MaltaCEOs 2022 by Content House

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MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

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JO CARUANA – EDITOR, MaltaCEOs 2022 36

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

jobs in record numbers, choosing instead the flexibility of freelance or even reduced hours. For businesses this poses a problem: how do you take decisions and scale without the certainty of your team? It is worrying, but also giving rise to opportunities for honing and developing company culture, and for becoming an employer of choice. More than ever, our CEOs talked of how their people are the clear backbone of their success and how important it is to nurture and develop them as a win-win for both the business, and its people.

My scheduled appointment with many of Malta’s leading business minds has become an annual privilege. After all, to know a country is to know the people spurring its economy and working at grassroots level to bring innovation and change. So, who better than these top CEOs to provide insight into the year just gone, and to make predictions for the 12 months to come? It would be remiss not to admit 2021 was a challenging year for many. As the COVID-19 pandemic raged across the world, the shock of 2020 wore off and businesses everywhere had to deal with the fallout. The initial drive that bolstered entrepreneurship and camaraderie in the early pandemic wore off, and it was evident 2021 needed clear heads, dynamic strategies and long-haul thinking to keep businesses energised and afloat.

Unsurprisingly, ‘sustainability’ also remains one of the constants on many CEOs’ lips. Most highlighted climate change among their concerns, and called on the authorities to do more to mitigate the many difficulties it promises to bring. But they see opportunity too: the chance to undo damage, learn new and better ways of doing things, and craft organisations that don’t only serve their bottom line but bring positive change to their communities and, in many cases, the planet.

Of course, some businesses thrived. Many of the CEOs you’ll meet on these pages say the pandemic opened their eyes to options they could never have even imagined before. Some realised opportunities domestically and moved into gaps fuelled by changes to the local economy. Others were fuelled by prospects overseas, and understood that, in many ways, the global economy had become more accessible to Maltese businesses than ever. In fact, many of our CEOs report incredible growth – often in areas that may have seemed inconceivable before early 2020.

So, as we leave 2021 behind, it’s clear it has been a mixed bag. As always though, the business minds you will meet across these pages have proved their places as the thinkers and doers of this world. Their insight begs pause for thought – as it is clearly in their solutions-oriented approach that so many of our current challenges can be overcome. I trust that you will relish your time with our CEOs as much as I have. Happy reading.

As always while putting together this publication, clear trends emerged. This edition, one of them was the unignorable challenge of human resources. The ‘great resignation’, as it is being called, is far from a local issue. Across the world, people are resigning from their 9-to-5

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Jo Caruana

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Because we care about the environment, MaltaCEOs 2022 is printed on FSC-certified paper, a certification which provides assurance that the paper is from sustainable and wellmanaged sources, thereby minimising its environmental impacts. Content House Group Ltd would like to thank all the protagonists, contributors, advertisers and the project team who have made this publication a success. The editorial appearing in this publication does not necessarily reflect the views of Content House Group Ltd. All rights reserved. Reproduction in whole or in part without written permission of the publisher is strictly prohibited. The selection process of the 50 CEOs featured in the 2022 edition of this prestigious publication has been made at the sole and exclusive commercial and editorial discretion of the publishing company. Interviewees have not been featured in any particular order. The publication is distributed to leading businesses and companies in Malta, as well as to prominent business people and CEOs in Malta, and distributed for free to leading law firms, accountancy and audit firms, iGaming companies, banks, business centres, financial institutions, Government agencies and ministries. The publication is also distributed to embassies and consulates in Malta, and is also available at leading newsagents.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

2022: TOP CEOs PREDICT WHAT’S TO COME

ONCE AGAIN, 2021 TESTED LIMITS ACROSS ALL INDUSTRIES, AS LIFE A N D B U S I N E S S CO N T I N U E D TO A DA PT TO T H E EVE R - C H A N G I N G ‘ N EW N O R M A L’ . A S W E L AY T H E Y E A R T O R E S T , W E L O O K A H E A D W I T H F R E S H E X P E C T A T I O N S A N D T U R N T O 1 0 O F M A LT A ’ S T O P B U S I N E S S LEADERS FOR THEIR PREDICTIONS. THEY WEIGH IN WITH THEIR PE R S PECT IVE S O N WH AT ’ S N EXT A N D H OW TO FAC E I T H E A D - O N .

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Andy Gatesy Chairman and CEO, Toly Group Andy Gatesy has vast experience and unparalleled expertise in the cosmetic business. Under his direction, Toly Products has become a world-class supplier in the industry.

“For me, one word summarises the outlook for 2022: scarcity. From scarcity of human resources to scarcity of money. As a result, lead times are extending, costs are increasing and inflation is rising. We need to plan further ahead and engage our workforce to be inspired, aligned to our vision and supported as human beings – not as human doings with a job title. “To succeed, businesses must clarify their strategy – their distinctive approach and competitive advantage. Toly’s theme for 2022 is: be different and think different for a sustainable future. The future is in our hands and, for us, the future is now. Despite celebrating our 50th anniversary in Malta, I believe that we are just getting started.”

To succeed, businesses must clarify their strategy – their distinctive approach and competitive advantage.

There are some great opportunities out there – let’s grab them while taking care of each other, our customers, the planet, and our own well-being.

Peter-Jan Grech CEO and Founder, BRND WGN Having founded a brand consultancy agency that supports businesses to adopt creative, meaningful and positive brand strategies, Peter-Jan Grech is a champion of change. “In 2022, customer experience, digital evolution and climate change should be the main themes on every organisation’s radar. We also need to keep an eye on spiralling costs, strained logistics, availability of resources, and inflation. “Locally, we cannot ignore Malta’s greylisting by the FATF and its decreasing appeal for FDI and next-gen workers. It is time for Malta to do some

mature soul-searching, set a long-term vision independent of political drama, and work towards it. “As business leaders we need to get out of COVID-19 fire-fighting mode and go back to long-term planning. There are some great opportunities out there – let’s grab them while taking care of each other, our customers, the planet, and our own well-being.”

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Maria Bugeja CEO, Saint James Hospital Operations and Managing Director, Niumee Ltd A colourful and energetic leader, Maria Bugeja is passionate about helping others – as evident in her choice of business – and is equally devoted to CSR. “COVID-19 has helped us accelerate our investment in digital medicine to offer our patients a more robust, user friendly and secure online (telemedicine) platform that can partially replace the physical consultation. This will provide an alternative means to being treated by specialists and doctors without the need to leave one’s homes or offices.

The population is feeling more confident and informed about ways to prevent and manage COVID-19.

“Currently, the population is feeling more confident and informed about ways to prevent and manage COVID-19. It is only Government restrictions and the migration of a new strain not covered by our existing vaccines that could be a potential economic threat. The upcoming elections will cause yet another slowdown in the economy, so let’s hope it will not be a long run-up.”

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Businesses need to adapt to changing employee and customer priorities.

Kevin Rapinett Group CEO, Halmann Vella Following a long career in banking, Kevin Rapinett brings a wealth of experience to his position and leads this well-established business to continue delivering the service excellence for which it is known.

“The uncertain job market is a key risk to the economy right now. Suitably skilled workers have been the toughest to engage, following labour gaps created when foreign workers departed at the outset of the pandemic. The manufacturing industry must respond by ramping up its reskilling and upskilling efforts, while collaborating better with outsourcing partners for non-core operations within the sector. “Economic growth will likely remain driven by private consumption, though not without headwinds. Economic performance will hinge on supply chain bottlenecks and inflationary pressures from surging transport costs and commodity prices. Businesses need to adapt to changing employee and customer priorities. We cannot bet too much on brick-and-mortar making a long-term comeback.”

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Natalie Briffa Farrugia CEO, CareMalta Group

“Following an exodus of nurses to the UK, our sector is suffering from a severe shortage of staff. Hoping for a better 2022, we are reinforcing our strengths, reaping the fruits of our team spirit and synergising our resources and tools.

Natalie Briffa Farrugia’s value-driven philosophy aligns perfectly with the ethos at CareMalta – a care service provider that is committed to giving the highest quality service in the industry.

“The number one priority in our industry should always be the human element. If we do not give our workforce the importance it deserves, our path will be truly challenging. The well-being strategy and policy we set up is a commitment to both physical and mental health. “Lastly, it’s a feel-good factor that will help turn 2022 into a positive year. Appreciating the little things again after they have been lost is a real morale-booster.”

It’s a feel-good factor that will help turn 2022 into a positive year. Appreciating the little things again after they have been lost is a real morale-booster. 45

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Norman Aquilina Group CEO, Simonds Farsons Cisk plc Having held senior positions in the Malta Business Bureau and the Malta Chamber of Commerce, Enterprise and Industry, Norman Aquilina is a leading figure in the local business landscape, and heads a company that enjoys a prime position in the beverage industry. “With many economies still coming to terms with the spillover effects of the pandemic, the expected pace of change in market dynamics is set to continue posing both challenges and opportunities in 2022. “The prospective outlook for many depends heavily on how well-prepared

If businesses have learnt anything from COVID-19, it is the importance of being agile and responsive, along with being innovative.

businesses are to take them on. If businesses have learnt anything from COVID-19, it is the importance of being agile and responsive, along with being innovative. “Attuning to socio-economic realities, addressing environmental concerns, tapping into emerging trends, keeping up with tech advancements, responding to consumer demands, and updating business practices – there is no shortage of ways for companies to gain a competitive edge that can help them navigate the road ahead.”

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Massimo Zammit CEO, Teatru Manoel Keen to make our national theatre a place for everyone and to engage audiences from diverse backgrounds, Massimo Zammit has his work cut out for him as Teatru Manoel strives to bring theatre to the public in ever-fresher ways. All in spite of constantly changing health and safety regulations!

“The pandemic situation remains very fragile and uncertainty persists as containment measures and conditions to organise business activities are revised regularly. “So, in our industry, 2022 will bring more pressure to reach audiences through alternative means, increase use of digital tools and digital upskilling, and participate in more crosssectional collaborations. International exchange will also be crucial for innovation, as we learn from peers abroad, and react to new trends early on. “While online streaming did bridge the gap between the artists and the public, it can never compare to live theatre. We look forward to live theatre returning more and more in 2022.”

We look forward to live theatre returning more and more in 2022.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Be agile and plan strategically for profitability and liquidity because there is nothing more strategic, especially in and after a crisis.

David G Curmi Executive Chairman, Air Malta plc Occupying several top positions throughout his long career in the insurance industry, David Curmi was able to develop his expertise in financial services. He now sits at the helm of Malta’s flag carrier airline. “We are not yet out of the woods in the travel sector. 2022 will be another difficult year, with pre-COVID-19 passenger movements not likely to be reached before 2024. But the second half of 2022 should be better than the first. The main challenge will be to create adequate revenue streams. “My advice is to be agile and plan strategically for profitability and liquidity

because there is nothing more strategic, especially in and after a crisis. Do not plan to ‘return to normal’ – that means running your business the way you always did. Instead, take the opportunity to completely rethink how to do business. The industry will, at some stage, recover. But it will no longer respect tradition – it will only respect change and innovation.”

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

David Curmi CEO, Curmi & Partners Ltd “2022 will be challenging yet exciting. Investment markets have a number of headwinds to counter, including inflation, interest rate hikes and geopolitical issues. Strategies to attract and retain quality staff will be an important driver of success, in any company.

David Curmi’s approach to keeping things human lends itself well to the investment management industry and to his investment advisory role in international family offices.

“Beyond the fallout from the greylisting and the distraction of an election, locally we must also face the economic challenges of a small, import-dependent island – particularly when it comes to the disruption to supply chains and transportation. All of this when many businesses are already badly bruised by the pandemic and Government support is being phased out. It is not going to be an easy year.”

Strategies to attract and retain quality staff will be an important driver of success.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Fabio Muscat CEO, Ozo Group Fabio Muscat’s people-centric outlook pushes business to exceed client expectations, lining up with his confident and forward-looking vision to keep the company up-to-date and on top.

“The pandemic’s enduring unpredictability made it imperative for us to be agile and responsive to restrictions in different markets across the globe. Although our industry is still facing repercussions, we have been able to grow our business sustainably and provide our clientele with quality and reliability. “Showing resilience and perseverance in the toughest time in recent history has filled us with determination to keep investing in our business and the Maltese economy. The challenges ahead can be overcome, and we will undoubtedly come out stronger. “Now we are optimistic that the country will resume its journey towards normality. The resilience of our economy continues to show growth, and this should have a positive impact on the future.”

The challenges ahead can be overcome, and we will undoubtedly come out stronger.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

MalteseCEOs

MAKING T H E E N T R E P R E N E U R I A L S P I R I T O F T H E M A LT E S E H A S G IVE N R I S E TO A G R E AT D E A L O F I N N OVAT I O N OVER THE YEARS . LOCAL BUSINESSES CONTINUE T O E V O LV E A N D K E E P PA C E W I T H T H E D E M A N D S O F A R A P I D LY C H A N G I N G W O R L D .

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

WAVES Overseas This is also true of talent born locally when it takes root in environments further afield – whether in Europe or beyond. Time and again, we have seen Maltese leaders take up top positions in international companies, start and grow overseas businesses from scratch, or scale their operations internationally. Today, we speak to three such business minds who have carved their own path beyond our shores and are now at the helm of sizeable organisations. What do they all have in common? Adaptability, a reverence for diversity and, of course, unstoppable entrepreneurial spirit. 55

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

JOHN PSAILA CEO and Managing Partner, Deloitte Luxembourg H AVI N G WO R K E D AT D E LO I T T E LUXE M B O U R G FO R 2 0 YE A R S A N D FO R THE DELOITTE NETWORK FOR OVER 25, JOHN PSAILA HAS JUST BEEN R E C E N T LY R E - E L E C T E D F O R A S E C O N D F O U R - Y E A R M A N D A T E . T O D AY A S T A LW A R T O F T H E O R G A N I S A T I O N , J O H N O R I G I N A L LY P L A N N E D T O S T AY A C O U P L E O F Y E A R S A T M O S T B U T S U R P R I S E D H I M S E L F B Y BUILDING AN ENTIRE CAREER AND LIFE IN LUXEMBOURG.

While 2020 was taken up with reacting to the pandemic and implementing structures to ensure business continuity, John observes that things were finally able to take a different turn in the last 12 months. “In 2021, the emphasis was more on laying the groundwork that would allow us to emerge from the COVID-19 crisis stronger than we entered it. The needs of our professionals and clients have shifted dramatically, and the current challenge is to ensure our business model is sufficiently agile to preempt the consequences of the pandemic’s seismic shifts.”

Reflecting on his own experience, John believes that his Maltese heritage plays an important part in his self-perception, his place in the world and his success. “I think that my Maltese connection is fundamental to who I am. As a consequence of our history and geographical connections, we Maltese are able to derive the best from the many cultures that have merged to form our own. We are rigorous and sometimes humorous in a very British way, but at the same time gregarious and life-loving in a very Latin way.”

John’s expectations for the year ahead are best described as cautiously hopeful. “It would be unwise to predict the future in times of profound change. However, my take is that, while changes in the way we work and live are probably here to stay, we can hope that a rather steep recovery is on the horizon for many businesses and, hopefully, the global economy.”

While it could well be this innate versatility that helped him adapt to a career overseas, John praises Luxembourg as an excellent business hub for locals and expats alike. “The diversity of its people, its location in the heart of Europe and its dynamic and stable environment make it the place of choice for businesspeople wishing to expand and strengthen their activities.”

According to John, companies that are quick to adapt to the most urgent demands of the global landscape are more likely to bounce back and stay ahead of the game. “I am convinced that the successful businesses of tomorrow will be those that resolutely embrace digitalisation, embed sustainable practices at their core and make their people – their greatest assets – the foundations on which to build their future success.”

John compares his own inherently Maltese “appetence for diversity” to that of the company’s work ethic. “Like Malta, our business derives its strength from the rich variety of profiles and clients that characterise our life at Deloitte and make us stronger together.”

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

We Maltese are able to derive the best from the many cultures that have merged to form our own. 57

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

The Maltese diaspora is very connected in Europe, and everyone is always open to helping.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

PAULA PANDOLFINO Founder and CEO, Txeya

A SERIAL ENTREPRENEUR AND INVESTOR WITH OVER 20 YEARS’ E X P E R I E N C E I N B A N K I N G A N D T E C H N O L O G Y , PA U L A PA N D O L F I N O HAS OCCUPIED SENIOR POSITIONS WITH SOME OF THE WORLD’S L E A D I N G B A N K S . PA S S I O N A T E A B O U T E Q U A L I T Y A N D C R E A T I N G E Q U A L O P P O R T U N I T I E S I N E N T R E P R E N E U R S H I P , PA U L A W E N T O N T O F O U N D T X E YA – A D I G I T A L B A N K I N G P L A T F O R M B A S E D I N T H E U K T H AT PR OVI D E S ACC E S S TO F U N D I N G A N D S U PP O RT TO BUSINESS OWNERS FROM DIVERSE BACKGROUNDS , INCLUDING THOSE WHO ARE FEMALE, BLACK AND LGBTQ+. In spite of the challenges Paula and her team faced in 2021, a bright side still shone through. “Trying to manage a business from multiple jurisdictions (in Germany and the UK) with everyone working remotely has definitely been the hardest challenge. Technology enabled us to stay connected and work as close to business-as-usual as possible. I am lucky to have an incredible team who are agile and work well together – wherever everyone is sitting!”

of other Maltese expats she discovered over the years. “The Maltese diaspora is very connected in Europe, and everyone is always open to helping. My mantra has always been to help people when possible and give people time, even doing something as simple as offering some career advice or forwarding a CV. It might seem like a small thing, but it can have a huge impact on someone’s life. This is something I’ve inherited from my parents and my Maltese heritage.”

To Paula, this will remain key to continued business success as the year progresses. “I think COVID-19 is going to continue to be the central theme for 2022, and businesses need to plan for extended remote work and, possibly, reduced government subsidies. There are macro-economic factors that could also play in, such as inflation and higher interest rates, but that could be late in the year. Nevertheless, there is still lots of private capital out there looking to be deployed, especially for growth businesses.”

Paula offers practical advice to fellow Maltese entrepreneurs aspiring to put down roots overseas. “Make sure to understand the local nuances and complexities of the culture when considering a move into a new jurisdiction. I moved to Germany after 20 years in London and found that doing business in Germany is certainly not the same as doing business in the UK. I think this is where many businesses fail, particularly when they are scaling. To anyone looking to start a new business – being an entrepreneur can sometimes be a lonely place. Don’t be afraid to speak to as many people as you know from your network and lean in.”

Describing her experience as a Maltese native based abroad, Paula refers to the almost communal network

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

MARIUS CIAVOLA CEO, Tradeling

D E L IVE R I N G I N N OVAT IVE S O LUT I O N S , B U I L D I N G O PE R AT I O N S A N D L E A D I N G T E A M S T O E X C E L L E N C E A R E A L L PA R T O F M A R I U S C I AVO L A’ S P O RT FO L I O. N OW, A S T H E H E A D O F T R A D E L I N G , M A R I U S H A S A W E A LT H O F E X P E R I E N C E I N T H E E C O M M E R C E S PA C E , H A V I N G A L S O B E E N I N S T R U M E N T A L T O T H E C O M PA N Y ’ S S E T - U P . A S A B 2 B E C O M M E R C E P L A T F O R M , TRADELING GIVES MARKETS IN THE MENA REGION ACCESS TO G L O B A L S U P P LY , C R E A T I N G B U S I N E S S O P P O R T U N I T I E S T H A T P U T T H E C O M PA N Y A T T H E F O R E O F D I G I T A L T R A D E . For Marius, 2021 was not without its fair share of trials. “The Middle East and North Africa (MENA) region is a highly dynamic and competitive one due to the influx in investment within different industry sectors. This past year we witnessed a high demand for talents in all fields, but especially in engineering and software development where employers are fighting to find people with specialised skills and the qualifications necessary to perform the job at hand.”

Like most Maltese people, I am tolerant of other customs, traditions and religious beliefs – something that is reflected in the company I run.

What makes the challenge of attracting top tech talent even more daunting? The fact that it is truly an employee’s market. “We have witnessed a shift in employee needs. Millennials are looking for a positive candidate experience as well – everything from the ease of submitting their application to the level of communication throughout the interview process can impact how prospects see your company.” The solution, in Marius’s view, is to nurture a strong corporate culture. “Culture is the collection of values that distinguishes a company from its competitors. A strong company culture sends a powerful message about the organisation, its employees and its products or services. We are proud to be a people-first corporation that focuses on employees’ individual needs – away from a onesize-fits-all approach. Putting your employees first is an important component of building an effective work environment.” With such challenges being addressed as efficiently as possible, Tradeling is gearing up for a packed and profitable 2022. A recent survey carried out by the company among 500 business executives set out to evaluate demand in the MENA region and the opportunity for growth. Findings were very promising as it turns out that 60

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

online purchase is the primary procurement method across the board. On top of that, an overwhelming majority of the executives expect businesses to use B2B eCommerce even more in the future. “Globally, B2B has overtaken B2C sales through online transactions. The opportunity is massive, so our goal is to stay focused on building a complete ecosystem for our customers in the region, and to expand our footprint beyond the UAE in 2022. The future is bright and we are ready to become the dominant B2B platform in the region.”

prefer to create an environment of trust, integrity and honesty before doing business. Similarly, like most Maltese people, I am tolerant of other customs, traditions and religious beliefs – something that is reflected in the company I run, as diversity is one of the key values we embrace.” Marius concludes by sharing his keys to business success, which can be applied to any context, locally or abroad. “First of all, connect with the right partners and team members, and create the right infrastructure for your company. Then get creative and consider new ideas and innovative solutions. Do your due diligence well. And, finally, be willing to change direction and adjust to your customers’ needs.”

Marius admits to drawing from his Maltese background in the ways he does business. “Like people of other Mediterranean cultures, I usually

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

5 Maltese Start-Ups to Watch in 2022 62

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

I N A N O N G O I N G PA N D E M I C , C H A N G E I S T H E O N LY C O N S T A N T . F I V E F O U N D E R S O F S U CC E S S F U L LO CA L STA RT- U P S S H A R E WH AT T H EY ’ VE L E A R N T F R O M M A K I N G T H E I R W AY I N S P I T E O F T H E O D D S , A N D HOW THIS COULD SHAPE THE TRA JECTORY OF BUSINESS IN THE YEARS TO COME. 63

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Alexandra Sciberras Co-Founder and COO, Invent 3D Ltd From a 16 square metre office to a 500 square metre space within the Toly Factory, Invent 3D has scaled in leaps and bounds over the course of a year. This 3D printing start-up has now secured its name as a leader in additive manufacturing and product design in Malta. “As a start-up founder you end up wearing many hats to keep the business afloat – including some you may never have imagined! Ultimately, it is crucial to trust your gut feeling, as no one understands your business better than you. “Luckily, the start-up scene in Malta is maturing nicely, as the pandemic helped highlight what a small, enthusiastic and driven team can do even better than big industry. Recent initiatives are also bringing more awareness to funding needs. “This year, business should improve as our handling of the pandemic improves. The past two years were a wake-up call for organisations to digitise their services and become more agile. Now we can expect to build on this new era of business. In our industry, we have proven that 3D printing is not just for toys, as clients have been more innovative in their requests. “If you want to get your start-up off the ground, take the plunge and commit full-time. It is sheer determination, a strong desire to innovate and countless late nights that push our own business forward. The industry is very dynamic and competitive, so progress is critical for survival and success. “Finally, forget gender roles. It is possible to follow your dreams and have a family at the same time. Stay passionate. Keep learning. Never stagnate.”

Trust your gut. No one understands your business better than you. 64

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Zach Ciappara Founder and CEO, FreeHour From launching a wildly successful student app and creating niche content to exploring new markets and expanding their reach overseas, there’s just no stopping this burgeoning digital business. “There are some great resources for startups to tap into in Malta, and a supportive ecosystem that’s very good to test your product offering within the local community. When it comes to funding, many institutions are available to help a start-up scale quicker. “Even though the pandemic has done a lot of damage, it highlighted local entrepreneurs’ resilience and adaptability, as more and more successful start-ups keep showing up. There really is a lot of drive. “How business will progress can only be educated guesswork, but most industries should continue to recover, as more opportunities return to the country. It will be interesting to see how other variables besides the pandemic play out. “In business you’re always going to be faced with new changes and challenges, and part of being good at what you do is being able to adapt. At FreeHour, COVID-19 turned out to be an opportunity, with our team pivoting into content creation and growing an Instagram following of 40,000. “Just as we managed to thrive in a new space, we’re ready for whatever’s next and will find new ways to innovate within the crisis. It’s important to work with whatever resources you have available. Think on your feet, be creative and make something work. If it fails, you’ve still learnt something valuable.”

Part of being good at what you do is being able to adapt.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Violetta Shishkina CEO and Co-Founder, CADChain, secret.kiwi and Fe/male Switch This is set to be a busy year for Violetta Shishkina, with CADChain and secret. kiwi providing IP-protection software solutions on the one hand, and Fe/male Switch offering women a glimpse into entrepreneurship on the other.

“Our team has grown exponentially as a result of the pandemic. After passing the test of setting up remote work successfully, we firmly believe that, if a start-up strives to survive, it will. “Initially, local funding allowed us to expand from the Netherlands to Malta. Both countries lack IT talent, so we are investing in solving these issues by contributing to the start-up ecosystems through our projects. “Fundamentally, we feel that almost every upheaval can be a blessing in disguise. The shift to remote platforms for most B2B seller interactions is ideal for us, as we love all things digital! “We now expect remote work to become the norm, even after the pandemic. While it might be tough for some companies to adjust, the hiring pool will expand and increase the diversity of talent available. “Every start-up founder should keep upskilling and understanding all business processes, so they can stay in control of their business and make informed decisions. Knowledge of emerging tech like blockchain is also becoming a must. “Start-up life is not a sprint but a marathon. So, choose an area that inspires you and won’t bore you in five to 10 years. You have to be excited for it to last. Our dream is to impact the start-up ecosystem by attracting more women to IT and entrepreneurship through our non-profit, Fe/male Switch – helping Malta become a place of true sustainable development.”

Choose an area that inspires you and won’t bore you in five to 10 years. 67

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Jamie North CEO and Co-Founder, Few In a world of shifting work dynamics and routines, Few is a multifaceted solution to a hectic, stressful life. With full well-being packages that cover physical and mental health, it gives employers the means to care for their teams. “In business, things can change suddenly and rapidly, so it’s important to be ready for anything – from a new client request to building a different product. Keeping an open dialogue with clients also gives insight into what’s working and what isn’t. “While local assistance may be disjointed, a cash injection has helped sustain us until we gain more investment. Other initiatives are truly supportive and great for exposure. “The most important thing, as an aspiring startup founder, is to just get started! We are often inhibited by our own mental barriers, which make tasks seem more difficult. Once we remove those hurdles, the road becomes easier. “The future will hold times of fast growth and times of instability. In preparation, we’re streamlining our processes so we can scale and access new markets more easily.

Once we remove mental hurdles, the road becomes easier.

“I also envisage big opportunities in the virtual work environment. At the moment, we’re all tied to laptop screens, but this could evolve drastically. The shift towards remote work has birthed the need for a different approach to employee welfare. One of our offerings equips employers to provide their teams with personalised well-being services. “We hope to make everyone realise the importance of taking time for themselves. Five minutes a day can have a positive knock-on effect on every other aspect of one’s life.”

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Sadie Hutton Founder and Co-CEO, Freeway Expanding to a valuation of $250 million over the past year, Freeway is hard at work on some major projects to release a new platform by the end of the year, and get one million users signed up. “2021 was a fantastic year for us. We launched our Freeway platform in our fully regulated brokerage and grew our business 20 times over.

banking needs, simply because so many banks are unclear on crypto. Regulation and time can solve this, and I think 2022 is going to be an amazing year for legitimising the crypto industry in the eyes of those who still doubt.

“COVID-19 did not impact our business because we were already committed to remote working with global talent. Our team really is like a family, and we all share in the vision of providing universal access to a better financial future – no matter where you live or what you earn. “This year should finally see clarification on crypto regulations – vital progress for every business working in crypto, as well as for individuals who want to get involved but have, to-date, had issues with their

Find teammates who complement you and bring the added value your business needs.

“As a start-up, the best thing you can do is to play your own game. Don’t hold back! The world around you will always present barriers – your job is to find a path forward. Don’t forget that two heads are better than one, so find partnerships and teammates who complement you and bring the added value your business needs. Reward people well so that everyone is incentivised to achieve success and feels good about doing so.”

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

The future of business has to be …?

Sustai 72

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

ACCO R D I N G TO T H E U N I T E D N AT I O N S’ L AT E ST I P CC A R 6 R E P O RT – A R E P O RT D R AWN U P BY T H E I N T E R G OVE R N M E N TA L PA N E L O N C L I M A T E C H A N G E , T H E U N B O DY T H AT A S S E S S E S T H E S C I E N C E R E L AT E D TO C L I M AT E C H A N G E – R E C E N T AT M O S PH E R I C CO N C E N T R AT I O N S O F

nable. CO2 WE R E T H E H I G H E ST I N AT L E A ST TWO M I L L I O N YE A R S . N OW, A S T H E EFFECTS SUGGESTED BY THESE ALARMING S T A T I S T I C S P L AY O U T I N O U R R A P I D LY C H A N G I N G C L I M AT E , WE CA R RY T H E TO R C H I G N I T E D BY CO P2 6 AT T H E E N D O F 2 02 1 A N D TA K E I N S PI R AT I O N F R O M FO U R I N T E R N AT I O N A L S U STA I N A B I L I TY T R A I L B L A Z E R S – T H AT A LS O H A PPE N TO BE BOOMING BUSINESSES. HERE, THEY TA L K TO U S A B O UT H OW T H E E A RT H CA N T H R I VE , A LO N G WI T H T H E E CO N O M Y.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

A S PI R AT I O N U S P E R S O N A L F I N A N C E C O M PA N Y A S P I R A T I O N TA K E S A U N I Q U E A PPR OAC H TO B A N K I N G : WI T H O UT F U N D I N G D R IVE R S O F C L I M AT E C H A N G E – A PRACTICE OF WHICH MANY BIG BANKS ARE G U I LT Y . A S P I R I N G T O C O M B A T T H E C L I M A T E C R I S I S , A S PI R AT I O N ST E P S I N WI T H A N O F F E R I N G T H AT I S A S I N N O V A T I V E A S I T I S P R O M I S I N G . C O M PA N Y C E O AND CO-FOUNDER ANDREI CHERNY TELLS ALL . “At Aspiration, we’re creating the category of Sustainability-as-a-Service and empowering individuals and businesses alike (from small businesses to the Fortune 500) to build climate change-fighting action into what they do every day – in ways that make it easy, automated, engaging, and yet still enormously powerful.” Weaving sustainability into the fabric of their services, Aspiration has given discerning clients an appealing alternative that’s a no-brainer. In 2021 alone, Aspiration’s customers “funded the planting of over 35 million trees every 10 hours. Over the course of their lifetime, these trees will neutralise tens of millions of metric tons of carbon dioxide.” This is certainly a desirable outcome, as Andrei stresses that “climate change is easily the most critical issue our world faces at this moment, and for the foreseeable future. We are in the midst of a global transformation – one that necessitates the largest, fastest shift in human behaviour in history as we move toward sustainability on an individual basis, across every business, and throughout society.” Andrei’s advice to other businesses wanting to do their bit? Simply: “to begin. The race toward sustainability is on.” He ends on a hopeful note: “fossil fuel-based industries generated trillions over two centuries to literally power the industrial revolution. It stands to reason that the new sustainability industry can do the same to reverse the negative impacts of that era and guide us to a future that is liveable for our children and grandchildren on this planet.”

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

We are in the midst of a global transformation, one that necessitates the largest, fastest shift in human behaviour in history as we move toward sustainability on an individual basis, across every business, and throughout society. 75

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DR. BRONNER’S US HYGIENE PRODUCTS

Photo by Hamish John Appleby

M A N U FACTU R E R D R . B R O N N E R ’ S I S W H O L LY C O M M I T T E D T O I T S Photo by Alfred Quartey

S O C I A L A N D E NVI R O N M E N TA L R E S P O N S I B I L I T Y, A N D C I T E S ‘ I N T EG R I T Y ’ A S F U N DA M E N TA L TO I T S M I S S I O N . C O M PA N Y P R E S I D E N T MICHAEL BRONNER TELLS US HOW CARING FOR THE COMMUNITY AND THE EARTH CAN BECOME A “ROADMAP FOR RESILIENCE”.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Our business is an example that a company can be successful and profitable, while still promoting and modelling progressive business practices and sustainability programmes. How does an international business like Dr. Bronner’s keep its massive operations in check? Six “cosmic principles” guide the company’s most important relationships as it strives to do right by everyone involved – from company to community and all along the supply chain, and “from making soap to making social change”. “Measurement is the first step in taking action to reduce our footprint,” asserts Michael, which is why the ‘All-One Report’ (Dr Bronner’s version of an annual CSR report) helps hold them accountable. Top of their agenda for the years to come is the company’s goal to become “climate positive” by 2025. Michael explains, “climate positive is beyond ‘carbon neutral’ and means that, through our business practices, we will sequester more atmospheric carbon than we emit.”

This ambitious target becomes entirely possible when pushing to become zero waste, switching to 100 per cent renewable energy and adopting Regenerative Organic Agricultural sourcing of ingredients – just some of the company’s sustainable activities. “Our business is an example that a company can be successful and profitable, while still promoting and modelling progressive business practices and sustainability programmes,” Michael says. And it most certainly is. Basing every business decision on ethical values, Dr. Bronner’s proves that it pays to do good – in more ways than one. 77

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

LXMI SOURCING A LUXURY PRODUCT FROM D E V E L O P I N G C O U N T R I E S – A N D PAY I N G H A R VE ST E R S T H R E E T I M E S T H E LO CA L WAG E – U LT R A C L E A N U S S K I N C A R E C O M PA N Y LXM I I S A S H I N I N G EXA M PL E O F FA I R A N D S U STA I N A B L E B U S I N E S S I N ACT I O N . LXM I C EO A N N A- M A JA B J Ö R K E N VA L L S H A R E S H OW T H E PL A N E T ’ S WE L L- B E I N G I S AT T H E CO R E O F T H E C O M PA N Y ’ S P R O D U C T D E V E L O P M E N T , AND NOT JUST AN AF TERTHOUGHT.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

While the world may have only just “started to wake up to the severity of climate change,” global warming has been of utmost concern to LXMI since the brand’s inception. With no more time to lose, Anna-Maja calls business leaders to urgent action: “we businesses have a responsibility to act,” she says, “particularly in light of the unjust reality that, very often, it is people in poorer communities who are forced to deal with the consequences of polluted ecosystems.” Partnering with women’s fair-trade cooperatives in developing nations to source botanical raw ingredients, LXMI gives locals a strong “financial incentive to preserve biodiversity and limit deforestation.” Anna-Maja goes on to explain, “when poor communities chop down forests, they do so because that is the fastest way to make money for survival. But when they see that they can get more money over time by keeping these natural resources alive, conservation becomes sustainable, both for the locals and the world at large. The result is a business model that combats both poverty and deforestation.”

The bottom line is that there are so many ways for us all to make a difference, if we just look for them.

Anna-Maja challenges businesses to ask themselves: “is the coffee ordered for the office fair-trade? Look at the vendors you do business with and the partners that you choose: any service outsourced or products procured can be provided by a social impact brand – and at no extra cost! The bottom line is that there are so many ways for us all to make a difference, if we just look for them.”

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

ORIGIN LEADING UK SPECIALITY COFFEE ROASTER ORIGIN SEES BUSINESS AS A FORCE FOR GOOD. ADHERING TO R I G O R O U S S O U R C I N G PR O C E D U R E S T H AT E N S U R E F A I R PAY T O P R O D U C E R S , O R I G I N G O E S THE EXTRA MILE IN ITS RESPONSIBILITY TO THE PL A N E T A N D I TS PEO PL E . S U STA I N A B I L I T Y O F F I C E R N I C O L A T R E M AY N E R E N V P S H O W S U S H O W . Fuelled by more than just exceptional coffee, Origin is committed to achieving net zero by 2030 – a challenge it will undoubtedly rise to. “We laid out a roadmap in our 2020 Sustainability Report including annual targets and longer-term targets,” Nicola explains. Warning that “no sector is untouched by the damaging effects of climate change,” she sadly notes that “it is already being felt in many coffee-growing regions globally, affecting crop yields in 2021 particularly.”

We hope to introduce more projects that focus on the principles of a circular economy, positively impacting various independent businesses we work with. 80

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Going forward, Origin is taking significant strides to reduce its carbon footprint and dependency on fossil fuels – from launching new plant-based packaging instead of plastic to installing solar panels on their roastery’s roof and replacing their diesel vehicles with electric and hybrid alternatives. “This year we will be installing a composter at the Origin Roastery that will turn all our food waste and coffee chaff (which is currently processed out of the country) into fertile compost that can be used by our suppliers, who produce the food we sell in our café.” Optimistically, she adds, “we hope to introduce more projects that focus on the principles of a circular economy, positively impacting various independent businesses we work with.” To other businesses that may not know where to begin, Nicola recommends “a company-wide audit, to find 81

out exactly how much of each resource the company is using, and where savings and initiative should be focused to have the greatest impact.” Reducing packaging and waste disposal, changing energy suppliers and introducing a cycle-to-work scheme to bring down commuting emissions are a handful of impactful actions she suggests to businesses on their journey towards sustainability. They’re as good a place as any to start.

TheInterviewsIndex 102 Javier Moreno Gonzalez CEO, MAPFRE Middlesea

108 Charles Borg CEO, PG Group plc

114 Adriana Camilleri Vassallo CEO, Francis J Vassallo & Associates Ltd

118 Harald Rösch CEO, Melita plc

122 Matthew von Brockdorff CEO, Atlas Insurance

126 Stefan Borg CEO, Busy Bee

132 Christian Vassallo CEO, Campus Hub

136 Geoffrey Debono CEO, Debono Group

142 Christian Sammut CEO, BMIT Technologies

146 Catherine Tabone CEO, Valletta Cultural Agency

150 Andrei Grech CEO, AG Group

154 Etienne Sciberras CEO, MAPFRE MSV Life

158 Kurt Farrugia CEO, Malta Enterprise

162

216

272

Jeffrey Buttigieg

Martin Agius

Jesmond Bugeja

CEO, RE/MAX Malta

CEO, The Convenience Shop (Holding) plc

CEO, Malta Communications Authority

220

276

166 Sharon Gauci CEO, Burmarrad Group

Christabelle Camilleri

170

CEO, V&C Group

Albert Alsina Founder and CEO, Mediterrania Capital Partners

176 Stanley Bugeja Managing Director, DC Aviation Malta

180 Edwin Borg

224 Edward Zammit Tabona CEO, Fortina Investments Ltd

230 Sarah Zammit Cutajar CEO, P. Cutajar

234 Mark Vassallo Cesareo

CEO, The Point

Managing Director, Viroc International

184

238

Godwin Caruana CEO and Chief Technology Officer, Harvest Technology plc

190 Marcel Bonnici CEO, Mercury Towers

194 Paul Mifsud CEO, Sparkasse Bank

198 Marco Galea CEO, Oxford House Ltd

204 Tamas Banyai CEO, Epic

208 Maria Cauchi Delia

Edward Borg Grech

Deborah Schembri CEO and Managing Director, STM Malta

282 Matthew Agius Mamo CEO, Diligex

286 Jonathan Dalli CEO, The Concept Stadium

290 Paul Baldacchino CEO, DataTech Consulting

296 Jennifer Falzon

CEO, Bluefort

CEO, Malita Investments plc

244

300

Mihai Cheregi

Jesmond Mifsud

Managing Director, United International Management (Malta) Ltd and United International Trustees (Malta) Ltd

CEO, Malta Maritime Pilots Cooperative

248

Karl Azzopardi

Kenneth De Martino CEO and Chairman, KDM Investments

254 Mark Gasan CEO, Gasan Group

258 Johann Buttigieg CEO, Malta Tourism Authority

304 CEO, Building and Construction Authority

308 James Camenzuli CEO, Projects Plus

314 David Magro CEO, Malta Freeport Corporation

318

CEO, The Malta Institute of Accountants

264

Paul Magro

212

Patrick Spiteri Staines

322

Nicolai Vella Falzon Managing Partner, Fenech & Fenech Advocates

CEO, T4B Services

268 Kenneth Brincat CEO, Malta Digital Innovation Authority

CEO, RiskCap

Joseph Attard CEO, Indis Malta

326 Alessio Bucaioni CEO, Wes Trade Ltd

MaltaCEOs 2022

50 Meet of

THE

island’s MOST

INFLUENTIAL BUSINESS minds

MaltaCEOs 2022

C E O I N S I G H THE T ISLAND’S MOST INFLUENTIAL BUSINESS MINDS “My goal is to help the company grow profitably and sustainably, while preparing well for future challenges.”

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Javier Moreno Gonzalez CEO, MAPFRE MIDDLESEA

“ I T I S O N LY B Y U N D E R S T A N D I N G O U R C L I E N T S T H A T W E CA N U N D E R STA N D T H E F UTU R E O F O U R B U S I N E S S .”

H AVI N G E N J OYE D A LO N G A N D S U CC E S S F U L CA R E E R WI T H M A PF R E G R O U P I N S PA I N , J A V I E R M O R E N O G O N Z A L E Z M A D E T H E M O V E T O M A LT A A T T H E S T A R T O F 2 0 2 1 I N P R E PA R A T I O N F O R H I S N E W R O L E AS CEO OF MAPFRE MIDDLESEA . NOW SETTLED INTO THE POSITION, HE REFLECTS ON THE ACHIEVEMENTS OF 2021 AND LOOKS AHEAD TO W H A T 2 0 2 2 H A S I N S T O R E F O R T H I S L E A D I N G I N S U R A N C E C O M PA N Y .

With a professional career spanning more than two decades, occupying various executive positions at global insurance giant MAPFRE Group, Javier Moreno Gonzalez has brought a wealth of experience and expertise to his new position as CEO of MAPFRE Middlesea.

Javier adds that his transition was facilitated by the support of his team. “It has made it very easy for me to lead this fantastic company,” he admits. “I believe that, together, we are doing a superb job and will manage to continue developing the company and move it forward.”

With the new role came a new set of responsibilities and challenges, not least due to the precarious time at which he took the helm of Malta’s leading insurance company. “On both a personal and a professional level, the situation has been complex due to COVID-19. Generating engagement and commitment with new colleagues through a virtual relationship wasn’t easy, and neither was adjusting to life in a new country,” he states. “But the role of CEO requires a significant desire to learn and an ability to adapt, so it has been an exciting challenge all around.”

Sharing what he hopes to bring to the table during his tenure, Javier says he will be tapping into the experiences gained throughout his long-standing professional career with MAPFRE Group. He has held various executive positions in the technical, commercial and business development areas of the Group, gaining a 360-degree view of how to develop an insurance company. “On top of that, through the corporate responsibilities I’ve held over the last six years within MAPFRE Group, I have

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learnt best business practices around the world, some of which can certainly be applied to Malta,” says the CEO. “My goal is to help the company grow profitably and sustainably, while preparing well for future challenges.”

new-business point of view. But in 2021, with the revival of mobility, new opportunities have been presented and we are back on a growth path.”

Reflecting on the past year, Javier says MAPFRE Middlesea has done very well given the current circumstances, with several achievements under its belt that he is particularly proud of. “The first is that we were able to keep all our employees safe, as looking after them was one of our major concerns. The second (and one that is equally important) is that, thanks to our employees who continued to perform to high standards, we were able to sustain the standard level of service that we have always provided to our clients.” Continuing to develop the business and obtaining good technical and financial results marks another notable accomplishment for the CEO. “Compared to 2020 figures, we have continued growing this year and this reflects a development of the business in a profitable way, which, of course, we’re very happy about,” he says, adding that the continued implementation of relevant transformation projects is another feather in the company’s cap. Reflecting on the country’s insurance sector, Javier believes its ever-changing landscape has enabled it to withstand the crisis better than other industries. “It was extremely difficult because we were not prepared for it. The good news is that we have learnt to provide our services digitally in ways we hadn’t before, and clients, intermediaries and ourselves all see that this is possible,” says Javier. “2020 was a difficult year from a

The role of CEO requires a significant desire to learn and an ability to adapt, so it has been an exciting challenge all around.

105

Both MAPFRE MSV Life (where Javier is a Director) and MAPFRE Middlesea have performed well in the last year, and growth is projected to continue into the current year. Motor insurance continues to be the major contributor to MAPFRE Middlesea’s success, making up around 50 per cent of business, followed by health and home insurance, which altogether make up around 80 per cent of the company’s revenue. “Throughout 2021, all lines of business have grown except for two areas. The travel business has been impacted and is still low compared to our 2019 figures, as a direct result of the slowdown of the tourism industry. There has also been a drop in demand for

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

insurance of fleets and commercial vehicles on the motor side, which is also a result of reduced tourist activity.” However, Javier notes that, throughout this turbulent time, clients have remained loyal to the company and have understood its efforts to maintain the same level of service it has always provided. “We are sincerely grateful for this. We have worked hard to provide and promote an omnichannel approach to suit clients’ various needs – although in the Maltese market inperson communication remains the preferred choice, which we are happy to provide.”

Quick-fire Questions… with Javier Moreno Gonzalez What’s a word people often use to describe you? Collaborative. Crypto, traditional finance, or both? Traditional – we seek transparency, stability and being predictable to our clients.

Ultimately, the CEO says, it comes down to providing a choice – “which is the culture of MAPFRE, not just in Malta but in all the countries we are present. A digital transformation for us has to be a consequence of our clients’ needs and preferences. In fact, they are the focus of our upcoming three-year strategy – it is only by understanding our clients that we can understand the future of our business.”

What’s one gadget you can’t live without? My e-bike – it’s provided a lovely way to discover Malta. Which business mentor do you most look up to? Our Group Chairman and CEO, Antonio Huertas. What’s the biggest lesson you’ve learnt from the pandemic? Agility and adaptability are a must for managing a company from now on.

Without giving too much away, Javier asserts that the new strategy, beginning this year and evolving until the end of 2024, is built on three main pillars: customer focus, the digitalisation of the business, and operational efficiency. “At MAPFRE, we have a mature methodology that we use to define our strategy for a new cycle. We are already at an advanced stage, and we are prepared to execute the strategy going forward.”

How do you switch off? Cycling on the weekend, spending time with my family, and reading novels. Best bit of business advice you’ve ever been given? Even if you make mistakes, with hard work you will achieve the results you are striving for.

Sharing his vision for the upcoming 12 months, the CEO says, “we have a lower level of visibility to make predictions today compared to previous years. We remain uncertain because of COVID-19, as well as because of additional economic factors like inflation, commodities and energy costs. But we remain determined to continue developing good insurance solutions for our clients.”

What do you always look for when hiring? Team players. Do you prefer to drive or be driven? Definitely drive. The Maltese success story really needs the country to focus on ...? Transparency, stability for long-term business development, and a sustainable tourism industry.

Javier adds that there are opportunities in all sectors, but he is also conscious that competition will be fierce. “Malta is a mature insurance market, and our aim is to continue to be the market leaders while remaining competitive.” On the motor insurance front, for instance, there are clear opportunities in the area of electric vehicles. “We are the first company to launch a specific policy for electric vehicles and we see a good future for this product in Malta. I believe we will be active in all lines of business in 2022 and continue on a path of holistic growth.”

What’s the one thing you do in your business that moves it forward most? Making clients our focus. What excites you about the future? That it is in our hands – this is exciting but also a great responsibility. If I were President of the World for a day, I would ...? Try to convince all countries to work better together for future generations. Which philanthropic cause are you most passionate about? Providing social support to children in need, which is a big part of Fundación MAPFRE’s work.

The CEO explains that maintaining a market leader position will be his drive throughout the year. “We are aware it is a privileged position, but it is not a gift. We must work hard to continue gaining and maintaining the trust of our clients and intermediaries. We will continue to develop new products and services for all areas of business – this is our focus.”

Robots & AI: threat or opportunity? An opportunity, but we need to build it responsibly. What do you hope the world gets right in 2022? Learning to live with COVID-19 without it dramatically affecting our lives.

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CEO INSIGHT

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“One of the main roles of a CEO is to train two or three people to replace them. This is critically important. You must also always make the right decision – not the easy one, since this will come back to haunt you – and you need to create your own team, give them your vision, and the tools and empowerment to achieve it.”

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Charles Borg

CEO, PG GROUP PLC

“ C O M PA N I E S M U S T R E A C T Q U I C K LY . ”

W I T H O V E R F O U R D E C A D E S O F C O R P O R A T E E X P E R I E N C E U N D E R H I S B E LT , PG GROUP PLC CEO CHARLES BORG HAS THE BUSINESS ACUMEN TO SEE T H E I N V E S T M E N T C O M PA N Y G R O W F R O M S T R E N G T H T O S T R E N G T H . K N O W N F O R I T S S U P E R M A R K E T S ( PA M A I N M O S T A A N D PA V I I N Q O R M I ) , A S W E L L A S T H E Z A R A F R A N C H I S E I N M A LT A , C H A R L E S E X P L A I N S H O W T H E K E Y T O P G GROUP’S SUCCESS IS ITS ABILITY TO REMAIN NIMBLE.

“A leader needs to ensure continuity,” PG Group plc CEO Charles Borg insists. And Charles certainly knows a thing or two about longevity, having been in the corporate and financial services sectors for over 40 years, sitting on various Boards in that time. “I spent the first 35 years of my career at one of Malta’s systemically important banks – starting out as a cashier and working my way up to Chief Executive – which is quite a few rungs up the ladder,” Charles smiles.

so they are able to make any necessary decisions on their own.” To this end, Charles strongly believes in motivating others to become the best they can be. “One of the main roles of a CEO is to train two or three people to replace them. This is critically important. The responsibility of a leader is to provide stability in this way. When I was working at the bank, I was told by the Chairman at the time that there are three important axioms to follow in business. This is one of them. The other two are to always make the right decision – not the easy one, since this will come back to haunt you – and to create your own team, give them your vision, and the tools and empowerment to achieve it. Ultimately the firm’s success will be their achievement and not yours,” Charles says.

PG Group is the investment group behind a number of Malta’s most successful ventures including the landmark PAMA shopping complex in Mosta, PAVI supermarket in Qormi and the Zara franchise in Malta. Charles has been the CEO for six years and, looking back, he underscores his approach to ensure the company’s continued prosperity. “I ensure that principal objectives are met and that the Board’s plans are delivered on time and well within budget. I oversee the management of the team – guiding them, giving them flexibility and coaching them

The CEO also has a gamut of achievements under his belt. His most recent was taking PG Group plc public, after years as a family firm, having been established by Paul 109

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Gauci in 1987. “It was a successful IPO. Mr Gauci sold 25 per cent of his shares and also gave an amount to charity. Since this shift three years ago, the business has grown. My shareholders are happy as they’ve seen dividends every six months, which is a significant result,” he says. “You’re always going to have a balance of the good and the bad. Although there are disappointments along the way, you have to take them as they come, learn from them and move on,” he insists. Charles thrives on sharing these experiences with others and mentoring protégés to make sure that “people learn from my mistakes.” It is this element of the work, he says, that gives him the most enjoyment and satisfaction. “Of course, the toughest aspect is to find the right people I can guide. This is not just a problem here in Malta, but an issue the entire EU is contending with – good people do not grow on trees and, today, there are a lot of opportunities and mobility, so recruiting is a challenge across all industries,” he says. “A successful leader has to have the right people around them; you then need to give them the tools and delegate responsibility. If you do so, they will perform.” Charles credits the staff working for PG Group plc for the company’s ability to stay ahead of the game throughout the past 18 months, as the COVID-19 pandemic shuttered nonessential stores and impacted supermarkets. There were strains in the supply chain and increased demand for certain products, as well as the necessity for online channels. “Companies need to react quickly and, unless you react to the new realities, you’re left by the wayside, so you need to be flexible in your operations. This is what we did. And the market rewarded us for it,” the CEO asserts.

A successful leader has to have the right people around them; you then need to give them the tools and delegate responsibility. If you do so, they will perform.

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By the end of April 2021, the company registered its strongest performance since its inception in 2016, with revenues exceeding past returns. “This was notwithstanding the fact that we had waived the rent for shops to which we lease retail space in shopping centres of ours that had been forced to close, for instance. The firm was, therefore, missing that income,” Charles explains. Like many, the outlets shifted much of their operations online but, as Charles points out, this still resulted in a hit to the bottom line. “We made an investment in digital, even though it gives us lower margins. There are more expenses to prepare the order – since our people need to spend more time packaging and delivering items – and we do not charge differently, so these expenses are absorbed by us. In addition, when people come to the store, there is a lot of impulse buying and this does not happen as much online,” the CEO continues.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Yet, the firm’s decision to continue operating differently paid dividends. “We had frontline staff serving our clients – to whom we’re extremely grateful – and these past two years have reminded us of the value of customer relationships, as well as the solidarity that exists between us at PG Group. I think we came out of this crisis stronger than ever before,” he says. At the beginning of last year, the Group implemented a new, more robust IT platform, integrating the supermarkets and finance departments, while also improving operational efficiency, the CEO attests. The business has learnt “to change the customer experience to meet the necessities of our clients. Today, clients have very little time and they want to limit the hours spent shopping for groceries. So, at the end of last year, we launched a mobile app, which allows customers to shop online much more easily, while also accessing offers on product lines that they might have seen in store.” Looking more broadly towards the future of the retail and supermarket industry, Charles predicts that the ability to adapt to changing imperatives is going to be fundamental if businesses want to survive. “Just look at the main high streets in Europe – outlets have changed and you will see a much-reduced brand presence. The situation will continue to be in flux, so unless firms react to the new realities, and push their businesses into new avenues, they will suffer,” he asserts. He cites the example of Zara International, which has managed to integrate its digital and brick-and-mortar offerings. “In the case of Zara, online and in-store are not separate and the relationship between the two is critical,” he states, explaining how customers are allowed to buy online within a store after trying on a garment. This open approach towards new initiatives syncs up with the priorities of PG Group plc which, going forward, will continue to invest sustainably while increasing shareholder value. “We will not just accept every opportunity that comes our way, since that’s not the way to operate,” Charles explains, insisting on the importance of being selective when it comes to making commitments. As part of his role, Charles seeks to identify “viable and sustainable” businesses and invest in them. Currently, “there are, of course, opportunities for growth which we are evaluating, but we need to determine if they add value or not,” he explains. “We’re launching two projects this year and, for the next five years, I would like to see PG Group remain one of the leaders in its sector, even though we have a lot of competition from a number of other supermarkets, as well as fashion retailers.” Other priorities for the firm fall in line with its Environmental, Social and Corporate Governance (ESG) policies. “We have a responsibility to our clients to ensure that prices are kept as low as possible. We also donate an amount of food to charitable institutions and to those who cannot afford it.” On the environmental side, the company has installed a solar farm at PAMA to reduce its carbon footprint. “We still have challenges in terms of the amount of plastic that is being used and we are seriously working on finding alternatives to bottled water,” he says. “My objective, whatever I’m doing, is to continue to grow and invest in businesses, and to ensure that investments are of a sustainable nature, all the while taking our commitment to the ESG programme very seriously,” he concludes. 112

Quick-fire Questions… with Charles Borg What’s a word people often use to describe you? Responsible and a person you can trust. Crypto, traditional finance, or both? Commodity, not currency. What’s one gadget you can’t live without? My mobile and iPad. Which business mentor do you most look up to? Paul Gauci (in the business sector) and Roderick Chalmers (in the financial sector). What’s the biggest lesson you’ve learnt from the pandemic? Always be prepared for uncertainty and adapt quickly. How do you switch off? Reading and watching TV documentaries. Best bit of business advice you’ve ever been given? Always take the ‘right’ decision not the ‘easy’ one. What do you always look for when hiring? Commitment and an aptitude to learn. Do you prefer to drive or be driven? Be driven. The Maltese success story really needs the country to focus on ...? Our environment and Malta’s international reputation. What’s the one thing you do in your business that moves it forward most? Customer centricity and employee involvement. What excites you about the future? Not a lot – the world is going through very uncertain times. If I were President of the World for a day, I would ...? Make all the difficult decisions that need to be made to safeguard the environment. Which philanthropic cause are you most passionate about? The Malta Trust Foundation. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Controlling inflation and sustainable economic growth.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Adriana Camilleri Vassallo

CEO, FRANCIS J VA S S A L LO & A S S O C I A T E S LT D

“ R E P UTAT I O N I S EVE RY T H I N G .”

A D R I A N A CA M I L L E R I VA S S A L LO, C E O O F F R A N C I S J VA S S A L LO & A S S O C I A T E S LT D , W A S I N S T R U M E N T A L I N F O U N D I N G T H E F I N A N C I A L S E R VI C E S F I R M I N 1 9 9 8 . R U N AT T H E T I M E BY H E R FAT H E R , WH O H E A D E D F J V A G R O U P F O R O V E R 2 0 Y E A R S , H E O F F I C I A L LY PA S S E D O N T H E B A T O N I N 2 0 1 9 . F R O M D AY O N E , A D R I A N A H A S E N S U R E D T H E C O M PA N Y ’ S CO N T I N U E D CO M M I T M E N T TO E T H I CS , I N T EG R I T Y A N D R E L AT I O N S H I P B U I L D I N G – A L L O F WH I C H H AVE B E E N PIVOTA L TO I TS S U CC E S S .

For Adriana Camilleri Vassallo, it is crucial to know when to focus on driving vision and strategy, and when to attend to day-to-day operations of the business, as well as striking a balance between the two. As CEO of the long-standing corporate services firm, Francis J Vassallo & Associates Ltd, she explains that, “it is important to know when to focus ‘on the business’ as opposed to ‘in the business’.

“I believe my role is to define our underlying purpose: why we do what we do and this is not solely driven by the bottom line. I need to set the tone and drive the strategy of the company, in addition to creating a culture and filling in the gaps to make sure I guide the team in the right direction,” she insists. This broad view of her position has, undoubtedly, been influenced by her pivotal role in establishing the business 114

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “It is important to know when to focus ‘on the business’ as opposed to ‘in the business’. I believe my role is to define our underlying purpose: why we do what we do and this is not solely driven by the bottom line.” 115

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

with her father in 1998. “I had worked for a ‘Big Four’ company for two years and my father, who was a banker for 25 years and a former Governor of the Central Bank of Malta, asked if I was interested in setting up the firm. That was 23 years ago,” she smiles, adding that, in those early days, the business had a more limited offering. “We began as a corporate services provider with a ‘private banking approach’ to doing business, due to my father’s decadeslong experience in private banking,” she explains. Today, the company boasts 75 staff members and has widened its remit to include tax, regulatory services, compliance, and guidance with regard to trusts and foundations. The FJVA Group has also expanded overseas, acquiring a 49 per cent stake in a financial services entity in Luxembourg with partners they’ve worked with for many years. “We are not in the business to sell companies. We aim to provide solutions and create value.”

At the helm of the family business, Adriana strives to ensure these solid foundations continue to be built upon in a collaborative way. “I don’t believe anyone works in a silo – the success of the company is that of the team. My father handed the reins over to me in 2019, but, for me, it was never about the title – I’ve been doing my job for 23 years, and I’ll keep on doing it,” she insists. “We pride ourselves on being an independent, private firm, run like a closeknit family company. While, over the years, we’ve opened up opportunities to both family and non-family business partners, we want to retain a family culture, appreciating that everyone has value and a role to play,” Adriana says. In terms of what she enjoys most about her role as CEO, Adriana explains she loves supporting her team. “If I can have the slightest positive impact on anyone, be it a member of staff or a client, then I’m satisfied. I love to work with the team, open up a dialogue and help them find solutions to challenges. It is this aspect of building relationships that drives me,” she asserts. It is clear that Adriana’s approach lends to the dynamism of the sector, in which there is a continuous need to “adapt, carry on and stay motivated.” When COVID-19 first hit, the company was quick to move to remote working, and strived to ensure a sense of cohesion within the team. “The pandemic has taught us that it’s not about the resources

We are not in the business to sell companies. We aim to provide solutions and create value.

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you have; it’s about your own resourcefulness in using them,” she insists. This is also crucial in the wake of the ever-increasing regulatory obligations and Malta’s relegation to the Financial Action Task Force’s (FATF) grey list last year. “The direct effects of Malta being placed on the grey list not only impacts prospective clients considering Malta as a jurisdiction of choice, but also financial institutions refusing to provide funding to Maltese entities. This is a situation being faced by a number of our clients,” Adriana says. Moreover, she continues, the indirect consequences of Malta’s greylisting cannot be ignored. “The increasing compliance obligations, and their dynamic nature, may not be in sync with clients’ expectations and may be considered intrusive by some, not to mention the increase in costs as well as the difficulty to open a Maltese bank account,” she explains, adding that “some local financial institutions may also be seen as acting as ‘shadow’ directors when considering the level of information they request to process payments.” The CEO insists that the longer it takes for Malta to get off the FATF’s grey list, the greater the economic impact will be. For Adriana, all players in the industry must work towards re-prioritising ethics and integrity in their working practices. “All players in the industry need to step up the game if we want to re-institute Malta’s reputation as a jurisdiction of repute,” she attests. “Reputation is everything when it comes to financial services. It’s not only a matter of trust between clients and providers, but also in the standards of the particular jurisdiction they’re considering working with.” Adriana warns against over-regulation, stating that this cannot be used to compensate for “a lack of discipline in other areas,” but admits that she sees the shift in the landscape as constructive. “There are now more entry barriers to setting up business in Malta, which is good from a compliance perspective since we want to project a good image of the island,” she says. The CEO believes that firms should be attracted to the country not only for its tax advantages – these should just be an “ancillary consideration” – but for the flexibility afforded by the jurisdiction’s corporate law. “Malta is a great place to open a business and entrepreneurs like to make the most of our corporate flexibility. We also have a very good framework for succession planning,” she shares. Looking ahead, Adriana is focused on “continuing to attract the right business” to Malta throughout 2022, while also working on expanding the company’s clientele and services. “We are convinced we can contribute to reinstating Malta’s reputation,” she attests. “We are also looking at expanding our brand here on the island – we’re never really worked in the local market, so we have plans to branch out into new lines of business.” To this end, the firm has recently implemented an Enterprise Resource Planning (ERP) system to help manage the company’s internal business processes. Adriana shares that she has already seen the positive impact of the ERP on the way the team is working, which bodes well for a productive year ahead. “Over the years, we’ve remained true to our mission statement, which places mutual growth and success at the heart of what we do,” Adriana smiles. “Part of that is listening to our staff. We are not a topdown company; our team have fantastic ideas and we embrace them so that, moving forward, they feel part of the culture and purpose of the firm.” 117

Quick-fire Questions… with Adriana Camilleri Vassallo What’s a word people often use to describe you? Determined – and I hope people say humble! Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? My mobile phone. Which business mentor do you most look up to? Other than my father, James Ashton, a leadership coach. What’s the biggest lesson you’ve learnt from the pandemic? How to navigate change and be agile. How do you switch off? Spending time with my children. Best bit of business advice you’ve ever been given? Keep things simple: complexity is the enemy of execution. What do you always look for when hiring? The right attitude. Do you prefer to drive or be driven? To drive. The Maltese success story really needs the country to focus on ...? Instilling a culture of ethics and good governance to attract the right business. What’s the one thing you do in your business that moves it forward most? Listen to the staff. What excites you about the future? The possibility to further grow our brand, locally and internationally. If I were President of the World for a day, I would ...? You can make an impact without having that title. Which philanthropic cause are you most passionate about? Introducing first aid and CPR in offices and schools. Robots & AI: threat or opportunity? Both. What do you hope the world gets right in 2022? Creating an equal and safe environment for all.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “Providing our team with a great environment to work in and showing our commitment to their success is essential. I am thrilled that Melita has gradually improved to become one of the top companies in Malta for employee satisfaction.” 118

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Harald Rösch

CEO, M E L I TA PLC

“EVERYTHING WE DO IS ABOUT CONNECTIVITY AND CONNECTING PEOPLE.”

S I N C E I T W A S F I R S T E S T A B L I S H E D I N T H E E A R LY 9 0 S , M E L I T A P L C H A S G R OWN TO S E R VI C E OVE R 75 PE R C E N T O F O U R N AT I O N ’ S H O U S E H O L D S WI T H H I G H - S PE E D I N T E R N E T, H I G H - D E F I N I T I O N D I G I TA L T E L EVI S I O N , F I XE D T E L E PH O N Y O R 5 G M O B I L E . A S I TS C EO, H A R A L D R Ö S C H U N D E R STA N D S T H E M A M M OT H R E S P O N S I B I L I T Y T H AT M E L I TA H A S TO I TS C U STO M E R S – B OT H N OW A N D I N T H E F UTU R E – A S WE L L A S T H E I M P O RTA N C E O F I TS OWN PE O PL E WH E N I T CO M E S TO D E L IVE R I N G O N T H AT R E S P O N S I B I L I T Y.

Melita plc is one of Malta’s greatest homegrown success stories – a company that found its feet with a niche goal in the early 90s and which has matured to become a household name and powerhouse of innovation today. As CEO of that powerhouse since 2016, Harald Rösch says his focus is very much on the people that have contributed to Melita’s success: its team. In fact, his drive, he says, comes wholeheartedly from leading his team to ensure that everyone in the company can and does contribute according to their capabilities and ambitions. “Our team is critical to us,” he stresses. “There is nothing we do today that can be achieved by any of us alone. So, what I enjoy most about that fact

is the knowledge that working together can achieve incredible things for the company, and for our wider society.” His is an approach that Harald has honed across his career so far – a career that has given him extensive experience in the international telecommunications sector. “This route just happened for me,” he says, reflecting on the 20 years since he joined the industry. “My first role was with McKinsey & Company as an external consultant, and I then decided to join them in an official capacity. I instantly loved the telecoms industry because of how quickly it evolves, and how central it is to people’s lives.” 119

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We are the only operator in Europe to provide nationwide gigabit fixed internet and 5G mobile coverage, and that’s what sets us apart. better, creating connectivity is really what drives us all to do what we do.”

Having entered the sector in the late 90s as mobile phones and the internet became increasingly significant, Harald has witnessed momentous changes since then. “Back then it was about customers talking, not customers using data,” he recalls, charting his own progression into roles that have included being CEO of Blizoo (the largest cable operator in Bulgaria), CEO of Kabel Baden-Württemberg (the thirdlargest cable operator in Germany), CEO of HanseNet (the fourth-largest broadband operator in Germany), and the Head of the Internet Division for Telecom Italia. “You can imagine how much things have changed over that time!” he smiles. “This is a sector that transforms at a rapid pace and reacts quickly to enable people to do new things – whether that’s texting a message or instantly uploading a video to social media. The COVID-19 crisis has further emphasised that evolution and we’ve seen even more technology requirements come into play as a result. Reacting and adapting is very exciting, and it’s one of the many things that keeps me so in love with the sector.” Melita Ltd itself also has a very exciting history – starting with its initial role to increase Malta’s choice of TV channels by introducing cable TV in 1992. Once that was successful, the company developed into a fully-fledged telecommunications operator servicing the island’s voice and internet needs. “Today I think most of Melita is about connectivity and connecting people,” says the CEO, who accepted the role when he moved to Malta from Hamburg. “Along with our objective to always do things better and

Asked which milestones he believes have most shaped Melita since its inception, Harald specifies the company’s ability to contribute to society by giving people the bestpossible ways to interact. “That’s what differentiates us today,” he continues. “We are the only operator in Europe to provide nationwide gigabit fixed internet and 5G mobile coverage, and that’s what sets us apart. Malta is currently ranked number one in Europe in terms of broadband coverage and, going forward, we expect to see big jumps for 5G on these rankings too. It’s these facts and figures that make me so proud of the company and what’s been achieved.” That said, despite these clear nuts-and-bolts accomplishments, it’s actually the human side of the business that makes Harald proudest of all. “Having happy and committed employees is essential to me; if you don’t have that, then it becomes impossible to deliver the kind of customer satisfaction we strive for. After all, it’s only if your employees really believe in the company that they can pass that belief onto your customers. As a result, providing our team with a great environment to work in and showing our commitment to their success is essential. With that in mind, I am thrilled that we have boosted employee satisfaction over time in a truly substantial way, and we have gradually improved to become one of the top companies in Malta for employee satisfaction and we intend to keep investing in that side of the business going forward.” Having engaged and committed employees has, of course, also been critical to Melita in the last two years, as the company battled to keep up with the demands placed 120

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on it by the pandemic. Internally, Harald and the team were able to move very quickly, and the team virtualised their operation at lightning speed in March 2020. “Most people had to shift instantly to a work-from-home model, including our call centre,” explains the CEO. “And that could have been challenging but, fortunately, proved to be very efficient and effective. This meant we were able to keep up with the increased demands placed on us when internet usage skyrocketed – and all thanks to the head room we had planned into our infrastructure well in advance. Yes, there were lots of challenges to overcome – such as working out how our technicians could do their job remotely – but we managed them. Now over 30 per cent of our installations are done virtually, and this works brilliantly. It’s just one of many positive examples of ways the pandemic has helped to move certain things forward for our business.” And while he doesn’t think COVID-19 has created opportunities for the telecoms sector as such, Harald does acknowledge that it has made its service offering more essential than ever. “Most people spend more time online today than they ever did before,” he explains, “So demands have shot up. “But, to be honest, there have been more disadvantages than advantages when it comes to wider market opportunities in our industry because, if the economy suffers (and it has), Melita also suffers. That said, we have been resilient; yes, there was cost-cutting and yes, our growth rate was slower in 2020 and 2021 than it was before the pandemic, but we have been very resilient – and I am very proud of our team for that fact.” Looking ahead, though, opportunity does abound. “Security is going to become increasingly important in our line of work as we are seeing people experience more threats and attacks online, so we are gearing up to protect our people and our customers,” Harald says. “Early last year we launched our cloud services and, since then, we have invested heavily in our Internet of Things (IoT) capabilities and our mesh WiFi offering to further improve our home WiFi experience. There’s lots in the pipeline, and lots for our customers to look forward to.” Personally speaking, the CEO says he is very excited about the possibilities created by IoT, which he believes will make the world more sustainable in many ways. “For instance, we already have a client using it in their sector – public waste management. Using IoT, it is now possible for them to know when their bins are full, which has three advantages – one, by reducing the need to keep driving to check if the bins are full; two, by keeping the bins empty enough for people to use; and, three, by reducing costs for the client. It’s a win-win, and I hope this kind of technology could make a huge contribution to the climate challenge we all face.” It’s this kind of drive and sense of enthusiasm that have doubtlessly helped Harald achieve his success so far, as well as so much success for Melita. Now, his sights are firmly on continued improvement, as the company continues to deliver innovation to the business community and connectivity to wider society. But Melita also has a very specific objective for 2022 and beyond: significantly increasing its business beyond the island’s shores. “So far, we have predominately generated our revenue in Malta. But, going forward, we can see very viable opportunities for us to do more overseas. In fact, I very much look forward to 2022 being the first year when we start to see Melita as a truly international company, driven by melita.io and our IoT offering,” the CEO concludes. 121

Quick-fire Questions… with Harald Rösch What’s a word people often use to describe you? Hands-on. Crypto, traditional finance, or both? A bit of both to be successful. What’s one gadget you can’t live without? My fitness watch. Which business mentor do you most look up to? Anyone who’s also achieved something beyond their business. What’s the biggest lesson you’ve learnt from the pandemic? We can take fewer flights than we previously thought and still get lots done. How do you switch off? Sports, as well as a good dinner and glass of wine. Best bit of business advice you’ve ever been given? Have a good sleep before replying to something you don’t like. What do you always look for when hiring? Their ability to work in a team. Do you prefer to drive or be driven? Be driven. The Maltese success story really needs the country to focus on ...? Sustainability. What is one thing you do in your business that moves it forward the most? Bring ideas to the table to establish vision. What excites you about the future? That it’s going to change and hopefully for the better. If I were President of the World for a day, I would ...? I couldn’t possibly imagine! Which philanthropic cause are you most passionate about? Climate change. Robots: threat or opportunity? Both, but hopefully the opportunities will prevail. What do you hope the world gets right in 2022? Many things!

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Matthew von Brockdorff

C EO, AT L A S INSURANCE

“ W E N E E D T O P R E PA R E O U R S E LV E S F O R T H E F U T U R E . ”

E STA B L I S H E D O N T H E C U S P O F T H E N EW M I L L E N N I U M , AT L A S I N S U R A N C E H A S E V O LV E D T O B E C O M E O N E O F T H E I S L A N D ’ S F O R E M O S T C O M PA N I E S I N T H E I N S U R A N C E S ECTO R . C EO M AT T H EW VO N B R O C K D O R F F B E L I EVE S T H I S I S T H A N KS TO T H E F I R M ’ S U N CO M PR O M I S I N G D E D I CAT I O N TO T H E C U STO M E R EXPE R I E N C E , A N D A L E A D E R S H I P ST YL E T H AT E M B R AC E S I N N OVAT I O N A N D C R E AT IVI T Y.

Four of these companies merged in 1999 – they wanted to garner enough critical size to eventually become an actual insurance company, rather than to simply operate as agents for international firms. This transition happened in 2004 and I, together with a number of colleagues, played a key role in making this happen.”

“Everything I do here at Atlas Insurance, I do through our people at the firm. It’s all about the team,” Matthew von Brockdorff insists. The CEO’s humility is infectious and forward-thinking, leaning towards a business philosophy that allows for agility and nimbleness in uncertain times. “My role, put very simply, is to lead, to inspire and, in doing so, to ensure the company achieves its plans and outcomes.”

Matthew was appointed Deputy Managing Director of the company in 2005 and, in 2006, Atlas became the first and only Protected Cell Company (PCC) of the time. This enabled it to internationalise its business through the creation of a facility to set up cells. The segregated cells – with their own assets and liabilities – created opportunities for foreign investment through the additional security this structure

Matthew started his career in the insurance sector in the late 80s and was instrumental in the evolution of the firm, which, over the years, has developed a reputation for continually pushing the envelope. “The foundations of the company go back more than a century, with the existence of small family businesses which used to act as agents for UK-based insurers.

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CEO INSIGHT “The role of a leader is that of a facilitator who sets the vision for the company to move forward. Central to this is the courage to experiment and to understand that it is only through trying things and, if necessary, failing that you learn and grow.” 123

afforded, as well as giving the firm the ability to provide specialised services. In April 2020, Matthew was appointed CEO and Managing Director, stepping into the thick of it as the country – and the sector – contended with a crippling pandemic and increasing regulation. This includes, in recent years, the implementation of the Insurance Distribution Directive and the Conduct of Business Rules, the latter controlling what products are sold and how. “My focus has been to look at new ways of working, particularly considering the uncertainty of the future and the ever-changing landscape,” he explains. “Even on a personal level, I had to learn to adapt from a hands-on function, to one which was broader, and which necessitated a certain detachment from the details, allowing me to grow in my role as CEO. It’s a case of trusting the people I work with and helping them solve their problems so they can do the job to the best of their abilities,” he explains. Elaborating further, the CEO says that COVID-19 triggered a change in how he and the company worked. “We were fortunate that our business, and the overall industry, was able to resist much of the fallout related to the pandemic. We were able to deal with it in a resilient manner, by continuing to support our customers despite the necessity to work in a hybrid mode and, for some time at the start of the pandemic, even close the office.” Matthew admits that the COVID-19 crisis was “a big shock” initially – particularly as travel was ground to a halt and many businesses incurred substantial losses, which created uncertainty to their own business. But once the dust had settled, and the market started to move, Atlas shifted gears to provide the necessities required in the ‘new normal’, by, for instance, including COVID-19 as basic cover for travel insurance and adopting more digital solutions. These transformations also spurred on other initiatives and instigated a change in how the company is led. Matthew is a firm believer in adopting the ‘Agile methodology’, which allows for flexibility and enables the firm to shift direction based on feedback. He also endorses ‘servant-leadership’, a style which “encourages staff engagement where they come up with solutions, set the direction and contribute to the success of the company through their own initiative”, as well as ‘cross-functionality’; pushing employees working in different areas to work towards the same goals.

My focus has very much been to look at new ways of working, considering the uncertainty of the future and the everchanging landscape… it’s a case of trusting the people I work with and helping them solve their problems so they can do the job to the best of their abilities.

“At Atlas, people reacted differently; there were some staff members who were more resilient and others who struggled. However, it was touching 124

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to see staff collaborate remotely and reach out to each other to see if any help was needed, providing support and friendship,” he says. Moreover, through all this time since the start of the pandemic, the team was dedicated to honing and refining the customer experience, identifying the touchpoints which could optimise and improve relationships with clients. “This has been and continues to be one of our key priorities – ensuring our clientele is catered for in a seamless, efficient and friendly manner, by refining the customer journey,” Matthew says. Today, as the world starts to move towards recovery, Matthew has the scope to consolidate his experience and savour his new role. “I really enjoy the variety in the job; I have to deal with many elements of the business and that allows me the opportunity to grow in the different facets of the business. My job is so broad, nowadays, that it’s a challenge to keep up with the complexities. I’m not an expert in all areas, so I need to read up and conduct research to make sure I understand what’s shaping our business environment.” To this end, his day involves a delicate balancing act of catching up with staff and collaborators through remote – and more commonly now – live meetings, as well as keeping an eye on his emails and any updates which are occurring in the wider sector. Indeed, he insists that a key part of his routine is to ensure strong communication between him and members of his team: “I don’t believe in top-down leadership but see it as a two-way process.” Matthew is able to meet the demands of the job through ensuring an adequate work-life balance not only for himself, but also for everyone at Atlas. “I really do believe this is essential. It’s the simple things which I get to appreciate – even just taking the time to go for a walk in the country is enough to refresh and revive me,” he smiles. He adds that he also invests his free moments in contributing to various NGOs, such as the Rotary Club La Valette Malta, JAYE and Fondazzjoni Patrimonju Malti, while more recently becoming a mentor in a programme organised by Malta Business Networks. Looking ahead, by the end of 2022, Matthew would like to have successfully navigated the challenges presented by the pandemic, as well as the new regulations, including those created in the wake of Malta having been greylisted by the FATF. Linked to the massive importance of sustainability, Matthew is a strong supporter of Atlas’ focus in the area of Environmental, Social and Governance. “Our ESG working committee is heavily committed to tackling sustainability matters like reducing our carbon footprint and introducing other initiatives and policies involving staff engagement. In the area of social and community contribution, we are increasing our activities and financial contribution as is fitting with so many needy causes,” he says. On a personal level, the CEO will continue to be focused on the company’s objectives – or ‘OKRs’ – and the resources required to achieve them. “It is my role to anticipate any upcoming changes to the business and the industry, since we need to prepare ourselves for the future. To this end, I will make sure we keep on track and achieve our aspirations, while also ensuring we adapt to new realities,” he smiles. 125

Quick-fire Questions… with Matthew von Brockdorff What’s a word people often use to describe you? Reflective or thoughtful. Crypto, traditional finance, or both? Traditional finance. What’s one gadget you can’t live without? My iPhone. Which business mentor do you most look up to? Simon Sinek. What’s the biggest lesson you’ve learnt from the pandemic? How to be agile. How do you switch off? In the countryside or at sea. Best bit of business advice you’ve ever been given? Always look forward, keep learning and evolving. What do you always look for when hiring? A positive attitude and potential to grow. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Education and preparing for future skilling. What’s the one thing you do in your business that moves it forward most? Ensure that our people are the most important part of our business. What excites you about the future? Achievement of planned outcomes through successful implementation of current projects. If I were President of the World for a day, I would ...? Enable better distribution of wealth. Which philanthropic cause are you most passionate about? Too many to mention but the Foodbank Lifeline would be one. Robots & AI: threat or opportunity? Both. What do you hope the world gets right in 2022? Aggressive action to fight climate change.

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“One of the best lessons I’ve learnt over the years is to select staff based not only on their particular skill set, but on their resilience, creativity, personality and attitude. I have to be convinced that the person I’m hiring fits well within the team. Once the right people are on board, you then need to give them enough space to utilise their creativity and critical thinking skills for the benefit of the company.”

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Stefan Borg

CEO, BUSY BEE

“ C H A N G E H A S B E E N T H E O N LY C O N S T A N T . ”

BUSY BEE IS ONE OF THE ISLAND’S STRONGEST BRANDS , MUCH-LOVED BY CO N S U M E R S FO R I TS WH O L E S O M E D E L I CAC I E S A N D VI B R A N T H E R I TAG E . C E O S T E F A N B O R G I S D E T E R M I N E D T O E N S U R E T H A T T H E C O M PA N Y ’ S L E G A C Y A N D D R I V E T O C O N T I N U O U S LY S E T T H E H I G H E S T O F S T A N D A R D S IN THE INDUSTRY BURN BRIGHT IN THE COMING YEARS .

the island – and it was a high benchmark to reach. Later, the firm expanded to providing outside catering – becoming a market leader in this respect – as well as setting the foundations to launch the Mriehel flagship store. “There has always been a mentality of quality,” Stefan says. “We don’t take shortcuts, which is why Busy Bee has always been successful: we source the best and freshest ingredients, use no substitutes, and inject a lot of passion and love into whatever we deliver.”

Since its inception in 1933, Busy Bee has been a family business, built on decades of hard graft and intense dedication to the art of confection. So, when Stefan Borg joined the company in 2015, he had a lot to prove. “I initially joined as Projects Manager to take care of all upcoming plans starting with the new factory in Mriehel, although I also oversaw the company’s restructuring, its going public, and the implementation of a new IT system. Having a wealth of experience, I soon became involved at different levels and challenging the status quo, trying to inspire and spur change,” Stefan smiles.

On joining this homegrown success story six years ago, Stefan’s first task was to finance and execute the build for the company’s “dream project” – an 8,000 square metre state-of-the-art factory and facilities in Mriehel. “I’m proud to say that the project was bang on target in terms of timing, and the whole facility was completed in one year and nine months, with no budget overruns. There was a strong team behind me and, as a result, the company was successful in this endeavour,” he enthuses of the €7-million undertaking.

Yet the company was no stranger to change for, over its almost 90-year history, Busy Bee thrived on the constant improvement of its product. Established as a small coffee shop in Msida, the company later became known for its popular Italian sweets, such as dolci di mandorla and its famous cannoli, and an Italian-style gelateria. The firm set the standard for delicacies across 127

On my end, on most days I’m continuously juggling between the present and the future.

Over and above this challenge, Stefan found himself leading the way across other tasks. “Some say I’ve got a strong character and I usually have a firm opinion one way or the other, so I found myself getting involved in many aspects of the company and leading decisions,” he explains. “Eventually, I officially stepped into the role of CEO. This position is never a walk in the park since you realise you are calling the shots, and everything falls into your lap. You become responsible for the success of the business, answerable to the Board and responsible for the jobs and well-being of the staff and their families,” he explains. Since his appointment, Stefan has had his work cut out for him, future-proofing the company and preparing it for further growth. “When I joined the firm, Busy Bee was already evolving, but the operation was growing at a fast pace, with the administrative systems struggling to keep up. This created a bottleneck. However, since we opened the Mriehel outlet, we’ve been able to create spare production capacity, broaden the administration department and keep building on our past successes, which I attribute mostly to my team. On my end, on most days, I’m continuously juggling between the present and the future. As a result, in the past years, change has been the only constant,” he asserts, explaining that another of the main catalysts in the business’ continued evolution was when the firm became a public liability company. “This move, apart from giving Busy Bee access to further capital, and allowing it to undertake the next levels of growth, it also forced the company to focus on its corporate governance and become a professionally run business.” Central to this was an investment in human resources, and the company today boasts over 110 full-time employees and almost 200 part-timers. “You have to have the right elements to support this change; we’ve increased our numbers and hired quality staff – particularly at senior management level. We engage people on merit and today we have a team which is fully capable of adapting to the changing market dynamics.

I value those who think outside the box, and I believe that we have that talent here,” he says. Indeed, “one of the best lessons I’ve learnt over the years is to select staff based not only on their particular skill set, but on their resilience, creativity, personality and attitude. I have to be convinced that the person I’m hiring fits well within the team. Once the right people are on board, you then need to give them enough space to utilise their creativity and critical thinking skills for the benefit of the company.” Such adaptability has been key over the past 18 months, as COVID-19 wreaked havoc in the catering sector. “Things went haywire, and much of the past two years have involved adjusting to new plans and measures, as well as balancing our financial and human capital. Having to adapt, and not having an end in sight, meant that we were always hoping the decisions taken would be the right ones,” Stefan explains. Much of the disruption came from changing consumer habits, with a shift to digital becoming the prevalent trend overnight. “The move towards online had started before COVID-19, but the pandemic definitely pushed the envelope further in this respect.” Fortunately, the investments made in IT infrastructure and human resources paid dividends in this scenario,” the CEO explains. 129

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“There was no playbook and we had to improvise, finding ways and means to cater to our clients,” he says, citing the fundamental challenges faced when weddings shifted from stand-up receptions to sit-down dinners. “Well, this spelt disaster for us. It meant that our turnover took a hard hit, and we had to invest in new equipment, maintain all the current workforce, and also hire new staff with different capabilities,” he continues. In light of this adversity, the focus and ability to act quickly became a saving grace. “History teaches us that, after a crisis, there are winners who emerge stronger than before, and those who flounder. Innovation was key for us. We adapted to digital, shifted our offering and, even during the pandemic, came into the office ready to react and think ahead. We were always trying to reinvent ourselves from one week to another,” the CEO explains, outlining the immense support this approach had from employees, as well as the general public. “We work hard for our product, and we always try to match expectations, so this was very encouraging.” Today, as the crisis has slowly ebbed, Stefan’s day is focused on ensuring momentum is retained. “I wake up early and head straight to the office, touching base with the team as soon as I get there. Indeed, although I have an open-door policy with my staff and I am their point of reference, I want to empower them to solve problems because I am confident we have the right people on board. My job is to ask questions and not to, necessarily, put forward answers and solutions for every problem.”

Quick-fire Questions… with Stefan Borg What’s a word people often use to describe you? Thorough and meticulous. Crypto, traditional finance, or both? Traditional finance. What’s one gadget you can’t live without? Undoubtedly my phone. Which business mentor do you most look up to? I like Simon Sinek, but I follow numerous podcasts and websites. What’s the biggest lesson you’ve learnt from the pandemic? Remain focused, innovate and adapt. How do you switch off? Travelling when I get the time. Best bit of business advice you’ve ever been given? To do my utmost to excel in every task; to seize opportunities and execute with determination.

Looking ahead to Stefan’s ambitions for the company this year, the CEO reveals his hopes for its new Sliema cafeteria, which opened at the end of 2021. “We are counting on it being a success, like our Mriehel outlet. More broadly speaking, the company will continue to focus on facilitating innovation, agility, productivity and accountability. Brands such as ours need to continue to create value to achieve a clear home advantage. I think brand identity and positioning will continue to become more important for businesses like Busy Bee, so we will definitely be giving this area all its due attention.” The CEO maintains that the company’s winning business model will continue to pay dividends – “we’re very careful about what to change and what to retain, so we will continue to build and consolidate what we currently have on offer.” He does sound a note of warning, however. “I think that, as time goes by, we’ll find it harder to find the right people – this is, somewhat, already happening. Our institutions are simply not producing enough skilled employees. Lack of available workforce keeps stalling our growth and blatant poaching between companies will raise costs and weaken the foundations of our industry,” he predicts.

What do you always look for when hiring? Apart from their capabilities, I look for personality and resilience. Do you prefer to drive or be driven? I prefer to drive, unless we are looking for a parking spot. The Maltese success story really needs the country to focus on ...? Getting its priorities right and making sure that there is enough talent to support industry. What’s the one thing you do in your business that moves it forward most? Setting new challenges for the team. What excites you about the future? The challenges posed by the dynamic market. If I were President of the World for a day, I would ...? It’s hard to do anything meaningful in one day so I would start by declaring myself President for the whole term, then I would replace leaders with people of goodwill and re-write their agendas and priorities.

Stefan is not going to let these issues deter him and he remains focused on success over the course of the next months. “By the end of this year, we will retain our current position as one of Malta’s leading outside caterers and achieve preCOVID-19 figures. Our shops will keep improving their offering and capture market share, and following the success of our Sliema outlet we will be increasing our reach over the territory. However, we’ll still take things step-by-step with our ears glued to the ground,” he concludes. 130

Which philanthropic cause are you most passionate about? Anything that involves children. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Finding a better balance between social well-being, environmental sustainability and economic viability.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Christian Vassallo

CEO, CAMPUS HUB

“ W E K N O W O U R F A M I LY H A S A H U G E S O C I A L RESPONSIBILITY TO OUR COMMUNITIES.”

T H I S Y E A R S A W T H E L A U N C H O F M A LT A ’ S F I R S T S T U D E N T V I L L A G E A T T H E U N I V E R S I T Y O F M A LT A . A S C E O O F C A M P U S H U B , C H R I S T I A N V A S S A L L O HAS BEEN WORKING HARD TO ENSURE THIS BOLD PROJECT LIVES UP TO T H E VA S S A L LO G R O U P ’ S R E P UTAT I O N A N D I S A S U STA I N A B L E PR OJ E CT O F Q UA L I T Y S E T TO S E R VE G E N E R AT I O N S O F STU D E N TS TO CO M E .

For Christian Vassallo, growing up within the family business has been a lifelong lesson in leadership and bringing game-changing business ideas to fruition. Over the years, he has been directly involved with several start-ups within Vassallo Group, including setting up CaterEssence, a leading contract caterer that, pre-COVID-19, was employing some 200 team members doing €10 million worth of business a year.

in the region of €45 million, the project marks the single-largest investment the Group has ever poured into one project. Christian also believes it’s a project that the Group was uniquely primed to undertake. Over and above possessing the reputation to secure such funding, Vassallo Group’s diverse portfolio of businesses ensured nearly every phase of the development could be expedited efficiently: “we already had invaluable experience across all the different aspects of developing such a large-scale project, including dealing with architects, providing hospitality services, having access to leading service providers, and so on. The strength of the Group has really come into its own on this project.”

When the opportunity arose for him to take on the CEO role for Campus Hub, Christian was instantly compelled. “These projects of national significance don’t present themselves every day. I knew it would be a challenge, but I felt confident that my previous experiences had equipped me with all the skills I needed to take on the role,” he explains.

In fact, nearly every resource and expertise within the Group is being leveraged to facilitate Campus Hub. Construction is being overseen by Vassallo Builders,

Campus Hub is certainly no everyday venture, not even by Vassallo Group’s formidable standards. Costing 132

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“You’re only as strong as your weakest link, so the team should always move to strengthen and protect one another.”

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while everything from the concrete to the doors and furnishings is also being supplied by in-house companies. Excavations for Campus Hub started in Q1 of 2019, with the first phase of construction kicking off later that year in November. Everything was plain sailing until COVID-19 hit just a few months later. While the local construction sector was given an official go-ahead to continue works, Christian’s prime concern was to ensure his team was working safely and responsibly in line with social distancing and quarantine rules. “When COVID-19 hit, our primary objective was to keep our people and their families safe and healthy, which I’m happy to report we managed successfully. Notwithstanding the challenges, we still managed to cast 800 square metres of the development every week, on average. The team really pulled together to work responsibly, which meant we were able to stay on track,” Christian says. If anything, the pandemic only spurred Christian and his team on to accelerate certain project milestones. “As soon as we heard the University of Malta was to become a central vaccination centre, we realised more parking spaces were needed on campus. So we accelerated the development of our car park by six months, to cater for around 500 cars. All-in-all, we tried to help out as much as we could.” CSR is something that Christian has always taken incredibly seriously, long before the term itself became a ubiquitous business buzzword. It’s an attribute he ascribes to growing up within the Vassallo family: “from a young age, it was really ingrained in us that we have a huge social responsibility to our communities. As a Group, we recognise that we have the power to make a positive impact, whether it’s building something like Campus Hub or influencing change on other levels, like dealing with racism at work, creating environments of equality, and encouraging recycling and green awareness. It’s a quality I hope to instil in my children too.” Further proof of this ardent commitment to CSR can be seen through Campus Hub itself. The development was an opportunity for the Group to prove how, with planning and forethought, construction stakeholders can successfully and significantly reduce pollution and waste at almost every juncture.

I’m happy to let my team shine and I only employ people who I feel are better than me at their jobs. As a leader, my job is to protect them so they can continue to work without any distractions or unnecessary pressures.

“We looked at many different technologies that we could use to improve our processes. We opted to adopt a BubbleDeck system, which makes use of a series of hollow recycled plastic balls that are inserted into the concrete slabs. This plastic itself was partly collected from within the Group and 134

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recycled into the process. The actual cost was slightly higher than it would have been otherwise but, all-in-all it has enabled us to reduce our concrete footprint by 40 per cent, while saving over 1.5 million gallons of CO2 from being emitted into the environment.” Elsewhere in the development, Christian and his team have introduced solar glass – a heavily insulated external building coating to boost energy efficiency all year round – and a large water tank to collect all water drained from air conditioner units for irrigation. Bathrooms have been prefabricated using innovative plug-and-play modular units in Milan and shipped to Malta to save on countless trucks coming to and from the island carrying individual pieces. Trees that were removed from the site will be returned to their natural environment once construction is complete. Finally, a 150-yearold rural building found during works, and which the Group had permission to remove, is being repurposed as a highlight feature within the Hub’s piazza. Thus, Christian is proud of the far-reaching vision of this truly eco-conscious development that is set to transform life around the university.

Quick-fire Questions… with Christian Vassallo What’s a word people often use to describe you? Strong. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? WHOOP, a fitness app.

As all-consuming as Campus Hub has proven to be, Christian is also actively involved in another project he deems to be his “true life’s work”. Building on Vassallo Group’s estimable experience in shaping the local private healthcare sector, Christian helped launch Hand In Hand, Malta’s first Applied Behaviour Analysis (ABA) intervention centre and school. The centre specialises in supporting children with autism and learning needs at early intervention stage. Today, the centre employs 22 full-time therapists and supports over 60 families.

Which business mentor do you most look up to? Warren Buffett.

“Hand In Hand is the most important project I’ve ever played a part in. I feel that we’re doing something special to help more and more kids. With these types of projects, it takes someone crazy enough to make the first move, and I’m happy to be the one pushing the boundaries within this space. This is only the beginning. Our next project will be opening our secondary school,” he says with a genuine note of excitement.

Best bit of business advice you’ve ever been given? Il-ftira shuna tajba. (Strike while the iron is hot).

With so many projects requiring his time, energy and focus, Christian says he has come to rely on his team to assist in his role. “I’m a rugby guy, and rugby has taught me the value of trusting in your team. You’re only as strong as your weakest link, so the team should always move to strengthen and protect one another. I’m happy to let my team shine and I only employ people who I feel are better than me at their jobs. As a leader, I want to enable them, so they only need me in worst-case scenarios. My job is to protect them so they can continue to work without any distractions or unnecessary pressures.” Now Campus Hub is already in full swing, with the first students having arrived on 1 January 2022. More are expected, with 400 due to live in the residence by the summer. Students and the public can also look forward to a range of new outlets opening each month within the Hub’s central piazza. Everything from coffee shops and eateries to a pharmacy, fitness centre, and express supermarket will be coming to Campus Hub. “This has been a huge, rewarding challenge because it’s innovative,” the CEO says, as the project nears completion. “It’s the first time this has been done in Malta, so it was a bold move. However, thanks to the help of the university and the companies within the Group, I’m very confident that we’re launching something special.” 135

What’s the biggest lesson you’ve learnt from the pandemic? It’s time to work harder and do more. How do you switch off? CrossFit.

What do you always look for when hiring? Team players and potential. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Reputation. What’s the one thing you do in your business that moves it forward most? Having a vision. What excites you about the future? The unknown. If I were President of the World for a day, I would ...? Force everyone to read a book. Which philanthropic cause are you most passionate about? Autism – creating an environment where all our children can reach their full potential. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Limiting the negative long-lasting effects of social media companies.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Geoffrey Debono

CEO, DEBONO GROUP

“NECESSITY IS THE MOTHER OF INVENTION.”

H AVI N G STU D I E D B U S I N E S S A N D E N T R E PR E N E U R S H I P, G E O F F R EY D E B O N O T O O K O V E R T H E F A M I LY M O B I L I T Y B U S I N E S S , D E B O N O G R O U P , I N 2 0 0 6 . N OW, H E I S D R IVI N G C H A N G E I N T H E S E CTO R , A DA PT I N G M O B I L I T Y S O L U T I O N S T O S U P P O R T A B U I LT - U P C O U N T R Y I N A P O S T - C O V I D - 1 9 WO R L D. G E O F F R EY EXPL A I N S T H E C H A L L E N G E S FAC I N G T H E I N D U ST RY, A N D T H E T H I N K I N G B E H I N D T H E C O M PA N Y ’ S M I S S I O N T O G I V E P E O P L E “ O N E H O U R B A C K E V E R Y D AY T O D O S O M E T H I N G T H E Y L O V E ” .

“I lead change within the organisation,” Geoffrey Debono says of his approach. “I work closely with the team and think outside the box to make the business better.” Geoffrey has been CEO of Debono Group for 15 years now and, in that time, he has seen seismic shifts in the mobility market. He explains that the company specialises in selling cars and rides “for people or goods – we do both!” and that he always has his ear to the ground to cater to new demand. “When the puck moves, we need to make sure we are ready to receive it,” he asserts. While he aspired to be a pilot at a young age, Geoffrey admits that it was a short-lived ambition.

“My focus and determination shifted to working in the family business quite early. I studied accountancy and management at school, then went on to study entrepreneurship and business; both in Malta and at the London Business School,” he shares. Having grown up around the company, which was founded by Geoffrey’s grandfather in 1960, he says it was “a very natural step to be part of the business”. When Geoffrey was 18 years old, his father sadly passed away and a General Manager was hired to hold the fort while Geoffrey attended university. “As soon as I was ready to join the business, I did,” he recalls. “Then I took over the running of it.” 136

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CEO INSIGHT “I do not think leadership is an innate quality. I believe anyone can lead – but you must have the desire and willingness to learn and be challenged.”

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I would rather disrupt our industry myself than be disrupted by a new player.

Debono Group entered the mobility space (described by Geoffrey as the company’s “main business and forming 80 per cent of their offering”) in 2018, but it is far from the only market the company caters to. To date the Group has been involved in exporting, building and manufacturing buses, and the manufacture and exportation of mobile homes to Africa; all in the past six years. The company is also immersed in the technology space, having set up the first CRM for IT businesses in Malta, named iMovo. As if that were not enough, Debono Group also has a logistics business focused on warehousing solutions for B2B customers, and a property leasing business. “Entering the mobility space has been a big change,” Geoffrey acknowledges. “In 2010 we became the first car dealer in Malta to offer both new and used cars. This meant we already had some experience in that field and we are pleased to hold a very strong position in this space today. Now, we do not want to be disrupted in our own space. It is a firm belief of mine that I would rather disrupt our industry myself than be disrupted by a new player.” With so much on his plate, is Geoffrey ever able to take his foot off the pedal? “I love what I do,” he smiles, “so I dedicate a lot of energy to it. But, when I have a chance to relax, I love to travel with my family. At home I unwind by cooking and gardening. Right now, my free time is a little limited, but this is something I intend to rebalance.” When it comes to his approach to leadership, the CEO says, “I am a firm believer in challenging the status quo. I love being in that messy space and solving problems that were thought to be impossible to overcome. I don’t think leadership is an innate quality; I believe anyone can lead – but you must have the desire and willingness to learn and be challenged.”

Geoffrey also says he’s grown to understand the importance of vulnerability in leadership. “It’s okay to admit you don’t have all the answers. This is where collaboration starts and you begin to brainstorm solutions. It is fundamental to success.” As a forward-thinking company, Debono Group has recently been awarded an Equality Mark Certification by the National Commission for the Promotion of Equality. And, on the subject of the company’s diversity and inclusion, Geoffrey explains, “we always believe that the right candidate should get the job, regardless of gender. This industry is very male-dominated but that can be a limitation, so we ensure we hire the most talented individual to drive our business forward.” Meanwhile, the company’s wider ‘dream’ is to “give people one hour back every day to do what they love”; replacing time that could have been spent finding parking or refuelling, with time spent on hobbies or with loved ones. “We want this for as many people as possible, which is why we created a ride-hailing 139

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service that is affordable,” Geoffrey explains. “To keep the cost low, people will often share a car with another passenger, but we have found this to be a happy medium for customers who need to get about cost-effectively. And it is better for the environment too.” On the subject of sustainability, Geoffrey has a clear stance. “We do not focus on sustainability just to say that we have corporate social responsibility policies,” he asserts. “We do it because it is important. It is ingrained in our company ethos. With so many private vehicles on the road, congestion is leading to pollution. We envision a future where ride sharing is the norm; reducing traffic and improving the quality of life in Malta.” Debono Group’s ride-pooling service, named COOL, and its vehicle-sharing initiative in partnership with GoTo Global, both use hybrid and electric cars. “It is our duty to be part of the solution,” Geoffrey insists. After all, it’s evident that the lack of space in Malta has led to increasing mobility issues on the island; something that Debono Group aims to address. “Clearly the need for people to move around is not being reduced,” Geoffrey points out. “Post-COVID-19, road congestion is back to where it was in late 2019 – in fact, it is arguably worse. “There aren’t enough carrots and sticks for people to change. They are comfortably uncomfortable in their private cars. They may spend time in traffic or searching for parking, but they do not want to give up their own vehicle because, to them, their car means freedom. What we are trying to do is create an alternative solution that can help solve the traffic issue while giving people the freedom to get around. People’s anxiety about losing their freedom is the biggest challenge we face, and it is something we strive to overcome daily.” Reflecting on 2021, Geoffrey identifies some positive changes brought about by COVID-19. “If you asked me two years ago if people would work effectively remotely and thrive in a flexible working environment, I would have said ‘no’,” he admits. “But necessity is the mother of invention. It is only when you are put in a corner that new solutions are found – and those solutions are in many ways better than the existing ones!” The CEO credits the shift to home working with better team communication. “I started uploading videos on our company’s internal Facebook group,” he shares, “to keep the team updated and discuss any challenges we were experiencing.” Geoffrey adds that, “without a shadow of a doubt,” the greatest opportunity to come out of COVID-19 was the increased use – and capabilities – of technology. “The emphasis on digitalisation has been game-changing,” he says. “Technology is moving at such a fast pace, which, in turn, is helping us to improve our offering to our customers. The more automated our service, the greater scope we have for growth.” Looking ahead, Geoffrey sees this year as pivotal for Debono Group. “2022 is very important because we expect to see production levels return somewhat to normal,” he attests. “There have been microchip supply constraints, which we hope will now be less of a problem, and we have a strong production pipeline plan.” Finally, Geoffrey is confident that Debono Group’s focus on the customer experience will set it apart from its competition and enable the company to go from strength to strength in 2022. “Our goal is to change the way people view vehicle purchases and ride hailing,” he asserts. “We want to keep growing the business and creating solutions that improve people’s lives.” 140

Quick-fire Questions… with Geoffrey Debono What’s a word people often use to describe you? Driven. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? My phone. Which business mentor do you most look up to? A colleague of mine at the Young Presidents’ Organisation, a global leadership community of CEOs. What’s the biggest lesson you’ve learnt from the pandemic? Change can occur quicker than you think. How do you switch off? I enjoy cooking and time with the family. Best bit of business advice you’ve ever been given? Think 10 times bigger! What do you always look for when hiring? Passion and leadership. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Doing what we say we will. What’s the one thing you do in your business that moves it forward most? Challenging people to think bigger. What excites you about the future? The possibility of leaving behind a positive legacy. If I were President of the World for a day, I would ...? Tackle the world’s issues with a positive, can-do outlook. Which philanthropic cause are you most passionate about? Disadvantaged children. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Taking action to make the world a more sustainable place.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Christian Sammut

CEO, BMIT TECHNOLOGIES

“ M A N A G I N G A N E X C E L L E N T , PA S S I O N A T E T E A M G IVE S M E A G R E AT S E N S E O F PR I D E .”

UNDER THE LEADERSHIP OF CEO CHRISTIAN SAMMUT SINCE AUGUST 2011, BMIT TECHNOLOGIES HAS STRENGTHENED ITS POSITION AS A L E A D I N G DATA C E N T R E , C LO U D A N D M A N AG E D I T S E R VI C E S PR OVI D E R . T O D AY , C H R I S T I A N H A S H I S S I G H T S S E T O N T R A N S F O R M I N G T H E C O M PA N Y I N T O A F U L LY - F L E D G E D D I G I T A L E N A B L E R F O R B U S I N E S S E S – B O T H L O C A L LY A N D I N T E R N A T I O N A L LY .

As the CEO of one of Malta’s leading technology companies, Christian Sammut has plenty of milestones under his belt. But throughout his successful 10year leadership at BMIT Technologies, one particular achievement stands out among them all – that of leading the company to being listed on the Malta Stock Exchange.

BMIT Technologies has been growing year-on-year but proof of its success and transformation has been its listing on the Malta Stock Exchange in 2019. “It continues to be a significant achievement for the company, the team, and myself – it was the cherry on the cake following many strong years of business. We are now looking for a new cherry!” the CEO smiles.

“That said, overall, I’d say it’s the ongoing transformation we’ve made at BMIT Technologies that stands out the most. Originally, we were a data centre focused on providing customers with infrastructure, but we have since evolved into a digital enabler for businesses. Today we advise and help companies to identify their needs and requirements by deploying and providing support solutions on a 24/7 basis,” says Christian.

With years of experience in business management, for Christian, working alongside driven and professional people remains one of the top privileges of the job. “Managing an excellent, passionate team gives me a great sense of pride,” he says. “I like motivating the people around me, supporting and empowering them to do their job, which is solving customers’ business issues. We do this by researching technologies as they develop 142

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CEO INSIGHT “Since it is always changing and complex, some companies can see technology as a burden. But it’s not; it provides huge opportunities.” 143

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and investing in our people, infrastructure and systems, so that together we can deliver solutions to solve our customers’ challenges.” For the CEO, a great sense of satisfaction also comes from helping customers make best use of the technology they’ve already invested in. “Often, we just skim the surface of the potential of any technology that is available to us. But by properly exploiting it, we help our customers become more agile and efficient, not only within their own business but also in the delivery of products and services to their own customers,” Christian explains. The success of BMIT Technologies, specifically over the past year, is plain for all to see, says the CEO. And, despite the various challenges the company faced, it continued to grow and provide value to customers through its delivery of a wide range of products, services and technology solutions. “All this has resulted in a positive performance, strong financial results and continued delivery of value to shareholders,” shares Christian. Through its expanding portfolio of products and services, BMIT Technologies has also diversified its client base under the CEO’s tenure. As the nature of its services initially revolved around its main functions as a data centre, the gaming sector made up its core customer base.

continues to invest and focus. In December 2020, it announced a partnership and investment in artificial intelligence company EBO.ai to offer a specialised AIpowered solution to its customers in the online gaming sector. “AI is everywhere and has become mainstream. It is applied in all aspects of our lives, and it is also a fact that the internet, 5G, IoT and the application of such technologies will create masses of data which is growing at an exponential rate,” says Christian. “This data is of no use unless we are able to collect it and analyse it. AI is one technology in this process that will help us make effective and efficient use of the data we are creating and collecting.” As a result, looking at AI was a natural evolution for BMIT Technologies. “Prior to our investment in EBO.ai, we first partnered with them to offer our own virtual agent solution to our customers within the online gaming sector. We have done this successfully over the past year and are proud to have onboarded a number of reputable customers.”

“Because of the strategies we put in place and the investments we made over the years, we’re now not only a data centre provider but also a cloud and managed IT services provider, offering customers a one-stop shop for their technology requirements,” says Christian. “Today, more than half of our customers are non-gaming and come from different sectors, primarily in Malta, including financial services, professional services, tourism, transportation and manufacturing.” The gaming sector, however, remains an important one for BMIT Technologies, and is an area where the company

Whatever my role, I have to build a team of experts, colleagues and friends around me, to support me, advise me, correct me, but more importantly, to execute the strategies we craft together.

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The CEO asserts that participating in this new area of technology has opened new opportunities for BMIT Technologies, enabling it to provide the service to gaming players both locally and internationally. “For our customers, our virtual agent allows them to intelligently automate and improve the quality of their own customer interactions in a more effective and cost-efficient manner.” While 2021 continued to be an uphill battle against COVID-19, BMIT Technologies faced accelerated demand for its cloud services as more businesses sought digital solutions for their operations. Christian asserts that the cloud has commoditised many technologies, and its scale has enabled more costeffective use of all types of technology, which previously could have been out of reach for a number of customers. “Another area of demand and growth for us, particularly when COVID-19 hit, was remote work enablement; where customers needed our help migrating their systems to a data centre or the cloud, or required infrastructure so that their employees could work from wherever they needed,” says the CEO. “We are also seeing a growing need for businesses to comply with fiscal and regulatory obligations. I believe that information technology can truly help businesses overcome some of the challenges (from a data management perspective) that compliance brings about.” On a personal level, 2021 has also been a year of growth for the CEO. Just as technology evolves, he too has evolved and learned from the challenges he’s faced over the past 12 months, as well as from the successes achieved and mistakes made. “But what I’ve really come to acknowledge is that, alone, I am no one. Whatever my role, I have to build a team of experts, colleagues and friends around me, to support me, advise me, correct me, but more importantly, to execute the strategies we craft together. This combination has been so important for BMIT Technologies’ success and of course my own.” Looking ahead to the next 12 months, Christian believes that 2022 is an opportunity for Malta to make another leap in terms of its digitisation, by adopting and applying technology across many more industries. “Because it is always changing and complex, some companies can see technology as a burden. But it’s not; it provides huge opportunities, but businesses will only take advantage of them if they seek the assistance of providers like us to help them on this journey.” Christian says that, throughout 2022, BMIT Technologies will continuously look, listen, learn and invest in new offerings, in response to the myriad changes taking place in economies, technology, customer requirements, demands, likes and dislikes. “As a listed company, we are constantly looking at and exploring ways to expand further – organically and through investment. We plan to do this both locally and internationally,” the CEO explains. “By the end of the year, I would like to see BMIT Technologies completely transformed from an infrastructure data centre provider – which is our legacy – to a digital services provider that includes security, compliance and digital transformation. This is the journey we have been working on and it is now coming to fruition.” 145

Quick-fire Questions… with Christian Sammut What’s a word people often use to describe you? Mr Gadget – whatever new gadget is launched, I just have to have it. Crypto, traditional finance, or both? Both. As crypto adoption continues to accelerate, traditional institutions will have no choice but to embrace it. What’s one gadget you can’t live without? My mobile. Which business mentor do you most look up to? My Chairman, Nikhil Patil, who I’ve known for years and is not only my boss but a very dear friend. What’s the biggest lesson you’ve learnt from the pandemic? Business resilience and going digital are the key to success. How do you switch off? By working out every morning. Best bit of business advice you’ve ever been given? Empower others, dream big and always aim high. What do you always look for when hiring? Intelligence, pride and most importantly passion. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Our reputation. It’s been challenged and now comes under increasing pressure. What’s the one thing you do in your business that moves it forward most? I love what I do and try to ensure that everyone around me enjoys it too. What excites you about the future? Our ability to influence it. If I were President of the World for a day, I would ...? Allow everyone to enjoy the sound of nature for one day – no cars, machines or noise; just silence. Which philanthropic cause are you most passionate about? Hospice Malta. Robots & AI: threat or opportunity? Definitely a great opportunity. What do you hope the world gets right in 2022? Learning to live with COVID-19 because we have no choice but, if possible, without any prejudice.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Catherine Tabone

C E O, VA L L E T TA C U LT U R A L A G E N C Y

“ M A LT A M U S T S T R I V E T O G I V E B A C K T O T H E C U LT U R A L SECTOR THE DIGNITY IT DESERVES.”

CO N T I N U I N G T H E L E G ACY O F T H E VA L L E T TA 2 0 1 8 FO U N DAT I O N A N D T H E S U C C E S S O F T H E E U R O P E A N C A P I T A L O F C U LT U R E Y E A R , T H E V A L L E T T A C U LT U R A L A G E N C Y S U P P O R T S , P L A N S A N D C R E A T E S A P R O G R A M M E O F C U LT U R A L E V E N T S I N T H E C I T Y . T O D AY , C A T H E R I N E T A B O N E C H A N N E L S H E R E X T E N S I V E E X P E R I E N C E A N D PA S S I O N F O R T H E A R T S I N T O H E R R O L E A S C E O , L E A D I N G A B U S Y T E A M A S T H E Y R E D E F I N E T H E C U LT U R A L E V E N T S L A N D S C A P E I N T H E W A K E O F T H E PA N D E M I C .

Life for Catherine Tabone has always revolved around the arts. Growing up in an artistic family, a young Catherine was surrounded by artists, painters and singers from an early age, inspiring both a personal passion for classical music and opera, and a professional interest in the humanities – one that she also pursued academically.

where she provided policy direction and advice on heritage, the arts and the audio-visual sectors. Here, Catherine played a pivotal role in meetings held on these topics as part of Malta’s Presidency of the Council of the European Union. Aside from publishing historical research works and active participation with a local cultural NGO, she also spearheaded Malta’s ratification of the UNESCO Convention for the Safeguarding of Intangible Cultural Heritage, and led a historic collaboration between Malta and the Holy See. Paving the path to her appointment as CEO at the Valletta Cultural Agency, Catherine served as Executive Director at the Valletta 2018 Foundation, overseeing the European Capital of Culture initiative in Malta.

A graduate of the Universities of Malta and Cambridge in cultural history, Catherine moved onto managerial positions at the Public Administration of Malta and also served as Curator of the National Museum of Ethnography at the Inquisitor’s Palace in Birgu. In 2013 she was appointed Malta’s Director for Culture, 146

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CEO INSIGHT

Location: Casino Maltese

“As CEO, I am part of a team. I am not there to be unapproachable or merely to give orders – my role is to collaborate with my colleagues to solve problems. Our achievements are ours, not just mine. I am only as strong as they are.” 147

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“One of my favourite moments was when the Vatican chose Malta as the first foreign state to collaborate with the Holy See, creating together an unforgettable Nativity scene and a concert by the Malta Philharmonic Orchestra in Rome that Christmas,” she recalls. “I also look back with pride on Valletta’s year as European Capital of Culture, knowing the extraordinary work and preparation that went into it. With the help of all involved it was a huge success, boosting Malta’s economy and impacting many sectors. And, of course, the creation of the Valletta Cultural Agency after Valletta 2018 has built on that work and investment, and made all our efforts worthwhile.” Established in early 2019, the Valletta Cultural Agency indeed builds on the legacy of the capital’s year as European Capital of Culture in 2018. While ensuring that Valletta 2018’s many achievements are not lost, it also aims to keep that investment into Malta’s cultural scene alive by engaging with the community in the long term.

Catherine also points to her team’s resilience throughout the COVID-19 pandemic. “Our superb team rose to the occasion to ensure we could still inject happiness into people’s lives through culture, at a time when everyone needed hope and colour,” she explains. “In fact, we were one of the few to continue with initiatives, taking quick decisions to accommodate the ever-changing guidelines.” The Agency’s events programme included a city-wide flower installation with webcams installed so that people staying safe at home could enjoy it, with viewers both in Malta and around the world. The team also shifted some events from in-person to online, such as the popular Artists in Residency programme, while televising the flagship Pageant of the Seas and holding concerts in isolated venues such as convents.

Since its launch, the Agency has catalysed over 90 in-person, online or televised events, as well as community-centric workshops – plus one gamechanging milestone for the entity, as Catherine recalls. “Aside from the Agency’s creation, one of the shiniest feathers in our cap was the launch of the Valletta Design Cluster,” she says. “We restored a formerly derelict building dating from the time of the Knights and created a space that gives opportunities for start-ups across the world of design. We also opened the Cluster up to local NGOs working on the annual festi in Valletta. It is a space produced by local people, for both the local and international scene.”

Society recognised that the arts nourish the spirit, and that they are an essential part of being human. When all else seems lost, we as humans turn to the arts for comfort and solidarity, to process what is going on in the world. As an Agency, we became more conscious of our responsibility to offer the community cultural events, especially in these most challenging of circumstances.

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“The Agency is lucky to have such an excellent team. I have worked with most of them since 2017 and we have a great relationship and bond, which certainly makes my job easier,” Catherine interjects, giving insight into her leadership style. “As CEO, I am part of a team. I am not there to be unapproachable or merely to give orders – my role is to collaborate with my colleagues to solve problems. Our achievements are ours, not just mine. I am only as strong as they are. They are the best team I could ever wish for.” Meanwhile, the challenges of the pandemic put both the team’s dynamic and Catherine’s open-door approach to the test. “Our trust in each other, as well as our mutual passion and commitment to the arts, was simply heightened,” she confirms. “While everyone adjusted to the health crisis on a human level, as a team we came together to support culture against the odds.” While ensuring that her team weathered the physical and emotional storm, Catherine also recognised the positive impact of culture and the arts on the well-being of the wider community during such a difficult time. “This may be one of the most significant – and encouraging – outcomes of the pandemic. Historically, culture and the arts were never sectors that held the interest of a large part of society. Yet, despite the sudden shortage of events taking place nationwide, people didn’t lose interest – on the contrary, the situation made them thirsty for the arts. Society recognised that the arts nourish the spirit and that they are an essential part of being human. When all else seems lost, we as humans turn to the arts for comfort and solidarity, to process what is going on in the world. As an Agency, we became more conscious of our responsibility to offer the community cultural events, especially in these most challenging of circumstances.” With this renewed social passion and interest in the arts, Catherine now hopes that a wave of investment in the sector from private sponsors will revitalise Malta’s cultural scene. “Investors must realise that the benefits of culture and the arts are far greater than they may have thought. We need a concerted effort towards financial incentives for private firms to invest in culture – particularly cultural education – to put it on a level playing field with other sectors such as sports,” she affirms, while spotlighting the urgency of preserving Malta’s cultural heritage. “As a historian, the ongoing devalorisation of our historic landmarks concerns me deeply. I understand it is a difficult balance to strike, but we must think first about the soul of the country. It is our past that defines us; destroy that, and we will not only destroy our national identity but also reduce long-term economic value in sectors such as tourism. We must not be shortsighted.” Now, as the local artistic community attempts recovery amid ongoing COVID-19 protocols, the Agency looks forward to a host of exciting projects this year, including collaboration in the bid submissions of Victoria and Birgu to become Malta’s next European Capital of Culture in 2031. “The pandemic has proven that where there’s a will, there’s a way,” Catherine concludes with a smile. “When you are committed to a goal, it is achievable in even the most difficult of circumstances – and with a strong team behind you, even more so. As restrictions hopefully ease, we are ready to create more quality cultural events. Malta must strive to give back to the cultural sector the dignity it deserves. The Valletta Cultural Agency is at the forefront of this effort.” 149

Quick-fire Questions… with Catherine Tabone What’s a word people often use to describe you? Passionate. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? My phone, since I listen to music on it. Which business mentor do you most look up to? Permanent Secretary, Paul Zahra. What’s the biggest lesson you’ve learnt from the pandemic? There’s always a solution. How do you switch off? I listen to opera, classical music, read, and play with my dog, Prince. Best bit of business advice you’ve ever been given? Don’t take no for an answer. What do you always look for when hiring? Intelligence. Do you prefer to drive or be driven? Drive! I love driving. The Maltese success story really needs the country to focus on ...? Culture. What’s the one thing you do in your business that moves it forward most? Being part of the team. What excites you about the future? That it is unwritten, and you may therefore shape it in any way you can. If I were President of the World for a day, I would ...? Invest heavily in cultural education and supporting the arts. Which philanthropic cause are you most passionate about? Access to culture for all, especially for the vulnerable and marginalised. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Respect towards fellow human beings.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Andrei Grech

CEO, AG GROUP

“ THE KEY IS SIMPLE: PLANNING, PLANNING, PLANNING.”

WITH A LOVE OF ALL THINGS MECHANICAL AND ELECTRICAL , ANDREI G R E C H H A S B U I LT U P H I S B U S I N E S S , A G G R O U P , F R O M A O N E M A N O PE R AT I O N TO A 1 0 0 - ST R O N G WO R K FO R C E . F R O M E L ECT R I C I N STA L L AT I O N S A N D M A I N T E N A N C E TO H OT WAT E R SYST E M S A N D F U M I G A T I O N , T H E C O M PA N Y H A S E X PA N D E D I T S E X P E R T I S E T O L A N D S O M E O F T H E B I G G E S T C L I E N T S I N M A LT A . A N D R E I E X P L A I N S H O W PLANNING IS INTEGRAL TO THE SUCCESS OF A SCALING BUSINESS .

“I started AG Group at a young age,” Andrei Grech explains. “I was hands-on then and I’m the same now. It’s a big part of my role; change is constant and it’s important I understand the intricacies of the day-today work to adapt and develop the company to the needs of our market.”

need to adapt – whether it be a change in your team, a change in the market or a change like COVID-19. To stay productive, you need to evolve.” When he’s not working, the CEO is a keen student. “I’m not the kind of person who can watch movies. In fact, I like to study in my spare time. I study markets, I study people, I learn about successful businesses, and I read the stories of the people behind them.” And while some may see this as taking on another part-time job, Andrei insists the opposite is the case. “Honestly, I love to do it,” he laughs. “It’s not stressful. I love to learn.”

Andrei is a big believer in never getting too comfortable in one position. A large part of AG Group’s success can be attributed to his proactive and forward-thinking approach, as well as an eagerness to learn about and embrace new opportunities and trends. “I don’t like the comfort zone,” he admits. “If there’s change, you

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CEO INSIGHT “There was no difference in the way we worked in 2021. Of course, we felt the impact of the pandemic – especially as our clients in the hospitality and catering sectors struggled – but we were firm about staying consistent.” 151

If you work hard, have a clear direction and a team of dynamic, hard-working people, you can do great things.

Being very involved in the day-to-day running of the business, the CEO details a typical day at AG Group. “I always wake up early, sometimes even at 4.30am. After breakfast and coffee, I train at the gym before heading to work. Once there, I monitor the day-today business that needs to get done. This can involve spot checks and offering my consultation to resolve any issues. I have a team of managers who work well on their own, but it’s always good to have oversight so I can offer a different point of view when we’re problem-solving.” The rest of the CEO’s day involves checking in on each department, meetings with clients and his team, and taking advantage of networking opportunities. “My day is always hectic,” he explains. When the time allows, though, Andrei does take time to relax. “In the summer I love the beach and to sunbathe. I could fall asleep in the sun!” When the world allows, he also likes to sightsee in new places. “Malta’s location lends itself to European travel and I find it really relaxes me,” he shares. Growing a company from the ground up is no mean feat and, for Andrei, the key to this success is simple. “Planning, planning, planning,” he stresses. “It’s critical to stick to a plan. When you achieve what you set out to do, it’s rewarding and propels you forward. It’s not always plain sailing and sometimes you fall short of targets, but you need them in place to succeed.” Andrei explains that a lot of planning meetings take place at AG Group, with every team member being set regular, tangible targets. “Hourly targets, daily targets, monthly targets… we have them all,” he says. “It’s so

important to stay on the ball. I always say to my staff: ‘when you’re tired, take your vacation days. If you’re stressed, please arrange your time off.’ From morning to evening there’s a strategy and a plan, and it’s vital the staff get the rest they need – but also that we know where the team fits into our goals.” AG Group’s success has happened gradually over the company’s 16 years, but at the centre of the business is a passion for the work. “I love it,” the CEO says. “It’s not ‘going to work’ for me. It’s not a punishment. In order to solve problems daily, you need to love what you do – and I do. If it makes you happy, you make it happen.” For a company that has daily targets, it’s perhaps no surprise that the team regularly has cause to celebrate their achievements, including its recent wins at the 2021 Malta Real Estate, Development and Architecture Awards. “We feel privileged to have been voted the best mechanical, electrical, plumbing, and maintenance company in Malta!” Andrei says. 152

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But for Andrei there are no ‘big landmark wins’ in business: every day is significant. “Each day is a milestone,” he smiles. “It’s important not to get drunk with landmarks and targets reached.” 2021 was another successful year for AG Group. Having been awarded the mechanical and electrical (M&E) contract for The Imperial (the former Sliema hotel-turned-nursing home), the company had its 100-person team working on the building’s electrics, plumbing and drain system. “100 is a large number of workers on an M&E project,” Andrei shares. “Not only in Malta, but globally.” Andrei explains that, while big clients kept coming in, the aim for 2021 was to remain constant. “There was definitely a sense of panic in the first one-to-three months of the pandemic,” he acknowledges. “It was hectic, and people were afraid. Thankfully we adapted quickly, but I can’t underestimate it. It wasn’t an easy time, but it was manageable.” For the CEO, the secret to succeeding as a company through difficult times is to work consistently and stick to tried-and-tested processes. “There was no difference in the way we worked in 2021. Of course, we felt the impact of the pandemic, especially as our clients in the hospitality and catering sectors struggled, but we were firm about staying consistent.” It certainly paid off, too. “2021 was the best year of my 16 years running AG Group,” Andrei announces. “While we stuck to processes we knew, COVID-19 also gave us the opportunity to move into new areas of work. With cleanliness being so crucial, we started offering fumigation and sanitisation services. This is credit to our agility as a company; we were dynamic enough to pivot and capitalise on a thriving market.” Looking ahead to what the rest of 2022 has in store, Andrei shares that his first port of call is to consolidate. Explaining his plan, he says, “it’s a step-by-step process. First, we must consolidate and restructure. A recession is coming and we need to prepare for it. Let it come; we have to remain strong. Then we can take on bigger projects.” Longer term, AG Group will continue to grow. “Of course, I’d love to say ‘we’re working on a six-star hotel with 500 rooms that will cost €30 million’,” Andrei admits, “But, right now, it’s much more important to be realistic, consistent and adaptable. That’s our 2022 strategy.” Steering the ship through difficult waters has become second nature to Andrei. When asked what it takes to be a successful leader, his answer is simple: “hard work, hard work, hard work.” So, what does it take to be a self-made CEO in a sector as cutthroat as his? According to Andrei, you need to “wake up early, work hard and stay on the ball. It’s also so important to have a level of humanity about you as a leader, which is something that can easily be overlooked. You need to know the people you’re leading, be approachable and have an eye on all aspects of the business.” Andrei has a firm belief that good things come to those who plan and have a grounded understanding of the necessity of getting stuck in. “Nothing comes from nothing,” he concludes. “But if you work hard, have a clear direction and a team of dynamic, hardworking people, you can do great things.” 153

Quick-fire Questions… with Andrei Grech What’s a word people often use to describe you? Successful (now!), assertive, humble, and fun. Crypto, traditional finance, or both? I see crypto as a part-time side-hustle at the moment. What’s one gadget you can’t live without? My phone and Apple watch. Which business mentor do you most look up to? Elon Musk, Jeff Bezos and Warren Buffett. What’s the biggest lesson you’ve learnt from the pandemic? To stay calm and reassure people when they are in a state of panic. How do you switch off? Before I sleep, I make sure I solve all the day’s challenges. Best bit of business advice you’ve ever been given? Focus on your main business before starting sidehustles. What do you always look for when hiring? Character that you can build on. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Growing upwards and outwards to encourage international business. What’s the one thing you do in your business that moves it forward most? Making and reaching targets. What excites you about the future? It being more efficient, as more things move online. If I were President of the World for a day, I would ...? Teach, teach, teach. Which philanthropic cause are you most passionate about? The Malta Community Chest Fund and ALS Malta. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Making things simpler and more accessible, as more services move online.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “Ultimately, you can have the technology, but if you don’t have the people with the right values and the willingness to go the extra mile and adapt as quickly as possible, you won’t succeed.” 154

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Etienne Sciberras

CEO, MAPFRE MSV LIFE

“ I B E C A M E C E O A T A V E R Y PA R T I C U L A R T I M E , WH E N S O L I DA R I T Y WA S VE RY PE R VA S IVE .”

APPOINTED CEO OF MAPFRE MSV IN THE MIDST OF THE COVID-19 PA N D E M I C , E T I E N N E S C I B E R R A S B R O U G H T T H E E X P E R I E N C E S G L E A N E D F R O M H I S T W O D E C A D E S W I T H T H E C O M PA N Y T O B E A R O N H I S N E W R O L E . N OW, TO G E T H E R WI T H A ST R O N G M A N AG E M E N T T E A M , H E CO N T I N U E S TO STEER IT INTO A FUTURE WHERE NEW TECHNOLOGY AND GROWING CUSTOMER DEMAND SPELL SUCCESS.

Etienne Sciberras takes his role at MAPFRE MSV Life very seriously. In essence, he believes, it is about providing leadership to the organisation and to a very experienced management team; inspiring and motivating a committed workforce; while also providing and executing its strategic direction to achieve the organisation’s goals and aspirations. While this may seem like a tall order for the relatively new CEO – who was appointed to the position in April 2021 – Etienne has 20 years’ experience working within different departments of the company behind him. “While I’m new to the role, I am not new to the company,” he says, explaining how he joined as a trainee executive in the investment unit in 2001, and went on to move through the ranks, enjoying different roles and responsibilities along the way.

By 2012, Etienne was appointed Investment Manager before moving into risk management when the company set up a dedicated function from scratch. Later, he had the opportunity to assume the role with MAPFRE Middlesea too, which saw him lead the risk management section across MAPFRE in Malta, until he was appointed CEO of MAPFRE MSV Life in 2021. Speaking of his experience within the role so far, Etienne says it’s challenging, but also very exciting and fulfilling. “I’m lucky to be working with some great people, and a very engaged Board of Directors. I’m happy to assume the challenges it brings because I can see that there is a lot of confidence in me and my team. This motivates me,” he shares.

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Divulging his personal goals at the helm of MAPFRE MSV Life, the CEO cites continuity as the first item on the agenda. “The company has been performing very well, with strong results registered over the past few years. So, the first thing I’d like to do is ensure continuity in that respect but also take it to the next level. There has been a lot of change around us, particularly with COVID-19, and we have seen how certain norms can change in a short period of time. It is important that the company evolves with what our customers will be demanding of us in the coming years, utilising technology that will continue to transform our lives, while continuing to achieve objectives and bring value to our stakeholders,” Etienne maintains. Delving into its history, the CEO explains that MAPFRE MSV Life was established in 1994 by Bank of Valletta, Munich RE and Middlesea Insurance. Since then, shareholding has evolved to include Bank of Valletta and MAPFRE Middlesea, which is a subsidiary of the global MAPFRE Group. The company started by providing life protection and, over the years, has branched out into other areas including savings and investments, more recently becoming a leading player in the market for personal pensions plans and voluntary occupational pension schemes. Discussing how the landscape has changed, Etienne says, “like any other industry, we’ve seen significant changes over the years – changes driven by a changing regulatory environment, as well as by increased competition, which I think is very positive.” In tandem, customers have become more demanding and sophisticated, he continues, describing these as “very exciting times for the business”, and also citing new technology that has transformed the way the company interacts with its customers.

It is in times of crisis that

Against this backdrop, the CEO says that several factors continue to shape MAPFRE MSV Life’s success, including the company’s shareholders, financial credentials, its willingness to innovate, reputation, and core values, which Etienne considers a distinguishing feature. Ultimately, however, he credits the trust of policyholders as a primary factor. “We are a business based on trust. Our relationships with our customers span a long period of time, so it is all of these ingredients that make MAPFRE MSV Life the success story that it has been so far.” And when the pandemic hit in 2020, these ingredients served to right the ship in times of trouble. Going into the different areas that were affected by the pandemic, the CEO explains, “from an operational point of view, the fact that we had been investing heavily in our IT infrastructure for a number of years helped us in the transition to a remote working business model. At one point, over 90 per cent of our employees were working remotely.” Meanwhile, the company also prides itself on continuing to provide a good level of service to its

people really come together with one common objective.

customers throughout the pandemic. “Obviously, there were periods when we had to close our offices. But, what it did do for our business, was cause us to be more flexible, innovative and creative, so as to continue in the new environment we were facing,” Etienne admits, affirming that this showed the company’s resilience and resourcefulness, which is very much thanks to its people. “Ultimately, you can have the technology, but if you don’t have the people with the right values and the willingness to go the extra mile and adapt as quickly as possible, you won’t succeed,” he maintains. 156

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Having assumed his role in the midst of the pandemic, Etienne admits that he would have liked the opportunity to be more in touch with people in a physical way, yet with the negative also came the positive. “Unfortunately, my first interactions with our people have all been on a virtual basis, so that did make it a bit impersonal. However, it was also an opportunity to relate to people in a very difficult period of time, and I think that helped me to establish stronger relationships to a certain extent. We were in such a particular moment when solidarity was so pervasive across the entire country and even across the world – it is in times of crisis that people really come together with one common objective.” As for the business, while the initial impact was a negative one, the CEO admits that, as the country began to recover and see light at the end of the tunnel, things began to look up. In fact, 2021 was a relatively good year for MAPFRE MSV Life. From an operations point of view, the new norms that came about as a result of the pandemic are still being embraced, Etienne says, explaining that MAPFRE MSV Life is still promoting remote working. “We believe that this is something that should not be considered as a business continuity activity throughout the pandemic, but which could also be an alternative way of getting more people engaged in the workforce, and also providing the necessary flexibility to help in their work-life balance. Plus, with the right tools and measures in place, it can actually improve the output of the organisation, in terms of helping people to be more creative, productive and even more collaborative.” Meanwhile, from a customer standpoint, he continues, “we have accelerated our digitalisation initiatives to provide a better omnichannel experience, so that customers don’t necessarily need to engage with us by physically visiting our offices.” Sharing his outlook for the sector in general, Etienne believes that, over the next five years, developments in robotics and AI are going to continue to influence the way insurance is transacted, as well as the ways in which competition approaches the market, giving rise to increased demand. Highlighting the strategic plan that will see the company through to 2024, Etienne says that part of the company’s plan is to leverage the digital foundations it has already built, as well as continue to improve the customer journey of policyholders and new clients. “I’d like to see the company become evermore innovative, to offer new value propositions to our customers, and to continue to address customer demands and excel in terms of our service.” Also, apart from the financial objectives that any CEO might have, Etienne cites providing a healthy and safe environment to employees among his priorities, noting that “we take a lot of pride in developing our workforce, and have a number of initiatives to help people further their careers and develop on a professional level.” Last but not least, the CEO considers it equally important to keep on contributing to society in general. “We are very active in the community aspect, and I look forward to continuing to play an important role in our community in 2022.” 157

Quick-fire Questions… with Etienne Sciberras What’s a word people often use to describe you? Results-driven, hands-on and approachable. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? My mobile. Which business mentor do you most look up to? Bill Gates, for his approach to life in general. What’s the biggest lesson you’ve learnt from the pandemic? That things can change very quickly, and that we are very resourceful in adversity. Finally, the appreciation of the value of life. How do you switch off? Sports and travelling. Best bit of business advice you’ve ever been given? To surround yourself with good people, with whom you have an open and transparent relationship. What do you always look for when hiring? Passion, a willingness to learn and a drive to move forward. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Sustainability and quality of life. What’s the one thing you do in your business that moves it forward most? Earning the lifelong trust of our policyholders. What excites you about the future? Within the organisation I see a lot of talent, and young people who are driven to move the company forward. If I were President of the World for a day, I would ...? Put climate change at the top of my priority list. Which philanthropic cause are you most passionate about? A lot of organisations and individuals are doing a lot of good in our society. All of them deserve our respect, gratitude and, as much as possible, our support. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Tackling COVID-19 and climate change.

MaltaCEOs 2022

CEO INSIGHT

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“I am here to steer Malta Enterprise in the right direction and invest in an approach that matches that of modern businesses; to shape a vision for the corporation’s future and engage with our extraordinary team on the specifics of realising it.”

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Kurt Farrugia

CEO, M A LT A E N T E R P R I S E

“ M A LT A I S A N E X C E L L E N T P L A C E T O D O B U S I N E S S . ”

A S T H E C O U N T R Y ’ S E C O N O M I C D E V E L O P M E N T A G E N C Y , M A LT A E N T E R P R I S E H A S E X I S T E D I N V A R I O U S G U I S E S F O R M O R E T H A N F I V E D E C A D E S . T O D AY , I TS M I S S I O N R E M A I N S TO AT T R ACT FO R E I G N D I R ECT I NVE ST M E N T, WH I L E S U PP O RT I N G T H E G R OW T H O F EXI ST I N G O PE R AT I O N S O N T H E I S L A N D A N D S E R VI N G A S T H E N AT I O N A L CO N TACT P O I N T FO R T H E E N T E R PR I S E E U R O PE N E T W O R K . J O I N I N G M A LT A E N T E R P R I S E A S C E O I N A U G U S T 2 0 1 9 , K U R T F A R R U G I A H O N O U R S T H E O R G A N I S A T I O N ’ S R I C H PA S T W H I L E H E L P I N G T O P R E PA R E M A LT A F O R A N O P P O R T U N I T Y - R I C H F U T U R E .

Kurt Farrugia’s life and career have orbited around one word: communication. After graduating in Communications from the University of Malta, he rapidly worked his way through the journalistic ranks to become Deputy Editor at one of Malta’s largest newspapers at the age of just 23. An appointment as Editor of an online news portal for the Labour Party then set the foundations of a professional journey that blended Kurt’s talent for communications, his passion for Malta and his growing political prowess.

UK Business Promotion Task Force in August 2017. “I accompanied the Prime Minister in his international engagements at EU level, forming part of the Task Force that organised the Valletta Summit on Migration, the 2015 Commonwealth Head of Governments Meeting and the Informal European Council during Malta’s Presidency of the Council of the European Union in February 2017. As well as communications, this period offered valuable experience in migration policy, the environment and business management.”

“I was always in the backroom of communications,” he recalls, sharing a career path that next saw him named Head of Government Communication and the Prime Minister’s Spokesperson in 2013, before being appointed by the Prime Minister to the Malta-

Aside from his communications niche, this active contribution to Malta’s investment promotion also served as professional preparation for Kurt’s current role as CEO at Malta Enterprise from August 2019, following the retirement of former CEO Mario Galea. “A large part 159

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of Malta Enterprise’s mission is to promote the island, so the CEO – and the whole team – has to have a huge affection and loyalty to the nation,” he continues. “In terms of communications, we must also showcase the island’s strengths and incentives, clearly relaying the message that Malta is an excellent place to do business.” First established in the 1950s, Malta Enterprise is the latest evolution of multiple organisations before it, all sharing the objective to attract foreign investment to Malta. Its decades of accumulated experience and constant interaction with the country’s main economic players make Malta Enterprise well-placed to advise the Government on economic policy and act as the national contact point for the Enterprise Europe Network, through which local companies can develop links with counterparts in over 60 countries. In addition, Kurt’s responsibility as CEO extends to ensuring that Malta Enterprise is mindful and reflective of Malta’s contemporary business market, building on the corporation’s successes of yesteryear while preparing it for the next phase of its development. It is a challenge that Kurt meets with characteristic energy, positivity and tireless enthusiasm.

investment and link businesses to various local decision-makers to assist them as they set up their operations in Malta, acting as their go-between with banks, institutions, industrial spaces, suppliers – whatever they need to smooth their path to relocation. To that end, communication is a central aspect of Malta Enterprise, both in policy and in coordination with other entities. Our whole infrastructure exists to ensure that we deliver our message with clarity and substance, locally and globally.” To enable this bespoke mix of ability with proactivity, a key part of Kurt’s role is to oversee the daily management of Malta Enterprise within a solid organisational structure. The corporation operates under a Chairperson and a Board of Directors appointed by the Ministry for Energy, Enterprise and Sustainable Development. And, as CEO, Kurt leads a senior management team that delivers Malta Enterprise’s host of services, via multiple divisions that specialise in a wide range of business disciplines. “I lead around 200 team members in total, all located across a number of entities, including the Malta Life Sciences Park, the Kordin Business Incubation Centre, Business First, our Gozo office, and our relationship management arm named Business Development Malta (BDM),” he explains. “BDM covers direct contact with businesses and ensures that we have a personal relationship with each company, particularly within local industrial estates, so that we can collaborate

“My role is to serve and support businesses in Malta, small or large, long-established or startups,” he explains. “We must build a corporation that helps businesses throughout their lifecycle, however we can, including improving their local business network and providing international expansion opportunities. We encourage foreign

Malta’s impressive management of the pandemic was an important part of our economic rebound. Production continued in most local factories, which inspired international companies to shift their operations to the island. As they were deciding where to invest, Malta became an increasingly attractive destination.

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with them to find solutions to any issues and help them adapt to changing circumstances. Our ability to offer that personal, available, hands-on approach is so important, since Malta is such a small island.” As well as a wealth of diverse expertise, the vast Malta Enterprise team also brings together the experience of members who have worked within the corporation for decades alongside newer recruits. Kurt’s leadership style, at the helm of such a varied and richly knowledgeable team, must therefore honour and consider the wisdom of industry veterans while incorporating new ideas that will guarantee Malta Enterprise’s legacy for years to come. “Ours is a corporation with a 50-plus-year history. Between our management structure and the collective experience of our chief officers, division heads and managers, our people are more than equipped to make independent and responsible decisions. My time at Malta Enterprise thus far has been significantly shorter than that of those who have been here for 30 or 35 years, so I don’t interfere in their day-to-day – although, of course, I keep an open-door policy for all. I am here to steer Malta Enterprise in the right direction and invest in an approach that matches that of modern businesses; to shape a vision for the corporation’s future and engage with our extraordinary team on the specifics of realising it.” This vision, Kurt shares, is as multi-faceted as Malta’s business landscape. While he focuses on welcoming new business, creating niches and supporting the sustainable expansion of existing companies, Kurt has also spent the past two years developing an internal strategy that will attract the kind of businesses that will improve the quality of life of Maltese people, particularly in the wake of the COVID-19 pandemic. “Although 2020 was an apocalypse for Malta’s economic sector, the outlook changed through 2021 as restrictions eased and businesses recovered,” the CEO says. “However, Malta’s impressive management of the pandemic was an important part of our economic rebound. Production continued in most local factories, which inspired international companies to shift their operations to the island. As they were deciding where to invest, Malta became an increasingly attractive destination.”

Quick-fire Questions… with Kurt Farrugia What is a word people often use to describe you? Efficient. Crypto, traditional finance, or both? Both, responsibly. What’s one gadget you can’t live without? Mobile phone. Which business mentor do you most look up to? Prof. Russell Smith, Head of the Centre for Entrepreneurship and Business Incubation at University of Malta. What’s the biggest lesson you’ve learnt from the pandemic? Agility. How do you switch off? I don’t! Best bit of business advice you’ve ever been given? Don’t leave anything to tomorrow. What do you always look for when hiring? Energy and ambition. Do you prefer to drive or be driven? Previously drive, but now – be driven. The Maltese success story really needs the country to focus on ...? The quality of life of its people.

For the coming year, Kurt foresees the country’s upward trajectory will continue, aided by a strong start-up structure and diversification into new niche markets such as medical cannabis. Likewise, he notes that Malta Enterprise’s implementation of the COVID Wage Supplement has enabled business owners to now invest back into their companies – which, in turn, is raising the island’s international profile.

What’s the one thing you do in your business that moves it forward most? Staying up to date with global news.

“We are seeing an influx of new start-ups, which not only brings economic benefits but also adds talent and innovation to our business landscape, raising the standard of the community in general,” Kurt adds in conclusion.

If I were President of the World for a day, I would ...? Help the people that need it most. I’d focus on mental health, particularly of children.

“I love Malta and I believe in the potential of these islands. Malta’s small size is a strength for setting up businesses. Here, it is easy to contact decision-makers and regulatory bodies, within an agile and open-minded business network. Plus, Malta is a great place to live and raise a family, with a super healthcare system, good education and schools, an excellent location with direct flights across Europe and beyond, and with excellent English language skills. Success is not a destination but a journey – and I am proud that, with our help, Malta is firmly on its way.” 161

What excites you about the future? The unknown.

Which philanthropic cause are you most passionate about? Migration. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? The environment.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “I like to give my team members wings so they can fly. I help them out and hold their hand until they find their feet, but then they are on their own. Accountability is something I really insist upon.” 162

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Jeffrey Buttigieg

CEO, R E M A X M A LT A

“I CONSIDER MYSELF A CHANGE AGENT BECAUSE I LOVE PUSHING THE ENVELOPE.”

T H E G L O B A L R E / M A X F R A N C H I S E W A S F I R S T B R O U G H T T O M A LT A I N 2 0 0 4 B Y J E F F R E Y B U T T I G I E G A N D H I S B R O T H E R K E V I N . R E / M A X M A LT A H A S S I N C E G R OWN TO B E O N E O F T H E M O ST S U CC E S S F U L E STAT E AG E N C I E S O N T H E ISLANDS. IN 2020, KEVIN TOOK ON THE ROLE OF CHAIRMAN, WHILE JEFFREY T O O K O N T H E R O L E O F C E O . A LT H O U G H T H E R E S T R U C T U R I N G O F T H E C O M PA N Y C O I N C I D E D W I T H T H E C O V I D - 1 9 PA N D E M I C , R E M A X M A LT A H A S GONE FROM STRENGTH TO STRENGTH DURING THIS PERIOD, BREAKING ITS OWN RECORDS TWICE IN LESS THAN TWO YEARS .

United States, so the concept of a franchise wasn’t new to us. We also knew that getting a franchise would give us an advantage in a market that was saturated,” Jeffrey explains. “Besides, RE/MAX’s values resonated with ours, and they luckily chose us out of five companies that were trying to get them into Malta.”

Jeffrey Buttigieg’s first foray into the world of real estate was, and still is, by his brother Kevin’s side. Their first letting agency, JK Properties, was so well-respected that the developers of Tigné Point in Sliema asked the two brothers to evaluate the rental prices for the apartments they were building. “At that time, we had a lot of clients who wanted to invest in property at Tigné Point,” Jeffrey recalls. “We only offered lettings services back then, but my brother came up with the idea of selling these properties ourselves instead of referring the clients to other agencies.” The risk they took paid off when they sold more than 15 units, and a rebranding exercise quickly followed.

Jeffrey’s initial role in the company was complex. “I filled many roles, including that of IT Manager and Marketing Manager, while I was also in charge of HR. I was thrown in at the deep end and learned everything hands-on,” he recalls. “Eventually, we started looking for people whose strengths complemented ours, and that’s how we started growing.”

In 2004, Jeffrey and his brother introduced RE/MAX to Malta. “Kevin and I both spent our early childhood in the 163

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RE/MAX’s growth has been nothing short of spectacular. “We grew exponentially and, up until five years ago, we were still in growth mode.” Jeffrey shares. “One of our biggest milestones was winning Global Region of the Year, a very prestigious award given by RE/MAX International. We were nominated three years in a row and then won it in the fourth year.”

A good agency will always

Motivating others is one of Jeffrey’s strengths, and is at the core of his leadership style. When he took over the role of CEO from his brother in late 2020, the brothers decided to restructure the company. “I overhauled the whole management team,” Jeffrey says. “We created a role specifically tailored for each member of the team, even if it meant putting people in roles where they might feel a little uncomfortable.”

survive because, at the end of the day, when the market is not favourable and people need a good agent, they will go to the agencies that deliver.

A firm believer in having a clear vision and goals, Jeffrey wanted the mindset of the company to shift from one of a family-run operation that had no clear deadlines and objectives, to one of accountability.

But when it comes to leading his team, Jeffrey does not believe in micro-managing. “I like to give people wings so they can fly,” he says. “I help them out and hold their hand until they find their feet, but then they are on their own. Accountability is something I really insist upon.” Apart from expecting everyone in the company to be proactive and responsible, Jeffrey is also known for embracing challenges. “I consider myself a change agent because I love pushing the envelope,” he admits. “In the past, before we had our current structure, not everyone was keen on the way we sprung innovative ideas onto them. However, we have learned from our mistakes and nowadays include everyone in the whole process, which they all love.” On a more personal level, Jeffrey has learned a few lessons of his own recently. After years of constantly working with few opportunities to wind down, he is finally finding some balance between his professional and personal life. “I’ve started taking a short break for lunch, during which I try to go home,” he says. “I used to work through without having lunch most days, and that usually turned into burnout and a loss of productivity. I feel that everyone needs a break in the middle of the day, whether it’s for coffee, a light lunch or even a short walk.” Nowadays, he also makes the most of his weekends by spending quality time with his children. Mindset is something Jeffrey mentions often. It’s his first order of business every morning, together with a generous dose of caffeine. “I have coffee (three cappuccinos, to be precise) and set my mindset for the day,” he shares. “If I skip this part of my morning, my mind is fuzzy all day.” Once at the office, it’s hours of meetings and calls, sometimes till late into the evening. “If I’m lucky, I get home by six. But even then, I’ll work on plans for the next day before relaxing.” Perhaps unsurprisingly, when the COVID-19 pandemic hit, Jeffrey and his team met the new challenge head-on. 164

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“Our main concern was keeping our agents motivated,” he says. “We were afraid that if they took the lockdowns as a holiday, they wouldn’t be prepared to pick up where they left off once restrictions were eased.” So, the RE/MAX team did what they do best: they trained and mentored their agents as the pandemic evolved. “We held a webinar every morning covering a different topic, usually featuring a different speaker,” Jeffrey explains. “We just kept pushing the idea that this was a time to hunker down and prepare, and we encouraged them to start updating their database and to keep in touch with the property owners. We shifted their mindset from one of doom to one of business opportunity. I am grateful to have a brilliant team of trainers and regional staff to support our network, not to mention the added support we received from RE/MAX Europe and their host of international speakers.” Jeffrey’s efforts bore fruit. In 2021 RE/MAX beat their figures from 2017, which had been one of their record years to-date. “As soon as we came out of the first lockdown, we hit the ground running. In fact, the last six months of 2020 saw us reach record heights and led us into 2021 with average agent productivity having increased by 70 per cent,” says Jeffrey. “We realised how beneficial the mentoring had been, so we kept up regular webinars and monthly reviews. All our efforts drove productivity up significantly.” Giving back is as important to Jeffrey as making a profit is. The company set up the RE/MAX and Friends Foundation in 2013, after a member of the team was diagnosed with cancer. “We donate a percentage of every sale we make to it and the money goes to charities that are meaningful to the agents,” says Jeffrey. “Our plan is to start creating projects, like we had done with the common room and the outdoor play area for Mater Dei’s Rainbow Ward. We definitely feel that Corporate Social Responsibility is even more important to us as a company following the pandemic.” Jeffrey has a good feeling about 2022 and the future of RE/ MAX. “A good agency will always survive because, at the end of the day, when the market is not favourable and people need a good agent, they will go to the agencies that deliver. Having said that, I think this year will be as good for the property market as last year was.” As for the real estate sector as a whole, Jeffrey believes the recent law regulating the licensing of agents is a step in the right direction. “We have always lobbied for it, but I believe there are many issues that were not addressed,” he points out. “Things like customer service and the ethical integrity an agent needs to have when dealing with a buyer or a seller. The Act also assumes that letting agents require the same training as those who sell, when they are completely different. Many potential letting agents will feel discouraged by the requirements, pushing them into selling, and this will create problems for the letting sector.” At this point, Jeffrey wants to focus on consolidating what he and his team have built. “We want to change the real estate market, starting with RE/MAX,” he explains. “It’s tough, but we are completely revolutionising the company’s service standards. The results are already apparent, and we are ensuring that we continue to be the most innovative and memorable real estate company in Malta.” 165

Quick-fire Questions… with Jeffrey Buttigieg What’s a word people often use to describe you? Crazy, maybe! Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? My mobile phone and my paperless notebook. Which business mentor do you most look up to? Gary Vaynerchuk. What’s the biggest lesson you’ve learnt from the pandemic? At times you need to reflect on life. How do you switch off? Spending time with my kids and playing FIFA 22. Best bit of business advice you’ve ever been given? “If you don’t ask, you don’t get,” as my grandfather always said. What do you always look for when hiring? A strong work ethic and determination. Do you prefer to drive or be driven? To drive. The Maltese success story really needs the country to focus on ...? Proper training of those in the services industries, with more emphasis on courtesy and thoughtfulness. What’s the one thing you do in your business that moves it forward most? Reflecting on what didn’t work and always striving to improve. What excites you about the future? My next visit to Las Vegas for the RE/MAX conference! It’s where I switch off completely. If I were President of the World for a day, I would ...? Create a policy that would make all governments responsible for protecting the homeless and poor people in their own countries. Which philanthropic cause are you most passionate about? Anything to do with children, especially The Puttinu Cares Foundation. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Getting rid of COVID-19.

MaltaCEOs 2022

CEO INSIGHT

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“My role gives me the opportunity to look into fresh business prospects, grow bigger and better, invest, take on new challenges, and never give up.”

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Sharon Gauci

CEO, BURMARRAD GROUP

“ I TA K E EVE RY D E C I S I O N WI T H R E S P O N S I B I L I T Y, I N T H E B E ST I N T E R E S T O F T H E T E A M , O U R C L I E N T S A N D T H E C O M PA N Y . ”

H AVI N G B E E N A F I XTU R E I N T H E B U S I N E S S S E T U P BY H E R FAT H E R , M A R I O G AU C I , S I N C E S H E WA S A YO U N G G I R L , S H A R O N G AU C I H A S C L I M B E D T H E R A N KS AT B U R M A R R A D G R O U P, C U L M I N AT I N G I N H E R A PP O I N T M E N T A S C E O I N 2 0 1 9. N OW, TO G E T H E R WI T H H E R FAT H E R A N D S I B L I N G S , S H E ’ S G OT H E R S I G H TS S E T O N F U RT H E R G R OW T H , WH I L E R E TA I N I N G T H E C O M PA N Y ’ S H A R D - E A R N E D P O S I T I O N A S M A R K E T L E A D E R .

That all changed one fateful day when, as Mario stood in his father’s fields opposite what is now the Burmarrad Group premises, inspiration struck as a truck transporting cargo passed by. “He thought to himself that, in Malta, everything must be transported by road; we don’t have trains or other means of transport. So, he founded Burmarrad Group with a partner, and travelled to the UK to visit vehicle auctions, trying to find suppliers. It was much harder at that time, before the internet and mobile phones existed, but he just went and did it,” Sharon says with admiration.

Sharon Gauci, CEO of Burmarrad Group, speaks of her role with humility, describing herself as part of a team first and foremost, a team which is united by one common goal: to continue growing what has been built, improving the quality of their service for better value for money for clients, all the while diversifying further. “As CEO, I take every decision with responsibility, in the best interest of the team, our clients and the company,” she smiles. Burmarrad Group is a family business, established in 1984 by her father, Mario Gauci, and its origins, Sharon says, are humble. “My father’s family were in farming. As a teenager, he used to work in the fields with my grandparents and was also involved in poultry-growing and processing – it was a very different line of work,” she explains.

Mario and his partner would go on to import trucks and heavy construction machinery for 15 years, growing Burmarrad Group into a trusted market leader and pioneer in the local automotive industry. 167

I do my job with passion, commitment and determination, and keep the strong family values that were passed on to me by my parents – if it weren’t for my family, I wouldn’t be the person I am today.

After that, he decided to take over the company entirely, and since then, with the help of Sharon and her siblings, has continued to grow and diversify the business. “We started the importation of used vehicles from Japan and introduced corporate rentals and leasing, and today we run a fleet of over 1,000 vehicles,” Sharon explains, adding, “we also introduced an in-house service centre, where we service and maintain our fleet and vehicles belonging to third parties. It’s also worth mentioning that our company is ISO:9001 certified.” The secret to their success, she maintains, has been adapting to market trends and understanding clients’ needs by offering a hassle-free, tailor-made service and product, while always keeping focused, and investing and seeking opportunities for growth. Sharon herself has been involved in the business from a very young age – accompanying her father to work since she was a girl. At the age of 16, she joined the company officially on a full-time basis. “I must confess, it wasn’t an easy task at the time – going into a business that was considered to be a man’s realm. I started off by selling spare parts and tyres,” she chuckles, recalling, “clients would come to the shop and wonder if I was able to help them with their requests! I was willing and eager to learn, and I did.” Nothing deterred her from learning the ropes of her father’s business, including joining him at the docks to receive cargo when the company imported vehicles from the UK, and helping to clear large trucks from customs. She even went as far as to fill the role of truck driver when the need arose!

And, when her father decided to buy out his partner in 1999, her siblings joined too, carrying on his vision. “Together with our father, we set a strategy to evolve further, while keeping the focus on the automotive industry,” Sharon maintains, proudly attesting that today, “Burmarrad Group is the market leader when it comes to vehicle sales, leasing, rentals, maintenance and repairs.” In 2019, 25 years after joining the company, Sharon was appointed CEO by the Board of Directors. She acknowledges the Board members’ support and belief in her ability to move the Group in the right direction. “I do my job with passion, commitment and 168

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determination, and keep the strong family values that were passed on to me by my parents – if it were not for my family, I would not be the person I am today,” she says. Pausing to pay tribute to her mother, the CEO affirms that, despite never being involved in the direct running of the business, she was instrumental in Sharon and her siblings’ success. “She is the backbone of our family and does everything for our children as well as ourselves – she’s a very dedicated person, who helps us to focus on the business,” Sharon reveals, with gratitude. Speaking of the joys and challenges that are inherent in her role, Sharon lists meeting people, particularly clients, and understanding their needs, among the elements she enjoys most; as well as having clear, straightforward discussions with her team. “I’m very frank, sometimes too frank,” she smiles, admitting, “I love being surrounded by my team of dedicated employees, my family being supportive of my decisions, and going into new business ventures. My role gives me the opportunity to look into new business prospects, grow bigger and better, invest, take on new challenges, and never give up.” One unexpected new challenge, however, was dealing with a worldwide pandemic within a few short months of being made CEO. Reflecting on the onset of COVID-19, Sharon says, “we had to take a long, hard look at ourselves, to reorganise and adapt to the situation. When the pandemic hit, most of our clients were affected, and some decided to terminate or pause their lease agreement in order to cut costs. That was what affected us most. Otherwise, things kept going in the workshop – we are service providers after all – nurses who worked as frontliners needed to rent vehicles, food and goods needed to be delivered… we never stopped.”

Quick-fire Questions… with Sharon Gauci What’s a word people often use to describe you? Demanding and frank. Crypto, traditional finance, or both? Traditional. What’s one gadget you can’t live without? My mobile phone. Which business mentor do you most look up to? My father. What’s the biggest lesson you’ve learnt from the pandemic? To adapt to any unforeseen situation, fast. How do you switch off? Travelling. Best bit of business advice you’ve ever been given? If the plan doesn’t work, change the plan but never the goal. What do you always look for when hiring? Commitment and skills.

To make up for the loss in business, the CEO says that the team was quick to seek out new opportunities, and introduced fleet maintenance agreements that saw the company take over clients’ fleets. “This way, our clients could put their minds at rest that their vehicles were being taken care of, and this has since generated new revenue for the Group,” she explains, revealing that, as a consequence of these decisions, the company was able to retain all of its personnel in the most difficult of times.

The Maltese success story really needs the country to focus on ...? Human resources.

Moving forward, the pandemic continues to be a burden, with the CEO highlighting delays in supply for new vehicles as an ongoing issue. “There is a shortage of supply, as well as a huge increase in the cost of supply, apart from delays in shipping. At the same time, the request for used vehicles sales has increased, and this is an opportunity for us,” she explains.

What excites you about the future? Growing our business further in our new premises and working on new projects that we’re really looking forward to.

This year will also prove an exciting one for the Group, as it prepares to move to new premises in Marsa. “This was a challenging decision for the Gauci family, whose members were all born, have lived and worked in Burmarrad their whole lives,” reveals Sharon, explaining that the company is shifting the operation in its entirety to a stateof-the-art and much larger facility where it will be closer to the community in a more reachable, central location. “Despite all the challenges we faced with the pandemic, the Group decided to move forward and invest €12 million in the new facility, where we will be able to focus more on the quality of our work, so as to remain market leaders,” she says, excited about the next big step in the company’s journey. 169

Do you prefer to drive or be driven? Drive – I’m a very bad passenger!

What’s the one thing you do in your business that moves it forward most? Teamwork and focus on quality.

If I were President of the World for a day, I would ...? Continue boosting the economy and implementing varied educational programmes for students while ensuring that everyone is treated equally. Which philanthropic cause are you most passionate about? Puttinu Cares. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? The balance between safety and normality.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Albert Alsina

FOUNDER AND CEO, MEDITERRANIA C A P I T A L PA R T N E R S

“ A C O M PA N Y W I T H O U T A P U R P O S E I S A C O M PA N Y W I T H O U T A S O U L . ”

STEADY GROWTH IS THE NAME OF THE GAME FOR ALBERT ALSINA . BY C R E A T I N G A C U LT U R E O F E T H I C S A N D S U S T A I N A B I L I T Y , H E H A S M A I N T A I N E D CO N S I ST E N T S U CC E S S FO R H I S PR IVAT E E Q U I T Y F I R M , M E D I T E R R A N I A C A P I T A L PA R T N E R S , E V E R S I N C E I T S L A U N C H I N 2 0 1 3 . A S A R E S U LT , T H E C O M PA N Y E N J O Y S C O N T I N U E D S U P P O R T F R O M I T S I N V E S T O R S , W H I C H L E D TO ALMOST €500 MILLION IN ASSETS UNDER MANAGEMENT LAST YEAR. A F T E R S T AY I N G T H E C O U R S E D U R I N G T H E PA N D E M I C , A L B E R T I S N O W E A G E R TO REACH SOME PROMINENT MILESTONES IN 2022.

Albert Alsina has worked in a variety of industries, from telecoms to pharmaceutical manufacturing. But it was his extensive experience as a general manager that led him towards the next chapter of his career.

That understanding, combined with his operational background, led him to establish his own company, Mediterrania Capital Partners (MCP). “Our mission is to invest in SME and mid-cap companies in North and Sub-Saharan Africa, providing them with financial and strategic support to help them reach their next level of growth, setting the foundations for long-term development,” he explains. “With offices in Abidjan, Algiers, Barcelona, Cairo, and Casablanca, we boast a diverse and highly skilled team of 25 investment professionals. Today we have 15 African companies in our portfolio from a wide range of

“I was invited to participate in a management buyout of a company in the United States,” he starts. “That was my first role as an investor, and the first time I experienced the opportunities that arise when you implement change and enable growth in a company. That’s when I understood the value I could bring to a private equity practice.” 170

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CEO INSIGHT “We suddenly have a natural, Darwinian filter of companies that have survived COVID-19, which we now incorporate into our management strategies.” 171

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sectors such as education, healthcare, financial services, retail and construction, leaders in their respective markets.”

environment. All MCP portfolio companies are currently implementing similar initiatives and the progress so far has been amazing.”

In his current role as CEO, Albert shares that the best part of his job is seeing these companies succeed. “At the moment, our company portfolio employs over 20,000 people across the continent. Seeing these companies triple and quadruple in size and have a positive impact in communities and economies gives me and my team immense satisfaction,” he smiles.

“The second is our ‘2X’ policy, which ensures that gender equality is standard within the company. For example, we make sure that there are women on all Boards as well as in middle management, and have initiatives in place to pursue and encourage the hiring

As Albert explains, it’s not just any growth that counts – MCP has developed strict policies to ensure every cent invested contributes towards protecting the environment and enhancing the social development of African communities. “At the moment we are focusing on two new policies. The first is a climate change and climate adaptability policy, which I feel is very relevant in today’s world,” Albert states. “More specifically, we work with our portfolio companies in order to reduce energy consumption, improve recycling processes, maximise water use, etc. As an example, one of our companies, Aziza, is a leading supermarket chain in Tunisia with over 300 shops which has recently installed solar panels in all their 350+ shops with the aim to reduce energy consumption and move to renewable energies. Another company, Randa, a pasta and couscous producer, has implemented trigeneration systems significantly reducing its environmental impact besides from achieving cost savings. Cooling and heating are generated through waste heat instead of burning fossil fuels or consuming electricity. This reduces CO2 equivalent greenhouse gas emissions into the

I consider myself to be an enabler of talent when it comes to investments.

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of women across all our portfolio companies. As a result of those initiatives, the number of female employees in our portfolio has been steadily increasing over the years.” It goes without saying that Albert needs a reliable team to achieve what he does. “I consider myself to be an enabler of talent when it comes to investments,” he says. “I nurture investment professionals who understand how to create value within companies and deliver good returns across each of our projects. Bringing the right talent to the company and keeping them motivated is a key facet of my role,” he continues. “Of course, the other crucial aspect of my role as CEO is being the investment relations officer for all our existing clients – including large institutional investors, pension funds, insurance companies and private family offices.” So, what does a typical business day look like for Albert? “I spend around 50 per cent of my time travelling across different regions of Africa to check in with the businesses we invest in, as well as looking after my investor clients,” he discloses. “The rest of the time, I’m in touch with financial regulators, brainstorming different investment strategies with my team, talking with providers for administration, compliance and accounting services, and meeting with the Boards – sometimes on Zoom, sometimes in-person.” Mediterrania Capital Partners’ purpose was certainly put to the test when COVID-19 hit. Albert and his team managed to retain every single employee throughout 2020 despite the challenging environment for all their investments. “We put together a special task force to support our portfolio companies through the crisis and obtained very good results. In fact, 2021 was a phenomenal year for our investments,” he states. “At the same time, the pandemic made us more compassionate. We were made to feel and understand the difficulties that so many have experienced, and this made us more proactive when it comes to important social issues that affect us on a global scale.” While his businesses grew and became more resilient, Albert noticed the opportunities that arose for the Private Equity sector at large. “We suddenly have a natural, Darwinian filter of companies that have shown their strength despite the worst crisis in decades. We realised that, as many businesses were struggling, others managed to overcome the difficulties thanks to high quality products, innovation, employee commitment and strong management teams. Those type of businesses are the ones we are now incorporating into our management strategies,” he declares. So, what’s next for Albert and MCP? “We’re currently fundraising for our latest fund and are working on several exits. In fact, last December we completed the partial IPO of TGCC, another of our portfolio companies, at the Casablanca Stock Exchange, which resulted in a significant oversubscription.” TGCC’s IPO obtained the highest oversubscription on the Casablanca Stock Exchange (CSE) for more than 10 years and enabled the largest-ever Private Equity exit in the CSE. “That was confirmation that investors recognised our work as a Private Equity firm that builds companies with the right foundations to achieve growth responsibly and with the right governance processes. All our investments are moving in the right direction and we’re expecting excellent liquidity returns for our investors, so 2022 promises to be a very bright one for the Mediterrania Capital Partners,” he concludes. 174

Quick-fire Questions… with Albert Alsina What’s a word people often use to describe you? Generous, friendly and energetic. Crypto, traditional finance, or both? Traditional finance. What’s one gadget you can’t live without? My iPhone. Which business mentor do you most look up to? Josh Lerner, one of my teachers when I studied at Harvard Business School. Lerner is the Jacob H. Schiff Professor of Investment Banking at HBS. What’s the biggest lesson you’ve learnt from the pandemic? Compassion. How do you switch off? I read a lot – two books a month. Best bit of business advice you’ve ever been given? “It can get worse.” What do you always look for when hiring? That the candidate has the right attitude and their heart in the right place. Do you prefer to drive or be driven? It depends on the moment. The Maltese success story really needs the country to focus on ...? Improving its image internationally. What’s the one thing you do in your business that moves it forward most? Making a tangible impact in Africa. What excites you about the future? The investment opportunities in Africa. If I were President of the World for a day, I would ...? Offer a good education to all. Education is the basis of everything. Which philanthropic cause are you most passionate about? All that fight poverty, disease and inequity around the world. Robots & AI: threat or opportunity? Absolutely an opportunity. What do you hope the world gets right in 2022? A real move forward in climate change. Less talk, more concrete actions.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Stanley Bugeja

MANAGING DIRECTOR, D C A V I A T I O N M A LT A

“ O N C E YO U CATC H T H E AVI AT I O N B U G , YOU’RE STUCK WITH IT FOR LIFE .”

A S M A N A G I N G D I R E C T O R O F D C A V I A T I O N M A LT A , S T A N L E Y B U G E J A H A S B U I LT U P H I S J E T H A N D L I N G A N D O P E R A T I N G C O M PA N Y O V E R N E A R LY T W O D E C A D E S . N O W , H E I S G E A R I N G U P F O R W H A T M AY B E H I S B I G G E S T C H A L L E N G E Y E T : C A N CO R P O R AT E AVI AT I O N T R A N S FO R M I TS E L F I N TO A S U STA I N A B L E , E N V I R O N M E N T A L LY R E S P O N S I B L E I N D U S T R Y ?

Stanley Bugeja never dreamed of aviation as a child. Back then, his dream was very different. “I used to play and coach volleyball, and I wanted to make a living out of it – which sounds crazy,” he admits with a smile. When that didn’t work out, he took, as he puts it, the very first job he could find, which just happened to be in aviation. But today, running a successful business handling and operating business jets for high-networth individuals and organisations, he can’t imagine himself doing anything else. “Once you catch the aviation bug, you’re stuck with it for life,” he laughs. “What I love about it is that no two days are the same. With a scheduled airline, you might know a year in advance which routes you’re going to be flying with which aircraft at which time; in our

case, we never know what – or where – we’ll be flying the following week. And while most airlines focus on a specific region, in business aviation, our licences are worldwide: we’re in South America one day and Asia the next. That’s challenging, but also very exciting.” Having got his start working in operations for an air taxi operator, Stanley quickly branched out and started his own company in 2002, dealing with aircraft charter brokerage and business jet handling, before selling the company to DC Aviation, one of the largest business jet operators in Europe, in 2008. “I was actually headhunted and asked to move to Germany,” he recalls. “But instead, I proposed that my small boutique aviation company could give them an outpost in Malta, while benefiting from the brand.” 176

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CEO INSIGHT “Surround yourself with people you trust to do their job. It’s about finding the value in bringing different talented people around a table, problem-solving and developing the business. I trust people and I try to share the benefits of my experience while learning from my colleagues’ own experiences and perspectives. You need to lead, but I try to lead by example.” 177

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The company’s growth has been significant: from handling 11 aircraft a year when Stanley began to around 1,100 today. DC Aviation Malta has since also developed into an operator, with three aircraft on the Maltese licence based out of Ukraine, the UK and Russia. Stanley himself also formed the Malta Business Aviation Association, of which he’s been President ever since, and joined the European Business Aviation Association, now sitting on the Board. As DC Aviation Malta’s Managing Director, and perhaps hearkening back to his volleyball days, Stanley describes his role at the helm as similar to that of a team coach. “I firmly believe in trust and in not micromanaging,” he says. “You need to surround yourself with people you trust to do their job. It’s about finding the value in bringing different talented people around a table, problem-solving and developing the business. I trust people and I try to share the benefits of my experience while learning from my colleagues’ own experiences and perspectives. You need to lead, but I try to lead by example.”

to continue in the years to come. “As the economy of the island continues to grow and diversify, particularly in the service industry where investors don’t necessarily have to be based here all the time, travel with business jets to and from Malta will increase,” he says, comparing the situation to the increase in yachts, superyachts and high-quality marinas in the country. But the outbreak of the pandemic in 2020 represented the largest challenge Stanley has yet had to face, as flights were grounded and the company’s operations slowed to zero. The industry, he says, always had a ‘pandemic kit’ on board, and was ready to assess and mitigate risks, and work remotely when it could. But the stringent restrictions of the early stages of the pandemic were impossible to get around and hit business jets just as hard as airlines: “it doesn’t matter what you’re flying; if you can’t move, you can’t move,” Stanley says.

The corporate aviation sector in Malta has already seen huge growth, and Stanley fully expects that

I would like to see us as a living, successful example to the industry of a green aviation company. It may sound like an oxymoron, but I think it is possible to fly and still be environmentally and socially responsible.

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However, as Malta and the world started to open up again, Stanley says corporate aviation was better placed to come flying out of the gates. “By our very nature, we are more agile, and because airline connectivity has been significantly reduced, more people have come to us because they have no other option. For the first time since I’ve been in the industry, I don’t need to try and convince people about the value of the business. They’re coming to me because there’s literally no airline that will take them where they want to go. And for the businesses and individuals that can afford it, the advantages are obvious: efficiency, security, safety, health considerations, and an overall better appreciation of your time.” Still, a return to pre-pandemic levels may be some way away. “For the first time since 9/11, the industry has had to deal with the fear of travelling,” Stanley says. “That was across the board, whether people were flying with business jets or commercial airlines. We’re seeing a strong recovery, and it’s getting back to where it was, but it’s not the same: unless you have to travel, I think the majority of people are still saying ‘not yet’.” As he looks to the future, Stanley is “cautiously optimistic” about the outlook for business aviation. “I think there’s an opportunity for us because the airline industry will probably not recover fully until the end of 2023 or the start of 2024, so in this period it’s the right time to let the situation speak for us and to be there for anyone who needs our services.” But at the same time, he is conscious of the difficulties that may lie ahead: foremost of which is sustainability. The undeserved status of the aviation industry (less than 3 per cent of global emissions) as a major polluter and contributor to climate change is something Stanley is keenly aware of as both a challenge and an opportunity. The challenge, he says, lies in the fact that cleaner technology is still a long way away; the opportunity, on the other hand, is in what can be done in the meantime. “This is an opportunity for the smart organisation that goes the extra mile. People will often let others test the waters and wait until things even out, but that’s the way to miss opportunities. We’ve taken the bull by the horns and announced that we will be offsetting all the fuel uplifted by the business jets we handle: that’s around a million litres of fuel. We plan to continue offsetting until sustainable aviation fuel is available in Malta.” Stanley says the Malta Business Aviation Association has already submitted a plan to local authorities on how sustainable aviation fuel can be introduced even sooner than required by the European Commission. Until then, he believes small measures like energy efficiency and paperless systems, which DC Aviation is actively embracing, can go a long way if widely adopted. “I would like to see us as a living, successful example to the industry of a green aviation company. It may sound like an oxymoron, but I think it is possible to fly and still be environmentally and socially responsible,” he says. “I’m passionate about the environment not out of guilt over what I do but because I truly believe there is so much we can do as businesses and individuals that can make a significant difference – if we take action today. I’m really passionate about delivering that message: ask what you can do, don’t postpone. It just takes enough people setting the example for us to turn the page.” 179

Quick-fire Questions… with Stanley Bugeja What’s a word people often use to describe you? Ambitious. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? My phone. Which business mentor do you most look up to? Adrian Spiteri. What’s the biggest lesson you’ve learnt from the pandemic? The importance of mobility and connecting with people. How do you switch off? I don’t. Best bit of business advice you’ve ever been given? Aim high. What do you always look for when hiring? Motivation and hunger. Do you prefer to drive or be driven? It depends. The Maltese success story really needs the country to focus on ...? Protecting the areas we’ve already been successful in, rather than spreading ourselves too thin. What is one thing you do in your business that moves it forward the most? Explore every opportunity. What excites you about the future? Everything! If I were President of the World for a day, I would ...? Make sure I’m President for the rest of the year. Which philanthropic cause are you most passionate about? The environment. Robots: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Making meaningful progress in protecting our environment.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Edwin Borg

CEO, THE POINT

“ T H E N EW N O R M A L I N R E TA I L I S A L L A B O UT THE CUSTOMER EXPERIENCE.”

F O R T H E PA S T 1 1 Y E A R S , E D W I N B O R G H A S T A K E N T H E P O I N T SHOPPING MALL FROM STRENGTH TO STRENGTH. HE IS CALM, FOCUSED AND HUMBLE IN HIS LEADERSHIP APPROACH, AND HAS C O N S I S T E N T LY S T E E R E D T H E B U S I N E S S I N T H E R I G H T D I R E C T I O N , EVE N I N T H E FAC E O F COVI D -1 9. B UT, WH I L E T H E L A ST TWO YE A R S H AVE PR OVE N C H A L L E N G I N G , E DWI N I S PR O U D O F H OW T H E T E A M P U L L E D T H R O U G H A N D EXC I T E D A B O UT WH AT CO M E S N EXT.

Edwin’s career thus far has been about as varied as his average day; between dealing with tenants and shareholders, meetings with the Board and generally keeping the business afloat, “there’s never a dull moment,” Edwin laughs. “Admittedly, it can be quite hard to achieve that all-important work-life balance. We open for long hours and trade 360 days a year, so there is rarely any downtime.”

Edwin Borg has always been passionate about business, but never expected to find his passion in commercial retail. Nevertheless, he found himself CEO of the largest shopping centre on the island and it’s a route he is now thoroughly dedicated to. His journey with The Point began in the mid-2000s, when he joined MIDI plc as the Business Manager for their new project – a large-scale development in Tigné, set to be “the new beating heart of Sliema”. Edwin went on to work extensively on the Tigné project, and was appointed Company Secretary first, and, eventually, CEO of the retail centre. The rest, as they say, is history.

Yet Edwin emphasises that he is blessed with an “extremely capable and hard-working team, which makes it all possible.” It’s hard to believe that the team in question only consists of six people. But Edwin prefers it that way – “it’s compact and 180

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CEO INSIGHT “If there is one thing I’ve learnt from COVID-19, it’s to always be prepared. Even if business is booming and you’re beating expectations, anything could happen and potentially change the world. So, be prepared and make hay while the sun shines because some rainy days are sure to follow.” 181

It’s crucial to have leaders on the ground, to know and feel what’s going on in the business at all times.

effective,” he says. It’s instantly apparent that Edwin values the importance of human interaction and networking – “nothing can compare,” he stresses. When asked about one of his priorities in business, he doesn’t miss a beat and quickly chimes in with “investing in relationships”, which is telling of Edwin’s general approach to his professional life. As far as his leadership style goes, Edwin does not believe in micromanaging. “But I do think it’s crucial to have leaders on the ground, to know and feel what’s going on in the business at all times,” he says. In fact, Edwin makes it his priority to maintain an overview of every aspect of the business; be it the handling of leases, overseeing amendments, or giving his feedback on marketing and communications decisions. Because “in order to lead a team effectively, you need to get involved.” Today, The Point is widely hailed as the most successful retail centre on the island, with a staggering annual footfall and substantial sales figures. Since opening in 2010, it has also been able to maintain total occupancy of all its outlets – something Edwin wears as a “badge of honour”. Keeping its many tenants content can’t be easy, but Edwin and his team definitely make it seem that way. As for The Point’s

recipe for success, Edwin believes that “by putting the customer at the centre of all its decisions, The Point has been able to thrive. After all, ours is a person-focused industry, so you can never lose sight of what people truly want and expect from you. It’s our responsibility to keep raising our own standards and to be the best at what we offer to both our consumers and our tenants.” With 2019 bringing in some of The Point’s highest figures on record (and 2020 initially projected to deliver equally), business seemed better than ever… until COVID-19 hit. Its arrival on Malta’s shores saw The Point experience an instant drop in footfall, and only two outlets were left in operation (the pharmacy and the supermarket). For the first time ever, The Point faced an extended period of closure, and it was a massive shock to the business. Edwin’s approach to tackling the crisis was twofold. Firstly, the team made the decision to “use their time wisely by investing 182

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in refurbishment projects.” Secondly, considering that events were the heart and soul of The Point’s calendar, their marketing and communications strategy inevitably had to pivot and adapt, too. They chose to focus on reaching consumers on social media to “ensure people knew that visiting The Point would be a safe experience.” Eventually, the message was received, and the business began its slow road to recovery. Reflecting on the 2020-2021 period, Edwin says that, while business inevitably suffered, he’s proud of how the company made it through without any exponential losses. He adds that, “one element that really stood out to me during this period was the solidarity between all our stakeholders. In the face of all the adversity, there was an overwhelming willingness to support each other, which was very special.” This goodwill was particularly evident in the Board’s decision to forego rent payments for tenants during the period of closure. “As landlords, we took on those losses and didn’t receive any Government grants, but we felt it was the right thing to do. Our tenants were extremely appreciative and our relationships have never been better.” Edwin also notes that, for the retail sector, COVID-19 has, in some ways, been both a blessing and a curse. “Even though the closure hit retail like a ton of bricks, travel was also restricted, which meant that people were more willing to spend their money on local retail.” He observed that, while footfall had dropped, average spend had actually increased. In short, fewer people were going to the shops but, when they did, they almost always bought something.

Quick-fire Questions… with Edwin Borg What’s a word people often use to describe you? You should probably ask them… Crypto, traditional finance, or both? Traditional for me. What’s one gadget you can’t live without? My laptop. Which business mentor do you most look up to? Albert Mizzi. What’s the biggest lesson you’ve learnt from the pandemic? To always be prepared. How do you switch off? I travel. Best bit of business advice you’ve ever been given? That the only constant in business is change. You have to continually adapt in order to succeed.

And while it may have seemed like COVID-19 caused the explosion of the online sales market (potentially destroying the in-person shopping industry), Edwin expounds that for local retailers, online sales still only amount to a minor portion of their total income. “While the industry is changing, I definitely don’t think in-person retail is dead,” he smiles. “Retail has become more experiential, though. Retailers are opting for fewer stores but larger ones, and they’re choosing the best localities so they can display their entire product range and provide a memorable experience.”

What do you always look for when hiring? A mix of academic qualifications and aspirations – I have a penchant for dreamers.

Now Edwin is cautious as he looks to the year ahead, reiterating that it will be some time before business returns to pre-COVID-19 levels. “I don’t think we’ve seen the end of COVID-19 just yet and it will certainly take a few more years for business to return to normal and stay there. But, if there is one thing I’ve learnt from this experience, it’s to always be prepared. Even if you think business is booming and you’re beating expectations, something could always happen and potentially change the world – whether that’s the whole world or your world as a single company. So, be prepared and make hay while the sun shines because some rainy days are sure to follow.”

What’s the one thing you do in your business that moves it forward most? Invest in relationships.

As for his hopes for 2022, Edwin is looking forward to seeing the world continue to return to a further state of normality, completing The Point’s refurbishment projects, and sharing a number of exciting store openings with the public. In the meantime, the main challenge he and his team face is to “remain relevant and continually mirror the ever-changing face of the consumer.” So that is exactly what Edwin plans to do with The Point going forward. That, and nurturing his already-strong business relationships for years to come. 183

Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Good governance.

What excites you about the future? Technological advancements in retail. If I were President of the World for a day, I would ...? Make sure no one goes to bed hungry. Which philanthropic cause are you most passionate about? Getting food to children in less affluent countries. Robots & AI: threat or opportunity? A bit of both, I’d say. But I think I view them as more of an opportunity. What do you hope the world gets right in 2022? Two things: the handling of the pandemic, and the management of climate change targets.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Godwin Caruana

CEO AND CHIEF TECHNOLOGY OFFICER, HARVEST TECHNOLOGY PLC

“ T E C H N O L O G Y I S H E R E T O S T AY . ”

B O R N O UT O F A N A PPE T I T E FO R T EC H D IVE R S I F I CAT I O N , H A R VE ST TECHNOLOGY PLC BRINGS TOGETHER MANAGEMENT EXPERTISE, T EC H N O LO G I CA L PR OWE S S A N D O PE R AT I O N A L EXC E L L E N C E TO PR OVI D E A WI D E R A N G E O F R E L AT E D S E R VI C E S TO T H E S ECTO R . I N H I S D UA L R O L E AS CEO AND CHIEF TECHNOLOGY OFFICER, DR GODWIN CARUANA IS NOW USING HIS PEOPLE-FOCUSED VISION TO CHANNEL THE STRENGTHS OF H I S T E A M TOWA R D S F U RT H E R I NVE ST M E N T A N D WI D E N I N G T H E G R O U P ’ S A L R E A DY- I M PR E S S IVE P O RT FO L I O.

sector for over 25 years, and it has afforded him a healthy respect for the benefits of learning.

Dr Godwin Caruana can remember the first time he saw a computer – a moment that would inspire a lifelong love for technology and pave the way towards a career at the forefront of the industry. “I was 11,” he recalls. “First, there was a picture of a computer in a magazine, then, later, I saw one in a shop in Valletta and knew I had to have one. I was lucky, as that was during the boom of the home computer in the early 80s. It’s the software side of the story that makes me tick. I was – and remain – fascinated that you can shape a machine to do exactly what you want. I love it!”

“It is so important to have a mix of corporate and academic experience, particularly in the vast technology landscape. I never stop learning; as long as you’re learning, you’re growing, and you stay up to speed with the industry,” he affirms. Godwin certainly lives this ethos, as a post-graduate from the University of Liverpool and the University of Brunel, where he graduated respectively with a Master of Science with distinction in information technology and a PhD with a research focus on high-performance

This passion for the inner workings of electronics has seen Godwin work in the ever-changing technology 184

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CEO INSIGHT “It is so important to have a mix of corporate and academic experience, particularly in the vast technology landscape. I never stop learning; as long as you’re learning, you’re growing, and you stay up-to-speed with the industry.”

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Although I’m a ‘techie’, I love being around people and collaborating computing, algorithms and machine learning. Godwin remains a member of the research community at the University of Brunel in the Electronic and Computer Engineering Group, a visiting senior lecturer at the University of Malta, an independent expert and evaluator on the European Horizon 2020 and FP7 programmes, and a member of EU COST (the European Cooperation in Science and Technology).

towards a shared goal.

The crowning jewel in Godwin’s impressively tech-focused background, however, may well be his roles at the helm and at the heart of Harvest Technology plc. Having previously served as CTO at 1923 Investments and at the Malta Information Technology Agency (MITA), he was appointed CEO of Harvest in September 2019. Today, he continues to serve as both CEO and CTO, having already navigated the Group through a once-in-ageneration global crisis.

In fact, it is the opportunity to engage with everyone on Harvest’s expert team that Godwin enjoys the most about trailblazing a new definition of the traditional role of CEO. “One of my proudest career achievements has been challenging the status quo and taking forward my role as CTO while becoming CEO,” he explains. “Although I’m a ‘techie’ – a term that is usually misconstrued as not being people-oriented – I love being around people and collaborating towards a shared goal. Working as both CEO and CTO has allowed me to get closer to the team, and that is a game-changer.”

“Harvest was officially listed on the Malta Stock Exchange during one of the most challenging times in the modern world and in the industry,” Godwin shares, reflecting on the pandemic.

It is this hands-on approach that now defines the lively, family-like company culture at Harvest. The carefully curated multidisciplinary team offers a diverse collection of specialised skills from the worlds of academia, marketing, strategy consulting, telecoms, FinTech, product development, security, and logistics, making the company applicable to an equally diverse range of sectors. The Group’s subsidiaries are IT solutions provider PTL Ltd, the payment gateway specialist and operator of the ApcoPay brand APCO Systems Ltd, and automation and security company APCO Ltd.

“Harvest is a group of tech companies and not just an IT company, so our impact travels wider. But our strengths are just as wide: we have a very strong Board with the experience and expertise to maintain the company’s trajectory. Plus, our workforce here is second-to-none. The team’s capabilities are outstanding – I have rarely seen such aptitude and capability matched elsewhere.”

“Innovation thrives in teams,” Godwin continues. “We bring people together to share their different skills, creativity, vision and perspectives. The best and most enjoyable way 187

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to take Harvest forward is to listen and learn from our people every day. I love listening and hate talking; the less you talk, the less you make mistakes. It’s rare for someone to be both CEO and CTO; to drive product development on the ground while also having responsibility for major corporate decisions. But this set-up helps me to focus on operational excellence rather than micromanagement, to feel and steer the organisation on every level.” Godwin also blends his passion for people with his love of learning through the Harvest Technology Academy, which is a collaboration with the University of Malta. Here, he bridges the gap between technology education and working within the industry, allowing students to explore their individual potential within the vast tech landscape, just as they are making life-changing decisions about their future roles. “As professionals we all have an obligation to engage with students and new ideas,” Godwin maintains. “Over the years I have collaborated with leaders in the field and that networking gave me opportunities to further my own studies. The Academy allows me to pay that forward by engaging with students and hearing their ideas, which not only attracts talent to career opportunities but also helps me to predict the future direction of the sector. Building that sustainable link between academia and the industry is part of the social responsibility of a CEO.” While the people-oriented dynamic at Harvest inspires the company’s corporate social responsibility strategy, Godwin insists that the tech Group’s long-term CSR goals need to extend beyond the COVID-19 pandemic. “We will not latch our CSR to the pandemic – it just created a different dimension. We have always listened and adapted to the needs of our team. Of course, the pandemic challenged our people-facing process, but the team adapted quickly and now has an even deeper bond. Our wider CSR strategy constantly evolves as a social enterprise, taking into consideration the bigger picture and technology’s place within it.” Indeed, Godwin points to new opportunities in the sector created by changed market interest and higher user-volume through the pandemic. “The arrival of COVID-19 amplified the need for technology and expedited people’s tech-savviness. Technology is intrinsically forward-thinking, and businesses must think ahead to adapt and persevere. Remote working in some shape is here to stay, while the explosion of social media is impacting businesses more – the scale of it is mind-boggling. All of this takes extraordinary computational power.” Agility and adaptability are, likewise, at the core of Godwin’s strategy for Harvest over the coming year. While 2021 brought internationalisation, modernisation and innovation, 2022 at Harvest will continue the drive towards investment and acquisition. “Our main focuses never change: providing shareholder value, attracting the best talent and boosting business automation, business growth and new applications. We continue to serve our clients with transparency and integrity, applying only the technology that will add value to their organisation. Offering them the best service also extends to building our portfolio through new acquisitions and staying updated on the latest innovations. Multiple performers in the Forbes Top 10 list are tech companies – a clear indication that the landscape is very active. There’s no doubt about it: technology is here to stay,” the CEO concludes. 188

Quick-fire Questions… with Godwin Caruana What’s a word people often use to describe you? Focused. Crypto, traditional finance, or both? The consumer’s right to choose should be a priority. What’s one gadget you can’t live without? My mobile – and, as a close second, my home computer. Which business mentor do you most look up to? They know who they are and I am extremely thankful. What’s the biggest lesson you’ve learnt from the pandemic? That bad things happen – it’s how you adapt that matters. How do you switch off? I don’t! Best bit of business advice you’ve ever been given? To tell the truth and be transparent. What do you always look for when hiring? Personality and the intention to learn. Do you prefer to drive or be driven? I always drive. The Maltese success story really needs the country to focus on ...? Understanding what we can, and cannot, do as a nation. What’s the one thing you do in your business that moves it forward most? Engaging with employees. What excites you about the future? That I don’t know what’s in it. If I were President of the World for a day, I would ...? Connect with and listen to people. Which philanthropic cause are you most passionate about? Helping children with special needs – but you will never see or hear about me doing this publicly. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Morality and ethics.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Marcel Bonnici

CEO, MERCURY TOWERS

“I FIND PIECES WHICH FIT THE PUZZLE, TO M A K E T H E M AC H I N E O PE R AT E A S I T S H O U L D.”

DESCRIBING HIS POSITION AS CEO OF THE MERCURY TOWERS BY ZAHA HADID PROJECT AS A HYBRID ROLE, MARCEL BONNICI DISTINGUISHES BETWEEN TWO CLEAR PHASES: THE PRE-OPENING LAUNCH – WHICH HE H A S B E E N A C T I V E LY I N V O LV E D I N F O R S O M E T H R E E Y E A R S – F O L L O W E D BY T H E O PE R AT I O N A L L AU N C H . T H E L AT T E R I S J U ST A R O U N D T H E CO R N E R FO R T H E PR OJ ECT, A N D M A R KS T H E STA RT O F A N EW A N D EXCITING JOURNEY FOR THE CEO AND HIS TEAM.

“During the initial period of the Mercury Towers project, my focus was on each aspect of the project – from the development of our purpose and direction, to defining a product that is unlike anything the country has seen, as well as setting the tone of things to come,” Marcel Bonnici explains, discussing his role so far and underlining how important it is that his team’s work does justice to starchitect Zaha Hadid’s final project prior to her passing – and, in so doing, securing Mercury Towers’ legacy.

Apart from this, an ongoing process has been the drafting of a resilient management structure and securing the right talent. “We are setting up a team that will lead a seamless operation to set us on the road to success and deliver on our promise, which is to exceed expectations,” he describes, affirming that much thought and consideration has gone into developing a robust corporate brand strategy that will underpin all aspects of business. It will also guide its short, medium, and long-term strategy.

“This has been a complex yet exciting challenge,” he says. “From supply chain management and procurement in a COVID-19 world to deep negotiation with local and international partners, as well as leading a multi-national team of world-class designers and technicians… well, the list goes on,” Marcel notes.

And with the opening within reach, the CEO says, “the Mercury Towers vision is now springing to life and the pieces of the puzzle are coming together – you really get a sense of the place as a living breathing entity. It is a wonderful thing, and we cannot wait to open our doors and share it with the public.” 190

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CEO INSIGHT “Without discipline, a team cannot be led, and goals cannot be met. I emphasise the importance of discipline in every scenario, as it is critical to the thorough coordination and execution of tasks, and also reflects on an individual’s own determination to succeed.”

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Unsurprisingly, Marcel considers his position at Mercury Towers as a significant landmark in his career, describing it as “a privilege to watch history rising so closely.” Prior to this, 25 years as Head of Jobsplus Operations for Gozo left an indelible mark on the way he does business and has stood him in good stead when it comes to people management and human behaviour in the workplace. “It enables me to effectively maximise the output of our human resources and provide the skills of brokering employer/employee relations, as is crucial for a project of this scale. It’s something that can also be extended to the various stakeholders involved,” he explains. Interestingly, earlier in his career Marcel also served as an Officer for the Armed Forces of Malta. This, as one would expect, provided a strong perspective on the importance of discipline. “Without discipline, a team cannot be led and goals cannot be met. I emphasise the importance of discipline in every scenario, as it is critical to the thorough coordination and execution of tasks, and also reflects on an individual’s own determination to succeed. It is ultimately our people who will deliver a distinguishable image that sets us above other industry players,” he maintains. Backed by his academic background in economics and strategic management, Marcel goes on to explain that his leadership style is built on three main pillars: “discipline, which carries undisputed importance and which should form the basis of any journey; respect, where manners, consideration and mindfulness are demonstrated openly; and teamwork, the importance of which I liken to the image of an orchestra, where irrespective of the instrument and its size, none is more important than the other as each impacts the final outcome. “What one can achieve individually is limited, but what we can achieve with the commitment and input of our team is boundless,” he continues, adding that it is important that each member of the team feels valued, and that his or her strengths are developed and achievements recognised. “I am here to foster an environment and culture that allow people to work together, for things to truly come together,” Marcel says, highlighting that the challenge therein is identifying skill sets and understanding characters, to build a team of people where the dynamic really works. “This is among the most complex aspects of leadership and is a skill that is honed and developed through experience. You can recruit the most illustrious talent, which, in the context of a team, sadly doesn’t perform, and places the success of the operation at risk. My role is to find pieces to fit the puzzle, and to make the machine operate as it should. Only then can we stand to do great things.”

Finding the right people is a challenge, yet in each new recruit lies our biggest opportunity to do even greater things.

Marcel’s leadership style is defined through open, clear and consistent communication. “Without it, the three pillars of respect, discipline and teamwork which underpin my ethos will fail to be understood,” he maintains. Turning his attention to the illustrious project itself, the CEO explains that Joseph Portelli’s pioneering vision for property in Malta and Gozo has reached an unprecedented level by engaging, for the first time ever, a top international architect to design a private project, giving Mercury Towers uniqueness and an international dimension. 192

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“A great aspect of having Zaha Hadid Architects as our partners is their belief in always striving for perfection,” he says, describing this ethos of perfection as something he intends to emulate in his own team’s way of doing things. “Our overarching goal is to always challenge the status quo, do things differently, deliver the highest calibre in all we do and, hopefully, ‘produce perfection’,” Marcel maintains, noting that this goes for both the intangible and the tangible, where a striking architectural statement is already being built. “Apart from its obvious height, Mercury Towers by Zaha Hadid includes the iconic ‘Twist’, which is a feat of engineering covering three floors, and which also fully integrates a heritage site into an iconic structure while preserving the original build, almost in its entirety,” the CEO explains, referencing the immense financial implications that come with it, and the aim to raise the bar on the approach to quality and design. “We hope this will inspire positive change,” he says. “In terms of the quality of our built environment, Paceville has long been an urban area desperate for regeneration. Now we are already witnessing the roll-on effect in the surrounding areas, where dirty, derelict buildings are being regenerated and lowgrade establishments are being replaced with bistros and coffee shops suitable for the entire family,” Marcel says, affirming that this is no coincidence. “Thorough studies were carried out prior to commissioning the project, and similar scenarios have been witnessed with Zaha Hadid’s monuments serving as catalysts for positive change in other locations. An immense and most visible contribution is therefore the elevated aesthetics that will, in turn, be enjoyed by the local community.” Once ready, the impressive structure will house a five-star luxury hotel – ME by Melia – two international signature restaurants, a further 20 F&B outlets, a state-of-the-art entertainment centre, a multi-sensory walk-through experience, and a retail mix comprising luxury, premium, medium, and entry level brands that will also offer residents a unique lifestyle offering. “Our aim was to attract new investment to Malta and provide the market with a completely new lifestyle experience. We have succeeded in creating a city-within-acity, so to speak,” Marcel says. Looking back on the journey so far, the CEO cannot help but mention the impact of the pandemic, which he says made this complex project even more challenging. “The partial-lockdown in 2020 forced us to take a step back and slow our pace, providing an opportunity for us to come together as a team and form a kind of ‘think tank’,” he notes. “COVID-19 played a part in the Mercury Towers destiny, and I can confidently say that the period helped develop ideas that are going to result in something even more special,” he smiles. Turning his attention to the year ahead, the CEO reveals that 2022 will see the finalisation of many processes, including corporate, operational and brand SOPs, the establishment of the management team structure, and the launch of several elements of the service product. Therein, Marcel says, “finding the right people is a challenge, yet in each new recruit lies our biggest opportunity to do even greater things. This is why the challenge of on-boarding is so important: it establishes the Mercury Towers vision and ethos from the outset, and sets common goals that define a shared mindset in anticipation of our launch.” 193

Quick-fire Questions… with Marcel Bonnici What’s a word people often use to describe you? Balanced. What’s one gadget you can’t live without? Like most, my mobile and iPad. Which business mentor do you most look up to? My mentor was my dad. I do, however, try to identify positive attributes in the people I meet, and hopefully take these on board. I am always willing to learn. What’s the biggest lesson you’ve learnt from the pandemic? Situations can change very quickly. Pragmatism, agility and adaptability are key. How do you switch off? I don’t. That is my biggest problem. Best bit of business advice you’ve ever been given? My dad taught me the importance of transparency and honesty. What do you always look for when hiring? Competence, personality and attitude. Do you prefer to drive or be driven? Driven. The Maltese success story really needs the country to focus on …? Building a sound reputation, achieving quality and maintaining standards. What’s the one thing you do in your business that moves it forward most? Objectivity and clear communication, to deliver transparency and mitigate surprises. What excites you about the future? I am immersed fully in Mercury Towers, and every aspect of its future excites me. If I were President of the World for a day, I would ...? Fight superficiality and promote integrity. Which philanthropic cause are you most passionate about? Throughout my career I have worked to put myself to the service of others. I guess this is my greatest philanthropic gesture to date. Robots & AI: threat or opportunity? Opportunity, if it supports human action and interaction – rather than replacing it. What do you hope the world gets right in 2022? Realise the importance of human values and slow down the race to achieve material wealth.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Paul Mifsud

CEO, S PA R K A S S E B A N K

“ TIME IS AN EXPENSIVE RESOURCE.”

S I N C E I T S E S T A B L I S H M E N T I N 2 0 0 2 , S PA R K A S S E B A N K P L C H A S L E D T H E W AY I N T H E I N V E S T M E N T A N D F U N D A R E N A , P O S I T I O N I N G M A LT A A S A SOLID FINANCIAL SERVICES BASE FOR EUROPEAN INSTITUTIONS OF ITS C A L I B R E . A N D , C E O PA U L M I F S U D – W H O H A S B E E N W I T H T H E B A N K S I N C E 2006 – IS DETERMINED TO CONTINUE STEERING THE SHIP WITH A STEADY H A N D, WH I L E LO O K I N G FO R WA R D TO A F UTU R E O F R O B U ST G R OW T H .

Few people are as passionate about the financial services sector as Paul Mifsud, CEO of Sparkasse Bank plc, a Maltese institution providing investment, depository, and fund custody advisory to international clientele. “I am most happy at work,” Paul smiles. “I enjoy the stress – it keeps me alive; it keeps my blood moving and is my raison d’être!”

services industry. “Everyone seemed to be vying for the same sector, so I thought, here’s my chance!” In 2000 – newly graduated from The Chartered Institute for Securities and Investment in London – Paul established Quest Investment Services, a financial advisory firm servicing both local and foreign clients. “I grew the business exponentially in a matter of years. Initially, I oversaw investment advice and corporate management and, by 2006, Sparkasse had become a majority stakeholder,” Paul explains.

Paul’s passion for his profession stems from his youth: “intuitively, I always knew this was my path. As a young man, I managed my father’s investment portfolio and that piqued my interest.” Fortune smiled upon him – and the island itself – when, in the late 90s and early 2000s, Malta started to position itself as a global market leader in the financial

“When I initially joined, we applied for a Category 4 Licence under the Investment Services Act, allowing us to act as trustees or custodians of investment

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CEO INSIGHT “I am here to troubleshoot, guide, and share my extensive industry experience with my fellow colleagues. I look at myself as the glue that helps people from different parts of the business work together.” 195

schemes. At the time, Malta was pushing itself as a global leader in the sector and had decreed that, in order to establish a fund on the island, you needed to appoint a custodian. Realising that there was a niche offering to be explored, we strategically evolved from a retail service to a B2B institution. “A landmark decision then meant that we simplified our offering and avoided distraction, which ultimately led to the success of the business,” he asserts. Another key milestone materialised when the bank became a SEPA (Single Euro Payments Area) member, allowing the company to act independently as opposed to finding correspondent institutions through which to trade. These successes later led to the establishment of a Sparkasse office in Ireland in 2017. “With the help of our solid infrastructure, Sparkasse expanded beyond Malta’s shores. When I joined, our team comprised 10 people entrusted with a few million euro in asset management. Today, Sparkasse employs a stronghold of 110 members of staff, overseeing €8.8 billion in assets and custody management, with offices in Malta, Ireland, and Austria,” he explains. Accrediting these developments to a talented team of people who are passionate about what they do, today Paul oversees all high-level decisions as CEO. As a result of company growth, Paul’s role at the bank has transformed with the opportunities and difficulties that have emerged over the years. “My role here has evolved considerably since the early days; I transitioned from hands-on advisory to being more of a mentor. I have some very talented people on my team, so I

Regardless of their ranking, if a staff member requires support, I am on the ground and at their disposal.

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am here to troubleshoot, guide, and share my extensive industry experience with my fellow colleagues. I look at myself as the glue that helps people from different parts of the business work together,” he asserts. Prioritising time with his staff daily, Paul makes himself available to his team throughout the morning, every single day. “My day really starts after 3pm. I believe that being available to my staff is key to their performance and morale. So, regardless of their ranking, if a staff member requires support, I am on the ground and at their disposal.”

Quick-fire Questions… with Paul Mifsud

Key to this, in his view, are strong time management skills. “I’ve always believed that time is a commodity and an expensive resource. As my job is pressurised, I have to manage my time efficiently. Ensuring an efficiently run organisation has been crucial to our success, particularly in the last couple of years, as Malta – and the rest of the globe – has had to contend with unprecedented challenges.

What’s a word people often use to describe you? I’d hate to think!

“On a molecular level, Malta’s greylisting definitely hasn’t helped,” Paul continues, admitting that, fortunately, so far, Sparkasse has not seen “any serious consequences”, although he insists that the situation is still in its infancy. “I think it’s only a matter of time before Risk Managers abroad update their policies and decide how they want to deal with Malta. We have seen increasing numbers of due diligence requests, which have given local service providers a proverbial ‘cold shower’. However, I do feel we need to dry ourselves off, and retain enthusiasm for our sector,” he insists.

Which business mentor do you most look up to? My grandfather.

Central to this, in his view, is to find a cause to champion. “I recall how flawlessly we transitioned to the Euro, to the point that Malta has been used as a showcase for best practices. We need to find a similar project to emulate this implementation and restore the confidence of participants in the sector.” Paul has also taken a proactive and optimistic approach to the COVID-19 pandemic, stating that the crisis did not hit the business hard. “We could already see it coming in February and, from early on, we switched to remote working. Luckily, our business model does not expose us to consumer risk, so COVID-19 hasn’t affected our bottom line. Life at Sparkasse was normal: our employees worked from home, and customers were still being serviced efficiently,” he recalls. However, the CEO did come to a realisation as a result of the pandemic: “if it taught us anything, it’s that we don’t need large offices! We have a proactive and focused workforce, which cooperated well with the autonomy. So, I would definitely hold off on any large property premises investments in the near future,” he attests. Looking to the year ahead, Paul plans to cautiously lead the bank to further growth, insisting that the strategy is focused on managing their current clientele and optimising the customer experience, as well as bank resources. “We’re entering a full year of Malta’s greylisting and there will be additional pressures from the EU, so we have to operate carefully,” he says, adding that he does not foresee outrageous growth. “Our focus will be on client interaction and service consolidation. We don’t want to move away from our product line – the caveat being that if we identify a productive target, we will consider it. But, for the time being, we want to be true to our aims and execute them well.” 197

Crypto, traditional finance, or both? Traditional. What’s one gadget you can’t live without? Corkscrew or my GPS.

What’s the biggest lesson you’ve learnt from the pandemic? How fragile our modern society, businesses and economies are. How do you switch off? Listening to good music with friends. Best bit of business advice you’ve ever been given? Honesty pays off. What do you always look for when hiring? Manners and solid morals. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on …? Championing an EU priority and showcasing to other member states that, in Malta, we can lead the way when it comes to financial services. What’s the one thing you do in your business that moves it forward most? Treat people with respect. What excites you about the future? A lot, but it hasn’t been written yet. If I were President of the World for a day, I would ...? Try to eradicate poverty. Which philanthropic cause are you most passionate about? NGOs that help and support children in need – for example, Puttinu Cares. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Its policy on climate change and over-urbanisation.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “I thoroughly enjoy leading people and seeing my vision come to life with a great team to support it. I love creating and strategising.” 198

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Marco Galea

CEO, OXFORD H O U S E LT D

“OPPORTUNITIES ARE ALL AROUND US.”

T H R E E G E N E R A T I O N S S I N C E T H E I N I T I A L G A L E A F A M I LY M E M B E R S ’ E N T E R P R I S I N G D AY S I N V A L L E T T A , T O D AY , O X F O R D H O U S E I S M A N A G E D BY GRANDSON MARCO GALEA AND HIS TEAM OF 70 EMPLOYEES . MARCO’ S P H I L O S O P H Y L I E S W I T H I N T H E S A M E S T R O N G F A M I LY V A L U E S I T B E G A N WITH, ALONGSIDE A FOCUS ON CUSTOMER SERVICE AND SUPPORT.

More expansion took place in the 90s with office furniture, until the new products eventually replaced the steel furniture completely. Thanks to the foresight of the management at the time, the company continued to diversify and remain ahead of the curve until the company became the national representative for Bosch domestic appliances, with a major showroom expansion (1,600 square metres on four floors) further consolidating the business. The company now deals exclusively with international flagship brands, prioritising importation, retail, distribution, and support.

Oxford House is a family success story in all senses. Not only was there the amicable takeover by the ambitious university-educated son who was truly passionate about the industry in 2018, but the result is what many in a family business could only romanticise about. This is the story of a successful CEO making strategic decisions to keep growing the company, while his retired father welcomingly drops by from time to time for a cup of coffee and a chat, which often features solicited, sound advice. The company expanded from the first tubular steel furniture manufacturer in Malta to one of the island’s first factories, followed by the importation of small household appliances and white goods. In the mid80s, the operations were incorporated into a limited liability company under its current name, Oxford House Ltd, and the furniture manufacturing and importation continued throughout the decade.

Since 2010, the family shareholders had an understanding that in the near future there would be a shift in the running of the company and, eventually, in 2018, Marco Galea acquired the company. He hit the ground running upon his takeover and implemented an immediate restructure. 199

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Marco ascertains that there’s no secret to the company’s success. “I am open to my management team, and in turn, they are open to their teams. Our philosophy is to discuss and explain the overall vision so that everyone is on board. We sell quality products and offer great service and support. This has helped us build a very strong reputation, giving us leverage over the competition. If we don’t believe in it, we don’t offer it.” The quality of the company’s products paired with impeccable service through its strong collaborations with reputable suppliers (Bosch, Steelcase, Nobilia and Dorelanbed, among others) has allowed for a uniquely efficient, quality customer experience.

We sell quality products and offer great service and support. This has helped us build a very strong reputation, giving us leverage over the competition. If we don’t believe in it, we don’t offer it.

Marco has always deemed customer service highly important. “Anyone can import appliances,” he says, “the trick of the trade is how the company supports customers after their purchase. It’s not a profitable department – we have about 15 employees in this division, and we don’t make a profit from it – but it supports a very successful business, so it’s paramount.” Marco’s challenges lie in the constant scaling needed for the business, human resources, the current economy, and navigating the turbulent macro environment. The CEO shares that it’s an ongoing effort to keep up with the growth of the business – from constantly improving the warehouse to making processes more efficient. Even though the company is fortunate to have staff that have been employed for very long – some for over 30 years – HR remains an ongoing battle, with a particular, constant need for skilled technicians. However, Marco makes a point of focusing more on what he enjoys about his role rather than its challenges. “I thoroughly enjoy leading people and seeing my vision come to life with a great team to support it. I love creating and strategising. Beyond that, I always have, and likely always will, enjoy meeting people daily.” As with almost every sector, the appliance and home interior retail landscape has transformed tremendously since the rise in popularity of online shopping. “Many people today come to the showroom knowing the product they want based on their online research,” Marco explains. “Here we’re lucky to represent the brands we do, as it makes it easy to provide the avant-garde products that are often requested. This kind of challenge is not easy, but I enjoy learning in the context of this evolving field of marketing, while innovating at every level of our operations to stay ahead of the curve.” 201

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

When challenges arose in the macro environment since the onset of the pandemic, Marco adopted an introspective approach and turned his team’s focus on understanding the company’s strengths and weaknesses. And while others were laying off staff to keep their heads above water, Marco worked against the trend and hired more people to reinforce their product offering. It was a bold and risky move but it has paid off, with the company now reaping the benefits of the sacrifices that were made at the height of the pandemic. Beyond this, Marco encouraged increased empathy within management for it to trickle down throughout the company. As a result of the pandemic, Marco has sought to focus his energy on ensuring that Oxford House is more targeted in its offering than ever before. “This period has shown us that diversification and scaling are imperative,” he says. “However, knowing your product and strengths within the market, and ensuring you consolidate what you are best at, has become the priority. Experience has proven that, although it’s risky, reinvesting in the company to improve at the most challenging of times can reap real rewards.”

Quick-fire Questions… with Marco Galea What’s a word people often use to describe you? Determined. Crypto, traditional finance, or both? Traditional, but one cannot ignore the fact that crypto may become an undeniable part of our future. What’s one gadget you can’t live without? My mobile phone.

Having said that, going forward, Marco admits that he is becoming somewhat conservative when it comes to major business moves. He shares that he has learnt to be more analytical and cautious, preferring to err on the side of caution in the current economic climate.

Which business mentor do you most look up to? Richard Branson.

Nevertheless, while he may be cautious, the CEO can’t conceal his optimism. He admits that there was a huge silver lining to the pandemic in that people re-prioritised their home and living environments. They invested in their homes more than ever before – “out of necessity or pure boredom” – which was hugely advantageous to Oxford House and others within the industry.

How do you switch off? Sunday lunch with my family.

Marco believes that, over the past year, certain luxuries have become a commodity, as consumers have begun to truly appreciate the comforts of being at home. He sees the appliance and home interior retail sectors changing over the course of the next five years. “More than ever before, people want homes they can entertain in, to build connections in, and to appreciate family in. Customers have become a lot more detail orientated and are leaving no stone unturned in that regard.” Moving forward, Marco intends to invest heavily in the company’s digital offering, as well as to drive home ‘green’ as much as possible. “We are gauging the feedback of our end users and trying to understand what works and what needs to be improved through constant A/B testing. This is how we plan to stay ahead of the curve. Customer experience is key – online and in-store. Who knows, we might end up having a storefront on the Metaverse in a few years!” In fact, Oxford House recently redesigned its website, to improve its online offering. “Where eCommerce is concerned, we have invested to improve our digital storefront. However, things are always evolving, and we plan to continue to build on the groundwork we have set out in tandem with our redesign.” As to the future of Malta’s appliance and home interior sector, the CEO is confident that it is still going strong. “Despite the challenges I’ve mentioned, much like us, our suppliers have focused their energy internally to innovate, bringing us new product offerings. This will help our positioning within the market. If we continue to invest, there are opportunities all around. If we look at the market and continue to evolve with it – facing and adapting to our new realities – we will find even more opportunities.” 202

What’s the biggest lesson you’ve learnt from the pandemic? Stay grounded.

Best bit of business advice you’ve ever been given? Balance drive and vigilance. What do you always look for when hiring? Integrity and problem-solving skills. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Digital and green economy. What’s the one thing you do in your business that moves it forward most? I make sure I’m always honest and trustworthy. What excites you about the future? Seeing my two sons carry the business forward. If I were President of the World for a day, I would ...? Make myself President indefinitely! Which philanthropic cause are you most passionate about? Prioritising health and combatting poverty. Robots & AI: threat or opportunity? It depends on the context, application and legislation’s ability to keep up. What do you hope the world gets right in 2022? Climate action.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Tamas Banyai

CEO, EPIC

“ T R A N S PA R E N C Y I S O N E O F M Y C O R E V A L U E S . ”

N AVI G AT I N G H I S T R A N S I T I O N I N TO T H E R O L E O F C E O AT A C R I T I CA L T I M E – J U S T A S M O N A C O T E L E C O M A C Q U I R E D V O D A F O N E M A LT A A N D T H E C O V I D - 1 9 PA N D E M I C S T A R T E D I N M A R C H 2 0 2 0 – T A M A S B A N YA I W A S D E A LT W H A T H E T E R M S ‘ A T R I P L E C H A N G E ’ S I T U A T I O N . B U T , TO G E T H E R WI T H H I S T E A M , H I S FO C U S H A S R E M A I N E D U NWAVE R I N G : L E A D I N G A T E L ECO M M U N I CAT I O N S O PE R ATO R T H AT CA N D E L IVE R G R E AT Q UA L I T Y A N D S E R VI C E , TO G E T H E R WI T H G R E AT VA LU E .

Today, Tamas Banyai describes his role at Epic as “mainly to drive and support the team to deliver on our mission, and helping people and businesses unlock their full potential through our telecommunications services,” and his journey to get here has been an interesting, albeit not straightforward, one.

Here, he was responsible for marketing activities and customer operations within the consumer business unit. He took care of product development, brand communications and serving customers, before eventually securing the CEO role when Monaco Telecom acquired the business at the end of March 2020.

After studying various subjects at university, including mathematics, English literature and philosophy, Tamas embarked on his first pivot: entering the world of retail banking in Budapest. Moving through the ranks, he was appointed Branch Manager before making his next major move, and joining the telecommunications sector when Vodafone launched its service in Hungary in 1999. “I started on the frontline, working in customer-facing roles and going on to work in various marketing and sales roles, until I moved to Malta seven years ago,” he recalls of those early years.

“The takeover with Monaco Telecom brought about a very new culture and re-energised the business, along with new challenges for me,” Tamas maintains, describing the integration of the Monaco Telecom team in March and the rebranding in November 2020 as landmarks that reflect a new vision, and focused on Malta’s need for an operator that could deliver great quality and service, together with great value. Outlining Epic’s commitment to that vision, the CEO explains that “during the first year and beyond, everything 204

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “One of the lessons we all learned is how important it is to stay in close contact and tighten communication between us.” 205

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

we’ve done has been in service of this. We’ve launched new value propositions and expanded our roaming footprint; we’ve started to build our own fibre infrastructure and are now providing the fastest internet – in Mosta – at 2,000 megabits per second; we started rolling out a brand new mobile network and have upgraded a number of services. So, our vision is really to build a better future and help people and businesses unlock their potential.” Looking back on his experience within the local telecommunications sector so far, Tamas says that much has changed in the seven years he’s been in Malta, with digital acceleration really skyrocketing in the past couple of years. “Data usage has increased, and people are living their lives, using services, working and studying in very different ways – and we need to adapt to this,” he maintains, adding that “as an industry, we have to have a robust infrastructure and understand our customers’ changing needs. We need to keep up, stretch ourselves and keep investing, bringing better products to market, and staying close to customers, so we not only cater for the present but also foresee what is coming in the future.” Drawing on the company’s global expertise and how this is brought to bear on the Maltese market, the CEO highlights the benefits of forming part of a strong international network. “Through Monaco Telecom, we are not only linked with Monaco and Cyprus as a Mediterranean triangle, but we’ve got presence through our shareholders in Ireland, Switzerland, Poland, Italy, France, and other countries outside of Europe,” he explains, describing this as a unique and closely cooperative model that focuses not on creating recipes for the market so as to drive it in any one direction, but rather on always being focused on what the local market needs.

design. These are the types of products that we can create in an international Group that collaborates so closely,” Tamas says. Shifting focus to the pandemic, the onset of which coincided with his appointment as CEO, Tamas reveals that it affected the business in multiple ways, chiefly by proving its resilience. “The fact that everyone realised how critical the telecommunications infrastructure really is exposed the responsibility of our teams, and I’m really proud of how they handled it, while of course going through the same experience as everyone else on a personal level. That was our number one priority: to keep our people safe and to maintain the operation of the network,” he explains. Meanwhile, Tamas continues, “with people travelling less, it did put our revenues under pressure. International roaming has decreased and that has impacted the revenues of telecommunications operators.” Yet, perhaps, most impactful was the fact that the pandemic pushed people to use their services differently – both at home and on their mobiles. “There are new use cases both in voice and in data, therefore people’s needs for connectivity have increased and have become more demanding. Because of this, we have needed to invest more in our network, train our people better and employ new customer service processes – upping our game both

“This way, we can create products in a more innovative and efficient way. For example, the new Epic fibre box, which is providing 2,000-megabit internet speed, is a joint product that we are using in multiple markets, creating best-inclass technology coupled with an environmentally friendly

We need to keep up, stretch ourselves and keep investing, bringing better products to market, and staying close to customers, so we not only cater for the present but also foresee what is coming in the future.

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in terms of infrastructure and customer service so as to keep up with the increased demand from consumers and businesses,” he reveals. And, at a time of much change for the company, factoring in the new shareholders and dealing with the pandemic, Tamas also needed to navigate a personal change – his transition into the role of CEO. “It was a triple change, but I’m lucky to be surrounded by great people who I had known and worked with, so there was already trust there. For me personally, building on transparency is one of my core values and, even if it was challenging, this made it easier, all things considered. One of the lessons that we all learned is how important it is to stay in close contact and tighten communication lines so we can go through whatever we have to go through.” Another way in which Tamas actively worked on bringing people together and combating the effects of COVID-19 was by setting up Charity Run Malta in 2021. Outside of work, the CEO is an avid runner, and the virtual run brings together hundreds of athletes for a good cause. Delving into this project and the aims behind it, he explains, “it’s a digital project that encourages people to complete sporting challenges in real life – through these challenges, people can get motivated, form part of a team and even receive a medal at the end. It’s also an opportunity to contribute to a different cause each time they complete the challenge and, so far, more than 400 people in Malta have participated, overall contributing more than €4,000 to two charity partners,” Tamas smiles, hinting at more projects coming up in the next year. As for prospects created for the business as a result of the pandemic, the CEO believes that opportunities have really arisen from our different ways of living and of consuming telecommunications services. “The fact that businesses have become more digital means that they need different services, so we have to understand how they are shifting and changing in serving their own customers or meeting their own business purposes. And that has brought about more complex strategies on how we can support businesses going through this transformation,” he says, describing it as a challenge and opportunity rolled into one. Against this backdrop, the team at Epic, the CEO maintains, is now on a journey to take the business to the next level and raise the bar. “Our customers’ expectations are really high, and our plan is to keep delivering. In 2022, we will focus on the continued rollout of the brand-new mobile network with the fastest 5G speeds, which we launched in late 2021. We will continue to invest in our fixed fibre internet service and to expand the footprint, also giving people gigabit speeds at affordable rates. Our mission will continue to bring together great technology and great service, and make it affordable to everyone. “After 2020 brought about the surprises of the pandemic, 2021 was more of a consolidation year – in that it was the first year of adaptation to a new situation. In the second year of the new business, the brand is stronger and people know what to expect from us,” Tamas continues, looking ahead. “We are still bringing about change and challenging the market to move towards more customer-oriented propositions and better technology, and that’s where I see Epic’s role moving forward.” 207

Quick-fire Questions… with Tamas Banyai What’s a word people often use to describe you? Calm and balanced. Crypto, traditional finance, or both? Traditional finance. What’s one gadget you can’t live without? My running watch and a digital note-taking device. Which business mentor do you most look up to? Our Chairman, Prof. Juanito Camilleri. What’s the biggest lesson you’ve learnt from the pandemic? The importance of staying human. How do you switch off? I run or spend time with my family. Best bit of business advice you’ve ever been given? I can’t single out one, because I’m constantly listening and synthesizing. What do you always look for when hiring? The shared values of transparency, honesty, trust, and a humble attitude to work. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? The ability to translate its scale into an advantage – to continue to prove that small is beautiful and that you can really do fantastic things. What’s the one thing you do in your business that moves it forward most? Communicate. What excites you about the future? How to unlock people’s potential. If I were President of the World for a day, I would ...? Make some critical decisions about addressing climate change. Which philanthropic cause are you most passionate about? Supporting people with disabilities. Robots & AI: threat or opportunity? An opportunity to be handled with care. What do you hope the world gets right in 2022? Climate change action and dealing with human rights, even throughout the pandemic situation.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Maria Cauchi Delia C E O , T H E M A LT A INSTITUTE OF ACCO U N TA N TS

“ T H E P U B L I C PE R C E PT I O N O F ACCO U N TA N CY H A S SHIFTED, FOR THE BETTER.”

M A R I A C A U C H I D E L I A I S T H E I N I M I T A B L E F O R C E B E H I N D M A LT A ’ S I N ST I TUT E O F ACCO U N TA N TS . A S A F U L L M E M B E R B O DY O F ACCO U N TA N CY E U R O PE A N D T H E I N T E R N AT I O N A L F E D E R AT I O N O F ACCO U N TA N TS , T H E I N ST I TUT E I S TA S K E D WI T H U PH O L D I N G A N D PR O M OT I N G T H E H I G H E ST E T H I CA L A N D PR O F E S S I O N A L STA N DA R D S W I T H I N T H E F I N A N C I A L S E C T O R . W I T H M A LT A ’ S R E C E N T G R E Y L I S T I N G AT T H E FO R E F R O N T O F EVE RYO N E ’ S M I N D, T H E I N ST I TUT E ’ S VO I C E I S MORE ESSENTIAL THAN EVER.

the legally recognised professional accountancy body, the Institute aims to lead, train, promote, support, and educate its members (and the public) on the accounting profession.

Born to two economists, Maria Cauchi Delia’s eventual propensity for finance may have seemed inevitable from the start. She insists, however, that her journey into the financial industry wasn’t always so clear cut. “When I was younger, I studied science and planned to go down the medical route. But, after realising that medicine wasn’t necessarily my calling, I decided to redirect my efforts to business and finance. And that’s ultimately what led me to where I am today.”

Maria explains that “the Institute strives to promote the highest professional standards and governance within the accountancy profession by strongly supporting our members wherever we can. We do this by providing resources, guidance, liaising with stakeholders, and finding solutions to any problems that professional accountants may encounter in the execution of their duties. We also heavily invest in education through various developmental programmes and partnerships.”

Throughout her career, Maria has occupied multiple roles within the private and public sectors, both locally and abroad. Now, she holds the esteemed position of CEO of The Malta Institute of Accountants (MIA). As 208

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THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“We cannot deny that technology is occupying some of the roles previously reserved for accountants. But this same technology will ultimately allow us to analyse and assess data at a much quicker rate and we can use that saved time in a more valuable manner.”

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As a successful, working mother of two, Maria is not easily deterred by obstacles – an attitude that she adopts in every aspect of her life. “Achieving balance is not an easy task but, while it can prove challenging, it is also energising. I have learnt to grant myself flexibility in everything I do, and prioritise being able to plan, while also allowing space to adapt and find alternative solutions.” Furthermore, Maria emphasises that any hurdles she has faced were ultimately part of her journey towards leadership and should be viewed as such. “What I am today is a culmination of all my past work and lived experience,” she reiterates.

In terms of her leadership approach, Maria tends to think more strategically. She does this by keeping an ear to the ground, setting clear goals and being proactive in her achievements. She also highlights that she is blessed with a hardworking and dedicated team, without whom the organisation simply would not function. “No man is an island and anything that happens within the Institute, happens because there is a strong, dynamic group of individuals at the centre of it all. I truly believe that an organisation’s success depends on the combined contributions of every one of its individual components. Positioning people in roles in which they excel, and giving them the adequate responsibility to feel empowered within those respective roles, is vital to establishing an effective and functional institution.” Since joining the MIA eight years ago, “the public perception of accountancy has shifted, for the better,” Maria affirms. “The Institute has significantly strengthened its voice and gained respect among its peers, offering strong, reliable and constructive contributions to the field.” There’s no doubt this is a promising sign for things to come.

What I am today is a culmination of all my past work and lived experience.

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The most important characteristic of any accounting body is, arguably, its credibility, something that the Institute has managed to painstakingly achieve through years of incessant hard work and perseverance. According to Maria, the MIA maintains this integrity by collating regular feedback from members, organising informal consultations and sustaining a constant flow of communication between all regulatory bodies. Furthermore, she shares that “the values of discourse, diplomacy and honesty remain fundamental to the day-to-day operation of the body.” While 2020 proved to be a turbulent year for the Institute and many other organisations, Maria discloses that, interestingly, 2021 proved to be even more testing for the MIA. She shares that, “most of the major concerns that dominated the front pages of the news – such as the greylisting saga, the post-pandemic economic regeneration, international tax developments, the standardisation of a minimum tax rate, the race towards digitalisation, climate change, sustainability reporting, and more – all demanded our time and consideration. And all in addition to our standard day-today responsibilities and functions. But, while it has sometimes been overwhelming, it is an honour to be able to occupy this position in a period of time when we can effect real change in the industry and the country at large.” It is no secret that the 21st century has seen momentous advancements in financial technology, and Maria is well aware of the implications of such developments. With blockchain and cryptocurrency now assimilating themselves into our day-to-day vernacular, some financial professionals have been expressing concern over the long-term effects these technologies could have on the industry. Despite this, Maria is calm, practical and optimistic about the transformation. “These digital advancements are actively shaping our present and will continue to shape the future of the industry, so we need to embrace them or risk completely falling out of touch with reality. We cannot deny that technology is occupying some of the roles previously reserved for accountants. But this same technology will ultimately allow us to analyse and assess data at a much quicker rate and use that saved time in a more valuable manner.” When it comes to the often-controversial topic of cryptocurrency, Maria fervently believes that regulation is the answer. “Of course, cryptocurrency brings its own risks, so it is critical that we establish clear monitors and anti-moneylaundering efforts to safeguard the sector and prevent potential abuses from occurring. Especially in light of the greylisting assessment.” Going forward, Maria is committed to bringing about more positive transformations within the financial sector and further strengthening the MIA’s position as an authority in the industry in line with the strategic objectives set out by MIA’s Council. “I have always had an aptitude for provoking change, and my position fortunately gives me an excellent medium to do so. We are currently going through an extraordinary time as a profession and a nation, which is very exciting. The role of the accountant is shifting, but there is potential for growth and improvement within that shift. I look forward to witnessing all that and more in the years to come,” she concludes. 211

Quick-fire Questions… with Maria Cauchi Delia What’s a word people often use to describe you? Assertive. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? My smartphone. Which business mentor do you most look up to? My dad – he is an economist and banker who I’ve looked up to for as long as I can remember. What’s the biggest lesson you’ve learnt from the pandemic? To never say never. How do you switch off? Listening to music, taking a nice walk, or going on holiday. Best bit of business advice you’ve ever been given? To always lead by example and embrace change. What do you always look for when hiring? Passion, energy, experience, drive, and an enthusiasm for change. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Driving the nation forward. What’s the one thing you do in your business that moves it forward most? Keeping an ear to the ground and taking the necessary decisions when they need to be taken. What excites you about the future? Technological developments. If I were President of the World for a day, I would ...? That’s an impossible question. Increasing resources to combat human trafficking and to tackle other humanitarian issues would be a good place to start, though. Which philanthropic cause are you most passionate about? I believe all philanthropic causes are noble and deserving of attention and charity. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? A smooth return to normality. We need to make sure that things get back on track without leaving anyone behind in the process.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Nicolai Vella Falzon M A N A G I N G PA R T N E R , FENECH & FENECH A DVO CAT E S

“ T H E K EY TO S U CC E S S I S H A R D WO R K A N D D E D I CAT I O N .”

A F T E R M O R E T H A N 20 YE A R S AT F E N EC H & F E N EC H A DVO CAT E S , N I CO L A I VE L L A FA L ZO N H A S R E AC H E D T H AT P O I N T I N H I S CA R E E R T H AT M O ST L AWYE R S A S PI R E TO WH E N J O I N I N G A L AW F I R M – T H E R O L E O F M A N A G I N G PA R T N E R . H A V I N G T A K E N T H E R E I N S A T A C H A L L E N G I N G T I M E , N I CO L A I I S CO N F I D E N T T H E R E I S A LOT TO LO O K FO R WA R D TO AT T H E L E A D I N G F I R M , WH I C H A LS O C E L E B R AT E D I TS 1 3 0T H A N N IVE R S A RY I N 20 2 1 .

Starting as a trainee with Fenech & Fenech Advocates in 1998, Nicolai Vella Falzon’s remarkable journey with the law firm is a reflection of his approach to his profession: hard and honest work pays off. In January 2021, Nicolai was appointed Managing Partner – an accomplishment for any lawyer, and even more so when you’re the first unrelated member to be in the driver’s seat of a well-established, formerly family-run firm. Nicolai’s career with Fenech & Fenech Advocates traces its history to an encounter with former Managing Partner, Ann Fenech, while he was presiding a seminar organised by the European Law Students Association of which he was a President during his student years. Some two years later, having returned to Malta after completing his Master’s Degree at the London School of Economics and Political Science, he was invited by Ann to take a traineeship with the firm, which he describes as being quite different back then, with

a team of only 25 people. Today, the organisation – comprising Fenech & Fenech Advocates, Fenech & Fenech Marine Services and the Fenlex Group – has a staff complement of over 130 people. Speaking of his decision to join, Nicolai says he immediately felt welcomed by the Partners and the team. “It felt like home, an honest environment run by honest people and I decided to trust my instinct,” he shares. His instinct served him well. In 2004, just six years after joining, Nicolai was invited to junior partnership. “This was one of the first highlights of my career. I was surprised and completely chuffed by it,” he smiles. Later, in 2008, he was invited to equity partnership and to take up a shareholding in Fenlex Group, a licensed corporate services provider owned by the law firm’s Partners. “I was one of two non-family members invited to sit around the table at the time. It was a huge moment for me – and also a milestone for the firm,” Nicolai explains. 212

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CEO INSIGHT “It is crucial to keep an open mind and to listen to different opinions before making decisions.” 213

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Topping off these achievements is his appointment as Managing Partner in January 2021. “For a lawyer in a firm, this is the culmination of one’s career,” he asserts, adding that, despite having been on the executive management committee for the past four years, adjusting to the role of Managing Partner required a significant mental shift. “To think that I started here as a trainee and, today, am the person in charge takes some getting used to!” People management is one of the major challenges of Nicolai’s new role – addressing the concerns and managing the expectations of such a large number of people is no mean feat. “As the organisation grows, so will the demands to manage people’s needs,” he says. “We want to ensure the team are happy and loyal to the firm, and that they work in an environment in which they can – and want to – grow and thrive. This is perhaps the greatest challenge, but we are guided by a sense of fairness and that has proved to be instrumental to the organisation’s success. Moreover, it is crucial to keep an open mind and to listen to different opinions before making decisions.”

of the Partners who preceded me and that of the Partners, Managers and staff in office today. While some Senior Partners are nearing retirement, they continue to foster the attitude, commitment and dedication they always had, and my goal is to continue to harbour these values at the firm.” Alongside his management role, Nicolai still heads the Commercial and Corporate Law Department, while maintaining some activity within the Aviation Law Department which he also used to head before taking on the managerial role. “In spite of COVID-19 and the global economic downturn, we saw growth in both these departments in 2020 and 2021, which is tremendous,” he shares. In the Commercial and Corporate Law Department, Nicolai explains that various opportunities emerged as a result of the upheaval caused by COVID-19. When large organisations began to struggle, they needed to enter into re-financing arrangements with their banks, which in turn created opportunities for legal work. Equally, companies in financial trouble being bought out created work in the mergers and acquisitions space, and that has a spillover effect into other practice areas.

2021 was a momentous year for the firm, which marked its 130th anniversary. “I don’t think many firms in Malta can boast such longevity,” says Nicolai, who explains that, when it was founded four generations ago, Fenech & Fenech Advocates was a small and modest practice, but it continued to grow steadily since then. “Over the past 30 years, as we tapped into new niches and markets which were predominantly international in nature, such as maritime law, corporate structuring, international tax, financial services, aviation, iGaming and others, the firm expanded rapidly. All the while, the firm remained true to its roots, as a leading firm in civil and commercial litigation.” While much has changed since its establishment, Nicolai asserts that “the key to the firm’s success and growth boils down to the hard work and dedication

By the time my tenure as Managing Partner is over, I would like to leave behind an organisation with a structure that, to the extent possible, is future-proof.

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“Despite the near-total collapse of the aviation industry during the pandemic, ironically, we’ve never had a more active year in this field,” explains Nicolai. “We have been actively promoting Malta as a firstrate jurisdiction for the aviation industry – particularly in terms of its legislation and safety standards – for many years and the Government has also invested considerable effort to make Malta an attractive jurisdiction for aviation and aircraft leasing in particular,” he asserts. “It takes time but, once momentum is gained, it tends to have a snowball effect and we’ve seen this take place over the past 24 months. In 2021, our Aviation Law Department had one of its best years yet, and I’m optimistic that 2022 will continue in the same vein.” Looking back at the past year, Nicolai says that, while COVID-19 has caused its fair share of hardship, he considers the firm to be in a fortunate position for having maintained a steady level of work generation and, indeed, growth. “We reiterate how fortunate we are to our team regularly because I don’t take a single day for granted,” he says. “I believe the pandemic has also brought about opportunities,” Nicolai acknowledges. “We were forced to integrate tools into our daily work life, such as remote meeting applications, online conferences, webinars and other means that have long been available to us but which we never bothered to use. During this time, and given that we could no longer make ourselves physically present in international fora, we also invested a lot of effort into our online presence, which dovetailed nicely with a rebranding exercise we had started shortly before COVID-19 struck. The firm is now more visible than it has ever been on social media and the pandemic gave us the time and space we needed to concentrate on the promotion of our work in a professional manner. I’m very happy with the outcome.” Turning towards the next 12 months, the Managing Partner says that one cannot ignore “the cloud sitting over Malta with its greylisting by the Financial Action Task Force. We are often asked if it has impacted us, and the answer is that while it may have not done so yet in terms of loss of business, it has had a huge indirect impact, through the manner in which authorities and banks are now dealing with the application of obligations, rules and procedures relating to compliance,” he asserts. “In principle, this is not a bad thing if Malta is to re-establish its reputation as a first-rate financial services centre,” says Nicolai, “however it needs to find a balance between proper controls and allowing people to operate in an environment that is efficient and sensitive to the needs of business. I don’t think we’ve found that balance yet, and finding it is going to be crucial for Malta’s standing in the coming years.” The organisation will launch a new business line in the coming months and, while the Managing Partner cannot reveal much more at this stage, he is optimistic that the other established services at Fenech & Fenech and Fenlex will continue to perform well. On a personal level, Nicolai has two key areas of focus for 2022 – to continue to improve the organisation’s online presence and the quality of the professional content that it shares, and to continue building upon the organisation’s internal structures. “The firm has grown rapidly in recent years and we’ve always adapted to change on the go. We are now in a place where we can consolidate our structures in a forward-thinking way that caters for succession with a diverse pool of partners and shareholders. This process has already started and will continue to involve a lot of conversations going forward,” says Nicolai. “By the time my tenure as Managing Partner is over, I would like to leave behind an organisation with a structure that, to the extent possible, is future-proof.” 215

Quick-fire Questions… with Nicolai Vella Falzon What’s a word people often use to describe you? Fair. Crypto, traditional finance, or both? Traditional finance. What’s one gadget you can’t live without? My sports watch. Which business mentor do you most look up to? I haven’t really had one growing within a legal environment, but I do believe in trusting one’s gut and instinct. What’s the biggest lesson you’ve learnt from the pandemic? There is always a silver lining. How do you switch off? By going for a run or a swim. Best bit of business advice you’ve ever been given? Be fair, be persistent but patient. What do you always look for when hiring? Drive and a will to succeed. Do you prefer to drive or be driven? Definitely drive. The Maltese success story really needs the country to focus on ...? Higher standards, law enforcement and intolerance of corruption. What’s the one thing you do in your business that moves it forward most? Put the clients first. What excites you about the future? Seeing my children grow. If I were President of the World for a day, I would ...? Set a deadline to put an end to the global use of fossil fuels. Which philanthropic causes are you most passionate about? The Ghana Mission Foundation, Dar tal-Providenza and Inspire. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? A plan to tackle climate change.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Martin Agius

CEO, THE CONVENIENCE SHOP (HOLDING) PLC

“OUR GROUP PRIDES ITSELF ON ITS NAME: CONVENIENCE.”

F R O M A S I N G L E O U T L E T I N 2 0 0 9 , T O D AY , T H E C O N V E N I E N C E S H O P (HOLDING) PLC HAS OVER 400 EMPLOYEES WORKING IN 76 OUTLETS S T R A T E G I C A L LY L O C A T E D I N 4 0 L O C A T I O N S A C R O S S M A LT A . A S C E O , MARTIN AGIUS IS PROUD OF THE GROUP’S EXPONENTIAL GROWTH AND HOW IT HAS BEEN ABLE TO OVERCOME THE TOUGH CHALLENGES MANY WI T H I N T H E S M A L L R E TA I L B U S I N E S S S ECTO R A R E FAC I N G .

Walking the shop floor is crucial to Martin, and he believes this helps him to understand the pulse and challenges of the day-to-day business. With that in mind, he starts his day early by addressing emails and actioning important tasks, before visiting a minimum of two outlets. By 9.30am, a tight agenda with defined priorities has begun.

CEO Martin Agius’ visionary and entrepreneurial spirit has led to immense changes within The Convenience Shop (Holding) plc. “It required resilience to take the reins of a family-owned business and embrace the responsibility to lead it to become an important player within the food retail business in Malta,” he admits. Martin wasn’t always in this sector – in fact, he’s relatively new to it and just three years into his journey. But his experience spans two other industries extensively: hospitality for over 15 years and manufacturing for over 25. He was responsible for positioning the household brand Coca Cola as the beverage leader in Malta, as well as holding the second-highest per capita consumption worldwide. He now plans to look ahead and leave another imprint on the small retail business sector.

Martin finds his role as CEO both vibrant and challenging. His consistent drive to achieve the Group’s objectives and to coach the team to attain its overall vision by being systematic through a well-planned agenda is what makes him hum. Martin divulges, “I dislike surprises and last-minute changes. My agenda is normally set at least two weeks in advance.” The directors of The Convenience Shop (Holding) plc are highly visionary businessmen and realised in good 216

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “It required resilience to take the reins of a family-owned business and embrace the responsibility to lead it to become an important player within the food retail business in Malta.” 217

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time that this traditional, local sector would soon become an important destination. The Group quickly identified that more and more people were looking for convenience, thus an opportunity for growth was in sight within the market.

The outlook for this year is

What began as a single outlet in Zebbug expanded exponentially with a single, specific formula: that of a genuine, familyrun business with a focus on proximity and delivering a customer relationship and local feel to shoppers.

encouraging and exciting. We expect further changes, with developments of franchisees within our segment.

“The Group prides itself on its name: convenience,” Martin says. And every service it offers is orientated around just that, with all outlets open daily, including weekends and public holidays, with extended hours. The shops offer any product, at any time, in any place that is most convenient for their customers, now even in the comfort of their own home. Customer satisfaction is the key priority to the Group, with the objective always being to help ease its customers’ hectic lives and provide a hassle-free solution for their daily needs. Martin shares that the small retail business sector has changed dramatically in these last two years. The shoppers’ lifestyles and, as a result, their behaviours have changed due to the pandemic. Their expectations have heightened and they shop less frequently. As a result, the Group needed to change its dynamics and ensure that it meets shoppers’ needs and expectations. In 2020, in a natural move at the height of the pandemic, the Group launched The Convenience Online – an online shop for those who wanted their essential needs ordered and delivered – all the while ensuring that its ‘convenience ideology’ was an integral part of the service. The immediate solution was to offer an express delivery service, enabling customers to obtain last-minute ingredients or daily essentials within a few hours. And to increase the efficiency of their service, they recently teamed up with delivery companies such as Wolt, and the results are highly encouraging. And developments have further evolved. While in the recent past, The Convenience Shop was a destination for staple top-ups, a recent shopper study has shown that it is now recognised as the leading daily shopping destination, at 20.4 per cent. Martin says, “The Convenience Group holds a defined vision with a franchise formula that differentiates us from the rest of the 218

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pack. I really believe that the benchmark of our yellow brand of convenience holds a lot of weight in terms of staying the course, while others have been forced to close or scale down in the face of adversity. Moreover, the economies of scale offered by our franchise model provide more width and strength overall and, as a result, within each outlet.” While food supply was at an advantage from a business perspective when other outlets were forced to close due to the lockdown in 2020, The Convenience Shop (Holding) plc experienced an unexpected blow to its tourist and expat zone outlets, which account for 20 per cent of the business. It was during these challenging times that the Group was forced to focus on the core of the business: creating more efficiency and leaner processes to maintain and ensure control of its KPIs. By optimising its core competencies, the Group is now continuing to increase its offering to the whopping 12 million-plus transactions that the shops collectively experience annually. Martin says, “a big push is still being made to capitalise on these transactions by offering a one-stop shop, and presenting key, fast-moving consumer goods, as well as fresh food. Whereas, previously, we offered the staples, now we provide a choice of fresh dairy products, daily-baked bread and breakfast items, as well as confectionery goods, delicatessen products, frozen items, beverages, groceries, and more.” Martin claims that the small retail business sector had already been experiencing dramatic changes prior to the pandemic, with a noticeable decline in the local and traditional segments, part of which has shifted to convenience. While The Convenience Shop (Holding) plc is considered a small retail business, its economies of scale (due to the franchise model) work in its favour against many of the challenges other small retail businesses are facing. But, as with all sectors, human resource supply is an ongoing concern. Martin says, “we value the work ethic of our employees in all sectors – ranging from operations and sales to customer service and management – as they work together toward the same goals. As a Group, we truly care for every person on our team and their contentment is of great importance to us.” Despite the human resources apprehension, Martin describes the outlook for this year as highly encouraging and exciting. “We expect further changes, with developments of franchisees within our segment,” he says. Corporate social responsibility is not overlooked by the Group either, and is also key to its team’s philosophy. Martin says, “we support various NGOs and vulnerable people with yearly donations. In 2019, The Convenience Shop for Puttinu Cares was launched in Qormi, whereby all profits from operations are donated to the Puttinu Cares Foundation.” Now, again at cruising altitude, the CEO foresees that 2022 will include acquisitions across all the divisions of the Group’s investments in IT and process reengineering, making The Convenience Group (Holding) plc even more relevant within the small retail business sector. Martin concludes, “2022 will continue with growth and expansion in its width within the market, so that we will have even more shops within close proximity of our shoppers.” 219

Quick-fire Questions… with Martin Agius What’s a word people often use to describe you? Tough, but honest. Crypto, traditional finance, or both? Traditional. What’s one gadget you can’t live without? My mobile. Which business mentor do you most look up to? All of the top international mentors I worked with. What’s the biggest lesson you’ve learnt from the pandemic? To appreciate what we have and to retain it. How do you switch off? Watching my kids playing football. Best bit of business advice you’ve ever been given? Lead in your sector, never follow. What do you always look for when hiring? Leadership and entrepreneurial skills. Do you prefer to drive or be driven? Driving, otherwise I get sick. The Maltese success story really needs the country to focus on ...? The environment, to retain our uniqueness. What’s the one thing you do in your business that moves it forward most? Understand shopper needs and expectations. What excites you about the future? Challenging times requiring strategic thinking. If I were President of the World for a day, I would ...? Lockdown the world for one day with no cars, no flights, so we can go back to basics and appreciate what we have. Which philanthropic cause are you most passionate about? Helping sick and vulnerable people. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Get back on track and surpass the pandemic hurdle.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “I am a firm believer in leading by example; in showing rather than just talking about how things ought to be done. I have an open-door policy, which is the best way for everyone in the firm to feel connected to our outfit and therefore remain loyal to it.” 220

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Christabelle Camilleri

CEO, V&C GROUP

“EVERYTHING WE DO AIMS TO ENHANCE THE ECONOMY A N D C R E A T E A B E T T E R F U T U R E F O R M A LT A . ”

R E G I S T E R E D I N 1 9 9 2 , V & C C O N T R A C T O R S F A S T B E C A M E O N E O F M A LT A ’ S L E A D I N G C O N S T R U C T I O N C O M PA N I E S . B U I L D I N G U P O N T H E S E S O L I D O R I G I N S WI T H ST R AT EG I C D IVE R S I F I CAT I O N , V& C G R O U P H A S S I N C E E V O LV E D T O T R A I L B L A Z E P O S I T I V E C H A N G E O N T H E I S L A N D B Y I M P R O V I N G I N F R A ST R U CTU R E , C R E AT I N G J O B S A N D PR O M OT I N G S U STA I N A B I L I T Y AC R O S S S ECTO R S F R O M M A N U FACTU R I N G A N D E D U CAT I O N TO R E A L E STAT E A N D R E TA I L . A S C EO S I N C E 20 1 9, C H R I STA B E L L E CA M I L L E R I D I R ECTS T H E G R O U P T O W A R D S N E W O P P O R T U N I T I E S T O I N V E S T I N M A LT A ’ S F U T U R E .

my toe into the family business, before I knew it, I was totally immersed,” Christabelle shares, outlining her extensive arts and design experience, and a background that includes a Master’s degree in Accountancy, a Bachelor of Commerce degree in Accountancy and Marketing, and working as an Associate at PwC. “In 2016, I joined V&C Group as a Finance Manager, working my way up through the construction, development, retail, education, and hospitality industries.”

V&C Group CEO Christabelle Camilleri’s life has always centred around showcasing the best of Malta. While her family focused on constructing the island’s future as V&C Contractors, Christabelle pursued an entirely different career path as an award-winning singer and songwriter, repeatedly representing her home country in major international competitions and concerts. Yet, while she initially had no interest in joining the family firm, her part in forging Malta’s future would soon change forever.

During Christabelle’s time climbing the career ladder at V&C, she oversaw the launch of an education company named Lil’Ville Childcare™; the purchase of Bitmac Ltd; the operations and finances of V&C Contractors, V&C

“Singing and songwriting was an enjoyable chapter in my life, now closed for good. It’s been a long and winding road from that career to this but, once I dipped 221

The post-pandemic era is going to be a ‘ground zero’ of sorts. We need to rethink how we do business, consume, communicate, think, and manage. I predict that there will be as many new opportunities as new pitfalls – and the future will belong to those who grab the former and avoid the latter.

Developments and V&C Investments Ltd; and the purchase and operations of all the hotels within the Group’s hospitality portfolio – while simultaneously overseeing all employees and operations under V&C. Appointed CFO in 2018 and CEO in 2019, today Christabelle continues to thrive in her fast-paced lifestyle at the helm of the widely diversified Group. “My watershed moment was convincing my family to diversify the business, particularly our successful foray into top-notch childcare and educational facilities around the country,” she says, referring to Lil’Ville Childcare™ and her creation of Benny Bunny™. This fun character introduces young children to important roles in society, such as chefs, artists or postal workers. “I always had a deep interest in education. In fact, my Master’s dissertation focused on setting up a private school, so, when I worked with the rest of the Group directors to diversify, I grabbed the opportunity – and Lil’Ville was born and quickly flourished.” Indeed, diversification may well be one of V&C’s greatest achievements and Christabelle’s most enduring legacy as CEO. “V&C started off in the construction business three decades ago and worked exclusively on growing in size and professionalising its services,” she explains. “More recently, we branched into different areas and eventually consolidated ourselves into a Group. We are now involved in hospitality, retail, real estate, manufacturing, education, pharmaceuticals, and medicals, and I am proud to say that we are holding our own on all fronts.” With such rapid momentum and diversity, both Christabelle’s daily routine and leadership style of the busy and dynamic team require a flexible approach. “There is no typical day – and that is part of the joy and satisfaction of my work,” she shares. “Diversification has meant that I live my day in compartmentalised parts,

which very often have nothing to do with one another. I love the rush of shifting from full-on concentration on contracting one hour, to giving the same focus on retail the next. I try hard not to be a workaholic, but my husband tells me that I’m failing magnificently! Nevertheless, I am a firm believer in leading by example; in showing rather than just talking about how things ought to be done. I have an open-door policy, which is the best way for everyone in the firm to feel connected to our outfit and therefore remain loyal to it.” As the Group’s CEO with “both hands on”, Christabelle shares that V&C’s people create its success. “We continuously reinvest in the company as well as in our employees – this is what drives us forward,” she says. “We remain humble, keeping both our feet on the ground, which I believe is key to the company’s steady success over the years, and are constantly striving to find the right people, which is one of our ongoing challenges.” 222

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Christabelle’s spirit of adaptability and optimism was challenged by the arrival of the COVID-19 pandemic in 2020, which impacted each of the many sectors V&C now pioneers. “For business, as much as for individuals and governments, the pandemic was initially a completely unknown quantity. How should one deal with an invisible and unpredictable threat that was impacting the entire planet? When was it going to end? Which operations had to cease and what opportunities were opening up to better deal with it? While debating these questions, I was pleasantly surprised how Malta rose to the occasion,” Christabelle reflects. “COVID-19, in some ways, brought us all to our senses. We rediscovered the value of things that we used to take for granted and realised that money is not the solution to everything,” she asserts. “The pandemic cloud’s silver lining is that I became closer to our employees. Operationally, we rapidly introduced flexible hours, online working and many other ancillary measures, and I switched from managing people to managing their time and performance, regardless of their location.” Characteristically, Christabelle also recognised opportunity within the pandemic storm’s gale force: “the crisis clarified just how crucial our health is,” she notes. “Running with this idea, we added pharmaceuticals and medicals to our portfolio.” In fact, this new addition joins the increasing number of substantial projects led by V&C. “Smart City was our flagship project and the one that put us on the corporate map,” recalls Christabelle. “Everything we do aims to enhance the economy and create a better future for Malta. We formed part of the Central Link joint venture and are also key players in the construction and implementation of proper infrastructure of over 70 roads. Today, we are also in the final stages of creating the country’s largest concert area in Ta’ Qali and building a heated Olympic-size pool in Cottonera, next to the Sports Complex.” While shaping Malta’s future, Christabelle also ensures that V&C’s signature sustainability drives every project. “We are ISO 14,001 certified for Environmental Management Systems,” she says. “Our asphalt plant uses recycled earth, which we use for new roads. We also break down excavation material and repurpose it in our infrastructural projects. Our offices are powered by a small solar farm and we have reverse osmosis systems in all the companies. Throughout the Group, we reduce, reuse and recycle.” V&C Group is also positively impacting Malta’s community with corporate social responsibility initiatives and donations of resources and funds to organisations including Richmond Foundation, L-Istrina, ALS Malta, Smiles with Miles, Malta Trust Foundation, Id-Dar talProvidenza, and Dar il-Kaptan. “During the pandemic we provided free accommodation to frontliners and are in the process of setting up our own mental health foundation,” Christabelle reveals. For the coming year and beyond, the CEO visualises a bright future and a wealth of opportunities for her home nation. “The postpandemic era is going to be a ‘ground zero’ of sorts. We need to rethink how we do business, consume, communicate, think, and manage. I predict that there will be as many new opportunities as new pitfalls – and the future will belong to those who grab the former and avoid the latter. At V&C, our diversification drive will strategically and smartly continue to grow stronger, as we venture into foreign markets,” she concludes. 223

Quick-fire Questions… with Christabelle Camilleri What’s a word people often use to describe you? Driven Crypto, traditional finance, or both? It all depends on the context. What’s one gadget you can’t live without? My smartphone. Which business mentor do you most look up to? Mark Cuban of Shark Tank fame. What’s the biggest lesson you’ve learnt from the pandemic? To be proactive rather than reactive. How do you switch off? Travelling outside of Europe. Best bit of business advice you’ve ever been given? Always be the least assuming person in the room, so you’ll learn from others. What do you always look for when hiring? Eagerness to learn and flexibility within their job description. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? The future. What’s the one thing you do in your business that moves it forward most? Thinking. What excites you about the future? Working with an upcoming generation of forwardthinkers. If I were President of the World for a day, I would ...? Provide free health and education to all the children on the planet. Which philanthropic cause are you most passionate about? Mental health. Robots & AI: threat or opportunity? Opportunity, definitely. What do you hope the world gets right in 2022? Black Lives Matter.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Edward Zammit Tabona CEO, FORTINA I N V E S T M E N T S LT D

“ TO S U R VIVE I N T H I S I N D U ST RY, YO U H AVE TO F E E L T H E P U LS E O F WH AT TO U R I STS WA N T A N D A DA PT.”

B E I N G A T H I R D - G E N E R A T I O N I N N O V A T O R T H A T I S P I L O T I N G F A M I LY B U S I N E S S E S I N TO T H E F UTU R E M I G H T S E E M L I K E A DAU N T I N G TA S K TO S O M E , B UT E DWA R D Z A M M I T TA B O N A TA K E S I T A L L I N H I S ST R I D E . A F T E R S U C C E S S F U L LY N A V I G A T I N G S E V E R A L S E T B A C K S I N T H E PA S T C O U P L E O F YEARS , HE NOW HAS BIG PLANS TO MAKE 2022 YET ANOTHER POSITIVE YEAR FOR THE BUSINESSES.

Edward Zammit Tabona was born into the family business – but that doesn’t mean he didn’t have to work hard to get to where he is today. “When I returned from studying in the UK, I started at the bottom, rolling up my sleeves and doing odd jobs. I was even assigned a job peeling potatoes in a hotel kitchen to see if I would survive. That and the long hours never disheartened me,” he recalls.

That journey has led him through some landmark career moments. “From a business perspective, the highlight of my career has to be the Fortina Redevelopment Project,” he says, referring to the €100-million investment in a mixed-use development in the heart of Sliema that boasts luxury apartments, a high-end five-star hotel and a state-of-the-art office building.

Hungry to learn and passionate about the business, Edward worked his way up through the different departments within the Group. “I watched and studied how everything worked, but also spotted the areas that needed improvement. Now, as CEO, I’m acutely aware that the experience I gained through this journey was key to the way I operate and communicate with the team today.”

Other notable milestones in Edward’s career include the launch of the Gozo Fast Ferry – an operation that was successfully delivered in a short period of time despite numerous setbacks – and his diversification of family investments into other sectors, including insurance, care homes and entertainment, among others. “Sitting in the driver’s seat of this varied family investment portfolio has been rewarding,” he smiles. 224

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C E O I N S I G H THE T ISLAND’S MOST INFLUENTIAL BUSINESS MINDS “I like to view the challenges we face as opportunities that will help to grow and steer our businesses in the right direction.”

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Still, none of these achievements can top one particular milestone in his personal life. “The most important moment in my life was becoming a father to my three children. They give me the energy to keep going,” he laughs. “My family remains one of my biggest passions. Few things come close to that comforting feeling of going home and seeing my wife and kids after a long day.” Those long days start quite early, it seems. Edward is usually up at 5am to reply to emails before helping with the children. He also manages to fit in a game of padel with friends before the workday begins. “I realised that engaging in physical activities in the morning leads to a more fruitful day,” he reveals. A busy morning doesn’t keep him away from the office for long, however. “I normally get there early before the mad rush of the day takes over. My team is very important to me, and I like to set aside the first couple of hours to discuss any updates or feedback they may

have,” he maintains. “The hectic days are what drive me. I like to view the challenges we face as opportunities that will help to grow and steer our businesses in the right direction.” The company that Edward leads today was originally established in the 50s by his grandfather and greatuncle. The pair shared a vision to invest in tourism in the Maltese Islands, and built the Fortina Hotel on Tigne seafront. “My father and his two brothers then continued to develop the hotel business from the original 50-room Fortina Hotel to one of over 300 rooms,” Edward explains. The three brothers also started the Captain Morgan Cruising services, offering tours around the Maltese Islands. Together with other partners, they also invested in Marsamxetto Steam Ferry services to improve sea transportation between the harbours. Nowadays, the third generation continues to build on these solid foundations in an industry that is unrecognisable. Edward cites the introduction of lowcost airlines as the biggest change to the hospitality landscape over the years, as this encouraged businesses to invest heavily and up their game. When asked about the next game-changers in the industry, the CEO predicts that businesses will need to embrace technology and climate change, weaving them into their strategies if they hope to succeed. Aside from the ongoing Fortina Redevelopment Project, which aims to start welcoming guests in the second quarter of 2022, Edward recalls one other key milestone in the firm’s recent history: the €20-million investment that turned Captain Morgan cruises into a sleek operation that has been rebranded as iSeeMalta. The concept offers an environmentally sustainable solution to inter-island travel. “To survive in this cut-throat industry, you have to constantly feel the pulse of what tourists want and be agile enough to adapt,” he asserts. “In the case of Captain Morgan, we established that tourists no longer sought to buy a one-day ticket to the islands and wanted flexibility instead. So, we developed the iSeeMalta concept, an innovative one-stop-shop pass that allows tourists to visit the major attractions and travel

Malta is a little gem. If we safeguard our assets, I believe tourists will start to revisit and we will bounce back.

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seamlessly on land and sea, on board our new eco-friendly vessels or the hop-on, hop-off buses,” Edward explains. That said, the launch of iSeeMalta didn’t quite go according to plan. “We launched the concept in 2019 with the aim of starting operations in 2020, but the pandemic had other plans. Despite the challenges, we managed to start in the summer of 2021, although the numbers were not what we had initially projected. I am sure that we will get back on track once the pandemic eases,” he resolves. Other areas of the business were also affected by the pandemic. Family investments in the entertainment industry took a hit due to the cancellation of organised events, but it was the Fortina Redevelopment Project that suffered the greatest blow. “Our contractors are mostly foreign and couldn’t travel because of the restrictions. But a shortage of human resources wasn’t the only obstacle we faced – we also struggled to source the materials required on site. We had to play a delicate balancing act that involved last-minute decisions, cancellations and rescheduling; all while taking the necessary precautions to provide a safe environment for all,” he states. Meanwhile, it goes without saying that the role of a CEO in the hospitality industry is quite different during a global pandemic. When asked about his priorities during this important time, Edward lists the safety of his team first and foremost.

Quick-fire Questions… with Edward Zammit Tabona What’s a word people often use to describe you? Passionate and positive. Crypto, traditional finance, or both? Traditional finance. What’s one gadget you can’t live without? My mobile phone. Which business mentor do you most look up to? My father. What’s the biggest lesson you’ve learnt from the pandemic? Never take anything for granted. How do you switch off? I don’t.

“The well-being, livelihood and lifestyle of all our employees were important to us,” he maintains. “I wanted to make sure our team was able to mentally adapt, while reassuring them their jobs were secure. Thankfully, everyone was on board and we managed to retain our workforce. Now we look forward to growing stronger together postpandemic,” he smiles.

Best bit of business advice you’ve ever been given? If you want something in life, you have to work for it, not expect it to fall into your lap.

With short-term adaptations under control, Edward turns his attention to long-term changes in the sector at large. “The pandemic forced us all to diversify. We started to explore the opportunity of investing in new markets overseas to grow on an international stage. The sector has to now adapt to new prices as global costs soar, and the industry has to analyse the way the pandemic has changed people’s approach to travelling,” he contends.

Do you prefer to drive or be driven? To drive.

Now, 2021 may be behind us, but Edward believes that the situation is still volatile as we start a new year. Regardless, he remains positive. “Malta is a little gem. If we safeguard our assets, I believe tourists will start to revisit and we will bounce back,” he claims. With steadfast plans for the year underway, Edward is optimistic about 2022. The completion of the Fortina Redevelopment Project is his primary focus at the moment, however he also plans to have iSeeMalta and Gozo Fast Ferries in full operation before long. He also looks forward to seeing the latest investment in Ponte Ferries up and running. The catamaran service between Malta and Sicily will land in Augusta and will operate daily. “We have to maintain the positive ripple effects that these projects are having across the businesses,” Edward declares. “I firmly believe that if the team and I continue to work at the same pace we are operating at currently, we will keep reaching our targets as one whole family – both locally and internationally,” he adds. 228

What do you always look for when hiring? Ambition and the ability to adapt to our work environment.

The Maltese success story really needs the country to focus on …? Investment. What’s the one thing you do in your business that moves it forward most? Staying close to my team. Communication is also key. What excites you about the future? The opportunities that I hope will emerge postpandemic. If I were President of the world for a day, I would …? Eradicate poverty. Which philanthropic cause are you most passionate about? People or families facing hardships due to medical issues. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Stability and the return to normality.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “My role is to guide people and to listen. I do consider myself a leader and I don’t like to take a decision without listening to what people have to say. I like to speak to everybody on the team – whoever they may be. Interaction with my staff is essential.” 230

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Sarah Zammit Cutajar CEO, P. C UTA JA R

“ YOU MUST DIVERSIFY TO SURVIVE .”

P . C U T A J A R & C O . LT D I S O N E O F M A LT A ’ S L O N G E S T - E S T A B L I S H E D F A M I LY B U S I N E S S E S , S E T U P B Y PA U L C U T A J A R I N 1 8 6 1 T O T R A D E I M P O RT E D WH E AT, C E R E A L A N D COA L – T H E STA PL E S O F T H E T I M E . T O D AY , I T S O P E R A T I O N S A N D M A R K E T S H A V E E X PA N D E D S I G N I F I C A N T LY A N D , W I T H C E O S A R A H Z A M M I T C U T A J A R A T T H E H E L M , IT IS POISED TO CONTINUE DIVERSIFYING ITS OFFERING.

P. Cutajar CEO, Sarah Zammit Cutajar, was only 19 when she entered the business that had been in her family for well over a century. But despite her connections, she was not “encouraged to join the company” she says, describing the caution inscribed in the company’s code of practice, which insists on meritocracy for the overall good of the firm’s progression. “There was no preferential treatment; there was a vacancy at the company and, following sixth form and work experience in a few odd jobs, I applied. I was interviewed and got the position of Secretary to the former Sales and Marketing Director,” she recalls.

but over the years it diversified its portfolio and began to represent a number of leading local brands, as well as venturing into the fashion retail sector,” Sarah explains. P. Cutajar was the first distributor outside Italy for Martini & Rossi way back in 1880. Other global brands the company represents today are Ferrero, Lavazza, Bacardi and Haagen Dazs. “Today, P. Cutajar & Co. is one of the leaders in the Fast Moving Consumer Goods (FMCG) world in Malta,” the CEO continues. The firm’s retail operations became a cornerstone of their offering, but this wasn’t without its vicissitudes, as shifts in the global landscape pushed the company in different directions.

That humility in approach has paid dividends for the business. In 150 years of trade, P. Cutajar has managed to weather considerable changes in consumer habits, technology and lifestyles that have put other, less resilient businesses to bed. “When the company was first opened, it dealt with the importation of wheat, cereal and coal,

“We first went into retail with the Kodak Express brand and grew that part of the business to include eight stores across Malta and Gozo.” Indeed, Sarah – who had taken over the role of Head of Retail Operations – had overseen the management and opening of the island’s Kodak 231

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Express One-Hour shops. However, with the introduction of digital photography and film technology, Eastman Kodak took a severe hit and – eventually – had to file for bankruptcy in the United States. Thankfully, P. Cutajar, being the agent for both Kodak and Canon at the time, saw this coming and took the decision to exit the photo business before Eastman Kodak went into liquidation. “As a result, we started to invest more time and energy into retail and the CEO at the time, my father, quickly turned what was a sad milestone within the company – considering we had been the Kodak distributors since 1937 and were familiarly known as ‘Cutajar tal-Kodak’ – into a profitable business. He set up the Solaris sunglasses business in 2006, followed by Coccinelle handbags a few years later and, then, the Haagen Dazs ice cream parlour,” Sarah explains, adding that she remained in the role of overseeing retail, while also heading up the marketing team at a time when the company was slowly being restructured. “Around two years ago, I stepped away from focusing solely on retail and marketing, and took on the position of Chief Operations Officer. It built on my experience and allowed me to devote my time to the actual operations of the company, after years at the firm.” Her mettle was tested over the past 28 months and Sarah consolidated her skills and competencies within a difficult market. “I know all the ins and outs of this company, warts and all,” she attests. As testament to her perseverance and ability to steer the firm in productive directions, she was appointed CEO in September 2021. Today, as a fifth generation Zammit Cutajar, Sarah is determined to ensure that the values and principles of

humility and steadfast determination trickle down to the entire team, while also ensuring a productive, collaborative atmosphere across the company’s sites. “My role is to guide people and to listen. I do consider myself more of a leader than an authoritarian and I don’t like to take a decision without listening to what people have to say,” she explains. “I like to speak to everybody on the team – whoever they may be. The interaction with my staff is essential. I try and keep in contact as much as possible with the team,” she says, outlining her working day. “Then I try to work on new, productive ideas to keep the company moving and I see what stage we are at with our various endeavours. I get great satisfaction from succeeding on a project I’ve been working hard on. My time at the office is generally a fun one,” she smiles. Sarah’s positive outlook persists despite the challenges of the past 18 months, as COVID-19 hit the bottom line of companies across all sectors, without exception. “Currently, as we come out of the pandemic, we’re trying to plan for the future without Government aid. There are human resource difficulties both in retail and logistics, since it’s not easy to find good, loyal people in these areas,” she explains. Exacerbating these issues – also emerging as a result of the COVID-19 crisis – are the increases in costs associated with importation and product supply. “There’s been an increase in freight and transport worldwide and, as a small island, this has had a great impact on us. Certain brands have increased their prices and this gets passed on to us, so we need to learn how to maintain our competitiveness in the market,” she attests.

I really believe in work-life balance and that goes for all our staff as well. As long as things are delivered on time and people are productive, we can work flexibly.

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Sarah expresses confidence in the firm’s performance in light of the breathing space COVID-19 gave the businesses. “The pandemic gave everyone at P. Cutajar the opportunity to stop and reflect; to think about how we operate. As a result, we were able to restructure the company, increase our efficiency and improve our customer service – for instance, we developed our new B2B portal so businesses can trade online,” she explains. Moreover, the firm “had some fat” which was “streamlined” during this period. “We looked at all areas within finance, sales, retail, and operations. We wanted to do more with less,” she says. This allowed for greater productivity, even as some staff worked from home. “Everyone came to realise, myself included, that we can take nothing for granted. We restructured – and we managed to keep costs down because we made the best use of the resources we had,” she says. Such a serious-minded approach is what characterises the company, in her view. “Although we’ve gone through a bit of turmoil in recent months, one of my goals as CEO, is for the company to be known as one that prioritises its customers, staff and other stakeholders. Our mission statement is ‘to build profitable relationships’ and that is imperative for us,” she shares. “I’m trying to look ahead to the next five to seven years because I don’t think the world is going to go back to how it was. I think the pandemic was a wake-up call for most industries, and there’s going to be much more competitiveness in the market. Over the years, I’ve learnt that you must diversify to survive. You need to progress; do things more efficiently. For the benefit of the company, long-term, you need to make those tough decisions, have an open mind and consider all factors.” Looking ahead on a more personal level, one of Sarah’s goals for the company is to make it more sustainable and environmentally friendly. “We need to be forward-thinking for the benefit of future generations,” she says. Sarah – who is also a mother to three children – is mindful of the need for lasting change. “There must be sustainability in the way we work, day-to-day,” she says. “For instance, I really believe in work-life balance and that goes for all our staff as well. As long as things are delivered on time, and people are productive, we can work flexibly. As a mother, I understand the importance of this. I like to go home at a decent time, help with homework and attend to my children’s needs. Unless there’s something urgent going on, I don’t need to be physically in the office all the time.” The CEO believes this attitude broadens the team’s potential and, over the course of this year, that’s exactly what she plans to achieve. “I’m positive that we can look at new investment, although I’m sure 2022 will still be a challenge. Malta is a small, difficult market and we need to be prepared to adapt.” Sarah credits her ability to navigate such waters to her heritage. “I owe a lot to my predecessors – the outgoing CEO – as well as my father, who taught me a lot along the years,” she smiles, concluding with her hopes for the short term. “By year end, I hope to have a better bottom line compared to 2021. I am excited about what the future holds and am ready for all the challenges we have to face. There is no such thing as an easy job; all jobs have their own challenges.I also aim to achieve all our targets in terms of profit, as well as to give out dividends that the stakeholders of the company are satisfied with,” she says. 233

Quick-fire Questions… with Sarah Zammit Cutajar What’s a word people often use to describe you? Friendly, funny and loud. Crypto, traditional finance, or both? Traditional, however I’m always open to change and moving with the times. What’s one gadget you can’t live without? My phone. Which business mentor do you most look up to? My father. What’s the biggest lesson you’ve learnt from the pandemic? How to never take life and business for granted. How do you switch off? I exercise. Best bit of business advice you’ve ever been given? To be honest and to treat everyone fairly and with respect. What do you always look for when hiring? Definitely attitude, not necessarily qualifications. Do you prefer to drive or be driven? To drive. The Maltese success story really needs the country to focus on ...? The environment, honesty and integrity, as well as less greed and infrastructure glut. What’s the one thing you do in your business that moves it forward most? I try to instil positivity to encourage people to grow. What excites you about the future? The way I will manage my team of people. If I were President of the World for a day, I would ...? Ensure a charitable world. Which philanthropic cause are you most passionate about? Anything related to children and animals. Robots & AI: threat or opportunity? Definitely an opportunity. What do you hope the world gets right in 2022? To protect and safeguard the world for future generations.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Mark Vassallo Cesareo MANAGING DIRECTOR, VI R O C I N T E R N AT I O N A L

“ M Y R O L E I S O N E O F R E L AT I O N S H I P - B U I L D I N G A N D R E L AT I O N S H I P - K E E PI N G .”

V I R O C I N T E R N A T I O N A L I S O N E O F M A LT A ’ S O L D E S T A N D F O R E M O S T T R A D I N G C O M PA N I E S , W I T H N E A R LY T E N D E C A D E S O F E X P E R I E N C E I N A W I D E A R R AY O F S E C T O R S . A S T H E T H I R D G E N E R A T I O N O F H I S F A M I LY A T T H E H E L M , M A N A G I N G D I R E C T O R M A R K V A S S A L L O C E S A R EO K N OWS A L L A B O UT M A I N TA I N I N G T H AT R I C H B U S I N E S S L E G A C Y W H I L E D R I V I N G T H E C O M PA N Y O N W A R D S T O N E W H E I G H T S .

It also remains a steadfastly family endeavour, with Mark’s brother and sister also occupying key roles in the business, the former leading the architecture studio and real estate portfolio, and the latter all logistic affairs.

Before Mark Vassallo Cesareo even knew what the word ‘businessman’ meant, he knew his father was one, and he knew he wanted to be one too. “I’d watch my father get up for work, put on his suit, take his briefcase and leave for the office,” he says. “And I didn’t yet know what his work entailed but I knew he was respected by people, and I really admired that.”

“I want to ensure I keep the name of my family and business intact,” Mark says of carrying that proud history forward into the next generation. “We represent important companies around the world, and I see my role as one of relationship-building and relationship-keeping. I’m the glue between our principals and our clients: ensuring each is happy with the other and happy with us.”

Today, serving as Managing Director of Viroc International, he is – just as he aimed as a child – following in the footsteps of his father Attilio, who passed away in 2013 after 55 years leading the company his own father, Iro, founded back in 1924. Having grown and diversified steadily over the decades, Viroc continues to distinguish itself by working on major national projects in defence, energy and telecommunications, among several others.

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“Respect, integrity and honesty are the three pillars my father handed down to me. He always taught me that, whatever you do, you should do it well, but even more importantly, you should do it with integrity.”

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working in different departments – from warehousing to stocktaking and accounting – understanding the importance of every role that made up the business. “You can’t just wake up one day and decide to run a business like this; you have to understand the ins and outs of how it works from every aspect,” he says. After he graduated, he took on more and more responsibility, preparing himself for the role he occupies today. “Four years of university were great, but my real university commenced the day I started working side-by-side with my father.” Since then, the projects Mark has been involved in are too numerous to mention, but a couple stick out in his memory. The first was when, in his early days, he took on and assisted a very important UK company in the energy sector called Lucy Electric. “Before us, they had very limited presence or success in Malta,” Mark explains. “However, together, we managed to build up a fantastic portfolio and created excellent relationships with various entities and clients. Today, together with our principals, we can boast of being the leading suppliers of secondary distribution equipment on the island.” The one that stands out in Mark’s mind, however, is the major contract Viroc took on for the supply of three new helicopters to the Armed Forces of Malta. Mark looks back on this with pride, not only for the national significance of the endeavour but also because it was the last project he worked on with his father. “It took years and years of grinding,” he says, recalling long nights at the office and countless tos and fros. But before it was completed, his father grew ill and Mark was “thrown in the deep end” to get it over the line. “I managed to get a signed copy of the contract home to him, shortly before he passed. For me, that project helps his legacy live on. Even now, every time I see one of those helicopters flying past, I remember his hard work and efforts.” When he first took over as Managing Director, Mark admits that finding a balance between his desire to continue his father’s legacy and to forge his own path wasn’t always easy. “I felt like I had very big shoes to fill,” he says. “I wanted to keep hold of everything good I had learned from him, while incorporating everything I had learned from my own experiences. I had to keep his wisdom and his approach, but also needed to bring it into a more modern context, trying to blend the old with the new, and taking the best from each.”

The key has been our ability to adapt and change with the times, while always maintaining the respect of our principals and the industry at large. You can’t afford one false move or

In a way, this philosophy is simply a continuation of the approach he believes has kept the family business successful for nearly 100 years. “The key has been our ability to adapt and change with the times, while always maintaining the respect of our principals and the industry at large. You can’t afford one false move or you’ll lose your reputation. But you’d be surprised how small the world is: if you’re respected by a major institution, word gets around.”

you’ll lose your reputation.

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His approach to leadership, however, Mark credits directly to his father. “Respect, integrity and honesty are the three pillars he handed down to me. He always taught me that, whatever you do, you should do it well, but even more importantly, you should do it with integrity. That’s the advice I give others today: whatever you do, make sure you can walk the streets with your head held high and sleep soundly at the end of the day.” Mark describes himself as a people-person and cherishes the fact that his role involves plenty of travelling, meeting new people, building and strengthening relationships. “There’s always a work context, but today many of my principals have become some of my best friends,” he says. He also loves the variety of a job that could entail walking through a massive shipyard or helicopter production line one day, and an underground substation in Leicester Square the next. Admittedly, when the pandemic struck, that all became a lot harder. Physical meetings with contacts overseas became impossible, while ongoing projects were hampered by long delays in transporting materials or personnel. “This year has largely been about making sure the projects kept running smoothly, mitigating the issues brought about by COVID-19,” Mark says. “More than ever, I had to be the bridge between the problems abroad and the issues here, trying to find common ground, resolve issues and help everybody find a compromise.” Now, Mark is gearing up for what comes next. The pandemic meant a number of projects he had been anticipating in 2021 evaporated, as budgets were reallocated elsewhere to stem the crisis. But he believes the next year could see a resurgence of projects as plans get back on track. “I think there’s renewed enthusiasm and I’m looking at the next year with optimism,” he says. “I’ve already seen business opportunities skyrocket: in the last two months more requests have come in than in the previous nine.” Foremost on the agenda is the completion of the largest project in the company’s history: the design and construction of a new offshore patrol vessel for the Armed Forces of Malta, being built by Viroc’s long standing principals, Cantiere Navale Vittoria. The project, the largest contract ever issued by the Army, has been in the works for the last few years and, having weathered the COVID-19 storm, is a point of pride for Mark. “Our projects have always been linked with important milestones for the country,” he says. “Just as the helicopters brought the air wing into a modern era, this patrol boat will be the flagship vessel of the Armed Forces and will serve the country for the next 30 or 40 years.” And more could be on the horizon. Historically, the company has always been active overseas, and while it has regularly bid for projects abroad, Mark says it is now exploring the possibilities of physically investing and expanding beyond Malta more actively. “The world’s your oyster, as they say. There are so many opportunities out there, and I think now could be the time.” But he is quick to clarify that he continues to see Malta as his main market, one he knows inside out and one that is a constant source of excitement and pride. “My objective has always been to be the leading defence contractor on the island,” he says when asked of his goals for the years ahead. “In other sectors too, I want to be continually involved in projects of national importance, as I always have been. My aim is to continue being successful in strategic projects of national importance for this country,” he adds. 237

Quick-fire Questions… with Mark Vassallo Cesareo What’s a word people often use to describe you? Outgoing. Crypto, traditional finance, or both? Traditional finance. What’s one gadget you can’t live without? My phone. Which business mentor do you most look up to? My late father. What’s the biggest lesson you’ve learnt from the pandemic? Never take anything for granted. How do you switch off? By putting music on, full blast. Best bit of business advice you’ve ever been given? Make sure whatever you do, you do it honestly and with integrity. What do you always look for when hiring? Respect, politeness and motivation. Do you prefer to drive or be driven? A healthy dose of both. The Maltese success story really needs the country to focus on ...? Sustainability and the environment. What is one thing you do in your business that moves it forward the most? Never give up. What excites you about the future? That there’s always an opportunity ahead. If I were President of the World for a day, I would ...? Put an end to wars and hatred. Which philanthropic cause are you most passionate about? The Hospice Movement and Beating Hearts. Robots: threat or opportunity? Both. What do you hope the world gets right in 2022? Significant progress on protecting the environment.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Edward Borg Grech

CEO, BLUEFORT

“ I ’ M A LW AY S K E E N T O S E E H O W O U R C U S T O M E R S A N D PA R T N E R S A R E B E N E F I T T I N G F R O M O U R PRODUCTS AND SERVICES.”

S PEC I A L I S I N G I N E R P A N D S U B S C R I PT I O N M A N AG E M E N T PR O D U CTS , B L U E F O R T H A S G R O W N I N T O A M A J O R L O C A L I T P L AY E R T H A T ’ S C O N T R I B U T I N G T O M A LT A ’ S S U C C E S S I N T H E G L O B A L D I G I T A L S E C T O R . T H E C O M PA N Y I S C U R R E N T LY I N T H E P R O C E S S O F E X PA N D I N G I T S O P E R A T I O N S I N T H E U K , W H I L E G R O W I N G I T S I N T E R N A T I O N A L PA R T N E R B A S E T O B E T T E R SERVICE BUSINESSES ALL OVER THE WORLD.

A future in software development was on the cards early for Bluefort CEO Edward Borg Grech.

Resource Planning (ERP) systems. Here, he steadily realised that there was huge demand for experts within the ERP space, but there was a glaring shortage in talent. In 2014, following his return to Malta, he set up his own company in partnership with his brother-in-law, which began servicing businesses keen to outsource their ERP system support requirements.

“When I was a boy of eight, I remember being with my grandfather and coding on an Atari machine. That was the real foundation of my career!” he recalls with a fond chuckle. “Then, back in the 90s, I saw the potential of what could be achieved with technology. I became a developer and, eventually, my path crossed with business management software.”

ERP systems provide businesses with one integrated platform to manage various aspects of their operations, from their financials and inventory to retail, eCommerce, and more. “The ERP product is vast, so it requires a very wide skill set. That’s why companies need to have premium consultants who know the business and

The real seeds for Bluefort were arguably sown when Edward took on a job as a solutions architect in the Netherlands, with a company specialising in Enterprise 238

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CEO INSIGHT “I like to give my team the power to make their own decisions. I support them. I enable them. But I don’t like to interfere with how they carry out their jobs.”

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We found ways to use our technology to create a stronger, more united team with online team-building sessions, workshops, games, and company events that gave everyone an opportunity to touch base and connect.

technical aspects inside and out, and can bridge the gap,” he says. Two years after setting up shop, the company officially rebranded as Bluefort and the business has pivoted to reflect ongoing changes within the global IT landscape. Following the rise of cloud systems and increasing competition in ERP outsourcing providers in Eastern European markets, Bluefort began developing its own IP – a subscription management solution for enterprise customers – alongside selling specialised IT servicing offerings to the global market. The transition has been a definite boon to the company’s success. In the past few years alone, Edward and his team closed their first multi-million euro deal, achieved coveted Microsoft Gold-Certified partner status, and have successfully expanded the company into the UK. As the business has evolved, so has Edward’s role as CEO. “When we set up the company, I was more hands-on. I then shifted towards the managerial side and, more recently, my main focus has been strategy: which areas we should specialise in, monitoring the ongoing business, and mapping out our long-term objectives.” A self-proclaimed ‘goal-oriented’ person, Edward’s typical week finds him dedicating time to all aspects of the business. “I like to plan my agenda upfront as much as possible so that I can dedicate time to keeping up-to-date with the market, our

competitors, and our customer base. I also manage an eyelevel relationship with our contacts at Microsoft in both the Malta-Cyprus-Greece region and in the UK.” To help him maintain a balance, Edward says he has come to rely on having a talented team around him, which has now grown to be over 30-people strong. “I like to give my team the power to make their own decisions. I support them. I enable them. But I don’t like to interfere with how they carry out their jobs. We build trust and they have the freedom to work autonomously.” As a CEO who takes an active role in the recruitment process, Edward is particularly proud to have built a company with a family-like culture, a factor that played a vital role in how Bluefort rode the wave of the COVID-19 pandemic. 241

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“Even before the pandemic, we never had a strict requirement for everyone to be in the office every day. So, remote working wasn’t a big problem for us. However, after a couple of months of everyone continuously working from home, fatigue set in and we found many of our team were missing that face-to-face human connection, which was affecting their well-being and productivity. “Thankfully, we were already sorted on the technological side of things. So, we found ways to use our technology to create a stronger, more united team with online team-building sessions, workshops, games, and company events that gave everyone an opportunity to touch base and connect. We found these sessions helped keep morale up in the face of all the uncertainty that was in the air.” Operations aside, the pandemic has, all in all, been good for business. Following a challenging period towards the start of the pandemic when many businesses dependent on Bluefort slashed budgets and projects were downscaled, the company quickly recovered by developing a strategy with a more far-reaching vision. Key to this strategy was a shift to assisting brick-and-mortar businesses around the world bring their customer and operational platforms onto the cloud following lockdown restrictions. There was an additional spike in businesses looking to automate their services so as not to limit their growth potential. “Demand for our type of consulting and services exploded towards the end of last year, not just locally and in the UK, but everywhere. There’s a huge shortage of consultants in our industry, which has helped Bluefort grow significantly,” he explains. Another major global event which has serendipitously worked in Bluefort’s favour has been Brexit. With many European nationals moving out of the country due to uncertainty, the UK market is experiencing a shortfall in IT human resources. “More and more UK businesses are looking towards automation and ERP systems, which have become more of a requirement than ever before. This has meant that what we deliver at Bluefort has become even more precious.” With opportunities abounding in every direction, the biggest challenge for Bluefort – and more specifically for Edward as CEO – has been finding the right pace for the company to grow at. “You can’t go too fast because you’ll trip over yourself, but you can’t go too slow either. The world is full of opportunities, so it’s a challenge to choose the right ones at the right time,” he says. Going forward, Edward is hoping to build a more solid position for Bluefort in the UK and is currently looking to grow the team there. Once they have cornered the UK, there’ll be potential to explore expansion within other international markets. Edward feels this year is set to be an exciting period of growth for Bluefort: “We have factored new technologies into our roadmap. We’ll be rolling out hyper automation products and other innovative solutions in the coming months. We have also been on-boarding more partners in different regions to help us meet demand for our services and products.” However, as rewarding as Bluefort’s steady rise has been, Edward remains primarily motivated to satisfy the company’s end-users. “I’m always eager to talk to our customers and partners to see how they’re benefitting from our products and services. This helps us find ways to innovate and improve on our core offerings,” he adds. 242

Quick-fire Questions… with Edward Borg Grech What’s a word people often use to describe you? Forward-thinking. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? Wireless earbuds. Which business mentor do you most look up to? Simon Sinek. What’s the biggest lesson you’ve learnt from the pandemic? That you must move at the same pace as the market, which quickly changes pace from time to time. How do you switch off? By working out. Best bit of business advice you’ve ever been given? Take care of your employees, and they will take care of your customers. What do you always look for when hiring? Integrity, grit, and adaptability to learn. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Attracting software businesses to develop their ambitions and business in Malta, and sell globally. What’s the one thing you do in your business that moves it forward most? Exciting the leadership team about the plans ahead. What excites you about the future? The unknown. If I were President of the World for a day, I would ...? Prioritise safeguarding the environment for future generations, and prioritise help for war-ridden and poor countries to form their own governments. Which philanthropic cause are you most passionate about? Hard to choose; all the ones that tackle human suffering. Robots & AI: threat or opportunity? Immediate opportunity, future threat. What do you hope the world gets right in 2022? A unified approach towards current and future pandemics.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Mihai Cheregi

MANAGING DIRECTOR, U N I T E D I N T E R N AT I O N A L M A N A G E M E N T ( M A LT A ) LT D A N D U N I T E D I N T E R N AT I O N A L T R U S T E E S ( M A LT A ) LT D

“ M Y T E A M K N OWS T H AT T H EY CA N COME TO ME FOR ANYTHING.”

BORN AND RAISED IN ROMANIA , MIHAI CHEREGI’S KEEN INTEREST IN FINANCE AND ECONOMICS HAS SEEN HIM WORK ACROSS EUROPE. AS M A N A G I N G D I R E C T O R O F T H E M A LT A B R A N C H O F U N I T E D G R O U P , A N I N T E R N AT I O N A L F I N A N C I A L S E R VI C E S PR OVI D E R , M I H A I OVE R S E E S T H E C O M PA N Y ’ S D I V E R S E P O R T F O L I O O F C L I E N T S . H E D I S C U S S E S H O W H E C A M E T O C A L L M A LT A H I S H O M E , A N D H O W C O M M U N I C A T I O N A N D K I N D N E S S A R E AT T H E H E A RT O F H I S L E A D E R S H I P A PPR OAC H .

“I am responsible for the successful leadership and management of United’s Malta office,” Managing Director Mihai Cheregi explains. With a portfolio of both corporate clients and wealthy individuals, United prides itself on its personal approach to providing a full range of corporate and trustee services.

The Managing Director’s journey to his current position has involved several significant moves to new countries and, above all, an ability to make bold decisions and accept opportunities. “I left home when I was 14,” Mihai remembers. “I knew that, without hard work, I wouldn’t succeed in Romania, so I moved to Bucharest to study.”

At the helm of the company, Mihai believes that United’s people-centric approach should extend beyond its clients to its team as well. “It’s part of my role to ensure we have a good corporate mentality and that I, myself, function as a branch of human resources,” he says. “I put a lot of emphasis on communication, which is why I have an open-door policy. My team knows they can come to my office for anything – a professional or personal issue – and that I’m here to listen and help find solutions.”

Having graduated from the Bucharest Academy of Economic Studies – and achieved a second Bachelor’s degree from a French university in parallel to this course – Mihai decided to move to France to pursue a Master’s degree in Economics. “It was difficult to find a company that would employ a new graduate,” the fluent Frenchspeaker admits, “which is why I decided to turn my focus towards Luxembourg, as it has a well-respected, international financial sector.” 244

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“The financial market is very dynamic. Now AI is helping us to stay ahead of the curve. It’s a very exciting step for United.”

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Being a Managing Director requires devotion. You must be passionate about what you do and, just as importantly, you need to know the people you’re leading, so you can be there to support them.

Mihai was fortunate to meet people who gave him a chance after university. “I had actually bought a flight ticket in France to return to Romania,” he divulges. “But I secured a job interview for a role in Luxembourg, so I never actually boarded the plane. I got the job, so it was the right decision! I started working at United International Management Luxembourg in 2008 and stayed until 2013, when I was presented with the opportunity to move to Malta.” For the Managing Director, working in Malta has been a very unexpected, but welcome, challenge. “I never saw myself leaving Luxembourg,” he says. “I thought that my professional future was already mapped out there, but I love saying ‘yes’ to new challenges and opportunities. Now, I don’t see myself leaving Malta. I’ve found the Maltese people to be very welcoming. Indeed, the Maltese and Romanians have similar family values and lifestyle!” When he’s not working, Mihai relaxes in the kitchen. “I love cooking,” he shares. “I like to experiment. Sometimes I’ll have a dish in a restaurant and I’ll try to recreate it or add my own touch to it.” But the Managing Director admits that he’s not able to “completely switch off” due to his level of responsibility in the company, explaining that the team is always connected and on-hand to support their clients. “But when I can unwind, I also enjoy travelling. I adore the city vibes of London and Paris, but I equally like visiting the tranquil countryside in places like Tuscany and Sicily.” When it comes to his role as Managing Director, Mihai enjoys the fact that he is involved in many aspects of the business. “I make it my business to know what’s happening in each area and I enjoy the relationship I have with our clients and my team. Of course, there are challenges

– for example, implementing regulations to hold ourselves to high standards and maintain the good reputation of our company and our jurisdiction.” Talking through the history of United International Management (Malta), Mihai explains it was founded in 2009 as part of an international group of companies serving in a range of jurisdictions. “When United Malta started, we were just offering traditional corporate services,” he says. “In 2019, we realised we wanted to offer more than that. So, we expanded our service range by acquiring a small Maltabased trust business, essentially creating a one-stop shop for our clients who require trust services, too.” More recently, United Group has partnered with a Dutch artificial intelligence (AI) company, called Vartion, to create an in-house tool that automates compliance screening. “As a corporate service provider, we understand our risks. We are committed to combatting money laundering and the financing of terrorism, as well as any 246

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type of fraud,” Mihai says. “This new technology, a tool named Pascal, allows us to thoroughly screen our clients and business partners. It’s proven very popular within the financial sector, both in and outside the Netherlands.” For Mihai, harnessing the power of AI is one of the keys to futureproofing the financial services sector. “The financial market is very dynamic. We must continuously adapt and update our systems to keep up with the constantly developing regulatory framework. Now AI is helping us to stay ahead of the curve. It’s a very exciting step for United.” And when it comes to corporate social responsibility – another topic close to Mihai’s heart – United is leading the way with its United Foundation, supporting a range of initiatives and organisations related to music, art and culture, sports and social development. “We invest a lot in society,” he smiles. “We’re United by name and united by nature. The Foundation sponsors arts festivals, sports teams and non-profit organisations working in community development. You’ll notice the theme is bringing people together – and that’s what we’re all about.” All that said, United hasn’t been without its challenges in the past year. Reflecting on 2021, Mihai describes the ‘new normal’ his team needed to adjust to. “Of course, when the pandemic first hit, safety was the priority,” he shares. “I remember the day we were advised to work from home – without hesitation we created the necessary environment for our team to work in this new way, asking them to stay safe. Last year the regulations changed, and we were allowed to return to the office. We never imposed on the team that they had to physically return to the workplace, but it was lovely to see that the team wanted to come back and connect again. As for my experience, it was challenging to manage the company from behind a computer in 2020, so in 2021 I was happy to reconnect with my team in person. “ The Managing Director believes the uncertainty of the last two years has helped unite the team even further, and United has forged stronger relationships with its clients, too. “We talked more with clients about our personal lives and the health of our families. This kind of conversation humanises people, and our clients appreciated that,” he smiles. Meanwhile, the Financial Action Task Force named Malta as a jurisdiction requiring ‘increased monitoring’; another challenge for United, the impact of which has been felt across the financial services sector this past year. “It’s affecting the sector, no doubt about it,” Mihai admits. “With compliance measures in place, activities like bank transfers can take longer and it has an impact on our clients. However, I think this increased monitoring will ultimately see Malta, as a jurisdiction, come out of the FATF grey list stronger and more attractive than before.” As the Managing Director leads United into 2022, he is confident that Malta’s financial sector will go from strength to strength. “I think the local authorities and businesses – all the players in the market – really are committed to improving the financial sector,” he shares. “The authorities are implementing new regulations and, from what we’re seeing, Maltese businesses are striving to offer a higher level of service to get things back on track.” Excited for the challenges of the next year, Mihai looks forward to growing the company with a people-centric approach, leading with kindness and understanding. “Being an Managing Director requires devotion,” he explains. “You must be passionate about what you do and, just as importantly, you need to know the people you’re leading, so you can be there to support them.” 247

Quick-fire Questions… with Mihai Cheregi What’s a word people often use to describe you? I would say compassionate. Crypto, traditional finance, or both? Personally, I would say traditional, but I know crypto is part of the future. What’s one gadget you can’t live without? I can live without gadgets! Which business mentor do you most look up to? My first team leader when I worked in Luxembourg. What’s the biggest lesson you’ve learnt from the pandemic? Adaptation and adjusting to a new way of life. How do you switch off? I cook! Best bit of business advice you’ve ever been given? Listen, analyse and understand. What do you always look for when hiring? Personality and motivation. Do you prefer to drive or be driven? It depends – I drive to work but if I’m going out, I like to be driven. The Maltese success story really needs the country to focus on ...? Fighting against a bad image. What’s the one thing you do in your business that moves it forward most? You are as good as your team. Therefore, having an open-door policy. What excites you about the future? The unknown is very exciting! If I were President of the World for a day, I would ...? Put in place measures to fight poverty. Which philanthropic cause are you most passionate about? To financially help poor families in Romania. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Kindness and respect towards the environment.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “We nurture the people who make the organisation thrive, and create an environment and infrastructure for personal growth. We encourage internal creativity, build on solid relationships with our partners, and try to unlock individuals’ maximum potential. That is how we survive.” 248

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Kenneth De Martino

CEO AND CHAIRMAN, KDM INVESTMENTS

“ PEO PL E A R E T H E M O ST I M P O RTA N T A S S E T O F A N Y O R G A N I S AT I O N .”

FROM HUMBLE BEGINNINGS , KDM INVESTMENTS HAS GROWN I N T O A H I G H LY S U C C E S S F U L G R O U P O F C O M PA N I E S S PA N N I N G S E C U R I T Y, AVI AT I O N , M O B I L I T Y, TO U R I S M A N D M O R E . FO R C E O A N D CHAIRMAN KENNETH DE MARTINO, THE KEYS TO SUCCESS ARE SOLID F U N DA M E N TA LS , ST R O N G R E L AT I O N S H I P S , A N D A N OVE R A R C H I N G FOCUS ON PEOPLE ABOVE ALL ELSE.

Having set himself a clear and ambitious goal early on, Kenneth De Martino devoted his career to achieving it. His dream was always to eventually own a large group of diverse companies. And now, nearly 25 years later and after what he describes as an ‘extremely colourful journey’ that dream is a very successful reality.

“Thomas Cook is a global company employing thousands of people but, when I was there, I was never a number; I was an individual with my own qualities and talents,” Kenneth explains. “They nurtured me and gave me the space to grow, and that is what motivated me to move on: I wanted to create that same opportunity for other people.”

Kenneth traces the roots of his formidable business career right back to the 15 years he spent working in financial services at Thomas Cook, a time he says was his learning period, where he had the opportunity to develop his skills, build his confidence, and pick up vital lessons in management and leadership. The formation he received in that time is what drove him to strike out on his own and is still part of what guides him today.

Now forging his own path, Kenneth’s first step towards what would eventually become the KDM Group was a travel organisation, still operating today as FCM Travel. From there, he moved into enforcement, later transitioning into security with the setting-up of G4S Malta. Next came the CT Park chain of car parks and, in what he describes as his biggest transition so far, an 249

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our partners, and try to unlock individuals’ maximum potential. That is how we survive. During the pandemic, if it weren’t for these core values, we would have struggled.”

aviation ground handling company that today operates as Aviaserv and handles airlines including Ryanair, Emirates, Lufthansa and Easyjet. Most recently, the Group has stepped into the mobility sector with the Whizzascoot network of shared electric vehicles and kick scooters, as well as operating a number of rental properties, among other investments.

When the pandemic struck, a number of Kenneth’s businesses – and particularly those in the travel and aviation fields – came to a complete standstill, although others, such as security, continued to thrive. What surprised him, he says, was the Group’s resilience; how ready members of the organisation were to support each other as they shifted to new communication processes and used words that had never been uttered before as part of day-to-day business. “My lesson was how to adapt, to learn, to accept, and to move on. Those were the most important factors that kept me in the right frame of mind and allowed us to go on,” he says.

Yet, despite the vast diversity in the Group’s companies, Kenneth insists none of its growth was random. “It all happened by design,” he says. “I have always been very focused on business opportunities within the service industry, and all our businesses today depend on people. I think people are the most important asset of any organisation.” Building on what he learned in his own career, Kenneth says this focus on individuals is part of the Group’s core fundamentals. While he may not know every single one of the roughly 2,000 people working for him by name, he says he spends enough time ‘on the shop floor’ to have got very close. “We nurture the people who make the organisation thrive, and create an environment and infrastructure for personal growth. We encourage internal creativity, build on solid relationships with

However, the challenges were not limited to the height of the pandemic in 2020. As the Group entered 2021, Kenneth says the question became how quickly it could bounce back and get its businesses back on track – a task made even more challenging by the changes in the labour market and the difficulties in finding the right people to bring on board to support the recovery process. “I think these difficult times have taught us to be a bit more innovative, to understand the value of diversification,” Kenneth says. “But it also allowed us to better appreciate people’s individual qualities. We all learned that an organisation needs to be sustainable in order to survive. And I think the COVID-19 months gave us the opportunity, and the capability, to transform

The lesson I learnt during the pandemic was to adapt, to learn, to accept and to move on. Those were the most important factors that kept me in the right frame of mind and allowed us to go on.

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our businesses and to look for niche markets, and new ways to survive and begin looking forward to a brighter future.” Still, Kenneth is clear that the world is far from out of the pandemic, and that most businesses are still adapting, changing and innovating their set-ups to be ready for 2023, the year he believes most sectors – and the travel and aviation sectors in particular – are looking towards for a return to pre-pandemic levels of business. Already, however, he sees the signs for optimism, even in the hardest-hit sectors. In aviation, he estimates that the market is some two-thirds of the way back to pre-pandemic levels. Other sectors, such as travel agencies, he says, should be thinking about broader re-dimensioning. “For some businesses, it’s about looking for a comeback, while others must look for a way to change and survive in a totally new world. Innovation is a number one priority.” Particularly in areas less impacted by the pandemic, such as the Group’s mobility ventures, the focus is on the future. The Whizzascoot rollout of scooters and kick scooters has continued apace, while an increased focus on electrification has seen the installation of hundreds of charging pillars around the island. Kenneth believes the sector is still in its infancy and is keen to seize the opportunities as they arise. “Shared technology is very interesting. Today we talk about shared cars, bikes, scooters. But I think we will see it in a lot more areas in the coming years, and we’re looking at those areas to see if there are opportunities we would want to exploit,” he says. “In general, I think the global investment landscape is shifting beneath our feet. I want to make sure the KDM Group is a winner in terms of being able to adapt and putting our money to work where it really matters most.” A large part of that, for KDM Group, is the question of succession. As a first-generation business owner who has built up his companies over a quarter of a century, Kenneth says his mind is now turning to who comes next. “I’ve spent a lot of time developing my own children, who are willing to get more involved and ready to take over. It is crucial to pass on to the next generation what has already been built, without losing anything along the way but adding to what has already been achieved.” Kenneth describes as his “biggest failure” his inability to properly balance his business and personal life. Outside the office, he enjoys travelling and spending time with his family, he has a long-standing association with the Scouting Movement, having served in several positions including that of Chief Scout, and is also Chairman of the Board of Trustees for the Duke of Edinburgh International Award, a global organisation aimed at giving young people valuable life skills. But, he admits, his main passion is business, something he loves and has never found a chore. This next year, then, may be an opportunity to refocus and lay the foundations for the 25 years – and more – of the Group of companies he built. “2022 is about creating the space for the younger generation to come in and take over, learn from their own mistakes and have the room to take their own decisions. As for me, I’ll finally be able to get my work-life balance back on track!” 252

Quick-fire Questions… with Kenneth De Martino What’s a word people often use to describe you? Genuine. Crypto, traditional finance, or both? Traditional finance. What’s one gadget you can’t live without? My phone. Which business mentor do you most look up to? Kieran Perry. What’s the biggest lesson you’ve learnt from the pandemic? How to adapt and expect the unexpected. How do you switch off? Going on holiday with my family. Best bit of business advice you’ve ever been given? Learn how to listen. What do you always look for when hiring? Passion in whatever you do. Do you prefer to drive or be driven? Drive, definitely. The Maltese success story really needs the country to focus on ...? Governance. What’s the one thing you do in your business that moves it forward most? Inspire the management teams to take decisions and accept responsibility. What excites you about the future? Change. If I were President of the World for a day, I would ...? Make sure all countries dedicate time, cash, and resources to climate change issues. Which philanthropic cause are you most passionate about? The Duke of Edinburgh Award. Robots: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? The support needed to manage and eradicate COVID-19.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Mark Gasan

CEO, GASAN GROUP

“ R AT H E R T H A N S E E I N G M YS E L F A S B E I N G A LO N E I N M Y L E A D E R S H I P R O L E , I T A K E D E C I S I O N S J O I N T LY WITH MY TEAM, AND THE SUCCESSES WE ENJOY ARE A LW AY S A J O I N T E F F O R T . ”

W I T H A L E G A C Y T H A T S PA N S A L M O S T 1 0 0 Y E A R S , T H E G A S A N G R O U P H A S BECOME A HOUSEHOLD NAME THANKS TO A SOLID TRACK RECORD OF H U G E LY S U C C E S S F U L E N T E R P R I S E S I N D I V E R S E I N D U S T R I E S . T O D AY , T H E C O M PA N Y H A S G R O W N T O E M P L O Y A L M O S T 7 0 0 P E O P L E I N M A LT A A C R O S S I TS FO U R CO R E O PE R AT I O N A L PI L L A R S CO M P O S E D O F AUTO M OT IVE A N D M A R I N E , I N S U R A N C E , TOTA L B U I L D I N G S E R VI C E S , A N D R E A L E STAT E .

A corporation that’s as diversified as Gasan Group requires a CEO who can wear many hats. And since taking on the CEO role in 2014, Mark Gasan has proven he’s more than up to the task of juggling multiple projects, businesses and large-scale ventures at any given moment. However, when pressed on the secret to his success as a CEO, Mark is keener to shine the spotlight on the team around him.

effort. The Group is nearly 100 years old and my role is to work as a team member and sustain what the Group has built and continue to grow it, so that it remains sustainable for future generations.” In order to keep his focus on all aspects of the Group’s businesses, Mark likes to get to the office a good hour before everybody else. “I like to start early in the mornings, so that I can clear my emails and plan my day. I can then focus on both internal and external meetings. My favourite part of this early start is a casual morning catch-up with my colleagues,” he says.

“Rather than seeing myself as being alone in my leadership role, I take decisions jointly with my team, and the successes we enjoy are always a joint 254

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CEO INSIGHT “Overall, we believe that the yardstick of our future economies will be measured by the well-being of society rather than solely by monetary benchmarks.” 255

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This people-oriented approach is a key quality to Mark’s leadership style. It’s an attribute he feels keeps him rooted to his people and gives him a genuine first-hand sense of how operations are faring at each level. “Meeting in person with the different teams is an important part of my day. In our automotive business, for example, I enjoy speaking to the salespeople in the morning, just seeing generally what cars they sold the day before or how the market is doing. I’ve always viewed the car market especially as a gauge of consumer trends.” One such consumer trend that GasanZammit Motors has been quick to capitalise on is a growing demand for electric vehicles (EVs) and hybrids on the island. “Our brands are very advanced – both the passenger and commercial vehicles – so we have a nice range of EV products on offer. As a result, electric car sales have increased substantially over the last two years.” GasanZammit Motors’ success in the local EV space was further boosted recently thanks to the dealer’s appointment as representative of the Maxus brand for the Maltese territory. Falling under the Fortune Global 500

listed parent company Shanghai Automotive Industry Corporation (SAIC), Maxus has quickly developed into a global leader of electric commercial vehicles thanks to their outstanding performance and high efficiency. Their addition to GasanZammit Motors’ product line is significant. “We create strategy by looking at what is changing in the industry and trying to understand future consumer trends in order to be a step ahead in our sectors. Maxus manufactures commercial vans and has focused and produced two electric variants, that have proved extremely popular. It goes to show a growing appreciation among local consumers surrounding sustainability in all aspects of our lives.” The issue of sustainability is also something Gasan Group has been actively pursuing through other landmark projects they’ve developed and launched over the past year, including the Piazzetta Business Plaza in Sliema, which went on to win the Planning Authority ‘Award for Public Open Spaces’ in 2021. “The rehabilitation, restoration, and re-development of the Piazzetta Business Plaza is a project close to my heart. We

The Group is nearly 100 years old and my role is to work as a team member and sustain what the Group has built and continue to grow it, so that it remains sustainable for future generations.

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developed a sustainable building, whilst retaining key elements of this historical site including the original façade and pillars. We also created a landscaped piazza, which is being enjoyed by the public at large,” he says. Another major milestone for the Group has been its re-entry into the hospitality sector in December 2020. Through an existing 50:50 joint venture, the Group redeveloped the old Embassy shopping complex into the Embassy Valletta Hotel, one of the largest hotels in the heart of the capital, boasting 81 beautifully designed rooms, whilst retaining six cinemas. Launching a new hotel brand amid a pandemic that brought the entire hospitality sector to a drawn-out halt was not without its challenges. However, Mark and his team decided to take advantage of this period of relative downtime to test all the systems and train the staff. “When the market eventually opened up in April, we had already ironed out all the early difficulties of opening a new hotel. Since then, I’m pleased to say, the Embassy has been doing very well. Its size and central location in Valletta have continued to attract visitors,” he says. 2021 has also seen Gasan Group make significant progress on another much-anticipated project, The Quad Central, of which the Group owns 50 per cent. This mixed-use development will provide an exciting mix of Grade A professional, retail, and commercial office space, all supported by a diversified range of retail and amenity outlets, ample parking facilities, and spacious landscaped outdoor areas and piazzas. The project is being labelled as a development that will set the standards for the workspace of tomorrow. Once again, sustainable design has been front and centre on this ambitious development. “From the start, we aimed to achieve a LEED Platinum certification with The Quad Central. This is the highest certification for sustainability and green awareness in the industry. In terms of the materials we have used, such as the glass on the façade or the solar panels, it’s on a different level and much more sustainable.” Mark hopes more developers will follow in Gasan Group’s footsteps to develop innovative buildings within the Central Business District area that put sustainability, green thinking and innovative solutions at the forefront of design. “The whole of the Central Business District is being revitalised,” he says. Five years ago, a foundation was formed to transform the Central Business District into a commercial hub. The idea is to upscale the area to something similar to London’s Canary Wharf.” With The Quad Central set to be fully operational by Q1 of 2022, this year is building up to be another landmark chapter in Gasan Group’s evolution. Mark’s ambition is for the Group to maintain its organic growth trajectory through its core competence areas and nurture investments that show potential to develop into new operating pillars. Over and above the business aspects however, Mark is determined to ensure Gasan Group is bringing about positive change within the sectors it operates in. “Overall, we believe that the yardstick of our future economies will be measured by the well-being of society rather than solely by monetary benchmarks,” he concludes. 257

Quick-fire Questions… with Mark Gasan What’s a word people often use to describe you? I think you need to ask them! Crypto, traditional finance, or both? Traditional finance. What’s one gadget you can’t live without? My phone. Which business mentor do you most look up to? My father. What’s the biggest lesson you’ve learnt from the pandemic? Time and life are so precious. How do you switch off? Reading a book. Best bit of business advice you’ve ever been given? To try and see the bigger picture in every decision that you make. What do you always look for when hiring? Trust and integrity. Do you prefer to drive or be driven? To drive. The Maltese success story really needs the country to focus on ...? Sustainability. What’s the one thing you do in your business that moves it forward most? Listening and then acting. What excites you about the future? People mobility and creating sustainable methods. If I were President of the World for a day, I would ...? Appoint someone more qualified to take on the role. Which philanthropic cause are you most passionate about? Through the Gasan Foundation we actively support many causes, including participating in and sponsoring the annual Social Impact Awards. The cause that rings home the most for me is our support of Hospice Malta. Robots & AI: threat or opportunity? Opportunity, but parameters need to be clear and enforced. What do you hope the world gets right in 2022? To continue to focus on sustainability for future generations.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “The most critical lesson learnt has been the importance of working together across the board. I strongly believe that, if people did not pull the same rope during the pandemic, we would not be in the situation that we are currently in as a country.” 258

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Johann Buttigieg

C E O , M A LT A TOURISM AUTHORITY

“EVERYTHING ABOUT OUR SECTOR HAS CHANGED.”

T H E PA S T T W O Y E A R S H A V E H A D A D E V A S T A T I N G I M PA C T O N T H E G L O B A L TO U R I S M S ECTO R , A S I T ’ S G R A PPL E D WI T H T H E FA L LO UT F R O M T H E C O V I D - 1 9 PA N D E M I C . A N D T H E R E I S L I T T L E D O U B T T H A T T H E C R I S I S P R E S E N T E D T H E M A LT A T O U R I S M A U T H O R I T Y , E S T A B L I S H E D I N 1 9 9 9 , WITH UNPRECEDENTED CHALLENGES . HOWEVER, AS ITS CEO, JOHANN B U T T I G I E G S AY S W O R K I N G T O G E T H E R W I T H O T H E R E N T I T I E S A N D T H E P U B L I C H A S R E A PE D I TS R EWA R D S .

tourism as one of its major GDP contributors – I can say that everything about the sector has changed – both negatively and, even, positively,” he says, adding that he has tried to approach the crisis as “a tiny window of opportunity”.

The current CEO of the Malta Tourism Authority (MTA), Johann Buttigieg, sees his role as that of a bridgebuilder, creating fruitful connections between various stakeholders in Malta and internationally to drive the island’s agenda as a tourist destination forward. This necessitates driving collaboration between the various departments of the entity itself, ensuring “that the message of the Authority, both locally and abroad, is being transmitted consistently through all the various channels.” It also opens the door of opportunity to “new and unusual ways through which we can promote the beauty of the Maltese islands, delivering good results, no matter the situation,” he insists.

To this end, throughout the months of the pandemic and under the helm of Johann, the MTA identified new avenues of marketing with a clear focus on visual and digital content, capitalising on the fact that most people all over the world were stuck at home. Later, vaccine rollouts gave the MTA the optimism to formulate “a solid and attractive tourism recovery plan, with an investment of €20 million divided into different schemes, targeting diversified sectors and niches that compose the holistic tourism sector of the Maltese islands,” the CEO says, with a further €2 million being earmarked for support to licensed bars and restaurants during the difficult period.

The past two years have proven to be a litmus test for such joint efforts, as the world contended with the fallout emerging from the COVID-19 pandemic. Indeed, “if we take Malta’s case – as an island that relies on 259

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logistical nightmare and a huge responsibility,” Johann attests, adding that its successful completion was only a result of “the great assistance” of the foreign embassies, the health authorities and “the great staff we have here at the MTA.”

In the meantime, “we had to adapt to remote working which, for an Authority like ours, was very challenging since many of our goals must mainly be achieved through networking,” Johann explains, looking back at an era when travelling to expos and international fairs became impossible. Yet, the Authority succeeded in providing targeted assistance, sorting out a repatriation process in March 2020 – when COVID-19 first hit the island – and, later, ensuring that operators in the sector abided by the ever-shifting pandemic mitigation measures. Throughout this time, MTA staff had to “constantly adapt to the new regulations in force; they were on the road pretty much every single day, at any given hour,” he attests.

As testament to Johann’s optimism, the CEO underscores the lessons learnt over the past two years, stating that one of the biggest surprises he has experienced was “the resilience of our employees, both locally and in our international offices”. Beyond that there was “their flexibility in adapting to the new normal of working from home, and their pride in seeking new avenues through which the Maltese islands could still be promoted,” he says, praising “their hands-on willingness to make everything work.”

Recalling some of the unique hurdles encountered over the past two years, Johann describes an “exceptional situation” that had to be addressed with “the power of collaboration”. This was the repatriation of hundreds of English language students in the summer of 2021 when a spike was recorded among several cohorts, pushing the authorities to organise two flights to transport them out of the island.

By way of example, he points to the way many MTA staff members “stepped out of their normal work duties to ensure that we had everything in place to start the

“The moment we started to realise that we had multiple clusters of unaccompanied minors who were in Malta to pursue their studies, we knew that we had to think outside the box to make sure they were well taken care of. The second evacuation of minors, particularly, was a

We will continue to share the message out there that ‘safe’ is another adjective to add when describing Malta to tourists who, now more than ever, deserve a relaxing break!

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recovery of the tourism sector when the time was right.” These included employees “handling the various financial incentive schemes and staff from various departments who gave up their free time to join assistance teams at Malta International Airport and the Sea Terminals to ensure the smooth arrival of tourists.” Looking more broadly at the overall lessons imparted by the COVID-19 pandemic, Johann insists that the island needs to “build a resilient sustainable tourism market,” promoting domestic tourism, as well as foreign. “We need to take the opportunity to stop and think about the processes and renew our product so that tourism will, once again, be at the forefront to provide the jobs and wealth these islands are dependent on,” he says. Yet, in his view, “the most critical lesson learnt has been the importance of working together across the board. I strongly believe that, if people did not pull the same rope during the pandemic, we would not be in the situation that we are currently in as a country,” he states. This situation, according to the CEO, is one characterised by increasing tourism numbers and a strong performance of the sector. “The MTA was pleased to learn that the MIA welcomed a total of 418,473 passengers in September last year, which also marked the first time since 2019 that September outpaced August in terms of passenger traffic. This was also the strongest month in terms of passenger volumes since the COVID-19 pandemic started, which was great news for Malta – especially given the circumstances. Naturally it filled the Authority with a strong sense of positivity, coupled with the right amount of energy.” Indeed, keeping in mind the lessons learnt recently, the Authority, together with the Ministry for Tourism, launched the Malta Tourism Strategy 2021-2030, based on three fundamental pillars: recover, rethink and revitalise. “The strategy identifies the path for the long-term sustainable and responsible development of the tourism sector, and the preparation required for the transformation,” Johann says. “It asserts that Malta’s tourism policy needs to shift to a growth scenario that is increasingly based on a healthier mix of quality and quantity over the next decade,” he insists. When asked to determine how he sees the next few months panning out, Johann is open about the uncertainty which still prevails. “Unfortunately, I do not have a crystal ball and cannot foresee the future,” he says, outlining, however, that emphasis on connectivity and digitisation will persist in the months ahead. “This is another avenue which the COVID-19 pandemic lit up for us, as we came to realise that technology can further improve the quality of the tourist’s experience. So, we have invested heavily in revamping our website; and we are in the final stages of revamping our app.” These tools will enable the Authority to fulfil its goals, as it continues to build upon “the small successes our island has observed lately.” Indeed, concluding, the CEO sums up his drive over the course of the next few months with characteristic confidence: “we will continue to share the message out there that ‘safe’ is another adjective to add when describing Malta to tourists who, now more than ever, deserve a relaxing break!” 262

Quick-fire Questions… with Johann Buttigieg What’s a word people often use to describe you? Organised. Crypto, traditional finance, or both? We have reached a point where we have to look at both. What’s one gadget you can’t live without? My phone. Which business mentor do you most look up to? Peter Jones of Dragon’s Den fame, for the way he invests in young people with fresh ideas. What’s the biggest lesson you’ve learnt from the pandemic? Working together is the key to success. How do you switch off? Cooking, music and scented candles. Best bit of business advice you’ve ever been given? To always listen to what everyone has to say before making any decision. What do you always look for when hiring? The ability to be flexible, fully. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? What Neil Agius is doing for Wave of Change; we should all focus on that. What’s the one thing you do in your business that moves it forward most? The MTA moves forward when all the employees work in the way they currently do ... in full synergy. What excites you about the future? The thought that the pandemic will be a thing of the past. If I were President of the World for a day, I would ...? Give everyone a day off to relax and enjoy their families. Which philanthropic cause are you most passionate about? The Malta Community Chest Fund Foundation. Robots & AI: threat or opportunity? A big opportunity, which we should all embrace in one way or another. What do you hope the world gets right in 2022? Putting the COVID-19 pandemic in the past tense once and for all.

MaltaCEOs 2022

CEO INSIGHT

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“Sustainability is the foundation for all businesses to flourish long-term. Energy efficiency brings about lower operational costs and, as a result, economic sustainability for the enterprise while also contributing to environmental improvements. It’s a win-win situation all round.”

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Patrick Spiteri Staines C E O , T4 B S E R V I C E S

“ I B E L I EVE I N S U STA I N A B I L I T Y – F R O M A N ECO N O M I C A N D A N E NVI R O N M E N TA L P O I N T O F VI EW.”

E S T A B L I S H E D I N 2 0 0 8 A S A S U B S I D I A R Y O F A T T A R D & C O I N D U S T R I A L LT D , T4 B S E R V I C E S O F F E R S A R A N G E O F P R O D U C T S A N D S E R V I C E S W I T H I N T H E F I E L D S O F E N G I N E E R I N G A N D T E C H N O LO G Y. AT I TS H E L M , C E O PA T R I C K S P I T E R I S T A I N E S H A S B E E N W I T H T H E A T T A R D & C O G R O U P F O R 2 7 Y E A R S . H A V I N G S T E E R E D T H E C O M PA N Y T H R O U G H T R O U B L E D W A T E R S O V E R T H E PA S T C O U P L E O F Y E A R S , PA T R I C K I S D E T E R M I N E D T O K E E P T H E C O M PA N Y A C T I V E A N D D Y N A M I C , W I T H A N E Y E O N T H E F U T U R E .

Patrick Spiteri Staines has dedicated his career to exploring how engineering relates to buildings. An electrical engineering graduate who completed a Master’s degree in Sustainable Energy, he became a Registered Energy Auditor with the Regulator for Energy and Water in 2015. He also took on the role of Energy Building Assessor around this time, meaning he is authorised to provide energy audits and issue energy performance certificates. With a keen eye for improving energy use in buildings, Patrick counts industrial supplies, equipment, and energy efficiency among T4B Services’ main areas of focus today. When Patrick joined the company in 1994, Attard & Co was developing industrial products and solutions. As the 265

company grew further into the building materials sector, the Group decided to create its own subsidiary, forming T4B Services. “The name means ‘Technology for Buildings’,” the CEO explains. “Over my 27 years, there have been many changes in the organisation, and we’ve continued to grow in this sector,” Patrick shares. “We currently focus a lot on technology – we see it as the way forward.” By technology, the CEO is referring to solutions for both buildings and industry. “We focus on choosing the right technology, which is good for both our clients and the environment in Malta,” he continues, lamenting that, locally, businesses do not always make these considerations.

Throughout COVID-19 we became more aware of how fragile things are. You can be on a very stable course and then suddenly get hit by a hurricane.

“Most products are manufactured overseas for different markets – markets that are larger and have different geographic situations. Especially with building materials, we see that they are not always ideal for use in Malta. This is where we come in. We select technologies compatible with the local landscape. Even in the industrial sector – we look at the size of our market and our clients’ needs,” he says. Describing T4B Services’ main areas of focus, which include energy efficiency and services related to cooling, Patrick says that his underlying ethos is sustainability. “This is something I really believe in; not just the sustainability of a company from an economic point of view, but also an environmental one. After all, if you are using less energy, you are more cost-effective, and you are also reducing the harm to the environment,” he maintains. While construction and the environment are often seen as two separate areas, the CEO believes that this is changing, with greater awareness of sustainable building solutions slowly gaining traction on the islands. “Something that many people don’t realise is that, once you build a building, it’s there for many years. If you’ve built it in a wasteful manner, or a manner that requires residents to use a lot of energy, you’re stuck with it. In my experience, it’s very difficult to retrofit solutions. Now things are changing, even in industry, and people are becoming

more aware of their energy use and how they can waste less. We’re hoping that this accelerates,” he shares. Such is Patrick’s drive to affect change that, in 2020, T4B Services teamed up with the Malta Chamber to set up an Energy Efficiency and Conservation Committee, aimed at influencing national policy. “Although the Government is moving in this direction, it is moving slowly and may not always be moving the right way,” he explains. Using renewable energy as an example, Patrick describes the installation of solar panels as a good initiative but expresses his concern that the limited space available on the islands has not been properly considered. 266

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“While other countries benefit from large expanses of land where they can install solar farms, in Malta, we are already reaching saturation,” he asserts. “We’ve copied models of solar farms used abroad and have not really considered that our areas are being underutilised.” The CEO adds that a solar panel generates electricity using 20 per cent of the sun’s energy, while the other 80 per cent, which is heat, is being wasted. “There are technologies today that combine the two, so that you can utilise the sun’s energy to generate both electricity and heat, which can then be used within the building to heat water or even to create cooling,” he says. Along with the Energy Efficiency and Conservation Committee, Patrick is working to improve the incentives for industry to become greener and more energy efficient. “We’ve already seen a positive reaction, and some of our suggestions were taken up in the 2021 Budget. But we believe that more can be done.” Shifting his focus to the pandemic, the CEO explains that, for T4B Services, the main issue was dealing with resulting global concerns in the industry. “The biggest issues were an increase in the price of materials, and massive problems with logistics. These have been a headache for us, and we had to react because we were struggling to serve our clients,” Patricks reveals, highlighting the need to increase warehouse space. “According to our indicators, the ‘new normal’ way of operating will remain with us for at least another year, if not more,” he confides. Apart from changing the way the company takes care of its logistics, the CEO says that the pandemic also brought about an opportunity for T4B Services to accelerate its growth in the manufacturing sphere, being one of the least-hit areas by COVID-19. “We are focusing a lot on providing solutions to the industrial sector in Malta. Fundamental to this is the energy efficiency aspect,” he says, describing the company’s pivot as an acceleration on the industrial side of the business. “The pandemic created direct and indirect opportunities,” Patrick continues. “In a direct way, I would say we became more aware of how fragile things are. You can be on a very stable course and then suddenly get hit by a hurricane.” The primary lesson from this, he notes, is the importance of building more resilience into your company, as well as introducing processes you can fall back on. “This was a good lesson, because it offered us the opportunity to make the company more stable, resilient and able to handle such ups and downs without suffering.” “After all, sustainability is the foundation for all businesses to flourish long-term. Energy efficiency brings about lower operational costs and, as a result, economic sustainability for the enterprise while also contributing to environmental improvements. It’s a win-win situation all round.” Indirectly, the CEO considers the uptake of technology as worthy of mention. “We’ve seen a lot of interesting interactions, including company meetings and fairs held online, which has demonstrated to us how technology can make business interactions more efficient.” While Patrick sees a slight slowdown in the building materials sector as a result of COVID-19, he believes the future is bright for the industrial aspect of the business, with several opportunities for growth. Looking ahead to 2022, he says, “I hope that we will be well-established with the provision of energy-saving equipment in the industrial sector. I also hope we see an uptake in renewable materials in the building sector by the end of the year.” 267

Quick-fire Questions… with Patrick Spiteri Staines What’s a word people often use to describe you? Dedicated. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? My mobile. Which business mentor do you most look up to? Steve Jobs. What’s the biggest lesson you’ve learnt from the pandemic? Be ready for curve balls! How do you switch off? Reading and learning about humanity’s past. Best bit of business advice you’ve ever been given? Focus on the fundamentals. What do you always look for when hiring? Responsibility. Do you prefer to drive or be driven? To drive. The Maltese success story really needs the country to focus on ...? Its weaknesses. What’s the one thing you do in your business that moves it forward most? Innovative ideas and technology. What excites you about the future? Technology. If I were President of the World for a day, I would ...? Eliminate politics. Which philanthropic cause are you most passionate about? The Community Chest Fund. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? The economic recovery from COVID-19.

CEO INSIGHT

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“Although different situations and personalities require different approaches, it is important to me that everyone is consulted when decisions are being taken.”

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Kenneth Brincat

C E O , M A LT A D I G I T A L I N N OVAT I O N AUT H O R I T Y

“ I H A V E A LW AY S B E E N A D E C I S I O N - T A K E R , E V E N W H E N I T W A S N O T N E C E S S A R I LY I N M Y J O B D E S C R I P T I O N . ”

T H E F I R S T A U T H O R I T Y O F I T S K I N D I N T H E W O R L D , T H E M A LT A D I G I TA L I N N OVAT I O N AUT H O R I T Y ( M D I A ) WA S E STA B L I S H E D I N 2 0 1 8 TO R E G U L AT E I N N OVAT IVE T E C H N O LO G I E S . K E N N E T H B R I N CAT, WH O H A S OVE R 1 8 YE A R S’ EXPE R I E N C E I N M A N AG E M E N T, WA S A PP O I N T E D C E O OF THE AUTHORITY IN OCTOBER 2021.

When Kenneth Brincat joined the MDIA as its CEO, he had already accumulated years of experience in management, but never as the first-in-command. Still, leadership seems to come naturally to him. “I have always been a decision-taker, even when it wasn’t necessarily in my job description,” he admits, adding that he does not believe that leaders are born, but rather made. “I believe that a leader is developed over time. In my case, I always followed others as a child. It’s my work experience that taught me the leadership skills I use today.”

participatory leadership is his favourite style. “Although different situations and personalities require different approaches, it is important to me that everyone is consulted when decisions are being taken, which is not easy to do as CEO,” he explains. “I made sure to meet each member of the MDIA individually as soon as I joined the Authority. I wanted to know their vision for their, and for MDIA’s, future.” Kenneth also believes in sharing one’s power and knowledge with others, and in adapting one’s behaviour according to the situation at hand. “Sometimes you need to be paternal in your approach, others less traditional,” he says.

Leadership is a topic that fascinates Kenneth, and he identifies three different styles that he employs in his role as CEO. Being a team player,

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I’m very excited about the MDIA’s future and to have joined at a time when both the Authority and the sector it regulates are growing. Technology will play an increasingly important part in the global economy in the future, and the MDIA will become one of the most important authorities in Malta.

Prior to joining the MDIA, Kenneth held the post of COO with the Malta Business Registry (MBR) for three years. “I’m most proud of the setting up of the entity. We created all the departments in new premises, and were operating as a standalone agency within nine months,” he shares. As CEO, it is now Kenneth’s job to take the major decisions for the MDIA while managing its overall operations, as well as being the point of communication between the Authority and the Government. Kenneth’s day starts with a quick look at his calendar to check what the day has in store. “I then prepare my 12-year-old son’s lunch, but I don’t have breakfast… or lunch, for that matter,” he smiles. “I practise intermittent fasting on weekdays, and only drink coffee and water until dinnertime. Then it’s a long dinner, usually consisting of at least three courses.” Kenneth explains that he doesn’t fast for health reasons, but rather because food is the last thing on his mind while working. “However, if someone brings a treat to the office, or if I have a work lunch, I don’t hold back,” he says, adding that he joins his family for all meals over the weekend. Time with his family is currently not as plentiful as he would like. “I am reading for a doctorate, which is taking up a lot of my free time,” he says. “However, I try to find a balance between work and family time. I try not to read emails at home, and have deleted Facebook because I would often end up reading comments about work-related issues. I’d rather spend time watching football or a TV series with my family.” Like all those in his position, Kenneth loves a challenge. “In this case, the challenges are twofold: my new role, and joining the MDIA at this particular time in its history,” he shares. “I’m very excited about the Authority’s future and to have joined at a time when

both the MDIA and the sector it regulates are growing. There is the additional challenge of the unpredictability of the sector, but I am sure that technology will play an increasingly important part in the global economy, and the MDIA will become one of the most important authorities in Malta.” As the first country in the world to have a legal framework and an authority that regulates innovative technologies, Malta is ahead of other countries. “We created this Authority so it could certify innovative technologies as safe and fit for purpose,” explains Kenneth, adding that the MDIA’s plan is to add AI to its existing list. As a regulator, the Authority’s role is to

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protect public interest by ensuring the technologies they use are safe. As things stand, obtaining this certification from the MDIA is optional, but this is set to change soon. “The EU is working on legislation to have such solutions, including AI, regulated, and Malta has already done the groundwork. That is something we should be proud of as a country,” says Kenneth. “A big part of our work right now is advising groups relating to innovative solutions within the EU.”

Quick-fire Questions… with Kenneth Brincat What is a word people often use to describe you? Trustworthy.

While a lot has already been done, Kenneth is a firm believer in extending these efforts to include the community at large. “Let’s be honest, while blockchain is the future, not many use it at present. We have to offer more assurance to the community, especially when it comes to cybersecurity. Nowadays, it’s easy to build a website, but neither the users nor the owners are necessarily protected. That’s why MDIA’s next step will be the launch of the Technology Assurance Assessment Framework (TAAF), which will offer a certification for any kind of platform used by the public,” he reveals.

Crypto, traditional finance, or both? Traditional, but I was intrigued by crypto in the very beginning. What’s one gadget you can’t live without? My mobile phone. Which business mentor do you most look up to? Rather than a business mentor, a coach. Jose Mourinho – he knows how to handle the media tactfully and he’s loyal to his team.

Kenneth’s concerns are compounded by the increase in eCommerce brought about by the COVID-19 pandemic. Although most now feel safe shopping online, the risk of getting hacked is a real one. “If a website is hacked, it loses the trust of its customers, which could spell ruin for the business,” warns Kenneth. “In a way, the creation of the MDIA couldn’t have come at a better time, and I believe that those who will use the TAAF will have a competitive advantage over others. Certification gives both business owners and their customers peace of mind.”

What’s the biggest lesson you’ve learnt from the pandemic? Not to put off what can be done today. How do you switch off? Reading sports newspapers on the sofa, especially La Gazzetta dello Sport. Best bit of business advice you’ve ever been given? Nigel Holland, ex-mayor of Floriana, taught me to do everything with a clean conscience. Once your reputation is tarnished, it’s tarnished forever.

With the digital innovation industry being so new, the MDIA has also taken on the role of promoter. “Although we have world-class experts in AI, the number of workers in this sector is limited,” Kenneth adds. “So, we have reached an agreement, called Pathfinder, with educational institutions through which we sponsor those furthering their education in this field, because these skills are certainly lacking in Malta.”

What do you always look for when hiring? A good personality that will work well with the team.

Another interesting project is the Digital Innovation Hub, a prospective EU-funded project for which the MDIA has been chosen to be the administrator. This hub, which will be one of many throughout Europe, will offer both physical space for innovators and researchers, as well as equipment and expertise to support them in their work. “We have also launched the Technology Assurance Sandbox, a virtual laboratory where those who might want to develop an innovative solution based on blockchain can test their ideas. The applicants are assessed through milestones that then lead to certification,” Kenneth explains.

What’s the one thing you do in your business that moves it forward most? Effective communication.

Kenneth’s ongoing vision is now for the MDIA to communicate closely with the industry and keep tabs on its needs. “I also want to show other authorities that the way forward is for all public authorities to have a close relationship, and to overcome what I call institutional pride. Working together is the only way forward,” he concludes.

Do you prefer to drive or be driven? To drive. The Maltese success story really needs the country to focus on …? Good governance.

What excites you about the future? The technology that is yet to be invented, and my role in giving assurance of these technologies. If I were President of the World for a day, I would …? Force rich countries to share with poorer ones. Which philanthropic cause are you most passionate about? Animal sanctuaries and the Puttinu Cares Foundation. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? It will take longer than just a few months, but climate change. I hope that all countries agree to cut emissions drastically by 2030.

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CEO INSIGHT “It is a lot of work to study at the same time as progressing professionally, but if you are all-in on something like this, then you find the time and make the sacrifices to make it happen.” 272

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Jesmond Bugeja

C E O , M A LT A CO M M U N I CAT I O N S AUTHORITY

“ M A LT A ’ S W O R L D - C L A S S C O M M U N I C A T I O N S INFRASTRUCTURE WILL CONTINUE TO GROW IN R E S I L I E N C E , S E C U R I T Y A N D H I G H - S PE E D CO N N E CT IVI T Y.”

E S T A B L I S H E D I N 2 0 0 1 , T H E M A LT A C O M M U N I C A T I O N S A U T H O R I T Y R E G U L A T E S T H E I S L A N D’ S E L ECT R O N I C CO M M U N I CAT I O N S S ECTO R S – F R O M F I XE D A N D MOBILE TELEPHONY TO INTERNET AND TELEVISION DISTRIBUTION SERVICES, A S WE L L A S P O STA L S E R VI C E S A N D T H E ECO M M E R C E S ECTO R . A S T H E AUTHORITY ’ S CEO SINCE 2019, JESMOND BUGEJA HAS ALREADY STEERED M A LT A ’ S C O M M U N I C A T I O N S N E T W O R K T H R O U G H A G L O B A L PA N D E M I C . T O D AY , H E A N D H I S M U LT I - D I S C I P L I N A R Y T E A M C O N T I N U E T O C O N N E C T T H E N AT I O N WI T H T H E T E C H N O LO G I E S O F TO M O R R OW.

“Sailing is one of my great personal passions,” begins Jesmond Bugeja, CEO at the Malta Communications Authority (MCA). “There is so much to learn in life from dealing with such a force of nature as the sea: the discipline, the importance of teamwork. Sometimes we need all hands on deck and each set of hands, no matter their level or experience, is uniquely important. This has very much become my management credo. That, and my fascination with the horizon – it is a moving target and so is life!”

arena. Following his secondary education, he joined an extended student training scheme and became, as part of his studies, a technical apprentice with the then-national telecommunications operator, Telemalta Corporation. Soon after completing the course, Jesmond joined the organisation as a telephone technician – a life-changing experience that would also inspire an enduring passion for learning and for the fast-paced world of technology. “Technology and telecoms have always been close to my heart. I quickly became fascinated about finding ways to use them to improve people’s quality of life and to design

Chasing the horizon is a theme already embedded in Jesmond’s long career within Malta’s communications 273

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“Yes, it is a lot of work to study at the same time as progressing professionally, but if you are all-in on something like this, then you find the time and make the sacrifices to ensure it happens. Once you finish, then you have the satisfaction of having done it; of having achieved something special. My only regret is that I didn’t pursue my Master’s earlier in life,” he admits. “With a positive, can-do attitude, anything is possible.”

Our work had to continue, especially with the unprecedented demand for digital communications technologies

In the spirit of continuous improvement, Jesmond remains resolute in updating his studies both for his personal satisfaction and to stay ahead of the industry in his current role as CEO at the MCA. As well as leading the highly specialised team at the country’s regulatory body for the communications, postal and eCommerce sectors, he was elected Mini Board Vice-Chairperson for 2021 of the Body of European Regulators for Electronic Communications (BEREC).

due to remote working, homeschooling and increased use of social media. The pandemic made us realise the depth of the importance of our telecommunications network.

“Alongside my appointment as MCA CEO, being elected as the first Maltese person to serve as the Vice-Chairperson at BEREC was certainly a landmark moment for me,” he continues. “This is a hugely important position to help shape EU-wide policy in the electronics sphere. Malta is at the forefront when it comes to telecoms infrastructure – in fact, we already have nationwide gigabit connectivity and 5G mobile coverage in place and, in the last edition of the Digital Economy and Society Index (DESI) report, Malta placed fifth when compared to other advanced digital economies in the European Union. As such a small country, this was a momentous achievement for us.”

a better future for society,” he explains, describing his ascent up the career ladder via operational, managerial and senior executive management roles with Ericsson AB in Stockholm, Sweden, and in various diverse industries in Malta, as well as his time as Group IT Manager for Gollcher Group and as Head of Malta’s Passport Office. “Through all of these roles, I developed an even stronger background in telecommunications network management and policy development, and I look back on them with immense pride and gratitude.” Coupled with more than three decades of personal and professional growth across his impressively varied resume, Jesmond has also pursued extensive academic qualifications. He holds a Master’s degree in Leadership and Management from the University of South Wales, while he has also achieved a post-graduate Diploma in Digital Marketing and a certification in Prince 2 Project Management Professional – and he is a fully qualified Microsoft Certified Systems Engineer. 274

The accolade is the latest feather in the cap for the MCA, which in 2021 celebrated 20 years since it was established. Originally designated as the independent national regulatory authority for electronic communication services, the MCA aims to promote competition within the sector, safeguard the interests of consumers and enforce sector-specific regulation. Over the following two decades, the Authority’s mandate has evolved beyond fixed mobile telephony, internet and television distribution services to include regulation of the postal and eCommerce sectors. More recently, the MCA has also been responsible for implementing new EU regulations on web accessibility and geo-blocking.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“An important MCA milestone has been putting in place the necessary building blocks to shift the telecommunications sector from a monopolistic market to a fully liberalised one,” highlights Jesmond. “A major part of our mission remains inviting new market players in, to ensure the environment stays competitive. With competition, prices become more affordable – it changes the whole dynamic of the market.” To serve these diverse and equally dynamic sectors, the Authority has meanwhile continued to build and expand its expertise. Today, the team brings together professionals in various fields, including lawyers, engineers, ICT technicians, economists, financial analysts, data scientists, and international relations specialists. “I like to be surrounded by high calibre people with a positive approach, who I can trust and who are eager to learn and excel. I don’t believe in micro-management, simply good results,” Jesmond says, describing his leadership style of the team of around 70 people. “The role of CEO carries significant demands and, of course, as a regulator you must strive to strike a balance and be understanding of the consumers, the customers, the operators, and the industry. But together with my colleagues, we shape the future, which makes my work both exciting and enjoyable.” Throughout the stormy seas of the COVID-19 pandemic in 2020, Jesmond’s empathic leadership skills as captain ensured that both the MCA team and the island’s communications sector stayed afloat. “We lost human interaction. So, internally at the MCA, I tried to be as flexible and understanding as possible, to keep a tight central team dynamic while prioritising everyone’s health and well-being,” he recalls. “Meanwhile, our work had to continue, especially with the unprecedented demand for digital communications technologies due to remote working, home-schooling and increased use of social media. The pandemic made us realise the depth of the importance of our telecommunications network.” The situation also offered an unexpected positive for the eCommerce sector, as Jesmond outlines. “Some companies saw an opportunity to capitalise on the change. By improving their digital presence, local businesses discovered a new niche and learned the lesson that people in Malta do buy online and make price comparisons against international online platforms. This has affected local pricing and powered Malta’s eCommerce sector forward.” At the MCA, 2021 brought another host of milestones. As well as launching ‘Telecosts’, a novel service that provides improved telecoms services to consumers, operators and the industry, the Authority also supported the Government in the modernisation of the telecoms rules through the transposition of the European electronic communications code. In 2022, the Authority’s responsibilities are set to continue their upward growth trajectory, with the development of a new quality control tool and by identifying the sector’s capacity as part of the European Green Deal. “Digital connectivity is a fundamental requirement for the functioning of society and the economy in every nation, including Malta: a small island state in the Mediterranean with great potential. The application of new and innovative digital services promises exciting times ahead. Our world-class communications infrastructure has already excelled through the pandemic, and it will continue to grow in resilience, security and high-speed connectivity,” Jesmond concludes. 275

Quick-fire Questions… with Jesmond Bugeja What’s a word people often use to describe you? Empathic. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? My smartphone. Which business mentor do you most look up to? Richard Branson. I like the way he treats people. What’s the biggest lesson you’ve learnt from the pandemic? Change is inevitable. How do you switch off? Sailing. Best bit of business advice you’ve ever been given? Believe in the people around you. What do you always look for when hiring? People I can trust. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Innovation. What’s the one thing you do in your business that moves it forward most? Continuous improvement. What excites you about the future? The way tech is shaping the world. If I were President of the World for a day, I would ...? Make sure that everyone has food and water on the table. Which philanthropic cause are you most passionate about? Social well-being. Robots & AI: threat or opportunity? Both! Especially if not regulated. What do you hope the world gets right in 2022? Recognising the impact of climate change.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Deborah Schembri

CEO AND MANAGING DIRECTOR, S T M M A LT A

“ Y O U R A C T I O N S S H O U L D A LW AY S S E E K T O I N S P I R E . ”

WITH OVER 20 YEARS’ EXPERIENCE IN THE FINANCIAL SERVICES AND GAMING SECTORS AMONG OTHER DIVERSE SECTORS, DEBORAH SCHEMBRI I S T H E D E D I C A T E D M I N D A T T H E H E L M O F S T M M A LT A P E N S I O N S E R V I C E S LT D . I N 2 0 2 0 , S H E W O N T H E B U S I N E S S W O M A N O F T H E Y E A R A C C O L A D E , PR O O F T H AT D E B O R A H I S , A N D WI L L R E M A I N , A D R IVI N G FO R C E I N B U S I N E S S FO R YE A R S TO CO M E . N OW, S H E TA L KS T H R O U G H H E R EXPECTAT I O N S FO R T H E I N D U ST RY I N T H E YE A R A H E A D.

Since graduating from the University of Malta with a Bachelor of Arts (Honours) in Accountancy back in 1994, Deborah Schembri has risen through the ranks of the financial services sector. Throughout her career, she has worked in numerous C-level and Board Member roles within the gaming, hospitality, and construction industries, formulating new strategies and consistently taking businesses to new heights. “I have always been fascinated by the financial services and business,” she says. “I’ve worked in a variety of sectors but, in a way, my approach has always been the same – to focus on the company’s strategy and objectives, while simultaneously ensuring the financial function of the business is working optimally to realise those goals.”

Most recently, Deborah has been instrumental in developing the pensions division at STM Malta, providing pensions products to local and international clients alike. “Holding the role of Managing Director and CEO of STM Malta was the natural step in my career progression, and I have occupied the position for the past eight years.” When asked about her leadership approach within the company, Deborah expounds that “being a CEO requires consistent hard work and dedication. For a company to succeed it must have an effective leader steering it in the right direction; someone who is open and willing to learn from the past, communicate clearly, and adapt to anything that comes their way. And that is how I strive to lead.”

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EO INSIGHT

“Lead by example. You can’t expect difficult transformations to take place in your team unless you’re willing to walk the walk and talk the talk yourself.”

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Anything can be achieved with passion, perseverance, a growth mindset, and a solid set of ethics at the centre of it all.

If significant internal shifts are required, however, Deborah fundamentally believes in leading by example. “You can’t expect difficult transformations to take place in your team unless you’re willing to walk the walk and talk the talk yourself. You should serve as a role model to your employees – your actions should always seek to inspire.” In 2020 Deborah was acknowledged as ‘Malta Businesswoman of the Year’, evidence of her dedication and commitment to excellence in business. With regards to how she navigates her role as a female in the industry, the CEO reveals that “it can be both rewarding and challenging. Ultimately, though, anything can be achieved with passion, perseverance, a growth mindset, and a solid set of ethics at the centre of it all.” As far as her philosophy on life in the face of adversity, Deborah feels that “comparing yourself to others is counter-productive. The only person you should be comparing yourself to is the past version of you. If you are focused on personal improvement and strive to achieve your own version of success, then you are always on the right track.” Shifting focus to STM Malta, Deborah explains the company has gone from strength to strength since its establishment in 2010, providing pension solutions and other benefits to local and international clients, and registering an impressive €1.8 billion in assets. “I took on the role of Managing Director and CEO in 2014 and, since then, we have built a

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solid client base and reaped consistent profit results,” she says. And with questions arising about the sustainability of the state pension, STM Malta set out to provide an alternative to the deteriorating state schemes. In order to further tackle the issue, STM Malta also joined forces with the Malta Chamber of Commerce to develop a committee geared towards raising awareness and, ultimately, protecting the older generation from poverty. “Considering the financial impact of COVID-19, safeguarding your financial prospects has never been more relevant,” Deborah continues. “The start of the pandemic was a seismic Black Swan event that exposed businesses’ vulnerability to extraordinary external forces and exacerbated ingrained social issues, such as poverty and inequality.” As for its lasting effect on business, Deborah predicts that we might witness a shift in approach towards Corporate Social Responsibility (CSR) initiatives. “On the one hand, it might discourage firms from investing in CSR due to the need to focus on their core operating business for short-term survival. On the other, history has shown that shifts in environmental forces (like the oil crisis in the 1970s), have facilitated the further development of CSR. I’m of the optimistic opinion that COVID-19 will actually accelerate CSR development, with more and more businesses realising that their long-term survival hinges on achieving a delicate balance between profitability and harmony with its stakeholders.” Concluding on what she has learnt from the COVID-19 pandemic, Deborah emphasises that “planning and preparation are crucial, as well as coordinating the necessary tactics, tools and technologies required for effective crisis response.” Going forward, Deborah plans to focus on the growth of STM Malta by continuing to identify new markets and offering alternative products to their clients. She adds that she will also be prioritising employee retention, something which she encourages other companies to consider. “Globally, we are seeing a shortage of human resources, so it is essential for employers to retain their existing employees. In a competitive labour market, your track record and endorsement of causes such as environmental protection are crucial to attracting and maintaining employees. Being a good corporate citizen can help you to stand out from the crowd, and instil a sense of faith and trust from the public and respective employees.” Finally looking to the future of the financial services industry on the island, Deborah expresses her concern over the long-term effect Malta’s greylisting may have on business. She shares that “there is the possibility that some institutions might opt not to work with Malta due to the level of risk involved.” However, it’s not entirely dismal on the financial front. Rather, Deborah is excited about what’s to come. “There are great technological developments taking place in finance right now. Advancements in blockchain, artificial intelligence, and VR technologies are completely revolutionising the industry and provided the necessary regulations are in place, I look forward to seeing how the industry continues to evolve in the coming years.”

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Quick-fire Questions… with Deborah Schembri What’s a word people often use to describe you? Humble. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? My phone. Which business mentor do you most look up to? Anyone who has achieved success through integrity and hard work. What’s the biggest lesson you’ve learnt from the pandemic? That life is too short. How do you switch off? In nature – in the countryside or by the sea. Best bit of business advice you’ve ever been given? Change is the only constant in business. What do you always look for when hiring? The right work ethic and relevant competency. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? New niche markets. What’s the one thing you do in your business t hat moves it forward most? Listening and understanding, so we can find the right solutions fast. What excites you about the future? Digital transformation. If I were President of the World for a day, I would ...? Give everyone a day off and hold an online conference representing world society at large. I’d listen to people’s concerns and better understand the changes they want to see. Which philanthropic cause are you most passionate about? Health issues. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Tackling the climate crisis.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “Businesses have responded very positively, despite the challenges, by being resilient and dynamic. That, to me, is the main message. We had a new reality imposed on us and we had to succeed by being flexible and adaptable. You have to remain positive rather than fixate on the challenges facing you.” 282

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Matthew Agius Mamo CEO, DILIGEX

“ I A LW AY S W A N T T O B E S O M E W H E R E I C A N I M PA C T C H A N G E . ”

A M L /C F T F I R M D I L I G EX H A S E STA B L I S H E D I TS E L F A S A L E A D E R I N T H E S E C T O R . A N D , W I T H T H E D R A S T I C C H A N G E S I N M A LT A ’ S R E G U L A T O R Y FRAMEWORKS IN RECENT YEARS , ITS WORK HAS NEVER BEEN IN SHARPER FO C U S . FO R C EO M AT T H EW AG I U S M A M O, I T ’ S A L L A B O UT D O I N G G O O D – A N D C H A N G I N G B U S I N E S S C U LT U R E I N M A LT A F O R T H E B E T T E R .

Even before he was involved in business, Matthew Agius Mamo had taken on a fair few different roles in his career. But there is one thing that unites them all, as he puts it himself: “whatever I do in life, I always want to be somewhere I can impact change. I’ve always been very active in roles that connect me to people and where I can impact people’s lives as much as possible.”

Government and authorities with tangible solutions,” he says. “I came to understand the realities and challenges that businesses face, but also the rewards and the fulfilment business brings. Seeing so many people doing something they love, and which allows them all to impact society in their own way, was an important factor in deciding to take that step myself.”

This drive goes back to his student days, when he was constantly involved in youth activism. Then there was his time in policy-making roles at national and European levels, where he thrived in areas focused on bringing about and implementing positive change, leading to his role as COO of the Malta Chamber of SMEs, a period he credits directly with his leap to the private sector.

It is no surprise then that, in his current role as CEO of AML/CFT (Anti-Money Laundering and Counter-Financing of Terrorism) firm Diligex, Matthew is most concerned about how his work can bring positive change. “AML is ultimately about helping businesses ensure they are not being used by criminals to launder the proceeds of crime, therefore making life harder for criminals,” he explains. “We are trying to take something that may not be the most appealing or exciting, and which some might see as just a necessary cost or a box-ticking exercise, and help

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people understand the value and benefit of compliance as a culture – not just to their own business but to the country as a whole.” When Diligex was set up in 2016 it focused primarily on assisting businesses and professionals with due diligence requirements. But a landmark moment for the firm came later, when it developed a product arm with a new comprehensive platform to offer a software solution for businesses to understand and carry out all their AML requirements. At the same time, Diligex began ‘productising its own service’, as Matthew describes it. “We decided to become partners with clients that wanted to choose Diligex as part of a long-term relationship, rather than as a one-off,” he says. “This way, we could understand their requirements, see what they really needed in their set-up, and help them achieve it. After all, compliance is an ongoing journey; you don’t just reach it once, you have to keep living it.” This approach has paid off. Apart from the company’s continued growth, its main product, KYCMATIC, was recently a finalist at the prestigious international VIXIO Gambling Regulatory Awards, where it punched above its weight against multinationals many times its size. “We know there is far more we need to do to keep on growing and getting better,” Matthew says. “But I think this shows the result of our investment in expertise, and how we have matched that with automation. What really helped us is that we had actual, successful examples and case studies with international clients – all leaders in their industry – who decided to trust Diligex for their peace of mind.”

Matthew believes the company’s focus on expertise has been a large part of its success: from ensuring it hires the best possible people in all positions to continuing investment in ongoing learning and training. In fact, the team consists of seasoned practitioners that have either occupied MLRO and Compliance Officer roles across sectors, or have direct senior experience through regulators. “Money launderers are smarter than any of us and are always developing new ways of doing things, so it’s vital for us to stay abreast of all the latest developments,” he says. His approach to leadership is similarly built around maximising his team’s potential. “I think a leader can bring the best out of the people around them: helping them shine, helping them understand their potential and bringing them together around a common vision,” he says. As strong as the values are that have driven the company since its inception, its sternest test has come over the last two 284

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years, as the country was hit with the twin storms of COVID-19 and the Moneyval assessment, as well as the subsequent greylisting that forced drastic changes in the approach to regulatory elements in Malta. “I think, in general, businesses have responded very positively, despite the challenges, by being resilient and dynamic,” Matthew says. “That, to me, is the main message. We had a new reality imposed on us and we had to succeed by being flexible and adaptable. You have to remain positive rather than fixate on the challenges facing you.” Matthew believes a lot has already been done to remedy the situation, but points to the challenges small businesses are facing in realising things have to be done differently and learning how to do that. “As much as we can debate the reasons why we had to up our game, I think it was high time that we did, so the question now is: how fast are we going to do that?” he asks. “As for 2022, I strongly believe we have to embrace these new requirements – not for the sake of ticking a box but to address the issues that have led us here by really prioritising doing business in a clean way. We have to set the highest standards and make ourselves a country that can, in a few years, present itself as a centre of excellence in this regard. There’s no point crying over spilt milk. What matters now is that we bounce back, and bounce back stronger.” For Diligex, these circumstances also presented an opportunity to showcase the value of its work, helping clients understand the changes and new expectations, and helping them implement those changes in their business – all while the pandemic was still going on, bringing with it challenges of its own. Looking ahead, Matthew believes the technological aspect of the company’s work is likely to come into sharper focus as people increasingly come to realise that working entirely manually is no longer feasible. “Embracing technology has become the new normal,” he says. “The last two years have helped to push certain generations and strata of society into accepting a new way of doing things. What is important, however, is that technology is not cordoned off for its own sake: it needs to look at a business or a compliance process and become part of the solution, not an end in itself. And that is why it must be married with a team of professionals that understand the business and compliance processes.” In the years to come, Matthew is keen to expand on the training efforts the company already undertakes with hundreds of financial services professionals every year, equipping people with the right skills and pushing the message of compliance as a means of doing business in the right way, contributing to a cleaner jurisdiction for the country, and peace of mind for businesses. “I believe we will definitely consolidate the leadership position we’ve taken as an AML/CFT firm in Malta,” he says of the road ahead. “I want to see us having more and deeper relationships with clients from diverse sectors across the board, and more exciting technological solutions with continual investment to enhance our product, nationally and overseas.” 285

Quick-fire Questions… with Matthew Agius Mamo What’s a word people often use to describe you? Optimistic. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? None really. But if I had to choose one, my phone. Which business mentor do you most look up to? Walt Disney, because he created something that has positively impacted a lot of people’s lives. What’s the biggest lesson you’ve learnt from the pandemic? Appreciating what we take for granted, and the importance of being agile. How do you switch off? Anything creative: I love doing crafts with my kids, and cooking. Best bit of business advice you’ve ever been given? When you feel like you want to give up, that’s when you have to keep going. What do you always look for when hiring? A positive attitude; skills can follow later. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Becoming leaders in compliance. What is one thing you do in your business that moves it forward the most? Giving people a sense of belonging and belief. What excites you about the future? That every day is a new opportunity for us to grab. If I were President of the World for a day, I would ...? Extend the term a bit to make sure I can actually get something meaningful done. Which philanthropic cause are you most passionate about? Mental health. Robots and AI: threat or opportunity? Definitely an opportunity. What do you hope the world gets right in 2022? Doing something positive in practice about sustainability, beyond the lip service we’ve grown used to.

CEO INSIGHT “You have to be extremely agile in marketing and we are very receptive to change. We respond to market conditions and we decide if something makes sense for us and the brands we manage. We ensure our clients grow, and that we’re their partner in their growth. If a client phones at 8pm, I see that as a sign of trust and collaboration, and that they value our input in critical times.”

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Jonathan Dalli

CEO, T H E CO N C E PT STA D I U M

“I LOVE SEEING PEOPLE SUCCEED.”

BORN OUT OF THE FRIENDSHIP BETWEEN CO-FOUNDERS CEO J O N AT H A N DA L L I A N D T H E L AT E J O N AT H A N C H E TC UT I , T H E CO N C E PT STA D I U M WA S FO U N D E D I N 2 0 1 0 A S A B O UT I Q U E C R E AT IVE M A R K E T I N G , B R A N D I N G A N D C O M M U N I C A T I O N S A G E N C Y . T O D AY , T H E C E O I N T E N D S T O B U I L D O N T H E C O M PA N Y ’ S M O M E N T U M , C O N T I N U I N G T O O F F E R B E S P O K E S E R VI C E S A S A R E S P O N S IVE , PEO PL E - F I R ST AG E N CY T H AT PL AC E S I N T E G R I T Y, R E L I A B I L I T Y A N D C R E AT IVI T Y AT I TS H E A RT.

“My personal hashtag is #allwehaveistime,” Jonathan Dalli, the CEO of The Concept Stadium, states firmly. “I’m a strong believer in giving the team, clients and mentees the time, space and resources they need in order to be the best they can be.”

are excellent at what they do,” he smiles, “and to lead them in a way which makes business sense.” He describes his position as “not authoritarian”, but rather a “listening and challenging-based” one. His is a role that prioritises a personal touch and being sensitive to the needs and challenges of those he works with. “I still deal with clients personally, even though the company has now been running for more than 10 years. It’s the part of the business I enjoy the most; to see client activations taking off and bearing fruit is immensely satisfying to me,” he says. “It’s always and only about the people around me – those internally, working with the company, and those externally, our clients. I love seeing people succeed.”

Jonathan’s philosophy has been wrought by years of experience in the marketing sector, and by his selfprofessed passion for Corporate Social Responsibility (CSR). In fact, he wrote his thesis on the subject for his first degree in Management. “Time is all we really have, so, here at The Concept Stadium, we love to give back to people,” he stresses. His role at the firm – which he established with his late business partner and close friend, Jonathan Chetcuti – is very peoplecentric. “It’s my role to manage a team of people who 287

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The CEO’s open and generous attitude leading a team of ‘commercial creatives’ has paid dividends over the years, as the company has gone from strength to strength. Officially launched in 2010 as a boutique marketing and consultancy company, the firm was established by the two Jonathans, who had already been working together for a couple of years, setting the groundwork and building the foundations for their agency. “I used to work in marketing roles for other companies and had the opportunity to travel extensively, which was exciting,” Jonathan explains. “Then I met my late business partner. We wanted to offer something different from the other players in the sector and position ourselves as a marketing partner, sitting with our clients and being true collaborators with them. We wanted our creative credentials to shine and to lead the business to success,” Jonathan attests. From a team of five in 2014, the company grew to 20 in 2021 – and the clients grew with the firm. “It was a small office at first but we started to become known in the sector. We had strong retention among our staff and clients kept coming back. It’s been exciting – when you win a creative pitch, it’s fantastic. It makes those sleepless nights worth it and it gives you a great personal, team and business buzz,” Jonathan laughs, recalling some of the firm’s milestone moments. “As a case in point, a few years ago, we were chosen by Qatar Airways to launch their Doha to Malta route – I mean, one of the biggest airlines in the world, choosing us, a small agency in Naxxar – that was incredible!”

I still deal with clients personally, even though the company has now been running for more than 10 years. It’s the part of the business I enjoy the most; to see client activations taking off and bearing

Today, The Concept Stadium is a well-oiled machine with a strong management team, “which removes dependency on myself and allows staff to nurture their leadership skills,” Jonathan shares. The outfit has expanded to operate across six business verticals: branding, design and audio-visual, web UX/UI, digital and socials, public relations and events, and strategy and communication. “We are a fun bunch, but we are also KPI-driven – and we monitor data on a daily basis. We also became ISO-certified in 2016, which pushed us to further streamline our processes,” Jonathan attests, adding: “I believe a lot in being disciplined in work.” The CEO is also exacting on himself, waking up early to “get things done” and heading to the office to tackle any challenges in quick meetings with the team. He calls these “internal scrums and huddles”, and ensures that they are time-bound and directed towards a solution. “I insist on this, otherwise we simply go round in circles,” he says.

fruit is immensely satisfying to me.

However, the journey has not come without its difficulties. In 2020, Jonathan Chetcuti lost his 288

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brave battle with illness, at the young age of 41. “2020 was difficult. We were trying to cope with the fallout from the pandemic and we knew Jonathan was unwell. It was a very emotionally charged time. It taught us, as a team, to be resilient and reminded us that we need to pull together,” Jonathan says. The sadness at the loss also shifted the team’s mindset. “There’s definitely been a change in perspective since Jonathan passed on. We have learnt to be more grateful for the simpler things. We’re happy to be alive, to have a good and healthy life, and to be able to work in our home country. And we’ve learnt to prioritise the human element to business. We’re still a commercially driven organisation – and that’s important – but not everything is driven by the bottom line. We’ve also understood, for example, that it’s the little wins every day which make everything worthwhile,” Jonathan shares. Looking ahead, the CEO aims to continue putting emphasis on the business’ personal approach and is excited about new developments on the horizon. “We ensure our clients grow and that we’re their partner in that growth. So, for instance, if a client phones me at 8pm, I see that as a sign of trust and collaboration, and that they value our input in critical times,” he says. “You have to be extremely agile in marketing,” Jonathan continues, “and we are very receptive to change. We respond to market conditions and we decide if something makes sense for us and the brands we manage.” The CEO also sees a shift in the industry occurring, with increasing digitisation emerging from the COVID-19 crisis. “The internet is where we do business and socialise; the pandemic has shown us how the world is at our fingertips and what an efficient tool it can be in this line of work.” In light of this, The Concept Stadium will be moving towards further internationalisation over the next few months. “I see us working more with foreign partners. This will help not only us but also our local clients, particularly when it comes to increased market penetration, acquisitions and product diversification,” he continues. In Jonathan’s view, the entire sector in Malta would do well to work together. “I would like to see more collaboration between industry players, since this brings about innovation,” he says. “I always say that every day is a school day, and that’s because we need to be constantly learning. We need to show people that their brand exists within an ecosystem and a community – that there’s a bigger picture here.” Over and above these business goals, Jonathan aims to realise personal targets that are close to his heart. On the one-year anniversary of his late co-Founder’s passing, Elaine Bonello, Jonathan’s wife, and he set up the Jonathan Chetcuti Programme, which donates to a promising athlete in memory of Jonathan’s love of sport. Jonathan was a well-loved fixture on the Maltese volleyball circuit – known for his team spirit, joyful personality and passion for the game. He represented Malta three times at the Games of the Small Nations of Europe (in 1999, 2001 and 2003), and played twice at the European Volleyball Championships (in 1998 and 2002). This year, Richard Schultheis, a promising young sailor chosen by the Maltese Olympic Committee, is the happy recipient of the contribution. “This will honour the legacy of a beautiful human being,” Jonathan smiles. 289

Quick-fire Questions… with Jonathan Dalli What’s a word people often use to describe you? Driven. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? My iPhone and my Remarkable, which allows me to be paperless. Which business mentor do you most look up to? Prof. Juanito Camilleri and Ms Jacqueline Camilleri. What’s the biggest lesson you’ve learnt from the pandemic? Resilience is the order of the day. How do you switch off? I don’t really, but I can during wine tasting! Best bit of business advice you’ve ever been given? Never be afraid to share your ideas. What do you always look for when hiring? Motivation and the will to succeed. Do you prefer to drive or be driven? To drive; it allows me to catch up on my phone calls. The Maltese success story really needs the country to focus on ...? Not always saying we’re small. What’s the one thing you do in your business that moves it forward most? Drive people and challenge them to be better. What excites you about the future? The unknown opportunities we have. If I were President of the World for a day, I would ...? Not be Donald Trump. Which philanthropic cause are you most passionate about? Those that work with children and the elderly. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Ethics and values.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Paul Baldacchino CEO, D A T A T E C H C O N S U LT I N G

“ O U R E M P L O Y E E S F U E L T H E C O M PA N Y A N D P U S H I T FO R WA R D.”

WITH ALMOST THREE DECADES’ EXPERIENCE WORKING IN THE IT S E C T O R , PA U L B A L D A C C H I N O I S A S E A S O N E D E X P E R T I N T H E F I E L D , WI T H A TA L E N T FO R I M PL E M E N T I N G C R E AT IVE B U S I N E S S ST R AT EG I E S . T H I S WA S H I S M I S S I O N WH E N H E WA S A PP O I N T E D C E O O F T E C H N O LO G Y F I R M D A T A T E C H C O N S U LT I N G I N 2 0 1 2 . PA S S I O N A T E A B O U T G R O W I N G T H E C O M PA N Y , PA U L D I S C U S S E S H I S H O P E S F O R T H E F U T U R E A S H E A I M S T O LEAD IT INTO A NEW AGE OF SUCCESS.

“Within three months, I convinced the Board to accept a high-level, long-term business plan,” he shares. “I remember my colleagues thought I was crazy because I asked to cancel contracts and refuse work, but my aim was to find our direction and focus on products that we knew well. This was a big moment as a new CEO and the drastic change gave the company purpose. It took us about two years before we made some noise, at which point I knew we were on the right track!”

Upon joining DataTech Consulting as CEO, Paul Baldacchino had a clear objective – and he wasted no time in putting his plan into action. “Back then, DataTech was trying to find its purpose,” he explains. “In 2003, it started out as a risk management consultancy company but, over the years, the shareholders started looking for a new focus.” Today DataTech provides solutions that enable its clients to digitally transform their businesses and, from the outset, Paul saw an opportunity for the company to enter the Libya market. The plan involved regrouping the Malta office, as well as focusing on Enterprise Resource Planning (ERP) software implementation.

From a new company with only one client, DataTech has steadily grown and successfully worked with some very prestigous global names. The CEO says that he is 290

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CEO INSIGHT “There’s an interesting management practice I like to employ called ‘creative destruction’, whereby you build something and, because it is still small, you destroy it and try again.” 291

We are exploring the capabilities of AI to automate some of our processes. It is a big leap for us, but this is where our focus will be throughout 2022.

you build something and, because it is still small, you destroy it and try again.

especially proud that, across its years of operation, DataTech has the complete respect of its clients. “Consulting and software implementation are complex sectors built on long-term B2C relationships, so I believe our track record is a significant accomplishment given our trade.” Paul also set in motion new work practices, including remote working. As someone with a results-oriented approach, the CEO strives to develop relationships with his team built on trust. “Employees are an integral part of the business; they are the expertise,” he acknowledges. “While the Board is the heart of the company and gives it shape and form, our employees fuel it and push it forward.” For Paul, there is always room and opportunity to be creative in his role until he figures out what works. He stresses that, while there can be risks involved, it’s ultimately worth it if trial and error yields results that can push the business forward. “There’s an interesting management practice I like to employ called ‘creative destruction’,” he explains, “whereby 293

“Being a CEO can feel like being a kid with a bag of building blocks,” he smiles. “The size of the bag is equal to the size of the company. Big companies don’t like to destroy what makes them money. Small companies, on the other hand, tend to iterate on their processes several times before they settle on something that works. Some CEOs have a very challenging job maintaining the status quo, while others have the difficult job of creating and developing a company’s identity. I get a lot of satisfaction from this element of my role.” Throughout the past decade, DataTech’s core activities have revolved around the provision of ERP solutions for businesses, including the implementation and customisation of software, bespoke development and cloud services. Paul explains that the company has now gathered enough momentum to shed its consultancy skin and explore other exciting areas. “We invested a lot in research and development,” he says. “We have years of technical experience in software implementation, customisation and integration, so we are now working on our own in-house products. This involves exploring the capabilities of AI to automate some of our processes. It is a big leap for us, but this is where our focus will be throughout 2022.” The CEO explains that DataTech’s new products include one for security and compliance access, as well as a comprehensive HR system and a

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

logistics supplier relations platform through which companies can issue tenders, quotes, and send and receive purchase orders and payments. “With these new products, we weren’t looking to reinvent the wheel but rather leverage our extensive ERP expertise to exploit a unique opportunity for the company, while providing clients with good, cost-effective solutions.” Speaking of the business over the past 12 months, Paul says that DataTech has felt the effects of COVID-19 like most other companies, but believes the business will thrive in the long-term. “We kept going throughout 2020 and 2021, but undoubtedly there’s been a decline in the volume of business opportunities compared to those pre-COVID-19,” says the CEO. “Although I believe our business is resilient enough to keep going – as business contracts usually span several months – the impact has certainly been felt. Service companies will be heavily affected in the long run and can take time to recover – a client’s priority may not be to purchase software in times like these,” he adds. Paul asserts that this reality goes well beyond Malta’s shores, as the global enterprise software market took a big hit. “For many companies, new projects were the first to be cut loose, as money needed to be redirected to other areas of greater priority. For the global players, this may have meant a simple switch in product revenue, but for smaller companies this could have meant much more,” he explains. “COVID-19 stopped the entire world economy; it was unprecedented. DataTech was fortunate that, while it did not have the opportunity to expand its business, it managed to maintain its market share and profit margins.” As for his role as CEO, Paul jokes that nothing really changed. “For us, COVID-19 came in a box with a ribbon and a note reading ‘good luck’. Give me a technical challenge any time!” Looking ahead, Paul says that the company will look back on 2022 as the year that DataTech took another leap forward. “The products we are launching are valuable and thoroughly tested – we are confident of their uptake. This will take us from being a consultancy firm to a product supplier, alongside our consultancy services. We’re very excited to see this happen after two years in the making.” The CEO is also eager to continue putting Malta on the map through his work with the ICT Executive Committee of the Malta Chamber, of which he is a member. “I’m pleased to be working alongside such a great team and have learnt a lot. As a nation, we have always been hard-working and have shown our worth at every opportunity. There is a lot of local talent in the market, and I believe Malta has a great deal of potential in terms of entrepreneurship.” Sharing where he would like to see DataTech positioned by the end of the year, Paul says that although significant changes are in the pipeline, he believes the company has now established itself as a brand and he is looking forward to a period of consolidation and growth. “We are already operating overseas but our plans are to continue our expansion into the international market in the year ahead,” says Paul. “There are many ways a business can grow and, while profit is certainly an indicator, we are also focusing on reinvesting in the business to fulfil our long-term strategies. I do not see this changing in the near future, and we’re very excited to see where this journey will lead us.” 294

Quick-fire Questions… with Paul Baldacchino What’s a word people often use to describe you? A people person. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? I can live without gadgets. Which business mentor do you most look up to? I’ve learnt a lot from my family. What’s the biggest lesson you’ve learnt from the pandemic? Unforeseeable circumstances arise more often than you think. How do you switch off? Sailing and diving. Best bit of business advice you’ve ever been given? Don’t waste time. What do you always look for when hiring? Commitment. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Being industrious. What’s the one thing you do in your business that moves it forward most? Work hard and smart. What excites you about the future? Retirement. If I were President of the World for a day, I would ...? Rid humans of the need to be rich and powerful. Which philanthropic cause are you most passionate about? All those that want a better future. Robots & AI: threat or opportunity? All inventions are opportunities; only greed turns them into threats. What do you hope the world gets right in 2022? That a consensus about climate change is reached.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “We need to focus more on mental health support; I don’t think we give it enough importance. In my opinion, workplaces should offer free in-house mental health support, or pay for it if an employee needs to seek it elsewhere.” 296

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Jennifer Falzon

C EO, M A L I TA INVESTMENTS PLC

“ F I N A L LY , T H E C O N S T R U C T I O N S E C T O R I S S T A R T I N G T O T H I N K M O R E S U S T A I N A B LY . ”

M A L I T A I N V E S T M E N T S , W H I C H W A S O R I G I N A L LY S E T U P B Y T H E G OVE R N M E N T TO F I N A N C E P U B L I C A N D PR IVAT E D EVE LO PM E N TS , H A S S I N C E G R OWN TO I N C LU D E T H E O PE R AT I O N S S I D E O F T H E S E S I Z E A B L E PR OJ ECTS . A S C EO, J E N N I F E R FA L ZO N ’ S R O L E I S T O E F F E C T I V E LY L E A D T H E C O M PA N Y A S I T T A K E S O N M O R E CO M M U N I T Y- FO C U S E D U R B A N R E G E N E R AT I O N PR OJ E CTS .

When Jennifer Falzon left a telecommunications company to join Malita Investments as an Accounts Manager, she took a leap in the dark. But, a decade later, both her career and Malita itself have thrived.

As for Jennifer, her ascent to CEO was steady but gradual. She is the first person to hold that title at Malita, and her role requires her to oversee the company’s operations and projects, lead her team, and guide the development of the company’s strategy and goals. And, although the team at Malita’s offices is small, it forms part of a much larger one made up of many professionals who the company outsources to.

“I was Malita Investments’ first employee,” she recalls. “At the time, the company was made up of three Board Directors, who knew how Malita would evolve – including its eventual listing on the Stock Exchange. However, on my first day, all I had to work with was a laptop, some sheets of paper, and a pencil. Things have come a long way since then! We have invested in the regeneration of the open-air theatre in Valletta and the construction of the new Parliament Building, among other notable projects.”

Beyond that, as CEO, Jennifer is also the key communicator between the internal and external teams, and with the Board of Directors. “Adjusting to this new role almost felt natural,” she admits. “When the Board decided I was ready to be CEO, I was already fulfilling most of the required duties.

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The transition happened in a difficult year, though, and it is a demanding position. But I am very career-oriented and I put all my energy into my role. I believe in leading by example, always.”

and private projects. “Eventually, we started shifting from financing to operations. Then, in 2017, we took on an affordable housing project that consists of 780 units spread over 16 sites, and which we will also be managing,” Jennifer shares. “This project came about at a time when Malta was experiencing a demographic shift, which in turn affected the economy and resulted in a significant increase in the purchasing and leasing price of residential units. Developers were mostly interested in building highend apartments but those remained out of reach for many. So, for this project, we proposed using Government-owned land that could only be used for social purposes.”

So how does someone as successful as Jennifer spend their day and create some sort of balance between a challenging career and private life? “I try to make time for myself, even though my working hours are long. I wake up at 5.15am and, by 6am, I’m at my Crossfit gym,” she smiles. “I then head straight to the office to start my work day by 8.30am. I never miss a workout – not even at the weekend – because it gives me a big boost of energy.” Once at her desk, Jennifer makes her coffee (which she describes as a daily ritual) and tackles her emails. “We have come to expect answers instantly and I am often contacted via instant message at all hours, which makes it hard to separate my home life from work. However, that hour at the gym is sacred and the only time during my work week when I ignore my phone.” Unsurprisingly, Jennifer is highly organised and plans her day in detail. “I try to anticipate what I need to be doing at any given time, but impromptu situations do arise that need to be tackled, so I adapt,” she admits. Thinking back on her career, Jennifer explains her first love was IT – although she later made her name in the financial services sector. “I originally studied mathematics and IT but diverted when I discovered accounting and fell in love with it,” she shares. “Even though I have always been an accountant, I still love technology and it shows in my obsession with gadgets and automation.” Malita, meanwhile, was originally set up by the Government to seek funds and to finance public

I believe in leading by example, always.

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Similarly, another project that Malita is currently working on involves urban regeneration with a green approach. “We should be launching the pilot project next year. I am excited about it because the environment and sustainability are very important to me,” says Jennifer, who drives an electric car. “In fact, we are installing as many solar panels as we can in the affordable housing project too, and we are taking special care to include outdoor spaces that can be enjoyed by the residents.” The need for a sustainable approach and an appreciation for the outdoors are topics that Jennifer references frequently. “I am glad that the construction sector is starting to think more sustainably,” she says. “I think that the COVID-19 pandemic taught us many lessons, one of which is how important nature is to people. Another issue is the need to invest more in skilled people. Unfortunately, we’re diverting people to professional careers like law and medicine but have forgotten skilled work. It’s a problem we encounter in the construction industry, where we are finding very few people under a certain age who are skilled in working with Maltese stone. Nobody wants to be a builder, a carpenter, or do other skilled jobs anymore.” And although the pandemic created a shortage in construction workers, affected the supply chain and drove up prices, Jennifer feels that more good than bad came out of it. “The general acceptance of remote and flexible working is a move in the right direction,” she says. “I prefer working from the office but I don’t see why employees who feel more productive at home shouldn’t work remotely when possible. I am also very pleased with the shift towards using less paper, even though it’s a constant struggle to get some departments and banks to embrace the online signing of documents. We receive many contracts that need to be signed and using electronic signatures has saved not only on the amount of paper used but on precious time too.” For Jennifer, however, the most positive outcome of the pandemic was a greater awareness of mental health. “I think we should really focus on mental health support,” she says. “I don’t think we give it enough importance. In my opinion, workplaces should offer free in-house mental health support, or pay for it if an employee needs to seek it elsewhere.” Going forward, Jennifer predicts that things will continue to change. “I hope that, like we are doing at Malita, the construction industry will focus more on a cleaner environment. There has been a shift in people’s needs – which now include outdoor spaces and green energy – and those needs have to be addressed.” Finally, Jennifer also hopes to see a more inclusive society emerge – where everyone is given the opportunity to thrive. “It’s so rare to hear someone talk excitedly about their job,” she says. “We need to put people on a path that is right for them.” As for this young CEO, there is no doubt that the path she is on is perfect for her.

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Quick-fire Questions… with Jennifer Falzon What’s a word people often use to describe you? Bubbly. Professionally, a multitasker and assertive. Crypto, traditional finance, or both? As an accountant, I’d say traditional. What’s one gadget you can’t live without? My phone, although sometimes I wish I could throw it away. Which business mentor do you most look up to? Malita’s Chairman, Kenneth Farrugia. He has taught and guided me since the day I joined Malita. What’s the biggest lesson you’ve learnt from the pandemic? To appreciate the little things. How do you switch off? Crossfit and cooking and, occasionally, watching a series on Netflix. Best bit of business advice you’ve ever been given? To be nice to people on your way up because you’ll definitely meet them on your way down. What do you always look for when hiring? Good character. Having a positive attitude is everything. Someone with a wrong attitude can ruin a team. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on …? Clean transportation. What’s the one thing you do in your business that moves it forward the most? Being organised and assertive. What excites you about the future? Technology. If I were President of the World for a day, I would …? Prioritise education on obesity for a healthier population. Which philanthropic cause are you most passionate about? The Puttinu Cares Foundation. Robots and AI: threat or opportunity? Opportunity. In fact, I have a smart home where everything is automated. What do you hope the world gets right in 2022? Respect towards one another.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Jesmond Mifsud

C E O , M A LT A MARITIME PILOTS CO O PE R AT IVE

“NO PERSON CAN ACHIEVE EVERYTHING ON THEIR OWN.”

I N 2 0 0 3 , M A LT A ’ S M A R I T I M E P I L O T S D E C I D E D T O B E C O M E T H E I R O W N B O S S E S A N D FO R M A CO O PE R AT IVE . C H I E F PI LOT J E S M O N D M I FS U D H A S B E E N VOT E D I TS C EO EVE RY YE A R S I N C E I TS I N C E PT I O N , M A K I N G T H I S H I S 1 8 T H Y E A R A T T H E H E L M O F T H E M A LT A M A R I T I M E P I L O T S C O O P E R A T I V E ( M M P C ) . N OW, 2 0 2 2 PR O M I S E S TO B E A YE A R O F G R OW T H , B OT H FO R O U R M A R I T I M E I N D U ST RY A N D FO R T H E CO O PE R AT IVE ’ S B R A N C H E S .

Apart from piloting vessels, they offer consultancy services relating to seafaring, run a training centre and clean any oil spills in our waters. Jesmond also liaises with the authorities on behalf of the cooperative and distributes the work between his colleagues. He is known for his team-centric approach to leadership, while his humility and respect for his colleagues are obvious.

If there ever was a jack of all trades who mastered them all, it would be Jesmond Mifsud. A maritime pilot by profession, Jesmond splits his days between his seafaring job and his managerial one as CEO of MMPC. And although his role as CEO requires him to be on call at all times, he never gave up his role as Chief Pilot. “Being at sea still gives me the most pleasure,” he admits. “I really enjoy meeting people from all over the world, seeing new vessels, and watching new technologies being used.”

“There is nothing that a person can achieve on their own. I am backed by my colleagues, who respect and support me, and we also have a very good team at the office who work well with both the authorities and the pilots,” he says. “My team also includes my wife, who is very tolerant and supportive of what I do. She knows how dedicated

His day starts at 4am and, on a typical day, he works a 12-hour shift piloting vessels entering our ports. The rest of the time, he heads the team of 16 maritime pilots who make up the MMPC.

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CEO INSIGHT “In shipping, decisions have to be made on the spot because, aboard a ship, problems can’t wait to be tackled. I am not saying that I have always made the right decision, but every person has their ups and downs. Even if you make a mistake, you can never give up; you have to keep going.” 301

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I am to my job. It’s not unusual for us to have to cancel plans because I am needed at work to solve a problem.” Jesmond’s background on board ships has equipped him with the ability to take quick decisions, which is an asset in his role as CEO. “In shipping, decisions have to be made on the spot because, aboard a ship, problems can’t wait to be tackled,” he says. “I am not saying that I have always made the right decision, but every person has their ups and downs. Even if you make a mistake, you can never give up; you have to keep going.” What started as a group of pilots becoming their own bosses has since grown into a much larger operation which encompasses various services. “We started helping with conveyances when vessels come to our harbours needing food, water and crew changes,” explains Jesmond. “We realised that an oil spill in our ports

We realised that an oil spill in

wouldn’t only affect pilotage but Malta’s water supply and economy too. That is why we launched and invested heavily in Ocean Care, which tackles pollution in our ports.” Then there is Maritime MT, the school the MMPC opened to train pilots and other seafarers, and perhaps the coop’s biggest and most ambitious project to date. “We started with our own simulator for big ships for captains and pilots,” says Jesmond. “When Transport Malta encouraged us to go even bigger to try and help the industry, we moved to bigger premises and started offering more courses, covering most maritime jobs. “I have said this before, but it bears repeating: there is only one captain on a ship, but there are so many other professionals working both on board and ashore. Just to give you one small example, there are about 3,000 people working on board a cruise ship, and they all need marine induction courses to be able to work on a ship. And the same goes for luxury yachts, which is a growing sector in Malta. At Maritime MT, we give courses that cover careers in various maritime sectors, including superyachts, merchant shipping, and even recreational sailing.” In a career that has had many highlights, one of Jesmond’s proudest achievements remains the investment in more pilot boats that the MMPC managed to secure. “We figured that getting more boats would

our ports wouldn’t only affect pilotage but Malta’s water supply and economy too. That is why we launched and invested heavily in Ocean Care, which tackles pollution in our ports.

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enable us to increase our turnover and, as a result, the whole country’s economy would benefit,” he explains. “The faster we are, the better trained, and the more in touch with new technology, then the better we can utilise all our quays. Due to the relatively small size of our ports, the world’s largest ships would be unable to berth without pilots, which makes us an essential link in the chain of the maritime industry.” Being Europe’s smallest country with the smallest number of pilots has only garnered more respect for Malta’s pilots internationally. “We always have someone on the Board of the European Maritime Pilots Association (EMPA), and they always act on our ideas,” Jesmond says of the cooperative. “In other countries, it’s possible to specialise in different types of ports but here we have to be able to do everything – from general cargo delivery to drydocking and superyachts. Thus, international pilots respect our ability to deal with different situations and different vessels.” In fact, Jesmond and his colleagues are often praised for their expertise and the seemingly impossible feats they perform daily when guiding ships as long as four football pitches into the Grand Harbour or Marsaxlokk Port. And while piloting some of the world’s largest ships is undoubtedly challenging, the COVID-19 pandemic brought about a whole slew of new challenges. When the new restrictions affected the way and extent to which Jesmond and his colleagues could interact with the visiting crews, adapting to the new normal wasn’t easy. “We are used to going aboard, greeting the crew like we would old friends, and having a coffee with them,” says Jesmond. “But this obviously wasn’t possible anymore; now I almost feel like I’m intruding into their space when I step onto a ship, even though I cannot do my job without going on board.” Thankfully, although restrictions are mostly still in place, 2022 is looking brighter. “The lack of passenger cruise liners in Valletta cut our income drastically,” Jesmond divulges. “Luckily, there seem to be more bookings for 2022, and the same goes for conveyances and Ocean Care.” Jesmond’s biggest hope, however, is to continue investing in education. “We want to expand the school further, and have also just invested in a new Electronic Chart Display and Information System, also known as an ECDIS,” he says of MMPC’s plans. “It’s not easy keeping up with all the new technology, but we do our best to stay abreast of it all.” Now, apart from expanding Maritime MT, Jesmond hopes to convince the authorities that the maritime industry needs more people from all walks of life. “12 per cent of our GDP comes directly from the maritime industry and we have the largest flag in Europe. Many professionals are still needed on board passenger vessels, including doctors, accountants and people in managerial positions, to mention but a few. After all, passenger ships are the equivalent of hotels and have the same needs. The only difference is that they are floating,” continues Jesmond. “We need to take a good look at our education system and see where we are heading. It’s useless investing solely in industries like gaming and ignoring other opportunities which are staring us in the face. I hope change will come sooner rather than later,” he adds. 303

Quick-fire Questions… with Jesmond Mifsud What’s a word people often use to describe you? Positive. Crypto, traditional finance, or both? Traditional. What’s one gadget you can’t live without? Against all my principles, my mobile phone. Which business mentor do you most look up to? As a pilot, Carmelo Calafato, a pilotage pioneer in Malta. As a CEO, nobody in particular; it’s a team effort. What’s the biggest lesson you’ve learnt from the pandemic? To be united. How do you switch off? I go fishing. Best bit of business advice you’ve ever been given? Never give up. It’s my motto. What do you always look for when hiring? Self-discipline. In our line of work, it is essential. Do you prefer to drive or be driven? To drive, definitely! The Maltese success story really needs the country to focus on …? Education, which would also help our environment. The amount of rubbish thrown into the sea is unbelievable. What’s the one thing you do in your business that moves it forward most? Hard work, even if it doesn’t always pay dividends. What excites you the most about the future? Change in the maritime industry, as well as retirement and more time with my family. If I were President of the World for a day, I would …? Eradicate poverty. I would like everyone to be fed and have an education. Which philanthropic cause are you most passionate about? Dar tal-Providenza. Robots and AI: threat or opportunity? Opportunity. Robots will never work in our industry, although technology does help in many ways. What do you hope the world gets right in 2022? Equality, at least when it comes to food, shelter, and, at this point, vaccinations.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “Our aim is to transform the sector to make it sustainable and more competitive. To do this, we need to embrace new technologies and improve the way we do things. This is a horizontal approach involving all of the sub-sectors within the industry.” 304

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Karl Azzopardi

CEO, BUILDING AND CONSTRUCTION AUTHORITY

“ W E A R E C H A N G I N G T H E I N D U S T R Y ’ S C U LT U R E . ”

L A S T Y E A R , F O R M E R I N D I S M A LT A C E O K A R L A Z Z O PA R D I W A S A P P O I N T E D C E O O F T H E N E W LY E S T A B L I S H E D B U I L D I N G A N D C O N S T R U C T I O N AUTHORITY (BCA) – AN AUTHORITY SET UP WITH THE AIM OF REFORMING M A LT A ’ S C O N S T R U C T I O N S E C T O R . H E ’ S G O T A T O U G H T A S K A H E A D B U T , WH I L E H E R ECO G N I S E S T H E CO M PL EXI T I E S T H AT CO M E WI T H T H E R O L E , T H E CEO SEES MAJOR OPPORTUNITIES ON THE HORIZON.

Differentiating his new role from that of a CEO in the private sector, Karl Azzopardi explains that the main variance lies in the aims of the entity. “An authority or entity that is working within the sphere of Government is not looking to make a profit, but rather to find what is good from a socio-economic standpoint,” he explains. “As CEO of the recently established Building and Construction Authority (BCA), I see myself as the catalyst for change in the construction industry.”

This is a horizontal approach involving all of the subsectors within the industry.”

Describing Malta’s construction sector as a major player within the economic output of the country, Karl highlights the need for its reform. “Technologies have advanced. Yet, while we have seen some improvements locally, these do not tally with international standards. Our aim is to transform the sector to make it sustainable and more competitive. To do this, we need to embrace new technologies and improve the way we do things.

A look at the path that has led Karl to his current position reveals a wide-ranging career, although construction, he reveals, has been a passion of his from the start.

Acknowledging that these goals will involve a cultural shift that will undoubtedly take time, the CEO is positive about the BCA’s approach. “We have an action plan that looks at all sub-sectors of the industry as being on a level playing field. Once we are all speaking the same language, then we can upgrade.”

“As a student, I got a job within the administration office of the Central Bank of Malta,” the CEO shares. “From there, I was tasked with assisting an executive 305

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to lead a project, which was my introduction to project management and construction.” This led Karl to oversee projects with the Central Bank for seven years, before moving into the private sector where he managed property portfolios and offered project management services to architects, engineers and developers. It was in this role that Karl oversaw some largescale projects, including works on the Valletta waterfront and cruise terminal, among many others. “This exposed me to the full cycle of a project – managing it all the way through from inception and business development to implementation and post-construction facilities management,” Karl explains. He then joined an international project management company working in the MENA region, before landing his first big Government project. “I was approached to lead and direct the Esplora project from a very early stage,” he recalls. He was later tasked with leading what was then known as Malta Industrial Parks, which he managed for six years, factoring in its rebrand to INDIS. Then, after being appointed a Board Member to the BCA last year, he led workshops on what should be done

to transform the sector. “As a Board we were successful in encouraging Government towards the enactment of the BCA as an authority with the aim of transforming the industry,” he smiles. Karl, who now leads the vision he first put forward, shares his priorities as CEO. “Organisation, structure, vision, mission, and action plans are all key. They provide my expertise within the sector, and something I feel comfortable doing,” he maintains. “Starting an authority from scratch is exciting, and it’s an opportunity to get things done in the right way, immediately.” Describing the strategy and action plan that will lead towards the sustainable transformation of the industry in the coming years, Karl draws on Malta’s Economic Vision 2021-2031, highlighting its emphasis on climate change, the circular economy and the COVID-19 recovery. “I would place the building and construction sector at the forefront of that vision,” he says, explaining that the industry has led the way for the island’s accelerated economic growth in recent years. “The construction sector has proven to be resilient during COVID-19,” the CEO notes, “and it will continue to be a key player in our economy. However, things need to change. And our strategy is based on the upgrading of standards and education when it comes to skills gaps within the sector and, most importantly, climate change.” Karl reveals that the BCA’s initial plan involves creating the island’s first national building codes, addressing the need to regenerate vocational subjects and focusing on embracing climate change initiatives. “We want to put the

Organisation, structure, vision, mission, and action plans are all key. They provide my expertise within the sector.

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sector in the best-possible position to take opportunities, innovate, renovate and move ahead,” he says, outlining a 10-year strategy that begins with an immediate three-year action plan. The CEO believes that plan will drastically change the way the sector operates, from the professionals designing it and the developers investing in it, right through to the end user. “We are changing the culture by introducing the notion of a building passport,” Karl reveals. “Whether it’s an old building due to be renovated or a new building being constructed, they will all require one. Building passports will focus on two key areas: the structural stability and life expectancy of the building, and its performance from an energy perspective. This is a big transformation that will push Malta to upgrade its building standards.” When it comes to education, the CEO says, “we have a situation whereby the industry currently employs around 46,000 people directly and indirectly, but there’s a big skills gap.” Tackling this is no mean feat, but the Authority will be working towards promoting courses to address this, having identified approximately 130 skill sets required by today’s far more specialised industry. On the subject of climate change, Karl explains, “we have a long-term renovation strategy that was approved in 2021, and we now need to plan the various initiatives that will lead towards our decarbonisation targets.” Concurrent to the Authority’s three-year plan, Karl continues, “we are building up capacity, investing in technology and adding resources. So, by 2024, we will reach our peak operation.” Describing the impact of COVID-19 on the industry and how it stands to affect the BCA’s future projects, the CEO says that, while the sector has proven resilient, the pandemic did impact project timelines. “I believe that the impact of COVID-19 will continue to be felt in the coming months and years,” he admits. “We were used to a fast-track system, and there will now be a lag, although this is a good opportunity to prioritise and let less rounded projects fall by the wayside. “Malta now has an opportunity to look at our carrying capacity against our stock, incentivise renovation rather than demolishing, and align ourselves with carbon neutrality and decarbonisation. It’s complex but we can do it,” he maintains. Assessing the opportunities ahead, Karl draws on his project management experience, highlighting the importance of starting with the basics and looking at the standards and components involved in the industry today. “If you can look at the full cycle of a project, there are many opportunities to upscale and improve,” he says. As for the challenges involved, the CEO considers the main one to be the culture shift required at different levels of the industry. “The dialogue among professionals involved in the industry is very positive. There is the appetite for change,” he says, describing the importance for all involved to accept responsibility for their part in the process. “There will be resistance to change because the way things are currently done is ingrained in our culture. But, once we attain results, we will be thankful for our perseverance and the work we are doing today. “In fact, our aim for the end of 2022 is for the sector to have a good grasp of our position,” Karl shares. “We have started issuing snippets of the new legislation, so I see this year as the baseline that will kickstart the change. We want to ensure the industry’s focus is on basic minimum standards, as well as education and awareness, which we hope will set the scene for years to come.” 307

Quick-fire Questions… with Karl Azzopardi What’s a word people often use to describe you? Calm, pragmatic and practical. Crypto, traditional finance, or both? Both, but I lean towards crypto. What’s one gadget you can’t live without? My laptop. Which business mentor do you most look up to? Steve Jobs. What’s the biggest lesson you’ve learnt from the pandemic? The importance of spending time with family. How do you switch off? Spending time with my little girl. Best bit of business advice you’ve ever been given? Risk assess continuously. What do you always look for when hiring? Character and hidden skills. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Real opportunities. What’s the one thing you do in your business that moves it forward most? Motivate people. What excites you about the future? Technology. If I were President of the World for a day, I would ...? Address poverty. Which philanthropic cause are you most passionate about? Cancer research. Robots & AI: threat or opportunity? Major opportunity. What do you hope the world gets right in 2022? A worldwide approach to combat climate change.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “An open-door policy keeps me connected to my people and open to new ideas from the talented workforce who help turn those ideas into reality. I’ve learned to never be pessimistic, even when things go wrong – and to always be optimistic, especially when you have people reporting to you.” 308

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James Camenzuli

CEO, PROJECTS PLUS

“ WE FOCUS ON OUR PEOPLE AND THEIR ABILITY TO ACHIEVE – AND WE INVEST IN THEM, BECAUSE THEY ARE OUR FINEST ASSET.”

S E T U P I N J U LY 2 0 1 6 , P R O J E C T S P L U S LT D D E L I V E R S N A T I O N A L INFRASTRUCTURE PROJECTS ACROSS A RANGE OF SECTORS. LED BY ING J A M E S C A M E N Z U L I A S C E O S I N C E 2 0 1 7, T H E D Y N A M I C , P R O F E S S I O N A L T E A M O F F E R S S PEC I A L I S E D T EC H N I CA L A S S I STA N C E A S WE L L A S A R C H I T ECTU R A L , ENGINEERING AND PROJECT MANAGEMENT SERVICES TO PUBLIC AND PR IVAT E E N T I T I E S . N OW, WI T H 2 1 O N G O I N G PR OJ E CTS A N D I NVE ST M E N T TOTA L L I N G €8 3 M I L L I O N , PR OJ ECTS PLU S CO N T I N U E S I TS CO M M I T M E N T TO D E L IVE R I N G H I G H - Q UA L I T Y PR OJ ECTS F R O M I N C E PT I O N TO I M PL E M E N TAT I O N .

For Ing James Camenzuli, mechanical engineering has always been a lifelong passion. However, his love of making things was just the first stage of his business metamorphosis. Following his graduation in 1993, positions across the private sector in project management, manufacturing and the building services industry progressively evolved James’ skills to combine the mechanical with the managerial.

department at Methode Electronics, where I worked with major car manufacturers like Mazda and Toyota, and had the opportunity to present products to them through regular business travel to Japan and around the world. It was an exciting time! The next major leap took place when I became the Director of Engineering with Actavis, one of the five leading generic pharmaceutical companies in the world and the first in Malta.”

“My first job after university was as an R&D Engineer with Baxter Healthcare. From there, I always sought to improve my career,” he recalls. “After that I joined the marketing

Holding the role at Actavis for more than 11 years, James collected a wealth of experience in both people and project management that would serve him as he 309

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progressed to the dual roles of CEO of the Foundation of Medical Services and Chairman of the Board at the Malta Resources Authority in 2014. Further landmark career moments would quickly follow, as he joined Projects Plus as the organisation’s CEO in 2017.

projects managers, becoming more capable of handling larger-scale projects. We focus on our people and their ability to achieve – and we invest in them, because they are our finest asset.” Leading such a diverse team, while maintaining Projects Plus’ united values of client satisfaction, high standards, integrity, honesty, and efficiency, requires a bespoke leadership approach from James. “Everyone in the team has something to offer, with a specific duty. As CEO, I must provide guidance while managing the high values of the organisation,” he reveals. “My approach is more strategic, overseeing the team as well as executive operations. An open-door policy keeps me connected to my people and open to new ideas from the talented workforce who help turn those ideas into reality. I’ve learned to never be pessimistic, even when things go wrong – and to always be optimistic, especially when you have people reporting to you.”

“Since Projects Plus is by nature a project management company, my collective experience fits this position,” James continues. “One of my finest hours in the role so far was one of the first tasks I handled: setting up the new Sir Anthony Mamo Oncology Centre at Mater Dei Hospital. The project had been delayed for around two years when I joined Projects Plus, and my task was to bring it into operation within a year. It was a huge undertaking, but I was so proud to have achieved it with the help of our extraordinary team. Cancer is a nightmare for everyone; it affects us all in some way, shape or form. My objective was to help people around me who are suffering as a result of this disease. I believe we did that.” Projects Plus was set up in 2016 to see national projects such as the Oncology Centre through to completion. The highly experienced team offers architectural, engineering and project administration support services to public and private entities that need its extensive and diverse professional expertise to guide such projects from inception to implementation. “Projects Plus started out by implementing small-scale projects and offering technical services to entities or ministries that lacked these types of specific skills to carry out particular projects. Thanks to our team, they don’t need to engage third-party professionals, making the overall process far more efficient, delivered in a timely manner and within the approved budget,” shares James. “Over time, we have grown consistently and engaged more specialists, including architects, draughtspersons, and

The pandemic made it clear that we need to invest in a healthier environment, with more open spaces for families and children to play. I believe the way forward is to align infrastructure with environmental policy for a better cohesion between the urban and natural worlds.

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As the COVID-19 pandemic threw a curveball at industries across the world, James applied his leadership style and signature positivity to the evolving global and local situation. “The pandemic shook the routine and lifestyle of each and every one of us. We recognised that we must never take anything for granted. It made everyone stop and think – and professionally, adapt,” he notes, describing the shift in operation at Projects Plus over this period. “As CEO of a Government entity, it was a challenging time. I was most concerned about the health and safety of my people and making sure everyone felt secure, particularly on the construction sites that continued work unabated. But with regular communication and a quick shift to remote working for those that could, as a team we weathered the storm and created success amid adversity.” Throughout 2021, the Projects Plus team continued to apply both its expertise and determination to more than 20 projects across Malta. An affordable housing project is underway, constructing 768 new apartments and 626 garages or car spaces in 16 different sites across 11 localities around Malta. The €58 million project, financed by Malita Investments Ltd, was launched through a collaboration between Government entities and the private sector, with Projects Plus providing key consultancy services with regards to its planning and implementation. The entity is also collaborating with Government and private industry on projects to upgrade and renovate sports facilities around the island, such as a football and rugby complex proposed on land previously used for waste, of which James and his team managed the decontamination. While Projects Plus also creates new facilities for the elderly, addresses the lack of car parking across the island, and upgrades local fire and police stations to EU standards, another key project will preserve a Maltese landmark for coming generations. “At Ghadira Bay, the sand has been naturally depleted over time. We have come up with an interesting project to bring the sand back to shore sustainably and in cooperation with the marine and coastal ecosystems, for the benefit of visitors to Malta and Maltese society,” James explains. “The sand reclamation will ensure the future of Ghadira Bay, but we must make sure that the sands are not dragged away by the next storm and that our methodology respects the delicate marine environment. To that end, we have embarked on an extensive study and consultation process regarding the bay and are currently preparing for a pilot project on a specific section to simulate the overall process and gain confidence in our design.” Meanwhile, this eco-conscious approach to sustainable development is reflected in James’ vision for Malta’s future as well as the coming year at Projects Plus. “The pandemic made it clear that we need to invest in a healthier environment, with more open spaces for families and children to play. I believe the way forward is to align infrastructure with environmental policy for a better cohesion between the urban and natural worlds, such as creating green infrastructure for pedestrians and cyclists, even in collaboration with the private sector as the opportunity arises. Private industry can offer more than just construction to social projects that can really make a difference to how we live in Malta. The opportunities are out there. At Projects Plus, our mission is to focus more on transforming wasteland into urban open spaces and sports facilities that offer a better quality of life for all,” the CEO concludes. 312

Quick-fire Questions… with James Camenzuli What’s a word people often use to describe you? Doer. Crypto, traditional finance, or both? Eventually consider both. What’s one gadget you can’t live without? Mobile phone. Which business mentor do you most look up to? As a Manchester United supporter, I look up to Alex Ferguson. His story was a success. What’s the biggest lesson you’ve learnt from the pandemic? Never take anything for granted. How do you switch off? I go home and change my clothes. Best bit of business advice you’ve ever been given? Stay positive. What do you always look for when hiring? Energy and a positive attitude. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Sustainable development. What’s the one thing you do in your business that moves it forward most? Staying open to new ideas. What excites you about the future? That there are opportunities waiting for us – let’s change the world! If I were President of the World for a day, I would ...? Ensure all countries are committed to addressing climate change. Which philanthropic cause are you most passionate about? Fundraising for cancer patients. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? That we overcome this pandemic once and for all.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

David Magro

CEO, M A LT A F R E E P O R T CO R P O R AT I O N

“ WE ARE THE FOURTH BUSIEST PORT IN THE MEDITERRANEAN.”

S I N C E I T S E S T A B L I S H M E N T M O R E T H A N 3 0 Y E A R S A G O , T H E M A LT A FREEPORT HAS DEVELOPED INTO ONE OF THE BUSIEST AND LARGEST P O RTS I N T H E M E D I T E R R A N E A N , A N D B ECO M E A VI TA L A RT E RY FO R T H E CO U N T RY. A S H E A D O F T H E B O DY TA S K E D WI T H R E G U L AT I N G T H E A F FA I R S O F C O M PA N I E S O P E R A T I N G W I T H I N I T , M A LT A F R E E P O R T C O R P O R A T I O N C E O DAVI D M AG R O H A S H I S EYE S F I XE D O N I TS CO N T I N U E D B U S I N E S S G R OW T H .

It’s our role – along with Customs – to eliminate and eradicate illicit trade. That’s our reason for being.”

David Magro is keenly aware of the responsibility his position carries. As CEO of the Malta Freeport Corporation, success in his role means contributing to the economic development of one of Europe’s busiest container ports – and, by extension and given the crucial national role the Freeport has always played, of Malta itself.

David came into the job having spent a large part of his career in the banking sector with Mid Med Bank, and later HSBC; a period he credits with moulding his character and equipping him with skills he still leans on today.

“This role is multi-faceted,” David says. “I act as a facilitator between the operators and stakeholders within the Freeport, helping them communicate and resolve any issues. I work to attract and generate business, and, crucially, I serve the role of watchdog. We have the pivotal role of security within the free zone.

“What I learned then helped me consolidate my personality and my way of approaching customers, plus it introduced me to financial services, risk management and accountability. These factors all helped me make the transition and then settle into this new role,” he says.

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CEO INSIGHT “My past career taught me the importance of working in a network, which is something I always keep in mind now and which I emphasise among my employees. Building networks generates knowledge, business and trust.” 315

Ultimately, it’s not money that counts but giving something back to the community and, with this project, we have the opportunity to achieve something that will really benefit residents from a health and environmental perspective.

“Beyond that, though, it taught me how to work in a network, which is something I always keep in mind now and which I emphasise among my employees. Building networks generates knowledge, business and trust.” David describes leadership, as he sees it, as a continuous process of decision-making and negotiation: making the tough calls when needed, but also finding a way to bridge different positions and viewpoints. Having been previously involved, on behalf of a trade union, in several successful negotiations on collective agreements, one of the most satisfying parts of his role today is seeing good industrial relations develop across the Freeport’s workforce. “I really believe in the value of having an efficient business and avoiding complaints,” he says. His negotiation experience also proved extremely valuable during the early days of the pandemic in 2020, when the shipping industry found itself as hard hit as any. “We had one operator come to us and say they couldn’t pay their lease for the next six months – we’re talking millions,” he recalls. “Obviously it was a shock. But we sat down with the operator, drew up a plan with them for the repayment of the lease and, ultimately, reached an agreement. Payments were made and nothing was forfeited.” The start of the pandemic brought with it a lot of uncertainty, David says, as all ships from China were stopped due to restrictions. “It was tight; an operator even started to retrain employees in other skills,” he says. Meanwhile, local health regulations meant shipping crews were no longer able to disembark for shore

leave, and crew changes weren’t allowed in Malta. “This was very difficult for the crews, but we had to be adamant about it; we couldn’t put the health of local residents at risk.” However, by the summer of 2020, things had taken a turn and shipping began to recover quicker than anticipated. The figures, in fact, show that the Freeport is quickly returning to the levels it was accustomed to before the pandemic. In 2020, despite 316

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the disruptions, around 2.4 million containers passed through, destined either for the local market or for transhipment to other destinations. In 2021, that figure stood at 2.2 million as of the end of September. “Some vessels have to wait outside Malta for two days before they can enter to unload their containers,” David says. “Statistics indicate that we are the fourth busiest port in the Mediterranean.” Which is not to say that it has all been plain sailing. David highlights the six-day obstruction of the Suez Canal in March 2021, which caused delays of around three weeks at the Freeport and all the way down the supply chain. In more recent months, shipping operators have complained of a shortage of empty containers due to an increase in demand, while new delays have been affecting the shipment of raw materials from Asia, all of which has sent prices skyrocketing. “It’s all a ripple effect in this industry: these events affect the shipping planning for operators, all the way down to the factories and those who need the raw materials for their end products, and ultimately consumers.” As things return to normal, David’s sights are set on the future. One of the key projects on the immediate horizon is the development of a new onshore power supply (OPS) system, which will allow berthed vessels to switch off their engines and use dockside electricity supplies, drastically reducing emissions and noise pollution. David says the project will cost around €15 million, with works targeted to begin in June 2022 and last around two years. It will work in tandem with a similar set-up for cruise ships in the Grand Harbour, and comes as the EU is expected to announce a decarbonisation strategy requiring OPS systems in ports by 2030, putting Malta ahead of the curve. “This will be a milestone for Malta and one we should be proud of; other countries in the Mediterranean are still exploring this concept,” David says. “It’s also a source of satisfaction for me because of the benefits it will bring to Birżebbuga residents. Ultimately, it’s not money that counts but giving something back to the community and, with this project, we have the opportunity to achieve something that will really benefit residents from a health and environmental perspective.” The project is not the only one aimed at giving something back to the Freeport’s neighbours – who David admits have, for years, borne the brunt of rampant industrialisation all around them. The Malta Freeport Corporation has also run two schemes; one with an investment of around €500,000, subsidising double-glazing for residents, and it has recently embarked on the building of a new €3 million multi-storey car park, expected to be completed in early 2023. Two storeys of the new car park will be handed over to the management of the Birżebbuga Local Council with the hope of helping to ease parking issues in the town, particularly in the summer months. Finally, from a financial point of view, David says his focus remains on enhancing the business at the Freeport itself, and seeing the Corporation involved in new free zones that the Government has said will eventually be identified and set up around the island to attract new investment. “The element I enjoy most in this job is reviewing the year-end results and seeing improvements in business,” he says. “It’s about realising the upshot of the work we’ve completed, and leaving things in a better place for those who come after us.” 317

Quick-fire Questions… with David Magro What’s a word people often use to describe you? Down-to-earth. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? My iPad. Which business mentor do you most look up to? I’m not religious but I’d say Jesus, for the Parable of the Talents. What’s the biggest lesson you’ve learnt from the pandemic? Be resolute, and take the necessary decisions to safeguard your company. How do you switch off? I never do! Best bit of business advice you’ve ever been given? You’ll only really learn what’s going on in your business by walking around and talking to your employees. What do you always look for when hiring? People who can offer solutions. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? Customer service. What is one thing you do in your business that moves it forward the most? Being proactive. What excites you about the future? The opportunities, particularly in technology. If I were President of the World for a day, I would ...? Scrap nuclear arms and work for the environment. Which philanthropic cause are you most passionate about? Bjorn Formosa and his work with ALS Malta. Robots: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Safeguarding the environment.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Paul Magro

CEO, RISKCAP

“ WE ’ R E LO O K I N G AT 20 2 2 A S A N EW B EG I N N I N G .”

S I N C E F O U N D I N G R I S K C A P I N 2 0 1 3 , C E O D R PA U L M A G R O H A S S E E N I T G O FROM STRENGTH TO STRENGTH, BUILDING UPON THE SERVICES IT PROVIDES TO F I R M S O PE R AT I N G I N T H E F I N A N C I A L S E R VI C E S I N D U ST RY A R O U N D T H E W O R L D . T O D AY , H E L E A D S A T E A M O F E X P E R T S B A S E D O U T O F T H E C O M PA N Y ’ S O F F I C E S I N M A LT A A N D L O N D O N , N A V I G A T I N G T H E C H A N G I N G L A N D S CA PE O F R EG U L AT I O N S A N D I N D U ST RY R EQ U I R E M E N TS TO H E L P E V O LV E T H E W AY G O V E R N A N C E , R I S K A N D C O M P L I A N C E A R E M A N A G E D .

management, compliance and corporate services, in order to support our clients,” he asserts, also noting the significance of several awards and recognition that RiskCap has achieved over the years, among them service awards in 2018, and a young entrepreneur award won by Paul himself.

Describing his role as a multi-faceted one, CEO Paul Magro explains that, due to RiskCap’s nature as a consultancy and professional services firm, he is not only responsible for managing the company internally, but is also on the frontline, dealing with clients on a daily basis. “It’s about having your fingers in every pie – dealing with in-house matters and helping your clients at the same time,” he smiles.

He also counts building successful teams and opening an office in London among his achievements, as well as reaching milestones in relation to the number of clients they work with. In fact, the best part of it all, he admits, is “seeing that our clients are happy and satisfied with our work, so much so that they recommend us to other firms that need support in the areas we work in.”

With over 10 years’ experience in the financial services industry, Paul founded RiskCap, together with his partners, in 2013, in what he describes as his first step into the entrepreneurial world. In fact, the CEO considers his primary career landmarks to be intrinsically tied to the business.

On the flip side, the work RiskCap does also comes with its challenges. That said, the CEO maintains, the challenges are akin to those that everyone involved in the financial industry faces, including regulatory changes and adopting

“Apart from obtaining my PhD, my main achievements are associated with growing the company – building various teams within it, and focusing on the areas of risk 318

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CEO INSIGHT “We ensure our team are experts in their roles. Our key people help us to provide the quality of service that we expect.” 319

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IT when it comes to providing services to help with those requirements. “Compliance has not traditionally been associated with IT, so navigating how it is incorporated within that system can be a challenge. We are always looking to develop internal systems to help us be more efficient in dealing with clients’ needs,” Paul describes. Looking back on the history of RiskCap, the CEO explains that, when the company was set up in 2013, its original aim was to provide risk management services to Fund Managers that were going to be regulated under the Alternative Investment Fund Directive – a directive that was being released at the same time. “Given that Malta didn’t have the resources for companies to require full-time Risk Managers, RiskCap was providing a service that would help them with their regulatory requirements,” he says. And as the years went by, RiskCap branched out into other areas, going into compliance, AML, and providing directorships related to corporate services, Paul continues. He also notes that “while risk management is still our core business, over the years we’ve spread out and offer these diverse services to our clients.”

Speaking about what differentiates RiskCap from other companies offering similar services, Paul says that, from day one, IT has always played a significant role. “We use some of the most advanced systems available to provide our services to our clients, such as having MSCI, a leader, as a strategic partner, when it comes to risk analytics and reporting (eg market, liquidity, counterparty and now ESG). MSCI is a recognised name, so, when clients ask what systems we use, they’re already aware of them and are often impressed. That’s one of the key differentiations between ourselves and similar firms – our systems are really considered among the top in our industry,” he maintains. The other major element that distinguishes RiskCap is its culture and people. “We ensure that our team are experts in their roles. Besides myself, our Head of Risk and Head of Compliance Services – key individuals in the firm – are well recognised within the industry and by the MFSA. These key people help us to provide the quality of service that we expect,” the CEO states. It is this strong framework, with the infrastructure to back it up, that supported RiskCap when the pandemic first hit. Within the company, Paul says that certain contingencies were already in place, enabling the team to easily work remotely if needed. That

In that time, the industry has also changed quite a bit, the CEO affirms. “Clients are becoming much more knowledgeable in terms of expectations from regulators. Now, not only does that help us, but it also increases the demand on what our clients expect from us,” he explains. Whereas Paul admits that, in the past, the company would receive very little feedback from clients on risk management reports, over the years, they’ve started seeing new clients increasingly get back to them with feedback, ask questions and request further information to help them with their day-to-day decision-making. “There’s been a gradual shift and clients have begun to see us as an integral part of their firm.”

This year, we’ll be working on the natural synergies between the Group and on continuing to grow RiskCap, not just in Malta but on an international scale.

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said, he admits that, at the time, the majority of employees were not working from home. “Still, we knew that we could make the switch if we needed to,” he explains, affirming that, upon seeing everyone work from home during COVID-19, and with the work continuously meeting deadlines, “we’ve taken the decision to allow this hybrid method to continue going forward.” On the part of their clients that invest in the financial market, the CEO admits that the team witnessed the initial negative impact at the outset of the pandemic. “Some of our smaller clients obviously felt the pinch even more when the markets dropped, and we did have some that had to close up shop. But we also have many others that have weathered the storm, and are now bigger and better than they were before.” And while the CEO doesn’t consider the pandemic to have created major opportunities, it has allowed RiskCap to consolidate. The biggest opportunity, however, was being acquired by AK Jensen Group, a leading provider of turnkey trading and infrastructure solutions for Fund Managers. As for RiskCap’s office in London, the CEO posits, “since opening, we’ve experienced both Brexit and COVID-19, so we have faced challenges but have managed to build the foundations, for which we see 2022 as the opportunity to continue to cement our place.”

Quick-fire Questions… with Paul Magro What’s a word people often use to describe you? Passionate, persistent and positive. Crypto, traditional finance, or both? Both. What’s one gadget you can’t live without? iPhone or iPad. Which business mentor do you most look up to? Through the years I am lucky to have worked alongside a number of prominent business mentors. They have helped me become who I am today. What’s the biggest lesson you’ve learnt from the pandemic? The importance of being positive and resilient.

In fact, 2022 is looking bright for the firm. The acquisition by AKJ Group will certainly add a new dimension. Paul explains, “the Group see us as a natural fit for their ever-growing ecosystem, adding a professional services and consultancy firm to service various firms and legal structures that the Group has and will set up.” Also, Paul continues, “it is an opportunity to plan the time to refresh our client experience and brand messaging. Working alongside AKJ Group, we will challenge ourselves to explore unlikely alignments and work with firms that share our vision or a cause we are passionate about.” As a result of the acquisition, the CEO continues, “this year, we’ll be working on the natural synergies between the Group and on continuing to grow RiskCap, not just in Malta but on an international scale.” Moving forward, Paul affirms that the biggest opportunities lie with the creation of new services due to regulatory requirements and new sectors, such as blockchain and crypto within the financial services sector, attracting new clients, meeting with people again, and being able to drive the business development side further. “I’m looking forward to all the opportunities that come with those interactions with people once again,” he smiles. Paul is focused and motivated for the months and year ahead, listing an ambitious set of deliverables. “2021 felt like an unwelcome extension of the struggles of 2020. The challenge of hiring remains industry agnostic. However, our future success will be driven by how we can implement IT across all of our service areas. I plan to ensure that with the right IT we will deliver on more success. Furthermore, my goal is to continue to bring in business for the company across the board and to maximise the integration between RiskCap and AKJ Group as we look to grow internationally and push our plans forward throughout the year.” 321

How do you switch off? Watching football. Best bit of business advice you’ve ever been given? Be grateful and be patient. Great things take time to happen. What do you always look for when hiring? Character, and how they will integrate with the team. Do you prefer to drive or be driven? Drive. The Maltese success story really needs the country to focus on ...? We are key to its success. What’s the one thing you do in your business that moves it forward most? Cooperation. What excites you about the future? The financial services industry continues to evolve and creates new opportunities. If I were President of the World for a day, I would ...? I’d encourage leaders of major countries to sit down together for one day, to find some common ground for the greater good of the world. Which philanthropic cause are you most passionate about? Animal sanctuaries. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? Improving the environment and achieving carbon neutrality.

MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Joseph Attard

CEO, I N D I S M A LT A

“SOMETHING CAN APPEAR OUT OF THE BLUE AND CHANGE EVERYTHING.”

WITH A BACKGROUND IN ARCHITECTURE AND CIVIL ENGINEERING , INDIS M A LT A C E O J O S E P H A T T A R D H A S H A N D S - O N E X P E R I E N C E W H E N I T C O M E S TO I N N OVAT IVE I N D U ST R I A L PR O PE RT Y S O LUT I O N S . R E S P O N S I B L E FO R T H E A D M I N I ST R AT I O N A N D G R OW T H O F G OVE R N M E N T- OWN E D I N D U ST R I A L PA R K S O N T H E I S L A N D S , J O S E P H E X P L A I N S T H A T T H E K E Y T O I N D I S M A LT A ’ S S U CC E S S I S ST R O N G L E A D E R S H I P A N D A K E E N FO C U S O N S U STA I N A B I L I T Y.

“Being a CEO means being the person who can make the difficult decisions,” says INDIS Malta’s Joseph Attard. It’s a mantra that has got him far in life, working his way up from engineering roles within INDIS Malta to now running the company.

garages for the lighter industries, to an airport runway extension. It’s not too unfamiliar for me!” Unsurprisingly, given his technical background, Joseph’s approach is very hands-on. He starts his day by heading on site to see for himself how the construction phase is progressing. “It’s not necessary in my role, but I cannot start my day any other way,” he confides. “I believe that in order to be able to give direction, you have to know what’s happening on the ground and understand the difficulties employees encounter on a daily basis. I then go to the office to hold meetings with prospective tenants, and with the legal team for consultation on contracts and lease agreements.

“Three years ago, I worked here as an architect and civil engineer,” the CEO shares. “Before that, I worked with a foundation building schools, and in South Iraq, I worked on road construction and other civil engineering projects after the Iraq War ended.” His extensive experience stands him in good stead for his role as CEO. “INDIS Malta is embarking on a €470 million project over eight years, mainly involving civil engineering projects. These range from the construction of factories for industry as well as

“My role as CEO,” he continues, “is about finding the balance between the employees, the tenants [renting 322

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CEO INSIGHT “We need to regard microenterprises as an investment. If traditional businesses are doing a good job in the property industry, it’s reflected in Malta’s economy.” 323

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the industrial properties], and the interests of the company. One of the most rewarding aspects of the job is seeing the various departments work together to reach the final goal. There are challenges of course – such as onboarding technical people – but there’s satisfaction in steering a project in the right direction.” INDIS Malta’s history dates back over 50 years, and with the largest areas for industrial use in Malta within its portfolio, Joseph is very conscious of the company’s environmental impact moving forward. “We have a number of ethical policies and initiatives in place,” he divulges, “including our photovoltaic [solar panel] policy. The factories themselves are INDIS Malta’s property, and tenants are often reluctant to invest in environmentally friendly measures in a space they do not own. Now INDIS Malta is encouraging them to invest in photovoltaic installations by taking on the responsibility, so if the current tenant decides to withdraw from the tenancy agreement, INDIS will carry on with the commitment.”

€2.5 million into local councils affected by INDIS Malta industrial estates. “In areas such as Mellieha, we are helping the local council and voluntary organisations with the restoration of culturally important sites,” the CEO explains. “We need to find a balance; we don’t make huge profits, but part of our income must go to the local community.” Reflecting on the past year, Joseph says that 2021 was a good year for INDIS Malta. “We currently have over 900 tenants in our properties and occupancy is at around 98 per cent,” he shares. This is in part due to the way in which the company managed its tenants during COVID-19. “We stood with the companies renting our properties as much as possible when the pandemic hit. We knew that certain businesses were struggling, so we drew up debt repayment agreements with them. 2021 ended well and we didn’t experience any issues with repayments.”

This only scratches the surface of INDIS Malta’s green initiatives. The company is also building an ecoproperty in a micro-enterprise park with Grade A Energy Performance Certification, as well as investing

You don’t get anywhere by saying ‘yes’ to everything. To manage well, you have to be a strong decision-maker.

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Joseph describes 2021 as “the year that INDIS Malta was born” and speaks passionately about the first phase of one of its multi-millioneuro projects: the extension of runway Lima at Malta International Airport. “It’s a sensitive project because it’s an archaeological area. We’re clearing the topsoil by hand and recently discovered the rock bed,” he details. In fact, the team at INDIS has made a fascinating discovery, which leads the CEO to share his view on the importance of respecting Malta’s cultural heritage. “We’ve uncovered vineyard trenches. In the past, people used to cut these trenches in rock and clay, so the vine’s roots could grow in a material that remains humid all year round. We are now carefully excavating the area in close cooperation with the Superintendence of Cultural Heritage, which analyses samples of the ground. “A 3D survey of these trenches will eventually be conducted and detailed in the archives of the Superintendence for future generations. We are in fact using geotextile, a material that does not bond to the rock, and will eventually fill in the runway with aggregate. This way, the runway is temporary. If future generations no longer need the runway, they will be able to restore the rock face to the state it is in now.” 2021 also brought with it a number of challenges, but he took it all in his stride. For one, going from an employee at INDIS Malta to its CEO involved a considerable shift. “Being CEO is no easy feat. Employees were used to their previous CEO of seven years and, now, they need to adapt to my system – that doesn’t happen overnight. I know many of them as colleagues; being their boss sometimes means having to say ‘no’, as you don’t get anywhere by saying ‘yes’ to everything. To manage well, you have to be a strong decision-maker.”

Quick-fire Questions… with Joseph Attard What’s a word people often use to describe you? Too strict sometimes – I’m the son of a policeman! Crypto, traditional finance, or both? Crypto is the way forward, but we have to cater for both. What’s one gadget you can’t live without? My mobile. Which business mentor do you most look up to? The Director in one of my previous roles; he was the beating heart of the company. What’s the biggest lesson you’ve learnt from the pandemic? Your life can change in seconds. How do you switch off? I spend time in nature.

The CEO is optimistic about 2022 and says he will be taking some important life lessons learnt from COVID-19 into the months ahead. “The pandemic showed us that something can appear out of the blue and change everything, both professionally and personally. I was always focused on work; I would start at six in the morning and work until seven or eight in the evening, including weekends. Since the onset of the pandemic, I no longer work on Sundays. I think it’s important to have a clear head in order to thrive in business.”

Best bit of business advice you’ve ever been given? To think long-term.

To unwind, in fact, he enjoys spending time in the countryside. “I live in Mellieha, surrounded by nature and the sea – I like to go for a walk with my excitable one-year-old German Shepherd! COVID-19 has been a game changer in this respect. I realised we’re here to live and work – not to work and live.”

The Maltese success story really needs the country to focus on ...? The environment and the economy.

Nonetheless, 2022 is an intensive year for INDIS Malta, and will see it focus, among other things, on aviation (an industry that’s recovering gradually) and family-run businesses. Joseph is adamant that small and traditional businesses need support, particularly now. “Small businesses are important for the economy and for the survival of local traditions,” he asserts. “By way of example, there are craftspeople who are skilled in creating parts for older machinery in the traditional way. We need these micro-enterprises to survive because large companies do not tend to be interested in this niche. “INDIS Malta may not earn high rental income from such companies,” Joseph admits, “but these properties help our tourism industry, among others.” He has a clear vision for a more sustainable future, where tradition and culture can thrive alongside the growing industrial sector. “We need to regard micro-enterprises as an investment,” he concludes. “If traditional businesses are doing a good job in the property industry, it’s reflected in Malta’s economy.” 325

What do you always look for when hiring? Quality tenants. Do you prefer to drive or be driven? Drive.

What’s the one thing you do in your business that moves it forward most? Focus as much as possible on the employees. What excites you about the future? Our €470 million investment programme. If I were President of the World for a day, I would ...? Find a balance between wealth and poverty. Which philanthropic cause are you most passionate about? Helping children who have no family. Robots & AI: threat or opportunity? Eventually an opportunity. What do you hope the world gets right in 2022? I hope we get to the other side of COVID-19.

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CEO INSIGHT “Part of the role of a CEO is to convince your team to follow your ideas and dreams towards a specific vision. But being an effective leader is more than that: it is to create a team that knows what to do at the right time, who help with decision-making and share their ideas, which I then transform into action.” 326

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Alessio Bucaioni

CEO, W E S T R A D E LT D

“NETWORKING IS EVERYTHING IN OUR LINE OF WORK.”

F O U N D E D I N M A LT A I N 2 0 1 4 , W E S T R A D E LT D P R O V I D E S T E C H N I C A L A N D CO M M E R C I A L I N T E R N AT I O N A L I S AT I O N S E R VI C E S TO A D IVE R S E R A N G E O F S E CTO R S , I N C LU D I N G D E F E N C E A N D M A R I T I M E S E C U R I T Y, WAT E R A N D E N E R G Y M A N AG E M E N T, A I R P O RT A N D T R A N S P O RTAT I O N , I CT A N D CYB E R S EC U R I T Y A N D S M A R T C I T Y S O L U T I O N S . T O G E T H E R W I T H T H E C O M PA N Y ’ S S P E C I A L I S E D SUBSIDIARIES , CO-FOUNDER AND CEO ALESSIO BUCAIONI CONTINUES TO C H A N N E L H I S EXT E N S IVE I N T E R N AT I O N A L EXPE R I E N C E I N TO C R E AT I N G V A L U A B L E B U S I N E S S E X PA N S I O N O P P O R T U N I T I E S W O R L D W I D E .

Nicknamed ‘Hyperdrive’, Italian-born Alessio Bucaioni is known for his insatiable energy, passion for people and tireless curiosity for global cultures – signature traits that he has etched into the fabric of the company he cofounded, WES Trade Ltd.

to internationalise their products or services might look for,” explains Alessio. “It is very much a company shaped around me and what I love to do: to travel and discover different cultures, meet people and support others as they expand their businesses worldwide. Every experience teaches you so much, including how to adapt your sales approach to suit the local culture. It is one of the many reasons I love my job!”

Indeed, WES Trade is a mirror image of Alessio’s values and character. For seven years, the company has helped an expansive range of clients internationalise their products and services, using the network of contacts, worldwide partners and opportunities – not to mention linguistic and cultural abilities – that Alessio has amassed over a long career in sales.

Alessio built WES Trade with his best friend Daniele Rosa, and with the constant support of his beloved wife Chiara, using their shared values and extensive professional experience to create an organisation powered by diversity. Across a network of around 50 countries, WES Trade specialises in internationalisation, complex project management, and research and development

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MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

programmes across sectors including defence, maritime and homeland security, energy and water efficiency, logistics, engineering and civil construction, environment and agri-food, airport and transportation, and ICT and cybersecurity. Meanwhile, the company’s ever-widening portfolio of services is supported by subsidiaries including WEST Italia, which oversees Italy-based projects; joint venture WPM with partner PT Matic, which provides environmental turnkey solutions; and SG Dynamic E, in which WES Trade acquired shares to invest further in the renewable energy market.

“Today, WES Trade provides services while also implementing projects of its own,” Alessio continues. “A critical step was when we became a member of the Malta Chamber of Commerce, Enterprise and Industry, for which I deeply thank former President Frank V. Farrugia. He is a unique professional and real friend whose energy buoyed us as we joined Malta’s thriving business environment,” the CEO says. As WES Trade grew, Alessio also directed the company towards another personal passion: research. “As an engineer I have always been attracted to research. I am proud that we have established multiple collaborations with start-ups, research centres and international universities, where new ideas and challenges originate,” he shares with excitement. “We work closely with them to merge these ideas into products that become industrial innovations. In recent years, several research and development projects have become our oxygen for future business, made possible by our team, which is brilliant at converting scientific ideas into products and solutions using their wonderful mix of exceptional skill and creative drive.” Alessio’s leadership style is another reflection of his energy and passion for people. “Leadership is an innate ability, not a learned skill. It can’t be created if you don’t already have it – but it is nonetheless essential to build upon it with the help of your team,” he asserts. “It is vital that they see you as a good ‘captain’, since part of the role of a CEO is to convince them to follow your ideas and dreams towards a specific vision. But being an effective leader is more than that: it is to create a team that knows what to do at the right time, who help with decision-making and share their ideas, which I then transform into action. I love people with ideas, so as a small company we strive to create an environment that will welcome their creativity, develop their skills and help them build their own network – and networking is everything in our line of work.”

WES Trade is very much a company shaped around me and what I love to do: to travel and discover different cultures, meet people and support others as they expand their businesses worldwide. It is one of the many reasons I love my job!

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MaltaCEOs 2022 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

While the team shares his dedication towards the business and innovation, Alessio also highlights the importance of the company’s ethos of transparency, clarity and honesty. “Being in sales worldwide for so long, I learnt that you must always be fair, clear and transparent with clients. It is so important to build that relationship. “But we want our clients to trust the company, not just me, so everyone on our team makes sure to offer the same high-quality service. And, of course, this also means that I can spend time with my family, safe in the knowledge that the business is in good hands,” he remarks, adding that a CEO’s work-life balance is possible only through the understanding and support of family, friends and colleagues. But it hasn’t always been easy. The arrival of the COVID-19 pandemic in 2020 tested the close-knit dynamic of WES Trade’s team, as well as the company’s global operations. Yet, as a man so used to adapting to the challenges of cultural change, Alessio applied his characteristic positivity to the situation – both as a leader and as a human being. “The pandemic has significantly changed our habits and approach to life as a species. In the internal ‘small world’ of your company, you realise the extent of your responsibility for your employees, for their salary, for their health, for their future dreams. The biggest surprise was realising the fragility of our world and how quickly your life can change. It isn’t easy to stay positive when people are at their lowest, but that dark period made me stronger. I have spent most of my life travelling abroad for business, so staying at home meant I could enjoy more time with the people – and cats – I love, while I could significantly grow my network online and by phone.” Supporting the community through stormy times is a pursuit close to Alessio’s heart – one that he also applies with pride to WES Trade’s CSR strategy. “Your company is a grain of sand. Collaboration and brainstorming with other companies highlight the need for social responsibility. Each of us is responsible for helping economic and social initiatives; we should not work with blinker-vision solely towards our own targets. I strongly believe that each person and company should contribute to a better world for humans, animals and the environment.” Channelling this ideology, WES Trade supports several NGOs globally with systems, solutions and donations to help children and people in difficulty. The company’s CSR milestones include the donation of its ‘We-LEARN’ e-learning platform to the Progetto Continenti NGO for abandoned children in Guatemala and aiding the Animal Care Malta Sanctuary through large shipments of free pet food secured via WES Trade’s international contacts. Meanwhile, time spent enlarging the company’s reach digitally during the pandemic is set to pay dividends in 2022, through a series of new project opportunities currently in development. “There are multiple major international projects in the pipeline and I will be looking to employ more staff to support this growth. While completing our works on Tripoli International Airport, we will also start implementing technologies for quartz and gold in the Mali Service Centre (MSC) and complete ongoing projects in Italy. We will also follow up on the ‘Blue Drop’ study to establish possible applications to improve water performance, while progressing our studies on smart irrigation through the ‘IRRIGOPTIMAL’ pilot project. Yes – 2022 is going to be a busy year!” the CEO smiles in conclusion. 330

Quick-fire Questions… with Alessio Bucaioni What’s a word people often use to describe you? Hyperdrive. Crypto, traditional finance, or both? Traditional finance. What’s one gadget you can’t live without? For work, the mobile phone. Which business mentor do you most look up to? Any young, smart politician with an eye on the future. What’s the biggest lesson you’ve learnt from the pandemic? Using time properly. How do you switch off? Sports, such as football and running. Best bit of business advice you’ve ever been given? Be fair and think long-term. What do you always look for when hiring? Smart people. Do you prefer to drive or be driven? To drive! I love driving. The Maltese success story really needs the country to focus on ...? Enlarging our view, beyond Malta, towards international challenges. What’s the one thing you do in your business that moves it forward most? A wonderful business lunch! What excites you about the future? That I have lots of things to do and ideas to realise. If I were President of the World for a day, I would ...? Try to create something to help animals. Which philanthropic cause are you most passionate about? Animals and the preservation of history. Robots & AI: threat or opportunity? Opportunity. What do you hope the world gets right in 2022? That humans will stop committing crimes against other humans. The world should try to help people.

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