and what do firms need to do about it? The key area is the expansion of the scope of what constitutes a material outsourced activity. It now includes non-regulated

activities (such as accounting functions) which, if disrupted, could affect the delivery of regulated activities. Despite concerns that this could prove onerous, this approach is consistent with the UK and the other Crown Dependencies and Jersey firms will therefore have to re-assess this area to capture any such arrangements. Another area of clarity provided is in relation to sub-outsourcing which, while already a requirement to identify and manage, is sometimes overlooked by firms.

When managed appropriately, it is a flexible and cost-effective way to run a business. Linked to this are welcome changes to the provisions as they apply to intragroup arrangements, which typically involve subsidiaries or branches based off-island. These changes address some of the more common hurdles faced by international groups operating in the island as they now allow reliance on other group entities in respect of shared due diligence, monitoring, policies and procedures and contingency plans. There are some common-sense restrictions to the application of these policies but the increased use of so-called ‘centres of excellence’ by large banking and financial groups has necessitated this proportionate amendment to the outsourcing rules. Crucially, the absence of a need to have written, legally binding agreements, which are not in as much detail as would otherwise be required, allows groups to rely on framework agreements or service level agreements (SLAs).

We typically encounter firms who either outsource to external providers or intragroup. When managed appropriately, it is a flexible and cost-effective way to run a business. This means having oversight arrangements in place which ensure that activities are performed in line with SLAs and local regulations. This may sometimes lead to difficulties – for instance, we have seen KYC conducted in line with another jurisdiction’s AML requirements, or sanction screening conducted less frequently than as per the Jersey policy. Key to effective oversight is regular updates on KPIs and periodic visits to the outsource provider. However, aside from the core principles and guidance, probably the most instructive part of the outsourcing guidance is in the FAQ section which addresses questions of implementation and interpretation. Although the JFSC and the regulatory regime does operate within a principles-based framework, it is encouraging to see the continued use of FAQs as they often shine light on some of the regulator’s thinking beyond the bare words on the page. This is a clear indication of Lord Eatwell’s quest for an agile, communicative and transparent regulator. While the updated policy does make certain areas clearer for firms on the island, the enhancements to the regulations reflect Jersey’s ongoing efforts to ensure its reputation as a well-regulated and cooperative jurisdiction, safe-guarding the firms which operate within it. ■

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GOOD THINGS, SMALL PACKAGES

He works as a one-man band, but Mike Allisette of the Small IT Company Ltd says that there are real advantages in outsourcing your IT requirements to a small provider.

The Small IT Company was set up 10 years ago as a ‘bolt on’ IT resource for companies who didn’t need a full-time member of staff for their IT requirements. The name of the company was purposefully chosen as it described very clearly the approach to business. At a time when companies have to justify all expenditure, keeping IT budgets small through outsourcing can be a real advantage. Using an outsourced IT provider means that you don’t pay the large costs and overheads that can be associated with in-house staff, you simply pay for the services that you need and use. But the potential cost savings are only one of many advantages of using an outsourced provider.

department. At the Small IT Company we charge the same rate whether it is during the day, in the evening or at the weekend. Clients can be reassured that problems won’t be more costly if they fall outside of normal working hours. Pay for services used Using an outsourced provider means that you only pay for the services that you receive. Unlike employing a member of staff, there is no need to budget for salaries, pensions, health benefits or sickness cover. Training There is no need to train internal staff to keep up with the latest technology. By outsourcing to a specialist in the field you will know that their knowledge is up to date.

Consistency Using a small provider means that you always get consistency of service and point of contact. It will be the same person dealing with your system every time, and they will therefore have an in-depth knowledge and understanding of it.

Administration Annual renewals and licences can be dealt with by the outsourced company, freeing the client from the need to worry about that type of administration.

Flexibility As a small provider it is possible to be flexible in response times, as I am managing my own time. If necessary, I can quickly move my commitments around if one of my clients has a real emergency and needs IT support.

Project work If a client has a large IT project to be undertaken, outsourcing it means that the IT provider can manage the whole project. This can include liaising with and co-ordination of everyone from electricians to cable providers and phone companies – taking much of the stress away from the client.

Cost-effective Using an outsourced provider means that your IT provider comes without the costs or overheads of an IT

opportunity to visit all clients personally. This allows the provider to develop a stronger relationship with them and fully understand their systems. At the Small IT Company, I am the person who always deals with their IT requirements so I understand what they need and am able to help plan for the future as well as address any current issues. It is an individual approach designed to suit the exact needs of clients. Those needs can vary tremendously – from companies wanting cloud-based solutions to individuals needing system recommendations for their homebased computing systems. As an independent contractor, it is easier to give an unbiased assessment of what the best solution for them will be. While the personal service is crucial, as a one-man band it’s obviously important that there is back-up in place. That is always the case thanks to an arrangement with a large Apple authorised service provider in the UK and other local consultants. Plus remote access via the Internet means it’s always possible to support clients even while the Small IT Company is on holiday! Over the past decade, the Small IT Company has successfully helped over 350 individuals and small companies with a wide range of questions and problems. Clients range from a large Trust company to two individuals in their 90s – anyone can outsource their IT to us. ■

Personal service While larger companies may work remotely, a smaller set-up offers the

CUSTOM ER SE RV IC E AWA R D S

GOLD STAR SERVICE

The Guernsey and Jersey Customer Service Awards are about to launch for 2018. Organiser Jill Clark explains her plans for this year and why the awards are so important for local businesses and their customers.

The awards are now in their eighth year, and with headline sponsor Sure continuing its support, this year aims to be the best yet. The awards are designed to encourage and celebrate customer service excellence in the Channel Islands, recognising individuals and teams working in all industry sectors for going that extra mile. Who can enter the awards? Any business or person who provides a service can enter. Sometimes it is only hospitality workers and retailers who first think they can enter – but anyone who offers great service – from bankers and travel providers, to hairdressers and plumbers, can enter and gain the credit they deserve. How does a business enter? The awards are free to enter – businesses can either encourage the public to vote for them or a business can enter themselves. During the voting period, the public will be encouraged to complete a nomination form (available from various locations around the islands) and online at www.thecustomerserviceawards.com The more glowing reports customers provide about a business or individual the higher the chances of being awarded a CSA trophy. Small businesses also have a great chance of winning – the awards are not just about the volume of nominations – we are looking for quality.

Jill Clark

reviewed by a panel of 10 experienced judges; a number of finalists are then selected for each category and are invited to an awards ceremony. These will take place later this year in both Guernsey and Jersey.

What are the categories we can enter in 2018? There are 10 categories open for entry this year, including best business, best team, best individual and best use of social media - full details on all categories can be found at www.thecustomerserviceawards.com ■

Why should a business enter the awards? Entering for a Customer Service Award gives brilliant teams and individuals the recognition they deserve – and inspires others to improve the experience they give their customers. If the members of your team want to win, brilliant service If any will be at the forefront of their company or local minds and they will be keen to business wishes to participate, impress. As well as giving your become a sponsor or requires more customers a great experience, information about the awards, please visit you will also let your customers thecustomerserviceawards.com know that service is important or contact Jill at: to you, by being associated and supporting the awards.

Who decides who wins? Ultimately, your customers do. All nominations and materials are

Awards will be run by myself. With more than 20 years’ experience in the customer service field, I was previously director of customer service at Specsavers. In addition to leading the awards, I am also a customer service consultant and lecturer at the GTA University Centre and College of Further Education. I’m passionate about customer service because I believe businesses can only succeed if they have brilliant people offering fantastic service. If the interaction you have with someone is just ‘ok’ it is just not good enough anymore – it is too easy to move to another provider or the internet. People like to deal with people they like – and it is the businesses who focus on having friendly, helpful, enthusiastic and professional staff that can lead the way.

Who organises the awards? From 2018, the Customer Service

contact@thecustomerserviceawards.com

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GUERNSEY PROPERTY & CONSTRUCTION AWARDS The very best of Guernsey’s property and construction industries will once again be celebrated at this year’s Guernsey Property & Construction Awards.

Now in their fourth year, the awards recognise and reward those who consistently offer excellence, technical expertise, and whose focus is always on the customer, first and foremost.

create a new constitution, a new funding model, and a new set of sub-committees to specifically focus on key areas of importance to the future of the industry, such as education and procurement.

Last year, at a glittering event hosted by BBC Radio Guernsey’s Jenny Kendall-Tobias, 330 attendees were entertained by TV comedian Lucy Porter, as well as a table magician and a charity goal-scoring competition against a Guernsey FC goalkeeper.

The 2018 CIF membership model is based on only a single £10 membership fee and a corporate offering of £50. CIF is generating other income through delegate attendance at CPD events, each offering a discounted entry cost to prepaid CIF members. There are now also additional membership benefits including free tax advice, and discounts on other professional services.

The 2017 winners were: Engineering project of the year Guernsey Electricity Engine 3D project Property agent of the year – joint winners Watts & Co / Mawson Collins Construction professional of the year Jenny Giles Industry supplier of the year RH Gaudion Lifetime achievement award Adrian Ashman Rising star Tim Kaines Tim Guilbert, president of the Guernsey Construction Industry Forum (CIF), also announced some exciting new initiatives at the 2017 awards evening. Since taking the helm in April 2017, Tim and his committee have worked hard to

The CIF has also introduced the ‘Considerate Contractors’ scheme into Guernsey. This scheme offers opportunities to learn from, and be compared with, construction sites throughout the UK with an independent off-island assessor visiting local sites. Tim said: ‘After another tough year for the construction industry with very little capital project work available, it’s great to get together and celebrate the real success stories. Each year this event is growing in both size and stature and is fast becoming the ‘go to’ industry awards event. We look forward to celebrating again in 2018 with, I’m sure, some further surprises up our sleeves to entertain our guests. ‘ There are seven categories in this year’s Guernsey Property & Construction Awards:

• • • • •

Rising star Health & safety Engineering project of the year Industry supplier of the year Innovation

The awards evening is a fun, black-tie event where attendees are invited to bring along their partners and friends, and all organisations are invited to bring along their clients. It takes place on Thursday 8 November at Beau Sejour and includes arrival drinks, dinner, entertainment – and often a few surprises too! Bespoke trophies are presented to the winners. 2018 sponsors to date include Ogier, BDO, G4S and Channel Island Lines. Joe Mooney, from the States of Guernsey Economic Development Committee, said: ‘The Guernsey Property & Construction Awards showcase the island to the wider world as being efficient and approachable, with ground-breaking projects and professional experts in their field.’

Further details on how to enter the 2018 Awards, and book tickets for the dinner event can be found at: www.guernseyconstructionawards.com ■

• Construction professional of the year • Property agent of the year

B UILDIN G & CONSTR U C TION

2018 JERSEY CONSTRUCTION COUNCIL AWARDS The Jersey Construction Council will once again be holding its annual awards showcasing excellence within the construction industry with the gala event taking place on Saturday 13 October at Hotel de France.

The awards event will this year be at the beginning of Construction Week and will conclude with the Council taking part in the Skills Show at Fort Regent to encourage local students to consider the construction industry as their preferred career choice. Sandwiched between these will be a series of other events to be announced later in the year. Nominations for the awards will be accepted after the official launch on Tuesday 24 April and this year, the Council is delighted that the event will take place at Highlands College, who will once again be an awards sponsor. Last year saw the introduction of the Business of the Year Under 10 Employees and the Council will once again be encouraging smaller businesses within the industry to put themselves forward for this award. With the majority of businesses within the industry employing fewer than five people this is seen as one of the prestigious awards to win. Other categories where entries will be invited include – • Sustainability award • Innovation award • Star of the future award • Industry achiever award • Health & safety award 68

• Business of the year over 10 employees award • Project of the year under £1m award • Project of the year between £1-£5m award • Project of the year over £5m award The Council will be offering a mentoring service to any business that enters to assist them with their submission in any of the categories. To ensure a consistent approach with the judging, the awards sub-committee are delighted to announce that Graeme Smith, CEO of Jersey Business, will continue as chairman of the judging panel and will be ably assisted by Ed Sallis OBE, Mike Liston OBE and health & safety inspector Kirstyn O’Brien. This year, they will and this year they will be joined by Sarah Gordon from the Department of Environment who replaces Mo Roscouet. Marc Burton, chairman of the 2018 awards sub-committee, said: ‘We are very much

looking forward to receiving nominations for this year’s awards and recognising their achievements at our gala event on 13 October which is seen as one of the most prestigious awards event of any year. There have been a number of developments over the past 12 months that would warrant some recognition for their design, innovation and delivery.’ Over the years, the annual awards event has raised funds for the Council’s charity The Brick Foundation. In 2017, a significant project was undertaken at Centrepoint with member firms providing resources to update the facilities at a vastly reduced cost to the Council. Further projects are being considered for 2018 and anyone who wishes to put forward a project for consideration by the Council should contact Caroline Harrington at info@jerseyconstruction.org. Further details regarding the 2018 awards will be available to view during the year on the JeCC’s website, www.jerseyconstruction.org. ■

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THE BEDROCK OF THE INDUSTRY Ronez Ltd may have a lengthy history in the Channel Islands, but Steve Roussel, Guernsey director, says its innovative approach means that it’s still at the cutting edge of the industry.

Beneath the surface of almost any building or infrastructure project in the Channel Islands is one common denominator – Ronez – the supplier of construction materials and services which can trace its history in the islands back 150 years.

extensive range of products and services to the Channel Islands’ construction industry. The portfolio includes asphalt, ready-mix concrete, floor screed, precast concrete blocks, road kerbs, block paving, a range of aggregate products either loose or in bags, concrete pumping and road surfacing.

You would be hard pressed to find any Jersey or Guernsey development in the last 60 years that doesn’t incorporate products manufactured by the company.

And then there’s the innovation. Ronez has always had a strong technical capability, with technicians and development laboratories in both Guernsey and Jersey. The development of innovative new products and construction solutions to meet the ever-changing needs of a modern building industry is one of our key strengths. We listen to our customers and act on their requirements.

But the stability and security that comes with strong legacy and tradition should not be confused with inertia, complacency and old-fashioned practices. In fact, quite the opposite – Ronez is at the forefront of innovation, both through the development of new products and the way in which we approach our operations to ensure cost-effective and sustainable building and construction way into the future. Furthermore, we are acutely aware of the necessity to carry out our work in a way that minimises its impact on the environment and its island neighbours. Quarrying activity at St John in Jersey can be traced back to 1869, and we have operated from Les Vardes Quarry in Guernsey since 1961. We are currently conducting exploratory drilling at Chouet headland in Guernsey with a view to establishing a new quarrying site, subject to planning approvals. It is perhaps sometimes overlooked, however, that Ronez is much more than just a quarry operator and supplies an

For example, some of our newer developments include self-levelling floor screeds – a quick setting concrete compound designed to level concrete floors that are uneven, not level or in a poor condition. Lighter-weight precast blocks reduce health risks for construction workers and meet modern manual handling requirements. Also, insulated formwork systems assist in the fast and efficient construction of in-situ concrete walls, while also meeting higher thermal targets. Ensuring that the products and services that we provide meet the latest standards and specifications is a key requirement for Ronez and customer confidence in our ability to achieve this quality standard is underpinned by an ISO 9001 accredited quality management system.

Being a good corporate citizen and using scarce natural resources in a sensitive and sustainable way is another area in which Ronez seeks to set the standard within the Channel Islands. We are proud to have retained ISO14001 accreditation for our environmental management system during 2017. Some of the projects we have supported in recent years include nesting boxes and a monitoring programme to reintroduce red-billed choughs, an endangered species in Jersey, the construction of a nature trail, which is open to the public, around the perimeter of Les Vardes Quarry and the installation of swift nesting towers at Les Vardes. While Ronez is a truly local business with the island communities at heart, we are not insular in our outlook. The business has been secured for the long term through being acquired in 2017 by an ambitious and dynamic new parent, Sigmaroc plc, an AIM-quoted company that invests in and operates new and existing construction material asset As construction methods develop, we will continue to bring innovative products to the market, as responsible stewards of limited natural resources, and remain committed to meeting environmental standards. ■

B UILDIN G & CONSTR U C TION

KEEPING IT LOCAL

Catherine Elliott, director at the Elliott Design Partnership in Jersey, argues that using local providers matters for construction projects as much as grocery shopping.

Whilst it may not happen all of the time, there are many instances of both off-island contractors and consultants being used in place of local when we know there are equal, if not better qualified people on island able to carry out the same work. This can be frustrating in a small marketplace

like ours. Sometimes it is down to cost, which in my opinion is a little short sighted, and sometimes due to a presumption that people from outside the island must be better qualified or have greater experience of specific types of projects, which in reality is not always the case. We are all trained at the same education establishments alongside our UK and European counterparts. Just because we may work for smaller companies locally does not mean there is not the same ability or level of experience for a project. Couple this with the wealth of local knowledge that local consultants and contractors bring with them, which

can help save both time and money, and it seems illogical to go elsewhere. Our local contractors and consultants have a long-term commitment to the islands so the longevity of the project and workmanship will really matter to them. Travel time and costs are kept to a minimum when using local people. These are just a few of the many hidden benefits. There is some great talent in our islands so let’s help to keep it that way by using it to its best. You’ll not only be helping the local economy but also future generations wanting to return to the island. Think twice, use local. ■

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You are probably all aware of ‘Think Twice, Buy Local’ and other campaigns for locally produced fresh produce and goods. The concept has become part of our psyche over recent years so you would imagine that it should be a natural thing to apply it to other areas such as consultants and contractors. Sadly, this is not always the case.

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NEW HORIZONS

Lee Henry, managing director of Jersey Development Company, explains the company’s remit and outlines its plans for Jersey’s Waterfront.

Jersey Development Company (JDC) is wholly owned by the States of Jersey and the company’s remit is to create value for the public of Jersey. This value will be realised in a number of different but complementary ways - financially, economically, socially and environmentally. JDC seeks to maximise returns from its development activities and its property investments and provide opportunities for the island. 100% of profits generated by JDC from the direct development of property will be repatriated to the States Treasury via a dividend, invested in public infrastructure or used as working capital for further developments. Ultimately, the receipts from the company’s development activities are for the benefit of the public. JDC’s mission is to create dynamic innovative and sustainable new environments for people to live, work and invest, ensuring all developments are in the local interest and contributing to Jersey’s bright economic future. The first building at the International Finance Centre (IFC 1) was practically complete in March 2017 and at the time of writing is 74% let. The second building (IFC 5) is progressing on schedule and due to be completed at the end of July 2018. Jersey’s financial services industry remains the island’s most economically important sector, directly contributing 44% of the island’s economic output and employing more than 13,000 people. Locally based financial services companies demand

up-to-date, efficient office space to deliver their services and JDC is playing its part in providing the right infrastructure to support and grow the industry. JDC is not just providing office space. Its first residential development, College Gardens at La Pouquelaye, commenced construction in September 2016. The development will provide 187 muchneeded residential units, including 40 shared equity units for first-time buyers and 40 units that have been purchased by the Jersey Homes Trust. All 187 units have been pre-sold before construction has finished.

Activity is currently at an all-time high creating significant demand for one and two-bedroom apartments. JDC is now marketing its next residential development on the Waterfront. Horizon will provide 280 one, two and threebedroom waterside apartments and penthouses. The new neighbourhood will also provide shops, restaurants and public spaces. The scheme will add more vibrancy to the area and connect St Helier’s business district to the leisure and residential areas on the waterfront. Timing could not be better to commence construction of this major development. Jersey’s economy is currently in a strong position and the trend is set to continue. The latest record employment figures are contributing to a buoyant residential property market. Activity is currently at an

all-time high creating significant demand for one and two-bedroom apartments. Designed by one of the largest and most influential architecture firms in the world, Skidmore, Owings and Merrill LLP, Horizon will provide a new standard in waterside living, reflecting the waterfront as a distinctive, thriving community and promoting an active and social lifestyle. The buildings’ geometric design allows most residences to benefit from extraordinary views overlooking Elizabeth Castle, the waterfront and/ or the marina. Each apartment has been individually designed and maximises the use of natural light with floor to ceiling windows. Residents will enjoy highquality surroundings with fixtures and fittings sourced from specialist, premium retailers. For example, the contemporary kitchens have been sourced from Italy and purchasers opting for the platinum and gold luxury kitchen fit-out options will benefit from quartz work surfaces and soft closing handle-less doors and drawers. The ground level restaurant and retail quarter will include 20,000 sq ft of commercial opportunities for local and national businesses to grow and develop. When completed, a range of shops, cafes and restaurants will be ready to serve the needs of residents, visitors and nearby business professionals. Construction is due to commence on site in the summer of 2018. Horizon will be completed in three phases and phase one is estimated for summer 2021. ■

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HOW TO HELP FIRST-TIME BUYERS With first-time buyers in Guernsey struggling to get onto the property ladder, Advocate Paul Nettleship, partner in Collas Crill’s property department, considers the measures that could be taken to help.

It is a problem faced not only in Guernsey but across the United Kingdom. Many people simply cannot afford to buy their own home. Currently the average house price is over 13 times the median salary, which puts the problem into perspective. It is plain to see that if there are no new buyers coming onto the property ladder, the rest of the market will suffer, which has wider implications for the economy as a whole.

One view is that any government intervention is a bad thing, and market forces should be left to self-adjust. It is not that this problem is not recognised. In 2016, the States of Guernsey commissioned KPMG to prepare a review of the Guernsey housing market, which was published in August last year. But it is a complex issue and one without a silver bullet. One view is that any government intervention is a bad thing, and market forces should be left to self-adjust. But will this work? It appears not to have done so far. So what measures are available for first-time buyers (FTBs)? The KPMG review included some suggestions:

Assistance with savings would entail the States giving a grant/contribution towards a FTB’s savings, similar to the UK’s Help to Buy ISAs. A loan scheme would involve the States loaning to a FTB a certain percentage of the purchase price, to be repayable through a low cost repayment plan or upon a sale of the property. This is similar to the UK’s Equity Loan scheme whereby FTBs can borrow 20% (up to 40% in London) from the government to go towards a new build property. Jersey has something similar already. A guarantee scheme, on the other hand, would mean that the States would guarantee a loan from a lender to a FTB, which loan would likely be capped at around 5% (i.e. half a deposit) leaving the buyer to save for the other 5%.

Jersey has been doing this for a number of years.

Jersey has built a number of starter home developments, which have proved extremely popular. Encourage FTB development The emphasis would be on encouraging developers to build new, affordable homes. In 2014, the UK announced the Starter Home project, which promised to build 100,000 properties and offer them to young people at a 20% discount. However, to date no such homes have been built.

Partial ownership There already exists a successful partial ownership scheme operated by the Guernsey Housing Association. This allows a FTB to acquire up to an 80% equity stake in certain properties. The KPMG Review suggested that new properties could be built which would allow owners to eventually own up to 100% of the property. Given that this would then remove that house from the stock for FTBs, such a scheme would need to be carefully managed to ensure its sustainability.

Help to buy Changes to duty This would be in the form of direct States assistance, such as a savings, loan or guarantee scheme.

offset the initial loss of revenue. However, it is thought that such an incentive would not lead to increased demand on its own.

This would reduce document duty for FTBs. The expected increased volume should

Again, Jersey has built a number of starter home developments, which have proved extremely popular. A property will be purchased by a FTB for, say, 80% of market value, with the housing provider being owed the remaining 20%, repayable upon a subsequent sale. Summary The States have yet to comment on the findings in the KPMG Review, but a Policy Letter is expected very soon. It is hoped that rather than simply picking their favourite, the States will adopt a basket of measures to complement one another and give help to those who need it. ■

B UILDIN G & CONSTR U C TION

Dilapidations liabilities: what you need to know

Anyone running a business in Guernsey and holding a property through a lease could be affected by a dilapidations claim from their landlord at the end of their tenancy. Piers Dereham, senior associate at Ogier, explains what dilapidations are and how you can protect your position. What are dilapidations? In general, a tenant has to leave the property in a certain condition at the end of the lease. A failure to do this entitles the landlord to claim compensation. The term ‘dilapidations’ refers to this type of claim.

• Repairing obligation;

What compensation might be payable to the landlord? Where you do not carry out all the necessary works and vacate the property, the compensation you might have to pay includes:

• Obligations to remove all alterations.

• The reasonable cost of doing the works required to put the premises back into repair; • The loss of rent incurred by the landlord for the time it takes to carry out the works. It may be also possible to claim for service charges and rates. It is often possible to reduce the amount of the claim in any of the following circumstances: • If the landlord actually has no intention of carrying out the remedial works; • If the landlord intends to improve the property; • (For loss of rent claims) if there are other reasons why the property cannot be re-let; • If the landlord intends to redevelop the property substantially. The different types of obligation Breaches of the following types of obligation could be relevant: 78

• Decorating obligation; • Obligation to comply with laws (e.g.: planning, building regulations and fire regulations);

You are not normally required to improve the building.

You need to consider the following factors: • Whether the landlord intends to carry out the repair works; • Whether to instruct your own surveyor for advice; • Whether to commission the works yourself; • Whether to commence negotiations with the landlord early on.

If you occupy a stand-alone building, your repairing obligation will probably extend to the whole building. If, on the other hand, you share the building with other occupiers, it might cover internal, non-structural parts of your property only (with the landlord being responsible for other areas).

Correspondence should be marked “without prejudice” and “subject to contract”, which means that you will not be bound by it until completion of a formal settlement agreement.

Because a repairing obligation might require you to put the property into repair, even if it is not in repair at the start of the lease, a tenant will often limit its liability by having a schedule of condition prepared. If there is a disrepair shown in the schedule, you do not have to repair it at the end of the lease.

You should check the schedule to ensure that:

Correspondence should be marked “without prejudice” and “subject to contract”, which means that you will not be bound by it until completion of a formal settlement agreement. The claim process You need to consider the position well before the expiry of the lease.

The landlord will prepare a schedule of dilapidations. This will identify each breach of your obligations.

• It relates to the correct premises and documents; • It identifies breaches for which you are liable for under the terms of the lease; • The schedule has been properly served. In most cases, dilapidations claims are settled by agreement. In the absence of agreement, the matter will be referred to the court or to an arbitrator or independent expert. ■

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Guernsey property on the up… Howard Mawson, director at Mawson Collins, looks at the prospects for Guernsey’s property market.

Whisper it quietly, but 2017 may have been the year Guernsey property turned a corner. Local market prices stabilised and although the open market still struggled, volumes in 2017 were up on 2016. Price ‘corrections’ are easier for the buyer than seller but are part of the market fixing itself as they help address the valueexpectations of buyers and lenders. It would help the open market still further if the States of Guernsey looked upon the sector as a potential growth engine rather than allowing it to shrink. Careful re-opening of the register might be one measure to help rebalance the island’s economy, as would refocusing the population management regime away

from a fixation on limits. We need more working-age population, not less. A real plus for the Guernsey economy was the greater activity in the commercial markets in 2017, with landmark deals including the sales of Royal Bank Place and Royal Chambers at prices reflecting bullish investment yields (lower yields = higher prices). For larger transactions of this scale to fly, you need investors and lenders confident the underlying rationale is sound. The depth of due diligence they undertake prior to making such large commitments suggests Guernsey is still seen as economically solid. It was also pleasing to see changes to St Peter Port’s retail scene with new units

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opened by brands including Fat Face and Schuh plus other local movers. Retail rents, which had fallen post-2008, are now recovering and core retailing pitches appear almost fully let. We also saw in 2017 more take up of smaller office suites sub 2,000 sq.ft. which is a good indicator of local businesses being willing to invest. Additionally, there were a handful of large industrial property transactions such as the Funky Pigeon letting in the old Post Office and a purchase at Pitronnerie Road by Lordes luxury car storage. As for 2018, the good news is world economic growth is gaining pace, so provided we stay alert and creative, a few crumbs might land on our table!■

Howard Mawson MRICS & Registered Valuer

B UILDIN G & CONSTR U C TION

Don’t Fall Foul of Foul Water

Sophie Boxall, commercial FM business manager at G4S C.I., explains the risks surrounding Legionnaires’ disease and how businesses can protect themselves and their customers.

Legionnaires’ is a harmful disease that is alarmingly prevalent in the UK and affects thousands of people each year. Numbers of those who contract the disease in the Channel Islands aren’t known, but the risk of contamination is no less prevalent. A form of pneumonia caused by any type of Legionella bacteria, signs and symptoms include cough, shortness of breath, high fever, muscle pains, and headaches. Named after an outbreak that caused the death of 29 members of the American Legion (the US veteran’s society) who were attending a convention in Philadelphia in 1976, Legionnaires’ is unlike most diseases. It cannot be contracted from another person but results when droplets from heavily contaminated water are inhaled.

Legionella bacterium is naturally found in warm water and the number one cause of the disease is improperly cleaned water containers and infected plumbing systems. In the workplace it breeds in warm, moist conditions such as: air conditioning systems; fountains and ponds; communal showers; and spa pools. Although it presents a risk of fatality particularly for very young, very old and the vulnerable,

Legionnaires’ can be avoided if you have an effective water management plan. Reduce the risk The risk of catching Legionnaires’ can be reduced with appropriate maintenance and cleaning of possible sources, such as air conditioning systems. As a business, it’s important to engage the services of a qualified water treatment specialist to ensure you are getting the right advice and cleaning solutions and you achieve legal health and safety standards. But not all water treatment providers are equal. Seek specialist support The Legionella Control Association (LCA) is a voluntary organisation whose membership comprises leading providers of services and products concerned with the control of legionella bacteria in water systems. Recently, following a significant period of assessment, process auditing and standards checks, G4S Channel Islands is proud to have been awarded membership of the Association. We are the only Channel Islands’ firm to have attained membership for water management services. The primary aim of LCA and its members is to keep water systems safe and minimise the risk of cases of Legionnaires’ disease caused by poorly maintained systems. Although membership is voluntary, the rigorous application process ensures it is recognised across the industry as an important demonstration of a company’s commitment to high standards of service. Many public and private tenders for water system services now require bidders to be registered with the LCA.

As a member, G4S C.I. have signed up to a code of conduct. This requires us to establish and maintain appropriate management systems for the services we offer. This includes the competency of our staff; communication with the client; monitoring procedures; record management; control measures and legislation compliance. G4S will be audited annually by a team of assessors to ensure these standards are maintained and remain high. Get help today If the water-holding equipment is not managed properly, the Legionella germ may infest it. Over time, Legionella can infest virtually any water-holding equipment, ranging from cold water storage tanks and standard mains pipe work that may have opportunities for stagnant water to sit, i.e. dead legs, to high risk areas such as pools and spas. That’s why you need the help of a professional Legionella treatment specialist who can provide the following services: • Legionella risk assessment • Water treatment • Hot and cold water monitoring and inspection • Cleaning and disinfection • Independent consultancy • Training • Off-site analytical (Legionella) • Plant and equipment • Facilities management ■

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B USIN ES S IN TH E COM MU NITY

Skipton Swimarathon is searching for a Guernsey project to support in 2018

Collas Crill sponsored Jersey Football Association’s youth community programme

Saffery Champness marked 40th anniversary by planting 40 trees at Guernsey’s Delancey Park

20 Guernsey charities set to receive funding from the 2018 Saffery Rotary Walk

The Channel Islands Co-operative Society supported national campaign, ‘Be Safe, Be Seen’

Zedra in Guernsey raised more than £2,000 for local good causes

The Ana Leaf Foundation donated almost £3,000 to successful schools in the De Putron Challenge

Waves agreed three-year sponsorship deal with Guernsey Rovers Football Club

Moore Stephens volunteers gave the Autism Jersey Boutique a fresh look

ABN AMRO support of junior academy has increased the number of young players

AFM chose the Guernsey Blind Association as their 2018 partner charity

The International Stock Exchange raised ÂŁ2,700 for The Ivy Trust

Next Generation IT director to raise money for Penny Brohn charity at London Marathon

B USIN ES S IN TH E COM MU NITY

Give yourself

AWAY!

Contact met Lord Michael Hastings CBE on his recent visit to Jersey. In his only full sit-down interview, he explained how people, businesses and politicians across the islands can do their bit to make the world a better place.

He’s a peer of the realm. He sits at the top table of one of the world’s big accountancy firms. But Lord Michael Hastings is far from ready to take it easy and retire to the red benches at Westminster. He’s on a mission to make the world a better place. As KPMG International’s head of corporate citizenship, he’s drumming up awareness of the United Nation’s 17 Sustainable Development Goals (SDGs) and trying to encourage everyone he meets to take notice and, most importantly, take action. But he acknowledges long-term targets don’t get the same kind of coverage in the media that immediate events do. ‘If there was a great global catastrophe people would talk about it. Catastrophe, pressure, war, conflict, you get a kind of global resonance. When it comes to

ambitious policy driven imperatives that are going to require a really determined, grown up, gutsy decision making by the governments of the world, by the NGOs of the world, by the business leaders of the world, by the citizenship of the world, you’re in a struggle of individualism against the collective good.’ The goals he’s talking about were agreed at the UN back in 2015. Among them ending poverty and hunger, ensuring everybody has access to good healthcare and quality education, providing clean water and affordable energy, and tackling climate change and pollution. ‘The good news is that companies large and small, as well as governments, the World Bank, it’s resonating. But is the consumer getting it?’

We ask whether that’s because the goals seem so big, so abstract, and a world away from Guernsey and Jersey. He says that’s no excuse.

At the age of 16 I determined that I would speak for the poor and articulate the case of the poor. I wanted to be part of the answer. ‘Well, there are 169 targets that underpin the 17 objectives so you can break it down. In the same way that we, KPMG, have taken goal number four, lifelong learning. We’ve focused on two or three of those primary targets around financial literacy and normal reading literacy. The opportunity is there for every company to take a hard look at one of those STGs and look at the targets underneath them and say what aligns best for us? And then be really ambitious and say what doesn’t align best for us and let’s do that too.’ It’s that which led him and his colleagues to back a project called Cycle For Water, which saw a team of cyclists work their

B USI N E SS I N T H E CO M MUN IT Y way along the Pan-American Highway to raise awareness of water scarcity, and raise money for projects to help those in need.

And with a general election on the horizon in Jersey in May, he hopes candidates will think globally, rather than locally, to inspire the electorate. Beyond that, the project he’s most proud of is the transformation of a povertystricken community on Pemba Island off the coast of Tanzania. It took seven years, but that village now has a sustainable multi-million pound economy rooted in seaweed fishing and farming, there’s a maternity clinic so the deaths of mothers in childbirth have been all but eradicated, and every home has a toilet.

bends towards justice. But it’s up to government and every political leader how much they pull that arc closer to them to make the bend shorter or if they’re just going to propose a culture of indifference. And I don’t get the sense that’s what Jersey is about.’ But in the same way that two heads are better than one, could two governments be better than one? After all, there has been talk for years of Jersey and Guernsey working more closely together.

‘At the age of 16 I determined that I would speak for the poor and articulate the case of the poor. I wanted to be part of the answer. Second, I have a very vivid and real faith. That’s not do-goodism in the place of faith, it’s faith that’s doing good and that is right. And the third principle is that the greatest happiness measured independently is to give yourself away. People are struggling for happiness and they change their hair, change their clothes, change their nails, and they get more miserable as life goes along. And the more people possess, the more unhappy and

He says it’s an example of how investing in a community can be transformational. ‘There is no shortage of the money necessary to achieve the goals. Everybody knows that. But it’s whether the will is present to invest the resources. I’m not talking about aid. I’m not talking about giving away trillions of dollars just for the sake of goodwill, good as that would be. This is definitely hand up rather than hand out.’ And with a general election on the horizon in Jersey in May, he hopes candidates will think globally, rather than locally, to inspire the electorate. ‘Jersey could say, actually, we’re going to take this one on as we’re a centre of finance on the world stage. Jersey has a leveraging authority that it can choose to deploy. Don’t be afraid to galvanise that. You have the opportunity to make that big leap. ‘I have the words of Martin Luther King in my mind who said the arc of history is a long one, but ultimately one that

‘It doesn’t happen because the citizenry aren’t sufficiently anxious about it to make it enough of a pig fight to be worth swilling about to make the change galvanise in the political class. It should come from a vision of the good society. This was the vision from Kennedy of what America could be like. What is the great society Britain wanted after the Second World War? What was the development of public service really all about? This was about an open and fair and just society. There was a vision, and a vision is what politicians can paint. And if they don’t do it alone, business leaders and politicians should paint it together.’ Less than an hour into our time with Lord Hastings, it’s easy to see why he’s able to fire people up. But, on the eve of his 60th birthday, where did this drive originate? He tells us it’s rooted in three things.

uncontent they are. The less they have, the happier they become. The more they give away, the more contented they become.’ He wants businesses in the islands to find a way of channeling that ‘give yourself away’ approach. One that’s good for business and good for the world, as he sums up in one short sentence before we go our separate ways: ‘If we can absorb that kind of thinking, life is pretty meaningful and blissful.’ ■

FURTHER INFORMATION You can read more about the UN’s Sustainable Development Goals at www.sustainabledevelopment.un.org

Follow Lord Hastings on twitter @LordHastings

INTERN ATIONA L WOM E N’S DAY

Olympia McEwan

INSPIRATIONAL ISLANDERS

An art exhibition in Guernsey will mark International Women’s Day on Thursday 8 March. It is part of local artist Olympia McEwan’s ‘yellow chair’ series of portraits, which are currently on display at Candie Museum highlighting notable women in the island. Olympia McEwan was first inspired to paint her ‘yellow chair’ portraits in the summer of 2016, when she visited a David Hockney exhibition at the Royal Academy. It included 82 portraits, all the same size and showing their sitter in the same chair against the same background. Hockney had painted each portrait in three days over a two-year period, and Guernsey-based artist Olympia knew she wanted to do something similar. ‘The challenge for me was to find a theme or subject matter that would inspire the kind of dedication that would be required for such a project. I knew I would need a group of people who all had something in common, other than just knowing me. It had to be a group of people whose work or reputation was known and

recognised as invaluable to the happiness and welfare of our island community.’ But it soon dawned on Olympia that the inspiration for her portrait project was all around her. ‘There are women in our island who work tirelessly in their various fields, some better known than others. And for those lesser known, I wanted to shine a light on their amazing work. These women would include those who give employment to others, raise awareness of people’s rights, enable empowerment through education or feed and clothe those in desperate need. I began to create a wish list of high profile women as well as those I knew who were working under the radar of media coverage and public recognition.’

Olympia’s wish list of inspirational women included well-known businesswomen such as Specsavers’ Dame Mary Perkins and international jewellery designer Catherine Best alongside charity workers such as Sarah Griffiths MBE and Dr Susan Wilson MBE. But no matter what area the women worked in, all of those she approached were keen to get on board and support the project. Once Olympia had her inspirational women, she then had to go about the process of painting them. ‘With a 12 month deadline and 15 portraits to complete, it was very early on that I realised I would have to standardise the format of my paintings. I also decided they would be life size and all on the same eye-line. This would not only give the paintings a sense of cohesion, but it would give the sitters equal status and

I N T ERN AT I O N A L WO M E N ’ S DAY

Catherine Best

Dame Mary Perkins

Sasha Kazantseva-Miller

The Portraits Connie Armstrong educationalist

There are women in our island who work tirelessly in their various fields, some better known than others. And for those lesser known, I wanted to shine a light on their amazing work. recognition. Each would occupy the same amount of space in the gallery and also allow for the same amount of focus by the viewer.’ The ‘yellow chair’ of the exhibition’s name comes from exactly that. ‘I have a platform in my studio, upon which sits my yellow plastic bucket chair. This is the chair on which all of my amazing women have sat. It is egalitarian in its purpose and functionality, and aesthetic in its design. It is undeniably a humble statement about the sitters and their willingness to volunteer their time and support to this project. Without their can-do-attitude, this exhibition could never have happened.’ As part of the exhibition, and in this centenary year for women’s voting rights, Olympia wanted to recognise International

Women’s Day on Thursday 8 March. Supported by Candie Museum and the Guernsey Arts Commission, she has curated a day of inspirational talks by some of the women featured in her portraits. Local students have been invited to attend and there will be spaces for the general public available on a first come first served basis.

Catherine Best jewellery designer Karen Blanchford executive director, Guernsey Disability Alliance Anita Davies doula Sarah Griffiths MBE founder, Bridge 2 charity Sasha Kazantseva-Miller chief mummy officer, Islandmums Reverend Linda Le Vasseur lead chaplain, Princess Elizabeth Hospital Olympia McEwan artist Teresa O’Hara founder, Dyslexia Day Centre Jean Owen musician

The yellow chair portraits are on display at the Greenhouse Gallery at Guernsey’s Candie Museum. Entry to the museum will be free of charge to mark International Women’s Day on Thursday 8 March, courtesy of Islandmums. Further information can be found at www.yellowchairportraits.com ■

Dame Mary Perkins co-founder, Specsavers optical group Anna Smith Guernsey Volunteer Service Janet Wakefield Guernsey Adult Literacy Project Dr Susan Wilson MBE founder, Tumaini fund Valerie Winn Dandelion Foundation

FEATUR E

MEET THE

BOSS

Paul Talbot, director of Jersey Bus and Boat Tours, tells Contact about the ups and downs of life in the tourist trade.

Tell us about the company and what it does. It all started in the summer of 2009, I was sitting on a coach going along the coast road wishing I could stick my head out of the window because it was so hot! That was the exact moment I realised Jersey was missing a trick and we should offer an open top bus tour. That night I did some research and came across a beautiful old vintage bus on eBay, the green Bristol LH. It needed a lot of restoration work but by 2010 it was ready to hit the roads and the green Char-A-Banc was the first bus to form Jersey Bus Tours. It wasn’t all plain sailing, the bus was vandalised after just three days on the island and the night before the first wedding fair of the year. It caused over £20,000 worth of damage and set me back six months. It was a devastating blow but made me even more determined to make it work and I had her back on the roads by June. That first year I was a one-man band salesman, bus driver, mechanic, secretary – seven days a week. Thankfully the bus was a huge success and by the 2011 season I was able to take on staff and drivers and grow the business. Now called ‘Jersey Bus and Boat Tours’ we have three vintage buses including our double decker, four coaches, one minibus, 30 bicycles, and a 100-person passenger boat called ‘The Jersey Duchess’. 88

What does an average day involve for you? An average day, what’s that? It’s a constant juggling act but that’s what keeps it interesting. What’s your favourite part of the job? Meeting new people every day and working with such a brilliant team. Working in the tourism industry introduces you to different people from all walks of life on a daily basis and due to my own passion for travel I always look forward to speaking with visitors to the island and hearing a bit of their story. Our staff are a family, they put their heart and soul into the business and I am very lucky to have them. What do you least enjoy about the role? No matter how well you oil the machine, these old buses take a lot of TLC and although I’m a problem solver by nature and secretly love to fix things and find solutions, try searching for a head gasket for a 1940s double-decker bus! That’s when living on an island with longer lead times for ordering parts can be quite testing. However, we have a local chap called Charles Le Couteur who can fix practically anything. I could not run this business without his support and love of British engineering. What do you attribute your success to? At the beginning, hard work, determination, strong coffee and a supportive family and

girlfriend. Now, an incredible team that I couldn’t do any of it without. How do you think your employees would describe you? It depends if I’ve eaten or not! What advice would you give someone hoping to start a similar business? Go for it! There’s nothing more rewarding than working for yourself and building up your own idea from scratch. Keep your feet on the ground, give yourself a good work/ play balance (I’m still working on that one) and eat healthy food. What are the advantages and disadvantages for you of being in Jersey? I’m Jersey-born so know the island like the back of my hand and have a great network of people on my doorstep. This makes a massive difference when setting up a new business, getting the word out and having the support you need when taking risks. The disadvantages for me will always be around sourcing parts, being weather dependent and finding seasonal bilingual staff. If you could have had an alternative career, what would it have been? I have always been drawn to the arts, my degree is in product design which I studied at Brighton University. I wanted to go into installation art … there’s still time I guess! ■

The future is knowledge Thereâ&#x20AC;&#x2122;s nothing more powerful than 8 billion people with access to lifelong learning. bit.ly/kpmg-lifelong-learning

ÂŠ 2018 KPMG Channel Islands Limited, a Jersey company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

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