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MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

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concern. Whether it’s the ‘Greta (Thunberg) effect’ or a shift towards the understanding that our planet may be in trouble, almost all of our CEOs cited environmental improvements as one of their key hopes for 2020, and many highlighted changes they are making in-house to put their money where their mouth is. In fact, from CSR initiatives at grass-root level, to much wider activities at either a community or national level, they are putting both strategy and resources into implementing change as effectively as possible.

Welcome back to another year of unparalleled insight from some of Malta’s top CEOs. Once again, as editor, it was my privilege to gain unfettered access to some of the leading business minds in the country, and to come to learn more about their ideas, processes, challenges and drivers for the 12 months ahead. When I edited MaltaCEOs for the first time last year, I was struck by the trends that seemed to emerge naturally in conversation. Yes, each CEO was focused on their own business and sector. But, across the board, there were similarities; themes that seemed to permeate across the business sphere and impact all companies – big or small – in one way or another.

And it is this kind of determination that makes me prouder than ever to be a member of the business community – because yes, it is a driver for positive transformation. History has regularly shown us that we, as humans, are better together than winched apart – and the same can be said of business minds that pool their strength and knowledge to lobby for change. Now it seems that time for change has come, and we are ready to request it, both from the powers that be and of each other.

Last year that theme was definitely ‘people’. Each CEO spoke about the modern requirements of their role when it comes to nurturing their teams, serving their staff, and empowering their people, especially at a time in Malta’s history when human resources have become so undisputedly precious.

This gives rise to an exciting era, as the business world as a whole puts its trademark thinking into action to forge impact. And with low-level rumblings that the economy – both local and international – could be gearing up for a tumble, sassy business people know there is no better time to glance inward, look the challenges straight in the face, and unpack solutions where they are needed most.

This year there is no denying that that factor remains. The still-upward trend in the economy requires that developing companies need good people to grow, and that developing those people – training them, inspiring them, and motivating them – will be as important to business strategy in 2020 as it was in 2019.

The CEOs herein are members of that pack, and they are ready to be the disrupters and the changemakers that use their business acumen to find solutions for tomorrow’s world. I cannot wait to see what they make happen.

But another, possibly more-pressing trend has emerged too, and it has become the buzzword on everyone’s lips: sustainability. Across the interview process for all 50 of our CEOs – as well as the international business leaders and global experts that we also spoke to – sustainability appears to be the number one

PUBLISHER

I trust that you will relish your time with our CEOs as much as I have. Happy reading.

CREATIVE DIRECTOR & DESIGN Nicholas Cutajar

DESIGN

Sustainability is crucial J O C A R UA N A – E D I TO R , M a l t a C E O s 2 0 2 0

Content House Group, Mallia Buildings, 3, Level 2, Triq in-Negozju, Zone 3, Central Business District Birkirkara CBD3010. info@contenthouse.com.mt www.contenthouse.com.mt

James Debono

MaltaCEOs 2020 is published and owned by Content House Group Ltd.

DIGITAL MEDIA & MARKETING MANAGER

EDITOR

PHOTOGRAPHY

Jo Caruana

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DIRECTOR OF OPERATIONS & SALES Lindsey Napier

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Alan Carville, Brian Grech, Emma Micallef, Inigo Taylor Cacti Media: Sean Baccica, Andrew Borg Carbott, Gabriel Piscopo

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Rebecca Anastasi, Laura Bonnici, Rebecca Cachia, Cassi Camilleri, Caroline Curmi, Helena Grech, Sarah Micallef, Martina Said 30

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 2020 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 in leading hotels, cafés, hair salons, hospitals, clinics and banks. The publication is also distributed to all embassies and consulates in Malta, and to the members of the Malta Chamber of Commerce, Enterprise and Industry.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Malta’s BUSINESS LEADERS

A S W E H E A D I N T O 2 0 2 0 , A L L E Y E S A R E O N M A L TA ’ S M A J O R B U S I N E S S S E C TO R S TO D E T E R M I N E H O W T H E E CO N O M Y WILL FARE IN THE MONTHS AHEAD. HERE, WE ASK FOUR OF M A L TA ’ S L E A D I N G A N D M O S T E S TA B L I S H E D E N T R E P R E N E U R S F O R T H E I R TA K E O N W H AT 2 0 2 0 H A S I N S T O R E . T H E I R A D V I C E ? I N N O V AT E , D I V E R S I F Y A N D P R O C E E D W I T H C A U T I O N .

have their

say on

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MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

It requires resilience to take the reins of a family business in existence since the 1920s, and embrace the responsibility of leading it into a series of achievements. Mr Farrugia did precisely this when he became managing director of the Farsons Group in 1980. Skip ahead 40 years, and he’s now chairman with major successes behind him, including modernisations of the brewery, the founding of food-franchise operator, Food Chain Ltd, and the establishment of a drinks packaging plant and centralised logistics centre.

LOUIS A FARRUGIA AS CHAIRMAN OF THE FARSONS GROUP AND TRIDENT E S TAT E S P L C , A S W E L L A S M U L T I G A S , L I Q U I G A S A N D F A R R U G I A

“I’ve been an entrepreneur for 45 years, but entrepreneurship has changed drastically in that time,” remarks Mr Farrugia, as he reflects on the local business landscape. “In the 70s and 80s, ‘profit’ was a dirty word because our educational system didn’t promote entrepreneurship as a means of doing good in society. But, I’ve always believed in and fought for the benefits of entrepreneurship. “In 2020 and beyond, we must remain competitive in our sectors, which will be challenging without good governance. In the 70s, the bankruptcy of two local banks gave private enterprise a bad name, triggering a reputation that was difficult to shift. Without good governance we risk losing our standing in the world – history must not repeat itself.”

I N V E S T M E N T S , T H E R E ’ S N O D E N Y I N G T H AT L O U I S A F A R R U G I A ’ S V I S I O N A R Y L E A D E R S H I P A N D E N T R E P R E N E U R I A L S P I R I T H AV E L E D TO I M M E N S E S U CC E S S . N O W , H E L OO K S TO T H E F U T U R E A S H E ’ S A L WAY S DO N E : F E E T F I R M L Y R OO T E D I N L E S S O N S L E A R N E D A N D E Y E S S Q U A R E L Y F I X E D O N A M B I T I O N A N D I N N O V AT I O N . 34

Over the years, Farsons has steadily increased its exports to new markets, and Mr Farrugia is confident that its robust growth will continue. “The food and beverage sector has benefitted from the increase in tourism and the local population. However, we face risk factors such as the supply of qualified labour and increases in salaries and wages. Across sectors, these challenges will soon render some enterprises uncompetitive. For these reasons, I see Malta’s economic growth slowing down,” Mr Farrugia asserts, explaining that Farsons is working to secure its future by growing as an international entity. Looking ahead to 2020, Mr Farrugia concludes: “I want to see Malta mature as a well-run and respected EU member state. As is often pointed out, Malta punches above its weight, but we must ensure that we deliver on this promise.”

I want to see Malta mature as a well-run and respected EU member state.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

C H A I R M A N Z A R E N VA S S A L L O L E D T H E VA S S A L L O G R O U P O F C O M P A N I E S I N T O D I V E R S I F Y I N G I T S O P E R AT I O N S B Y I N V E S T I N G I N S E V E R A L S E C TO R S , I N C L U D I N G CO N S T R U C T I O N , H E A L T H C A R E , H O S P I TA L I T Y A N D R E A L E S TAT E . H I S A D V I C E F O R T H E U P C O M I N G Y E A R I S R O O T E D I N T H I S E T H O S O F D I V E R S I F I C AT I O N .

ZAREN VASSALLO

island has, instead, witnessed a boost in the last six years. “Everyone is trying to ride this wave but it won’t last forever and the stakes are very high. We need to be cautious because when the slowdown arrives, people will get hurt.”

In the early 70s, 19-year-old Zaren Vassallo was entrusted with Vassallo Builders Ltd, co-founded by his father. “Over time, entrepreneurship has changed significantly, but particularly since the ‘online revolution’,” he says. “We’re in an exciting era because new developments, such as AI, keep free enterprise evolving. Even education now fosters a greater sense of entrepreneurship. But, business still needs vision to be able to see the potential in opportunities.”

He sees the growth in construction decelerating, but believes health and social care will remain constant – just with a need for improvements in specialised areas, such as dementia. “As a Group, we’ve bolstered our sectorial presence by offering quality services to 1,600 elderly residents, and by branching out into the disability sector,” he continues.

Mr Vassallo has honed an appreciation for exercising caution in business. “Generally, every few years, there’s a downward shift in the economy – but Malta has escaped these dips for the last 15 years,” he says, explaining that the

“Meanwhile, after the recent steady rise, I think real estate will level itself off.” According to Mr Vassallo, a major challenge remains the lack of qualified and capable workers, and the long and cumbersome process of employing foreigners. “We need Government stimulus, including meaningful tax incentives for overtime and part-time work, to encourage Maltese individuals to undertake important jobs, such as teachers and nurses. By encouraging Maltese people to work more, we’ll strike a balance between foreign and local workers – thereby also reducing pressure on our infrastructure.”

We need to be cautious because when the slowdown arrives, people will get hurt.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

ANGELO XUEREB

A S T H E M A N B E H I N D O N E O F M A L TA ’ S L E A D I N G ENTREPRENEURIAL ENTITIES, ANGELO XUEREB HAS LED T H E A X G R O U P O F CO M PA N I E S TO B E CO M E O N E O F T H E M O S T D I V E R S E O R G A N I S AT I O N S O N T H E I S L A N D . I N S O D O I N G , H E H A S E A R N E D A R E P U TAT I O N F O R B U S I N E S S E X PA N S I O N A N D L O N G - T E R M S U CC E S S – S O M E T H I N G H E AT T R I B U T E S T O F O U R D E T E R M I N I N G F A C T O R S : C R E AT I V I T Y , E F F I C I E N C Y , C H A L L E N G E A N D D E T E R M I N AT I O N .

In his fifth decade of entrepreneurship, Angelo Xuereb has learned a thing or two about difficulty in business. “I have witnessed four big economic cycles and lived the challenges and opportunities that each has presented,” Mr Xuereb says when considering how entrepreneurship has changed and will continue to evolve in Malta. “The economic boom we’ve experienced over the last five years is certainly the strongest I’ve seen.” Since its founding, AX Group has grown into a dynamic group of 35 companies with interests in four primary sectors: hospitality, development, construction and healthcare. “This year, all our businesses are doing well, which reflects last year’s trend. However, in general, we are now seeing a stabilisation of the rapid growth of recent years.”

In the development sector, we must scrutinise market supply and demand, so that supply doesn’t surpass demand.

Mr Xuereb advises careful analysis in the upcoming business cycle. “Malta’s biggest challenge is not to outprice itself,” he says. “We’re at the peak of the business cycle with a healthy economy, but growth will slow down while costs remain high. Especially in the development sector, we must scrutinise market supply and demand, so that supply doesn’t surpass demand. Without a doubt, that scenario would trigger a market price collapse.

“Meanwhile, the Airbnb model has grown and absorbed increased tourism. However, while supply in the collective accommodation market has also risen, demand remains flat. Property is becoming unaffordable and it won’t sell; so, developers will be forced to reduce prices,” Mr Xuereb continues. “Banks are also tightening lending criteria, which will limit demand and further add to reduced development and construction. However, the shortage of workers will stabilise, and this will hopefully ease wage pressures. “As the population ages and becomes richer, focus will shift to the health and luxury accommodation sectors,” Mr Xuereb says, reflecting on the broader economy. “However, Malta’s Government must upgrade infrastructure based on a long-term master plan and not short-term stopgaps. Quality is paramount, so operators who harm our product with poor service provision must be controlled. Above all, I hope to see Malta’s international reputation improve. We’re an unpolished gem but, with collective effort, we can become a polished diamond.”

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

WINSTON ZAHRA JNR H AV I N G P L AY E D A M A J O R R O L E I N T H E D E V E L O P M E N T A N D G R O W T H O F I S L A N D H O T E L S G R O U P F O R 2 5 Y E A R S , W I N S TO N Z A H R A J N R I S O N E O F M A L TA ’ S M O S T K N O W L E D G E A B L E B U S I N E S S L E A D E R S W I T H I N T H E H O S P I TA L I T Y S P H E R E . I N 2 0 1 8 H E J O I N E D T H E U K - B A S E D H O T E L C H A I N G G H O S P I TA L I T Y A S A N I N V E S T O R

Our focus must be on quality products, excellent service, and longterm thinking.

AND CEO, WHERE HE HAS SPEARHEADED A NUMBER OF I N I T I T I AV E S I N C L U D I N G T H E R E C E N T O P E N I N G O F M A N C H E S T E R ’ S F I V E - S TA R S T O C K E X C H A N G E H O T E L . I N H I S V I E W , M A L TA ’ S E C O N O M Y – A N D P A R T I C U L A R L Y I T S H O S P I TA L I T Y S E C T O R – N E E D S TO M A K E A N U R G E N T S H I F T TO WA R D S Q UA L I T Y O V E R Q UA N T I T Y .

Looking back, Mr Zahra says there is no doubt that Malta’s accession to the EU was the country’s biggest economic game changer. “Now, if you’re in the UK for instance, Brexit is likely to be a huge factor when it comes to the success of businesses operating in the wake of the changes it will bring. Ultimately, when certain economic factors are simple, then it is more likely that entrepreneurship will thrive. Of course, some people also thrive under the uncertainty but, as a rule, most are put off.”

Winston Zahra Jnr has long advocated for the move towards quality tourism on the island. Now, more than ever, he believes this to be the most important factor for local hoteliers and hospitality entrepreneurs to consider in their business decisions. “The biggest danger faced by the business world in Malta at the moment is that we are growing too fast, and we risk losing control. Off the back of that, there are also reputational risks to consider that could have repercussions in the longer term. We need to consider how business should change mindset to address this challenge.”

Locally speaking, Mr Zahra stresses that the key aspect for the Maltese economy in 2020 and beyond will be to not kill the ‘golden goose’ that has given us so much in the last 10 years or so. “Products, service and quality are slipping,” he says. “If they slip too much, then numbers will go down much faster than they came up.

A well-known entrepreneur, Mr Zahra believes that the fundamentals of entrepreneurship will largely be the same in the years to come, but stresses it is the circumstances around it that could change. “The atmosphere within which you set up a business plays a major role in how successful it will be,” he says. “Is the climate complicated or uncomplicated? Is it heavily bureaucratic or quite simple? All of this plays a huge role in the freedom you have to achieve the results you want to.”

“Thus, I think the trends for the years to come will depend very much on the service we offer today. Our focus must be on quality products, excellent service, and long-term thinking, otherwise we will be forced to remain a volumebased destination, which won’t be a positive thing for the island or our economy,” he concludes.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

10 top reads for CEOs

2. Best for: Leadership The Hard Thing About Hard Things by Ben Horowitz Recommended by: Mark Zuckerberg, co-Founder and CEO of Facebook and Michael Dell, Founder and CEO of Dell Technologies Ben Horowitz shatters rose-tinted views about how great it is to start a business and reveals the brutal truth about the hardships of running one. As one of Silicon Valley’s most respected entrepreneurs, Horowitz draws from his experiences to share insights into developing, selling, investing in and managing companies. You’ll gain the wisdom required to face the problems and challenges that business school does not prepare you for. Above all, though, this is a genuinely enjoyable read. Horowitz is a straight talker and comedic writer, who even uses lyrics from his favourite songs to share lessons on how to cultivate CEO know-how.

THERE’S A REASON THE MOST

3. Best for: Understanding the Digital Age

SUCCESSFUL CEOS ARE VORACIOUS

Bold: How to Go Big, Create Wealth and Impact the World by Peter H Diamandis and Steven Kotler Recommended by: Eric Schmidt, former CEO of Google and Jim Moffat, former Chairman and CEO of Deloitte Consulting

R E A D E R S , A N D W H Y M O S T H AV E A H A B I T OF DEVOURING A BOOK A WEEK. THEY K N O W T H AT K N O W L E D G E I S P O W E R , A N D T H AT F R E Q U E N T R E A D E R S C O N T I N U O U S L Y E N G A G E W I T H N E W I N F O R M AT I O N A N D DIFFERENT PERSPECTIVES. HERE, WE SHARE 10 BOOKS RECOMMENDED FOR CEOS BY CEOS.

1. Best For: Decision-making Thinking, Fast and Slow by Daniel Kahneman Recommended by: John Lilly, former CEO of the Mozilla Corporation Have you heard of the benefits of slower-but-smarter thinking? Do you know when you can and when you cannot trust your intuition? In this must-read classic, Daniel Kahneman – winner of the Nobel Prize in Economics – reveals how our minds are tripped up by errors made in haste. Based on years of research, his book provides the mental tools you need to make better, more effective decisions. This is an eyeopening tour of the mind that delves into the way we think. Most importantly, Kahneman presents different techniques you can use to guard against the mental glitches that often lead us into trouble. 42

If you want to be more proactive in your approach to business, read on because Bold is a visionary roadmap for people who believe they can change the world. You’re taken on a journey through the implications and opportunities triggered by the changes that are transforming the world. You’ll learn how to draw on the concepts of ‘change’ and ‘learning by doing’ to make impactful changes and overcome obstacles. Diamandis and Kotler delve into the power of 3D printing, AI, robotics, networks and sensors, and synthetic biology, and they share entrepreneurial secrets from billionaires such as Larry Page, Elon Musk and Richard Branson.

4. Best for: Empowerment, Equality and Women in Business The Moment of Lift: How Empowering Women Changes the World by Melinda Gates Recommended by: Warren Buffet, Chairman and CEO of Berkshire Hathaway This is not your typical ‘how-to’ business guide. In a refreshing twist, Melinda Gates has created an intimate collection of stories from inspirational people she has met around the world. Her stories are backed by alarming data on global issues that need our attention, from child marriage to gender inequality in the workplace. She powerfully illustrates how there has never been more opportunity to change the world and ourselves. We need to open our eyes, practice what we preach and take action. This is a compelling read for anyone who believes that when we lift others up, they lift us up too. 43

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

5. Best for: Time Management Competing Against Time by George Stalk, Jr and Thomas M Hout Recommended by: Tim Cook, CEO of Apple Inc and John Sculley, former CEO of Apple Inc How central is time to the running of your business? After 10 years of research, Stalk and Hout argue that the value of time is equivalent to that of money, productivity, quality and innovation. Time-based companies are shaping global markets, and it’s time to understand exactly how and why. You’ll be reading about how top companies like Toyota, Honda and Ford have put time-based strategies in place to manage production, product development, sales and distribution. Time is a competitive and strategic weapon. When you know how to use time effectively, you can open and sustain a significant advantage over your competition.

6. Best for: Forward Thinking The Goal: A Process of Ongoing Improvement by Eliyahu M Goldratt and Jeff Cox Recommended by: Jeff Bezos, Founder and CEO of Amazon.com Unique among the books in this list, The Goal is a fast-paced novel that tells the story of Alex Rogo and his fight to save his company. The book aims to transform perspectives on management. Goldratt and Cox touch upon the themes of performance and goal-setting to teach you how to focus energy on identifying the primary constraints of your business. They clearly explain the Theory of Constraints as developed by Eli Goldratt and deliver a serious message for managers about the importance of ongoing improvement. This is a valuable book to recommend to your colleagues or boss – but not to a competitor!

7. Best for: Building Resilience Shoe Dog: A Memoir by the Creator of Nike by Phil Knight Recommended by: Bill Gates, Founder and former CEO of Microsoft Corporation Few CEOs reveal the dangerous reality behind their success. Phil Knight, the creator of Nike, is different. This is his inspiring account of how he started by borrowing $50 from his father to import sports shoes from Japan, which he sold from the boot of his car. Today, Nike’s sales top $30 billion, and its swoosh sign is immediately identifiable wherever you are in the world. This is the first-hand story of the man behind the swoosh and the challenges, crossroads and triumphs he’s encountered. It’s a read studded with lessons for anyone in business – no matter how new or well-established.

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

8. Best for: Success Mindset: The New Psychology of Success by Carol S Dweck Recommended by: Satya Nadella, CEO of Microsoft Corporation and Jack Dorsey, co-Founder and CEO of Twitter Dr Carol S Dweck is a world-renowned, Stanford University psychologist, who delves into how success is influenced by mindset. The way you think about your talents and abilities affects your level of success – and this can be applied across all sectors of life. Those who believe that abilities are fixed (fixed mindset) are less likely to succeed than those who believe their abilities can be developed (growth mindset). Dweck also expands the concept beyond the individual to group and organisation culture. Read this book to learn how to motivate those you lead, teach and love – it can transform their lives as well as your own.

9. Best for: Productivity and Innovative Operations Remote: Office Not Required by Jason Fried and David Heinemeier Hansson Recommended by: Richard Branson, Founder and former CEO of Virgin Group This is the book you need when entering the 2020s. The time for a daily roll call and being stuck in the office has long passed. And the technology needed to work in virtual workspaces and avoid the daily commute and the expense of physical clustering has come of age. We now live in the new ‘move work to the workers rather than workers to the workplace’ paradigm. In this book, Fried and Hansson combine eye-opening ideas with an entertaining narrative to show that working remotely increases talent pool, reduces staff turnover and the need for physical real estate, and enables cross-time-zone teams.

10. Best for: Preparing for the Future of Work AI Superpowers: China, Silicon Valley, and the New World Order by Kai-Fu Lee Recommended by: Alan Murray, CEO of Fortune Artificial intelligence (AI) is booming and shows no signs of slowing down. It is reshaping life and the global economy, and China has caught up with the US as the next tech-innovation superpower. Here, Dr Kai-Fu Lee – one of the world’s experts on AI and China – calls on his experiences in AI at Google China, Microsoft and Apple to illustrate the responsibilities that accompany technological power, regardless of the impact on white-collar jobs. You learn how jobs will be affected and how soon this will happen. This is a blueprint for providing survival solutions in an age of profound technological disruption.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Former Playmobil Malta CEO and Core president Helga Ellul, and CSR specialist and Weave Consulting managing consultant Dr Roberta Lepre, are indomitable spirits in their own rights and collectively share a massive array of accomplishments within the field of business. Despite originating from different backgrounds and pursuing different angles through their respective careers, a common purpose unites them in initiating an awakening within the local business sphere and directing the community towards a more holistic business framework. Both agree that, as a relatively new term in the business lexicon, Corporate Social Responsibility (CSR) seems to prevent local business owners from exploring the concept out of a mixture of reluctance, misunderstanding and feeling overwhelmed. Dr Lepre shares the results of a recent study carried out locally which revealed that larger companies proved to have a better understanding of the concept, while smaller entities struggled by comparison.

2020:

The CSR revolution is in full force A L T H O U G H T H E C O N C E P T O F C O R P O R AT E S O C I A L RESPONSIBILITY IS BROADLY REGARDED AS AN INTEGRAL CO M P O N E N T O F B U S I N E S S VA L U E S , T H E P R O S P E C T I S S T I L L A N A L I E N O N E F O R M O S T L O C A L I N D U S T R I E S . M A L TA C E O s M E E T S U P WITH TWO FEMALE FRONTRUNNERS IN THE GAME, HELGA ELLUL A N D D R R O B E R TA L E P R E , T O D E B AT E T H E P L AT F O R M ’ S B E N E F I T S

Ms Ellul says that from a technical perspective, there are a total of 17 goals that need to be observed in order for a company to align with the core values of CSR. These have been simplified into what she affectionately calls the 5 Ps: partnership, prosperity, peace, people and planet. These elements all work together to positively affect a business. CSR has a proven track record as Ms Ellul can attest: “it truly pays to be a good corporate citizen.”

CSR strategies are not about imposing demands but about working together to evolve a company’s corporate culture. DR ROBERTA LEPRE

A N D D I S C U S S P L A N S F O R I T S N AT I O N W I D E I M P L E M E N TAT I O N . 48

It pays to be a good corporate citizen. HELGA ELLUL

Ms Ellul affirms that she is a true believer in empowering one’s own employees, in that it contributes directly to an overall greater sense of loyalty and promotes a more proactive spirit. “Employee retention is a massive problem for business across industries of all sizes,” Dr Lepre says, adding that, “through CSR, there are strategies that one can implement to reduce employee turnover and attract and retain the best people within your company.” Dr Lepre discloses that some businesses in Malta do not comprehend the power of conversing with employees and educating them. Instead, they are more in favour of promoting a corporate culture dominated by fear. “This is the old-fashioned way,” Ms Ellul concedes, adding that the dread of employees leaving prevents most from adopting a different stance. Drawing from personal experience, she shares that while there is always the chance that former employees might return to the company, there is also a sense of pride to be felt when she sees her “ex-employees become CEOs and company secretaries because they learnt it in my company.” Ms Ellul and Dr Lepre insist that a business is not just an owner’s possession but a living entity that plays a crucial role in a community’s development. As such, for a business to thrive, its framework must adapt to cater for society’s demands. Ms Ellul urges those heavily involved in the corporate world to listen to the words of the younger generation. She elaborates by highlighting the fact that “business relies on the community outside, on people to become your consumers – if you don’t adjust to the way they want businesses to run, you will have neither employees nor a business.”

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Dr Lepre uses Ms Ellul’s premise to illustrate a common CSR procedure. “Let’s take a look at the environment,” she suggests. “Many businesses, as well as us as individuals, are making a negative impact because of the products and services that we use.” The first step in curbing this involves identifying the challenging areas and following up with a commitment to take the necessary action to reduce and transform a negative scenario into a positive outcome. This, coupled with education and assessment, is a necessary step that needs to be observed before a company can start on strategy, planning and communication. “It is very important to communicate to your stakeholders – whether shareholders, employees or the general public – the fact that you’re committed to improving

I don’t really believe in legislating when it comes to CSR. It would be better to look at incentives rather than obligations. DR ROBERTA LEPRE

WHAT IS CSR? “CSR means being proactive in ensuring that, as a business, you are having a positive impact. It’s a combination of awareness, resources, education, goodwill and commitment – one may call it an investment into one’s own business. It’s not a sectioned department, but a movement that slowly implements into the company culture. Its careful implementation has given great results, with studies showing that companies that are sustainable, and which endorse this philosophy, will ultimately stand out from competition.” Dr Roberta Lepre 51

your impact and that you are actually taking steps to do that,” Dr Lepre asserts. Key elements of CSR are oftentimes confused with those of philanthropy and, at times, even charity. Dr Lepre explains that, while all three share a common denominator through the act of giving, CSR requires proactivity to ensure that a business has a continuing positive impact. A structured, purposeful and consistent input may appear overwhelming to a business of any size, especially when considering the whole body of compliance issues that one must be aware of, but Dr Lepre is confident that awareness, adequate education, and dedication are all necessary tools to become a good corporate citizen.

People need to be encouraged and their efforts recognised. HELGA ELLUL

Dr Lepre reveals that Malta is the only EU country not to have a national CSR framework. Among the missing elements of the formula are a lack of sustainable development goals, a non-existent social enterprise act and limited support services for social entrepreneurs. “I don’t really believe in legislating when it comes to CSR,” she expands, arguing that it would be “better to look at incentives rather than obligations.” Tax incentives are a very viable option, but until the groundwork is laid for them to materialise, Ms Ellul offers a shorter-term but equally effective solution. Together with Dr Lepre, Ms Ellul is organising the first edition of the Malta CSR awards. “We will start on a small scale,” Ms Ellul shares, adding that, while some larger companies will emerge as outright winners, efforts are being made to implement milestone awards for smaller companies that have taken the first steps in incorporating CSR strategies and reaped the results. “I believe people need to be encouraged and their efforts recognised for the concept to power on,” Ms Ellul concludes. Many operate under the false impression that, in order to incorporate CSR strategies, it is necessary to hire more manpower and set up a department specifically targeting this area. Both swiftly trump this premise and straighten out the facts. “It goes right across your whole business spectrum,” Ms Ellul explains, adding that the key lies at the top of the company hierarchy. “If the CEO, shareholder, or stakeholder is convinced of the concept and is ready to cascade it to empower his people with, then it evolves into a self-sustaining structure, which is precisely what CSR is all about,” Ms Ellul states. An advocate for the infinite powers of collaborative approaches, Dr Lepre adds that, “CSR strategies are not about imposing demands but about working together to evolve a company’s corporate culture.”

HOW CAN CSR BENEFIT YOUR BUSINESS AND WIDER SOCIETY? CSR is operating a business while educating and empowering employees. By doing so, you allow your employees to buy into your business, resulting in a mutually-beneficial agreement that not only drives the company forward but also compensates those involved in ways that financial gain does not. Malta, as a community, is extremely generous, yet the younger generation does not just want to contribute money towards social causes. Their desire for involvement is spurring a change to the business model and focusing on profit with a purpose. This is a core value of CSR. Helga Ellul

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Global CEOs making waves W H AT S E T S A C H A N G E M A K E R A P A R T F R O M A L L T H E O T H E R D I L I G E N T W O R K E R S , R I S K - TA K E R S A N D I N N O V AT I V E T H I N K E R S O U T T H E R E ?

A changemaker is ahead of the game – a person who not only recognises the business or societal need for a change, but who also has the vision, skills and initiative to make that change happen.

BANKING

Shachar Bialick Curve

Here, we offer insight into six stand-out CEOs who are global changemakers, and excitedly look at what we can expect from them – and their sectors – in 2020.

When Shachar Bialick got fed up with carrying several bank cards in his wallet, his research into the topic revealed that the average person carries with them 3.6 cards in the UK and 7.5 cards in the US. And with specialised cards like Monzo and Revolut on the rise, fragmentation is accelerating rather than diminishing. So, he started Curve – one of the UK’s highestprofile FinTech start-ups, which simplifies financial life by consolidating bank accounts into a single card and smart app. We admit this sounds too good to be true but it is also very appealing. The Curve Mastercard® allows you to load your existing Mastercard and Visa cards onto the Curve app, so you can spend from any of your accounts without needing several cards. To pay, you open the app and select the account you would like to use. That account instantly becomes ‘active’, and you can spend using Curve. But life was not always finance and technology for Bialick. He was born in Tel Aviv and raised in the occupied West Bank. After studying computer science, Bialick completed his military service in the Israeli Special Forces. He left the army full of motivation, and founded and then sold several successful companies, including a recruitment firm and an apertures manufacturing company. And then came Curve in 2016. Skip ahead a few years, and Curve is now headquartered in London with over half a million users across Europe and plans to enter the US in 2020. With a further €50 million of funding received from investors in July 2019, the company is now valued at €225 million. Bialick thanks his military service for his growing success. It taught him that having an idea is hopeless without the action and perseverance to transform it into reality. 55

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

ARTIFICIAL INTELLIGENCE

Barney Hussey-Yeo Cleo AI does this mean?” – Cleo provides a visual comparative analysis against your bank balance. You can also ask Cleo for advice on saving and investing that money instead.

Barney Hussey-Yeo did not set out for his idea to become a business. To track his own spending, he built Cleo – a digital assistant that would tell him when he was running out of money. It worked, and Cleo changed his relationship with money and his spending behaviour. The young developer had unwittingly created a solution that could be scaled up to help others manage their finances.

More so than finances, Hussey-Yeo has cleverly made the service about people. Cleo is approachable and talks in chatty language and emojis. She already helps one million users across the UK, US and Canada, and has secured €12.5 million in funding from investors, including Balderton Capital, LocalGlobe, Niklas Zennström, and Taavet Hinrikus.

Cleo AI is a financial chatbot that helps you set targets, track spending and answers your questions intelligently. The AI start-up taps into Facebook Messenger so that Cleo can chat with you directly in an encrypted setting. By connecting your bank accounts to Cleo, she can access your transaction data in a read-only capacity to turn it into useful information.

Hussey-Yeo believes that the future of banking lies in software companies that own data and have the experience necessary to be trusted to use that data. And importantly, he has also surrounded himself with the right people – data scientists, computer engineers and machine-learning experts who are determined to make Cleo the go-to service for managing finances in 2020 and beyond.

Imagine you want to understand how your daily café visits are impacting your finances. Start up a conversation with Cleo: “Cleo, how much do I spend at the café?”, and Cleo replies with a spending breakdown. “Cleo, what

SOCIAL ENTERPRISE

Bert van Son Mud Jeans Bert van Son heads a recycled jeans company with a difference. Customers choose to buy or lease Mud Jeans. Rather than an outright purchase, renters pay a subscription, receive their jeans and then swap them for new ones after a year. The old material is then recycled into new jeans. Initially, Mud Jeans blended 20 per cent recycled denim with 80 per cent virgin cotton. Now, recycled cotton is at 40 per cent. In 2020, the first 100 per cent recycled jeans will be made. Van Son is targeting the disconnect between fashion’s frontend glamour and backend reality. Before starting Mud Jeans in the Netherlands in 2012, van Son had worked in fashion for three decades and had witnessed the hard lives of factory workers and the harmful environmental effects of a major polluting industry. He runs Mud Jeans as an exemplary company – one that is profitable yet participates in the circular economy to reduce negative socio-environmental impacts. The even split between people renting and buying Mud Jeans gave way to growth on the leasing side in 2018/2019 – revealing a mindset shift in consumer society. People may be leasing for ethical and environmental reasons, or they may just want the option to swap their jeans for another colour or style after a few months. What’s certain, though, is that they are pro-actively recycling their denim. Over a billion pairs of jeans are sold globally every year, but less than one per cent of materials are recycled. To avoid adding to landfills, Mud Jeans uses recyclable buttons, cradle-to-cradle certified paper labels and cotton pocket lining. On the back of new investment, 2020 will see Mud Jeans incorporate biodegradable polyester stitching and expand into Scandinavia, France and the UK – proving that profits and ethical behaviour are not mutually exclusive.

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

ALT MEAT

Pat Brown Impossible Foods The Impossible Burger 2.0 exploded onto the food scene in 2019. This is Pat Brown’s plant-based meat substitute that looks and tastes exactly like meat. Initially launched in 2016, the Impossible Burger was a head-turning flagship product – even validated by Burger King, which launched the enormously successful Impossible Whopper in 2019. As a biochemist, Pat Brown researched the harmful environmental effects of beef production. The industry is one of the largest contributors to climate change because of rocket-high greenhouse gas emissions and consumption of water and land. Environmental disasters, such as the deforestation of the Amazon, partly have beef producers to blame – and, ultimately, beef consumers. The problem Brown pinpointed was that, despite knowing this, people’s appetite for beef cannot be curbed. Facing this fact, Brown wants to occupy the space where beef normally sits on the plate. In 2011, Brown left his academic career to create a genuine meat alternative that gives the same experience as eating meat – something other companies have largely failed to do. The answer was found in the heme molecule, which carries oxygen in animals and plants, and gives blood its red colour. Increasing the molecule’s abundance in plants creates a substance that looks and tastes like meat. But compared to beef patties, an Impossible Burger saves seven square metres of land, half a bathtub of water and 13 kilometres in a car. Investors, including Bill Gates and Google Ventures, have already provided €355 million in funds. However, Brown sees no need to IPO soon. Reducing meat consumption and the economic incentive to produce beef remains his priority. Asia consumes 40 per cent of global meat, so expansion there will continue, having started with restaurants in Hong Kong and Singapore in 2019. And the aim is also for Impossible Foods to become more available in supermarkets in the near future. 60

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

THE SHARING ECONOMY

Daan Weddepohl Peerby.com Have you ever needed something, like a drill or an extra table, but felt frustrated by buying it only to use it once? Daan Weddepohl steps in with Peerby, a platform that enables people to borrow things they need from other people in their neighbourhood. Weddepohl believes that technology is a force for good, and should be integrated into circular and sharing economy approaches to business. Through Peerby, products participate in a regenerative cycle. When members share items, they boost social capital and invest in their local community, while also contributing towards reducing environmental impacts. Savvy business strategy has seen Peerby grow into a worldwide service. But the initial idea was a lot less planned. Weddepohl’s house burnt down, and he lost all his belongings. In the fallout, he relied on his family and friends for places to stay and things to use. He realised that this situation of interdependency triggered by something so negative was, in fact, quite positive. Transforming from lonely consumers living in excess to a situation of interdependency strengthens relationships and creates a demand for products made in lower quantity but higher quality. Conventionally, companies design for obsolescence to secure business survival. On the contrary, Weddepohl’s model aligns the interests of consumers and manufacturers. He wants to see products designed to last and be shared, for which consumers will willingly pay a higher price. Where similar ventures have failed, Weddepohl has succeeded because Peerby supports a range of products. Rather than a niche market, such as real estate, the platform participates in a large, varied market. After becoming the biggest sharing platform in the Netherlands and expanding to other countries, Weddepohl continues to scale up. He believes in moving milestones because keeping the journey going is as important for success as the destination itself.

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

FOOD WASTE

Tessa Clarke Olio When did sharing food become weirder than wasting it? That is the motto of Tessa Clarke, who is tackling the global problem of food waste. Clarke’s food-sharing app, Olio, connects people who have food they no longer want with neighbours who want it. She is specifically targeting homes because the average family wastes €900 of food annually, amounting to €17 billion collectively. In the UK, the most popular product on Olio is tea because people experiment with flavours they end up disliking – but which others may like. Half of the food on the app is typically requested in an hour. People then stop by to pick up the food and get to meet a neighbour in the process. The only rule is that food cannot be shared after its use-by date. Clarke’s new model of consumption is circular, efficient and based on connecting people hyper-locally. The ‘lightbulb’ moment came when Clarke was packing to move back to the UK from Switzerland, and she still had lots of food leftover. She felt the need for a service to share her surplus food with people nearby. Founded in 2015, Olio has since shared 2.5 million portions of food from 1 million people across 49 countries; it is listed as one of the UK’s top three most successful disruptive companies; and, it even featured in the Duchess of Sussex’s guest edit of Vogue in September 2019. As a business, efficiency and waste go hand-in-hand, and Clarke wants people to apply this thinking at home. By activating consumers, Olio is set to continue effectively contributing to the sharing economy. A successful business is always reliant on people, but increasingly on creating profit with purpose. So Clarke is determined to continue boosting Olio’s strong community hubs worldwide to generate profit with positively impactful purpose.

TheInterviewsIndex 78 David Curmi

134 Kurt Farrugia

CEO, MAPFRE MSV Life PLC

CEO, Malta Enterprise

138

Franco Azzopardi

CEO & Chairman, Express Trailers

88 Diane Izzo

CEO, Dizz Group

92 Nikhil Patil CEO, GO

96 Maria Micallef

CEO, General Soft Drinks, Waterfront Hotel & Arkadia

100 Kevin Buttigieg CEO, RE/MAX Malta

104 Andrew Beane

CEO, HSBC Bank Malta

108 Andy Gatesy

Chairman & CEO, Toly

112 Antonio Palumbo

Ivan Mifsud

CEO A.M. Mangion Group

146 Chris Busuttil Delbridge

Michael Warrington CEO, AX Group

202 Steve Abela

CEO, Plaza Centres PLC

152

208

Geoffrey Debono

Katrina Attard

CEO, Debono Group

CEO Designate, Panta Lesco Group

156

212

Fabio Muscat CEO, Ozo Group

160 Natalie Briffa Farrugia CareMalta Group

164 Steve Calleja

Joseph Farrugia Registrar & CEO, Malta Business Registry

216 Pierre Mangion

Managing Director, Eworld Ltd

David Galea CEO, BEAT Ltd

258 George Bonello CEO, Sidroc Ltd

264 Miriam Camilleri CEO, MCConsult

270 Johann Grech

Malta Film Commissioner & CEO, Malta Film Studios

276 Geoffrey Farrugia CEO, HandsOn Systems

282 Jesmond Mifsud

CEO, PKF Malta

CEO, Malta Maritime Pilots

220

288

Managing Director, Strand Palace Agencies

Frederick Micallef CEO, DataByte Ltd

CEO, Idroplast Manufacturing Ltd

170

224

294

Ann Fenech

Benjamin Tabone Grech

CEO, Salvo Grima Group

CEO, Engel & Völkers

122

178 Stephen Xuereb

CEO, Vodafone Malta

CEO, Valletta Cruise Port

126

182 Martin Agius

CEO, MAPFRE Middlesea

CEO, Convenience Group

130

186

CEO, MJMDA

Heathcliff Farrugia

CEO, Evolve Ltd

174

Matthew J Mercieca

254

198

116

Felipe Navarro

194

CEO, MB Investments

142

CEO, Fenech & Fenech Advocates

Sonia Hernandez

248 Raphael Micallef Trigona

CEO, Malta Gaming Authority

President, Palumbo Group

Karl Aquilina

190 Michael Bonello

CEO, Mifsud Brothers Ltd

Jonathan Mangion

MaltaCEOs 2020

Malcolm Mifsud CEO, Mifsud & Mifsud Advocates

Pierre Fenech

Doreen Cutrona

Neal Azzopardi

CEO, The Mediterranean Conference Centre

CEO, Global Tech Malta

230

298

Stephen McCarthy

Michael Schembri

236

Adrian Sciberras

CEO, Malta Digital Innovation Authority

Deborah Schembri CEO, STM Malta

242 Richard Bilocca

CEO, Water Services Corporation

CEO, WaterART Concepts

304 CEO, Business Concept International

310 Peter Zammit CEO, iAS

50 Meet of

island’s THE

MOST

INFLUENTIAL BUSINESS minds

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

David Curmi

CEO INSIGHT “Unless I have early morning meetings, I normally use the time before I get to the office to think or to clear my inbox and reply to my most pressing emails. Thinking time is very important when running a company. I am very selfdisciplined and I set myself daily tasks I want to achieve and don’t normally leave the office before I complete them. Whenever I can, I try to stop for around 30 minutes.”

CEO, MAPFRE MSV LIFE PLC

“ D O I N G T H E R I G H T T H I N G U L T I M AT E L Y L E A D S TO G R O W T H . ”

MAPFRE MSV LIFE PLC TURNS OVER €340 MILLION PER YEAR AND H A S A B A L A N C E S H E E T O F € 2 . 5 B I L L I O N . F O R C E O DAV I D C U R M I , T H AT S U C C E S S I S D O W N T O T H E TA L E N T I N H I S T E A M – A T E A M T H AT H E TA K E S G R E AT P R I D E I N S U P P O R T I N G . A S H E L O O K S T O W A R D S 2 0 2 0 , H E I S F I R M L Y F O C U S E D O N R E TA I N I N G T H E C O M P A N Y ’ S S P O T AS THE LEADING PROVIDER OF LIFE INSURANCE PROTECTION, L O N G - T E R M S AV I N G S A N D R E T I R E M E N T P L A N N I N G O N T H E I S L A N D. David Curmi has his father to thank for his choice of – very successful – career. Back in 1980, when David was considering what steps to take into the world of work, his father had the foresight to suggest that he should consider going into an ‘emerging sector’. “The insurance industry barely existed back then,” he reminisces. “Today, though, it has grown to become an important contributor to Malta’s economy. I have absolutely no regrets.” Like many CEOs, David joined the sector as a young trainee and worked his way up the ladder.

Looking back on his landmark moments, he highlights being appointed CEO of Middlesea Valletta Life Assurance Co Ltd in 2007, as well as being unanimously elected president of the Malta Chamber of Commerce, Industry and Enterprise in 2013. “I am also proud that, today MAPFRE MSV Life plc is one of Malta’s largest companies,” he says, adding that it is jointly owned by MAPFRE Middlesea plc and Bank of Valletta plc, and forms part of the MAPFRE Group of Spain. “I have witnessed our company grow from a relatively small life insurance 78

company to the largest provider of life protection, long-term savings and retirement solutions in Malta, with a balance sheet in excess of €2.5 billion. “I attribute a very large part of this development to the wisdom of our shareholders. We believe that doing the right thing will ultimately lead to growth, and have always moved the conversation from price to service while underpinning all that with our aspiration for excellence in everything that we do. Where we are today is clearly the product of that strategy.” Elaborating on that approach, David says that – for him – so much comes down to talent. “As CEO, my most important role is to manage talent,” he stresses. “The best use of my time is spent bringing unbelievable people together, managing them well, and making sure I always have the best team around me.” In fact, when chatting about the organisation’s broader success, David believes that this was achieved through the efforts of his enthusiastic and dedicated workforce and sales force – most notably when they went into a winning partnership with Bank of Valletta. “Beyond that, though, ever since our establishment in 1994, we have witnessed a consistently strong demand for our products and services,” he says. “In life insurance, strong capitalisation is necessary to support business growth.

Our strength in the market isn’t just derived from our strong financial credentials but from the very responsible manner in which we manage and conduct our business. The very nature of our business requires the highest possible standards of professional and ethical conduct, and that is such a clear cornerstone for us in everything that we do.

“However, we do feel that our strength in the market isn’t just derived from our strong financial credentials but from the very responsible manner in which we manage and conduct our business. The very nature of our business requires the highest possible standards of professional and ethical conduct, and that is such a clear cornerstone for us in everything that we do.” In fact, David outlines that one of the company’s most important strategic objectives moving forward lies in earning the lifetime trust of its customers. “Our average client relationship is between 15 and 20 years long, and over 60 per cent of the monies that we pay out under policies that mature are given back to us for reinvestment. By listening and responding effectively to what we hear from our customers, we gain the trust we need to achieve this sort of success.” There have been shifts in the overall market, too. Locally speaking, the life insurance sector has grown considerably in the last five years as more people have chosen insurance-based

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

savings products that put money aside for their medium- to longterm requirements. And, although there are only five providers of life protection and savings products in Malta, the total investments and mathematical provisions held by these companies have exceeded the €3 billion mark, while gross life premiums have exceeded €410 million annually. “I don’t think that growth is going away,” David continues. Nevertheless, there are concerns to be had. For David, these mostly relate to the low interest rate environment and the increased regulation. “The low interest rate environment is set to continue, and this will have significant ramifications for life insurance companies, as the returns paid to policyholders depend primarily on the investment return earned by the insurance companies. The cost and distraction of regulatory change are likely to slow down the transformation of insurance companies. “Beyond that, regulators and supervisors are not always sensitive to the need to align with the challenges and changes that the sector has to face in technological developments, as well as to the evolution of demand, habits and behaviour of consumers,” he says. Of course, another challenge lies in the simple fact that it isn’t easy to encourage people to think very far ahead, while getting them to think about their retirement needs is even harder. “Many young – and not so young – people believe that pensions are something to think about in later life, so they postpone pension-related decisions for as long as possible,” he says. “Thus, I certainly think that information about the pension system needs to be commensurate with the people’s abilities and needs. It must be as easy as possible for individuals to access long-term savings products to fund their retirement.”

With that in mind, Mr Curmi has positioned digital transformation as one of the company’s key strategic objectives for 2020 and beyond – and it is working. In 2019, its app SavviSave won the Best App award at the MCA eBusiness Awards. It is the company’s 100 per cent digital savings product, developed jointly with Munich Re and it allows customers to save towards their own personal goals in a simplified and gamified way, all through a mobile app. “Also, this year we partnered with the Sapiens International Corporation to replace our legacy systems with the Sapiens Core Suite for Life and Pensions,” David continues. “This significant investment will enable us to transform our business and to migrate to the latest technology in our sector.” Sustainability is also set to be a core focus – and is something that David says is in the very DNA of the MAPFRE Group. “For over 13 consecutive years, the MAPFRE Group has been part of the FTSE4Good index, one of the most important international barometers for measuring the performance of companies in terms of sustainability,” he says. “Then, at a local level, we are currently considering how best to integrate ESG criteria into our investment strategy.” Finally, with 2020 very much in focus, David says he is turning his attention on ensuring MAPFRE MSV Life plc becomes the leading provider of Voluntary Occupational Pension Schemes in Malta, now that it has successfully launched its MMSV WorkSave Pension Scheme. “This is a new and important line of business for us that will see us establishing important business relationships with corporate clients and new savers. “I think the next five years, at least, will continue to bring significant growth to the market overall,” he concludes. 82

Quick-fire Questions… with David Curmi What was the first thing you did this morning? Had coffee on the terrace. What’s your favourite thing in your office? My art collection. What excites you most about working in your sector? It’s very dynamic, and changes very fast. Gourmet dining or homemade cooking? Homemade cooking – especially anything pasta related, although I try to avoid it. If you could have any superpower, what would it be? The power to instil mutual respect. What’s something you’d still like to learn? Music. What’s the best thing about running a business in Malta? The size of the business sector. And the worst thing? The sheer bureaucracy that exists everywhere. Which is your favourite spot on the island? Rabat, where I live. Book, film, series, or music? Listening to music. What’s your most-used app on your phone? Bolt. Where do you read your news first? Times of Malta and Bloomberg. If you weren’t in this career, what would you be doing? I would be part of a rock band. Where do you hope to see the world in five years? Calmer. How do you hope to spend your retirement? Painting, reading and playing music. Outlook for 2020: positive or negative? Challenging.

CEO INSIGHT

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“It’s widely known that 90 per cent of mergers and acquisitions fail to produce the value that is expected, often because of cultural differences on a business and personal front. We are mindful of this for our Genoa operations, but it will be our biggest challenge in the coming year and going forward.”

Franco Azzopardi

CEO AND CHAIRMAN, EXPRESS TRAILERS

“ A S S P E C I A L I S T S I N G R O U P A G E O P E R AT I O N S , M Y D R E A M I S F O R U S A N D O U R C U S TO M E R S TO W O R K AT N I G H T. ”

H AV I N G L E D E X P R E S S T R A I L E R S F O R T H E L A S T E I G H T Y E A R S , C E O A N D C H A I R M A N F R A N C O A Z Z O P A R D I I S C O N S TA N T L Y W O R K I N G T O K E E P T H E C O M P A N Y S T E P S A H E A D O F T H E C O M P E T I T I O N . H E TA L K S T H R O U G H T H E G R O U P ’ S I N T E R N AT I O N A L I S AT I O N E F F O R T S , I T S M O S T I M P O R TA N T A S S E T , A N D W H AT I T M E A N S T O W O R K F O R A N D WITH THE ORANGE BRAND.

“Being the CEO of a family business in its third generation comes with its own set of unique challenges – you need to orchestrate and speak the language of the family owners and maintain a link with the boards and managers, while never losing focus of the ultimate objective: to add value to the owners of the business,” says Franco Azzopardi, CEO of Express Trailers. “There are quite a few balls to juggle.” Our conversation about the Group’s investments and forecasts takes many turns, but one common thread throughout is the value the ‘orange brand’ places on its people. “As CEO, you can never get

it completely right – there are too many moving parts. But our people, along with equipment and space, are the main drivers of this business.” Franco says that while equipment and space can be bought or leased, hiring and retaining people is dependent on many factors, especially as Malta is in a situation of near-full employment. “Attracting and retaining people is at its trickiest point in time, but we give this a lot of importance. In fact, we’re sitting in one of our latest investments on our human resources front – our training centre, which complements the training academy we launched in 2018.”

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

As CEO, you can never get it completely right – there are too many moving parts. But our people, along with equipment and space, are the main drivers of this business.

The academy is driven by senior management in the HR department, who are trained professionally and internationally in various courses that they share with staff. “In 2019, we finished works on this floor and dedicated it to a state-of-the-art training facility that has been sound-engineered and equipped with highend AV equipment. We’ve baptised it The Logic, and really believe in its potential.”

“The size of the company in the domestic marketplace, we believe, is at saturation point – there is a pie of logistics demands and we have a fair share of it, and we feel that eating out of the slices of our competitors will create a chain reaction that will come back to us,” he asserts. With increased local demands and an eye on the future, the Group took the step to internationalise.

The Group bought into an Italian property-owning company and the management team of another logistics company after rigorous due diligence processes. Since then works have been ongoing on the design, demolition and construction of the new set-up, which includes a trailer park, warehouse, administration

Logistics companies in Malta operate under the Geneva Convention on the Contract for the International Carriage of Goods by Road (CMR), which is embedded in the Laws of Malta and protects logistics operators from liability in the case of loss of or damage to cargo. “If it didn’t work this way, no one would be in this business – one accident could wipe out a whole year’s profit, which makes it even more important for a businessperson to choose a logistics partner with quality charters, good equipment, and good drivers with a clean track record.” Looking towards 2020, Franco says that, on the import side, prospects for the industry appear stable, so long as consumption patterns are maintained. “Malta has an ageing population, and we tend to consume less as we get older, but this is counterbalanced by increased demands for servicing the construction, tourism, financial services, and iGaming industries,” he explains. “Pressures on housing will likely affect people’s consumption patterns, but increased numbers of foreign workers and tourists means there’s a bigger headcount. Thus, I don’t see a drop in the coming years.”

On the operational front, the Group also made major investments with the setting up of a logistics hub in Genoa through a new company, Express Trailers srl. Franco explains that the top lines of the company are driven by Maltese importers and exporters, and seeing as the island has reached a crest economically, “history has always taught us that these things move in cycles.

“The idea was to invest in mainland Europe and the best strategic location for us was the port of Genoa – if Malta is at its peak, chances are the situation will plateau or decline at some point, and that will impinge on our business. This move is a step in the right direction to reduce the dependency risk on Malta,” Franco asserts. “The location of the port of Genoa is wellplaced for cargo going north and coming south from mainland Europe with respect to our trailer operations. We’ve also invested in a specialised management team there that’s focused on out-of-dimension cargo destined for mainland Europe and the Far East.”

importers and exporters. Without logistics, the country and all businesses will be crippled and paralysed to a standstill. “As a company, we give confidence and peace of mind to importers and exporters that if they need a logistics partner, we are a well-capitalised, wellmanaged company with the top-most equipment in order to, as much as possible, reduce risk of failures.”

As for exports, Franco says it’s trickier to gauge, as the country balances its payments primarily through profits made from services, which don’t export volume and weight. “Malta’s main exports are low volume, low weight, high value – such as medicinal products, and we have all the licences from the Medicines Authority and the equipment and training necessary to carry and transport them. There’s now talk of Cannabidiol (CBD) being processed in Malta and exported to Europe, and that will be of interest to us.” and dormitory block for truckers. The target is for the Genoa hub to be fully functional by the third quarter of 2020. “The management company we bought into began operating from a different office in our name on 1 July 2019, until the new office is complete. The team hit the ground running, but there’s a lot of work to be done to integrate the team here and overseas, to reduce cultural differences, and to get the Genoa team to think and speak orange. This will be one of our biggest challenges in the coming years.” On a local level, Franco says that Express Trailers, like other logistics companies, is the missing link for 86

On the downside, the CEO asserts that a major bottleneck for the logistics industry in Malta is space. “If we had to line up our equipment in Malta alone and park it in the streets, it would take up 3km of road, and at least 10,000sqm,” he states. “As specialists in groupage operations – where we carry cargo of different importers and exporters, and deliver it all over Malta – my dream is for us and our customers to work at night, or better still, for the Government to create an incentive to industry to work at night,” says Franco. “We’d need one third of our current fleet, which would help solve the parking issue we have and reduce congestion on the roads at peak times of the day. Of course, this is in a perfect world and it will take getting used to, but the benefits would be immense.” 87

Quick-fire Questions… with Franco Azzopardi What was the first thing you did this morning? Had a coffee as soon as I got to the office at 6.30am. What’s your favourite thing in your office? My colleagues. What excites you most about working in your sector? It all happens in real time. Gourmet dining or homemade cooking? Depends on the company. If you could have any superpower, what would it be? To understand humans better. What’s something you’d still like to learn? I’ve ticked many off the bucket list – but maybe it’s time I learnt how to be a good handyman. What’s the best thing about running a business in Malta? The proximity of everything. And the worst thing? That it’s stifling. Which is your favourite spot on the island? My home. Book, film, series, or music? The internet for all four. What’s your most-used app on your phone? Gmail. Where do you read your news first? Corporate Dispatch. If you weren’t in this career, what would you be doing? I’d be a CEO of another company – it doesn’t matter which sector. Where do you hope to see the world in five years? I hope to see the world becoming more ethical – it’s all gone a bit mad. How do you hope to spend your retirement? I don’t plan to retire, but I don’t plan to live too long either. Outlook for 2020: positive or negative? On a personal, company, and national level: positive. But, globally, there are warning signs which make me undecided.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Diane Izzo

CEO, DIZZ GROUP

“ C O N S I S T E N C Y C R E AT E S L O N G - T E R M , P O S I T I V E H A B I T S T H AT W I L L E N S U R E Y O U A R E S U C C E S S F U L IN THE LONG RUN.”

A S T H E M A I N D R I V E R B E H I N D M A L TA ’ S M O S T S U C C E S S F U L F A S H I O N HOUSE, DIZZ GROUP CEO DIANE IZZO RUNS AN EMPIRE OF LUXURY AND FAST-FASHION BRANDS. FOR 2020, SHE IS SHIFTING HER F O C U S T O W A R D S C O N S O L I D AT I O N A N D D I V E R S I F I C AT I O N , W H I L E A L S O A DJ U S T I N G T H E G R O U P ’ S P R OC E S S E S TO M A K E I T E V E R M O R E S T R E A M L I N E D A N D S U S TA I N A B L E .

Diane Izzo has always been fascinated by two things: fashion and business. So, when the chance to combine the two and open a fashion business presented itself, it was the obvious path for her and, by the age of 19, she had set up her own company.

stand out in Diane’s mind, including the company’s successful €8 million and €7.5 million bond issues – which were both over-subscribed – as well as Dizz’s first day of trading on the Malta Stock Exchange last year.

CEO INSIGHT “A harmonious work-life balance is the secret to success long-term, as one cannot exist without the other. Outside work I have numerous passions, including travelling, exploring new places, and spending time with loved ones. We often travel as a family as it is the perfect way to create lasting memories that we can cherish together for years to come.”

“We began trading with just one brand and, today, have grown to become the largest fashion house on the island,” Diane continues, explaining that the line-up now includes Calliope, Liu Jo, Brooks Brothers, Guess, Paul & Shark, Trussardi, Max&Co, Harmont & Blaine, Goldenpoint, Elisabetta Franchi, Michael Kors, Napapijri, Pinko and more.

“I clearly remember being on holiday with my husbandto-be, Karl, and coming across the now-renowned clothing brand Terranova,” she recalls with a smile. “It was relatively unknown back then, but I instantly saw its potential and, after a number of trips to Italy to learn more about it, we opened our first shop here. That was the very start of Dizz Group.”

“We’ve also diversified recently, which I am very excited about,” Diane continues. “We have moved into the property and catering sectors, opening several cafés under the Pascucci franchise.

Hers is a company that has expanded on an incredible upward trajectory, as the Group evolved from a simple start-up to the dynamic plc it is today. So many highlights 88

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filtering opportunities to grow and strengthen her business. “Saying no is a challenge!” she quips. “But I have to, because if an opportunity doesn’t meet our growth and value criteria, then we have to say no. Our precious and finite amount of time must be spent on only the best opportunities out there.” Diane is known for her hands-on approach and she gets involved across all the sectors of the Group, even today. “Of course, in doing so, I have the support of my management team, which is crucial and indispensable when it comes to us reaching our goals,” she continues. “It is so important to have as many good qualities as possible in this highly competitive world. So, I consider that leadership, confidence, communication, learning, negotiation and strong management have stood us in good stead as a collective, and contributed to our success.” 2019 has been a milestone year for the team, as Diane has focused her time and energy into the D Shopping Mall, which is being developed by the Group. “We have developed the indoor football pitches at the Sliema Wanderers training grounds, near The Point, into another shopping mall, and we will unveil the results soon. On top of that, we have also managed other new store openings and kept the ball rolling on other possible future investments. It’s been a year of consolidation, while also looking forward.” Despite this very positive outlook, Diane does admit that the retail sector has faced formidable challenges lately, particularly when it comes to competition from the virtual world. But she is confident that, in the next five years, the industry will continue to grow thanks to more quality brands being introduced. “We should definitely invest in importing more international brands,” she stresses, “and particularly high-end brands. This would help to strengthen the business sector further, as it would enable us to directly target potential customers that might otherwise do their retail shopping online. As we continue to boost this part of the business, I am very optimistic that the future of retail in Malta will be positive.”

The new purpose of retail stores is to offer an experience that isn’t available online. Our main opportunity going forward is to invest in luxury retail brands and fast-fashion brands that will give shoppers something that they are excited to be part of.

“We made this move because I believe the F&B sector in Malta has lots of potential for growth, and we hope to attract more new franchises and popular international F&B chains to the island in the future. This is very much in line with my own focus at Dizz at the moment – investment, diversification and development.” It’s been a whirlwind journey for the CEO, but Diane says she is very proud and grateful for what has been achieved so far. “To succeed in business today, you have to be flexible, organised and good at planning,” she asserts. “Ours certainly hasn’t been an easy ride, but we always did our utmost to improve day on day.” Consistency, she insists, is a key component of success, as is efficiency. “If you’re focused on that, then you will create long-term, positive habits that will help you to be successful in the long run.” She absolutely loves her role as CEO – particularly meeting people on a daily basis and setting the company’s vision for growth alongside her hard-working team of dedicated employees. Together, they are determined to grow year-on-year and improve the company’s operations. “That, in turn, stimulates me to attain the results that we have achieved in recent years,” she says. With regards to her biggest challenges, Diane underlines that, as a forward-thinking CEO, she is constantly seeking out and 90

In fact, whenever Diane hears that ‘retail is dying’, she prefers to reframe that and say that it is ‘changing’. “The new purpose of retail stores is to offer an experience that isn’t available online,” she says. “To build relationships, solve problems, help shoppers interact with products, and give them the chance to experience what it is like to be part of a brand. Thus, our main opportunity going forward is to invest in luxury retail brands and fast-fashion brands that will give shoppers something that they are excited to be part of.” 2020, therefore, is going to be a big year for Dizz for a number of reasons, including its increasing shift towards CSR-related initiatives. “CSR will see us going above and beyond what is normally required in business, to positively impact the environment, our workforce and our community. For instance, I am proud to say that all our fashion brands have sustainable collections within them, featuring pieces made from recyclable items, and with others supporting the environment in one way or another.” Finally, Diane highlights the fact that the Group has a five-year business plan in place that she and the team will be following and working hard to achieve. “As a result of this plan we are strategically organised and can simplify our decision-making processes to reach our goals. It’s all about consolidating what we have achieved in recent years, and setting our sights on the very best of what is yet to come,” she adds. 91

Quick-fire Questions… with Diane Izzo What was the first thing you did this morning? Plan the day. What’s your favourite thing in your office? A photo given to me by my parents. What excites you most about working in your sector? We are always looking ahead. Gourmet dining or homemade cooking? Homemade cooking – I love making curries. If you could have any superpower, what would it be? To be able to achieve things instantly. What’s something you’d still like to learn? I am always learning, and I learn something new every day. What’s the best thing about running a business in Malta? The economy is very strong right now. This is the time to invest. And the worst thing? The lack of human resources. Which is your favourite spot on the island? Sliema. Book, film, series, or music? Listen to music – I love Italian music. What’s your favourite app on your phone? Spotify. Where do you read your news first? The BBC. If you weren’t in this career, what would you be doing? I’d be a lawyer. Where do you hope to see the world in five years? With a clear plan for the environment. How do you hope to spend your retirement? Travelling the world. Outlook for 2020: positive or negative? Very positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Nikhil Patil

CEO, GO

CEO INSIGHT

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“The biggest lesson my job has taught me is that listening is 10 times more valuable than talking. By nature, I’m a talker, so it’s easy for me to talk and communicate. And that is a good skill to have as a leader. But many times, being a CEO means that if you start talking, people just stop and give you all the time in the world to talk. That means you’re not learning. I’m humble enough to know that I don’t know everything there is to know, so it’s just something I consciously practise.”

“ I N A N E N V I R O N M E N T W H E R E YO U G I V E P E O P L E R E S P O N S I B I L I T Y , YO U M U S T A L S O G I V E T H E M T H E TOO L S T O A C H I E V E T H E I R TA R G E T S , A N D G E T O U T O F T H E I R W A Y . ”

F I R M I N T H E B E L I E F T H AT P E O P L E S H O U L D B E AT T H E C O R E O F A N Y B U S I N E S S , G O C E O N I K H I L P AT I L S H A R E S H I S I N S I G H T S O N H O W TO K E E P C L I E N T S A N D E M P L O Y E E S C L O S E , W H I L E M O V I N G TO WA R D S B I G G E R A N D B R I G H T E R S U CC E S S E S .

Humans are often described as creatures of habit. We identify patterns, settle into them, and slowly watch them turn into our lives’ constants. Family, the mountains back home, and a love for reading are among Nikhil Patil’s most valued constants. The learning process is another top contender, and this explains, in part, why his role as GO CEO holds such esteem in his life. “I love my job,” he says. “You learn new things everyday. There’s always something to improve, a relationship to build, a customer to satisfy. The challenge is in being able to take a step back and have a balcony moment with that new knowledge. This is so important. As a leader, it’s so easy to have your whole day wrapped up in meetings, and just doing things, but you need to take time to think about the bigger picture.” The broader view is necessary too when appreciating Nikhil’s journey over the years. While he has been

GO’s CEO for just over a year now, his history with the company spans over a decade and a half. Back in 2005, when GO was still Maltacom, Nikhil led the acquisition of the Government’s stake in the company for TECOM. He later took on the position of GO nonexecutive director, working hand-in-hand with senior management to define and implement its strategy. This resulted in a number of acquisitions that saw GO expand into Cyprus, tripling their addressable market size, and successfully spin off new companies altogether. In 2016, however, he had to walk away. “The investor company I was a part of sold their stake in GO, so I had to leave,” Nikhil explains. While some may have seen that as the end of the line, Nikhil saw it as an opportunity. “It actually opened up a chance for me to run the spinoff of Malta Property Company as CEO. I was there for three years, learning and growing the company.” 92

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

I have one mantra and it’s ‘culture trumps strategy’. I’m a big believer that if you get your organisational culture right, strategy takes care of itself.

The experience proved critical when Nikhil eventually found out that GO was on the hunt for a new CEO. “They wanted somebody who understood Malta well; someone who understood GO and telecoms, and who had local experience being a CEO,” he smiles. “I was in the right place at the right time.”

This is part of a larger effort to flip the company mindset from product centric to customer centric. “What we used to do was design products and then try to find customers to sell them to. But this limits us, it limits what we can sell,” Nikhil points out. By putting the client at the centre of the equation, the immediate effect is that products are designed for a specific audience. “It allows us to transcend the boundaries of the DNA, to go beyond telecommunications. You start thinking of all things digital. And that’s how we’re trying to change things now. What does that mean in real terms? It means we question our products, and the first question is always: how does this add value to our customers?” The shift in philosophy is something Nikhil wants to communicate and enact throughout the company. “This can’t just be a statement,” he emphasises, “but a set of actionable values. The challenge is in figuring out how we can deliver on those values as an organisation.” Nikhil tests the effectiveness of value communication yearly, making a series of phone calls and inquiries via chat to GO customer care representatives. “I ask: ‘My toaster is broken. What do I do?’” The right answer would be to ask about the brand of toaster and find the answer for their question. The wrong answer would be to tell the client that we don’t fix toasters. It’s about connecting customers to what matters to them. Always. It’s a small thing, but it makes a big difference.”

Revealing key insights into his leadership style, it’s easy to see that intention and specificity are key ingredients in Nikhil’s modus operandi. “I have one mantra and it’s ‘culture trumps strategy’. I’m a big believer that if you get your organisational culture right, strategy takes care of itself.” And while the influence of a positive work culture is outlined in all business books worth their salt, building and maintaining one in the real world is still a heady challenge for most. For Nikhil, it starts with the idea of treating others the way you want to be treated. “I have always been lucky to be in environments where I was given responsibility, I was given targets, I was given guidance. And I was led to achieve those targets without being micromanaged. I figured that in an environment where you give people responsibility, give them the tools to achieve their targets, and just get out of their way, you can get a lot done. It wasn’t a realisation as much as it was me asking myself; how would I like to be treated in a company? Then I turned it around.”

The tangible result of Nikhil’s leadership, despite the relatively short period, is already evident. Last year, GO successfully listed BMIT as a publicly listed company. “It was an investment of €20 million that was transformed into €100 million. That was a key focus. We still control the company and own 51 per cent of it.”

This focus on people is a theme that comes up time and time again throughout our conversation. It can even be noted in Nikhil’s approach to GO’s business. “I think the best thing about my job is connecting customers to what matters to them,” he says, and a major part of this is making sure to listen to the client’s needs and wants. “I have a metric where every month I ask every employee to ask at least three customers what they would like to see from GO. And so, just by talking to people, we get to see what is hiding behind the formal research and data that we have.”

New frontiers will also hold an important place in the agenda this year. 2020 will not only see the launch of mobile operation in Cyprus, capitalising on the expanded customer base, but also the beginnings of investment in Malta’s future through GO ventures, keeping the company at the forefront of new ideas. “With GO ventures we are investing in five-to-10 start-ups every year to actually build up the start-up economy and the venture capital framework that supports it. The idea is to provide capital, infrastructure and access to customers to start-ups that want to be based in Malta. Investing here helps us to make sure we continue to be successful. Malta’s success is GO’s success.”

GO also continued the roll-out of its true fibre network, covering about 110,000 households and businesses of Malta’s 300,000 total. 2020 will be dedicated to hitting another 25,000 households, a significant step towards hitting the 80 per cent to 90 per cent true fibre penetration across all of Malta within five years. “That is the top priority,” Nikhil asserts. “We are investing more than €100 million, and the network is so advanced, so state-of-the-art, that even our competitors have decided to use it instead of building their own.”

Quick-fire Questions… with Nikhil Patil What was the first thing you did this morning? A five-minute meditation. What’s your favourite thing in your office? My meeting table, which was repurposed from a cable drum made by GO employees. What excites you most about working in your sector? The constant pace of change in technology. Gourmet dining or homemade cooking? Depends who’s cooking. If you could have any superpower, what would it be? Time travel. What’s something you’d still like to learn? To speak Maltese. What’s the best thing about running a business in Malta? The feeling of community and family. Business feels very personal here. And the worst thing? The challenges that come with Malta’s small size. Which is your favourite spot on the island? GO’s Marsa headquarters. Book, film, series, or music? The Outsiders, The Intelligent Investor and The Lord of the Rings trilogy. What’s your most-used app on your phone? Email or WhatsApp. Where do you read your news first? The Financial Times and local press. If you weren’t in this career, what would you be doing? Trying to find a way to make it to this career. Where do you hope to see the world in five years? I hope we manage to keep the global temperature rise below 1.5 degrees. How do you hope to spend your retirement? Not being retired. Outlook for 2020: positive or negative? Always positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Maria Micallef

“I start my day by scanning the papers, as it gives me the insight I need for the day ahead. I try to fit in a walk first thing and am then out of the house by 9am, and usually in the office until 9pm. The biggest change I have made to my work-life balance is not to work my weekends anymore. These days they are dedicated to other passions, and they help me to shut off.”

CEO OF GENERAL SOFT DRINKS, W AT E R F R O N T H O T E L AND ARKADIA

“ S U S TA I N A B I L I T Y I S C R U C I A L T O E V E R Y B U S I N E S S T O D A Y , N O M AT T E R W H AT S E C T O R T H E Y O P E R AT E I N . ”

H AV I N G J O I N E D G E N E R A L S O F T D R I N K S AG E D 2 0 , M A R I A M I C A L L E F R O S E T H R O U G H T H E R A N K S TO B E CO M E I T S C E O , A S W E L L A S T H E C E O O F T H E W AT E R F R O N T H O T E L A N D T H E A R K A D I A G R O U P O F C O M P A N I E S . A S P A R T OF HER PORTFOLIO OF RESPONSIBILITIES SHE OVERSEES €100 MILLION I N T U R N O V E R A N D 9 0 0 S TA F F , W H I L E K E E P I N G A C O N S TA N T E Y E O N H E R C A R E F U L L Y - C U R AT E D S T R AT E G Y F O R T H E N E X T F I V E Y E A R S .

‘What an adventure it’s been so far’. That’s what comes to mind as Maria Micallef charts her ever-evolving expedition in business, and her constant desire to advance and innovate. Hers is a fascinating story that starts when she began her studies at university in her late teens. Although she’d wanted to be a pharmacist, the course wasn’t open that year, so she opted to study chemistry and biology instead. In hindsight, that appears to have been a crossroad moment in her life and nothing was ever the same again. “As a newly-graduated chemist I applied for a job at General Soft Drinks because, at the time, the company was concerned about possible nitrates in the water table and it needed to run a chemical analysis. I

was the first full-time chemist they employed, and I certainly wasn’t planning to go into business.” But, like with most things in life, Maria soon found herself on her rightful path, and she progressed quickly in the organisation. Having organised the laboratory as her first assignment, she was appointed operations manager at 24 and given responsibility on the production side of things, while also maintaining her focus on quality. “The company was led successively by British and Canadian general managers at the time,” she explains. “So part of my role was to help them communicate with the workforce and the union, and to provide them with any local context they might need to get the job done in the best way possible. I was by their 96

CEO INSIGHT

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

side constantly, and their guidance certainly helped to mould me at a very crucial time in my own career.” Although ambitious, Maria says she never envisioned she would be where she is today, but her climb up the ladder came very naturally. “Things happened, opportunities presented themselves, and I never thought too much about them – I just went for them,” she smiles. “That’s the advantage of youth! Today I reflect on things more, which has its benefits too, of course. But I don’t think I would be where I am today if I hadn’t just gone with it.” By the age of 28, Maria was appointed general manager of GSD. It was a time when the company was losing money and had lost its direction a little. “It’s very easy to lose money in any business if you don’t focus your objectives. I went into the role at the right time and managed to mobilise the workforce, which turned out to be a defining moment for the company. I led by example when it came to the way we needed to work and people responded to that. It has remained a cornerstone of my leadership style ever since.”

the objectives and fleshing them out over a one-, three- and five-year plan. “Along with that, you have to have the right people to execute,” she recommends. “The right team is the secret to success every time. In fact, my own success at GSD has been the result of the fantastic teams at various levels of the operation.” And as things at GSD started to improve, Maria also found herself with other exciting opportunities to consider. Brian Mizzi, GSD’s managing director, asked her for help with other companies within the Group portfolio and, when she originally turned them down because she felt she had already reached the peak of her career, he encouraged her to take them on.

By the end of the next five

For Maria, leadership very much centres around identifying a company’s vision and bringing it to life, before outlining

years, I want to be working with the next generation of leaders across all the companies I am involved with, and to be passing on everything I have learnt to them.

“The first was as executive director of IELS,” she remembers. “The organisation wasn’t performing at the time and needed a fresh approach. It already had a team but just needed a new vision, and we were able to turn it around.” ‘Turning things around’ is something Maria has achieved a reputation for since then, and she has gone on to make magic when leading other companies in the Group over the years, including the Waterfront Hotel and Arkadia Group of Companies (both of which she is CEO of today). Across all the companies, she is now responsible for almost €100 million in turnover and 900 employees. “I go where I am needed,” she says happily, when asked to share the secret to her approach. “And I always have a plan.” Today, Maria says that plan is made up of three clear objectives – namely to make sure everything she is working on has a relevant strategy with clear objectives, to have the right people to enact that strategy, and to make the companies as sustainable as possible. “Sustainability is crucial to every business today, no matter what sector they operate in,” she stresses. “Here at GSD, it is one of our pillars and we have countless projects on the go to ensure we are as sustainable as possible. Water stewardship and environmental sustainability are our top concerns. The Coca-Cola Company has been dedicated to protecting and boosting international water security for decades now. A few years ago, the global company set clear goals for each of its subsidiaries to hit by 2020 but, locally, we hit ours in 2015. They now see Malta as a pilot project for what could be achieved across the

world, which is such an honour for us. In 2018, James Quincey, president and CEO of The CocaCola Company, launched the World Without Waste project, a holistic plan that aims to collect and recycle the equivalent of every bottle or can the company sells globally by 2030, and to create packaging that contains at least 50 per cent recycled material by 2030. In 2019, the Zero Waste Future programme was launched in Malta with the aim of creating a framework for zero waste cities and zero waste campuses in Malta.” As she looks towards 2020 and beyond, Maria says she is more determined than ever by the challenges and opportunities ahead, and already knows what she wants to achieve in the next five years. “I will be focusing on building strong teams and have already started work on my succession. I don’t want to stop working at 55 – far from it – but I do know I want to move on to other roles. So, by the end of the next five years, I would like to be working with the next generation of leaders across all the companies I am involved with, and to be passing on everything I have learnt to them.” And with her eye firmly on the prize, she believes the coming year will be one that continues to position the companies she leads at the forefront of their respective industries – both in terms of their financial performance and when it comes to the targets that have been set for sustainability and human resources. “2020 is going to be an interesting year because we do need to keep a close eye on the economy and other important impacts like Brexit and sustainability. I believe it will be a good year but, now more than ever, we have to keep our feet on the ground,” she concludes. 99

Quick-fire Questions… with Maria Micallef What was the first thing you did this morning? I read the papers. What’s your favourite thing in your office? A photo of my graduation day with my parents. What excites you most about working in your sector? Getting results and transmitting my passion to our people. Gourmet dining or homemade cooking? Homemade, although I haven’t cooked in 20 years! Thankfully my partner does the cooking. If you could have any superpower, what would it be? To see into the future. What’s something you’d still like to learn? I make sure to learn something every single day. What’s the best thing about running a business in Malta? Getting things done quickly. And the worst thing? I hate bureaucracy, especially when it’s an excuse for things not to get done. Which is your favourite spot on the island? Birgu, where we live – I can see the Grand Harbour from my balcony. Book, film, series, or music? I love watching series – I am currently catching up on Poldark. What’s your favourite app on your phone? Instagram. Having resisted social media for a long time, I now quite enjoy it. Where do you read your news first? The local papers and LinkedIn. If you weren’t in this career, what would you be doing? I’d be a pharmacist. Where do you hope to see the world in five years? More humane than it currently is. How do you hope to spend your retirement? Travelling. Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Kevin Buttigieg

CEO, R E / M A X M A L TA

“ G O O D D E V E L O P E R S A N D S E R I O U S R E A L E S TAT E A G E N T S W I L L B E A B L E TO C A R R Y O N W I T H B U S I N E S S A S U S UA L . ”

WITH OVER 500 EMPLOYEES AND MORE THAN 30 BRANCHES FOR BOTH ITS S A L E S A N D L E T T I N G S F R A N C H I S E S , R E / M A X M A L TA I S T H E L A R G E S T R E A L E S TAT E C O M P A N Y O N T H E I S L A N D . N O W , C E O K E V I N B U T T I G I E G – W H O W A S A L S O T H E N U M B E R O N E G L O B A L A G E N T F O R R E / M A X I N T E R N AT I O N A L L Y I N 2 0 1 8 – B E L I E V E S T H AT T H E C O M I N G P R O P E R T Y M A R K E T S TA B I L I S AT I O N W I L L C R E AT E J U S T A S M A N Y O P P O R T U N I T I E S A S T H E R E C E N T B O O M .

It’s the end of another busy year for RE/MAX Malta – the real estate company that rose through the ranks to reach the island’s number one spot in the property market in just over a decade. Now, CEO Kevin Buttigieg – one of the RE/MAX Malta founders – is looking to the future with guarded optimism about what the next phase will bring.

CEO INSIGHT “Becoming a dad recently was life-changing – and it’s been 100 per cent positive. It has brought my partner and I closer than ever, and made the whole family stronger. I am more excited than ever to focus on the things that will improve the world for him, and never tire of the way he can melt my stress away at the end of a hectic day.”

careful restructuring programme to make us as lean and efficient as possible to meet the needs of the sector, and we will also be diversifying by bringing a number of new franchises to the island.” Despite the changes to come in the real estate market, Kevin stresses that it isn’t a worrying time for those hoping to purchase property. However, he recommends treading carefully if you do plan on buying soon, to ensure you get in at the right price. “Some prices have been inflated recently, so it’s important to know the real value of things now – and the best way to do that is to work with a reputable agent you can trust. Beyond that, do speak to your bank before you become attached to a particular property, as the banks have become very unpredictable when it comes to lending. There are so many restrictions now that even we are confused about who can and who can’t borrow money; we hope that changes soon as it is definitely holding things up.”

“The market is stabilising,” Kevin says, adding that the highend market has witnessed a bit of a slowdown. “But that is no surprise – in fact, it is exactly what we would expect to see at the end of such a long growth spurt. Prices couldn’t possibly go any higher.” With this in mind, Kevin and the team are now focused on restructuring RE/MAX locally, while also expanding internationally. “We have taken the plunge and taken on the RE/MAX brand for Montenegro, where we are already operating four offices and plan to open six more across 2020. Here in Malta, we are concentrating on a 100

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that knowledge is passed onto our clients to ensure they have the best experience possible when working with us,” Kevin continues, adding that no one should be put off joining the industry because of the slowdown. “This is actually the best time to join because it’s a normal market – not booming and not declining, but stabilising.” Asked about his international ambitions, Kevin says he has long dreamt of being able to grow the business beyond Malta’s shores. “I am fascinated by the property market in general, and I like to see what other countries do differently and learn from them. A lot of people often say that locally ‘you can’t do this or that’ but I have always disagreed and been eager to push the boundaries of what we can do. “15 years ago we were told we couldn’t bring RE/MAX to Malta because it wouldn’t work – but we did, very successfully. Now we are doing the same in Montenegro, and are already witnessing some success there.” And although cautious about what further growth we can expect in Malta, he is adamant that there is no bubble that is going to ‘burst’. “A bubble bursting is categorised by a 30-to-40 per cent drop in prices, which I don’t believe will ever happen,” he explains. “Locally there is no bubble in sight and never has been.

15 years ago we were told we couldn’t bring RE/MAX to Malta because it wouldn’t work – but we did, very successfully. Now we are doing the same in Montenegro, and are already witnessing some success there.

He also expects there to be changes within the real estate industry itself, with the ‘cowboys’ that joined the sector to cash in on the boom having to bow out. “Those cowboys will end up getting hurt, which means that this is a good time for people to invest. Those that overstretched and thought they were invincible will have to drop their prices and sell cheap. However, the good news is that the rest of the market is solid, and good developers and those serious about the real estate industry will be able to carry on with business as usual.” To make the most of this opportunity, Kevin says RE/MAX Malta has taken a good, long look at its internal structures and ensured that the team is in the most effective position to face the future. “We don’t want people to have too many things on their plates so they can get the best-possible results,” he says. For instance, the company has opened its Real Estate Academy, which was developed to craft the leading set of property associates on the island. “No other real estate company on the island comes close to the training that we offer our associates, because we really want them to go out there at their best. We have four full-time trainers in place covering everything from customer care to the intricacies of Maltese property law, and of course all of

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“But I do believe that part of our role now is to educate the public – more than ever – about where prices should be, so that they can make the right choices. As the leading real estate company on the island, we know that by treating our customers properly we will continue to secure their loyalty as the market goes through some change. It isn’t easy but we are definitely going to do our best to stay at the top, and I believe that, in the near future, we will see the new cowboy estate agents falling by the wayside because they are not geared up for the changes in the market like we are. On the whole, I would say that 60 per cent of those operating in the sphere are uneducated and unprofessional, and we want to see those people disappear. Historically speaking, I would say their days are numbered.” For Kevin, his position as CEO is now very much driven by a desire to look after his team and partners, and ensure the best for their futures. “I want every one of our staff to be able to look in the mirror each morning and look forward to coming to work. If they’re don’t… well, that’s when the problems start. My advice to other CEOs is to always keep in close contact with your team, to give gratitude when things are done well, and to be there for them on a day-to-day basis.” And it is this knuckling down and inward focus that will be Kevin’s drive for 2020, along with those plans for internationalisation and diversification. “At the end of the year I believe we will be where we are now, if not stronger – perhaps with a five per cent increased market share for RE/MAX Malta, and 25 per cent increased market share for our new franchise RE/MAX Lettings Malta. All in all, it’s going to be a good year.”

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Quick-fire Questions… with Kevin Buttigieg What was the first thing you did this morning? Look at my newborn son. What’s your favourite thing in your office? I am actually moving to a new office, so I’ll have to let you know! What excites you most about working in your sector? I get excited about being part of something – part of an important time in our clients’ lives. Gourmet dining or homemade cooking? Gourmet dining – Las Vegas is my favourite city to dine in. If you could have any superpower, what would it be? To make everybody happy. What’s something you’d still like to learn? I’d like to do an MBA – but it’s not on the cards for the moment. What’s the best thing about running a business in Malta? The freedom. And the worst thing? People forgetting where they came from. Which is your favourite spot on the island? Anywhere by the sea. Book, film, series, or music? I enjoy all of those things equally. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? Online. If you weren’t in this career, what would you be doing? I’d be a professional athlete. Where do you hope to see the world in five years? In peace, with everyone getting along. How do you hope to spend your retirement? Travelling. Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Andrew Beane

“Life is more flexible these days. I am not someone who churns emails out 24/7 but I have learnt that, in managing a diverse team of people, it is important to give everyone the space to work in the way that suits them best. Personally I am very conscious about balance – I love to pick the kids up from school and rarely work weekends – but that might not work for my team. Having said that I do set the tone, and encourage the whole team to have time to shut off.”

CEO, HSBC BANK M A L TA

“ O U R L O N G - T E R M V I E W I S TO B E S A F E R , S T R O N G E R A N D M O R E S U S TA I N A B L E . ”

W I T H A R O U N D 1 , 3 0 0 S TA F F , 2 0 0 , 0 0 0 C U S T O M E R S A N D U P W A R D S O F € 1 6 0 M I L L I O N I N A N N U A L T U R N O V E R , H S B C M A L TA I S A P I L L A R O F T H E ISLAND’S BANKING INFRASTRUCTURE. FOLLOWING A RIGOROUS AND CHALLENGING PERIOD IN WHICH THE BANK FOCUSED ALMOST ENTIRELY O N I T S R I S K M A N A G E M E N T T R A N S F O R M AT I O N , C E O A N D R E W B E A N E I S N O W E XC I T E D TO T U R N F OC U S B AC K O N TO I T S C U S TO M E R S A N D P R O V I D E U N M AT C H E D S E R V I C E A N D P R O D U C T S F O R L O C A L C L I E N T S I N B O T H T H E D I G I TA L A N D F A C E - T O - F A C E S P H E R E S .

Andrew Beane’s journey to becoming CEO of HSBC Malta took him all over the world. From the UK and Chicago, to Hong Kong, Abu Dhabi and Dubai, he meticulously rose through the ranks of one of the world’s best-known banks – sitting on the executive and risk committees of HSBC Europe among his many roles.

my role as serving others, not the other way around,” he explains. “I feel a great sense of accountability to the 200,000-plus customers that we provide services to, and to the 1,300 people and their families that work for us. I know that decisions we take affect people’s lives and there is nothing more significant that shapes my thinking.”

He took on the position of HSBC Malta CEO in November 2015, but already had a relationship with the island. “My aunt is Maltese so I have always had a connection to the country,” Andrew says. “I love the place, so coming here was an emotional decision as much as a rational one.”

The past four years have been an exciting time for Andrew and his team, although he highlights the fact that the organisation has been largely focused on its risk management transformation, which is now in its final phase. “We are at the end of a rigorous multi-year plan to ensure everything is stringently in place for our regulators – both local and international – to have complete confidence in us. There is no doubt that the market is

This personal affiliation aligns perfectly with Andrew’s sense of responsibility to society here in Malta. “I see 104

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facing challenges, and scrutiny continues. So, by completing this important phase, we are now ahead of the market from a competitive perspective, albeit behind the scenes. This is a landmark achievement for us. If we didn’t get this right, then there would be no way we could create the fun stuff for customers or generate dividends for our shareholders – but now we have.” Andrew believes this development will mean that HSBC Malta can now focus on being a bank that’s both great for customers, and which has the very future-focused view to succeed in these complicated times. “Digital is a huge part of that future,” he says, adding that it is this digital strategy that led to the recent closure of seven local branches. “80 per cent of all global banking transactions are now conducted online, with 45 per cent of those on mobile. That’s huge, and we are responding to that. “There has been a silent revolution in how people do their banking all over the world, and at different speeds. In Malta there have been some significant differences. On the one hand, the island has the highest social media penetration in Europe. On the other, the use of online services – like banking – has been slower than in many other parts of the world.” Now, though, that number is set to increase, not least because HSBC Malta has launched its new mobile banking app. This has already enjoyed very positive take-up among customers. “The shift to digital isn’t a replacement of face-to-face banking but it is a commoditisation of the basic transactions that don’t really revolve around personal relationships,” Andrew continues. “There are two elements to banking – the meaningful moments in people’s lives, and the day-to-day stuff. Customers want access to talk to people that can give them advice and comfort at crucial times – such as when they’re buying a house or considering an investment – and we are there for them more than ever. But, equally, when it comes to the run-of-the-mill transactions such as paying a

The shift to digital isn’t a replacement of faceto-face banking but is a commoditisation of the basic transactions that don’t really revolve around personal relationships. We will become the leading bank for customer service, from both a digital and a face-to-face perspective.

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bill or transferring money to a friend, they want to be able to do this quickly and easily, at the touch of a button. And that’s exactly the service offering that we have now put out there. It’s our most exciting technological launch in 15 years, with our brand new internet banking and mobile banking app. It’s all about integrating customers’ banking services to suit the way they want to live.” The results of this are certainly promising, with profits at the bank up 30 per cent in the first half of 2019 when compared to the first half of 2018. “To achieve this we have made strides as a retail bank and our commercial business has stabilised. We have also made good progress on cost control, credit control, and our underlining profitability. Getting to this stage may have been expensive but it was worth it, and our long-term view is that we have emerged safer, stronger and more sustainable.” Discussing the wider market in Malta, Andrew says economic growth on the island is set to remain better than the EU average but is likely to slow down a bit. “I think that’s a good outcome,” he says. “If you grow too quickly, you stress the sustainability of your growth. Thus, I would say the overall economic outlook is positive. “The nuances of the banking sector do make things more complex and the main longterm issue we are facing relates to interest rates. Arguably, debt is now too cheap and the value for savers is too low – so a bank is caught in the middle of that in a rather inconvenient way. There is no doubt that this is going to be a problem that bankers will have to think about, as it is an issue that isn’t going away. The system now favours the borrower not the saver, and something will have to be done about that.

“For me, though, the most important thing locally is that we come to see increased focus on consumer protection as we go into 2020. While there is already some good regulation in place, thoughtfulness is needed to ensure people really understand the risks they are taking when they invest in bonds and equities. The historic rule of thumb is to diversify and that, I think, requires some coordinated, concerted effort from the authorities to make sure people ultimately understand when they are putting their capital at risk.” Meanwhile, Andrew stresses that HSBC Malta is very much at the forefront from a compliance perspective; it has 35 per cent market share in banking but over 85 per cent market share compliance-wise. “Honestly speaking, this doesn’t make sense. The industry as a whole now needs to go through the kind of transition we have gone through, from banks, to other third-party financial service companies, to the police. The industry is going to have to place compliance above short-term profitability if it wants to ensure longterm sustainability. Should this worry the person in the street? Not normally, but the consequences of action not being taken could be restrictive in the future. Pleasingly, both the MFSA and the Government have made statements that suggest a good action plan is in place, but the test will be in the implementation not the announcement.” Finally, Andrew looks squarely at HSBC Malta and its plans for 2020. “The key element for us is for our key customer-focused offering to flourish. We have launched it and, so far, it is doing extremely well. We will become the leading bank for customer service, from both a digital and a face-to-face perspective, and the reality of that is very exciting.” 107

Quick-fire Questions… with Andrew Beane What was the first thing you did this morning? Ironed my shirt. What’s your favourite thing in your office? Leaving it to spend time with colleagues and customers. What excites you most about working in your sector? The people. Gourmet dining or homemade cooking? Homemade cooking – my mum was a cookery teacher. Yesterday I made a bear cake for my son’s cookery competition at school. If you could have any superpower, what would it be? I would like an ‘instant’ button, so I could get things done immediately. What’s something you’d still like to learn? Mandarin Chinese. What’s the best thing about running a business in Malta? It is a privilege to be running a business in a place that has special meaning for me personally. And the worst thing? I don’t do ‘worsts’; it’s not in my psychology. Which is your favourite spot on the island? There are too many to choose from. Book, film, series, or music? Watch a series – I like Netflix for the sheer range of options. What’s your favourite app on your phone? Windy, which highlights the wind and sea conditions at all times of day. I like sailing, so it’s helpful. Where do you read your news first? Times of Malta. I download it to my iPad first thing in the morning. If you weren’t in this career, what would you be doing? I’d be a diplomat. Where do you hope to see the world in five years? On a clear path to a low-carbon, sustainable economy. How do you hope to spend your retirement? I haven’t thought about it. Outlook for 2020: positive or negative? I am always positive. Great businesses look at challenges and find a way around them.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Andy Gatesy

CHAIRMAN AND C E O , TO L Y

“ W E W I L L N O T G R O W AT T H E E X P E N S E OF LOSING OUR SOUL.”

A S O N E O F T H E W O R L D ’ S L A R G E S T , P R I V AT E L Y - O W N E D P A C K A G I N G C O M P A N I E S , T O L Y G R O U P I S A T R U L Y S TA N D - O U T G L O B A L ENTERPRISE – SPEARHEADED FROM ITS HEAD OFFICE HERE IN THE B U L E B E L I N D U S T R I A L E S TAT E . I N L E A D I N G T H E B U S I N E S S T O I T S EXPONENTIAL YEAR-ON-YEAR GROWTH, CHAIRMAN AND CEO ANDY G AT E S Y H A S P R O V E N T O H A V E B O T H T H E V I S I O N A N D D R I V E T O L E A D TO L Y O N WA R D S I N TO T H E F U T U R E .

Andy Gatesy is incredibly proud to call Malta home. “The island has become such a special place to me,” he says. “It’s where I choose to live and to run the business, and I love living here.” As Chairman and CEO of Toly – one of the largest companies on the island, with over €100 million annual turnover – Andy has certainly made his mark on Malta. It is a legacy he took over from his father, who first came here in 1969, and one that he continues to grow with gusto today. “My father Zoli was a toolmaker in England in the 60s, having left Hungary as a refugee in the 50s,” Andy details. “His business was growing at the time and he had set up a factory, but it was

the ‘winter of discontent’ and he was aware that things were changing in the sector there. So, when a friend of his suggested he consider Malta – which was looking for foreign investment back then – he said ‘let’s try it’!” That was the start of something truly fantastic for Zoli and his company. In 1970, he was given his first local factory in Bulebel, and he started manufacturing just a year later. “The island was very different back then,” Andy recalls fondly. “There were just two international phone lines – so you had to wait for one to be free if you wanted to make a call. Plus, the whole area was rural, with just goats in the fields for miles around and no infrastructure at all. 108

CEO INSIGHT “Work is my passion and Toly is my life. I am living my passion. That said, living in Malta does help me to achieve some balance, as I like to swim, go out on the boat, and make the most of outdoor life. I am lucky that my family – my spouse and her children – also work in the organisation, so our business life blends well with our personal one.” 109

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One of the things I am most passionate about is disrupting our organisation, largely because if we don’t disrupt ourselves, then one of our competitors will do it for us.

“But my father was a pioneer and he wanted to make it work, so he did. He employed 40 people and got stuck in, and that’s where the successes started – and they haven’t stopped since. We now lead the Toly world from right here. We take the Maltese spirit we love so much, and implant it across the globe.” And the Toly world is no small fry. Today, the company employs over 1,100 people across factories and offices in Korea, China, the US, and more. The business celebrated 45 years of operations in Malta in 2016, and expanded further in 2018 with the launch of its new, stateof-the-art factory, where it creates a vast range of solutions and services that cater to the needs of any cosmetic company in the packaging industry, big or small. Andy has been at the helm of the business since his father sadly passed away in 1991. His official title is Chairman and CEO, but he prefers to refer to himself as ‘chief disruption officer’. “One of the things I am most passionate about is disrupting our organisation, largely because if we don’t disrupt ourselves, then one of our competitors (or the industry at large) will do it for us. While it isn’t always the popular route, I have to be impatient, otherwise the organisation won’t move forward. I am the engine that drives everything, but I have a fantastic executive team who then helps to move it forward.” Clearly it is a strategy that’s working, as Toly hit its target of €50 million in sales four years ago, and then smashed its 2020 target of €100 million in sales two years ahead of schedule. “It’s been an amazing achievement for the team,” the CEO smiles. “It all came down to successful expansion 110

– as we took our core business in the creation of make-up compacts and diversified into so many other types of products and packaging for the whole cosmetics and skincare market. In the past, our top 10 clients made up over 80 per cent of our business, but today they make up just 45 per cent, which gives us so much more strength to manage the inevitable peaks and troughs. Things change: two years ago, make-up was booming, now skincare is booming. Either way, we are ready to react to anything that is thrown at us.” Nevertheless, Toly does face its fair share of challenges – including how best to tackle the cultural and practical shift towards a more environmentally-focused approach. “Our new factory is a very modern, eco-friendly building, so a lot went into preparing our workforce for the differences that that would bring,” Andy explains. “Plastic has become a very dirty word – and not always for the right reasons. After all, it isn’t a bad material; it’s the way we dispose of it and the fact it is ‘single use’ that’s the problem. Thus, there is now a massive push in our sector internationally to make things reusable and refillable, and we are extremely focused on achieving that for our clients.” Speed to market is another challenge for Andy, as he explains there has been more change in the sector (and in the world) in the last three years, than in the previous 30. “Customers have become impatient. Today, if you want to order a taxi, you press a button and if it’s not there in five minutes you get upset. Much of the world now follows this order, and you have to have an adaptive business model to balance that.” He explains that very few privately-owned businesses still exist in the packaging sector, as most have been sold to private equity firms, which means their vision is very different to the Toly ideal. “For them it’s all about money,” Andy continues. “As a privately-owned business we are focused on the long term. And the future looks positive, with the industry on track to grow five-to-seven per cent in the next year, which gives us a lot of legroom for growth.” His plan, in fact, is to keep stepping things up and scaling things up. “We’ve hit €100 million, and our next major milestone will be to double that again: to hit €250 million by 2025. It’s not going to be easy as, to do it, we need to achieve 15 per cent growth each year. But we have managed a 17 per cent annual compound growth rate for the past four years, so I am positive. “That said, we will not grow at the expense of losing our soul. If we grow and lose our passion and family spirit along the way, then we will have made a huge mistake. If, on the other hand, we grow two-to-three per cent a year and love what we’re doing, then we will have been successful.” As for Andy’s theme for 2020, he says that this is clear: to make a positive impact, the Toly way. “We want to positively impact our people, our customers, our stakeholders, and our communities – and we want to achieve all this while creating and launching innovative products we can be very proud of.” 111

Quick-fire Questions… with Andy Gatesy What was the first thing you did this morning? I had a bowl of cereal. What’s your favourite thing in your office? Being able to walk in and feel inspired all the time. It feels like home not an office. What excites you most about working in your sector? The opportunity to continue to grow, and the mix of capabilities and interests. Gourmet dining or homemade cooking? Homemade cooking – especially Maltese rabbit. If you could have any superpower, what would it be? To read our customers’ minds! What’s something you’d still like to learn? I’d like to be able to speak more languages fluently. French would be really useful. What’s the best thing about running a business in Malta? The passion of the people. And the worst thing? The legal system. Which is your favourite spot on the island? Home. Book, film, series, or music? Watch a series. We’re watching Money Heist right now, and it’s fantastic. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? Sky News at night, and the Maltese newspapers in the morning. If you weren’t in this career, what would you be doing? I’d be a public speaker and sharing my experiences. Where do you hope to see the world in five years? Cleaner and safer. I hope the super powers will have ceased fighting each other in trade wars. How do you hope to spend your retirement? I won’t retire. You can’t retire from your life and this is my life. Outlook for 2020: positive or negative? Always positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Antonio Palumbo

PRESIDENT, PA L U M B O G R O U P

CEO INSIGHT

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“There is no such thing as balance in my line of work. I don’t think it’s possible to give 50 per cent of yourself to work, and the other 50 per cent to ‘life’. If you work the way I do there can be no equilibrium because something is going to suffer. I would say that, for me, the split is more 90-10 in favour of Palumbo.”

“ T H E M A L T E S E S H I P YA R D C H O S E M E – AND I AM VERY GL AD IT DID.”

T H E PA L U M B O FA M I L Y H AS B E E N I N T H E S H I P B U I L D I N G I N D U S T RY S I N C E 1 9 6 7 A N D TO DAY R E P R E S E N T S A M A J O R R E F I T A N D R E PA I R N E T W O R K I N T H E M E D I T E R R A N E A N . P R E S I D E N T A N TO N I O P A L U M B O B E L I E V E S T H AT 2 0 2 0 W I L L B E A V E R Y I M P O R TA N T Y E A R F O R T H E C O M P A N Y A N D I N D U S T R Y F R O M A N E N V I R O N M E N TA L P E R S P E C T I V E , A N D I T I S I N V E S T I N G I N T H E L AT E S T E Q U I P M E N T , E X P E R T I S E A N D T E C H N O L OG Y TO P O S I T I O N T H E G R O U P A S T H E L E A D I N G YA R D I N E U R O P E .

Antonio Palumbo may be president of a 700-person strong organisation and ultimately responsible for its €150 million turnover, but he says his most important role within the organisation is something a little different. “Today I am mostly a counsellor and psychologist above all else,” he smiles. “That’s the truth. After so many years in the job I realise this is the most important role I play because there are so many different characters within our organisation and they all have to be considered in the company’s day-to-day running. I am as passionate about their wellbeing as I am about every other aspect of the business.”

That business is one that has been in his family since 1967 when his father, Salvatore, started a small carpentry and metalwork yard to support the local ship repair industry there. Antonio was involved early on and says he recalls the moment his father started the business. “I remember quite a few things from the era in general,” he recounts nostalgically. “Such as President Kennedy visiting Naples, and the Giro d’Italia coming to the city for the first time. I also remember a lot about my father starting out and the satisfaction of watching him build something that was completely his own. I wanted to be a part of it.” 112

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Today Antonio says he is very proud that this business is still part of the family, and that his two sons, Giuseppe and Raffaele, have joined as well. “I don’t get emotional about our growth and success anymore, although I still do get emotional thinking back to those early days and the hard work my father put in to get us started. Having a ‘family feel’ to the work we do is the most important thing.”

Of course the Group’s journey hasn’t been without its challenges – and it is those challenges that Antonio stresses have given him the energy to forge ahead. “You have to accept the challenges and win. Business is always about measuring up to the competition and working to constantly improve, to remain the best in the industry, and to make sure we deliver no matter the deadlines. After all, taking a shipyard like Malta’s on, in the state that it was in, and turning it into a successful international industry player in just 10 years was no easy feat – especially in such a volatile market. But we did it, and I am proud to say we now have the results to show for it.”

But despite his wistfulness for the past, there is no doubt that Antonio is incredibly forward-thinking in his approach to the company’s future. “It’s hard to pick a landmark moment in my career so far because there have been so many – too many to list. But the most important thing for me is now, today. We chose to make 2019 a time for reflection; a period for us to discuss strategy for the future. Now we are looking ahead with the view to implement it all.”

As president of the company, Antonio says he never can sit back and relax because his is such an unpredictable industry. Aside from the challenges set by the competition, there are also external events to consider, such as the 2008 financial crisis, the Libya crisis, and the petroleum crisis, which caused huge price instability. “Our sector is affected by geopolitics on a plethora of levels, which means we have to be on constant alert,” he continues. “It isn’t easy to be prepared and we have to be extremely agile when it comes to reacting as quickly and effectively as possible. “That said, challenges are important because they bring change – and I would say our biggest challenge of the moment is the environment and how to safeguard it. We are all morally responsible to make a commitment to take care of the planet, and it is a value that underpins our whole Group.”

He reflects on his decision to pitch to buy all six of Malta’s docks in 2010, and their subsequent acquisition in 2011 (through Palumbo Superyachts). He says it wasn’t a personal choice – but fate. “I had often heard people talk about Malta and was fascinated by the island and its shipyard,” he says. “But I’m not sure why! So, when I was in Rome and friends mentioned that the shipyard was going to be up for tender, I jumped at the chance – but then found the tender had already closed. Some months later, as the tender hadn’t been successful, we got our chance to bid and were successful. So really it was the Maltese shipyard that wanted us and not the other way around. It is as if it was waiting for us.” Today the Palumbo Group has an unbeatable logistic network layout of eight shipyards in the heart of the Mediterranean, one in the Atlantic Ocean, two new-build sites, 18 docks (including the second-largest dock in Europe) and the most internationallyexperienced craftsmen and engineers in the industry. The Maltese shipyard sits very much at the heart of that network, and now accommodates ships up to 300,000 tons in weight. “There’s no doubt that Malta has significantly shaped our future,” Antonio says.

With this in mind, Antonio is proud of the fact that Palumbo recently finished retrofitting four Ro-Ro passenger ferries with a fuel cleaning system to meet new environmental shipping rules. The Cospicua shipyard is also reaping the results of environmental investments it made nearly five years ago through the installation of photovoltaic panels. Antonio estimates that, by next year, it will make savings of up to 20 per cent on its energy output, and will have drastically reduced carbon emissions. “For us, an environmental strategy is what will give us an advantage, while eliminating useless activities that are expensive and inconvenient,” he says.

The most important thing for me is now, today. We chose to make 2019 a time for reflection; a period for us to discuss strategy for the future. Now we are looking ahead with the view to implement it all.

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Antonio believes the sector as a whole will have to change to protect the marine environment, and that 2020 will signal the start of a mammoth transformation – although he isn’t quite clear on the opportunities that will shape the year to come. “I don’t have a crystal ball, so I’d rather not speculate about what might happen, but instead focus on what’s concrete and what we know. For instance, in 2020 we will refit another seven vessels with scrubbers; we beat off stiff competition to win these contracts and it’s a feather in our cap that we have managed to secure the work. “On top of that, we will be taking as many more steps as possible to keep improving the Group and position it at the top of its game. What 2020 is going to look like I cannot tell you – from a crisis in the euro to an earthquake or war, who knows what will happen? But we hope for the best. What I can tell you is that we are looking ahead with focus and, more than ever, we plan to be the best we can be.”

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Quick-fire Questions… with Antonio Palumbo What was the first thing you did this morning? Jump in the shower. What’s your favourite thing in your office? My photos. What excites you most about working in your sector? The satisfaction of getting things done; getting up and achieving. Gourmet dining or homemade cooking? Homemade cooking – the simpler the better. If you could have any superpower, what would it be? To read people’s minds. What’s something you’d still like to learn? How to make the Maltese look at this shipyard with totally new eyes. What’s the best thing about running a business in Malta? The fact that we are contributing economically to the nation. And the worst thing? Knowing the difficult times the shipyard has been through. Which is your favourite spot on the island? This shipyard. Book, film, series, or music? Watch a film, or a football game when Napoli is playing. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? Trade publications, online. If you weren’t in this career, what would you be doing? A TV technician. But really, I would never want to do anything else. Where do you hope to see the world in five years? Having made huge progress in the medical sector. How do you hope to spend your retirement? I am living my retirement already. This is it. Outlook for 2020: positive or negative? Cautious.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Karl Aquilina CEO, SALVO GRIMA GROUP

“ T H E M I N U T E YO U S TO P C H A N G I N G I S T H E M I N U T E Y O U S TA R T D E C L I N I N G . ”

O P E R AT I N G I N S E V E N C O U N T R I E S A N D E M P L O Y I N G O V E R 1 1 0 H I G H L Y T R A I N E D S TA F F , S A L V O G R I M A G R O U P S P E C I A L I S E S I N S H I P S U P P L Y , T R A V E L R E TA I L , I N T E R N AT I O N A L W H O L E S A L E A N D P R O D U C T D I S T R I B U T I O N I N E U R O P E A N D A F R I C A . A S T H I S D Y N A M I C F A M I L Y - R U N F I R M C E L E B R AT E S I T S 1 6 0 T H A N N I V E R S A R Y T H I S Y E A R , C E O K A R L AQ U I L I N A P L A N S TO E X PA N D T H E G R O U P ’ S R E AC H E V E N F U R T H E R .

As one of Malta’s oldest, family-run businesses, Salvo Grima Group is now operated by the sixth generation of the same family, with CEO Karl Aquilina leading the charge. Originally set up as a firm of ship chandlers, the Group has evolved a diversified, professional and sustainable portfolio of businesses that has stood the test of time.

relationships with our staff, clients and suppliers. We have also taken advantage of every opportunity to expand and diversify the Group, and have looked to the future with each new generation.” Salvo Grima Group combines the values and longterm approach of a family-run firm with world-class operating standards and a global outlook. “It is very positive for our people to know that the Group is backed by a family long-term,” Karl elaborates. “We have also developed a clear and professional governance structure to attract leading talent and ensure a smooth transition from one generation to the next. As a family, we have great chemistry, with a solid work ethic and an ambitious, clear-cut vision, so everyone – both internally and externally – knows that we strive for excellence.”

“Being part of such a unique family business is fantastic, especially since, this year, we are celebrating the huge milestone of our 160th anniversary,” Karl explains. “Not many businesses survive for that long, so this is a real achievement for our family and everyone who has been part of the Salvo Grima team over the years. The secret of our success has been that we have planned and grown the business steadily, establishing strong 116

CEO INSIGHT “It is not easy to find the right balance between business and your personal life as a CEO – you could easily work 24-hours a day if you wanted to. Fortunately, my role is quite mobile, as on a typical day I will check-in with various managers and often travel. I make sure to spend quality time with my family, particularly my two young children, on weekends, however. I also enjoy sports, such as tennis and football – both playing it myself and cheering on Manchester United.” 117

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Managing these high expectations was one of many key responsibilities that Karl knew he must take on when he was appointed Group CEO in 2016. “I had a long transitional period of 13 years, from being a sales executive with the Group in 2003 to becoming CEO,” he explains. “I started out in the field and worked through many of the roles in the Group to develop a good understanding how the business works on every level, witnessing the internal workings of the company and gaining a rounded knowledge of the industry.” As well as working extensively within the Group itself, Karl’s preparation for following his predecessor, Robert C Aquilina, as CEO, also included training and work abroad. He holds a Bachelor of Science degree from the University of Cardiff, and was instrumental, in his previous role as Chief Commercial Officer, in expanding

the Group into the Netherlands and Palma de Mallorca. Now Karl’s approach continues to put people at the heart of his decision-making. “My role is to drive the growth of our Group of companies, and thus it is critical to have the right talent to deliver on that strategy,” he asserts. “We are a peoplecentric business, and our success is purely down to the skill of our people to be able to deliver services that are competitive and desirable.” To ensure that this talent is retained and engaged long-term, Karl notes that every part of the company has a succession policy and the Group is prioritising staff wellbeing, career development and training. “We invest a lot of time into making sure everything is in place for the Group to continue operating for the next 160 years, and beyond.” Salvo Grima Group has, over its many years of operation, repeatedly proven that this peoplecentric approach is highly effective. Initially operating as a ship supply company in 1860, the company assisted with procuring consumables, medicines and a variety of other supplies for use

As a family, we have great chemistry, with a solid work ethic and an ambitious, clear-cut vision, so everyone – both internally and externally – knows that we strive for excellence.

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on ships. The Group remains Malta’s largest ship supplier, competing against chandlers across the Mediterranean. The Group began to expand its outlook beyond this original objective from the 1980s onwards, when the fifth generation increased its business with Libya and also entered the duty-free and travel retail sector in collaboration with global travel retailer Gebr. Heinemann. Salvo Grima Group also built a strong relationship with British American Tobacco (BAT). The Group’s knowledge of international relations and its focus on building reliable distribution networks in difficult and unstable markets has led to the Group becoming the official distributor for British American Tobacco in Libya. The company also distributes complementary products within this region, representing Swedish Match and Mazaya Shisha tobacco. Karl’s role as CEO has supplied some landmark career moments for both himself and the Group, including the acquisition of Dutch international wholesale firm Vladex BV. “As well as setting up travel retail outlets at the cruise port of Palma de Mallorca and expanding our tobacco market further into Libya, I pursued the purchase of Vladex BV, a wholesale food distribution company based in the Netherlands. This brought us access to the ports of Rotterdam and Antwerp, and also widened our scope.” Through this notable acquisition, Salvo Grima has been able to offer mixed goods containers to international ship suppliers, as well as catering products for global humanitarian and military missions. “Our goal is to continue improving and growing, and I find the journey of doing that very rewarding. I believe that the minute you stop changing is the minute you start declining,” says Karl. “Naturally, such a focus on internationalisation

and expansion will always present challenges, such as having to find the right partner when setting up operations in foreign countries, or finding the right talent to join the Group.” The civil war in Libya had affected the company 10 years ago, leading to the Group’s closure of its travel retail outlets at Tripoli International Airport. However, Salvo Grima used this as a catalyst to diversify, whilst using its knowledge of the Libyan market to invest in new business opportunities. Today, they continue to operate successfully in Libya through a strong distribution network on the ground. Salvo Grima has undergone a period of modernisation and innovation under Karl’s direction over the past few years, moving to new headquarters and upgrading its IT systems and procedures, allowing staff to work more efficiently. “We have recently become more active and visible online, while focusing on setting up businesses in Tunisia. Cyprus and Djibouti, and taking on the distribution for large brands,” he explains. “Last year we also relaunched our yacht provisioning service in Malta, complementing our boutique fine wines and provisions services to superyachts in both Malta and Spain through our associate company No. Twelve.” Karl’s outlook for 2020 is positive and ambitious. “We are identifying new travel retail opportunities in new cruise port locations, while implementing as many changes as possible to become more environmentally-friendly as we broaden our international horizons, in keeping with our ethical commitment,” he maintains. “We will be marking our 160th year with a number of new business lines, as well as consolidating the new ventures we have taken on recently. And, of course, we are celebrating the remarkable milestone of our 160th anniversary!” 120

Quick-fire Questions… with Karl Aquilina What was the first thing you did this morning? Chatted to my daughter. What’s your favourite thing in your office? The seating area where I can speak casually with my team. What excites you most about working in your sector? Dealing with people and companies from all over the world. Gourmet dining or homemade cooking? Homemade cooking. If you could have any superpower, what would it be? Time travel. What’s something you’d still like to learn? Other languages, particularly Spanish. What’s the best thing about running a business in Malta? Maltese people are very resourceful and flexible. And the worst thing? The size of the country and the traffic. Which is your favourite spot on the island? Valletta. Book, film, series, or music? Book. What’s your most-used app on your phone? WhatsApp (unfortunately). Where do you read your news first? Online, on the Times (UK). If you weren’t in this career, what would you be doing? I would still be in business, in another sector. Where do you hope to see the world in five years? My hope is that the world will have fixed the environmental disaster that’s about to hit. How do you hope to spend your retirement? Making wine, in a vineyard. Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Sonia Hernandez CEO, V O D A F O N E M A L TA

CEO INSIGHT

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“My experience as a woman in the traditionally male-dominated telecommunications industry has been very positive. For over 20 years I was the only woman in the room, but it didn’t feel like a barrier. I brought the value I was expected to bring and delivered with remarkable impact and hard work. I never felt intimidated. Why should I?”

“ I T ’ S A L L A B O U T H AV I N G A N I M PAC T – O N O U R P E O P L E , OUR COMMUNITY AND OUR SOCIETY.”

V O D A F O N E H A S A L W A Y S B E E N A S TA N D - O U T C O M P A N Y I N M A L TA – A T R A I L B L A Z E R I N T H E T E L E C O M M U N I C AT I O N S S E C T O R , H A V I N G INTRODUCED EVERYTHING FROM MOBILE TELEPHONY AND MOBILE D ATA T O S U P E R F A S T 4 . 5 G A N D T H E I N T E R N E T O F T H I N G S . C E O S O N I A HERNANDEZ IS A TRAILBLAZER IN HER OWN RIGHT, AND SHE IS NOW O N A M I S S I O N T O M A K E V O D A F O N E M A L TA A P I O N E E R F O R I N N O V AT I O N ACROSS THE GLOBAL VODAFONE NETWORK.

Sonia has found the local business scene to be very positive. “Malta is one of those progressive countries that on-boards innovation and disruptive technologies very well, which, for me, is transformative,” she continues. “It makes the business environment so much more attractive when compared to other, much more traditional and conservative countries. I am impressed by how local family businesses have grown over the years, and how they have expanded their portfolio despite the fact that scale is limited. I am also happy to see that there is interest from international companies that are considering Malta as a country that embraces digital innovation and disruption.”

Sonia Hernandez’s role as CEO of Vodafone Malta has been a long time in the making. She has certainly had a very varied career, which began when she studied electrical engineering in Madrid and has since seen her work in Darmstadt, Munich, Sao Paulo, Munich, Rome, Madrid and Luxembourg, before bringing her here to Malta. “I am now six countries, eight relocations, two large international companies, a husband and two children later,” she says with a smile. “It’s been quite a journey! And while it hasn’t always been easy, every time you move you get stronger, better, and more confident. I feel so blessed to have come to Malta, because my family has settled beautifully and we really like being here.”

Asked to describe her role today, Sonia says it’s all about strategy. “Firstly, I set up the right long-term 122

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vision for the company, to ensure it fits well with the country’s economic and innovation outlook. Then, I make sure I have the right talent to execute and deliver that strategy and vision. And, finally, I inspire my people to implement it.”

launch of iBins for intelligent waste management, for instance. iBins have the capability to monitor waste levels and feed information back to a central system, which enables GreenPak’s recycling service to prioritise and customise collection routes in the localities it serves across Malta and Gozo.”

Sonia enthuses about how much she loves her role – and especially the impact and contribution that she can make through it. “Primarily, I love working with our people to help them to grow their talent in our company,” she says. “Then there’s the impact we have on society, by helping to improve people’s lives overall. I am very passionate about this side of our role in Malta, and I love meeting our stakeholders and customers to understand their needs and how we can best contribute to, and improve, their business.”

Vodafone also launched a smart parking pilot project in Luqa recently, which seeks to improve energy efficiency in transport, better travel awareness among road users, and reduce journey times. “The installation of sensors in parking spaces will be connected to an app and will be accessible for everyone through their phones,” the CEO says. “On top of that, we want to make sure everyone is included in everything we do and that our technology doesn’t leave anybody behind. The power of technology in people’s hands is something we can use to help bring amazing change to the world. The Vodafone Malta Foundation, which has been in existence since 2003, has worked on numerous projects that combine charitable giving and technology to make a difference, particularly among the more vulnerable sections of the Maltese community. We call this the ‘Connecting for Good’ programme.

Vodafone has long been seen as one of the leading tech visionaries on the island, and this was something that Sonia was keen to develop when she took the helm in the latter half of 2018. That year, the company launched the next generation of the Internet of Things for the first time in Malta, pushing the boundaries of connectivity even further through Narrowband IoT. Now, Vodafone is in the process of transforming its IT systems, as well as expanding to fibre broadband internet for the first time. And, on top of that, the company also recently demonstrated the country’s first live holographic concert using 5G at the Delta Summit, giving a glimpse of what the future in Malta could look like. Vodafone was the first mobile operator to go live with a 5G demo.

“The Foundation’s flagship project, which will be launched in 2021 in collaboration with the University of Malta, centres on developing cutting-edge technology involving virtual reality to reduce pain, without the use of medication, in children undergoing painful, high-stress hospital procedures. In what will be a first in the medical field, the project will combine virtual reality with ‘affective gaming’, meaning that the specially-designed game will be intelligent enough to also determine the user’s emotional and physical state, and adjust the game accordingly in real time so as to distract the child from feeling pain.”

“Innovation is key to the strength and success of our brand,” Sonia goes on to say. “This is why we are taking technological innovation in Malta to the next level, having signed a memorandum of understanding with the Government to promote and harness the very latest disruptive technologies.” Disruptive technologies are those that displace established technologies and overturn traditional business methods and practices. “Current examples include blockchain, IoT, artificial intelligence and big data,” she details. And while technology is very much at the crux of so many of her daily decisions and long-term goals, the wider Vodafone purpose is equally important for Sonia. This, she highlights, rests on three main pillars: digital society, inclusion for all, and the planet. “We’re optimistic about a digital society, new technologies and better products,” she continues. “But we also need to play our part in reducing our environmental impact, which is why ‘planet’ is one of our key pillars. We were the first to bring Narrowband IoT technology to Malta with the

We want to make sure everyone is included in everything we do and that our technology doesn’t leave anybody behind. The power of technology in people’s hands is something we can use to help bring amazing change to the world.

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All of this was very much in line with Sonia’s focus for 2019 to ‘connect Malta to a better future’, and she believes the company is very much aligned with its three pillars. “Anything we do at Vodafone – any product we launch, any service we provide – has to be part of this vision,” she says. As for 2020, Sonia has made it her mission to transform Vodafone Malta into one of the innovation test labs for the Vodafone Group internationally. “My vision is to be able to develop disruptive technology projects in Malta and pilot them fast for the rest of our Group. This country is very small compared to other Vodafone markets, but is very progressive and embraces constant innovation. After all, disruption is moving incredibly fast these days, with rapid technological, regulatory and customer behaviour changes. So embracing disruption is a must and digital transformation is a pre-requisite. I intend to use all this in Malta’s favour.”

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Quick-fire Questions… with Sonia Hernandez What was the first thing you did this morning? Check my emails. What’s your favourite thing in your office? The people. What excites you most about working in your sector? The innovation. Gourmet dining or homemade cooking? Homemade cooking – paella of course! If you could have any superpower, what would it be? To rid the world of cancer. What’s something you’d still like to learn? To speak French – I speak five languages but French isn’t one of them. What’s the best thing about running a business in Malta? Everyone is very accessible and there’s a great mindset for progression. And the worst thing? The limitations of scale. Which is your favourite spot on the island? Crystal Lagoon. Book, film, series, or music? Series – I currently recommend Designated Survivor. What’s your most-used app on your phone? LinkedIn. Where do you read your news first? Times of Malta and the BBC. If you weren’t in this career, what would you be doing? I’d be in the fashion industry. Where do you hope to see the world in five years? More sustainable. How do you hope to spend your retirement? Enjoying life back home in Spain. Outlook for 2020: positive or negative? Definitely positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Felipe Navarro

CEO, MAPFRE MIDDLESEA

“MY TEAM HAS BEEN VERY COMMITTED IN DIFFICULT TIMES, AND IT’S SOMETHING WHICH I’M VERY PROUD OF”

REGISTERED IN 1981 UNDER THE NAME MIDDLESEA INSURANCE P L C , T H E F I R S T M A L T E S E I N S U R A N C E CO M PA N Y T R A N SAC T I N G G E N E R A L B U S I N E S S H A S G R O W N TO B E CO M E T H E L E A D I N G PROVIDER ON THE ISLAND, JOINING FORCES WITH MAPFRE GROUP I N 2 0 1 1 . A M A J O R P L AY E R O N T H E G L O B A L I N S U R A N C E M A R K E T T H AT I S P R E S E N T I N M O R E T H A N 4 8 C O U N T R I E S , M A P F R E G R O U P I S O N E O F T H E FAS T E S T - G R OW I N G I N S U R A N C E G R O U P S I N S PA I N A N D S O U T H A M E R I C A . A S C E O O F T H E M A L TA A R M , F E L I P E N A V A R R O P L A N S TO CO N T I N U E T H I S L E G AC Y .

CEO INSIGHT “I believe it’s important to disconnect, and I try to spend weekends and holidays with my family. I keep an eye on things, certainly, but never reply to emails outside of office hours. I enjoy renting a sailing boat and taking it out with my wife. Isolation is important, and sometimes the only place I can get that is on a boat!” 126

“Being CEO at MAPFRE Middlesea in Malta is the highest position I’ve held within a company,” says Felipe Navarro, who took the reins of the MAPFRE Middlesea team in Malta five years ago. “Being responsible for a country within a Group like this is very important, so it is definitely the most challenging and most rewarding position I’ve held so far.”

adjustments that needed to be made,” Felipe explains, which applied to everything from policies to internal systems. After that, 2016 was a difficult year for the company financially, leading to further changes. All of this behind them, he affirms, “we are now one of the most profitable insurance companies in Malta. My team has endured, and it’s something which I’m very proud of.”

Looking back, he reveals that 2014 was a crucial time for the company, which was set to grow by 50 per cent in a period of two years. “This created a number of problems because of different

Speaking of his position, Felipe maintains that, while his core role as CEO is implementing the strategy of the company, there’s more to it than that, particularly pushing for everything to have

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the right set-up and approaching any issues that crop up. “It is an everyday challenge, and it affects not only the strategy, but also involves delving into each of the areas that need to be addressed.”

In the insurance business, you

Detailing a typical day, Felipe starts by going through emails – which he never lets exceed 10 or 15 before he begins to feel uneasy – and catching up on the news before starting what is usually a long list of meetings. “We’ve been undergoing a change in the core systems of the company, which is challenging, and takes up a lot of my time,” he admits, adding that he also meets with HR frequently to discuss resources. “It is a constant priority, and I would say that we currently have the best collective agreement in Malta for our sector.”

are essentially receiving money for promises. However, we as MAPFRE aim to go beyond those promises by providing a comprehensive service that exceeds our clients’ expectations.

This is sometimes followed by a visit to one of the company’s distributors, which Felipe confesses isn’t possible every day, though he likes “to be in contact with them as much as I can.” Finally, depending on the period of the month, the CEO will revise the company’s financials. “Add to this all that is related to our relationship with Spain,” he continues. “We are an international Group that is present in several countries, each with their own scenario, so we need to be mindful of each one in order to manage expectations.”

only offered money, but a solution. “In the motor business, we take care of the repair of the car ourselves. The same goes for the home policy. If I have a leak in my house in Madrid, I never call the plumber, I call my insurance company, who send someone over to fix it. We provide customers with a full service. In Malta, we need to change mentality,” he states, affirming that the process has already begun. Another priority for MAPFRE and the insurance industry at large is shifting from a paper-based system and direct dealings with clients to embracing a more digital relationship. “We are investing a lot in IT,” says Felipe, adding that the company has already implemented new systems within some of the lines of business and will continue along this path. “I think digital needs to explode in Malta. At the moment, our clients can open a claim and even buy a policy through our website, but they prefer to go to the agent or come to our offices. While we have distribution channels that work very well, one day, the client will discover that there is another way of having a relationship with the company, and we need to provide them with the right tools.” On top of this, Felipe feels it is important to start putting more technology behind the way in which the company understands its clients. “In other markets we are looking more into client behaviour, and I think it would benefit us to understand the Maltese market better – why a client is buying one policy over another policy, and how we can make this more suited to their needs.” Meanwhile, the biggest challenge the company and the industry are facing moving forward is the implementation of new regulations, the CEO asserts, looking ahead at IFRS 17 – an International Financial Reporting Standard issued by the International Accounting Standards Board on accounting for insurance contracts, which has an effective date of 1 January 2021. “Working on that is one of the big challenges and investments of insurance companies for the time being.”

From his position at the helm of the leading insurance provider on the island, Felipe believes that the company’s success is down to being there at the right time, with the right set-up and the right approach. “MAPFRE is providing the country with knowledge and security. In the insurance business, you are essentially receiving money for promises, so you need to be robust enough to afford this kind of relationship with your clients.”

Looking at the main opportunities for MAPFRE Middlesea in 2020, the CEO maintains that consolidating the company’s market position remains at the forefront, emphasising doing things the right way and improving on efficiency. This comes hand-in-hand with improving on active lines of business, he continues.

Since MAPFRE acquired the majority shareholding in Middlesea plc at the end of 2011, the wheels were set in motion for a number of changes that would modernise the company, and the work is far from over, Felipe says. The main areas of focus are the company’s IT systems and providing clients with what he calls the “next level” of services.

In summation, Felipe’s main aim is for the company to be well-balanced and profitable in all lines of business, to avoid a situation where one line needs to be subsidised by the profits of the others. “This happened in the past with the motor business, because that line was not profitable. Now it is profitable for the company, and we need to do this with more regularity to avoid certain clusters being subsidised by the rest,” he maintains – a strategy that puts the company in good stead to afford difficult situations. “If a storm comes or if there is a big claim in one line of business, other businesses will be able to support them.” And therein, it appears, lies the basis of MAPFRE Middlesea – a solid foundation with which to weather any storm.

“When you think of an insurance company, the basic concept is that the company should provide indemnity to the client in case of a claim – locally, if a claim occurs, we give you money. In Spain, we transcended this concept long ago,” Felipe says, explaining that whenever a client has a claim, they are not

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Quick-fire Questions… with Felipe Navarro What was the first thing you did this morning? Take a shower. What’s your favourite thing in your office? The open door. People are always free to come in. What excites you most about working in your sector? That every day is different. Gourmet dining or homemade cooking? If I have time, homemade cooking. But I also love going out for dinner. If you could have any superpower, what would it be? To read minds! What’s something you’d still like to learn? I hope to keep learning a lot of things. I’m concerned when I’m not learning. What’s the best thing about running a business in Malta? You’re close to everything – you have the capability of approaching any agent in the business quickly and easily. You can also do everything rather than only focus on certain lines of business. And the worst thing? The proximity. Everybody is related in Malta, and when you are not, it can be a problem! Which is your favourite spot on the island? Hagar Qim. Book, film, series, or music? Book, closely followed by film. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? Online. If you weren’t in this career, what would you be doing? Something to do with finance and people. Where do you hope to see the world in five years? I’d like for there to be more common sense among the people who are dictating our future. How do you hope to spend your retirement? I would like to be involved in different charities, spend more time with my family and do more things that I like, such as spending time in nature, travelling and visiting exhibitions. Outlook for 2020: positive or negative? Positive, definitely.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Matthew J Mercieca

CEO, MJMDA

“ W H AT I E N J O Y M O S T I S W H E N P E O P L E J O I N M E I N THE DANCE, AND CAN HEAR THE SAME MUSIC.”

E S TA B L I S H E D I N 2 0 0 3 W I T H A D I S T I N C T V I S I O N T O C A R R Y P R O J E C T S F R O M C O N C E P T T O C O M P L E T I O N , M J M D A H A S G A R N E R E D A S O U N D R E P U TAT I O N F O R Q UA L I T Y A N D U S A B I L I T Y W I T H I N T H E A R C H I T E C T U R A L S P H E R E , H AV I N G B E E N C O M M I S S I O N E D F O R K E Y P R O J E C T S R A N G I N G F R O M R E H A B I L I TAT I O N S O R N E W B U I L D S I N H I G H - E N D R E S I D E N T I A L , O F F I C E S , F O O D & B E V E R A G E , R E TA I L , A S W E L L A S H O S P I TA L I T Y . S I N C E T H E N , F O U N D E R A N D C E O M AT T H E W J M E R C I E C A ’ S M I S S I O N I S U N WAV E R I N G : B R I N G I N G U N I Q U E A N D S U P E R I O R VA L U E A N D Q UA L I T Y T H R O U G H I N T E G R AT E D D E S I G N S E R V I C E S T O L O C A L A N D I N T E R N AT I O N A L M A R K E T S .

CEO INSIGHT “MJMDA has, on many counts, been an innovator. We have led with certain efforts which were eventually followed by others. Apart from innovation being one of our core values, it’s also the way in which we operate. We look ahead, and work very much in the future. The ideas, energy and momentum are there, so I think we will keep leading within certain key aspects of the profession.”

he worked within a number of companies before setting up MJMDA. “But in 2003, the industry was having a tough ride, and I offered my employer to reduce my hours as I was finding myself light on work. That opened up many opportunities. MJMDA started out as a one-man show, and we’re now a team of 18.”

“It’s a responsibility I don’t take lightly, and something I aspire to fulfil ever better,” says Matthew J Mercieca of his role at MJMDA. The founding architect and CEO is responsible for setting a vision for the company and challenging targets for the team, which he affectionately refers to as the Jammers. Despite starting out as a play on his own nickname, he explains, “it’s grown to be an indicator of MJMDA’s company culture, emphasising teamwork and collaboration.” The musical connection is not lost on him either.

Reflecting on the challenges of the role, he refers to a quote by Nietzsche as is often referred to by celebrated architect Prof. Richard England: ‘and those who were seen dancing were thought to be insane by those who could not hear the music.’ Admitting that it can be a challenge to get people to hear the music, “because all sorts of music is playing in my mind,” he smiles, “what I enjoy most is when people join me in the dance, and can hear that same music.”

Looking back to the company’s roots in 2003, Matthew reveals that, as a graduate, it wasn’t his initial intention to start his own business. “My plan was always to make an impact on architecture and design,” he says, explaining that 130

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In fact, during those first years, he likens himself to a salmon “continuously swimming upstream”, and admits that it wasn’t easy to face “ingrained mentalities of the way things were done.” Since then, it’s been an ongoing process to build and collaborate with a team of people who are able to offer varied expertise. This means that no two days are the same. “My life is not a paragraph: a typical day can often be challenging, exciting, difficult, focused, disciplined, heated and intense,” he says energetically, before adding, “did I say intense?” This intensity comes through in his personal life too, during which he balances imparting life lessons to his two sons who are “very dear to me” with an array of hobbies and interests. “I am big on interdependencies and the potential of being multidisciplinary across all fields,” says Matthew, who is also a motorcycling enthusiast and owns four bikes. He juggles indoor rowing, skiing and cycling with writing poetry, which he hopes to publish one day. Listing cooking, music, astronomy, astrophysics and the universe as other passions and areas of interest, I’m not surprised that he admits to finding an aspect of most disciplines to

Architecture is not at its best when designed

appreciate and engage with. “There’s so much that can be done, but it’s the work of several lifetimes!” he laughs. The ethos at MJMDA, Matthew attests, reflects his obsession with interdisciplinarity. “My aptitude for integrating several design and engineering, as well as organisational disciplines quickly came to the surface, despite the initial focus on architectural design,” he says, explaining the importance of setting up a team with the right capacity to handle the full spectrum of service requirements. “I wanted to remove the disjointed nature of professional services for the building industry by being user-focused.

come before a planning application was like speaking some incomprehensible dialect. Today we have progressed immensely and people have started to understand the value of adequate planning and investment in their homes and businesses, as well as doing things right first time,” he maintains. Still, the situation is far from perfect. “We are now experiencing what I consider to be excessive fragmentation in favour of quasi one-man bands, and not enough ways for clients to assess which providers are best suited for their purpose. Setting up the right organisational infrastructure and investment is lacking in too many firms,” Matthew attests.

“I felt that the service should be about enhancing the quality of life of the user by providing a full picture,” he continues, adding that, while integration is more commonplace in the industry today, the past was dominated by a constant fragmentation and separation of professionals who are working on the same thing. “Architecture is not at its best when designed a layer at a time – you need to approach it as a whole. Otherwise you are limiting its potential.”

On this note, the CEO maintains that one of the key focuses for MJMDA in 2019 was “to significantly upgrade the already quasiobsessive managerial processes and the administrative arm of the firm.” Describing 2019 as “a difficult and challenging year”, it wasn’t without its highlights – one of which was winning the Quality Architecture Award in the Premju Emanuele Galizia. “Having peers critically review and acknowledge our work that strives to drive a longer-term vision and quality as a priority is highly satisfying,” he says.

He acknowledges that the architectural landscape has changed since then, and the scenario today includes some service providers that are capable of giving an attractive solution by way of integration. “In the past, convincing people that a brief and a design should

Meanwhile, maintaining viability, notwithstanding increased investment in organisational infrastructure and additional management, requires careful orchestration, and one he considers a long-term investment. “We’ve also worked hard to increase our operating frequency and increasing response time to challenges – marginal improvement is something we focus on continuously. If we can improve on something small every day, we do.” Shifting focus to the next five years, MJMDA’s CEO believes that what has happened in terms of fragmentation in the last five years within the industry will reverse itself. “I expect that there will be more collaboration as people begin to realise that the core operating costs to do things properly require a greater structure. I think the future will be about more established and defined collaborations that will look beyond borders,” he says.

a layer at a time – you need to approach it as a whole. Otherwise you are limiting its potential.

And his vision for the company is to continue to lead the way in serving clients seamlessly, and delivering more integrated design value. This year, Matthew’s sights are set outside our shores. “We are working to start transitioning a larger proportion of our returns to an international market. We already collaborate with resources across national borders and we are working toward improving that proportionality,” he maintains. How does this correlate with the local construction boom, and the negative perception of the industry among members of the general public? “We work very much for the wellbeing of the end user,” he explains, adding that the end user market is more sensitive. “The development-for-profit market segment puts a lot of pressures on the industry because it creates things for generic or stereotyped identities. We believe that by addressing more aspects involved in the creation of architecture, be it end user usability, or developer financial requirements with all round sustainability is achievable without leaving anything or anyone behind.” This continues to ring through to the company’s mission: that of achieving significant results without going back on their core values. 132

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Quick-fire Questions… with Matthew J Mercieca What was the first thing you did this morning? Stretch. What’s your favourite thing in your office? The Jammer spirit. What excites you most about working in your sector? The punishment. Gourmet dining or homemade cooking? We cook gourmet at home quite often. Both! If you could have any superpower, what would it be? Leveraging time travel to explore all the different options in my life in the multiverse. What’s something you’d still like to learn? Some more German, doing a wheelie on my motorbike, driving a boat… it’s an endless list! What’s the best thing about running a business in Malta? Dynamism and connectivity by way of the small size. And the worst thing? Not enough people really opening their eyes, being objective and removing their biases. Which is your favourite spot on the island? A remote hidden rocky beach in Gozo. Book, film, series, or music? I enjoy all of them in their own way. What’s your favourite app on your phone? Although Facebook is most used by time, my favourite is a Spotify-Workout combo. Where do you read your news first? Facebook as it serves as an all-in-one portal from news organisations I follow both locally and globally. If you weren’t in this career, what would you be doing? I’d be an entertainer, or astrophysicist. Where do you hope to see the world in five years? With a better environmental responsibility carried by each and every one of us. How do you hope to spend your retirement? Alternating between chosen Buddhist monk practices in terms of meditation and intense exercise, researching astrophysics and energy, and restoring BMW motorbikes, while keeping an eye on MJMDA. Breaking off for more immersive travel and enjoyment is also a must. Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Kurt Farrugia

CEO, M A L TA E N T E R P R I S E

“ W E ’ R E L O O K I N G AT N E W , N I C H E M A R K E T S T O BECOME GLOBAL LEADERS IN.”

W I T H O V E R € 2 8 M I L L I O N I N I N C E N T I V E S F O R B U S I N E S S E S , M A L TA E N T E R P R I S E R E M A I N S T H E N AT I O N ’ S G O - T O F O R E N T R E P R E N E U R I A L S U P P O R T A N D A S S I S TA N C E . C E O K U R T F A R R U G I A , W H O T O O K O N T H E R O L E I N A U G U S T T H I S Y E A R , W I L L B E U S I N G H I S P O S I T I O N T O E N S U R E T H AT S T R AT E G I E S A R E I N P L A C E T O S U P P O R T S U S TA I N A B L E B U S I N E S S D E V E L O P M E N T , I N N O V AT I V E S TA R T - U P S , AND DYNAMIC, NEW NICHE MARKETS.

Kurt Farrugia is just a few months into his tenure as Malta Enterprise CEO and his vision is clear: he is going to make it easier than ever to start a business in Malta, do business in Malta, and invest in Malta.

CEO INSIGHT “As an organisation, we are in a position to be more systematic than ever about the ventures we support, because there are so many incredible projects – and foreign investors – interested in doing business in Malta. We have put new checks in place, as well as a strict due diligence process. We want to ensure that every new project adds value to the island, so that we know we are getting the best return possible.”

2014 and 2018 were absolutely record-breaking from a business perspective,” he explains. While Kurt knows there is still a lot of interest in the island, he admits we are facing new challenges – including the fact that the workforce is close to full employment. “One of the main gripes at the moment is that companies need more people to work for them, and they feel that shortfalls in human resources are holding them back,” the CEO explains. “As niche markets – like video game production and medical cannabis – continue to develop, we are going to need more and more people with particular skills, so that is also something to be aware of. This is where training and education become crucial, and we must encourage students to consider studying for jobs in these sectors. There are certainly going to be some exciting prospects in these fields, with over 900 new employees needed in the medical cannabis market in the next three years alone.”

With his communications background, Kurt instinctively knows that so much success in business is down to how effectively entities can communicate for the benefit of stakeholders, and thus how easily they can make things happen. His is a role he is excited to have taken on, particularly because he knows 2020 is likely to mark a crossroad in the development of Malta’s business sector, with a plethora of both challenges and opportunities on the path ahead. “I found a very strong corporation in place when I took over Malta Enterprise (ME). And I know it is going to be a challenge to sustain that, especially as numbers between 134

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“We recently hosted the first edition of the Startup Express, which was designed especially to assist those present to enhance their competence for pitching and showcasing projects to business angels and investors. Participants received input from Christoph Sollich (aka The Pitch Doctor), crowdfunding pioneers Seedrs, industry experts and successfully funded start-ups. It was very well received, and is just the start of what we have planned in this area,” he says.

ME, Kurt believes, can sit at the centre of making this evolution come about. In operation under various guises since the 1950s, the corporation acts as an advisor to Government on economic policy due to its close and constant interaction with the main economic players in the country. Since its inception, it has always sought to spark economic development by encouraging new businesses, creating jobs, and contributing to improvements in various key goals such as the GDP, exports, skills development, and community development. “ME has played an essential part in opening up the economy to international trade and foreign investments over time, and we are certainly going to keep that focus up in the years to come,” Kurt continues. “On top of that, I am also working very closely with the Ministry for Education to ensure we are up-skilling our workforce, as that is one of the key factors that will continue to interest potential foreign investors.”

What was the first thing you did this morning? I accompanied my children, Valentina and Jacob, while they waited to get on the school van. What’s your favourite thing in your office? A satellite image of Valletta, clearly showing the grid system of our capital. As I have roots in Valletta, I am very fond of the city.

“From 2015 to-date, ME assisted a total of 89 beneficiaries under the B.Start scheme – the flagship scheme for start-ups on the island. We disbursed a total of €2.2 million worth of assistance in favour of these beneficiaries, and are now more committed than ever to creating a business eco-system that is more conducive towards start-ups.

What excites you most about working in your sector? Meeting people and making sure that we support business in every possible way. Gourmet dining or homemade cooking? Homemade cooking – ideally spaghetti Bolognese made by mum.

“For us it is already encouraging to note, that over the years, we have managed to attract a number of highquality international start-ups,” he continues. “Now we will be working to ensure that we can successfully develop home-grown start-ups too, while also enticing further expats to grow their businesses from Malta in the coming years. We are ambitious in this field and will work to have a global unicorn which originates in Malta.”

Asked about the industries he and his team will be focusing on growing in the years to come, the CEO says he is keen to build an array of successful sectors. “We are choosing ones that we believe we can excel in,” he continues. “Sectors that are niche in nature but that we can become world leaders in. Examples include our focus on the high-growth life sciences, green projects, aviation, research, advanced manufacturing and distributed ledger technologies, AI, digital games and the testing of products and services that will be enabled by 5G.” Beyond that, Kurt says he is driven by both ME’s – and the wider business world’s – need to keep reinventing itself. “In aviation, we have long been a reliable maintenance and repair hub, and now we are positioning ourselves as the ideal location for the testing of drone technologies. In pharma, we started by attracting generic drug manufacturers, and now we are on the cutting-edge of medical cannabis production. In IT, we are experiencing strong interest from blockchain companies with very innovative business ideas, while independent games studios are choosing Malta and AI companies are looking to launch their projects from our island.”

Quick-fire Questions… with Kurt Farrugia

After all, as CEO of ME, he knows the value that start-ups can add to the Maltese economy. “While continuing to build on the strategy that my predecessors have set, I will be dedicating special attention to this sphere. In fact, an internal working group on start-ups has already been formed.

As niche markets – like video game production and medical cannabis – continue to develop, we are going to need more and more people with particular skills. Over 900 new employees will be needed in the medical cannabis market in the next three years alone.

As his own personal mission, Kurt says he is also eager to see the start-up sector strengthen and, under his leadership, ME is organising a number of events that bring together start-ups, young entrepreneurs and mentors.

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If you could have any superpower, what would it be? To be able to fly and have a bird’s eye view; to feel that freedom. What’s something you’d still like to learn? Business Chinese. What’s the best thing about running a business in Malta? The pro-business attitude and direct synergies between national authorities, so they can turn sustainable projects from plans into reality.

Aside from that – and with his vision also turned towards 2020 – Kurt says that he sees numerous opportunities for the 12 months ahead, as well as two major challenges. “We have to identify the bottlenecks that might put people off from doing business on the island, and solve them,” he says. “With that in mind, we are launching a business portal that will be a one-stop shop for anyone thinking of doing business here – covering everything from water and electricity services to VAT registration. That, combined with our long-term plan for improving skills and human resources, will ensure we remain attractive to foreign investment, while also supporting our own local entrepreneurs too.”

And the worst thing? Bureaucratic procedures. Which is your favourite spot on the island? Upper Barrakka Gardens overlooking the Grand Harbour. I think it’s the most beautiful spot on earth. Book, film, series, or music? All of the above. What’s your favourite app on your phone? Spotify. Where do you read your news first? The Financial Times. If you weren’t in this career, what would you be doing? I’d be a vet.

Finally, Kurt says he will be taking stock of the economic situation in Malta, and coming up with clear strategies to ensure business have the support they need going forward. “The economic situation is very good at the moment, with record growth recorded, but it is time to start thinking about how to sustain that growth, while also guaranteeing sustainability in terms of our quality of life and the environment. I am very enthused by our ideas for how to achieve exactly that, and to implement it as part of our strategy for the months and years to come,” he concludes.

Where do you hope to see the world in five years? Cleaner, much more environmentally-conscious, and with businesses thinking about how they can contribute to long-term sustainable goals. How do you hope to spend your retirement? I want to keep working. Outlook for 2020: positive or negative? Positive.

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CEO INSIGHT

“Achieving balance is my hardest challenge – and I am not quite where I would like to be. But I have set myself the goal of improving that balance with immediate effect. I have two daughters, and would certainly like to spend more time with them and my wife. I know first-hand what it was like to grow up as the son of a busy, entrepreneurial parent, and I don’t want to repeat that mistake.”

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Ivan Mifsud

CEO, MIFSUD BROTHERS LTD

“ M A N O E U V R I N G A B I G S H I P TA K E S T I M E A N D Y O U N E E D A S T E A D Y H A N D AT T H E T I L L E R . ”

M I F S U D B R O T H E R S C E O I VA N M I F S U D TOO K T H E R E I N S O F T H I S FA M I L Y C O M P A N Y I N 1 9 9 8 , A N D H A S L E D I T S E V O L U T I O N I N T O O N E O F M A L TA ’ S M O S T D I V E R S E CO M PA N I E S E V E R S I N C E . TO DAY , T H I S 1 7 - S T R O N G T E A M OV E R S E E S T H E J O U R N E Y S T H O U SA N D S O F C R U I S E PAS S E N G E R S M A K E E AC H W E E K , W H I L E A L S O O F F E R I N G D Y N A M I C D M C A N D YAC H T S E R V I C E S , L O C A L L Y A N D I N T E R N AT I O N A L L Y .

As Ivan Mifsud stares out of the window on the top floor of his office, he can watch the cruise ships entering and leaving port. Building this office was his dream, and it now stands testament to four generations of hard work in the shipping industry in Malta.

ship owners, tugboat owners, incoming and outgoing travel agents, and ship agents for cargo, ferry and cruise ships. Today that operation has slimmed down, and Ivan and his team of 17 focus on handling cruise ships in Malta, Gozo and Algeria, while also offering MICE services, representing Messe Berlin (Germany’s largest trade exhibition centre), and providing business services to Maltese entrepreneurs planning to invest in Algeria, and Algerians who want to do the same here in Malta. On top of all this, Ivan is Honorary Consul for South Africa - another role that he takes very seriously.

This is a history that Ivan loves to reflect on. “I still have one of the company’s first business cards,” he smiles. “It states that Fratelli Mifsud (the Mifsud Brothers) were armatori (ship owners) and ship agents, as well as rifornitori (provisions providers). Back then the company owned three small cargo vessels, one of which, the Seine, was requisitioned along with numerous other vessels by Winston Churchill to repatriate British soldiers from Dunkirk.”

Algeria has also become a very important place for the CEO, and he knows the country inside out, having visited over 200 times in the last 15 years. “Recently, I married my Algerian wife and together we have a three-year-

The business has played many roles over the decades – it has been a service company to the shipping trade, cargo

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and vice versa,” Ivan explains. “It’s no easy feat! It is a timecritical operation that needs most of our team on the ground, supplemented by over 40 freelance staff to manage the port, airport and check-in operations simultaneously. We filmed the process on one occasion, and watching it back fills me with pride for the team and their ability to seamlessly work so well with the Malta International Airport and Valletta Cruise Port teams.” Looking back on how the cruise sector has changed over the last five years, Ivan pinpoints the larger sizes of the newbuilds created issues for some ports, as quays are not long enough to house them. On top of that, there is the gradual shift to clean LNG power to consider, which then requires shore facilities for refuelling ships. This ties in with sustainability, which has also become a very important topic for the sector at the moment. “I was at a Seatrade Cruise Conference in Hamburg recently and I could see that cruise lines are really beginning to take this more and more seriously,” he says.

When I came into the picture in 1998 the company had plateaued and was in danger of losing ground. The first few years were incredibly tough and it meant that it was time for a new game plan. But, in the long-term, it has worked. old daughter. I absolutely love the country and completely believe in its potential,” he says with a smile. There is no doubt in Ivan’s mind that his company’s success today is very much rooted in the achievements of his ancestors, starting in 1860. “It was my great, great grandfather, Orazio Mifsud, who saw the potential of the maritime sector, and then my grandfather Paul who oversaw the massive growth and diversification of the company in the 1960s. That’s when we expanded into tourism, accommodation, towage and other related services, together with his three sons Ronnie (my father), Norman and Derek,” he says.

of both the external and internal competitive landscape, opportunities for expansion, customers, markets, new industry developments and standards. Sometimes I may have to make the tough decisions but luckily these are few and far between.”

“Fast forward to today, and we have gained ground to become one of the leading cruise services companies on the island, and even expanded to North Africa in the cruise sector, and into the German and Scandinavian markets with our inhouse boutique MICE agency, called 20twenty. I want to see 20twenty become the DMC brand which personifies Maltese know-how and hospitality, offering guests an exceptional service and outstanding experiences.”

That said, he acknowledges that taking over the helm of an already set-up business did shorten the time needed to climb to the top of the company, although that too came with its own challenges. “To use a maritime analogy, manoeuvring a big ship takes time and you need a steady hand at the tiller,” he says. “When I came into the picture in 1998, the company had plateaued and was in danger of losing ground. The first few years were incredibly tough, as the outgoing travel business was struggling, our cargo operations weren’t economically viable, and our cruise calls were infrequent. It meant that it was time for a new game plan but, in the longterm, it has worked.”

Much of that recent success is down to Ivan’s unwavering vision and core values. “I have the overall responsibility for creating, planning, implementing, and integrating the strategic direction of the company in order to meet goals that often start off as dreams,” he quips. “This includes responsibility for all components and departments of the business and, especially, my staff. They are the key to our success. I take care of them and they give their very best. As this is a people industry, our daily interaction with clients is what we are judged on. I maintain constant awareness

2019, in fact, was an important year for Mifsud Brothers Ltd. It was their third year handling the logistics of a homeporting operation for P&O, for a whole Mediterranean season lasting six months. “This meant being responsible for the disembarkation and embarkation of approximately 1,600 guests, and getting them from the port to the airport, 140

Quick-fire Questions… with Ivan Mifsud What was the first thing you did this morning? I was up at 5.55am – I like odd numbers – I put on my glasses, headed downstairs and took the rubbish out. What’s your favourite thing in your office? The whole office - it was always my dream to own my own office. It was designed to look internally like a luxury cruise ship and externally a lighthouse. What excites you most about working in your sector? Developing destinations that were previously unknown to the industry, like Gozo, Libya and Algeria.

Nevertheless, Ivan has his sights set on many opportunities for MBL in 2020 and beyond, starting with the encouraging trend that larger vessels are starting to visit Gozo. “In 2006, when we first floated the ‘Cruise Gozo’ concept, it was 100 per cent small ships that made the trip. Now, 14 years later, it is 20 per cent small ships (with around 100 passengers on board), 45 per cent medium (700 passengers) and 35 per cent large (2,000 passengers).

Gourmet dining or homemade cooking? Homemade – we love to cook fish at home. If you could have any superpower, what would it be? To read minds.

“Through our own internal research, we estimate that Gozo can handle up to 2,000 guests on shore excursions in one day, using clever micromanagement. We have therefore designed our own collection of more than 20 tours and activities to satisfy this potential demand. Client feedback is consistently excellent, and we are confident that more cruise lines will consider adding Gozo to their itineraries in the near future, which is very positive for the island.” Ivan also touches upon the fact that the company’s operations in Algeria have been given a big vote of confidence by Viking Ocean Cruises, as they have made numerous calls in the last few years. “Other lines that have visited include Hapag-Lloyd, Phoenix, Saga, Fred Olsen and Thomson,” he says. “Plus, Saga will be increasing their calls with their larger ship and we’ll be welcoming more new clients in 2020, so that is also very positive.” Finally, Ivan says he is also witnessing increasing demand for the company’s Casbah Tour, which was made possible thanks to a 1938 film called Algiers, directed by John Cromwell and starring Charles Boyer, Sigrid Gurie and Hedy Lamarr. “In this film the invitation to ‘Come with me to the Casbah’ is used by one of the characters, and that’s exactly what we are encouraging visitors to do today – and it’s working. The excellent security throughout this destination, together with the modernising or building of new ferry terminals, bodes well for their future, and our business there.” For Ivan it is thus certainly thrilling to witness how all of the company’s various sectors are faring – from cruise liners coming into Malta, to businesses considering Algeria – and he loves playing a role in each of that. “Our attitude has always been to satisfy our clients’ needs as best as we can. One thing we will never do is cut corners; that’s how it has always been in this family, and it is how it will always stay.” 141

What’s something you’d still like to learn? How to navigate a ship – I always wanted to captain tugboats. What’s the best thing about running a business in Malta? Making things happen. And the worst thing? When issues fall on deaf ears. Which is your favourite spot on the island? Mgarr ix-Xini in Gozo, on a quiet day. Book, film, series, or music? I like to listen to music and read a book, ideally at the same time. What’s your favourite app on your phone? VesselFinder. Where do you read your news first? I religiously read the New York Times brief on my phone at 7am. If you weren’t in this career, what would you be doing? I’d be a geologist. I graduated in Earth Sciences from Oxford University in 1986. Where do you hope to see the world in five years? A more peaceful place where we relish the differences between us, instead of using them as a barrier. How do you hope to spend your retirement? Taking a back seat and letting my two daughters run the company. And travelling. Outlook for 2020: positive or negative? Very positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Jonathan Mangion

CEO, A.M. MANGION GROUP

“WE DON’T LOOK FOR QUICK FIXES OR SHORT-TERM R E T U R N S ; O U R S I S A L O N G - T E R M M I N D S E T. ”

A . M . M A N G I O N I S A R E G I O N A L O P E R AT O R A N D O N E O F T H E L O C A L L E A D E R S IN THE PROVISION OF PHARMACEUTICAL, MEDICAL EQUIPMENT AND D E V I C E S , CO N S U M E R A N D O TC G OO D S , S K I N A N D B E AU T Y C A R E . C E O J O N AT H A N M A N G I O N L E A D S T H E O R G A N I S AT I O N W I T H A C L E A R V I S I O N F O R H O W T H E V E R Y L AT E S T T E C H N O L O G Y W I L L C O N T I N U E T O T R A N S F O R M T H E MEDICAL WORLD IN THE FUTURE.

When he looks back on what he wanted to do with his life, A.M. Mangion CEO Jonathan Mangion is clear – exactly what he is doing now.

CEO INSIGHT “I live what I do but there is also life outside of work. I always make sure to find quality time for my family and myself. Looking back, my father never brought his work home, so I think I learnt that from him. I work hard and ensure that I also take time off to make the most of life!” 142

“As a company, I think we handled the succession process very well – all thanks to my father,” he continues. “There wasn’t really a rigid plan in place, and I took more of a ‘dive in and swim’ approach. It seems to have worked. My sister Kristina also played an important role in developing the retail side of our business and, of course, I am privileged to work with such a fine management team.”

“I think my first word was probably ‘pharmacy’,” he smiles, as he talks through growing up in a business built by his father Alfred. “My earliest memories are of visiting my father in his office, and I always found it fun. I enjoyed the environment and watching the team grow. I knew it was going to be my future.”

Jonathan looks back on the many landmark moments in his career, including restructuring the company’s Libya business in 2004, when it faced having to move out of the country when the market was privatised. “We opted to identify people we could partner with to add value, and it turned out to be a very successful venture. It helped to guarantee the future of our business there.”

Educated in the UK and the US, Jonathan took on limited roles throughout his teens and early 20s, before diving right in when he returned to the island full-time in 1998. It was at that point that he took on the position of head of marketing, and started travelling to Libya to develop the business there. He then moved into the position of CEO in 2006.

The CEO also cites the company’s move into other markets in the Maghreb and in Sub-Saharan Africa as 143

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burnt down last year, as well as making upgrades to Remedies Birkirkara, Siggiewi and Msida. It’s going to be fantastic to see them fall in line with the image that the Remedies brand represents, which are centres dedicated to enhancing life!”

Hearing patients say what a difference our dialysis equipment has made to their lives – that they now feel well enough to play with their children or run errands – is incredible. It highlights the positive effect that our work has out there.

a landmark moment, along with signing regional contracts to handle the business development, sales and marketing of products in that area. This, he explains, transformed the company from a two-market player into a regional one. “Finally, I would say another milestone moment was when we chose to focus more on our Malta business in 2011, when it became harder to travel to Libya. That meant that my constant travel schedule was reduced, allowing me the time to focus on growing things here. As it turned out, that was a very fruitful decision and it has benefitted the company as a whole. We now operate in a very diversified set of markets, with a team of 110 people locally and responsibility for a further 60 overseas.” Jonathan sees the family-run side of the business as an important component of A.M. Mangion’s success. “We don’t look for quick fixes or short-term returns; ours is a long-term mindset,” he says. “We really do treat this business as an extension of our family, and that’s the way we like it. We care for our employees and their families; we love meeting their children, or even having those children join us for a summer job or longer. It all comes down to creating a nurturing environment.” That approach has certainly led to positive results for the Group, which – aside from the importation and distribution side of the business – also runs the Remedies pharmacies and clinics. “We recently purchased our sixth pharmacy. Through our clinics we are able to offer a vast portfolio of services, including weight management, physiotherapy, sports medicine, dental care and med-aesthetics, as well as an array of different out-patient medical services. We’re currently renovating our pharmacy and clinic in Sliema, which 144

Jonathan says, above all else, he is most driven by the positive change that A.M. Mangion can bring to people’s lives. “For instance, we recently won a tender to update the dialysis equipment in the Renal Unit at Mater Dei, and the results have been so satisfying. Hearing patients say what a difference it has made to their lives – that they now feel well enough to play with their children or run errands – is incredible. It highlights the effect that our work has out there.” The CEO talks about another similar project – the Hepatitis C Elimination Programme that is currently ongoing. “It’s so rare that a cure for diseases like this one comes to exist, but this has, and we were tasked with eliminating Hepatitis C from Malta over a period of five years,” he explains. “So far we have cured close to 300 patients who had been infected and who would have eventually died from the disease. Now they are cured and able to get out there and live their lives, and reintegrate into society. It shows the incredibly positive knock-on effect of medicine and it’s a great feeling to know we have been able to bring that to people in an accessible way. I hope that will be one of my legacies.” Looking at the wider challenges of the health industry and how it is likely to change in the years to come, Jonathan zones in on our ageing population and what that could mean – both for Malta and the wider world. “People are living longer, which is positive on the one hand, but a resource-related challenge on the other. However, innovations and treatments are constantly being introduced, and I believe the next five years must be dedicated, in part, to finding ways of making these new options monetarily feasible for the people that need them. After all, if they aren’t affordable then there is very little point.” Going forward, Jonathan also expects to see significant changes in the way people are treated, with more remote patient monitoring, in particular for patients with chronic diseases, who require constant measuring of their medical parameters. Remote monitoring reduces the pressures created at hospitals and outpatient clinics. Patients will only need to visit when called in, or for more valid reasons as opposed to a routine visit. “In the future you will communicate with your GP over an app because, realistically, your GP only actually needs to see you 20 per cent of the time – the rest can be communicated and monitored remotely. At A.M. Mangion, we’re very excited about this sort of development and dedicated to bringing it to Malta. We’re currently investing in this type of technology and look forward to introducing it, not just here but in other parts of Europe. It is definitely the future.” So as Jonathan and the rest of the team at A.M. Mangion set their sights on 2020 and beyond, they see this as a time for consolidation and innovation. “Across our distribution arm, our clinics, pharmacies and at our headquarters, this year is about seeing through our recent investments. I also trust that some of the start-ups we have invested in will break through this year; we have been working on some related to remote patient monitoring, medical marijuana and a medical concierge service, as well as a new e-commerce service for Remedies through which people will be able to order their medicines online and have them delivered to their door. The next 12 months will certainly see us expand the current boundaries we are working within, and achieve more than ever before.” 145

Quick-fire Questions… with Jonathan Mangion What was the first thing you did this morning? Went to the gym. What’s your favourite thing in your office? The scent. What excites you most about working in your sector? Curing people. Gourmet dining or homemade cooking? Gourmet dining, especially in Dubai. If you could have any superpower, what would it be? Flight. What’s something you’d still like to learn? Kite surfing. What’s the best thing about running a business in Malta? The networking is good. And the worst thing? The limitations of the size of the market. Which is your favourite spot on the island? Baia Beach Club. Book, film, series, or music? Series – I recommend Mad Men. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? Times of Malta online, on my phone. If you weren’t in this career, what would you be doing? Boating. Where do you hope to see the world in five years? In a more positive place with stronger leaders in first world countries, and a solution to the migration challenge. How do you hope to spend your retirement? Travelling, boating, walking, keeping active, and visiting our children wherever they may be. Outlook for 2020: positive or negative? Guardedly positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT

Chris Busuttil Delbridge CEO, EVOLVE LTD

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“I make a terrible job of balancing business and my personal life, and with four young children, I rely heavily on my supportive wife, who also holds down a full-time job. But, according to my kids, every opportunity I have I use to ‘preach’ and merge life lessons with ethical and moral principles. We also meet family friends most weekends, which is something I look forward to all week especially when it involves being in nature, and we make sure to have a family holiday once or twice a year.”

“ W H AT G O T U S H E R E , W O N ’ T TA K E U S T H E R E . WE MUST EVOLVE.”

F O U N D E D I N 2 0 0 6 A S A S U B S I D I A R Y O F AT TA R D & C O L T D , E V O L V E L T D P R O V I D E S D Y N A M I C A N D TA I L O R E D S O L U T I O N S T O A N Y B U S I N E S S R E Q U I R I N G S C I E N T I F I C K N O W L E D G E A N D E X P E R T I S E . T O D A Y , E V O L V E L T D R E M A I N S AT T H E F O R E F R O N T O F M A L TA ’ S S C I E N T I F I C A N D H E A L T H C A R E I N D U S T R I E S , W I T H F O U N D E R A N D C E O C H R I S B U S U T T I L D E L B R I D G E AT I T S H E L M .

As founder and CEO of Evolve Ltd, Chris Busuttil Delbridge has turned his signature passion and genuine thirst to assist others into a dynamic company with strong values solidly at its core.

Born as a subsidiary of long-standing importer and distributor Attard & Co, the first goal of Evolve Ltd was to better serve the scientific industry as a traditional importer of scientific equipment and consumables. True to the company’s name, in the 12 years that have followed, it has constantly evolved to adapt to changing customer demands and expectations, as well as grow alongside new technologies.

“While most companies might see themselves as a business which does some CSR, we are more of a CSR company with business success being the result of our passion and efforts,” shares Chris. “My role at Evolve is to be an enabler for talented and driven people to channel their creative and collective efforts into making an impact on – and truly making a difference in – the technical environment in which we operate. By focusing on bespoke solutions that are practical and sustainable, we make the lives of millions of people better every year, be it directly or indirectly.”

“Today, we see ourselves differently to the Evolve of 2006. We have gradually moved away from the traditional distributor model to become a professional services organisation aiming to design, equip, train and maintain,” explains Chris. “We learn from our customers and their changing demands, to offer them a speedy-yet-expert and personalised service that they won’t find elsewhere,

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Serial entrepreneurs are often defined as those with multiple start-ups to their name, but I completely disagree with that definition. I have led Evolve through so many iterations that it feels like a completely different company today.

even online. We are one of few companies that work in this environment, so we also like to influence demands and industry trends, and continually invest in our digital infrastructure. We have come a long way, but we always have further to go. What got us here, won’t take us there. We must evolve.” To adapt to this increasing demand, Evolve has also grown into a formidable team of 25 people, made up of scientists, engineers, and experts across a range of specialities in little more than a decade. In order to retain this expertise, Chris’ passion for people extends to empowering his team and maintaining a company culture that is second-to-none. “I aim to make Evolve into an employer of choice, and to help our employees become the best versions of themselves,” he affirms. “We pride ourselves on the five key values of positivity, respect, integrity, dedication, and exceeding expectations, and we employ people with these values as our first filter. We are truly an equal opportunities employer, with training opportunities, and even a library to inspire positivity and comfort in the workplace. Our culture is to work hard and play hard together too – anything to ensure that our team love what they do and continue to offer our customers the wider skill set that sets us apart.” Enabling the ongoing success of the team also ensures that the company can take on larger projects, while offering a wide range of specialised skills and the largest aftersales technical service on the island. “We believe that we are unique in providing design and consultancy of

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laboratory spaces, although this is just one of our specialities,” Chris highlights. “We ensure that we can offer 360-degree knowledge in the lab space, being what I have coined ‘generalist specialists’. This means that we know a lot about everything in the industry and are effectively master of all trades.” As the business continues to enhance the scientific and healthcare industries on both a local and regional level, Chris looks back on his career landmarks that pointed the way to his company’s present success. “The business chose me, rather than the other way around. I always had a passion for science popularisation, to the extent that before my first job I had already represented Malta twice in science-related events abroad, co-created the Junior Section of the Malta Chamber of Scientists, and was part of the organising committee of Science Week with MCST [Malta Council for Science and Technology],” he recalls. “I am a very curious scientist by profession and by nature, as well as a creative and approachable person, so when I was approached by Attard & Co to join their team, I jumped into it as the very young, fresh-faced university graduate that I was.” That early entrepreneurial spirit and scientific curiosity soon translated into the founding of Evolve Ltd, in a minute market already dominated by competition, to become today a leading company in the sector. “I am still a science aficionado, I still enjoy talking to people and finding solutions, and I’m still an entrepreneur. Serial entrepreneurs are often defined as those with multiple start-ups to their name, but I completely disagree with that definition. I believe that an entrepreneurial mindset is something you have or not and it reflects in anything you do. I have led Evolve through so many iterations that it feels like a completely different company today. I look back on our

journey with a mix of pride and responsibility, from our first orders of a few hundred euro compared to today’s orders of over a million. Last year we changed the gradient of the company again and I am excited for what’s to come next!” As the scientific landscape has changed, Evolve recently started the process of internationalisation, looking overseas for more ambitious projects, and taking new opportunities within the rapidly expanding medical cannabis market. “Customers have become more knowledgeable as the local landscape has matured in the pharma sector, and our role has been to assist them and support with research,” Chris explains. “Over the coming years, I foresee there will be a bigger push in the medical cannabis market, with molecular biology in Malta offering faster, more precise and cheaper results in the medical sphere, which can save lives as well as money. Evolve has positioned itself right in the centre of this by quickly familiarising itself with the requirements of this industry and making its presence felt in specialist events. I believe we were also the first in Malta to successfully complete a medical cannabis facility project from start to finish.” The drive at Evolve for 2020 and beyond is to continue this pattern of steady growth, while further exploring overseas opportunities, Chris concludes. “We are working hard to maintain the new gradient of growth, nurturing our new services, while widening our reach beyond Malta’s shores. To support this we are heavily rebranding, increasing our marketing efforts, and adding to our already strong infrastructure through further development in our CRM functionality and potentially a new ERP system. All in all, 2020 is the consolidation of our efforts so far, and the birth of even greater things to come.”

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Quick-fire Questions… with Chris Busuttil Delbridge What was the first thing you did this morning? Check emails with my obligatory espresso. What’s your favourite thing in your office? A red 3D-printed Stanford bunny, my yellow espresso cups, and some oil paintings from Ghana. What excites you most about working in your sector? Making a difference and having an impact. Gourmet dining or homemade cooking? Homemade cooking. If you could have any superpower, what would it be? Persuasion. What’s something you’d still like to learn? How to keep quiet. What’s the best thing about running a business in Malta? People know people, so you can give that personal touch. And the worst thing? People know people! Which is your favourite spot on the island? Buskett. Book, film, series, or music? Book. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? Online, on the Times of Malta site. If you weren’t in this career, what would you be doing? Marketing. Where do you hope to see the world in five years? In peace. How do you hope to spend your retirement? I’ll be working! Outlook for 2020: positive or negative? Very positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Geoffrey Debono

CEO, DEBONO GROUP

“ M Y G OA L I S TO M A K E T H E T R A N S I T I O N F R O M S E L L I N G C A R S T O S E L L I N G R I D E S . T H AT I S T H E F U T U R E O F M O B I L I T Y . ”

COMBINING TRADITIONAL MOBILITY THROUGH CAR SALES AND FUTURE MOBILITY THROUGH CAR-SHARING AND CAR-POOLING, THE DEBONO G R O U P I S L O O K I N G T O W A R D S T H E C R E AT I O N O F A N E F F E C T I V E F U T U R E F O R M A L TA ’ S T R A N S P O R T N E T W O R K . C E O G E O F F R E Y D E B O N O I S L E A D I N G T H AT V I S I O N , W I T H P L A N S I N P L A C E F O R T H E C R E AT I O N O F S U S TA I N A B L E S O L U T I O N S A N D M E A N I N G F U L A L T E R N AT I V E S .

Debono Group CEO Geoffrey Debono has no small vision for the future of his company: he plans for it to become the leader in future mobility. In fact, Geoffrey is resolutely focused on this vision, and he believes the world is already transitioning from the way we get around today – from driving our own vehicles from A to B now, to a future when we will all be driven.

CEO INSIGHT “It is possible to balance life with business, but I admit it’s a challenge. For me, they co-exist, and I try to prioritise each at different times. Outside of the office I focus on keeping physically fit and spending time with my family, including my two children Layla Eve and Riley. I am also an active member of the Young Presidents Organisation, an experience which I enjoy very much.”

his father Philip sadly passed away. He quickly displayed the strong business skills he inherited from his father and grandfather, and he took on overall responsibility in 2005, and now runs the company alongside his brother Michael and the executive team. “Looking back, I was definitely thrown in at the deep end and I had to find a way to survive,” he says. “Although I already had a university education, this new phase was all about learning by doing and, thankfully, I had always been close to the business growing up. It doesn’t hurt that I love cars and the Toyota brand!”

“My role is to champion that vision and to make it happen,” he says. “Aside from coming up with the strategy, it’s my job to get people on board and ensure our company is structured in the right way for our plan to be realised successfully. We’re excited about what this will mean for our company, Malta and even transport internationally.”

Reflecting on his early goals within the company, Geoffrey says he was focused on positioning Toyota as the number one choice for those buying a car, and wanted to make the brand a household name. “It was fifth or sixth in the market when I took over, but we secured the top spot for car sales in a timely manner and have retained it ever since.

It may sound challenging, but Geoffrey has never been one to shy away from potential difficulties. His own journey within the company was one fraught with initial struggles, as he took over the leadership role in 2003 at just 21 when 152

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What we are planning to create is a transition from private to shared cars with more than one person per car in Malta, as they are currently. It is a solution that we believe will make practical, economic and environmental sense for the future of the island.

Geoffrey and his team plan to be the pioneers that lead this change in Malta – but the million-dollar question is how far away humans are from making it a reality. “My calculation is that we will see big changes by 2030 but technology is advancing at a super-fast rate, so it could happen even earlier than that. It will be exciting to see who wins the technology war in this area and successfully brings self-driving cars to the market first.”

Quick-fire Questions… with Geoffrey Debono

All of this ties in with Geoffrey’s vision for the creation of a sustainable transport system for the island – a system that he believes is currently unsustainable. “Some changes are being made at the moment, but I see them as temporary,” he says. “What we are planning to create is a transition from private to shared cars with more than one person per car in Malta, as they are currently. It is a solution that we believe will make practical, economic and environmental sense for the future of the island.”

What was the first thing you did this morning? Read a business book; it’s part of my routine. I am currently reading Winning by Jack Welch. What’s your favourite thing in your office? My phone is my office – it means I am always connected. What excites you most about working in your sector? Helping to transform how we use transport. It’s a once-in-alifetime opportunity.

Thus, it goes without saying that Geoffrey and his team are very excited about 2020 and geared up to start making further in-roads towards this positive change. “We’re very much going to focus on building on what we have already started,” the CEO says, citing further developments for Cool and GoTo. “We’re going to keep looking at the customer problems – like traffic – and developing solutions that will revolutionise things for them. These will include our new moped sharing service, as well as others for micro-mobility for very short distances.”

“Today, though, my goal is completely different, and it’s all about making the change from selling cars to selling rides. That, in my opinion, is the future of mobility.” Geoffrey explains that, ultimately, the car is the means for people to get around but, in the future, he believes people will be driven. “At this point in time we are working on identifying customer needs, so that we can meet those needs and drive change. Cool for instance – our new car-pooling solution that was launched earlier this year – is one such solution, and the take-up has been staggering. People are already using it as a daily fix for their commute and, combined with other options such as our GoTo car sharing project or public transport usage, Malta will be able to have a cohesive strategy for people to move around effectively, and not be stuck in traffic for hours in their own cars. Now, we are already looking into other much-needed services – including ones to take children to school or elderly people to the hospital – and we are even looking into internationalising our ideas.”

Gourmet dining or homemade cooking? Gourmet dining. London is my favourite foodie city. If you could have any superpower, what would it be? To anticipate when the shift to autonomous vehicles will become reality. What’s something you’d still like to learn? Patience. What’s the best thing about running a business in Malta? The ability to try things out nationwide, but with the ability to manage your spend in a controllable way.

The challenge for Geoffrey and his team now is to encourage this shift in mobility thinking, and to make sure it’s placed firmly at the top of the national agenda. “We would like to see the Government supporting and endorsing future mobility and encouraging its use,” he says. “And beyond that, there’s the issue of when electric vehicles will become mandatory. We expect it to be before 2040, but we also believe it could happen well before that.”

And the worst thing? Limited growth opportunities. Which is your favourite spot on the island? At sea, on the way to Comino. Book, film, series, or music? A series. I am currently watching Inside Bill’s Brain: Decoding Bill Gates on Netflix.

Meanwhile, Geoffrey is also focused on a different aspect of the business – the redevelopment of the company’s Zebbug site into a medium-rise tower and reimagined site. “Some of the building is now nearly 50 years old, so it is time to bring it up-to-date,” he continues. “We will be developing 40,000 square metres overall, and creating a place where people can live, work and enjoy their time. It is going to be a very balanced space – a beacon in the region with a strong accent on a sustainable way of life.”

Aside from success for Debono Group, Geoffrey is very much driven by a deep passion for the environment and getting things done. GoTo, for instance, has already saved 914 tons of CO2 emissions in the year since its launch, while Cool takes an average of 1.25 cars off the road for every trip made by a car in its fleet.

What’s your favourite app on your phone? The Financial Times. Where do you read your news first? Times of Malta. If you weren’t in this career, what would you be doing? I’d be a pilot. Where do you hope to see the world in five years? In a more cohesive political situation globally; currently there are too many factions.

So, clearly, this is a busy and thrilling time for the Debono Group, and Geoffrey is enthused by what is to come. “At the end of 2020 I look forward to us being further advanced on our mission of effectively providing mobility as a service, and to see our property development progressing too. I certainly envisage us leading a sustainable way of life in Malta, and beyond, in the years to come,” he adds.

“As a Group we have a dream that, one day, all of the cars on the road will be self-driving, so between 50 and 90 per cent of today’s cars are expected to disappear. This is why we believe, in the future, there will be virtually no traffic, because we are gearing up for a future where people do not have their own cars.” 154

How do you hope to spend your retirement? I don’t plan to retire. Outlook for 2020: positive or negative? Positive.

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Fabio Muscat

CEO, OZO GROUP

CEO INSIGHT

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“I like to be involved in the process of whichever project is happening, but that doesn’t mean that I need to take every decision. I delegate – that’s why we engage managers, I trust them and without trust you can’t do much. I make sure I know what’s going on, so I am quick to respond when someone asks for an opinion, but I let the team excel too.”

“ W I T H F I V E C O M P A N I E S A N D S O M A N Y E M P L O Y E E S , I S TA Y O N TO P O F T H I N G S B Y H AV I N G E XC E L L E N T M A N AG E R S . ”

A P P O I N T E D T O T H E P O S I T I O N O F C E O I N 2 0 1 6 , F A B I O M U S C AT T O O K O V E R F R O M H I S F AT H E R A F T E R C L I M B I N G T H E L A D D E R A N D L E A R N I N G A B O U T T H E C O M P L E X I T I E S O F T H E H O S P I TA L I T Y B U S I N E S S . F O U N D E D I N 1 9 9 6 , O Z O G R O U P H A S B E E N S U P P L Y I N G I N D U S T R Y P E R S O N N E L TO C L I E N T S F O R 2 4 Y E A R S . S E R V I C I N G R O U G H L Y 9 5 P E R C E N T O F M A L TA ’ S B U S Y H O T E L M A R K E T , FA B I O I S N O W L OO K I N G TO D I V E R S I F Y B Y S E R V I C I N G O T H E R I N D U S T R I E S T O O . I N H I S V I E W , T H E F U T U R E I S B R I G H T.

It wasn’t always Fabio Muscat’s dream to lead the family business, having aspired to become a professional footballer in a not-so-distant previous life. He achieved his big break at 16 after signing a professional contract with a team in Italy. But, as fate would have it, during his stint in Italy he suffered an injury that forced him away from his passion, for what was supposed to be a period of two years.

Asked whether his footballing experience has proved to be useful in his position as CEO, he says that “spending a year alone in Italy at the young age of 17 helped me to mature – I worked for my money; I was not dependent on anybody, and I learnt how to take decisions and prioritise my spending. “It was a one-of-a-kind, lifetime experience and I encourage anybody who has the opportunity to do something similar, to go for it,” he adds.

It was during this time back home in Malta that he joined Ozo Group as a clerk. He grew to love his work and took the decision to prioritise the business over football, and most other things in his life.

Fabio was appointed to the position of CEO in 2016, after taking on various roles including in administrative and leadership positions. Ozo Group currently employs around 3,000 people and is the second-largest employer in Malta, after the Government. The company outsources service industry workers to a vast number of hotels and

“At the start, my father, Mario, wasn’t very pleased as he was keen for me to stick to football. But I was adamant,” recounts Fabio. 156

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a two-year programme titled ‘Elite’, with the prestigious Cambridge and Harvard universities. The programme covered a vast number of important topics, including the future at large, the regulatory environment and adapting to a world run by millennials. Fabio muses that the hospitality industry in Malta has changed significantly over the years that the company has been in operation. The change is also evident in the standard of service expected. “With more hotels on the island, there is more competition. Three-star hotels now have more hotels to compete with, so they try to deliver a five-star service experience in order to keep up. This was not the case in the past,” he highlights. Commenting on today’s scenario, Fabio contends that Malta’s highperforming economy brings with it its own challenges. “It’s difficult to find staff, but that is why it is important to stay innovative.” Asked to elaborate on this point, he speaks of a decision taken in 2014 to create the company’s very own Ozo Academy. “We are the only hospitality company to offer this service on the island. Apart from the Institute for Tourism Studies (ITS), we are the only organisation offering training of this kind.” Fabio believes that the academy gives the company a competitive edge. “We do not assign personnel to our clients randomly. We take our role seriously and offer training on health and safety, personal grooming, customer care and different levels of housekeeping, among other important topics. It is our aim to give people a career path rather than a job. We have many success stories to be proud of and have helped countless people to climb the ladder to reach management positions.”

It is our aim to give people a career path rather than a job. We have many success stories to be proud of and

With so many employees from all over the world servicing a wide array of local companies, one would expect it to be difficult to run a tight ship. Fabio explains that this is only possible by having excellent managers, whom he trusts.

have helped countless people to climb the ladder to reach management positions.

“They have climbed the rungs and know the business inside-out. I am very grateful that we do not have to worry whenever my father and I travel at the same time.” Another significant achievement is the company’s consecutive successes at the European Business Awards – Ozo Group was in fact named in 2016, 2017, 2018 and 2019 as a national winner in different sectors.

other organisations within the hospitality industry including, among others, housekeeping and security personnel, waiters, caregivers, clerks, accountants and receptionists.

Onto the brighter side of his role, Fabio describes a feeling of great satisfaction when “seeing a project completed from start to finish”.

Fabio does not mince his words when asked about the nuances of his role, its challenges and its rewards. “It isn’t very straightforward because it is a family business founded by my father 25 years ago. There are legacy issues and I have found that gaining respect can be challenging. Those who have been working with the company for some time see him as a father figure. I came up through the ranks because I wanted to learn the ropes from A to Z,” he explains.

One of his first major tasks following his appointment as CEO was to oversee the completion of the new Ozo Group business centre in Qormi. He explains that “it has taken about two years to complete the job. I was involved in the entire process: design, furniture sourcing, dealing with suppliers – the works. It was hectic; the challenge when the economy is performing well is to find contractors that are able to dedicate time to your project. But I learned so much along the way. You can never learn enough.”

With the gravitas of a more senior businessman, Fabio stresses that “the job is 24/7. It’s a big responsibility because, for starters, it’s a family business and there is our family name at stake. Being responsible for the livelihood of 3,000 people is also no small responsibility.”

Asked about the milestones of his career so far, apart from seeing the Ozo Group business centre up and running, Fabio is quick to say that that the company was among 400 handpicked by the London Stock Exchange to complete

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“Last year, we were awarded Best Business in the €0 to €25m turnover category. Being awarded for four years is a recognition of our consistency; it wasn’t a one-off or just a good year. For me, this is a huge milestone.” Turning to the outlook for this year and the near future, Fabio reveals that in terms of servicing the hospitality industry, the organisation has reached saturation point and the Group has in fact begun to expand into the provision of personnel for the manufacturing industry. “It’s a sector we ventured into a couple of years ago. We started with one client, but now we have multiple, providing them with hundreds of staff,” he says. “Some factories had initially refused to outsource, but are now turning to us because they know they have a reliable partner that can deliver, and that recruitment becomes far less of a headache for them. Through us, they no longer need to dedicate time and resources to looking overseas for staff and learning different labour legislation and procedures.” With this in mind, as well as exciting plans to expand into the aviation industry, Fabio proclaims that “the future is bright”.

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Quick-fire Questions… with Fabio Muscat What was the first thing you did this morning? Showered. What’s your favourite thing in your office? A photo album showing the first year of my daughter’s life. What excites you most about working in your sector? Meeting different people. Gourmet dining or homemade cooking? Homemade cooking, especially if it’s mine! If you could have any superpower, what would it be? Extending the hours in the day. What’s something you’d still like to learn? Law. What’s the best thing about running a business in Malta? Everybody knows each other. And the worst thing? Everybody knows each other. Which is your favourite spot on the island? Valletta. Book, film, series, or music? Series, when I find the time. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? Online. If you weren’t in this career, what would you be doing? Working in the legal field. Where do you hope to see the world in five years? A more sensible world with a better environment. How do you hope to spend your retirement? I haven’t thought about it at all... Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Natalie Briffa Farrugia CEO, C A R E M A L TA G R O U P

“THE CARE INDUSTRY MUST BE BUILT U P O N C O M P A S S I O N AT I T S C O R E . ”

WITH €37 MILLION IN ANNUAL TURNOVER AND OVER 1,250 EMPLOYEES, C A R E M A L TA G R O U P I S T H E L A R G E S T O P E R AT O R O F C A R E - F O R - T H E E L D E R L Y S E R V I C E S O N T H E I S L A N D . N O W , C E O N ATA L I E B R I F F A F A R R U G I A H A S S E T H E R S I G H T S F I R M L Y O N D I V E R S I F I C AT I O N , W I T H T H E G R O U P R E A C H I N G O U T T O I N N O V AT I V E S E C T O R S O F C A R E T H R O U G H I T S N E W O P E R AT I O N S A N D G R O W I N G N E T W O R K O F S P E C I A L I S E D C A R E

CEO INSIGHT

HOMES IN THE COMMUNITY.

“Having a career and a family have always gone hand-in-hand in my mind. I think there is a misleading assumption that you cannot do both, and that has to change because women should be encouraged into leadership positions. Being a CEO does not make me any less of a good mum and being their mum doesn’t make me any less of a good CEO either. I have no doubt that women who want to do both will find a way to make it work, and society must support that.”

disabilities through HILA Ltd, while another 60 clients are residing in the Group’s specialised care homes in the community.

Natalie Briffa Farrugia has always wanted to use her career to do one thing: care for others. Born into the entrepreneurial Vassallo Group family, she feels fortunate that the Group already had a caring arm within its operation when she joined the business 12 years ago – and she has been dedicated to developing it ever since.

“I feel the responsibility of all the families we cater for and am fixated on the future of care on our island,” she says.

“The CareMalta Group has grown substantially since then,” she says with a smile, acknowledging that the company’s revenue tripled since she took the helm.

For Natalie, the business of caring for people is built upon three clear pillars: compassion, engagement and professionalism. “I completely own these words in my own career and feel I am very much defined by them,” she continues, adding that the terms have also been used to underpin the Group’s dynamic iCare programme.

Natalie talks through the sizable operation that she oversees: over 1,600 elderly people reside in the nine CareMalta homes, while 200 families are receiving respite services for children and older adults with

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holistic care – have been key to our approach since 1994. It excites us that we lead the way in this sector and we don’t intend to relinquish pole position.”

CareMalta set out to raise the bar in this sector from day one. I am pleased to say that legislation has actually matched our standards since then, while we have continued to raise the bar even higher. It excites us that we lead the way and we don’t intend to relinquish pole position.

“iCare was first implemented in May 2018 as part of our vision for 2020, and it now guides all of our team members on how best to carry out their roles. We knew that, in order to remain leaders in this sector, we had to ensure that all of our employees were speaking the same language – and that language is iCare. There is no getting away from the fact that the care industry is compassion in itself, so the success of anyone working in our industry has to be the result of their genuine compassion. Thankfully, both my own career and the very foundations of this Group were built upon compassion, so it has underpropped everything about us from the very start.”

For Natalie, that ongoing success will continue to revolve around developing person-centred care – a strategy that she says underlines every decision made. “No discussion ever starts from any other focus point,” she says. “But equally, when talking about the resident, you cannot ever forget their family, or our employees; the needs of all three have to be taken into consideration. “After all, there is no denying that demand in this area is going to grow. People are living longer and, already, most of our residents average around the age of 85. The longer people live, the more likely it is that they won’t be able to be cared for in their own homes. So, while we can’t and never will try to replace their own families, we have to be able to make them feel happy and at home.” Narrowing in on the successes of 2019, Natalie highlights a recent collaboration with the Department of Health as a vital milestone. “Through it we realised that a number of elderly people were receiving services at Mount Carmel Hospital, which really wasn’t the best place for them. We have been able to take great strides to fix that since then. “Nevertheless, as part of our vision for the future, I don’t actually see CareMalta opening more homes for the elderly; Malta doesn’t need them and we will soon have an over-supply because of the rate at which new players are entering the market.”

Explaining engagement, Natalie believes that – for her and her team to be successful – they must also remain engaged in everything that is going on in their homes and with their residents. “I have achieved so much simply by remaining engaged; it has allowed me to fulfil my purpose in life and to make me the best I can be for my team and our clients. With that in mind it absolutely had to be another pillar of iCare.”

Thus, CareMalta plans to reach out to the many other groups within our society that need support. For instance, it recently collaborated with Agenzija Sapport to provide respite services in the community, through HILA, at Casa Apap Bologna, Mosta. “Our plan is to continue to specialise in smaller homes in the community and to provide much-needed care, whether to those with an intellectual disability, a physical disability, or those with mental health illnesses. Our society is crying out for this kind of support and we intend to provide it.”

Finally, professionalism completed the tri-focus approach and Natalie believes a company simply wouldn’t be able to exist in the caring sector without it. “I seek to be professional in absolutely everything I do,” she says, “And, ultimately, that is what sets CareMalta apart. Our residents deserve only the very best from the service that we give them.”

Asked about her vision for the next five years, Natalie switches her attention to dementia care – an area she is personally very passionate about. “Sadly, this is going to affect many, many people in the years to come,” she says. “As a nation we are lucky to have a dementia strategy in place, but there is no blueprint for its implementation – and I don’t think that anyone is prepared to face the new phenomenon that this will bring to our country. As a company, dementia has always been part of our development strategy and it is part of our wider plan for specialisation.”

And although it is unwavering and unapologetic in its desire to be the best, Natalie’s is an approach that is clearly working. CareMalta has transformed the sector since beginning its operations – a sector that was, previously, exclusively in the hands of the Government and the Church. “We set out to raise the bar from day one,” she says, explaining that CareMalta was the first public-private-partnership in the industry. “And I am pleased to say that legislation has actually matched our standards since then, while we have continued to raise the bar even higher. Some of the features that have become buzzwords in the industry in recent years – like active ageing, person-centred care and

As for the CareMalta outlook for 2020, Natalie has no doubt that this will be positive – and largely focused on the continued roll out of iCare and the benefits it will bring. “With our approach now firmly benefitting our residents, I am very eager to ensure that iCare is further established to guarantee our employees also experience its advantages. The future – of all business – should be based on improving employee quality of life, because it brings about such a positive knock-on and we want it to become a way of life for our team both inside and outside work hours.”

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Quick-fire Questions… with Natalie Briffa Farrugia What was the first thing you did this morning? I went running. What’s your favourite thing in your office? A photo from Ethiopia of a mother carrying her son on her back. It reminds me of my work there and everything that it has brought into my life. I am still very active in missionary work. What excites you most about working in your sector? Caring for others. Gourmet dining or homemade cooking? Gourmet dining. If you could have any superpower, what would it be? The ability to reduce waste and spread resources to everyone fairly. What’s something you’d still like to learn? To paint. What’s the best thing about running a business in Malta? Time – you can fit a lot into your day here. I don’t waste any time. And the worst thing? The copycat approach some people take. Which is your favourite spot on the island? L-Ahrax tal-Mellieha. Book, film, series, or music? Book. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? I watch the 8pm news on TVM every day. If you weren’t in this career, what would you be doing? Missionary work. Where do you hope to see the world in five years? A greener place. How do you hope to spend your retirement? Working. Outlook for 2020: positive or negative? Very positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Steve Calleja

CEO INSIGHT

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“I like to lead by example, and my office day starts by 5.30am. I hold a daily managerial meeting at 7am to discuss what needs to be done, and our decisions are taken collectively. No two days are ever alike and I make it my business to tackle everything that comes up. I have a strict open door policy, so all ideas and challenges are welcome.”

MANAGING D I R E C TO R , S T R A N D PA L AC E AGENCIES

“ O U R H I S TO R Y I S A S U CC E S S S TO R Y TO B E P R O U D O F. ”

W H E N L AW R E N C E C A L L E JA O P E N E D A G R OC E R Y S H O P I N 1 9 0 0 , T H E R E I S N O W A Y H E C O U L D H A V E K N O W N T H AT – B Y 2 0 2 0 – I T W O U L D B E A M U L T I - M I L L I O N E U R O E N T E R P R I S E A N D H O M E TO ONE OF THE BEST-KNOWN BRANDS ON THE ISLANDS. NOW, AS M A N A G I N G D I R E C T O R , H I S G R E AT - G R A N D S O N S T E V E C A L L E J A I S P R O V I N G T H AT P R O D U C T I N N O V AT I O N I S N E V E R F A R F R O M THIS BUSINESS FAMILY’S DYNAMIC ETHOS.

It must be fascinating to work for a brand that’s also a household name – and that is something well understood by Steve Calleja, Managing Director for Strand Palace Agencies. After all, his family entity is the company behind the much-loved local snack, Twistees. Steve literally grew up in the business, watching his father Ray take over the venture from his late father John, as it embarked on exciting new endeavours with the opening of manufacturing plants and production of various confectionery products under the TOPSY brand.

“The company has been 119 years in the making,” Steve says. “And today, it’s still a thriving family business, with my own children – Zoe, John and Julia – having joined as fifth-generation members. There aren’t many entities that make it that far, and I am so proud of the fact we are still innovating and developing every single day.” The company was founded in the 1900s by Steve’s great-grandfather Lawrence. Back then it was run as a grocery store in Cospicua, and known as Colonial Stores, with a subsidiary outlet in Sliema. As time went on, Lawrence’s son John extended the operation by creating a distribution company

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I am proud of what was achieved by the generation before me, and proud that I have kept the company growing from strength to strength. Today it is exciting to be building new sectors within the company and we have reached a very satisfactory level; but I am always hungry for more.

in the 1970s called Strand Palace Stores. This later developed into Strand Palace Agencies Ltd, and took the form of the business that has become so recognisable today. And, although Twistees is arguably the company’s best-known brand, its portfolio is vast, with products divided into ambient, chilled and frozen items, as well as wines and beverages, household items and pet food. At the helm of all of that, Steve describes his role as ‘diverse’. “It covers a lot of ground,” he says, “as I oversee all our managers’ performance, have direct contact with our foreign suppliers and key business personnel, and find new products and look into business development opportunities. Most importantly, though, I am currently spearheading our factory development, and moulding my children into the future heads of the company.” Steve’s own future was very much set in stone early on, and he says it was always his intention to join the business and follow in his father’s footsteps. “I think of our history as a success story to be proud of. I am proud of what was achieved by the generation before me, and proud that I have kept the company growing from strength to strength, even after the demise of my brother, John. Today it is exciting to be building new sectors within the company, including the wine, meat and export divisions. We’ve reached a very satisfactory level, but I am always hungry for more.” 167

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Steve explains that the food industry is constantly changing because it is driven by a plethora of trends both locally and overseas. He is very much inspired by these developments, and keeps a close watch on consumer tendencies, the latest products and product machinery, as well as sectorial innovation.

Quick-fire Questions… with Steve Calleja

“Staying a step ahead is definitely the biggest challenge, while also retaining a close relationship with our contacts, both internally and externally,” he explains. “As with many sectors, our people are our most important asset and we consider them part of the family. In fact, we have an extremely low turnover of personnel – which is one of the things that pleases me most about what we do.”

What was the first thing you did this morning? I had a cup of tea at 3.30am, which is when I get up every day. I am in the office by 5.30am. What’s your favourite thing in your office? My eldest daughter’s first painting, made when she attended the Old Priory Kindergarten.

International demand for some of the company’s products – including its signature Twistees – has helped the company grow from a local one into an increasingly-global one. This, Steve says, has been quite easy for Strand, as growth has always come naturally.

What excites you most about working in your sector? The diversity of the business and the different challenges every day brings. Gourmet dining or homemade cooking? I love a bit of both, even though I am not a big eater. I prefer cooking to eating.

Does he worry about the threat from international brands locally? “No,” he says. “The local market has always been a showcase for a large variety of imported brands but our culture has always embraced national tradition. We are thinking more globally ourselves, and 2019 saw us expand on our exports and grow our production facilities. We have managed to achieve this while keeping a competitive edge on the importation side of things too.”

If you could have any superpower, what would it be? The power of healing. What’s something you’d still like to learn? I make it a point to learn something new every day. I’ve nearly got my helicopter licence. What’s the best thing about running an organisation in Malta? The contacts.

And there have been a number of key changes within the company in the last few years, mostly down to the increase in Malta’s population, the demand for an increased variety of products, and the burden placed on distribution. As a result, Steve has been focused on growing the company’s range of products, as well as growing its fleet. “We do not expect any slowdown in the next five years,” he says.

And the worst thing? The competition. Everyone wants a piece of a large company’s success. Which is your favourite spot on the island? My house. Book, film, series, or music? Watch a film and listen to music, sometimes at the same time. The Godfather Trilogy is a favourite of mine.

In fact, he cites upcoming opportunities as ‘neverending’ and stresses that you have to seek them out. “2020 will be an exciting year for us, as our new production facilities will open their doors and be 100 per cent complete, which has been on the cards for a while now. Once that is done, we are also looking forward to concluding which new markets we will be exporting to.”

What’s your favourite app on your phone? Sudoku. Where do you read your news first? I always check the BBC first thing in the morning, and then check Times of Malta when I get to the office. If you weren’t in this career, what would you be doing? Race car driving.

With a clear focus on that and more, Steve says that the company will continue to invest across all sectors of the business, while also concentrating on building ever-stronger relationships with the Strand family and its clients. “It’s going to be an electrifying year. I can’t say too much as I wouldn’t want to give anything away, but we are certainly looking forward to it. I have no doubt that we will end 2020 in an even stronger position than we started it.”

Where do you hope to see the world in five years? Rid of all the problems it’s got right now. They seem to be surmounting as the weeks go by. How do you hope to spend your retirement? Retirement? No way. Outlook for 2020: positive or negative? Very positive.

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Ann Fenech

CEO, FENECH & FENECH A D V O C AT E S

“OUR FORTE IS OUR FOCUSED, FIRST-CLASS W O R K F O R C E , A N D T H E FAC T W E H AV E N E V E R S H I E D AWAY F R O M D E V E L O P I N G S P E C I A L I S E D N I C H E S . ”

F O U N D E D I N 1 8 9 1 , F E N E C H & F E N E C H A D V O C AT E S H A S E V O L V E D T O B E C O M E O N E O F M A L TA ’ S L E A D I N G L A W F I R M S , O F F E R I N G A C O M P R E H E N S I V E S E R V I C E ACROSS A NUMBER OF SPECIALISED AREAS INCLUDING SHIPPING AND MARITIME L A W , I N T E R N AT I O N A L T R A D E , F I N A N C I A L S E R V I C E S A N D T M T L A W . D R A N N F E N E C H I S T H E M A N A G I N G P A R T N E R , A N D D E V E L O P E D T H E M A R I N E L I T I G AT I O N D E P A R T M E N T P R A C T I C A L L Y F R O M S C R AT C H . G L O B A L L Y , A S T H E V I C E P R E S I D E N T

CEO INSIGHT

O F T H E C O M I T É M A R I T I M E I N T E R N AT I O N A L , S H E I S A C T I V E L Y I N V O L V E D I N T H E

“I still love the challenge of an interesting case as much as I did when I first qualified. There have been many big cases throughout my career, but the one that I recall most vividly pertains to when the Libyan Um El Faroud tanker exploded in Malta in 1995, tragically killing nine dockyard workers. I was acting for the vessel, and I quickly had to come to terms with the rawness of the loss of life, prioritising the bereaved families as well as the legal/technical side. I studied chemistry for eight months of my life to try to understand the details of what occurred that day.”

D E V E L O P M E N T O F I N T E R N AT I O N A L M A R I T I M E L A W .

The journey towards becoming Malta’s go-to expert regarding maritime law was not an intentional one for Dr Ann Fenech – in fact, coming from a family of doctors, her future was initially assumed to lie firmly within the medical profession.

Ann’s path towards her unique career was further shaped by changes in her personal life, when, following her graduation in 1986, she relocated with her husband Thomas to London where he had qualified as a doctor. “In London I joined Holman Fenwick Willan, where I tried my hand within the shipping sector for the first time, as a 24-year-old Maltese, female lawyer. Frankly, that set me up for the rest of my professional life, to this very day,” Ann recalls. “I was exposed to a variety of marine litigation disputes there, and opted to read for a Master’s degree in maritime law alongside it.”

“My decision to pursue law came about very early,” explains Ann. “In those days, we had only the choice between the sciences and the arts and, although my father had assumed that I would become a doctor too, I decided to study languages instead. But since a BA in languages was not possible at that time, I decided on law – and I’ve never looked back.” 170

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Of course, I care about people’s opinions of me, however, I don’t waste my time or energy focusing on such things. I focus on doing my best, and I want to work alongside people who are also doing their best. Gender does not come into the equation.

Then, when Thomas was offered a fellowship in New Orleans, Ann seconded there, where further experience within the shipping sector followed. Returning to Malta in 1992, she chose Fenech & Fenech Advocates as the firm in which to set up a marine litigation department – the only one of its kind in any law firm in the country. As the oldest law firm in Malta, Ann believes that Fenech & Fenech’s longevity has largely been due to its approach of providing tailored legal services and creating niches as demanded by Malta’s changing economy and needs. “History has dictated that property rights are an ongoing concern, and so the firm’s historic knowledge of property has given us an edge,” she points out. “I chose Fenech & Fenech Advocates as the home for the marine litigation department I wanted to set up, both for its years of experience and its forward-thinking, open-minded, proactive approach to the changing needs of the nation.” In the 60s, the tourism industry inspired the firm to create new hospitality-related departments, and others thereafter. “For instance, we were the first law firm locally to hire someone versed in IT law in preparation for the IT revolution,” Ann continues. “Our forte is our focused, first-class workforce, and that we have never shied away from developing specialised niches.” Ann’s philosophy as managing director at the firm still holds true to these ideals, with a passion for creating a second-to-none working environment for everyone in the organisation’s diverse team of more than 130 people. “Beyond the multitude of responsibilities involved in moving the organisation forward, I consider one of the top priorities to be ensuring that we provide an excellent working environment for our team, and I am very conscious 172

of the fact that we all spend most of our time at the office!” she smiles. “People provide good work if they are happy at their place of work. Personally, if I’m not happy, then I am not going to deliver to the best of my ability, so I cannot expect anyone else in that situation to do so either. Providing an atmosphere that enables our team to work comfortably and peacefully offers them the chance to be the best that they can be.” Ann also partly credits her impressive personal career and the success of her role at Fenech & Fenech Advocates to guaranteeing that her own working life has been carefully crafted around her other primary roles of wife and mother. “My passions are my husband and my children, and yet I’ve worked throughout my children’s lives. When they were young, I would fit my work commitments around their academic diary, and prioritise taking them to school so that they could tell me about their day in advance.” She also highlights that she has not encountered any major challenges as a woman working within the somewhat maledominated law industry. “While I have no doubt that there are many hugely competent ladies who will have experienced challenges as women in this industry, I haven’t – or rather, if I have, then my character is such that I would disregard them. Of course I care about people’s opinions of me, however, I don’t waste my time or energy focusing on such things. I focus on doing my best, and I want to work alongside people who are also doing their best. Gender does not come into the equation.” Such unwavering focus and determination have instead afforded Ann the opportunity to achieve numerous impressive feats, such as being awarded Best in Shipping Law at the European Women in Business Law Awards London for three consecutive years, and being elected vice president of the Comité Maritime International in November 2018. “These career milestones are down to three words I choose to centre my life around: determination, passion and perseverance, all related to my chosen subject of maritime law. I have always enjoyed the academic side of maritime law, and while these extra roles represent a lot of commitment and hard work, I still find it exciting to be a part of an Executive Council with other highly-accomplished maritime lawyers from around the world, in a collaboration to draft new, important global legislation.” In recent years, Ann has also witnessed the ever-changing maritime sector in Malta, which is now incorporating other rising practice areas such as blockchain and crypto currency. “Malta has registered tremendous successes over the years in the shipping and maritime sector, and it continues to grow,” she highlights. “On a personal level, I would like to see the creation of an Admiralty Court in Malta, which would assist both the judiciary and maritime practitioners. I also believe that Malta has a role to play in encouraging environmentally-friendly choices for the shipping industry. That said, as long as Malta remains professional, grounded and continues to develop its knowledge, then the country will have a thriving maritime sector for years to come.” Ann is determined that the firm will continue to lead by example by offering an excellent service at the highest standard possible, while training and adapting to keep up with emerging markets, she concludes. “The firm will go from strength to strength throughout 2020 and beyond, sustained by our team of passionate experts at its core.” 173

Quick-fire Questions… with Ann Fenech What was the first thing you did this morning? Checked my mobile for emails. What’s your favourite thing in your office? The picture of my two sons, when aged six and three, in their Luxol football kit. What excites you most about working in your sector? The variety and challenges offered by the maritime sector. Gourmet dining or homemade cooking? Homemade cooking. If you could have any superpower, what would it be? To be able to create time. What’s something you’d still like to learn? To speak Greek. What’s the best thing about running a business in Malta? Its small size. And the worst thing? The traffic. Which is your favourite spot on the island? Walking through the streets of Mdina. Book, film, series, or music? Series – at present, it’s Outlander. What’s your favourite app on your phone? LinkedIn. Where do you read your news first? On LinkedIn. If you weren’t in this career, what would you be doing? I’d work in hospitality. Where do you hope to see the world in five years? In a better place than it is now. How do you hope to spend your retirement? Doing all the things that I wasn’t able to do over the last 34 years, such as having more time with my girl friends, going sailing more often, and spending more time with my husband. Outlook for 2020: positive or negative? I’m an optimist, so always positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Benjamin Tabone Grech

CEO, ENGEL & VÖLKERS

“ I A M H O P E F U L T H AT T H E P R O P E R T Y M A R K E T W I L L S TA R T T O R E F L E C T W H AT O U R I S L A N D S H O U L D B E FOR THE LONG-TERM.”

E S TA B L I S H E D O V E R 3 0 Y E A R S A G O , E N G E L & V Ö L K E R S I S O N E O F T H E L E A D I N G R E A L E S TAT E C O M P A N I E S O N T H E I S L A N D . C E O B E N J A M I N TA B O N E G R E C H R E C E N T L Y T O O K O V E R T H E R E I N S F R O M

CEO INSIGHT

HIS MOTHER SARA. BENJAMIN HAS SET HIS SIGHTS ON POSITIVELY T R A N S F O R M I N G O U R I S L A N D ’ S P R O P E R T Y S E C T O R R E P U TAT I O N ,

“Work-life balance isn’t an issue for me; I manage the two very well. Even though I work long hours, I still have plenty of time to enjoy myself. I have the energy to give my all to both aspects of my life, and I want to experience as much as possible in the years to come. For me, one cannot exist without the other.”

W I T H A V I E W T O M A K I N G M A L TA A L L A B O U T Q U A L I T Y .

Benjamin Tabone Grech was born into the business of real estate. At just eight years of age, he remembers going to see a house in Tal-Balal with his mother and her clients. “They had put in an offer,” he fondly recalls. “And they were going along to see what could be done with the space to make it more their own. Even then I was excited by property, and I was giving advice about which walls they should knock down to make the house

more practical. That’s when it all began, and it hasn’t stopped since!” At 17, while studying in the UK, Benjamin would spend his summers working on the rental side of the family business, which he thoroughly enjoyed and gave him a clear idea of the property market. He then went to university, earned his undergraduate and Master’s degrees in 174

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architecture and environmental design, and followed that dream to London and Berlin to work as an architect. “I loved it,” he says. “But, eventually I was ready to come home and join the company.”

particular qualifications. “This isn’t an easy industry to work in, and not everyone can cut it as an agent.” With that in mind, Benjamin says that he has recently spent a substantial amount of time working on getting the sector regulated, and trying to encourage other major stakeholders to assess how best they can work together on raising standards and service. This is a battle that he intends to take to the top. “It doesn’t scare me,” he asserts. “I am not frightened by the idea of disagreeing with people who have a strong lobby voice as we implement training and ensure that those working in the sector can get qualified – perhaps with a higher diploma, Bachelor’s, or even a Master’s degree, as people do overseas. When buyers come to an agent, we want them to trust that the agent knows what he or she is doing, and has the skills to see their purchase through to completion in a positive and successful manner. There have been too many horror stories in real estate in the last few years.”

Now he has been with Engel & Völkers for nearly a decade, and he recently took over the CEO baton from his mother, who was simultaneously announced as company chairperson and is semi-retired. Today Benjamin describes his role as ‘adding more innovation to the way people are managed and motivated’. “I work in a very old industry that my family has been in for more than 60 years,” he says. “So it’s crucial to consider that there may be newer, better ways of doing things. I am particularly dedicated to finding the most efficient ways to integrate tech into the business, so everyone who works for us can have more time to focus on providing a better service.” Having grown up in the sector, there is no doubt that Benjamin brings a substantial amount of experience to the table, but he is also renowned for his fresh outlook and dynamic approach. “I am serious about this sector, and I have been working incredibly hard to help agents earn more respect,” he says, highlighting the fact that, traditionally, real estate was an industry that anyone could join without any

We want our clients to have complete confidence in us and our sellers, and to know that due diligence is being done across the board – from within our team and then across the entire propertybuying process. Cowboys are not a part of that future.

Asked to share his thoughts on the property market at the moment, Benjamin talks through the constant six-year cycle that he says real estate has gone through on the island since the early 90s. “Malta has the dynamics of a city but the culture of a country; this is a place where, if something happens in the market, people respond to it quite quickly. “After the 2008 global crash, things were quite quiet until 2011, when they really started to pick up again. We’ve witnessed a solid six-year growth cycle since then, in which some properties have doubled – or even trebled – in price. I remember selling a terraced house in Swieqi then for €250,000 that would reach €1 million today. And that’s fine; it’s not unsustainable as long as market prices are also improving alongside the built environment, which – in my opinion – isn’t the case.” Benjamin highlights that property prices in Malta now sometimes compete with the likes of central London, Rome and Paris, but that the infrastructure and surroundings don’t match up. “Our built environment can be shocking in places, and that’s affecting quality of life. And then there’s the build quality,” he continues. “A lot of new builds do not match up to what you would expect for their price.” While Benjamin still doesn’t believe a property ‘bubble’ is about to burst, he does think that there will be changes to the market in the year ahead, with prices beginning to stabilise. “People have lost faith in the construction sector, and that is going to have its effects. Demand will still be strong but I think people will look closer at what they are hoping to buy, and they will think harder about value versus price. “I also believe that people – especially those considering

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investment in Malta from overseas – are going to be better informed about what other European markets could offer them. Portugal, for instance, has a zero per cent tax scheme for 10 years for residents, and we’re now also in competition with Greece, Cyprus, and even Italy. Yes we have the sun, sea and many benefits, but going forward, can we compete on quality of life? All of this remains to be seen and I am hopeful that we will start to focus on what our island should be for the long-term, and realistic about what people will want to pay for it. All this will tie in with the better standards and service that we are trying to achieve for the sector in general, ensuring that we have an all-round better product to give our buyers, whether local or foreign.” And this is an approach that Benjamin will also take into Engel & Völkers itself, as he switches focus to 2020. The company, he says, will be striving to work with the right sellers in the market, to ensure the lifestyle product it is retailing is aligned with what customers are looking for, and what they need. “We want our clients to have complete confidence in us and our sellers, and to know that due diligence is being done across the board – from within our team and then across the entire propertybuying process. Cowboys are not a part of that future.” His own personal focus will be as competitive as ever: to continue to secure Engel & Völkers’ place as market leaders by the end of 2020. “Our focus next year is to strengthen the team. We will be putting energy into developing the exciting submarkets that exist on the island, and putting our own efforts into ensuring we offer the most professional service anywhere within the local real estate industry. The way forward is all about quality.” 177

Quick-fire Questions… with Benjamin Tabone Grech What was the first thing you did this morning? Popped to the local bakery to buy some fresh bread. What’s your favourite thing in your office? The view. What excites you most about working in your sector? Helping people agree. Gourmet dining or homemade cooking? Homemade cooking – ideally imqarrun (macaroni) made by Nene, my late grandmother. If you could have any superpower, what would it be? To read minds. What’s something you’d still like to learn? I’d like to go back in time and study law. What’s the best thing about running a business in Malta? We have the dynamics of a city but the culture of a country, so it’s a great place to test new ideas for business. And the worst thing? Gossip turning to perception. Which is your favourite spot on the island? Il-Blata tal-Melh, behind Bahrija. Book, film, series, or music? Read a book. I currently recommend All That is Solid Melts into Air by Marshall Berman. What’s your favourite app on your phone? Google Earth. Where do you read your news first? The BBC. If you weren’t in this career, what would you be doing? I’d be an architect. Where do you hope to see the world in five years? Much more conscious about the food we eat and where it comes from. I hope we are going to realise that looking to source things locally, rather than buying things from the rainforest, will help a lot. How do you hope to spend your retirement? Watching sunset every night. Outlook for 2020: positive or negative? Very positive.

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

MaltaCEOs 2020

CEO INSIGHT “Juggling my two roles is no mean feat, and requires a very hands-on approach because both entities are undergoing a powerful growth momentum. I manage by prioritising what needs to be done on any given day, practising rigid time management, and by having a strong belief and trust in my teams. Quality time is crucial, across everything I do.”

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Stephen Xuereb

CEO, V A L L E T TA CRUISE PORT

“THE CRUISE INDUSTRY HAS AN EXTRAORDINARILY POSITIVE EFFECT ON THE LOCAL ECONOMY.”

GLOBAL PORTS HOLDING PLC ( GPH) IS THE WORLD’S LARGEST CRUISE P O R T O P E R AT O R , W I T H A N E S TA B L I S H E D P R E S E N C E I N T H E C A R I B B E A N , M E D I T E R R A N E A N A N D AS I A - PAC I F I C R E G I O N S . AS C H I E F O P E R AT I N G O F F I C E R ( C O O ) O F G P H , A S W E L L A S C H I E F E X E C U T I V E O F F I C E R ( C E O ) O F T H E V A L L E T TA C R U I S E P O R T , S T E P H E N X U E R E B I S AMONG THE MOST INFLUENTIAL BUSINESS LEADERS ACROSS THE GLOBAL CRUISE INDUSTRY – AND HE HAS SET HIS SIGHTS ON ACHIEVING EVER M O R E S U CC E S S F O R T H I S B OO M I N G S E C TO R I N T H E Y E A R S TO CO M E .

There is one clear element that Global Ports Holding COO Stephen Xuereb values about his role above else: no two days are ever the same. In fact, it is this dynamism that Stephen says gives him the drive to succeed in this exciting-but-challenging sector, as COO of GPH and CEO of the local Valletta Cruise Port (VCP). Stephen’s position has been a long time in the making. He joined VCP nearly two decades ago as CFO, and spent many years on the ground before growing into the role of CEO. Then, four years ago, he was also appointed COO of GPH plc – the largest independent cruise port operator worldwide, of which VCP is a subsidiary.

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Wearing his GPH hat, Stephen is responsible for the overall performance of both the cruise and the commercial port operations of all of the Group’s 20 ports, across its portfolio in 12 countries across four continents. He considers it an honour and privilege to have been entrusted with this role at an exciting time in the company’s history – a company that he says is growing strategically while staying true to its core values of accountability, excellence, respect and valuing teamwork in all its endeavours. “I find it thrilling to be working in such an environment and leading a team of around 1,000 talented people in the different ports,” Stephen says. “And there have been so many milestones – for instance, forming part

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

category in 2019, compared to 22 per cent in 2018. Passenger movements are healthy: 778,596 in 2017 and 711,018 in 2018, and a record 900,000 in 2019.

We are future-proofing our operation by investing further in our resources and innovating to ensure we stay ahead of our competitors in other parts of the region.

of the management team that saw GPH being listed on the London Stock Exchange in May 2017, with a $250 million IPO. “Another milestone was working on one of the Group’s most recent additions: Nassau, which is one of the most popular cruise destinations anywhere in the world, and which attracts 3.7 million passengers every year. I believe that these acquisitions create new synergies to GPH, and provides us with the opportunity for knowledge transfer, partnerships and exchanges. GPH is an important player in the international cruise arena, and we’re looking forward to providing useful contributions to the whole industry and the wider sector, setting operational standards and best practices.” VCP, of course, is an important part of that – and a local pioneer. Since being awarded the licence to operate the cruise and ferry terminal in 2001, the company has invested over €40 million in developing one of the few dedicated cruise and ferry terminals in the Mediterranean. Beyond that, it also restored the historic buildings in the area now known as the Valletta Waterfront – a destination that Stephen says has matured into one of the island’s most sought-after business and entertainment destinations. “VCP has certainly made a name for itself in the cruise industry,” Stephen continues, “not least because of the very positive close links we have nurtured with all of the cruise line companies that call here. These relationships were all built on our solid reputation for service delivery, and have been centred around our modus operandi of flexibility, reliability and commitment. We are pleased that this has been appreciated by both our passengers and the cruise trade at large.” Stephen is proud of VCP’s position in the market today, as one of the top 14 ports of call in the Mediterranean. Homeporting (cruises that start and end in Malta) has become a crucial part of that business, and Stephen estimates that 31 per cent of its operations fell into that 180

“Both 2017 and 2019 were actually record years in the local cruise industry,” he says. “It is success that hasn’t gone unnoticed, and we were very pleased to be named the Best Terminal Operator by Cruise Insight for two consecutive years, and listed as the Top-Rated Mediterranean Cruise Destination in Cruise Critic Cruisers’ Choice.” The positive knock-on effect for the local economy has also been staggering. Independent studies show that cruise passengers generated €400 million in direct expenditure between 2000 and 2018, while direct cruise line expenditure reached almost €1 billion. “There is no doubt that the industry has a huge impact on the local economy in a variety of ways – through services to ships, passengers and crew, as well as via incoming and outgoing flights through Malta International Airport, and as a result of hotel stays for those passengers opting to holiday here before or after their cruise. On top of that, it is also estimated that 80 per cent of passengers coming to the island on a cruise consider returning for a longer, land-based vacation. This shows that the cruise industry is giving visitors a very positive first taste of what Malta has to offer, and then leaving them wanting more.” 2019 has been a big year for VCP, not least because permission has now been obtained for the company to widen its Pinto 4/5 quays by 15 metres, thus allowing bigger ships to berth. “With this development we hope to be able to provide an even more attractive and secure operation, without the need for the spacer barges that we are currently using. After all, cruise ships are getting bigger – with the majority of the 110 cruise ships on the order book being large ships. This move will help us to future-proof our operation by investing further in our resources and innovating to ensure that we stay ahead of our competitors in other parts of the region.” As a result of this focus and investment, the future looks bright – although Stephen admits the face of cruising is changing. “Where once the industry’s primary message was about providing passengers with affordable vacations, relaxation and fun, today that message is all about ‘creating guest experiences’,” Stephen says. “Our ability to work in synergy with all our stakeholders is key to that, so we can provide our passengers with a seamless experience.” Sustainability is also a key concern, and cruise lines around the world are investing $1 billion in environmental technology, including technologies pioneered by the cruise industry. Areas of action include air emissions reduction, advanced waste water treatment systems, solar panels, heating, ventilations and air conditioning systems (HVAC) and, most notably, technologies for use of LNG as an alternative fuel. “We’re proud to be a part of this mood, and will be doing everything we can to support it,” he says. Finally, Stephen explains that his drive for 2020 is to continue to strengthen business relationships with the cruise lines coming into Malta, as well as with the local stakeholders that are so crucial to the smooth execution of the industry’s success. “Our mission for the next decade and beyond is clear: we will continue to lead the cruise and ferry passenger business sector in Malta, and maximise the benefits this industry generates for the economy and country as a whole,” he adds. On the Global Ports Holding front, further expanding the Group portfolio is in the pipeline. 181

Quick-fire Questions… with Stephen Xuereb What was the first thing you did this morning? It was an early start, to make an early flight here. What’s your favourite thing in your office? The view – I never get tired of it. What excites you most about working in your sector? Its dynamism. Gourmet dining or homemade cooking? Homemade cooking – ideally my mum’s rabbit dishes. What’s something you’d still like to learn? How to cope with stress. What’s the best thing about running a business in Malta? You get more done in a day. And the worst thing? We try to squeeze too much into one day. Which is your favourite spot on the island? My hometown, Mellieha. Book, film, series, or music? Watch a series – right now I recommend Vis-à-Vis. Where do you read your news first? The local newspapers on my iPad. If you weren’t in this career, what would you be doing? Footballer or lawyer. Where do you hope to see the world in five years? With better world leaders in the most important global jurisdictions. How do you hope to spend your retirement? On a boat, fishing. Outlook for 2020: positive or negative? I think it’s going to be an exciting and positive year.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Martin Agius

CEO, CONVENIENCE GROUP

“ I ’ M L I V I N G T H E P U L S E O F T H E CO M PA N Y , A N D T H AT R E A L L Y M O T I V AT E S M E ”

SINCE OPENING ITS FIRST OUTLET IN ZEBBUG IN 2009, THE CONVENIENCE S H O P H A S B L O S S O M E D TO B E CO M E A L E A D I N G B R A N D A N D A H O U S E H O L D N A M E W I T H I N M A L TA ’ S F O O D R E TA I L S E C T O R . W I T H C L O S E T O 7 0 O U T L E T S L O C AT E D A C R O S S T H E I S L A N D , A W I N N I N G F O R M U L A O F C O N V E N I E N C E H A S P O S I T I O N E D T H E G R O U P A M O N G M A L TA ’ S L E A D I N G R E TA I L C H A I N S , A N D A M B I T I O U S C E O M A R T I N AG I U S P L A N S TO CO N T I N U E A D D I N G C H A P T E R S TO I T S I N C R E D I B L E S U CC E S S S TO R Y .

CEO INSIGHT

When you consider that The Convenience Shop started out as a humble store in Zebbug just over 10 years ago, it is doubly impressive that the Group is now positioned as one of the largest food retail businesses on the island, says CEO Martin Agius. Joining the company in December 2018, the CEO is relatively new to the family-run business, and describes the role as “enterprising, vibrant and challenging”, adding that he is lucky that the directors “are very open to change in order to take their business forward to a higher level.”

“It is a question of sustaining, enriching and expanding the business in line with the island’s economic developments – we need to be mindful not to overdo it but rather to mirror it. The most important factor is to understand shoppers’ expectations, and what they look for in our shops. This is what we are studying at present so as to take the business forward.”

to leave my former post, but their drive and determination to succeed had great appeal. I consider myself to be a visionary leader, very enterprising and results-oriented, so there was a good fit,” Martin says. Having since settled in, Martin describes a typical day in his business life as one that is mapped out and meticulously planned. “I wake up quite early, and by 6.00am I would have already gone through all my pending emails. By 8.30am I am normally visiting some of our outlets, as I like to live and feel the market. I get to the office by 9.30am with a very clear agenda to tackle.”

Prior to joining The Convenience Group, Martin held the position of sales and marketing manager at General Soft Drinks for over two decades, so the decision to make the switch certainly wasn’t an easy one. “It was clear that the shareholders of The Convenience Shop had a defined vision to take the chain to different heights. It was tough 182

Being systematic enables the CEO to find the right balance between business and his personal life, where he prioritises family above all. “Now that I am a grandpa, I want to enjoy my grandchildren in a way that I didn’t 183

MaltaCEOs 2020

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“Since then, the economic situation in Malta blossomed, and today, everyone’s in a rush,” Martin explains, affirming that, as a result of the changing socio-economic situation, people have little time for shopping and want outlets that are within easy reach. “That is where the Group started to grow to meet our shoppers’ demands, and, if the economy continues to blossom in this way, the next step will be further penetration of the shops into different towns and villages.” Looking back at the company’s key focuses for 2019, the CEO puts emphasis on the challenges presented by its expansion plan. The company is thus investing in a sophisticated IT infrastructure to ensure its workforce has the necessary information to efficiently analyse market information and take the right strategic decisions. The Group is also committed to buying its stock from local distributors and suppliers. “We do not engage in parallel trading; we support local businesses and believe in the importance of nurturing close relationships with them,” Martin says.

The company wouldn’t have gotten anywhere without our people, and we consciously operate an equal

manage to do with my children,” he says. “At the moment I am also the president of Santa Lucija Football Club, a position which presents other challenges that I welcome!” he continues, explaining that he took the club from Third Division to Premier League in just four years. “I used to play for the club when I was younger, and it was always my dream to show my managerial and leadership qualities within a sports setting,” he smiles. In his previous role, it was crucial for Martin to think strategically and plan ahead in all his initiatives. Today, he is doing what he loves most: defining the company’s strategy and projecting long-term vision. “I’m living the pulse of the company, and that really motivates me.” The biggest challenge, in his view, is to bring about a cultural change in the company’s systems as the business continues to grow. “The challenge here is to shift the whole Group from people-dependent systems to systemdependent systems. We have to adapt technology, systems and procedures, and most importantly help people to make the transition, and to endorse these changes,” the CEO affirms.

opportunities policy that has, at its heart, diversity and inclusion.

Looking at the primary factors behind the Group’s incredible success story, Martin believes that, while the origins were humble, the vision was always present. “The directors saw quite quickly that more and more people were looking for convenience, and that there was an opportunity for growth,” he says, explaining that what started off as a single outlet continued to expand with a specific formula: that of a genuine, family-run business. “The focus is on delivering a customer relationship and local feel. The stores still have wooden shelves – it’s a traditional look, presented in a way that captures shoppers’ emotions,” he maintains. 184

The Convenience Group places significant emphasis on human resources – it already has 750 staff on its books – and acknowledges their contribution to its success. “The company wouldn’t have gotten anywhere without them and we consciously operate an equal opportunities policy that has at its heart diversity and inclusion. We invest in training and emphasise to all our employees that we can offer not just a job, but a career. We are training our people in customer care, merchandising, and food preparation. Several of our people started off as stackers and have made it to management positions, so the opportunities are there.” In line with its growth, the Group is also focusing on creating a solid corporate governance structure. Along with shareholders Ivan Calleja, Joe Pace and Manuel Piscopo, there was the recent addition of lawyer Kevin Deguara who brings with him a wealth of experience from a corporate legal and financial perspective. It has also appointed two independent directors, Benjamin Muscat and Charles Scerri, who have extensive experience in the retail, real estate, accounting, and corporate finance sectors.

Quick-fire Questions… with Martin Agius What was the first thing you did this morning? Read my emails. What’s your favourite thing in your office? My laptop. What excites you most about working in your sector? The challenging, vibrant and dynamic situations that I face every day. Gourmet dining or homemade cooking? Gourmet dining. If you could have any superpower, what would it be? To be a better listener. What’s something you’d still like to learn? I learn from everyone every day, and I only wish to keep learning. What’s the best thing about running a business in Malta? If you’re lucky like I am, having directors who are open and committed to change. And the worst thing? Facing resistance. Which is your favourite spot on the island? Gozo. Book, film, series, or music? Film.

“Our mission is to be the best convenience retailer in Malta by consistently serving the changing needs of consumers and by ensuring the company has a sound administrative backbone to support our expansion,” Martin says.

What’s your most-used app on your phone? WhatsApp.

Environmental considerations are also high on the list of priorities, as The Convenience Shops’ chain of outlets seeks to be a champion in waste management. “We want to be at the forefront of environmental initiatives,” he shares. Corporate social responsibility is an integral part of the Group’s philosophy too, and it recently opened a Convenience Shop for Puttinu Cares in Qormi through which it will donate all profits from the operations of this outlet to the Puttinu Cares Foundation, which offers support to cancer patients and their families. “Our business is not just about profits. We want to play an active role in the community and this initiative is just one way of giving something back. We will provide support for good causes wherever we can. We believe in sharing and support towards the community,” the CEO adds.

If you weren’t in this career, what would you be doing? I don’t see myself doing anything else!

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Where do you read your news first? Online.

Where do you hope to see the world in five years? I would like for us to take care of our environment more. There is also a tension that is being created between cultures. I would like things to be calmer. How do you hope to spend your retirement? I don’t see myself retiring – work is my oxygen! Outlook for 2020: positive or negative? Very positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Malcolm Mifsud

CEO, MIFSUD & MIFSUD A D V O C AT E S

“ W E A R E A L WAY S S T R A I G H T F O R WA R D WITH OUR CLIENTS.”

S E T U P I N 2007 B Y I T S T W O F O U N D I N G PA R T N E R S , D R M A L CO L M MIFSUD AND HIS BROTHER DR CEDRIC MIFSUD, MIFSUD & M I F S U D A D V O C AT E S I S A M U L T I D I S C I P L I N A R Y , B O U T I Q U E L A W F I R M . S P E C I A L I S I N G I N N I C H E S E C TO R S S U C H A S M A R I T I M E A N D Y A C H T I N G , A S W E L L A S I N L I T I G AT I O N A N D C O R P O R AT E L A W , THE FIRM PRIDES ITSELF ON OFFERING CLIENTS A BESPOKE, S O L U T I O N S - O R I E N T E D A P P R O A C H T H AT I S B U I L T O N T H E

CEO INSIGHT

CO R N E R S TO N E S O F H O N E S T Y A N D I N T E G R I T Y .

“I’m always thinking about work, and my relaxation is knowing that everything is running smoothly. I don’t switch off as I don’t want to switch off − this firm is our creation. That said, another passion and priority is my family life and anything that brings the family together as a unit. We have a small boat that we use over summer to go on adventures together, and both my sons play football, so I like going to watch their matches and taking them to training sessions.”

For Dr Malcolm Mifsud, taking the leap from the security of working with a large law firm into cofounding a new, specialised boutique law firm was an act of courage that would mark the beginning of more than a decade of success at Mifsud & Mifsud Advocates. “I was working as an associate with a large law firm, enjoying the role and gaining a lot of experience,” explains Malcolm. “But I questioned whether I could do it myself, and move from the safe, cocooned environment of a fixed salary and select responsibilities, to the perceived uphill struggle of setting up a new firm and overseeing all aspects of the company. 186

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“Then, in 2007, alongside my brother Cedric, I decided to take the leap and set up Mifsud & Mifsud Advocates, specialised in business law. We dived in at the deep end, so to speak, but it has helped me professionally to toughen up, and has taught me to trust in my own decision-making.” That trust was soon reflected by the firm’s clientele, whose repeat custom has led Mifsud & Mifsud Advocates to grow from a two-lawyer outfit to a specialised team of 25 people in just 12 years, while maintaining its boutique status and prioritising quality, personal care and attention to its clients.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

own experience as a politician, having been elected five consecutive times as mayor of Pietà, elected as president of the Committee of the Central Region in 2009, and appointed as a member of the EU Committee of the Regions. “I was very proud to have taken on these roles, and they were another learning experience for me. Politics teaches you how to deal with people, and to be sensitive to their issues, problems, and concerns, while creating a vision, persuading people to get on board with it, and implementing it. Conversely, it also teaches you that, although you’ll try to change things, you won’t always succeed in doing so, and that change doesn’t happen at the click of your fingers.” Fortunately, reacting to failures has not been something that Malcolm and his team has had to cope with throughout 2019 − quite the contrary, in fact. “Our key focuses for 2019 have been to continue to grow our relatively new MMPS department, building the team and promoting it further, while maintaining the steady growth at Mifsud & Mifsud Advocates in general,” Malcolm explains. “The changing global economic climate has also affected demand, with more contract, transactional and employment work when the economy is strong. And, of course, we ensured that we stayed up-to-date with how litigation was being developed to keep up with business demand.”

Building a good rapport with each client is extremely

Malcolm foresees that this period of growth for the firm will continue over the course of the coming five years. “For us, 2020 onwards is about continuing to support AEGIS Corporate Services, with a view to it becoming self-reliant and its own entity; we are working to make it practically independent from Mifsud & Mifsud Advocates,” Malcolm explains. “Meanwhile, the shipping industry in general is also on the rise, with competition internationally between law firms in this area, and new regulations regularly being introduced.”

important to us − and, through that, we are more equipped to come up with creative, tailor-made solutions to whatever issues they have presented to us. we’re doing, or we don’t,” asserts Malcolm. “Besides our corporate and litigation clients, our niche area has become the maritime and yachting fields, and we now offer a one-stop shop in this area covering everything from boat employment law to crew payroll administration in Malta Maritime Payroll Services (MMPS). We have also established AEGIS Corporate Services to assist foreign companies in all aspects of setting up in Malta, from visa applications to work permits.”

“Our values revolve around being straightforward with our clients, offering a very fast response, seeking to fully understand their needs, and giving them the best advice possible with honesty and empathy, even if sometimes they may not wish to hear it,” Malcolm continues. “Building a good rapport with each client is extremely important to us − and, through that, we are more equipped to come up with creative, tailor-made solutions to whatever issues they have presented to us.”

With so many niche strings to the firm’s collective bow, Malcolm also places the company’s success squarely at the feet of the select team driving it forward on a daily basis. “A typical business day for me as a co-CEO involves a lot of time management and relies heavily on the strong team ethic that we have. It’s by no means a one-man band − we assist each other as a team, with hard work, long hours and dedication. We also headhunt rather than advertise for new talent, so that we stay at the top of our game and can bounce ideas off each other to give the highest quality of service and expertise to our clients.”

Combined with this focused approach upon the individual needs of clientele, Mifsud & Mifsud Advocates has steadily grown and diversified over the years, becoming more robust in the maritime and yachting sectors particularly. “The key to our success has been focusing on the competencies that we have: either we know what

The firm’s cornerstones of honesty, empathy, and a strong work ethic are also somewhat inspired by Malcolm’s 188

Malcolm’s foresight about the future of the firm also takes into account political changes occurring around the world, and Malta’s standing within it. “With so much uncertainty surrounding Brexit in particular, there is an ongoing need for British companies to have some access to the EU, and they are seeking international guidance as they react to new developments to the situation,” he points out. “Malta, meanwhile, must remain a competent financial centre as the country’s economy grows and explores new opportunities. Our reputation is of the upmost importance and, as a smaller island, we are less able to weather the storms that are experienced by all financial centres to some extent worldwide.” As for the drive for 2020 and beyond at Mifsud & Mifsud Advocates? Well, that is set to further cement the firm’s awareness of the bigger picture, both legally and politically on a global scale, as well as focus on its signature attention to detail and passion to maintain its specialised expertise. “By the end of the year we plan to be one of the foremost law firms in Malta in the maritime and yachting sectors. Meanwhile, we continue to hone our skills in our other niche areas, so that we can hold our own when dealing with larger law firms both in Malta, and beyond,” Malcolm adds. 189

Quick-fire Questions… with Malcolm Mifsud What was the first thing you did this morning? Had breakfast. What’s your favourite thing in your office? My England football glass, and of course the photos of my sons and wife. What excites you most about working in your sector? It’s dynamic, always changing. Gourmet dining or homemade cooking? Homemade cooking. If you could have any superpower, what would it be? To be invisible. What’s something you’d still like to learn? Chinese Mandarin. What’s the best thing about running a business in Malta? We are in close proximity to the regulator. And the worst thing? It’s a small community so everybody knows you. Which is your favourite spot on the island? Golden Bay. Book, film, series, or music? Film. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? In The Times newspaper. If you weren’t in this career, what would you be doing? I’d be in the army. Where do you hope to see the world in five years? Cleaner. How do you hope to spend your retirement? Working part-time, while travelling and enjoying time with my family. Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Michael Bonello

CEO, MB INVESTMENTS

“ I D O N ’ T D R E A M A B O U T S U C C E S S ; I W O R K F O R I T. Y O U C A N ’ T WA I T F O R T H I N G S TO FA L L I N TO YO U R L A P. YO U H AV E TO G E T O U T T H E R E A N D M A K E T H E M H A P P E N . ”

O N E C A N E I T H E R E M B R A C E C H A N G E O R F I G H T A L O S I N G B AT T L E . M I C H A E L B O N E L L O TA K E S U S T H R O U G H H I S R O L L E R C O A S T E R O F A C A R E E R – O N E T H AT E M B O D I E S C O N F I D E N C E I N R I D I N G O U T T H E B A D W I T H T H E G OO D , A L WAY S W I T H T R E M E N DO U S R E S U L T S .

What do you want to be when you grow up? That is one of the most common questions adults ask children when they start school. For some of us, the world is our oyster and we have the pick of the lot. For others, there is a family business to step into, ready and waiting. But what happens when, after all the education and training, and a good few years into managing operations, everything comes to a grinding halt? This is the story of MB Investments CEO Michael Bonello.

CEO INSIGHT “A few years back, I won the Economic Update’s Top Entrepreneur Award. I also took home first place in the one-to-14 Years in Business category. But looking back a bit further, I think my proudest moment was when I opened my first real estate office. I had a plan in mind which started with a team of seven agents. Today, it has been the top-producing office for 13 consecutive years.”

“My father had his catering establishments, and that’s what the family was known for,” Michael remembers. “So when I came of age, I started working in them. I was my own boss and helped my dad manage the operations that employed over 100 people at the age of 21. It was good.” But a fork in the road was approaching that

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would force Michael to swerve. “After a few years, my father sold his businesses,” Michael recalls. “I panicked. For all those years, I had had a clear direction, a clear education. Then, all of a sudden, everything changed and I had to start from scratch.” Michael looks back on this time as his first ‘sink or swim’ challenge, and swim he did. “As I was trying to find my way, looking for the next thing I could do, my mother was selling our family home in Sliema. I took the project on, and started dealing with the developers on her behalf.” It was tough going at first. “All the contractors and service providers knew I was new, and it was difficult dealing with them. But it was a steep learning curve and I came out on top. The rest is history,” he smiles.

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

As a member of several property boards and associations, we are lobbying authorities to come up with innovative new products and schemes to create possibilities for people to own their own homes.

why you never just work with the buyer during viewings and dealings; you work with the partner, the parents, the grandmother, the in-laws. The truth is that this is a family affair, with everyone chipping in to make that deposit young people need. We want to do right by these families.” This ethos is not limited to building appropriate housing that will fit financial constraints, Michael goes on to clarify. “As a member of several property boards and associations, we are lobbying authorities to come up with innovative new products and schemes to create possibilities for people to own their own homes,” Michael says. “We’re trying to understand the actual boundaries of the law and policy to create new models that provide alternatives that address current challenges.” With this kind of responsibility on his shoulders, it is perfectly understandable that Michael finds it hard to switch off, which makes achieving balance difficult. “The day is never over. If I don’t make the decision to put my phone on silent, then we don’t stop,” Michael admits. “On a weekly basis, Monday to Friday is non-stop at work. Saturday mornings I’m at the office too. Saturday afternoons and Sundays I spend with the family. Then, finally, I try to get some ‘me-time’ once a month. I go away for weekends with the boys. We just have a good laugh for a few days. It energises me.”

Today, he is a major player in the real estate industry, a franchise owner with 10 offices under his belt and a team of around 180 agents. The secret to this swift growth? Michael believes it is his team that should get the lion’s share of the credit. “My people give their utmost to hit targets and make things happen. I’ve said this before and I will say it again: I consider them a part of my extended family,” he says. Michael takes personal initiative to organise team-building activities every quarter, as well as summer and Christmas parties. “I want to treat the people around me well,” Michael asserts.

Now, with a new year ahead, Michael is readying himself for some new goals. Throughout 2020, Michael plans to consolidate his businesses. “I’m going to bring all my real estate companies together into one group, strengthening them all in the process. This way, we create synergy, with everyone focused on the same goal. From an internal point of view, it is about building common wealth and growth. From the external side, we hope to find equitable solutions for society.”

An even truer testament to this drive to see his people succeed is the existence of MB Investments itself. “As a company, MB Investments was born to breathe life into my real estate team,” Michael explains, “to develop property and provide added value.” Now, the company has developed and so have the philosophies behind it.

As expected, there will be hurdles ahead. “At the moment, the market is struggling with all the changes taking place. This incurs more costs and less profit,” Michael points out. However, he is also positive about the changes being made. “I believe all this is leading us in the right direction. It is removing cowboys from the industry; people who have come into the business to make a quick buck. It was killing the market and that is going to change in the long run.”

It is at this point that the focus shifts from the one group of people he works with – his team – to another – his clients. Michael is increasingly aware of the challenges they are facing when it comes to getting on the property ladder.

Meanwhile, MB Investments is taking note, adapting and distinguishing itself as a company that sets examples for others to follow. “Today, MB boasts several sites that are currently in development, all of them within the correct zones, all within regulation, all compliant,” Michael says. “This is how we are different. This is how we distinguish ourselves from our competition. The way I see it, it’s either the best or nothing. There are no half-measures. It’s either perfect or it’s out.”

“The best thing about my job is providing suitable homes for first-time buyers and the buy-to-let market, which I believe gives people more opportunities,” he notes. “Today it’s a challenge to find appropriate homes, especially with the current budgets. This is

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Quick-fire Questions… with Michael Bonello What was the first thing you did this morning? I went to the gym. What’s your favourite thing in your office? A portrait of myself commissioned by my colleagues. What excites you most about working in your sector? Having the best team of managers and agents on the market. Gourmet dining or homemade cooking? Homemade cooking. If you could have any superpower, what would it be? To be Iron Man. What’s something you’d still like to learn? To play the drums. And to learn to DJ. I love music. What’s the best thing about running a business in Malta? Because Malta is so small, it’s easier to build a network. And the worst thing? Because Malta is so small, it’s easy for people to copy your model. Which is your favourite spot on the island? Out at sea. Book, film, series, or music? Suits, Power, El Chapo. What’s your favourite app on your phone? Facebook and WhatsApp. Where do you read your news first? Online. The Times of Malta. If you weren’t in this career, what would you be doing? No clue. I love what I do. Where do you hope to see the world in five years? I hope to see people take climate change seriously. How do you hope to spend your retirement? I’ll never be fully retired. But at this moment, we’re working on a slow exit strategy and I hope to enjoy some more time with my kids. Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Heathcliff Farrugia

C E O , M A L TA GAMING AUTHORITY

“ T H E G A M I N G I N D U S T R Y H A S M AT U R E D A N D F L O U R I S H E D T H R O U G H R E G U L AT I O N , A N D T H E M G A H A S E V O L V E D A N D G R O W N A L O N G S I D E I T. ”

A S T H E R E G U L AT O R Y B O D Y R E S P O N S I B L E F O R A L L G A M I N G A C T I V I T I E S I N A N D F R O M M A L TA , T H E M A L TA G A M I N G A U T H O R I T Y E N S U R E S T H AT T H E L OC A L G A M I N G S E C TO R I S FA I R , T R A N S PA R E N T , S E C U R E D AG A I N S T C R I M E A N D CO R R U P T I O N , A N D P R O T E C T S V U L N E R A B L E P L AY E R S . W I T H A T O TA L G E N E R AT E D R E V E N U E O F € 7 5 . 2 M I L L I O N A N D M O R E T H A N 1 6 5 E M P L O Y E E S , T H E M G A CO N T I N U E S TO S A F E G UA R D T H E B OO M I N G L OC A L G A M I N G I N D U S T R Y , W I T H C E O H E AT H C L I F F F A R R U G I A N O W AT T H E H E L M .

CEO INSIGHT For Heathcliff Farrugia, becoming CEO of the Malta Gaming Authority (MGA) remains one of his finest hours in an eventful career filled with milestones.

“Striking a balance between work and my personal life is always very challenging, but I believe they are both very important. I try to focus on what I am doing at the time; it’s not always easy, but it’s not impossible. I have a young family, with a five- and seven-year-old, and I give them as much time as I can. Weekends are dedicated to family time, as much as possible. Although, naturally, if something urgent work-wise crops up, I address it.”

“I have always loved managing people and working alongside a team with a shared vision and determination, and I’ve found that again as CEO of the MGA,” he explains. “Being the CEO of the body regulating such an important industry for our country is a great responsibility, and we must ensure that we are constantly monitoring it, ensuring compliance. “Of equal importance to that, I believe, is the people management aspect of my role and its link to 194

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bringing out the best in others. In my role, I focus on leading the employees towards achieving both the results that we need to attain as a regulator, but also helping them achieve their own career objectives.” Prior to joining the MGA as COO in 2014, Heathcliff worked largely within the telecoms industry in various managerial positions with Vodafone Malta, some based in Italy. “My move to Milan was certainly a key milestone and a huge achievement in my career,” he highlights. “That international experience challenged me to better myself, and it served as an opportunity to see if I could cope in that kind of managerial, high-octane environment.

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

proper regulation, hence no adequate protection for the players against gambling addiction, fraud or money laundering. Understandably, it’s never healthy for an industry to grow unregulated. But over the years, the gaming industry has matured and flourished through regulation, and the MGA has evolved and grown alongside it.” Indeed, the MGA is evolving, reflecting an everchanging industry that Heathcliff considers a key part of his role. “Usually, as regulators, we end up playing a catch-up game, especially in an industry where the use of cutting-edge technology is a must. Hence we need to constantly focus on being innovative in how we regulate,” he explains. “It’s very important that regulators evolve as much as the operators they are regulating.” One of Heathcliff’s first challenges as CEO was the introduction of new gaming regulations in August 2018, completely overhauling laws which were initially written to serve the industry in 2004. “After almost 14 years since the first regulations were issued, it was a huge achievement to see the hard work of many MGA employees come to life with the coming-into-force of the new regulations last year. The new Gaming Act reflects the industry we regulate today; mature, dynamic and properly regulated. Apart from modernising the rules governing this industry, the Act has widened MGA’s reach as a regulator, giving us more tools to strengthen the way we supervise our licensees. Overall, it has been a huge game-changer.” Anti-money laundering (AML) regulation has also been radically updated. “Pre 2018, online gaming companies were not considered obliged entities for AML, hence the level of scrutiny and

The new Gaming Act reflects the industry It proved to me that I could thrive in a role like this, and so I expressed interest in joining the gaming sector in Malta, and I do not regret it.” Heathcliff went on to succeed Joseph Cuschieri as CEO of the MGA in April 2018, and has already proven that he is suited to the challenge of leading the regulation of one of Malta’s most economically-pivotal industries. “I am in a unique position where I can make a difference,” he continues. “The MGA (previously the LGA) was originally set up in 2001 to do what it is still doing today – regulating the gaming industry. At the time, the industry was in its very early days, with operators accepting bets with no

we regulate today; mature, dynamic and properly regulated. Apart from modernising the rules governing this industry, the Act has widened MGA’s reach as a regulator, giving us more tools to strengthen the way we supervise our licensees. Overall, it has been a huge game-changer.

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monitoring on this front was not comparable to the AML obligations the industry has today. We now have a team of 10 AML officers who conduct extremely thorough on-site inspections, together with the Financial Intelligence Analysis Unit (FIAU). Such inspections are key to ensuring that those in possession of an MGA licence are in-line with their AML obligations.” Meanwhile, the protection of minors and vulnerable players is also high on Heathcliff’s agenda at the MGA. “We truly believe in supporting responsible gaming. If players want to gamble, we need to make sure they do this responsibly, guaranteeing their gambling does not become a habit. Our licensed operators have a number of obligations on this front but, as regulators, we mustn’t stop from constantly seeking ways to reduce harm through effective responsible gaming policies. Collaboration with the industry, but also with other regulators and key stakeholders, is key to achieving positive results.” Heathcliff’s outlook for 2020 also has responsible gaming at its heart, and this includes a new self-exclusion system. “Our goal is to have a unified self-exclusion system,” he says. “Today licensed operators already offer self-exclusion to their players, but currently this does not stop the same players from accessing another online casino. But with a unified self-exclusion system, a player would have the possibility to bar himself from playing on all MGA licensees’ platforms. It is not an easy project, but we believe that it is doable, and we have already evaluated a number of solutions through the pre-market consultation we conducted.” Another innovation on Heathcliff’s radar in 2020 is the Enhanced Automated Reporting Platform (EARP). “This central system will initially connect all land-based operators, giving automated reporting to the regulator. Eventually the aim is to work on a similar solution for the online operators. This will give us instant data, allowing us to better supervise the industry and take action in a timely fashion.” For the MGA, Heathcliff feels that the last five years, and the next, mark another period of significant change and growth as Malta’s gaming sector perpetually evolves. “The past five years were very challenging for the industry, but the next five will be even more so, as the industry keeps maturing and becoming increasingly-regulated. Operators need to keep investing time and resources to make sure they are in compliance with the regulations governing this industry; and, at times, this can be very challenging and also costly. In my opinion, this was also one of the main drivers behind the number of mergers and acquisitions we’ve seen in recent years.” As for the MGA, Heathcliff views 2020 as the year of consolidation after such a time of significant change at the regulator. “The years 2018, 2019 and 2020 have gone hand-in-hand. 2018 was the year when the new gaming regulations came into force, while in 2019 we have been very busy with the implementation of the same. This year we are reaping the benefits of what we worked on in the past two years.” Regardless of the ever-changing landscape of the gaming industry, however, Heathcliff sees MGA’s future role to be as steadfast and reputable as it has always been. “What we have been doing over the years was always a build-up to where we are now. For the MGA, being a reputable regulator is key and we firmly believe our role is pivotal in ensuring the evolution of this industry continues to be in full compliance with its own regulations.” 197

Quick-fire Questions… with Heathcliff Farrugia What was the first thing you did this morning? Prepared my kids for school. What’s your favourite thing in your office? My desk, where I spend 80 per cent of my time. What excites you most about working in your sector? I love this industry; it is dynamic, interesting and fast-paced. Gourmet dining or homemade cooking? A bit of both. I love to go out and love to eat at home. If you could have any superpower, what would it be? It would be wonderful to be able to fly. What’s something you’d still like to learn? I believe that learning is constant, but I particularly love space and the planets, so astrophysics. What’s the best thing about running a business in Malta? The can-do attitude: impossible is nothing. And the worst thing? Our size is both an advantage and a disadvantage – we are more agile and flexible than other countries, but we could do more if we were larger. Which is your favourite spot on the island? Naxxar, my hometown. Book, film, series, or music? Before we had our children it was books, but now it’s movies. What’s your favourite app on your phone? Revolut, Facebook and the weather app Windfinder. Where do you read your news first? MaltaToday. If you weren’t in this career, what would you be doing? Anything to do with outer space or astrophysics. Where do you hope to see the world in five years? I hope we will be using a lot less plastic and will be evolving in a responsible way. How do you hope to spend your retirement? I can’t imagine not working – I hope not to retire. Outlook for 2020: positive or negative? Always positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT

“For me, it is all about our people and finding like-minded individuals to come on board. Recruiting the right team members – across the different sectors – is such an important part of what we do, because they are the pillars of the whole AX ethos. That unique approach to doing this our way has to start on Day One of their experience with us, and must stay with them on the entire journey.”

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Michael Warrington CEO, AX GROUP

“ F U T U R E S U C C E S S S TA R T S W I T H H A V I N G Y O U R E A R TO T H E G R O U N D – A N D W E ’ R E L I S T E N I N G . ”

WITH 1,000 EMPLOYEES AND A PROJECTED TURNOVER OF €60 M I L L I O N T H I S Y E A R , A X G R O U P I S O N E O F M A L TA ’ S S T R O N G E S T CO M PA N I E S . C E O M I C H A E L WA R R I N G TO N I S A K E Y D R I V E R B E H I N D T H AT S U C C E S S , A N D H E H A S S E T H I S S I G H T S O N S O M E S E R I O U S L Y A M B I T I O U S TA R G E T S – I N C L U D I N G G R O W I N G T H E G R O U P T O A € 5 0 0 MILLION BALANCE SHEET IN THE NEXT FIVE YEARS.

“Although the growth curve has started to tail off in a number of segments and we are seeing a change in the way things are being done, we are extremely positive about the months ahead,” he says.

Taking on a top-level leadership role in an established family business is no easy feat. But it was one that Michael Warrington took in his stride when he was appointed AX Group CFO in 2000. And it was a move that clearly worked, as he held the position successfully until 2016, before being asked to take on the role of CEO, overseeing all of the AX companies and covering hospitality, healthcare, development and construction.

Tourism is one of the segments experiencing change, and Michael explains that national growth here has been completely flat in the hotel market, while the short-let model has shot through the roof. “Around 30 per cent of arrivals now choose Airbnb accommodation or similar,” he says. “So this marks a huge difference on the previous year, especially at a time when a lot of supply has come into the market in terms of hotel beds.”

Among his many accomplishments within the business, Michael has helped drive the team towards year-on-year growth since he joined, taking it from €5 million equity at the time to €220 million today. Now, 2019 is set to be another year of growth.

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We have commissioned a number of studies that have helped us identify trends that will enable us to embrace a long-term planning culture and vision. We’re internalising it into our structure and looking at opportunities to diversify what we do, while still remaining very strong within the segments that we operate.

Nevertheless, this won’t be holding the Group back. On the contrary, he and the team are already looking at exciting options for growth, and a key part of his role in this respect will be to identify and study investment opportunities to ensure AX stays ahead of the game. Construction, meanwhile, is steady and unwavering in its progression – although that’s not to say it is without its challenges, “especially when you consider how limited the workforce is when compared to the amount of work out there,” Michael says. “But we have managed to increase our workforce by almost 50 per cent all the same, and now have over 200 employees working for our construction arm alone. “This, then, reflects the fact that our order book is not slowing down, and we are still being considered for a large number of very prestigious construction projects that will take us way beyond 2020, along with our own development plans. Once a number of pending permits hopefully come in, we will be especially busy, with projects including a residential block in Targa Gap in Mosta, Falcon House in Sliema and – our main focus – Verdala in Rabat.” The healthcare side of things has also been exceptionally busy, with both Hilltop and Simblija reaching residential capacity. “They both have a waiting list, which is pleasing because it means we have been successful in bringing something particular to the market,” Michael says. “That is always our focus here, by putting the guest at the

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very centre of what we do. After all, care of the elderly is not just about the physical building but providing an exceptional service. I believe we have upped the bar in this sector and will continue to do so.” With 2020 now in focus, Michael switches his attention to what could be in store for the construction sector. “Recent over-ambition in this industry has had an impact on our island,” he reflects. “Going forward, we will see more regulation, more control and, hopefully, an improvement in the way things are done. Focus will need to be placed on the skills that people really have, their training and their accountability in the industry. I hope that this will be echoed in our laws and our planning too.” But, he admits, it’s not going to happen overnight. “The time is right to be discussing the long-term viability of the construction and development industries. We should be talking about the common sharing of space, and what happens when today’s properties age and become unsafe. We need to have Government consultation about what the future of our buildings will look like – from the legal to the implementation.” Meanwhile, from the perspective of the AX Group specifically, it is clear that planning is going well beyond 2020 and even the next five years, to quite far into the future. “We have commissioned a number of studies that have helped us identify trends that will enable us to embrace this long-term planning culture and vision. We’re internalising it into our structure and looking at opportunities to diversify what we do, while still remaining very strong within the segments that we operate. The future starts with having your ear to the ground – and we’re listening.”

In the interim, he sees the Verdala project as one of the Group’s key focuses for the months to come, and plans are in an advanced stage pending permits. “We hope that 2020 can be dedicated to obtaining the full development permit and to the start of the excavation works,” he continues. “We have designed the whole project around giving a lot to the public, and the idea is to lower the height of the building, break it up into smaller structures and blocks to create much better lines of sight, break off the rigid structure on the skyline, and beautifully landscape the whole area.” Sustainability is also a hot topic for the Group, and Michael laments that Malta “has gone back to the 80s, with regards to our infrastructure not being able to cope with recent growth. It took the country 15 years to adjust back then, and we are having to adjust again now. But we, as AX, are planning for the long haul and sustainability is crucial to that. We are actually investing in Malta’s largest renewable energy project at the moment and building the island’s largest solar farm in partnership with two other individuals. We have been surprised by how much money we have saved by implementing green initiatives across much of the Group, but striking the right balance can be very hard.” In fact, for Michael, balance is one of his key drivers for 2020 – with sustainability measured alongside continued growth, new opportunities and ambitious projects. “We have set a five-year objective to double the size of the Group, taking it from a €250 million balance sheet today to a half-a-billion euro company in the next five to six years. It means hard work and big challenges, but I know we have the capacity and resources to achieve it,” he concludes.

Quick-fire Questions… with Michael Warrington What was the first thing you did this morning? Go for a jog. What’s your favourite thing in your office? Some photographs I took and some woodwork pieces I made. What excites you most about working in your sector? No two days are ever the same. Gourmet dining or homemade cooking? Homemade cooking – the simpler the better. If you could have any superpower, what would it be? Spreading goodwill. What’s something you’d still like to learn? To speak French properly. What’s the best thing about running a business in Malta? The great network. And the worst thing? Bureaucracy. Which is your favourite spot on the island? Selmun. Book, film, series, or music? Book. What’s your most-used app on your phone? Outlook. Where do you read your news first? The BBC. If you weren’t in this career, what would you be doing? Carpentry. Where do you hope to see the world in five years? More peaceful, with less brinkmanship among the superpowers. How do you hope to spend your retirement? Enjoying time with my wife, and doing a lot of diverse things together. Outlook for 2020: positive or negative? Positive.

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MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Steve Abela

CEO, PLAZA CENTRES PLC

“WE ARE MOVING WITH THE TIMES. E I T H E R YO U C H A N G E O R YO U D I E .”

T H E R E TA I L S E C T O R I S U N D E R T H R E AT A C R O S S T H E G L O B E , B U T FOR PLAZA CENTRES PLC CEO STEVE ABELA, THIS PROVIDES AS MANY OPPORTUNITIES AS IT DOES CHALLENGES. HE IS LOOKING TO 2 0 2 0 W I T H A C L E A R F OC U S O N B OO S T I N G T H E CO M PA N Y ’ S €3.2 MILLION TURNOVER BY BUILDING POSITIVE EXPERIENCES FOR THE CENTRE’S TENANTS AND SHOPPERS.

There’s a lot of pride that comes from working in a company that was the first of its kind. And that’s exactly what the Plaza Centre was back in the day, when it opened its doors in 1993 as the country’s first managed shopping and office leasing centre.

1980s to make way for the shopping centre and offices to open a decade later. It was a successful move, and the company was listed publicly in 2000, setting the scene for three further physical expansions, as well as the acquisition of Tigné Place through its subsidiary company Tigné Place Ltd in 2016.

But Plaza’s origins go back well beyond that to 1957, when the site where it currently stands was developed into the Plaza and Majestic Cinemas. Originally the organisation was formed to run the cinema, but that closed down in the late

CEO Steve Abela doesn’t remember the early days of Plaza – but his life has become intrinsically linked with the building in the decades since. “I was lucky enough to be a tenant here as a FIMBank employee,” he recalls with a smile. “That was in the four

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CEO INSIGHT “I may be in business but I also want to be an important part of my daughter’s life. My father ran a business, and I don’t remember him being as present as I would have liked him to be, so I prioritise as much time with my family as possible. This means leaving the office at a decent hour – which isn’t easy, but it is worth it.” 203

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We know that service – a fun, holistic experience and that human connection – is the only thing that will get shoppers to years before we moved to the new head office in St Julian’s. It was a very positive relationship and I liked being based here. Considering the fact I had never been to Sliema before my late teens, I am now very connected to the place!” Steve certainly didn’t take the ‘obvious’ route to his role as CEO. He began his career as a draughtsman straight out of school, while taking a course in the subject at the thenTechnical Institute. “I loved that course because it involved work experience and hands-on activities, as well as the academic side of things,” he says. “I think that stood me in such good stead to know what the workplace expected of me.” He rose through the draughtsman ranks at two architectural firms, before starting a job at FIMBank where he was entrusted with managing the design and construction of the new premises, and being the main channel between the various professionals in the architectural field and the bank’s executive management. “Watching the building being

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leave their homes and come to visit us. We take that challenge seriously and are constantly looking at new ways to make the Plaza somewhere people want to be.

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

developed on plan, and then overseeing its construction, finishing and opening, was so satisfying. It led me into my role as facilities manager after that and then, ultimately, to my move here to Plaza.” Becoming CEO of a shopping centre may not have seemed like the obvious next step, but it was one he was perfectlypositioned to take. Today, his experience with facilities management is especially useful when it comes to managing the dynamic structure in operation at the Plaza, and he is particularly focused on increasing cost efficiency and upping asset life span through improved maintenance. But it’s the people side of the position that he enjoys most. “The endless variety constantly motivates me,” he says. “And the people I meet from different backgrounds help me to grow as a person and improve my networking capabilities. The biggest challenge is to try to keep everyone happy, which is nearly impossible. I do try to be fair in my judgement by taking all arguments placed on the table into consideration before deciding on anything.” Steve also works very closely with the other stakeholders, and stresses that the company’s directors are very forwardthinking in their approach and dedicated to innovation in the sector. “The Plaza was always innovative,” he says. “Apart from being the first shopping centre to open in Malta and the first to complement offices with retail space, Plaza was also the first shopping centre to open its own food hall last year. Today,

this complements the shopping centre nicely and completes our offering by giving people more reasons to stay with us longer. Plaza is well-known for being a convenient one-stop shop and the food hall enhances this. The results today are very satisfying.” This diversification aligns well with Steve’s admission that the retail sector as a whole is under threat from online shopping. “That’s why we don’t take anything for granted,” he says. “We know that service – a fun, holistic experience and that human connection – is the only thing that will get shoppers to leave their homes and come to visit us. We take that challenge seriously and are constantly looking at new ways to make the Plaza somewhere people want to be.” With 2020 now firmly in sight, Steve is also considering which new venues to focus on, and explains that, as a company, Plaza is active in office block development and other opportunities in the property sector. On the flip side, he knows that the challenges will be to maintain high footfall and keep a good return margin for shareholders. “We are very much moving with the times. Either you change or you die. “So, as we look to 2020, we continue to strive for a reasonable return on investment for our shareholders, while we are also creating a very healthy working environment for our employees and providing a good platform for our tenants to do business from,” he adds.

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Quick-fire Questions… with Steve Abela What was the first thing you did this morning? Had a cereal bar for breakfast – I often have breakfast on the go. What’s your favourite thing in your office? My chair. What excites you most about working in your sector? It’s very challenging and I love a challenge. Gourmet dining or homemade cooking? Homemade cooking – especially my wife’s Mama’s Cake. If you could have any superpower, what would it be? To instil peace on this earth. What’s something you’d still like to learn? Playing a musical instrument. What’s the best thing about running a business in Malta? Contacts are a big plus. And the worst thing? There’s still lots of bureaucracy to contend with. Which is your favourite spot on the island? Migra l-Ferha, in Mtahleb. They say it’s where Count Roger landed back in the day. Book, film, series, or music? I like reading industry-related magazines. What’s your favourite app on your phone? Google. Where do you read your news first? Times of Malta and the BBC. If you weren’t in this career, what would you be doing? I’d be a pilot or an architect. Where do you hope to see the world in five years? More focused on the environment. At this rate, our children aren’t going to thank us. How do you hope to spend your retirement? Travelling around the world. Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT

“Balancing business with my personal life has been my biggest challenge so far. I am a wife and mother of three kids, and I still try my best to attend every social event I can! Instead of ‘balancing’, I aim to be responsive to what needs my attention most at any time, to ensure every hour in my day is planned in the most optimal way.”

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Katrina Attard

C E O D E S I G N AT E , P A N TA L E S C O G R O U P

“ I A M L A S E R - F O C U S E D O N M A I N TA I N I N G O U R VA L U E - D R I V E N E N G I N E E R I N G P R AC T I C E S . ”

P A N TA L E S C O G R O U P H A S C H A N G E D T H E L A N D S C A P E O F T H E M A L T E S E B U I L D I N G E N G I N E E R I N G S E C TO R S I N C E I T S I N C E P T I O N 6 0 Y E A R S AG O , A N D G R O W N TO B E CO M E A F I R M W I T H A € 2 0 M I L L I O N T U R N O V E R A N D 2 5 0 E M P L O Y E E S . N O W , T H I R D - G E N E R AT I O N F A M I L Y M E M B E R K AT R I N A AT TA R D H A S B E E N A P P O I N T E D T O D R I V E T H E G R O U P I N T O I T S E X C I T I N G – A N D T E C H - H E AV Y – F U T U R E .

Katrina Attard didn’t always plan on going into the family business – a company started by her grandfather Barth Attard 60 years ago. Instead, she says she spent a large portion of her early career trying to avoid making the ‘tricky decision of working with family’.

Today Katrina holds two distinctive responsibilities within the Group – as general manager of Panta Marketing Services (a role she has had for five years), and the new CEO-designate of Panta Lesco Group. Here, her main role will be to centralise and streamline the Group’s key functions, to set up Group policies, and to gear the organisation up for long-term sustainability.

“When I did join, it was on the clear condition that it was a trial run,” she smiles, explaining that, having worked very successfully as an economist in London, she knew that jumping into the engineering and buildings services sector would transport her into a very different world. “I was definitely the odd-one-out in those early days, as an economist in a very technical industry. But now, looking back on 10 years with Panta and the strong bonds we have built, I cannot imagine having the same level of job satisfaction with any other company.” 208

“I am very proud to be taking over from my father, Henry,” she continues. “He has been a fantastic CEO, and has really guided me over the past few years. There was never any pressure to go into this role, but it was something that occurred quite naturally, as a result of my achievements at Panta Marketing. Throughout that time, my dad always listened and took my opinion on board, and today, we have a very robust, three-year hand-over period planned to ensure there will be no gaps when I officially take over.” 209

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

my opinion, we stand out from the many companies in our field because of our corporate values, as these are always crafted to ensure integrity, smart application and engineering excellence in all that we do.”

This will be an especially significant year for the organisation, as 2020 marks the 60th anniversary since the start of Panta Lesco. “We have experienced several business cycles in that time, and have both survived and thrived through each of them,” Katrina says. “Now we are laser-focused on building and tweaking our solid foundations to ensure we are around for the next 60 years and beyond. In fact, by the time I retire, I plan to hand over a solidly-successful Group as a legacy to the business my grandfather built from the ground up with so much sweat and dedication all those years ago.”

Like most companies in this sector, the Panta Lesco Group has experienced a huge upward shift in demand thanks to the growth of the island’s economy. One of the major results of this has been the current struggle for those in the market to find resources to meet this demand. After all, as Katrina highlights, today’s building engineering sector is less about bricks and concrete, and more about a structure’s functionality, technology, engineering design and sustainability.

As a company, there’s no doubt that the Panta team look back on their history with pride, and that they allow it to set high standards for the way forward. “It is a history that has shaped our corporate culture and it is clear that our quality is non-negotiable. We do our best to give our clients the added value they deserve,” Katrina says.

“Thus, our market is also gearing up for the move to mediumto-high rise projects, and the different, more engineering-led focus that these projects will require. We are placing particular focus here by investing in our people and processes, so that we will be ready-and-able to cater for the needs of these projects and to drive an approach that promotes value engineering, top-quality installation practices and, what we hope will be, industry-leading aftersales support.”

In fact, she is resolute that it is this formula that has positioned Panta as the success story it is today. “Whether you are working with us on a singlebedroom apartment or a large-scale infrastructural project, we have the systems in place, the dedicated teams on-hand, and the aftersales support to meet clients’ needs. We retain strong value-driven engineering practices. In

Today’s building engineering sector is less about bricks and concrete, and more about a structure’s functionality, technology, engineering design and sustainability. The next five years will see big leaps forward in the intelligence surrounding buildings and their engineering products.

She sees this as a critical time for the Group, with a vital need to embrace technology and continue the move to online expertise. “We have to integrate it seamlessly into our processes, both at front- and back-office level,” she continues. “This isn’t always easy – especially in a more traditional market like ours – but we have a clear roadmap in place, and a team of high-calibre staff to make it happen.” She predicts that the next five years will see big leaps forward in the intelligence surrounding buildings and their engineering products. “Whereas, previously, product and compatibility issues

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posed restrictions, we are now witnessing key developments and important partnerships that are being set up, and which will overcome previous hurdles,” she says. “Added to this, I wouldn’t be surprised if we were to see this level of intelligence and communication move out of the physical building and towards the key stakeholders – such as architects, engineers, contractors and facility managers. This will ensure a holistic solution, facilitating the new complexity of our buildings for tomorrow, and especially as we move towards the Internet of Things. As a Group we will certainly be at the forefront of this development.” 2020 is earmarked as a year of opportunity for Panta Lesco, as it continues to showcase its set-up and the aftersales service it provides to its clients. “It is becoming increasingly clear that this is a feather in our cap and an area where we see more opportunities for growth in the months to come. Clients, whether big or small, no longer want to buy a product and that’s it – they are looking to build a relationship with a company like ours so they can protect and extend the lifespan of the product installed. Meanwhile, from an engineering perspective, more opportunities sit on the horizon for us to push the envelope in terms of project turnaround and one-of-a-kind engineering applications in Malta.” With all of this in mind, Katrina believes her first year as CEO-designate will be both a celebration for the company’s past 60 years, and the opportunity to improve its cohesion, solidify its core, and gear-up the next generation to take Panta into the future. “At the end of the year, I would like to see us gaining more recognition for the prestigious projects we form part of as vindication of our business model,” she adds. 211

Quick-fire Questions… with Katrina Attard What was the first thing you did this morning? Hug my children. What’s your favourite thing in your office? A family photo. It is special because it reminds me of a wonderful family holiday we took as children. What excites you most about working in your sector? Every project is different and we are building something tangible. Gourmet dining or homemade cooking? Homemade cooking, both my husband Steve and I enjoy cooking. If you could have any superpower, what would it be? To fly. What’s something you’d still like to learn? I’d love to eventually do an MBA and continue my studies. What’s the best thing about running a business in Malta? It feels like home wherever you are; the business community is small and tight-knit. And the worst thing? It’s small and there’s a lot of competition. Which is your favourite spot on the island? My garden. Book, film, series, or music? Read a book. What’s your favourite app on your phone? A fitness app. Where do you read your news first? Times of Malta and MaltaToday. If you weren’t in this career, what would you be doing? I think I would have remained in economics, and would be analysing markets. Where do you hope to see the world in five years? With more integrity on the global political agenda. How do you hope to spend your retirement? It’s too early for me to think of that! Outlook for 2020: positive or negative? Still very positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Joseph Farrugia

“We have 50,000 active companies on our books. Through the introduction of other niche sectors, such as AI, we expect this number to grow. The most active sectors with the highest number of registrations currently are IT, virtual currencies, payment gateways, blockchain and innovative technology. We’ve also noticed an increase in the number of real estate companies registering with the MBR. The pace of the economy is directly reflected in our operations.”

REGISTRAR AND CEO, M A L TA B U S I N E S S REGISTRY

“ S E P A R AT I N G O U R S E L V E S F R O M T H E M F S A W H I L E E S TA B L I S H I N G A N E W S E T - U P W A S A C H A L L E N G E , B U T S E E I N G I T A L L CO M E TOG E T H E R H A S B E E N T H E G R E AT E S T S AT I S F A C T I O N . ”

R E G I S T R A R A N D C E O O F T H E M A L TA B U S I N E S S R E G I S T R Y , J O S E P H FA R R U G I A , H I G H L I G H T S T H E PAS T Y E A R ’ S C R U C I A L E V E N T S F O R T H E A G E N C Y , A N D E X P L A I N S W H AT ’ S I N S T O R E F O R 2 0 2 0 , FOLLOWING A RECORD YEAR IN 2018 AND A DE-MERGER AND REBRANDING EXERCISE IN 2019.

It’s safe to assume that 2019 was an unforgettable year for the Malta Business Registry. It achieved many firsts in a short span of time, paving the way for future growth for this now self-sufficient agency, which previously fell under the remit of the Malta Financial Services Authority (MFSA). But the road to independence had been a while in the making and wasn’t without its fair share of challenges. Joseph Farrugia, Registrar and CEO of the Malta Business Registry (MBR) – which was established by a legal notice in 2018 – says de-merging from the MFSA was a milestone for the agency, as was moving to new premises in Zejtun – both achievements he is immensely proud of. “Following the de-merger, the Registry is now a stand-alone agency with its own staff and, since June 2019, a whole new team was set up,

including the staff members who had worked with the then-Registry of Companies in Attard,” says Mr Farrugia. “We now have our own IT, HR, finance, legal, communications and research units and, recently, we also set up a Compliance and Enforcement Unit.” Previously, the Registry of Companies formed part of the Government’s Commerce Department, established 22 years ago. In 1997, when the Companies Act came into force and in preparation for EU accession, it merged with the MFSA. “Back then, we were a team of 22 people and, until recently, we were even fewer than that because we had the support of the MFSA in various areas, such as accounts and finance. Today, however, we are a team of 97 professionals hailing from many different areas of expertise and backgrounds.” 212

CEO INSIGHT

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Its core responsibilities include the registration of new commercial partnerships, of documents related to commercial partnerships, the issuing of certified documentation, the reservation of company names, the collection of registration and other fees, the publication of notices, and the imposition and collection of penalties. Besides beefing up its staff complement, the agency has also widened its role and introduced, among others, the Beneficial Owner (BO) Register, which records all the Ultimate Beneficial Ownerships (UBOs) of each company registered with the agency, in accordance with EU directives. It will also be responsible for the Register of Legal Persons and will establish a Business Register, “which is why we changed our name from the Registry of Companies Agency to the Malta Business Registry. The International Tax Unit and Capital Gains Unit have also become part of the agency.” Mr Farrugia asserts that, within the space of a year, the MBR simultaneously de-merged, rebranded and relocated to new premises. “Separating ourselves from the MFSA while establishing a new set-up was a challenge, but seeing it all come together has been the greatest satisfaction,” he asserts. “Throughout the move, new roles were assigned to us so new processes had to be put in place, while preparing for our move from the central district to the south of Malta.” With all the cogs in place to move the machine forward, Mr Farrugia is looking forward to a strong year for the Registry, on the back of a record year in 2018, by the end of which over 5,600 companies had registered with the MBR, making it the year with the largest number of company registrations in one year since its inception in 1965. “In 2018, the Government introduced three laws related to FinTech, blockchain and virtual currencies, and, by the end of October that year, all companies looking to operate in this space had to register, so there was an influx of applications, making it a record year for the MBR. We expect that the total number in 2019 will be less, but still good,” says Mr Farrugia. “Currently, the

Currently, the total number of companies registered in Malta amounts to just under 93,800.

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total number of companies registered in Malta amounts to just under 93,800. We expect 2020 will be another good year for us in terms of company registration, with legislation in the pipeline on Artificial Intelligence (AI), among other niche areas, as well as developments in the shipping and aviation sectors.” During the agency’s official inauguration in 2019, the Government announced that the MBR will be the first of its kind to run on a blockchain system, a need the agency came to identify following a thorough internal exercise. “We have been using a filing system that’s been in place since 2004, and so much has changed since then that the time was right to adopt a new system that reflects our current processes,” says Mr Farrugia. “We identified bottlenecks in the Registry’s operations and, through a distributed ledger system, found a solution that reengineers our workflow. Clients will be able to initiate processes on the distributed ledger, and the MBR’s officers will be able to manage these processes using the same ledger. It will be a one-stop shop for businesses in Malta.” The system, which is still being developed, also makes use of AI. “For instance, if a client files a company name reservation online, the system will indicate if there is one like it or similar to it, making the process more efficient for the client,” the Registrar asserts. “We believe that, by Q1 next year, the changeover will begin in stages. Immediately, however, the first phase would involve the registration of users and submission of registration, with the aim of having the whole system in place between the end of

2021 and the beginning of 2022.” Clients will be able to submit documents directly onto the distributed ledger using the MBR’s tools, increasing efficiency and ensuring transparency and auditability, while also speeding up the agency’s internal processes. “We receive many documents with errors and, through this system, documents submitted with incorrect information will automatically be sent back to the client. Overall, the new system will allow the Registry to update its processes in order to become more efficient, secure, and ultimately provide a better service to the business community.” The MBR has also updated its own internal processes. Mr Farrugia asserts that, following the de-merger, the agency invested in modern systems, such as moving their servers to the cloud and establishing a new payroll system, all of which will help pave the way for enhanced productivity and a smoother workflow in the agency’s first years on its own two feet. Looking ahead, Mr Farrugia states that the MBR is dependent on Malta’s economic climate and the state of the market, so when growth occurs, the agency benefits. “At present, we know that the economy is doing well, and if the country continues along this vein, I envision 2020 will be a good year for the agency, particularly for company registration in specialised fields backed by Government policy. With every new policy, there will obviously be challenges initially, but new roles will certainly make the Registry more dynamic in the years to come.”

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Quick-fire Questions… with Joseph Farrugia How do you start your morning routine? Reading the news while having a coffee and going through emails. What’s your favourite thing in your office? It’s bright and airy – a stark improvement from our previous office. What excites you most about working in your sector? It’s not repetitive and you have to think outside the box to find new and more efficient ways of doing things, with the cooperation of other departments. Gourmet dining or homemade cooking? Homemade cooking – particularly spaghetti. If you could have any superpower, what would it be? To fly or read people’s minds. What’s something you’d still like to learn? To play an instrument and paint – I’ve done both in the past but I’d like to pick them up again. What’s the best thing about running a business in Malta? Easy access to information, and other departments are always in reach. And the worst thing? Bureaucratic processes. Which is your favourite spot on the island? Mellieha. Book, film, series, or music? Music – I’m a big fan of Queen. What’s your favourite app on your phone? WhatsApp, Gmail, and Times of Malta. Where do you read your news first? Times of Malta. If you weren’t in this career, what would you be doing? I’d be a doctor to help people in need. Where do you hope to see the world in five years? More technologically advanced, paperless, and less reliant on hard copies of documents which are easily misplaced. How do you hope to spend your retirement? Gardening, spending time by the sea, and in general having more time for myself, family, and friends. Outlook for 2020: positive or negative? Positive – over the last 10 months, Malta has advanced in the right direction, and I don’t see a reason for this to discontinue.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT

“I believe firmly in face-toface transactions. Emails and WhatsApp are handy but sometimes you just need to meet a client. Situations, not clients themselves, are difficult and awkward. So, irrespective of the nature of the issue being faced, I always make it a point to take some time to have a frank discussion to sort out the problems, if any.”

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Pierre Mangion

CEO, P K F M A L TA

“ W E T R Y T O O F F E R W H AT C O U L D B E D E F I N E D AS A ‘C E L E B R I T Y S E RV I C E’.”

P K F M A L TA H A S B E E N L E A D I N G T H E W A Y I N T H E A C C O U N TA N C Y , A U D I T A N D A D V I S O R Y S E R V I C E S S E C TO R F O R O V E R 2 5 Y E A R S , W I T H I T S P O R T F O L I O E X P A N D I N G I N L I N E W I T H T H E I N C R E A S E D B U O Y A N C Y I N M A L TA ’ S E C O N O M Y . TO DAY , T H E F I R M I S O N T H E C U S P O F F U R T H E R G R O W T H A S AC T I N G - C E O , P I E R R E M A N G I O N , TA K E S O V E R T H E R E I N S O F T H E C O M P A N Y H I S F AT H E R , GEORGE, BUILT FROM THE GROUND UP. HERE, PIERRE SPEAKS ABOUT HIS C O M M I T M E N T T O T H E F A M I L Y B U S I N E S S A N D H I S D R I V E F O R I N N O V AT I O N .

Growing up, Pierre Mangion was very active in the local rugby scene, playing the sport for 15 years and even serving on Malta’s national team. And, it was, perhaps, that ironclad sense of tenacity, instilled in him by the game, which also served him well over the years as he broadened his responsibilities at the financial advisory services firm his father, George, established and nurtured.

energies on “expanding the business into new areas,” he says. This required lobbying key stakeholders as well as attending – and organising – conferences to further the firm’s participation and expertise across diverse sectors, including remote gaming. “Our exposure in this field gave us the possibility to attract some of the biggest names in iGaming and our services have, since, varied from simple licensing, to overseeing the entire A-to-Z set-up of companies seeking Malta as a jurisdiction. And, our bespoke offerings also include specific consultancy on tax, for instance. I have been involved in this angle of the firm from the beginning, as well as other aspects which were on my plate,” Pierre explains.

“I started out low in the pecking order in the company – first, as an inputting clerk,” Pierre recalls. “That experience, however, allowed me to understand various aspects of the company and, from then on, the trajectory was steep.” Indeed, after his formal education, he decided to invest further in his education and went on to complete a Master’s in e-Business, specialising in electronic payments, from Grenoble University. He then rejoined the firm as a junior partner, specialising in iGaming services, and focusing his 216

Today, the acting-CEO’s role is, in fact, a varied one. “I oversee the operations of the company from a human resources perspective, while also developing new clients, 217

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Our office has always focused on attracting international businesses. Being part of PKFI has assisted us in reaching out to clients away from our shores, while maintaining a high level of service, which is in line with international standards.

Furthermore, the situation in the banking sector – in which businesses are finding it difficult to open basic operational bank accounts – might also exacerbate the situation in the coming few months, Pierre says. “The local banking situation is a constant challenge which needs to be addressed. I believe and hope that in the coming years we’ll have different solutions to the issues being currently presented, and we’ll see the rise of more payment or financial institutions that can give clients basic banking functions. Indeed, locally we are also witnessing the evolution of the Malta Development Bank which will, hopefully, fill the gap left open by the traditional banks,” he explains.

supervising the administrative side of the enterprise, and managing the consultancy aspect of the business,” he outlines. And, with his father looking at retirement, Pierre sees the firm going through a transition – rather than a “passing of the baton” – in which George and his son work together for the future of the firm. “My father still has a lot of input to give; in terms of experience and his level of ingenuity towards new business opportunities he remains unrivalled.” The firm is a family affair, Pierre explains, with support and commitment, not just from other family members, but also the partners, managers and other colleagues of the firm. “So, I’m not alone in the business and we all have a role to play,” he smiles.

Yet, Pierre sees ample opportunities emerging in the next year, with “innovative technologies such as blockchain and new industries such as medical cannabis, as well as the online gaming industry, aviation and financial services,” all increasing – or retaining – their hold on the local economy. Britain’s exit from the EU will also bring its own opportunities, the acting-CEO says. For example, the insurance market in Malta may, indeed, grow as a result. “When Brexit became part of the agenda, many UK insurance businesses were looking at jurisdictions within Europe through which they could acquire passporting rights to be able to continue to trade within the bloc. This is still a big question mark, however,” he explains.

These roles have been pivotal to the success of PKF Malta, which actually started out as an independent office more than 25 years ago but hooked up with the prestigious international network shortly afterwards. “Since then we have branched out in diverse areas. We got our corporate service provider (CSP) licence, and expanded into the trusts and fiduciary sector, while also continuing to invest in our accountancy and auditing arm. We also have our own legal team, allowing the firm to tear down the traditional boundaries between law and finance,” Pierre continues to explain. The decision to offer such varied services was “market-driven”, Pierre says, and it was precipitated by the “explosion of the financial services sector on the island.” Moreover, the firm’s association with PKF International (PKFI), the 11th largest global accountancy network with member firms accruing over $3 billion aggregate fee income yearly, opened the door to further possibilities. “The network’s size was a key factor in deciding to join forces. Going it alone in the big world is always much more challenging, so we opted to be part of a network, represented in 160 countries, and this made everything a bit easier. As a result, today, we enjoy a great degree of collaboration with many of the offices around the world, which strengthens our position, locally and internationally,” Pierre states.

Focusing on the outlook for 2020, Pierre states there are some challenges ahead, yet remains optimistic about the adjustments necessary for the financial services sector. “A small change can cause ripples and one of the biggest tests set to be faced in 2020 is the implementation of the fifth anti-money laundering (AML) directive, which will increase the monitoring of transaction and compliance costs. Bigger companies will be able to enhance their teams to manage the expectations, but smaller companies, unfortunately, will not.” These regulatory hurdles, he says, could make or break a client and might push some to relocate to other, European jurisdictions.

Indeed, for the firm itself, there will be a focus on processes, so it can continue to attract such business to the island. “We are service-oriented so we need to make sure that our systems – whether in the audit, accountancy or CSP sectors – are efficient and also meet regulatory requirements,” he asserts. “Thus, we need to ensure our clients are able to maintain and cope with the regulatory and compliance issues, and this is how we’ll continue to develop.” And, it is this global perspective which spurs the firm on to push boundaries, Pierre explains. “Our office has always focused on attracting international businesses. And, being part of PKFI has assisted us in reaching out to clients away from these shores, while maintaining a high level of service, which is in line with international standards,” the acting-CEO says. Indeed, he asserts that the company distinguishes itself by being innovative and trying to “offer what could be defined as a ‘celebrity service’, whereby we try to go the extra mile in giving assistance to our clients.” 218

Prioritising growth in 2020 is also part of this strategy, Pierre explains, stating that there will be a focus on boosting company resources as well as expanding the firm’s client portfolio across a range of sectors. “At the moment we are seeing a level of growth in both respects, and I hope we manage to maintain the momentum and, actually, increase on that,” he smiles. For it is in the servicing of high-profile industries that PKF Malta excels, Pierre says, and, thus, the firm’s aim will be squarely on seeking opportunities to continue excelling. 219

Quick-fire Questions… with Pierre Mangion What was the first thing you did this morning? Fed the dogs, and took them for their morning walk. What’s your favourite thing in your office? The sheer amount of natural light. What excites you most about working in your sector? The diversity of both clients and colleagues. Gourmet dining or homemade cooking? Both. If you could have any superpower, what would it be? Tele-transportation – to be able to travel from one place to another instantly. What’s something you’d still like to learn? Many things but surely foreign languages. What’s the best thing about running a business in Malta? The proximity to everything, including regulators, banks, service providers and most resources. And the worst thing? Its distance from mainland Europe. Which is your favourite spot on the island? Gozo. Book, film, series, or music? Mostly books. What’s your favourite app on your phone? WhatsApp and Skype. Where do you read your news first? Tablet. If you weren’t in this career, what would you be doing? Project management. Where do you hope to see the world in five years? Hopefully more proactive on the environmental front. How do you hope to spend your retirement? Tending to a small farm. Outlook for 2020: positive or negative? On the positive side.

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

MaltaCEOs 2020

CEO INSIGHT “When you interpret a business through its numbers, you are able to lead the company more effectively as you are keeping your finger on its pulse and you are able to see whether the heart is beating rapidly or slowly. This insight gives you an edge in a leadership role.”

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Frederick Micallef

CEO, D ATA B Y T E LTD

“WE FOCUS ON QUALITY OVER QUANTITY IN THIS F A S T - P A C E D , R A P I D L Y C H A N G I N G E N V I R O N M E N T. ”

T H A N K S TO A L I F E - L O N G C U R I O S I T Y A B O U T T H E WAY T E C H N O L OG Y A D VA N C E S A N D S H A P E S E V E R Y DAY L I F E , C E O F R E D E R I C K M I C A L L E F H A S P O S I T I O N E D D ATA B Y T E AT T H E F O R E F R O N T O F S O F T W A R E D E V E L O P M E N T I N M A L TA . D I S TA N C I N G H I M S E L F F R O M C O M P E T I T O R S , F R E D E R I C K H A S O V E R S E E N T H E S H I F T F R O M O F F E R I N G S O F T WA R E A S A P R O D U C T TO O F F E R I N G I T A S A S E R V I C E A N D , A F T E R A P E R I O D O F C O N S O L I D AT I O N , H E N O W A I M S T O E X P A N D T H E B U S I N E S S I N T E R N AT I O N A L L Y .

Frederick Micallef is not one to enjoy routine, a character trait that has served him well during his 13 years as CEO of DataByte, during which the company has completely reinvented itself. An ability to interact with business associates, an affinity for numbers and a curiosity for technological advancements have allowed Fredrick to be well-placed to capitalise on strategic opportunities that characterise corporate change. DataByte has recently re-engineered itself to help keep it attuned to present-day software service offerings that customers require, in order to optimise their operational management. DataByte’s build on cloud technology has catapulted the company to be among the top companies in Malta offering software as a service, with a strong potential springboard to overseas

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clients. Its software offerings have been received positively, with encouraging customer engagement and reviews. “We have come a long way from our ‘data processing’ days,” says Frederick, who adds that he has seen DataByte being reinvented, out of necessity, several times in its 33-year existence. “Each reinvention cycle is getting noticeably shorter as the speed of technological innovation places pressure on relevant companies to reinvent themselves more frequently. This metamorphosis carries its own costs and corporate challenges. “The industry has matured and technology innovation is working wonders. The exponential growth in technology is rapid and makes it difficult to keep up

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

with. What looms on the near horizon is equally as exciting and intriguing, and will command an integral part of our medium-term future,” he says. When asked about his role as CEO nowadays, Frederick is clear that it is, in fact, highly strategic. “A CEO must be an orchestrator who builds and sustains the corporate ‘story’. The dynamics of a motivated Board of Directors define the corporate strategy. The CEO delivers this agreed strategy. When there is a strategy that has been formulated, it requires execution under bold and aggressive internal and external corporate forces that affect the strategy delivery. We are currently successfully executing a three-year strategy to place us better as software service providers to our customers.” Frederick explains that, in the early days, DataByte kept a low profile, “because its market was initially oriented towards customers who required their own tailored solutions. We were mainly relevant for customers who engaged us to deliver their own software development assignments. But this has changed totally with the incoming and promising cloud infrastructure; we strategised our future to evolve into an effective software-as-a-service supplier.” He adds that, in this way “the software is on the cloud and customers can subscribe to it, and make use of, the product. The days of writing software and physically installing it at the customer’s office are largely a thing of the past. However, cloud services demand strict respect of confidentiality and technical security protocols.” Currently, the company offers a cloud HR suite made up of completely integrated HR management-related modules that offer what should be the HR person’s toolkit – a land and near-shore GPS tracking system, as well as a warehouse management system for third-party logistics operators, which is a joint venture with a leading Maltese logistics company under the professional guidance of Gartner Consulting Group. “These modules are all based on the same infrastructure of offering software as a service to our customers.”

We are very enthusiastic about our position because, in our opinion, as well as that of our customers, our products rate highly. This is a

Frederick explains the several challenges. The need for constant innovation, system and data management security and compliance, and onboarding and retaining quality personnel, are at the forefront. Developing intellectual property in the shape of software is also a costly business.

journey, of course, and the product needs constant enrichment.

With regards to security, he speaks emphatically within the context of cyber security and compliance with respect to customer data. “These considerations were hardly on the table eight to 10 years ago, but the customer profile 222

is typically becoming more demanding and we obviously have to continuously upgrade our performance to ensure full respect for security and confidentiality.” On the issue of human resources, Frederick echoes the same concerns that many express within the business community. “We face a scenario in which our local economy is in full employment. Employee mobility has never been as aggressive, and I have been monitoring businesses for the past 35 years. Retaining and attracting good talent is a challenge. Luckily, because of improved corporate brand recognition, we are managing to attract good talent.” He muses that, when the company was strategically redesigned to offer software as a service offering, DataByte was granted the market ability to reach any customer worldwide, whether near or far, over an internet connection. “So long as there is internet, it makes absolutely no difference to us, and this has now opened new doors for us.” Currently, however, Frederick is focusing the company’s efforts on the local market with its cloud offerings, since parts of the HR suite – such as the payroll calculator – are based on local legislation. Expansion to other jurisdictions will follow as a challenge. “Nonetheless, other modules which are closely integrated in our workforce cloud HR suite, such as time and attendance, absence and leave management, the HR assistant, the visitors’ management system and the HR task tracking module, are integrated within the same suite as the payroll, which could offer immediate opportunities abroad. “We are in the process of building our strategy to identify an international distributorship network of resellers; we have even done so locally with some organisations that have opted to promote our products here.”

On the company’s international ambitions, he remarks that, although it is not easy to penetrate the overseas markets, “when comparing to similar products available, we are very enthusiastic about our position because, in our opinion, as well as that of our customers, our products rate highly. This is a journey, of course, and the product needs constant enrichment.” Frederick stresses that, as a personal and corporate ethos, the preference is for quality to be given priority over quantity. When asked about the company’s roadmap, he observes that, while it is attractive to boast of having large numbers of modules available within the software offering, enriching the current product is key. “Putting more efficient and effective software modules in the workforce reach is definitely our objective. Our development team has the constant challenge of balancing between new product development and upgrading the existing product. At this stage we prefer to dedicate more energy to consolidating and innovating our existing products than to developing totally new modules. Feedback from our customers is encouraging and stimulating.” Looking towards the future, Frederick affirms that he is an optimist by nature. Asked about what the next few years have in store for DataByte and the industry at large, he stresses that he dislikes using ‘dramatic language’ and observes that international signs point towards a gradual slowing of economic growth, and on the local scene, he feels that a moderate ‘market correction’ is bound to present itself. Proving his optimism, though, Frederick reflects that this could be a positive overall scenario from a local point of view. “It could be a correction that will give people time to sit back and re-plan, because the hyperactivity in the last years may have not allowed enough time for strategising and in-depth planning.” 223

Quick-fire Questions… with Frederick Micallef What was the first thing you did this morning? Look at my calendar. What’s your favourite thing in your office? My team. What excites you most about working in your sector? Tomorrow. Gourmet dining or homemade cooking? Both. If you could have any superpower, what would it be? The ability to read people’s minds. What’s something you’d still like to learn? A lot. What’s the best thing about running a business in Malta? It’s close to home. And the worst thing? Smallness. Which is your favourite spot on the island? Gnejna. Book, film, series, or music? Music. What’s your favourite app on your phone? My calendar. Where do you read your news first? My laptop. If you weren’t in this career, what would you be doing? Horticulture. Where do you hope to see the world in five years? A better place. How do you hope to spend your retirement? Working. Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Pierre Fenech

CEO, THE MEDITERRANEAN CONFERENCE CENTRE

“ B I G E V E N T S H AV E A V E R Y P O S I T I V E M U L T I P L I E R EFFECT ON THE ECONOMY.”

T H E M E D I T E R R A N E A N CO N F E R E N C E C E N T R E M AY B E O N E O F T H E I S L A N D ’ S M O S T H I S TO R I C A L B U I L D I N G S , B U T C E O P I E R R E FENECH STILL SEES IT AS A BEACON OF OPPORTUNITY FOR OUR FUTURE, AND WILL SOON UNVEIL ITS €10 MILLION S TAT E - O F - T H E - A R T V I R T U A L M U S E U M . H E I S E A G E R T O CO N T I N U E R E S P E C T F U L L Y D E V E L O P I N G T H E S PAC E I N TO ONE OF THE MOST CUTTING-EDGE AND DYNAMIC VENUES ANYWHERE IN THE REGION.

Some people are very clear about what their role means for their organisation, and Pierre Fenech is one of them. “Motivation,” he asserts. “It’s all about motivation – every day I am driven to motivate our people to deliver and achieve our goals for the organisation. I never waver on that. I have a great team around me and, although I lead them, the achievements realised over the past few years are down to consistent teamwork.” This is an attitude that has served Pierre well across his career – a journey that

has spanned 20 years in the hospitality industry. He has a cross-section of related experience, with everything from managing hotel and catering establishments, to event and venue management under his belt. “I have brought in a wealth of experience and innovation about how to succeed in this very dynamic sector,” he says. Meanwhile, it is the variety offered by the job that gives Pierre the most satisfaction. “This certainly isn’t an office job and I am constantly on the move. There’s nothing 224

CEO INSIGHT “When it comes to my time away from work, I focus on quality not quantity. I love to have really solid stretches with my wife and kids, and to give them my all when I am with them. Travel gives us that and is very important to us. It means we get to make the most of these experiences, as our children are growing up so fast.” 225

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

The Centre’s new museum will be created using mobile augmented reality and holographic technology, and there will be nothing else like it in the region. It truly will be a first on so many levels.

monotonous about it – as we deal with huge events, things can change drastically at any point and we have to be ready to go. Our ability to make swift decisions that wow our clients underpins everything we do. Although we are a Government entity, we are completely selfsufficient, which means we have to work very hard to achieve our targets and nothing short of ‘sensational’ will do.”

“It is a jewel left to us by our ancestors, and we strive to take care of it and leave it in even better shape for future generations to enjoy.” But that certainly doesn’t mean that Pierre rests on his laurels when it comes to the manner in which the MCC is used. He thrives on continuing the building’s legacy as one of the most popular destinations on the island for international conferences. “Even in my lifetime this place has seen some pretty incredible events,” he smiles. “Such as the Bush-Gorbachev summit in 1989, two Commonwealth Heads of Government Meetings, and the Valletta Summit, to name but a few.

Of course, there are huge challenges to working in a UNESCO World Heritage site – especially one that dates back to the 16th century. Pierre underlines that he and his team have an ongoing respect for the building and its history.

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MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“We are also proud to have the largest theatre on the island, so we are honoured to host some of the top events that are open to the public. Right now, we’re thrilled to be hosting Cirque du Soleil; it’s another first for the island, and the fact that we could make it happen really sets this venue apart.” Excitingly, Pierre and his team also recently unveiled plans for one of Malta’s most cutting-edge heritage projects too – the MCC’s new €10 million virtual museum. “We had such fun putting the plans together,” the CEO says, talking through the first-of-its-kind approach that was taken. “The museum will be created using mobile augmented reality and holographic technology, and there will be nothing else like it in the region. This means that we don’t have to impact on the building at all, although we will also be opening up an additional third of the space to visitors, including the Grand Harbour Terrace and Girolamo Cassar Hall. “On top of that, we also upgraded all of the Centre’s ageing infrastructure, such as the airconditioning, and switched the electricity up a gear. This means we can now handle the full loads as requested by some of our clients.” Now that plans for the museum are full steam ahead, Pierre is shifting his own focus to the event management side of the business. As he explains, it is one of the most dynamic sectors within the hospitality sphere. “A lot of changes can impact what happens here and abroad, which then affect how lucrative results can be. “On the local scene, we have been challenged by the lack of accommodation available for big events, due to the high demand of hotels throughout the year and sustained growth in the sector. This has unfortunately meant that the island lost out on a number of conferences, as their teams ended

up choosing other destinations. Thankfully, I do expect that scenario to change in the months and years to come, with new projects coming onto the market and an increased appreciation for conference business from those in the hotel sector. After all, events have such a multiplier effect when it comes to the economy; they are a win-win for everyone.” The cultural calendar is also important to the Centre, with annual events in place, including theatre performances, concerts and exhibitions. “We have to balance things out between cultural business and conferences,” Pierre continues, explaining that the museum is also going to be an important revenue stream for the company. “All three are complementary to each other though, and can actually help the others to be more attractive, both for us as a centre and as a country. “As a nation we definitely need to keep investing in state-of-theart facilities like we have with the recent additions here at the MCC. They make us stand out and ensure we are competitive when compared to other countries on the international scene.” With that in mind, Pierre says that his focus for 2020 – and that of his team – is to continue positioning the MCC as a major player and partner in the tourism sector, so as to keep attracting very valuable MICE business to the island. “I am also driven to continue to build on Malta’s existing cultural scene by supporting acts and events here, while also using technology to really highlight this building’s incredible story and past. “This Centre is very special. It is so important that people don’t only admire its unique architecture, but also learn more about it, its vital role and its unique history,” he concludes.

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Quick-fire Questions… with Pierre Fenech What was the first thing you did this morning? I made tea for my wife and I; it’s the same routine every morning. What’s your favourite thing in your office? The coffee machine. What excites you most about working in your sector? The dynamism. Gourmet dining or homemade cooking? Homemade cooking. If you could have any superpower, what would it be? Invisibility. What’s something you’d still like to learn? A lot – the day you stop learning is the day you start going backwards. What’s the best thing about running a business in Malta? Our small size makes us agile and gives us an edge. And the worst thing? The limited scale. Which is your favourite spot on the island? Dingli Cliffs; it’s where I grew up. Book, film, series, or music? Film. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? On my phone – I start with the BBC and run through the international news before switching to local portals. If you weren’t in this career, what would you be doing? Engineering. Where do you hope to see the world in five years? In better shape environmentally. How do you hope to spend your retirement? Fishing. Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Stephen McCarthy

CEO, M A L TA D I G I TA L I N N O V AT I O N AUTHORITY

CEO INSIGHT

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“Most CEOs struggle with their work-life balance, and that is true for me too. I tend to work just as hard over the weekend as I do during the week, but I make sure to dedicate quality time to my family on a daily basis, rather than on an annual trip away. That gives me balance and I genuinely look forward to it.”

“ M A L TA I S A C K N O W L E D G E D A S A L E A D E R I N T H E B L OC KC H A I N F I E L D A N D W E A R E DO I N G O U R B E S T TO TA K E A D V A N TA G E O F T H AT. ”

S E T U P I N O C T O B E R 2 0 1 8 , T H E M A L TA D I G I TA L I N N O V AT I O N A U T H O R I T Y S TA N D S AT T H E V E R Y F O R E F R O N T O F M A L TA ’ S E F F O R T S T O S U P P O R T I N N O V AT I V E T E C H N O L O G Y I N V E S T M E N T O N T H E I S L A N D . L E A D I N G T H E AUTHORITY IS CEO STEPHEN MCCARTHY, WHOSE OWN UNBRIDLED PA S S I O N F O R T E C H N O L OG Y H A S M A D E H I M T H E P E R F E C T P E R S O N TO S E T T H E E X C I T I N G A G E N D A F O R T H I S P A R T O F M A L TA ’ S P R E S E N T A N D F U T U R E .

Stephen McCarthy finds himself fascinated by his role on a daily basis – and that’s no surprise, given that innovation sits at the very heart of it. After all, as CEO of the Malta Digital Innovation Authority, it’s his job to forge new paths for some of the most groundbreaking and dynamic sectors currently at play on the island – and his background in everything from property sales to finance has certainly stood him in good stead.

part of an effort to create a regulatory framework to support innovative technology investment in Malta. “Of course, management skills allow you to be able to look at the organisation and set appropriate goals. “The challenge here, at the MDIA, was that it was breaking new ground for everyone, and still is. To deal with that, I chose to immerse myself in the industry so I could learn as much about this technologically-advanced world as I could, as quickly as possible.”

“Having experience in different industries gives you a wider perspective when it comes to managing an organisation, because it enables you to adapt to varying situations and scenarios efficiently,” he says, explaining that the Authority was set up in 2018 as

And there is no denying that this has become a necessary part of Stephen’s role, as he leads what is arguably the only institution of its kind in the world. 230

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“The Government had the foresight to put Malta squarely on the map in this respect,” he says. “And they followed through. When I was appointed just over a year ago, I would attend international conferences where there was a lot of scepticism about blockchain, but that has changed since. Now, most people have realised the benefits of it, and its application in a variety of fields is enormous. Without a doubt, Malta is acknowledged as a leader in this field and we are doing our best to take advantage of it.” Stephen is optimistic about technology, and especially the positive impact that it can have on people’s lives. Now, through this role, he has been able to watch technology form and develop, and he says he cannot help but feel as though he is watching history in the making. “Innovation changes so much,” he asserts, “from how we do business to the way companies can improve production – which, on a macro level, changes how a country can improve its national output. It is fascinating. But I would say my biggest challenge is to remain realistic and grounded while still seeing all of the potential out there.”

We can no longer ignore the elephant in the room. We have to establish the trust required to risk our finances, information and lives to machines. We are working with the best minds and leaders in the field to develop standards of law that can stand the test of time in this disruptive world.

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Stephen thinks of the MDIA as the ‘equivalent to what the MFSA is to financial services’ and, to him, it’s all about ensuring standards are in place along with certified technology safeguards. Put simply, he says the Authority’s principal role is to audit technology, and to guarantee that technology can give both confidence and dependability to investors and users in equal measure. “It’s vital to bear in mind that these technologies are taking over the role of people, banks and other financial institutions by automating so many of the processes usually carried out by people. “So, rather than the hustle and bustle on the Wall Street Stock Exchange floor, you now have a complicated computerised algorithm that is doing everything at the touch of a button. Thus, what the MDIA is doing is ensuring that that algorithm acquires the same level of trust that the institutions have gained over the years. We have to be able to trust what is happening as we move forward into uncharted territory.”

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Naturally, all of this begs the question how the MDIA will keep up with the speed at which innovation is progressing. On this front, Stephen says the key to success will be to not focus exclusively (or primarily) on the technological detail that is in continuous flux, but to look at the bigger picture in which this detail is evolving. “With the wide variety and rapid changes in technology, it wouldn’t make sense to address particular technological details and features, because measures become obsolete so quickly,” he says. “On the other hand, by taking a wider view of innovative technologies – particularly when it comes to DLTs – their dependability and trustworthiness boils down to a suite of key aspects: namely security, privacy and the correctness of software. A quality assurance framework that can provide such arrangements, with a stamp of approval indicating that it has gone through the expected rigour to ensure that it is fit for purpose, is of great value to the investor and user, and I don’t believe this will change – no matter how technology evolves. Thus, as part of the MDIA process, we regularly consult with legal, policy and technology experts to ensure that our processes remain valid. And, while this may sound like a mouthful, it essentially means that we are working with the best minds and leaders in the field to develop standards of law that can stand the test of time in this disruptive world.” Now, all of this is only likely to get more and more important, as all indications are that the impact of technology on our lives will continue to increase. “We can no longer ignore the elephant in the room,” Stephen says. “We have to establish the trust required to

risk our finances, information and lives to machines.” He chooses to look to both the challenges and opportunities that 2020 will bring, in combination. “We will be widening the scope for ITAs to allow for other technology,” he says, “such as AI, quantum, and the Internet of Things, among others. Essentially, we will be consolidating the role of the MDIA so it can achieve its ultimate and principal purpose of fostering safe and dependable cutting-edge technologies that will change our lives for the better. In doing so, we will place Malta right at the forefront of the exciting changes happening around the globe.” With that in mind, he hopes to establish the island internationally as the port of call for software assurance. “When it comes to safety, or even businesscritical systems, we believe that our regulatory framework is a business opportunity, and we hope to continue building this reputation in 2020. “We also hope to dovetail our certification process in relation to industry needs and within local support structures, by looking at the whole range – from local and foreign start-ups, to large industrial players that are considering relocating to Malta. “Of course, it has to be said that what we are striving to achieve here is no easy feat, and there will be many hurdles, headaches and heartaches along the way. But this is too big an opportunity to pass up, and it is too exciting not to ensure that we are right there where it is all happening. As we have seen on numerous occasions in our history, despite our size, Malta will doubtlessly rise to the occasion,” he concludes.

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Quick-fire Questions… with Stephen McCarthy What was the first thing you did this morning? Fed my tropical fish. Looking after aquariums is a hobby of mine. What’s your favourite thing in your office? A picture of my family. What excites you most about working in your sector? The innovative ideas that I hear every single day from our operators. Gourmet dining or homemade cooking? Gourmet dining. If you could have any superpower, what would it be? To make everyone live in harmony. What’s something you’d still like to learn? Law. What’s the best thing about running a business in Malta? We are flexible and it’s easy to get things done. And the worst thing? Everyone knows everyone and, as a result, you may have to take difficult decisions on occasion. Which is your favourite spot on the island? Hondoq ir-Rummien in Gozo. Book, film, series, or music? Music, definitely. What’s your most-used app on your phone? Outlook. Where do you read your news first? Sky Sports – because I am very much into sport. Then the BBC, which gives me so much insight into our sector. If you weren’t in this career, what would you be doing? Law. Where do you hope to see the world in five years? With less tensions between countries and having made a huge leap forward in the use of AI and automation. How do you hope to spend your retirement? With my tropical fish. Outlook for 2020: positive or negative? Definitely positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Deborah Schembri

CEO, S T M M A L TA

“ T H E P E N S I O N I N D U S T R Y I N M A L TA IS ONLY JUST BEGINNING.”

S T M M A L TA F O R M S P A R T O F A M U L T I - J U R I S D I C T I O N A L F I N A N C I A L S E R V I C E S G R O U P – S T M G R O U P P L C . M A N AG I N G D I R E C TO R A N D C E O D E B O R A H S C H E M B R I H AS S E E N T H E CO M PA N Y T H R I V E I N P E N S I O N A D M I N I S T R AT I O N , A N D B O T H T R U S T - B A S E D A N D C O N T R A C T P E R S O N A L P E N S I O N S C H E M E S . S H E B E L I E V E S T H AT M A L TA S H O U L D B E T H E J U R I S D I C T I O N O F C H O I C E F O R I N T E R N AT I O N A L W O R K P L A C E P E N S I O N S C H E M E S , I N C L U D I N G PA N E U R O P E A N .

CEO INSIGHT “As the only Maltese CEO/MD directing a pension provider company, my main inspiration moving forward is for Malta to develop a pensions qualification. In fact, I am currently working with both the University of Malta and MCAST, and have succeeded in introducing a module covering pensions in the various financial services qualifications that exist. I will continue to lead the way when it comes to developing and growing the pensions industry in Malta.”

is difficult. And without this, the company is merely a collection of people pursuing individual goals, guided by their own values.”

As the youngest member on STM Malta’s (STMM) board, the only female and the company’s managing director and CEO since 2014, Deborah Schembri is no stranger to thriving in fast-paced, high-pressure situations. Deborah has more than two decades of experience under her belt in the financial services, gaming and hospitality industries. She began her career as a certified public accountant, holding senior roles within companies in several industries.

She observes that it is of paramount importance for a CEO to “be able to describe the company’s strategic vision in a clear, engaging, and exciting way for all stakeholders. All the players in the organisation should understand how the direction affects their job and daily responsibilities,” she says.

Asked about the intricacies of her role, Deborah stresses that “a CEO should determine and communicate the organisation’s strategic direction. Until that’s settled, making decisions about anything else in the business

“Everything a CEO does should support this vision. Too many CEOs have allowed their company’s strategic vision to be nothing more than slogans on a piece of paper, rather than guidance informing all key decisions.”

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Turning to her personal style of leadership and her dayto-day routine, Deborah says that her “internal clock has [her] up early and ready to take on the day without the need for an alarm. I plan my day over breakfast.” A typical day starts with a meeting with members of her management team first thing in the morning, to focus on their priorities for the day. “I then need time for myself to answer emails, review documents, take phone calls, draft ideas and finalise documents,” she continues. “Some days consist largely of networking and connecting with other peer CEOs and industry leaders. Others involve discussions with our Group executive team.” Taking a hands-on approach, Deborah makes her rounds to various departments in the office throughout the day, because it provides her with the opportunity to catch up with the team and introduce herself to new team members. “It’s important for me as a coach and as a CEO to remain visible to them,” she stresses. STMM primarily provides pension administration services to international clients and forms part of STM Group plc, which is an independent firm listed on the London Stock Exchange, with offices in Gibraltar, Spain, Malta, Jersey and the UK. STMM is registered as a Retirement Scheme Administrator with the MFSA and is also authorised to act as trustee or co-trustee to provide fiduciary services in terms of the Trusts and Trustees Act. Deborah shares that “over the past few years, STMM registered exceptional growth and performance,” adding that this has been achieved in close adherence to the company’s mission statement and values. She explains that “our mission statement is to provide a reliable and outstanding service to meet our customers’ present and future needs.” The company, she adds, follows a set of values to guide its daily decisions: “integrity – ethical and clear communication with staff, customers, partners and community; dignity and respect – in all interactions; development – our staff are our most important asset; and effectiveness – we adapt to the everchanging and varied environment so that appropriate relevance is consistently attained.”

A CEO should determine and communicate the organisation’s strategic direction. Until that’s settled, making decisions about anything else in the business is difficult. Without this, the company is merely a collection of people pursuing individual goals, guided by their own values.

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Deborah believes that since taking on the role of CEO, she has been successful in “guiding the company, enabling it to set and achieve targets, while delivering impeccable service to clients and registering remarkable company performance.” She explains that STMM was one of the first companies in Malta to administer international pensions, with most clients being UK expats. And, while there is competition in Malta from other companies offering similar services, Deborah says that the company is now the largest in Malta providing pension administration services, with clients numbering around 9,000. Delving into further detail, she explains that pension funds are transferred, for instance, from the UK to Malta where they are then administered and invested according to the client’s wishes and in line with local pensions regulations. “You invest on the pensioner’s behalf with a fiduciary responsibility. Each client needs to be advised by a regulated advisor, so the advisor consults with the client on the transfer of the pension and subsequently offers investment advice. STMM then receives a suitability report, mostly covering the pension transfer advice and investment advice. This is checked to ensure compliance with Malta’s pensions rules and ensuring members’ best interest. Based on that, we transfer the funds to the investment house to be invested in line with the advisor’s recommendations.” She reveals that STMM has been working to bring a workplace pension scheme to the market. Currently this is in the process of being approved by the MFSA. She emphasises that Malta pension schemes are registered with the MFSA and subject to the statutory external audits, which serves as an additional protection to members. Asked how increased regulation impacts Malta’s competitiveness, Deborah concedes that it “obviously entails more work”, adding that “within the financial services sector

in general, both globally and locally, compliance regulations are taking up more efforts than strategy, and hopefully this will come back in balance.” Workplace pension schemes, while not being the norm locally, have started to gain attention. Such schemes, which allow both the employer and the employee to contribute, require a sophisticated system to administer efficiently and correctly, Deborah explains. “In a scenario where the employer transfers the funds of 200 employees, one has to record the funds against each member, and then invest them on behalf of each member.” This year, STMM is targeting both Maltese residents and international clients for the scheme. The 2020 Budget provided further moderate fiscal incentives for employers and employees to start contributing towards a workplace pension scheme, also known as a third pillar pension scheme. “One may argue that the incentives do not go far enough, however tax incentives will likely increase gradually and I wouldn’t have expected any administration to create big incentives in one go,” Deborah muses. She shares that “when we explain our scheme to individuals, we note a level of interest. The maximum contribution for each employee is €2000 and the employer can contribute this maximum amount for each worker that joins the scheme. It is tax deductible and can be counted as an expense. The company will even get a tax credit in return.” Deborah believes that not many employers are aware of these details, and adds that there are also tax incentives for employees. In her view the future of pension administration services in Malta is certainly positive and she looks forward to meeting any future challenges. 240

Quick-fire Questions… with Deborah Schembri What was the first thing you did this morning? Made a coffee. What’s your favourite thing in your office? A Commonwealth trophy. What excites you most about working in your sector? It’s a new industry for Malta. Gourmet dining or homemade cooking? Homemade cooking. If you could have any superpower, what would it be? I would want to be Superwoman. What’s something you’d still like to learn? Tennis. What’s the best thing about running a business in Malta? We are competitive thanks to our language. And the worst thing? We have limited opportunities when compared to larger countries. Which is your favourite spot on the island? Mellieha. Book, film, series, or music? Music. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? On my mobile. If you weren’t in this career, what would you be doing? Something outdoors. Where do you hope to see the world in five years? With more common sense! How do you hope to spend your retirement? I haven’t thought about it. Outlook for 2020: positive or negative? Specific to my industry – positive.

MaltaCEOs 2020

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Richard Bilocca

CEO, W AT E R S E R V I C E S C O R P O R AT I O N

“ FA I L I N G C A N N OT B E PA R T O F OUR VOCABULARY.”

W I T H T H E R E S P O N S I B I L I T Y O F T H E N AT I O N ’ S W AT E R S E C U R I T Y O N H I S S H O U L D E R S , W AT E R S E R V I C E S C O R P O R AT I O N C E O R I C H A R D B I L O C C A H A S T O S TA Y R E S O L U T E L Y F O C U S E D AT A L L TIMES. HIS STEADFAST APPROACH IS CLEARLY WORKING, WITH T H E C O R P O R AT I O N M A K I N G R E C O R D S T R I D E S F O R W A R D O N B O T H S U S TA I N A B I L I T Y A N D R E V E N U E I N T H E L A S T 1 2 M O N T H S .

Water security is a hot topic and big business. After all, it is as essential to human activity as air and, without it, cities and societies face collapse. Meanwhile, from an economic perspective, The World Bank has confirmed that water scarcity – exacerbated by climate change – could cost some regions up to six per cent of their GDP by 2050. Locally, the complete drinking and waste water cycle is in the hands of the Water Services Corporation, and has been since 1992. And, although the Maltese islands have long been associated with having water sustainability problems, the organisation is going strong – having registered a profit for the sixth consecutive year in 2018, and a record turnover of €94 million.

CEO INSIGHT “In my role it’s all about energy – I think of myself as relentless, with an unstoppable urge to get things done. The Corporation has an impressive skills portfolio, and my main added ingredient has been to give the team the space to shine while steering it firmly within the agreed direction. I currently spend as much time on-site with them as possible; knowing the ground-level developments day-to-day is a top priority.”

At its helm is CEO Richard Bilocca, who took on the role two years ago, having previously worked at the Icelandic Institute of Sustainable Development leading various projects on sustainable energy development, energy infrastructure and fisheries. Looking back on his career so far, Richard cites his seven-year stint in Brussels as the most rewarding, highlighting his role as attaché at the Permanent Representation of Malta to the European Union as hard to beat. “Closing most legislative files as chairman there – most of them with unanimous member state support – was a high point,” he says. “As was having Politico’s presidency scoring exercise rate the work of my team at 10/10. But there were also so many other, smaller, moments that have

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Our model for water usage will start to be used as a blueprint internationally – not just because we have successfully overcome water scarcity but because we did so in the most efficient way possible. In this regard we are second to none internationally.

passed by unseen but which were equally important and have turned into great opportunities.

being, and we also have a huge role to play in the economy. Failing cannot be part of our vocabulary.”

“Now, though – and judging by the results obtained so far at the WSC – I am onto something special once again, with a team of great, hard-working people by my side.”

2019 has certainly been a big year for the Corporation. Among the many highlights, it was awarded the Water Governance Prize at the Annual Water Innovation Europe Event – a milestone that Richard simply puts down to ‘vision’. “That award was the fruit of a highly-experienced workforce that, over the years, has turned an island beset with natural water scarcity into one where the supply of potable water is solidly guaranteed. In fact, our model will start to be used as a blueprint internationally – not just because we have successfully overcome water scarcity but because we did so in the most efficient way possible. In this

Richard certainly doesn’t underestimate the responsibility of his current position – leading a workforce of over 1,000 individuals and serving more than 250,000 households and businesses across the Maltese islands. “For me, it all comes down to focus,” he continues. “Knowing what is at stake keeps us focused on our daily task: to always end the day in a better position than we started it. So many people rely on us for their well-

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regard we are second to none internationally.” Under Richard, the Corporation is also implementing an unprecedented strategy to leave the water table (our island’s natural water reserve) in a much better state than it found it. “A reduction of four billion litres per year in terms of groundwater abstraction figures and the production of seven billion litres of new recycled water with over 400 dispensers for agricultural use will be a game-changer in this regard. We continue to turn challenges into opportunities as we are safeguarding the water table for future generations.” Technology has played an important part in that too, allowing for a better and more secure service to be delivered with unparalleled efficiency. “We have greater control and remote operability,” he explains. “In essence, from our control room, we can manage each and every one of our 400 large-scale pumps, zoom in on our 270 thousand-plus connections, and view hourly consumption in real time. Technology has enabled us to be more in control when it comes to downtimes and, more importantly, to produce more water with less energy.” Looking back on the past 12 months, the CEO says that 2019 will go down as the year when the island’s largest-ever EU Cohesion Funded project started being implemented on the ground. “Progress is encouraging – despite the project being very challenging with its €135 millionplus investment,” he says. “It is a mammoth mission, and it will blend the most negative aspects

of each source – the water table and reverse osmosis – and convert them into something positive.” Beyond that, Richard explains it will also be very hard to surpass 2019 in terms of efficiency gains. “The disparity between increase in sales and production figures has been astronomical, giving justice to a very aggressive strategy focusing on efficiency, addressing metering anomalies, and virtually eliminating major leaks,” he says. As for 2020, this will be all about consolidating the current momentum to attain a utility service that is fully customeroriented and self-sufficient. “But we need the public’s help,” he stresses. “Complaining on social media isn’t enough – so please alert us if you spot a leak or something untoward. Customers can even chat live with our representatives on our website, so they can be in touch at a moment’s notice.” Finally, Richard emphasises that a new major project will address the main blocks within the Corporation’s operational cycle – namely water production and distribution, waste water collection and treatment, and water reuse. “Overall, it will substantially increase the quality of our tap water here on the island, reduce our carbon emissions as a company, increase our efficiencies in-house and, ultimately, safeguard Malta’s groundwater resources. We are on track to achieve all that, and very proud of what is being accomplished.”

Quick-fire Questions… with Richard Bilocca What was the first thing you did this morning? Fed the dog. What’s your favourite thing in your office? A glass-blown octopus given to me by my team. What excites you most about working in your sector? The challenge, and the fact that we are successfully sustaining a growing economy. Gourmet dining or homemade cooking? Both. If you could have any superpower, what would it be? Flying. What’s something you’d still like to learn? Playing the piano with my children, Elena, Valentina and Matteo. What’s the best thing about running an organisation in Malta? The opportunity to make a difference. And the worst thing? Operational downtimes. Which is your favourite spot on the island? In-Niffied, near Hamrija Tower. Book, film, series, or music? Listen to music. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? Twitter. If you weren’t in this career, what would you be doing? Some sort of agritourism, but this will probably remain a dream. Where do you hope to see the world in five years? More stable, with less suffering. How do you hope to spend your retirement? By the sea. Outlook for 2020: positive or negative? Positive.

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CEO INSIGHT “Work-life balance has become ever more challenging. I love travelling so I catch up with balance on every trip. We have a vacation here and a shorter holiday there. Otherwise we make the most of the weekends.”

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Raphael Micallef Trigona

MANAGING D I R E C TO R , EWORLD LTD

“ W E ’ R E N O T I N T H I S F O R T H E O N E D E A L . T H AT ’ S N O T O U R B U S I N E S S . W E ’ R E H E R E F O R T H E L O N G S TA Y . ”

I T I S P E R F E C T L Y U N D E R S TA N D A B L E T H AT S O M E O N E I N A S E N I O R P O S I T I O N F E E L S A C E R TA I N S E N S E O F D U T Y T O W A R D S T H E I R CO M PA N Y , T H E I R T E A M A N D T H E I R C L I E N T S . F O R S O M E , T H E P R E S S U R E I S D E B I L I TAT I N G . F O R O T H E R S , I T I S A D R I V I N G F O R C E . R A P H A E L M I C A L L E F - T R I G O N A I S D E F I N I T E L Y I N T H E L AT T E R C AT E G O R Y .

“If I had to explain to someone what I do, I’d describe it as ‘giving vision’. I need to give vision to the company,” Raphael says, making the job of running the giant ship that is IT solutions company Eworld sound deceptively simple. He quickly clarifies any potential misunderstanding by diving into the laundry list of his role’s priorities. “I need to understand where we want to go, what targets we need to reach. I need to understand the team I have, and enable everybody to operate at their 248

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strength in order to give the most. Then, I identify and fill gaps, either through recruitment, training or certification. And I also develop customer relationships and supplier relationships. There is no one word to describe what I do, but this is a role that has evolved over time.” Raphael’s journey began as an electrical engineer after he graduated from the University of Malta in 1988. This was followed by a Masters in micro-

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

For Eworld, outreach is not just a pitch. We create an event, we share real experiences. We’re there to integrate with the crowd, to be there for our clients. We’re not just sitting here in our ivory tower, waiting for people to come to us.

electronic chip design at Brunel University in London. Not one to waste time, Raphael dove head-first into the field. “Those five years were fantastic,” Raphael remembers fondly. “I was responsible for chip design across Northern Europe. I was travelling three or four times a month. It really was a great job.” But challenges were swift approaching. “Coming back to Malta in 1995, I quickly realised there was no way I could remain as specialised as I was in the UK. Such jobs just weren’t available here. So I focused on management, rather than just electronic and engineering skills.” This mindset shift proved critical and fruitful as his operations director role within Intercomp quickly developed into a managing director position at Systec. “That was a great show of faith,” Raphael concedes. “I felt very humbled, even if that’s a cliché to say.” What is certain now is that the faith was more than well placed. In 2005, Raphael was recognised for his leadership at the Malta Engineering Excellence Awards. “That was a particularly proud moment, but it was also very meaningful because one year later my mother passed away. She was alive to see me receiving it,” Raphael notes. This achievement was something of a harbinger for what was to come. In 2007, he was asked to set up Eworld. “Back then, the focus was on corporate IT solutions, from storage, servers and networking, to corporate desktop solutions. That was our bread and butter,” Raphael explains. Today the portfolio has grown to include security and office productivity tools, as well as cloud services. “The newer areas in which we’re investing in order to grow are Microsoft Cloud services, anything from

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Office 365 and Azure, the virtual part of the platform, complemented by IT security solutions. Security in particular is very relevant given all of the latest hacks, breaches and crashes,” Raphael adds poignantly. This is not to say that Eworld is jumping onto any sort of bandwagon. An essential part of Raphael’s modus operandi is to consistently place himself and his people ahead of the curve. He does this by attending select international conferences, and absorbing knowledge from partners and industry heavyweights in Hewlett Packard, Microsoft, F5 and Palo Alto Networks. “A conference in the US this year will set the vision for me for the next three years because I’ll be listening to Microsoft’s CEO and HP’s CEO lay down their ideas. Then I’ll pick out what works for our company, do the number crunching, and get to work.” And while some may keep this kind of ‘insider’ information to themselves, protecting their advantage over the competition, Raphael believes in the power of sharing knowledge. Thanks to quarterly business breakfasts, Eworld gives clients and local professionals a chance to network and learn from international IT experts. “Reading textbooks and white papers on the internet isn’t enough to stay sharp these days,” Raphael explains. “For Eworld, outreach is not just a pitch. We create an event, we share real experiences. We’re there to integrate with the crowd, to be there for our clients. We’re not just sitting here in our ivory tower, waiting for people to come to us.” This inherent sense of respect for the industry and the client runs deep in Raphael’s philosophy as well as the company’s. Tailoring solutions to clients and problems is a priority, he says. “We’re not in this for the one deal. That’s not our business. We’re here for the long stay. We’ve been here for 20 years, and we want to be here for another 20.”

Looking forward, one of the main targets for Raphael and his team this year is to raise awareness about the need for IT security in Maltese companies. “In Malta, people haven’t yet woken up to the reality that they need to have IT personnel on site,” he insists. “Any organisation with over 100 people needs to have IT security people in their own team. We’re seeing this abroad and it’s got to come to Malta as well. People are starting to invest but they’re not allocating enough budget for it.” Raphael also notes a skills gap challenge present in the Maltese workforce. “Throughout 2019 we grew our team specialising in IT security and networking, and we’ve even had to recruit from outside the EU. We successfully applied for a visa for a Nigerian network specialist. Talking to other CEOs in the country, I realise this is happening all the time.” And this is why Raphael is so keen on investing and taking care of his team. Raphael looks for any opportunity to bring his team together, be it a barbecue or boat trip, however the personal touch that’s so critical to the way he runs Eworld is clear here too. “Every Friday, I bring in treats,” he says smiling, referring to the ice-creams waiting in the fridge. “As a leader, nothing beats knowing people one-to-one. Knowing the wife, the kid, the mother. Nothing can replace that. In 2004, we were four people and it was easy. Now, we’re 30, but I’m not stopping.” It’s easy for managers and bosses to spout platitudes about employees being the most ‘precious resource,’ only to set the notion aside when the going gets tough. But as Raphael walks out the door to hand out ice-cream to his team when his calendar is overflowing with appointments and meetings, it is clear where priorities lie here. Actions speak much louder than words.

Quick-fire Questions… with Raphael Micallef Trigona What was the first thing you did this morning? Brush my teeth. What’s your favourite thing in your office? Two things. My mother’s photo and my mug from my first overseas training session at Hewlett Packard in Germany in 1995. What excites you most about working in your sector? It’s fresh. New day every day. Gourmet dining or homemade cooking? Gourmet dining. If you could have any superpower, what would it be? Flying. What’s something you’d still like to learn? Golf. What’s the best thing about running a business in Malta? Proximity to the customer. And the worst thing? The claustrophobic small island feeling. Which is your favourite spot on the island? Spinola Bay. Book, film, series, or music? Series. Right now, I’m watching Money Heist. What’s your most-used app on your phone? WhatsApp, definitely. Where do you read your news first? Times of Malta. If you weren’t in this career, what would you be doing? This is what I do. Where do you hope to see the world in five years? Correcting some environmental damage. How do you hope to spend your retirement? More travel time, more family time. Outlook for 2020: positive or negative? Positive.

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David Galea

CEO, B E AT L T D

“ W E B R I DG E T H E G A P B E T W E E N A CO M PA N Y AND ITS TECHNOLOGY.”

I N T H E F E W S H O R T Y E A R S S I N C E B E AT L T D W A S F O U N D E D B Y C E O D A V I D GALEA IN 2015, THIS BOUTIQUE FIRM HAS BECOME RENOWNED AS A L E A D E R A N D N I C H E P L A Y E R I N T H E L O C A L I N N O V AT I O N A N D D I G I TA L S O L U T I O N S I N D U S T R Y , A N D N O W S E E K S T O E X P A N D I N T E R N AT I O N A L L Y . C R E AT I N G H I G H - E N D B U S I N E S S M O D E L S O L U T I O N S A N D O F F E R I N G E X P E R T A D V I C E , B E AT S E R V E S B O T H S TA R T - U P A N D E S TA B L I S H E D ENTERPRISES IN A RANGE OF KEY INDUSTRIES INCLUDING FINTECH, G A M I N G , C O M M U N I C AT I O N S A N D M E D I A , A N D T E C H N O L O G Y .

CEO INSIGHT “The main problem with trying to balance business with my personal life is time management. Time is the most precious commodity a person has. It is not cheap, it has value. Giving one hour to the business means one less hour with my family, so I’ve become very disciplined regarding time, and strict about how it is used. These days, my me-time is spent with my family and children, and one of our shared hobbies is to travel together.”

While some may be terrified by the concept of change, the opposite is true for BEAT Ltd CEO David Galea. In fact, David thrives upon change so much, that he has moulded a highly-successful business around helping others adapt to it.

people make as it’s renowned as particularly hard to get clients — but BEAT was born out of my love for making change happen within organisations.” David chose BEAT as the company’s name for its multiple meanings; firstly as an acronym for ‘Business Excellence in Achieving Transformation’, but also to signify beating competition and the beating of a heart. These careful layers of meaning within the BEAT brand are indicative of David’s attention to detail in all aspects of the company’s operations, as well as throughout his own consultancy career, whereby he has sought to assist clients since 2007 on their journey towards business transformation.

“I thrive in changing environments,” David says. “I am not a man of routine, but very much a man of change. It excites me when I have the opportunity to help companies as they manage times of crisis, advising them how to change the methods in which they operate and bringing them up to speed. “It was always my dream to have my own company in the consultancy field — which is not a choice that many 254

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David. “We also assist those seeking financing who may not have access to traditional funding methods such as bank loans or angel investors, and we help them present their optimum case to these funding entities. I like to think that we are in the business of selling reputation; the business of relationships rather than transactions.” Even though BEAT focuses on springboarding other companies on their journeys towards success, David has not forgotten to recognise each team member’s individual career success goals within BEAT itself. “The role of a leader is to serve the company and the people with whom they interact on a daily basis,” affirms David. “I’m here to make life easier for the people within the organisation, both by giving direction to the company in which they work, and by helping them to grow for the sake of their own careers with constant training opportunities, which helps the company grow as well.” Being around such a dynamic group of experts also inspires David to keep learning and growing himself. “I love to learn from others, and to continuously improve myself — I believe learning keeps you young at heart. I enjoy meeting different people who work in different professions, and I ensure that the company is built around the expertise of our team, rather than the other way around. I find good people, and then I find the right role to fit their skills and strengths. It’s the people that make the organisation.”

I’m here to make life easier for the people within the organisation, both by giving direction to the company in which they work, and by helping them to grow for the sake of their own careers with constant training opportunities, which helps the company grow as well.

“Technology is, of course, a key driver for change, and many companies mistakenly think that by throwing technology at a problem, then that problem will vanish,” David points out. “For example, AI is starting to make real inroads into several industries, whereby it can help companies with decision-making, but it should not replicate a decisionmaking process that is already flawed. That’s where BEAT comes in — we address operations at a grass roots level, and help companies to apply the appropriate technology, wherever it is required, as a supporting tool to help implementation. We bridge the gap between a company and technology, forming solutions to help them simplify, as well as update, their operations.” BEAT evolved to focus on initiative transformation with a technology component, later diversifying into digitalisation and creating a lifecycle model that guides companies at every stage of their business. “Our unique selling point is that we have experts across a series of specialised areas — ‘grey-haired’ consultants with key functions to help companies drive their business,” elaborates David. “We strive to understand our clients, and we consider our prime role as being to advise them as to their best way forward, both designing and implementing bespoke solutions that have been crafted to their needs.” By offering such a specialised service that is customised according to the client, BEAT has become known for mapping the success of both start-ups and more established enterprises. “One of our most soughtafter services is for start-ups, which need mentoring and guidance to set up their operations in order to make their business successful,” explains 256

This intentionally organic and diverse range of expertise within the company has also helped David to continue to consolidate the business areas offered by BEAT in recent years, adapting to everchanging technologies and with a view to extending the company’s reach beyond Malta’s shores. “Technology is advancing at a rapid pace, and we’ve seen cycles of technology develop very quickly too,” David highlights. “Blockchain and AI are both also slowly disrupting the classic business management model, and our advice is ever more relevant for companies that see the potential in these emerging technologies and are considering if they might have an innovative place and purpose within their own operations.” The opportunities in 2020 and beyond continue to grow for BEAT, particularly in terms of the company’s internationalisation. “Right now we are focused on building more opportunities and securing more contacts and prospects with which to spread our reach from an exclusively-local one to that which will provide advisory solutions to clients on an international level,” David says. “However, one of our weaknesses as a company has been from a marketing perspective, and so we are investing in good marketing moving forward. We are developing our online presence, with a company blog that will enable us to share our knowledge and join the global discussion on a host of relevant topics, and develop our brand reputation on an international scale.” However, as someone whose impressive resumé includes assisting with Malta’s corporate strategy on a national level, if there is anyone who understands what it will take to put the islands — and by extension, BEAT — on the global technology map, it’s David. “As a country we have been focusing on regulation, but now we need to move onto the other pillars of the economy such as education, and encourage these pillars to work together. Malta is a small country, so it can’t hope to compete with the likes of China in terms of AI. Instead, I believe it should carve out a niche for itself, and become specialist in a particular area. Finding the niche has been the key to success at BEAT, and I have no doubt that it will also prove to be Malta’s, especially in the global technology arena.” 257

Quick-fire Questions… with David Galea What was the first thing you did this morning? Had breakfast and got ready for the day. What’s your favourite thing in your office? The picture of my son. What excites you most about working in your sector? The continuous learning possibilities. Gourmet dining or homemade cooking? Gourmet dining. If you could have any superpower, what would it be? Cloning. What’s something you’d still like to learn? To be patient. What’s the best thing about running a business in Malta? It’s never dull. And the worst thing? Also that it is never dull. Which is your favourite spot on the island? Golden Bay. Book, film, series, or music? Book. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? Online, usually on CNN. If you weren’t in this career, what would you be doing? I would be an author of fiction books. Where do you hope to see the world in five years? In less turmoil, with more equality in terms of sharing resources, and a greater focus on the environment. How do you hope to spend your retirement? Travelling. Outlook for 2020: positive or negative? Positive.

CEO INSIGHT

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

George Bonello

“I schedule my personal time in the same way I schedule my time for the business. I am wholly dedicated to the business, but I am never afraid to shut up shop when the time comes, as I know that balance is a vital part of success. I work to live and don’t live to work. Nothing makes me happier than time with my family, so that will always be my number one focus.”

CEO, SIDROC LTD

“ E V E R Y T R A N S A C T I O N S TA R T S W I T H A N E E D . ”

SINCE 1995, SIDROC LTD HAS BEEN A LEADER IN THE PROVISION OF H E A L T H C A R E E Q U I P M E N T T O I N D I V I D U A L S , C L I N I C S A N D H O S P I TA L S , H E L P I N G TO T R A N S F O R M T H E Q UA L I T Y O F L I F E O F T H O U S A N D S . C E O G E O R G E B O N E L L O I S AT T H E F O R E F R O N T O F T H AT , U S I N G H I S B A C K G R O U N D I N P AT I E N T C A R E T O D R I V E A C O M P A N Y T H AT I S A S E Q U A L L Y F O C U S E D O N S E R V I C E A S I T I S O N I N N O V AT I O N .

When he started his career as a nurse, George Bonello couldn’t possibly have foreseen the exciting business future that lay before him. Passionate about caring for people, he chose the nursing profession in the early 80s because a number of his family role models were nurses too, plus, he recalls, there weren’t many options back then.

and health products within the medical sector. Today, George and his team provide over-thecounter products, supply hospital and home medical equipment, and service the leasing of medical equipment. “By supplying innovative healthcare products, our goal is to help people of all ages live independently, with dignity and pride, and when possible in their own homes,” George continues.

“I have always liked looking after people, so the medical profession seemed like an obvious one,” he says. “But, as a nursing officer in the Cardiology Unit, I realised there was a gap in the market for medical products accompanied by really good aftersales service. So, along with a colleague, I decided to look into what was missing and provide that service myself. That’s how Sidroc was born.”

It’s a niche that has served them well since day one, while George’s trademark passion for innovation has set them in good stead for success. For instance, he and the Sidroc team were the first to introduce respiratory home oxygen concentrator machines so patients can have oxygen by day and night without the need for cylinders. They were also the first to provide sleep apnea treatments.

From the get-go, it was a company founded to promote, distribute and service medical equipment 258

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I expect to see big changes in the industry when it comes to the use of robotics and AI. In the future, patients will be able to monitor themselves from the comfort of their own homes, while clinics will use more and more AI-infused diagnostic equipment.

“Sometimes our challenge is that we’re actually ahead of the market,” the CEO continues. “In fact, we have learnt to listen carefully to the market and react to its needs; our technology-led innovation and patient-led response have to be equal, and we still walk that balance today. The tech side of the market is developing at an incredible pace, but the challenge comes from knowing the budgets available – what people and clinics can afford – and matching up to the needs of that.” George believes it is Sidroc’s dedication to stellar aftersales service that really sets it apart. “Whenever we introduce something, it’s so important to us that our clients can get the most out of it – otherwise what’s the point? Thus, we have a team dedicated to going out into homes to teach people how to use their new machines; after all, we have to be aware that teaching an 85-yearold how to use an oxygen machine is very different to teaching a 50-year-old. We have to make it fool-proof, even if we’re selling something simple, like a bed. We also have to bring the carer and family members into the conversation, and ensure they know how to use the equipment too. We want our customers to take full benefit of the products they buy from us, and to have the right equipment to give them maximum quality of life.” Admittedly, Sidroc has been through some changes since it was first launched in 1996. At the time there were three directors, one of whom has since sadly passed away. Over the years the company had been split into three 261

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key areas – hair care, medical equipment services, and property. After the split, George retained sole ownership of the medical side of things, along with his wife Josephine, who joined as a director. Together – having built Sidroc to become one of the leaders in the medical supply industry on the island – they have never lost sight of the fact that their business relies heavily on the needs of others. “Every transaction starts with a need,” George continues. “We know that we often meet our clients at a difficult time, and empathy and understanding play major roles in the work we do. That’s where my nursing background is particularly useful.” George is enthused by where medical technology is going, and 2019 has been an exciting year for that. “Neonatal has seen some big steps forward this year, including the addition of things like cooling jackets for babies,” he says. “It is a field that is making quite a lot of progress. “Then there’s the focus on sleep therapy, which we have also developed this year. Again, it comes back to need, as more and more people are being diagnosed with sleep-related issues, such as sleep apnea, and becoming aware of what can be done about them. We are in a position to be able to help them, and we feel enthused by that opportunity.” Looking to the future of the industry, George envisages it becoming more and more regulated, which he cites as a good thing. “The rules are becoming more stringent, which makes a lot of sense because it will help to eliminate products that aren’t up to standard. We will see a difference there, and it will be a very positive one. “I also expect to see big changes in the industry when it comes to the use of robotics and AI. In the future, patients will be able

to monitor themselves from the comfort of their own homes (just like diabetics monitor their blood sugar levels today), while clinics will use more and more AI-infused diagnostic equipment. Even today we have robots at work in the medical sector and I certainly imagine we will have robotic carers in the future, as a foolproof method to ensure people take their medicine at the right time, for instance. I see it as very constructive for the sector.” 2020, specifically, will be positive for Sidroc, as George and the team expect to maintain their momentum or even grow the business further. “There is always room for growth in the medical world,” he says. “There is always going to be a new, niche product coming out, or a new way to treat a condition in a better way. “Personally, I am most looking forward to a future of innovative products that help individuals at home to prevent diseases before they become a problem; prevention is certainly better than cure, as the old adage says. I believe that is part of the future too – apps that monitor your blood, glucose levels and so on, so when you visit your family doctor, he will have a better picture of what is wrong and a diagnosis can be reached quicker. It will give patients a complete picture of what is happening to them.” Thinking back on the start of his career, George knows that – both as a nurse and as a medical equipment entrepreneur – he remains dedicated to the first thing that ever drove him: caring for people. “My aim always was, and always will be, to see more and more people free of their diseases – like people who are stuck at home or in hospital with respiratory conditions. I am happiest when I know that, thanks to our equipment, they can leave their homes, get out and about, and make the most of their lives. There is nothing that gives me more satisfaction than that.” 262

Quick-fire Questions… with George Bonello What was the first thing you did this morning? Had breakfast – I have a good breakfast every day. What’s your favourite thing in your office? It’s quiet, so I can focus. What excites you most about working in your sector? The developments and changes. I like change. Gourmet dining or homemade cooking? Homemade is always better – I look forward to a good steak. If you could have any superpower, what would it be? Flying – I love to travel. What’s something you’d still like to learn? More about the human mind. What’s the best thing about running a business in Malta? The interaction with our clients. And the worst thing? Dealing with pointless bureaucracy. Which is your favourite spot on the island? Dingli Cliffs. Book, film, series, or music? I like to read a book and listen to music at the same time. What’s your favourite app on your phone? WhatsApp and Facebook. Where do you read your news first? I get my news from Facebook. If you weren’t in this career, what would you be doing? I’d be a photographer. Where do you hope to see the world in five years? More humane. How do you hope to spend your retirement? Enjoying my family – my wife Josephine, and our children Rita and Miriam. Outlook for 2020: positive or negative? I always see the positive side of things.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Miriam Camilleri

CEO, MCCONSULT

“ YO U M AY B E C A PA B L E A N D K N O W L E DG E A B L E , B U T I T I S W I T H C O N F I D E N C E , D E T E R M I N AT I O N A N D S E L F - B E L I E F T H AT Y O U C A N G O F A R . ”

E S TA B L I S H E D I N 2 0 0 1 , M C C O N S U L T I S A B O U T I Q U E F I R M F O C U S E D O N P R O V I D I N G T H E H I G H E S T L E V E L O F P E R S O N A L I S E D S E R V I C E TO T H E C O R P O R AT E , L E G A L A N D M A R I T I M E I N D U S T R I E S . L E D B Y T H E M O T T O ‘ P R O U D TO B E O F S E R V I C E ’ , T H I S P R O F E S S I O N A L E I G H T - S T R O N G T E A M CO N T I N U E S TO S E R V E ACCO R D I N G TO I T S CO R E VA L U E S O F H O N E S T Y , E F F I C I E N C Y A N D L O Y A L T Y , W I T H F O U N D E R A N D C E O M I R I A M C A M I L L E R I AT I T S H E L M .

CEO INSIGHT “I have balanced my business and my personal life not without support from my parents. This industry gave me the flexibility to manage both work and family, but some women still feel guilty at somehow juggling both. But why should a woman not contribute to business because she has children? My children grew up with a working mother who embodied the values of learning and selfbelief, and through those same values they have both gone on to achieve great things in their respective fields.” 264

FOLLOWING MORE THAN 30 YEARS OF SERVICE, MIRIAM IS CONSIDERED A M O N G T H E L E A D I N G B U S I N E S S W O M E N I N M A L TA ’ S S H I P P I N G I N D U S T R Y .

“As the company has grown steadily over the years, this customer-centric approach has meant that we’ve had no big shocks along the way; we have never taken on more than we can handle, and have prioritised highquality attention and focus. Eighteen years later, I’m still proud of the personalised, bespoke service we offer our clients.”

‘Proud to be of service’ is not just the company motto at boutique consulting firm MCConsult − it’s also a life and career mantra for the firm’s founder and CEO, Miriam Camilleri. “I’ve always been proud of the company, and I never had particular milestones in mind beyond wanting to offer a high-quality, personalised service as a boutique firm,” Miriam explains.

The company’s core values of honesty, efficiency and loyalty – which are ingrained in each team member at MCConsult – were also key to Miriam’s success in her decades working within Malta’s transport industry. They gained her respect as a rare female in the largely male-dominated sector.

From the company’s roots in 2001, when it was just Miriam on board, she has wanted to prioritise giving individual attention to clients – not just as a consultant but also an executor, in the best, easiest way possible. 265

“I was the first woman to work in the weight and balance department at Air Malta,” Miriam continues. “I felt like a queen, and never had any issue with being the lone female among so many males. I earned their respect by knowing what I was doing and being honest about what I didn’t know. “Now I have brought that experience of gaining valuable expertise on board here, while taking every opportunity to learn and grow steadily. Although I lead my team, I evolve alongside them; I am still growing with them. I believe CEOs must lead by example and promote diversity and equality for all.” Miriam’s experience of prospering in the maledominated transport industry has also influenced her view that women play a vital role in today’s business world. “Women are here to stay in business. Malta has come a long way, and has made great strides in achieving true diversity, particularly in the transport industry, and it’s now up to us as women to promote this awareness,” she highlights. “When a woman sits on a board, it changes the whole attitude of the place. Women bring their own aura, their own passion, their own perspective. Of course, there are many women who still feel intimidated, but I believe that these issues may lie with middle management of a company, which are the core of the company, and a roundabout around which even the CEO must work. Middle management can break your office by being arrogant, demanding, or by showing no respect for team members. Diversity, equality and loyalty begin and end with them, in a company.”

Women are here to stay in business.

Fortunately, this is not a problem experienced within the small team at MCConsult, where Miriam encourages diversity, career growth, and self-belief − regardless of gender − in much the same way as she has experienced throughout her long career.

Malta has come a long way, and has made many strides in achieving true diversity, particularly in the

“My landmark career moments started with being a woman entrusted with an important position in the shipping industry and finding confidence when I had to regularly prepare briefs for my superiors, including my Ministers with updates,” she recalls. “This helped me to believe in myself, and gave me the drive to start the company, as well as stay calm and composed under pressure. I learned that, although you may be capable and knowledgeable, it is with confidence, determination and self-belief that you can go far. Ambition with curiosity, education with confidence – these have become key values at MCConsult.”

transport industry, and it’s now up to us as women to promote this awareness. When a woman sits on a board, it changes the whole attitude of the place. Women bring their own aura, their own passion, their own perspective.

Meanwhile, education remains high on Miriam’s agenda, both to spread the word among young people about the potential career excitement and success that may be found within Malta’s maritime industry, and to share her own accumulated knowledge through a series of prestigious roles. 267

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“To encourage more women into the industry we need to educate children from a young age on exactly what it means to be part of it,” she asserts. “I am the chairperson and a chartered member of the Malta branch of the Chartered Institute of Logistics and Transport (CILT), and also the vice president of the Malta Maritime Law Association (MMLA). Both these positions give me a valuable opportunity to share my experience and knowledge with the next generation, while also keeping me up-to-date in order to brief our clients about changes in the industry as they happen. I love the challenges presented by all these positions, and they have shaped me into the leader, and mother, I am today.” This front-row seat to the constant changes within the dynamic industry has also helped Miriam and her team throughout 2019, when waves of newly-introduced regulations meant that clients needed the company’s help and advice more than ever. “Where would the world be without transport? Nowhere! Working in this innovative, vast, and volatile industry is exciting and ever-changing, but it is our responsibility to help our clients keep up to speed with that momentum. We must always keep abreast of developments and use clients’ feedback to create solutions,” she points out. Reacting to new and increased regulations continues to be on the company’s radar throughout 2020 and in the coming years. “These regulations have changed the modus operandi for companies, and I believe they have shaped the industry for the better. It is now up to us to help our clients to fully understand and implement these changes in the most positive, forwardfacing way possible. They must continue moving ahead and, in parallel, so must we.”

With the new regulations, Miriam also sees the need to radically improve the legal structure within Malta’s maritime industry. “It is high time that Malta has a maritime code and maritime court, which will bring together all legislation, past, present and future,” she insists. “Over the next decade until 2030, we aim to grow our legal department alongside this evolution of Malta’s legal sphere, while remaining focused on our long-term objectives and the training and education of staff. We will develop new structures to give a wider service that is as efficient, expert, and professional as ever.” Miriam is also a council member of Birdlife and hopes to bring her passion for a cleaner environment to the forefront of her life, and the industry. As she prepares to take a step back and allow for the succession of the next generation, “I yearn for a better world that respects the environment. I support the transport industry’s initiatives toward the UN 2030 Sustainable Development Goals, whereby the shipping industry is pioneering to empower women in the maritime sector for further emancipation and integration, and to reduce its overall impact on the marine environment by resorting to cleaner fuel alternatives, sulphur reduction, prevention of contamination of marine species, as well as a greater focus on the prevention of general pollution from ships. “We are just in time to prevent a major global climate crisis – if we work hard and have the courage to make the changes that we need to make now, then I can look forward to taking a step back and giving my family, especially my grandchildren, more of my time, as well as do my utmost to aid in promoting a cleaner, brighter future for them and future generations.”

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Quick-fire Questions… with Miriam Camilleri What was the first thing you did this morning? I took a phone call. What’s your favourite thing in your office? My paintings. What excites you most about working in your sector? It’s ever-changing and dynamic. Gourmet dining or homemade cooking? Homemade cooking. If you could have any superpower, what would it be? I’d be an environmental warrior, with the power to stop those hurting the environment. What’s something you’d still like to learn? The psychology of life. What’s the best thing about running a business in Malta? It’s a small country, which offers easy access to those we deal with, particularly Government offices. And the worst thing? It’s non-stop, 24/7. Which is your favourite spot on the island? My home tucked away in Gozo, in front of Ta’ Pinu Church, where I can relax. Book, film, series, or music? Books − an old favourite is ‘Pillars of the Earth’ by Ken Follett. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? Online. If you weren’t in this career, what would you be doing? Interior design. Where do you hope to see the world in five years? A cleaner world where we all learn to be more tolerant of each other, and more respectful to the environment. How do you hope to spend your retirement? Enjoying time with my grandchildren, travelling, reading, and watching tennis. Outlook for 2020: positive or negative? Positive.

CEO INSIGHT

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Johann Grech

“Our vision is not just about strengthening our film infrastructure but about getting more people to work in the film industry, having careers, becoming filmmakers and making Malta a player on the world stage. This is not just a vision; it’s an action plan that focuses on building a film industry that is – and remains – and is self-sustaining.”

M A L TA F I L M C O M M I S S I O N E R AND CEO, M A L TA F I L M S T U D I O S

“OUR ISLANDS OFFER A WORLD OF OPPORTUNITY TO T H E G L O B A L F I L M I N D U S T R Y . ”

F O R N E A R L Y 1 0 0 Y E A R S , M A L TA H A S B E E N AT T R A C T I N G I N T E R N AT I O N A L H I G H - P R O F I L E F I L M P R O D U C T I O N S . M A L TA ’ S V E R S AT I L E L O C AT I O N S A N D T H E C A P A B I L I T Y O F M A L TA ’ S I N F I N I T E - H O R I Z O N W AT E R TA N K S A R E K N O W N FAC TO R S G L O B A L L Y . F I L M CO M M I S S I O N E R J O H A N N G R E C H N O W P L A N S T O TA K E T H I S R E P U TAT I O N T O T H E N E X T L E V E L T O M A K E M A L TA A W O R L D - C L A S S L E A D E R I N T H E F I L M I N D U S T R Y .

Film Commissioner Johann Grech is on a mission: to make Malta’s film industry truly world-class. To do this, he is resolutely focused on bringing more foreign productions to our islands, as well as sending more local productions abroad. “Our vision isn’t just about strengthening our film infrastructure, but about getting more people to work in the film industry, having careers, becoming filmmakers and making Malta a player on the world stage,” he explains. “And it isn’t just a vision; it’s an action plan that focuses on building a film industry that is - and remains - self-sustaining.” Johann was appointed Film Commissioner in 2017, before which he was head of Government marketing in the Office of the Prime Minister. But he says he has always been interested in the creative industries. “I’ve 270

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long been fascinated by how Malta, our small island, has attracted such big productions over the decades,” he continues. “As a child I remember visiting Popeye Village and being amazed by our local talent for setbuilding. Then, later, in 2005, I recall hearing the buzz that was created when people learnt that Steven Spielberg was on the island. It was exciting even then. “In my opinion, Malta has always responded to the needs of the film industry. Our people have always been proud of the productions shooting on their street or in their town square, they have welcomed directors and producers, and made them feel at home. It’s all part of our culture.” Asked about the skills he has brought to this exhilarating role, Johann cites his marketing background and experience in the creative industries

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

before this. He has, after all, been a key player in creating brands, developing products, leading strong marketing campaigns, and winning over market-share – all of which are proving vital in his ability to strengthen Malta’s position as a global leader in the sector..

in 2000, when Malta became focused on its potential growth as a filmmaking destination. However, the islands’ history with film actually dates back nearly 100 years, when Sons of the Sea was shot here. The islands have provided the backdrop to countless films since then.

“As film commissioner, my marketing background has helped me to put Malta at the forefront of the film business,” he says. “On top of that, thanks to the continued support of Minister Konrad Mizzi, we have worked on a master plan for the regeneration of the Malta Film Studios. This is just the start. Yes, it’s going to be a long process but we are determined to achieve our ambition. We want to create a world-class industry, where our people compete internationally – and we will.”

“Our islands offer a world of opportunity,” Johann continues. “Our versatile locations and the capabilities of our infinite-horizon water tanks are known globally. Plus, we have a strong reputation for our cash rebate programme, which has been in operation since 2005, not to mention our professional film crews and skilled construction crews, who have worked with top directors and producers like Frank Marshall, Bob Huberman, Steven Spielberg, Michael Bay, Ridley Scott and Paul Greengrass. They and others have all found everything they needed to create their compelling movies in Malta.”

Looking back on the history of the commissioner role, Johann explains that it was first created

We have the drive and commitment to make our ambition achievable – making Malta a world-class leader in the film industry. We will build a sector that will last, and create a selfsustaining infrastructure. We want to strengthen Malta’s position as a player on the world stage.

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2019 has seen the commissioner reach out to studios and independent filmmakers while marketing the new cash rebate programme, which provides filmmakers with 40 per cent cashback on their eligibility budget spend in Malta. On top of that, the organisation has dedicated efforts to its new master plan for the Malta Film Studios – a move that has been backed by even more Government investment. “Infrastructural works have already started,” Johann says. “And we are making sure that more international productions are coming to our islands.” With 2020 in sight, Johann emphasises how, together with Minister Konrad Mizzi, he is working on the implementation of an overarching film strategy that will turn the industry from being seasonal to back-to-back. “During 2019, we have attracted productions from the United Kingdom, Germany, Italy, the Netherlands, Israel, Canada and the United States. Now, with more Government investment to strengthen our facilities, having back-to-back productions, and with more people joining the industry through our programme ‘Opportunity for All’ – we are building an industry that will last.” However, despite his resolute determination, Johann knows there will be challenges to his vision for Malta’s future in filmmaking – the international market is notoriously competitive, film producers are always eager to tighten budgets, and other markets are always looking to improve their incentives. “This is a fast-moving industry that is ever-growing and diversifying. But Malta was never afraid of challenges and we are committed to remain at the forefront of global film production. We are doing well but we can’t be complacent,” he says. “With the Government’s unprecedented investment in the facilities of the Malta Film Studios, we are witnessing a revitalisation of the industry. Led by Minister Konrad Mizzi, we have embarked on our project to keep Malta a success story in the global film industry. “On top of that, we want the industry to grow even further, with more post-production, VFX and animation facilities, so that we can better service filmmakers while they are shooting in Malta. Together, this will mean we will continue to stand out.” And, his message is clear: Malta is open for business in the film world. “By attracting more international production companies to our islands, we will strengthen Malta’s proposition in this way too. This will have the knock-on effect of creating more opportunities in this specialised sector for the younger generation to succeed, not just in Malta but beyond.” In fact, he underlines that there is no limit to his ambition for the industry. “My ambition is to make Malta’s film industry world-class – by bringing more foreign productions to our islands and sending more local productions abroad. We have great people and incredible talent, so there is no reason why we can’t have up to three big productions on our islands at any one time – one in the water tanks, one in Valletta, and one in Gozo. We are determined to make our ambition achievable, making Malta a player on the world stage,” he concludes.

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Quick-fire Questions… with Johann Grech What was the first thing you did this morning? I attended a meeting at the Ministry for Tourism about the local indigenous industry. What’s your favourite thing in your office? Film posters of blockbusters filmed in Malta. These give me further drive to achieve more. What excites you most about working in your sector? Projecting Malta’s image abroad and bringing more productions to our islands. Gourmet dining or homemade cooking? Homemade cooking – ideally lamb or fish. If you could have any superpower, what would it be? I wouldn’t want one. I’d rather be who I am. You can never forget where you started, and it’s important to stay humble. Every day is a delivery day. What’s something you’d still like to learn? How to play golf. What’s the best thing about running an entity in Malta? Bringing about change – change is a process not an ending. And the worst thing? There’s nothing that comes to mind. Which is your favourite spot on the island? Valletta and Gozo. Book, film, series, or music? Watch a film or TV series. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? Sky News. If you weren’t in this career, what would you be doing? I’d be a lawyer. Where do you hope to see the world in five years? Progressing further and enhancing social justice. I also hope it will be more pro-environment with a focus on sustainable development and more renewable energy. How do you hope to spend your retirement? I love working, so I am not thinking about it. Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Geoffrey Farrugia

CEO, HANDSON SYSTEMS

“WORK IS NOT THE OPPOSITE OF LIFE – I T I S A PA R T O F L I F E .”

H A N D S O N S Y S T E M S L T D I S A N I N T E R N AT I O N A L T E C H N O L O G Y C O M P A N Y W I T H A PAS S I O N F O R R E S E A R C H I N G A N D D E V E L O P I N G H I G H - T E C H S O L U T I O N S T H AT H E L P M A K E T H E W O R L D A M O R E E F F I C I E N T , S M A R T A N D SAFE PLACE. FOUNDED BY CEO GEOFFREY FARRUGIA ALMOST A DECADE AGO, HANDSON SPECIALISES IN GPS TRACKING AND FLEET MANAGEMENT, U S AG E - B A S E D I N S U R A N C E , R F I D A S S E T T R AC K I N G A N D I N V E N TO R Y M A N A G E M E N T , P O R TA B L E P O S S O L U T I O N S , A N D TA S K A N D D I S P AT C H M A N AG E M E N T S O F T WA R E F O R F I E L D W O R K E R S .

Much like the innovative tech products developed by the expert team at HandsOn Systems, Geoffrey Farrugia considers himself – as CEO – as the ‘Swiss army knife’ of the company. “I am not your typical CEO,” he says. “My role varies from taking high-level strategic decisions to supporting the day-to-day functions of the company from the ground up. I must adapt and learn quickly to be able to solve all the different kinds of challenges that a tech company can throw at you every day. My role is, essentially, to serve the company, its employees, its customers, its suppliers and its shareholders – in that order.”

CEO INSIGHT “Going global could be the best thing that can happen to a company, especially one located in Malta. Maltese companies are somehow predisposed or born to go global. Our small market and the size of the country force us to be more eager to explore and penetrate new markets abroad. Plus, the lack of resources in Malta somehow makes us more resourceful, so we achieve so much more than similar international counterparts. Maltese businesses can become resourceful, resilient and above all successful, both locally and abroad.”

In fact, it was Geoffrey’s hands-on adaptability and sensitivity to the needs of the ever-changing tech world that inspired the launch of his aptly-named company, HandsOn Systems. “I see technology as a means to make a difference in the lives of others; helping others through technology, while making good profit, has always excited me. We still live up to our original objectives and, today, are proud to continue living up to our dream.” In the mere decade since its launch, HandsOn has grown at an impressive rate, both in size and reputation, to become today a key contributor to the international tech community. “We have 276

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managed to harness various technologies so as to develop our own software solutions, giving us the ability to track, monitor and control any asset from anywhere in the world,” Geoffrey continues. “In fact, in the last 10 years we have managed to diversify our product portfolio in such a way that we have penetrated the local and international markets through a number of telematic products.” Of the many products that HandsOn has added to the ever-growing tech market, Geoffrey feels that the most successful platform to date has been the HandsOn Fleet. “With over 15,000 vehicles tracked locally and another 10,000 vehicles internationally, this is still our main battle horse,” he confirms. “However, other upcoming products are equally interesting and promising: our RFID platform is making great headway both locally and internationally. It could well become our next key product – from tracking medical equipment and hospitals to tracing livestock at a national level. “Meanwhile, our innovative Usage Based Insurance platform, Aktuaris, is selling internationally and helping us to penetrate new markets, while Task Master helps companies to manage their workforce at the click of a button. And it doesn’t stop there, as we have also recently opened a new subsidiary, 247Pay, which represents the myPOS range of POS solutions and assists businesses with accepting hassle-free card payments on-the-go.”

HandsOn has always been a pioneer. Our main differentiator is the passion and the skill we put

With such an extensive and ever-evolving list of solutions being developed and managed from within HandsOn, the key to its ongoing success has been, for Geoffrey, a courageous, forward-thinking mindset, coupled with a deep understanding of the industry.

into our work and our products. We have managed to instil this culture throughout our organisation, and everyone makes that little

“We constantly invest a lot of time and money into research and development,” he explains. “Armchair critics or those who do not understand the tech industry can never appreciate that, in order for a tech company like ours to survive and remain at the top of its pack, a lot of the profit generated this year must be reinvested in the company next year.”

extra effort to work better and to constantly improve.

Geoffrey’s determined approach is reflected in every part of the HandsOn culture. “We have always been a pioneer,” he stresses. “Our main differentiator is the passion and the skill we put into our work and our products. We have

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managed to instil this culture throughout our organisation, and everyone makes that little extra effort to work better and to constantly improve.” In keeping with the company’s name, it is the unique dynamic of the HandsOn team that Geoffrey considers one of his finest achievements, and it is thanks to the team that the company has been presented with so many notable awards over the years. “I feel very proud that I have managed to build a strong team of individuals who have married the same cause and share the same vision I have,” he says. “I never imagined that friends I went to school with would later join me on this crusade of sorts and trust me with their lives and careers. It is one of my greatest achievements.” Another of his career highlights came when he was described as a ‘featured attendee’ at the ‘best technology conference on the planet’ – the Web Summit 2015. “This was the first step on a very long journey of internationalisation. Web Summit is the largest tech event in Europe, a meeting of some of the top tech companies, start-ups and tech entrepreneurs in the world.” With such a constant focus on the tech-related future, Geoffrey still finds establishing a balance with his present-day life a challenge, however. “I do not think that work and life balance is possible; it is actually a myth. Work is not the opposite of life – I like to look at it as a part of life, just as family, friends and hobbies are. We should not struggle to balance the two; instead our struggle should be that of loving what we do.” As a CEO, Geoffrey certainly loves what he does. “It is the best job in the world. It is both challenging

and rewarding, and is a role that enables me to accomplish, learn, build and grow, not to mention have a lot of fun.” Having recently opened new markets in South America, the Middle East and Africa, and focused on two key objectives of investing further in human resources and raising capital to better penetrate these international markets, Geoffrey now looks to the future of tech in 2020 and beyond. “Technology is improving and changing faster every year – in telecommunications, for example, or with the advent of blockchain, crypto currency, AI and IoT. The gap between the possible and the impossible is always getting smaller.” As ever, Geoffrey reassures that HandsOn will be on hand to help the world adapt to these evolving technological innovations. “This year we are continuing to help our communities with our technology. We will also achieve sustainability by reducing waste, working more efficiently, harnessing electric mobility, using renewable sources of energy and contributing to society by providing smart IoT solutions that have sustainability as their main objective.” For a sustainable and smart future, then, HandsOn is poised to continue pioneering the global tech market. “At HandsOn we like to pick a concept or a philosophy and embrace it for that particular year ahead. 2018 was the year of ‘kaizen’ – constant improvement. 2019 was the year of change – getting out of our comfort zone and challenging the status quo. Now 2020 is a special year for us – it is the year of ‘muda, mura, muri’ which means that HandsOn is focusing on getting leaner, meaner and more efficient by reducing waste while utilising our resources to crystallise the many opportunities that lie ahead.”

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Quick-fire Questions… with Geoffrey Farrugia What was the first thing you did this morning? Brushed my teeth. What’s your favourite thing in your office? My sound system. What excites you most about working in your sector? It’s very dynamic and constantly changing, there’s always something new to explore. Gourmet dining or homemade cooking? Homemade cooking. If you could have any superpower, what would it be? To time travel, both to go back to certain times of my life, and to travel very fast. What’s something you’d still like to learn? Languages, particularly Arabic. What’s the best thing about running a business in Malta? You build relationships. And the worst thing? Inefficiency, in terms of travel or processes especially. Which is your favourite spot on the island? Dingli Cliffs. Book, film, series, or music? Music, specifically electro-jazz. What’s your favourite app on your phone? Google Maps. Where do you read your news first? Facebook and social media. If you weren’t in this career, what would you be doing? I’d be a pilot – I already have a pilot licence. Where do you hope to see the world in five years? With less poverty, and more education. How do you hope to spend your retirement? Flying jets or drones. Outlook for 2020: positive or negative? Positive, always.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Jesmond Mifsud

CEO, M A L TA M A R I T I M E P I L O T S

“EVERY SHIP PROVIDES A NEW CHALLENGE, P U S H I N G YO U TO DO A B E T T E R J O B E AC H T I M E . ”

W I T H M A L TA ’ S E C O N O M Y F I R M L Y S U P P O R T E D B Y I T S W O R K I N G P O R T S , M U C H R I D E S O N T H E W O R K D O N E B Y T H E M A L TA M A R I T I M E P I L O T S – A C O O P E R AT I V E E S TA B L I S H E D I N 2 0 0 3 T O P R O V I D E P I L O TA G E S E R V I C E S , M A R I N E T R A I N I N G A N D O I L C L E A N - U P S W I T H I N T H E I S L A N D ’ S B U S T L I N G H A R B O U R S . TO DAY , C H I E F P I L O T C A P TA I N J E S M O N D M I F S U D O V E R S E E S A N E N E R G E T I C O P E R AT I O N T H AT K E E P S V E S S E L S C O M I N G B A C K T O B A Y .

Captain Jesmond Mifsud has, for years, worked hard and fast to steer ships safely into harbour. As president of Malta Maritime Pilots (MMP) – Malta’s marine piloting cooperative – and chief pilot for almost 17 years, the intrepid leader has worked with his crew at close quarters since the start of his career, preferring to be in the thick of it, with his team on the boats, rather than shut in an office elsewhere. “I like to be hands-on. And, I think it’s essential to have daily contact with what’s happening on the ground, so that I can anticipate any problems that arise,” he smiles as we sit in the entity’s newly-opened training premises, which, he says, will become a centre-point for MMP’s future.

Indeed, his training prepared him for a life close to sea, learning the ropes to anticipate, and resolve, problems off-shore. Starting out as a cadet, Jesmond was immediately sent out to sea, with his schooling alternating between theory and practice, seamlessly. “My studies zigzagged between academic theory and actual marine experience – you have to know that you’re not going to get seasick, after all!” Following his graduation from the Nautical Institute, he gained valuable experience on ships, working his way up to master mariner – the sector’s highest rank, denoting the ability to work on ships of any size or type. “I completed all my exams, and then a

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CEO INSIGHT “Every year I try to achieve something new, something I haven’t done before, and I have built a career always pushing for that. You have to love what you do in order to progress, and my love for the shipping industry has meant that I see every challenge as an opportunity. Nothing is routine.” 283

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vacancy for a pilot opened up and I went for it. The training doesn’t stop there, though. We always have to keep up-to-date, since ships are constantly changing. Over the past 30 years they have tripled in size and they rely, more and more, on electronics and computing technology, so there are always challenges which need to be confronted,” he explains.

Fortunately we’ve always had good seamen in this country, but we still don’t have enough people locally. That is why we have now opened this new centre.

Today, Jesmond’s practical approach to the tight demands of his role stands him in good stead. “I still take my shifts on duty – starting my day at 5am – and I do my 12 hours like all the other pilots. Those are the most enjoyable of my days. But, if I’m not on duty on the ships, I have to try and resolve any of the issues that have come up. Malta’s ports are working hubs, so there are always several matters to deal with at the same time. You need to be a multi-tasker: new industries are emerging; more quays are being built; the drydocks are welcoming bigger ships, and it is our responsibility to cater to everybody. It’s not easy, but what I enjoy are those big challenges,” Jesmond asserts.

Beforehand, we would have to go abroad to study pilotage, but our education, today, must be focused on our ports.

Undoubtedly, being an island, Malta relies heavily on the services of the MMP. From gas carriers and passenger vessels to oil tankers, catamarans and cargo operations, the cooperative’s members work day and night to steer the economy to port. “Every vessel over 500 gross tons has to be piloted in and we cannot stop shipping,” Jesmond explains. “It’s too important for our island, which depends on our work 24/7, whatever the weather. It’s not an easy job so we need to have welltrained personnel, whether technical, or administrative,” the chief pilot continues. 72 people form the cooperative, with 16 pilots responsible for running its operations, whether conveyance and pilotage, training or sea cleanups, headed by Jesmond, who is elected by the pilots themselves, in order to ensure all needs are met. “We’re always looking at the industry and trying to figure out what is missing – then filling that gap. To do so, we also coordinate with other entities in the port. All the services in the harbours have been privatised, so we’re all constantly trying to up our game. And, because everybody has raised the standard, the services our ports offer are not far from world-class. The aim is to constantly improve Malta’s maritime activities, making them, and our island, more attractive. This means we often have to win over ship owners, whose vessels are worth billions,” he states.

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And, to continue doing so, the MMP ensures it works with all parties to overcome the challenges being faced, such as the logistical demands imposed by the everincreasing size of ships coming into our harbours. “I remember, in 2003, one of the biggest ships in the Freeport was 280 metres long and held 5,000 containers. Now, we’re dealing with vessels of 400 metres, with a capacity of 22,000 containers, so you can just imagine the size of this vessel. This reflects an international trend which also applies to other types of ships – including cruise ships, yachts and trawlers, for instance. But our ports haven’t increased in size, of course!” Jesmond says. Two years ago, the MMP also acknowledged the necessity of ensuring that adequate attention is given to the quality of the sea, Jesmond highlights. “If an incident occurs – for example, an oil leak – then our ports will be closed. This would affect our livelihood, so we figured it would be in our interest to equip ourselves with boom reals and machinery to clean up any leaks, which can, now, be handled within hours. Today, with the equipment we have invested in, we can work quickly to prevent any damage from spreading,” Jesmond states. To successfully deliver to these high standards, training and teaching the next generation are of utmost priority for 2020, according to the chief pilot, who says that attention has recently focused on establishing the cooperative’s new school and training centre, MaritimeMT, in Hal Far. “Fortunately we’ve always had good seamen in this country, but we still don’t have enough people locally. That is why we have now opened this new centre. Beforehand, we would have to go abroad to study pilotage, but our education, today, must be focused on our ports.” To this end, the co-op has even invested in simulators, installed

at the school and built to reflect the geographic and strategic landscape of Malta’s main ports. “In this way, our pilots will be able to train to navigate bigger ships into our own harbours, allowing us to increase our capability,” he says. MaritimeMT will also organise courses focused on the superyachts industry, Jesmond explains, saying that this is an avenue which has not been explored adequately until now. “A ship only has one captain, but a superyacht needs a cook, a butler, a beautician – people who are trained in specific trades but who are trained to adapt to life at sea. At the moment, Malta is losing out on capitalising from this sector. There are people who pay good money to have these services catered for,” he notes. The chief pilot stresses that the new school will give Malta the human resources it needs to cater to the increasing demands of the sector, which will continue to develop over the next 12 months. “It’s a holistic approach. We need to cater to an entire industry – from yachting, to shipping, to entertainment – while also ensuring that we can meet the challenges of a broadening sector, which sees vessels getting bigger and wider, and that, locally, we have the necessary licence and qualifications to safeguard the safety and integrity of the sector,” he says. He sees Brexit as a particular challenge, due to Malta’s close ties with the UK. “Actually, many of those who work in the sector have qualifications from England, so we will also have to develop courses to bridge the licences. But time is running out. The courses will not be long, but we do need further investment in training,” he explains, going on to say that, by the end of 2020, he would love to see the school fulfilling its aims, “since education in this sector is not only a priority for us, but also for the entire country. Teaching cannot wait.” 286

Quick-fire Questions… with Jesmond Mifsud What was the first thing you did this morning? I came straight to the office. What’s your favourite thing in your office? I love the balcony in our Valletta office because I can see the port. What excites you most about working in your sector? I feel satisfied when I deliver well on a difficult task. Gourmet dining or homemade cooking? Gourmet dining. If you could have any superpower, what would it be? To become young again. What’s something you’d still like to learn? Anything related to the marine industry. What’s the best thing about running a business in Malta? It gives you great satisfaction and gives you the opportunity to work with a professional team. And the worst thing? In my case, bad weather, since it’s difficult to do a proper job in tough circumstances. Which is your favourite spot on the island? Valletta. Book, film, series, or music? Music. What’s your favourite app on your phone? Windfinder. Where do you read your news first? The newspaper. If you weren’t in this career, what would you be doing? I can think of nothing else. Where do you hope to see the world in five years? I would like to see poverty eradicated. How do you hope to spend your retirement? Fishing. Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Doreen Cutrona

CEO, IDROPLAST MANUFACTURING LTD

“THE MANUFACTURING INDUSTRY CHOSE M E A N D B E C A M E M Y PAS S I O N .”

IDROPLAST CEO DOREEN CUTRONA IS A VISIONARY WITHIN THE M A N U FAC T U R I N G S E C TO R , W I T H A T H R I V I N G P R O D U C T P O R T F O L I O I N AC T I O N . H AV I N G A L R E A D Y W O N AWA R D S F O R E N T R E P R E N E U R S H I P , D O R E E N H A S N O W S E T H E R S I G H T S O N T R A N S F O R M I N G M A L TA ’ S A B I L I T Y TO R E U S E I T S P L A S T I C WA S T E B Y P I O N E E R I N G A U N I Q U E P R O D U C T F O R T H E CO N S T R U C T I O N S E C TO R .

CEO INSIGHT

Doreen Cutrona’s office is her haven within a busy factory. It’s a space she has decorated with many of her favourite things, and it’s the place she regularly meets her team to catch up, strategise, and plan the way forward.

“I raised my children and grew my business at the same time, and they have always gone hand-in-hand. Our children would come to the factory straight from school and I would cook them dinner here while they did their homework. It worked for us. Three of them have already joined the business, and our fourth is set to follow. This gives me immense satisfaction, both as a mother and an entrepreneur.”

distribution business in the late 90s. It was her first foray into entrepreneurship. “I have always known I wanted to be in business,” she says. “You’re born with a destiny, you just have to figure out what it is. Even as a little girl, while all my friends were playing with dolls, I was pretending to run a grocery store!”

But this office isn’t really where you will find Doreen very often. While she loves it there, she is much more likely to be out on the factory floor, carefully overseeing her company’s operation in an extremely hands-on way, and solidifying plans for what Idroplast will be doing next.

Doreen and Gaetano were faced with their first major business challenge in the early 2000s when retail outlets began to handle their own imports. “Sales dropped drastically, and we thought about what we could do next. I have always loved researching the market and its opportunities, so that’s what I did and that’s when we decided to start producing water tanks.”

“Innovation is in my blood,” Doreen explains. “I constantly have my ear to the ground about the latest global trends and how we can develop ideas that will work for the local market – and solve challenges on an international scale.” Doreen started her career as a civil servant in the customs department in the late 80s. Then, after marrying her husband Gaetano, the duo started an import and 288

The Idroplast factory opened its doors on 5 March 2009 doing exactly that. “I have never been the sort of person 289

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Our goal is to solve Malta’s plastic waste problem while also creating a much-needed product for the construction sector.

to target achieving 40 per cent of the market; I wanted 90 per cent,” Doreen continues. “And that’s what we got. We discovered that no one else was producing water tanks locally so it made sense, and quickly became our bread-and-butter business.” Today not much has changed on that front, and water tanks are still the company’s prime focus, with the factory producing 7,000 tanks a year in 21 sizes and models. The only change is that Doreen and her team now have 98 per cent of the market share.

moment, so it’s crucial to know what’s going on and what the business world needs. So, when I was in Istanbul a few years ago on a project, I spotted an interesting concept related to recyclable materials and became fascinated by how rubbish could be used as a resource. Back in Malta I looked into our options and liked what I saw, so I applied for a waste broker permit from the Environmental Resource Authority, and we started to export waste. That quickly become an important part of Idroplast’s service offering.”

But, not one to sit back and enjoy that sort of success, Doreen found herself eager to create her next challenge. “There’s no point being stuck in an office. The world is changing so quickly at the

But Doreen didn’t stop there either. When Idroplast moved from its factory in Mriehel to a new one in Marsa, she now had the space to recycle plastic onsite. “I became fascinated by plastic and how it could

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be used,” she says. “It’s such a great resource and can be used a million times. It’s how we dispose of it that matters. There is no reason it should end up in the sea or sitting in landfills, because it is actually very valuable.” This led to Doreen’s idea to transform plastic into materials for the construction industry – a project that is now being piloted at the factory. “Our biggest challenge is actually volume, as I need as much plastic waste as possible,” she says. “This is where my problem-solving mind comes in; because I love the environment I am so eager to find a solution to the problem we currently find ourselves in. Yes, it is going to incur a cost to solve it, but I believe we can do it. And I believe our product can play a major role in that. Our goal is to solve Malta’s plastic waste problem, while also creating a much-needed product for the construction sector.” Already she and the team have made great headway, and the company produces road barriers and cones using a percentage of recycled material, including plastic. “You can never use 100 per cent recycled plastic,” she explains. “Because its density reduces each time. But you use what you can and you top up. You give it another life, and reduce the need for something new. Our drive now is definitely to continue to make headway into this world, and to discover how we can push the boundaries even further.” And Doreen certainly isn’t someone who shies away from the challenges this vision could bring. She is equally at home researching the very latest developments in the sector as she is on the factory floor, driving the trucks and operating the lifter. “I didn’t choose this industry.

It chose me and became my passion,” the CEO smiles. She says that being a woman in the male-dominated manufacturing sector has never held her back. “As women we can do anything that men can, if not better,” she asserts. “It is all about helping and supporting each other as a team, and knowing your strengths. I love being part of our team and we are all very close. I consider them my extended family and that’s why it works.” Her biggest challenge, though, is to find the human resources she needs to keep growing the company. “We desperately need good people to go into manufacturing because, otherwise, we simply can’t expand. Our own plans to grow Idroplast – and to add approximately 1,400 square metres of space at the factory – will need to be supported by increased team members. But we are positive that we have a plan in place to do this effectively, and it is now being implemented.” As for Doreen’s vision for the future of both her business and the sector as a whole, she stresses that sustainability will play a very important part. “Clever people need to think about how our planet is going to survive because, if we don’t, there will be nothing left. I am constantly inspired by how to save our environment while making a success of our business, and that isn’t going to change. The two have to go handin-hand.” So, for Idroplast, 2020 will be all about expansion, diversification, and the launch of the company’s new, pioneering project into plastic recycling. “It is going to be a very positive year,” she smiles.

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Quick-fire Questions… with Doreen Cutrona What was the first thing you did this morning? Brewed a big mug of coffee. I am a coffee-holic. What’s your favourite thing in your office? The curtains, they were made by my sister. What excites you most about working in your sector? Helping the environment. Gourmet dining or homemade cooking? A bit of both – I like to cook when I have time. If you could have any superpower, what would it be? Creating peace in the Mediterranean. What’s something you’d still like to learn? How to paint. What’s the best thing about running a business in Malta? That people trust you and your product. And the worst thing? You never have time for yourself. Which is your favourite spot on the island? Zurrieq – it’s where I grew up. Book, film, series, or music? Read a book – I like to read business books and books on leadership. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? TVM. If you weren’t in this career, what would you be doing? I’d be running a big institution. Where do you hope to see the world in five years? In a better place. How do you hope to spend your retirement? In my garden, gardening. Outlook for 2020: positive or negative? Positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Neal Azzopardi

CEO, G L O B A L T E C H M A L TA

“THIS IS NOT A ROLE FOR THE FAINT-HEARTED, BUT IT NEVER FEELS LIKE WORK.”

F R O M A S M A L L T W O - M A N O U T F I T O P E R AT I N G F R O M A B A S E M E N T , T O A F I R M E M P L O Y I N G M O R E T H A N 5 0 , G L O B A L T E C H M A L TA – U N D E R T H E H E L M O F C E O N E A L A Z Z O PA R D I – I S P R OV I N G I T S W O R T H , P R OV I D I N G Q UA L I T Y S O L A R A N D S E C U R I T Y S O L U T I O N S . A N D W I T H T H E CO M PA N Y S E T TO I N C R E A S E I T S W O R K F O R C E B Y 5 0 I N 2 0 2 0 A N D V E N T U R E I N TO N E W S E C TO R S , N E A L I S D E T E R M I N E D TO S T E E R T H E S H I P T H R O U G H TO U P WA R D G R O W T H A N D S O L I D E X PA N S I O N .

CEO INSIGHT “I think it’s everyone’s dream to open their own business. It’s easy, today, to have a couple of small clients and get the ball rolling, and to make a living out of what you’re contributing to your sector. Yes, it becomes difficult to sustain, but if you have a strong and solid set-up, you can grow and acquire even capital projects.” 294

For Neal Azzopardi, the CEO of Global Tech Malta – a 50-strong firm providing high-level PV solar panels, fire detection and fighting, hotel room management, and security solutions such as CCTV and intruder alarms – his job has taken centre stage, in more ways than one. “I love what I do. This is not a role for the faint-hearted, but it never feels like work. That’s probably why we’ve achieved such positive outcomes,” he smiles.

solar panel installation business on the island, and also having diversified into low voltage services, such as CCTV, hotel room management, and fire detection,” he explains. It also has big plans for the future and the enterprise is set to move into the cleaning industry. And, despite his youth, Neal’s past experience has stood him in good stead as he has navigated the commitments and risks required for the role. Starting out as a banqueting assistant at one of Malta’s major five-star hotels when he was just 15 years old, the entrepreneur quickly moved up the ranks within the catering industry, opening up his own restaurant in Valletta just a few short years later. “I’m flexible and I adapt to whatever is needed, so if I get involved in something, I’ll always give it my 100 per cent, read up and acquire the knowledge I need for the role,” he explains. Indeed, as Neal was preparing to open his second eatery – also in the capital – he was approached to

And, the firm has, indeed, gone from strength to strength since it opened its doors in 2013, when it began as a small outfit supplying solar panels, employing two people and operating out of a basement. Neal joined in 2015, as the enterprise was poised to take on more of the solar panel market, and he has, since, opened the firm up to new ventures. Today, the company boasts buoyant profit margins, and is focused on medium-to-large-scale projects, “holding a large market share of the domestic 295

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

The way you treat a customer is pivotal. It’s useless if your product is good; if you fail in your service, then you won’t retain custom. So, we have strict policies related to customer care and we’ve stuck by them from the day they were implemented. And, that is what has made us successful.

help with “a particular project”, as he puts it. “My nowpartner and I met; I agreed to help out and, as of that day, I never left this office.” That project turned out to be Global Tech Malta and, while Neal did end up opening his second restaurant anyway, he also found something else which “needs constant attention”. He is quick to point out that his experience in catering prepared him for the intensity required for his role as CEO. “There’s actually little difference between hospitality and a business such as this, since you’ll always face similar problems and rewards. And, while they are different scenarios, they both require the same skills. But what keeps me going is definitely the fact that there’s always a new challenge. It’s never ever boring,” he asserts.

company has, recently, been incorporated, with the first recruits set to join the ranks in the first half of 2020. This move is in line with the firm’s philosophy towards expansion. “Initially, we decided to venture into the security market because the solar panel industry is limited in Malta, so instead of putting all our eggs in one basket, we thought we should spread the risk. And, we are doing the same here, with the new cleaning subsidiary.” Yet, one thing remains consistent across all the firm’s projects: optimal aftersales service. “I originally come from the catering industry and I know that the way you treat a customer is pivotal. It’s useless if your product is good; if you fail in your service, then you won’t retain custom. I’ve implemented this same philosophy in this company. So, we have strict policies related to customer care and we’ve stuck by them from the day they were implemented. And, that is what has made us successful,” he explains. Indeed, the key focuses for 2019 were to consolidate the achievements garnered over the past few years and to set the foundations for Global Tech Malta’s new offering. The firm has become an LG authorised agent – which was “quite an achievement,” Neal says – and it has also become an official distributor for Hikvision, suppliers of video surveillance equipment, and Salto Systems, a leading provider of security solutions. “These contracts came off the back of months of discussions, constant audits and long meetings. And, while we had approached LG first, both Hikvision and Salto contacted us with a proposal, after hearing about us through our clients,” Neal outlines.

Neal’s role today consists of “just getting things done”, including the management of the day-today operations, and overseeing all departments and employees. Human resources is a constant concern, he says, going on to specify that – from all of the tasks on his daily to-do list – business development is his favourite since “you get to meet new people, enhance your networking skills, and problem-solve, which is such a crucial ability.” He bemoans the lack of applicants with the necessary aptitude to figure out solutions on their own. “It’s become almost impossible to find people with problem-solving skills and we also have difficulty recruiting technical people, since the more qualified staff tend to be too academic or decide to open their own venture, which is understandable, since this allows greater freedom.”

And, Neal’s outlook for 2020 features plenty of hard work in the company’s original areas of expertise – solar power and security – but, also, new opportunities are ripe for the taking. “We’ve seen an increase in the number of people wanting to become

But, last year, the firm managed to crack its human resources shortfall and has now decided to diversify its offering and provide cleaning services. A subsidiary 296

greener and understanding the need for security and fire protection,” he says, attributing the growth in interest to the rise in construction developments on the island. “I don’t think we’ll see the construction sector slowing down any time soon and, on our end, we’re always improving our offering to keep up with the demand,” Neal says. In line with the needs on the horizon, Neal notes that Global Tech Malta will be shifting its focus to “the long-term service industry,” and while “human resources will remain the main challenge,” he is confident the firm will be able to adapt to the challenges presented over the next few months. “You have to be innovative all the time, even in terms of how you deal with solving the day-to-day issues. You cannot operate a business by sticking to the modus operandi you fixed on day one. Otherwise, you’ll fail. Instead, you need to steer the ship according to whatever is coming towards you and you’ll manage to drive the business in the right direction,” he explains. And, it seems this is a philosophy Neal works – and lives – by. “You must plan and react swiftly, at the same time.” This is, indeed, what the firm will strive for until the end of 2020. “We’ve got some interesting projects coming up,” Neal smiles, going on to explain that their aims are to continue accruing a greater market share in providing high-end services – to large clients – yet retaining their hold on the smaller domestic “budget market”. In the meantime, Neal will continue working as he has always done – with single-minded commitment. “My day never finishes – from keeping up with ongoing projects, attending progress meetings, analysing budgets and overseeing purchases, there’s plenty to do,” he smiles. And, with all the plans Global Tech Malta has in store over the coming months, it seems Neal is not going to kick back any time soon.

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Quick-fire Questions… with Neal Azzopardi What was the first thing you did this morning? Had coffee. What’s your favourite thing in your office? The coffee machine. What excites you most about working in your sector? Encountering diverse scenarios. Gourmet dining or homemade cooking? Gourmet dining. If you could have any superpower, what would it be? To remain calm. What’s something you’d still like to learn? Nothing in particular, though I like to read about the lives of successful people. What’s the best thing about running a business in Malta? It’s Malta. And the worst thing? Traffic. Which is your favourite spot on the island? St Barbara Bastions in Valletta. Book, film, series, or music? Book and series. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? On my mobile. If you weren’t in this career, what would you be doing? Catering. Where do you hope to see the world in five years? Cleaner. How do you hope to spend your retirement? Wining and dining. Outlook for 2020: positive or negative? Positive

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Michael Schembri

CEO, W AT E R A R T CONCEPTS

CEO INSIGHT

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“It’s not easy to juggle both a business and a personal life, particularly as we now have a toddler in our family as well. I believe it’s about striking the balance and knowing your boundaries, although it can be hard to switch off from work, particularly while working on the bigger projects; at those times I am really on standby rather than off-duty. But being wellorganised and meticulous helps with setting those boundaries between work and family time, as does making time to relax, in my case by cooking, and entertaining friends.”

“ AT L A S T I C O U L D D R E A M A N D W O R K T O MAKE MY DREAMS COME TRUE.”

F O U N D E D I N 2 0 1 3 B Y C E O A N D M A N AG I N G D I R E C TO R M I C H A E L S C H E M B R I , W AT E R A R T C O N C E P T S I S A H I G H - E N D B AT H R O O M A N D S A N I TA R Y W A R E S TO R E S U P P L I E R A N D M A N U FAC T U R E R . B E S I D E S M A K I N G A N E V E R I N C R E A S I N G R A N G E O F H I G H - Q U A L I T Y , C U S T O M I S E D A N D I N N O V AT I V E P R O D U C T S A V A I L A B L E T O T H E L O C A L M A R K E T , W AT E R A R T C O N C E P T S HAS ALSO RECENTLY OPENED A FLAGSHIP SHOWROOM IN QORMI AS A D E D I C AT E D S P A C E F O R T H E B R A N D .

When Michael Schembri first met his now-wife Han back in 2012, it was life-changing for him in more ways than one. Working at the time as a food and beverage manager in the hotel and hospitality industry, Michael found not just true love in that moment, but he also found the missing link with which he could realise his design-based dreams.

Starting out as a solo entity, Michael single-handedly launched his brand by introducing one product at a time, starting with a specific model of shower tray. Gradually, as word spread of the new high-end brand and income rose, Michael was able to offer new shower tray colours and responded to customer feedback for a new, non-slip design of the product.

“I always had an eye for design and detail, and I had friends in the design business. But I was lacking the contacts to start a business, even though it was what I’d wanted to do for a long time,” Michael recalls. “When I met Han, who already had a lot of contacts for outsourcing and manufacture, she changed that for me − at last I could dream, and I could work to make my dreams come true. We joke that our first baby together was WaterART Concepts!”

“Limited financing prevented us from releasing too many models early on, which actually became an advantage as it meant that we grew gradually, but steadily,” Michael elaborates. “I realised we could give a competitive edge by offering flexibility on product design. So, when the first few customers asked about a special design of non-slip shower tray, I spearheaded the designs and drawings of it and located the right factory to manufacture it for us. We are still producing 298

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What differentiates us from every other bathroom supplier and manufacturer is the fact that we are so flexible with our products, and yet affordable. Plus we never compromise on quality. Most luxury brands are out of reach for many, so we bridge that gap by making luxury products more accessible.

that shower tray today, and it remains one of our most popular products.” Over the course of the next six years, Michael expanded the product range at WaterART Concepts to include sanitary products, ceramic basins, and bathtubs such as freestanding acrylic models that would later be improved to become seamless and high-end resin bathtubs. “What differentiates us from every other bathroom supplier and manufacturer is the fact that we are so flexible with our products, and yet affordable. Plus we never compromise on quality.

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“Most luxury brands are out of reach for many, so we bridge that gap by making luxury products more accessible,” Michael continues. “It helps that I’m a perfectionist, and I never leave anything out in terms of good design. When a customer has a specific vision for a particular product, I help them to realise that vision.” As the WaterART Concepts brand has grown, so Michael has recently taken steps to grow the business that has been supporting it, by taking on new team members and opening a high-end showroom named The Bath Concept. “In 2013 my

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

dream was to create a high-end-yet-accessible brand for bathrooms and sanitary ware, and ever since I have been working to realise that dream. Part of my ethos is to listen attentively to what clients want and to improve products against our competition by being innovative and offering consistent high quality. I recently employed people to assist in the company so we can maintain these high standards, and have created a home for the brand with a new showroom.” With two new team members employed in 2019 – bringing the team to a total of three including Michael – and the showroom opening in January in partnership with leading Maltese furniture group FXB Ltd, Michael is no less hands-on as a CEO. “I interact with my team on a daily basis to ensure that our signature quality is maintained and that everything is done to my standards. It’s vital that we maintain what we had pre-2019 and build upon it, continuing the brand’s steady growth so that, one day, it can even be extended to overseas customers.” Achieving the growth needed to compete in the increasingly hightech world of bathroom design is also prominent on Michael’s radar at the moment. “The technology advances at a very high speed, and one of the challenges of my role is to keep up with the pace of that as a forward-facing brand. The latest trends mostly originate from Europe, particularly from Italy, and from Asia, with bathrooms becoming more personalised and more innovative.” As well as adding to the existing product range with the latest bathroom and sanitary products on the international market, including different-coloured mixer taps, intelligent toilets and hardwater-resistant stainless steel faucets, the coming years will also bring more eco-friendly options to WaterART Concepts’ customers. “Our customers are increasingly demanding products that don’t negatively impact the environment, so we make sure to recommend products that reduce water consumption. We will be focusing on this even more throughout 2020 and beyond with our Eco Taps.” Michael anticipates that the growing global trend towards smarter, more environmentally-conscious bathroom design will also continue to grow over the next five years, as it has done in the last five. “Changes in bathroom design have been mainly aesthetic, with most items from tiling to finishes getting bigger and smarter,” Michael highlights. “The home bathroom is now being regarded as more of a wellness and relaxation area. So, in the next five years, everything will be more automated, more personalised, and more integrated with mobile phones. Intelligent toilets, which we are stocking already, will also have auto-clean functions and heating options. Bathroom installation will therefore involve more qualified people as time moves forward.” 2020 also marks something of a milestone year for Michael and WaterART Concepts. “We are now reaping the benefits of the last seven years of hard work and of dreaming big,” he shares. “This year we are officially launching and promoting The Bath Concept showroom, and inviting designers, project managers, contractors and industry professionals to come to visualise the products live, in what is now a functional showroom. It marks the beginning of the next exciting chapter for WaterART Concepts, in which I hope that the brand will become more prominent locally − and known internationally − for quality and style. 2020 is the year we are ready to race.”

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Quick-fire Questions… with Michael Schembri What was the first thing you did this morning? Grabbed breakfast and started working. What’s your favourite thing in your office? My computer. What excites you most about working in your sector? The variety of products available, with new products constantly entering the market. Gourmet dining or homemade cooking? Homemade cooking. If you could have any superpower, what would it be? To fly. What’s something you’d still like to learn? More IT skills, and possibly cookery. What’s the best thing about running a business in Malta? We live in a small community so it’s easy to interact. And the worst thing? The small community also means that you’re centre stage for any mistakes. Which is your favourite spot on the island? Golden Bay. Book, film, series, or music? Film. What’s your most-used app on your phone? WhatsApp. Where do you read your news first? Times of Malta online. If you weren’t in this career, what would you be doing? I’d still be in the hotel and hospitality industry. Where do you hope to see the world in five years? With more green spaces, and less noise and pollution. How do you hope to spend your retirement? I’m not sure I could ever retire completely − I will still be working somehow. Outlook for 2020: positive or negative? Very positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT

“It is difficult to balance a personal life with running businesses. You could easily be focused on work 24/7, so you must learn to switch off to spend time with family. I enjoy travelling and sports to keep fit – especially tennis, which I play three times a week. I love learning new things, and I’m always on the lookout for what the next ‘thing’ will be for me. I get a kick out of helping people to learn, earn, and grow. My team are my stakeholders in the business, and thus, they are my extended family.”

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Adrian Sciberras

CEO, BUSINESS CONCEPT I N T E R N AT I O N A L

“ R E AC H F O R T H E I M P O S S I B L E : I F YO U R D R E A M S DO N ’ T S C A R E YO U , T H E Y ’ R E N OT B I G E N O U G H .”

S I N C E I T WA S F O U N D E D B Y C E O A D R I A N S C I B E R R A S I N 2 0 1 2 , B U S I N E S S C O N C E P T I N T E R N AT I O N A L P L C ( B C I ) H A S E V O L V E D F R O M A S I N G L E - P E R S O N E N T I T Y I N T O A G R O U P O F C O M P A N I E S T H AT L E A D S A VA R I E T Y O F S E C TO R S W I T H I N M A L T E S E I N D U S T R Y . W I T H A TA R G E T T U R N O V E R O F € 2 M I L L I O N AT T H E C L O S E O F T H I S Y E A R A N D A T E A M O F 2 5 P R O F E S S I O N A L S , B C I TO DAY CO N T I N U E S TO OFFER A HIGH-QUALITY, EFFICIENT, FAST AND PERSONAL SERVICE T O I T S M A N Y S AT I S F I E D C L I E N T S .

As a self-employed accountant, Adrian Sciberras was travelling between clients by car by day, and working from his home office by night. Then came the moment when he knew he must decide between continuing as a solo entity or creating something bigger − and, in choosing the latter, he planted the seeds of a Group of companies that would go on to become a leader in the local industry.

“I wanted to create a structure, so I founded Fairwinds Management Ltd as a corporate services provider, and shortly later added Accounting Services Ltd to the set. Then came employing people in the company − something I had never done before. I found it very difficult to employ the first person, as it meant committing to a monthly salary and offering them job security. As time went by, I realised we were improving, and we started getting more people and more work. I contacted my sister, who was working in marketing, and asked if she would be willing to join me in creating a brand-focused company. We continued to grow, so in 2016 we opted to structure all the companies under a holding company, BCI.”

“At that moment in 2012, when I saw that I had peaked as a freelance self-employed accountant and couldn’t take on more clients, I knew that I faced the opportunity of learning to grow once again,” Adrian explains. 304

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I have multiple roles. I am very much involved in the strategic part of the business, but my priority is guiding my team, and encouraging them to take the initiative and to be autonomous. By micromanaging, you become a bottleneck in the company. I believe that, to do well, you must build a team around you that has unconditional faith in you and believes in your vision. Then that knowledge and trust must go both ways.

The establishment of BCI was by no means the end of Adrian’s passion for creating businesses that tap into up-and-coming local industries. The Group has diversified even further since, with the establishment of A+A Assurance Services Ltd, Delivering Homes Ltd, the General Properties Company Ltd, Admin Genie Ltd and Abacus Consulting Co Ltd. “Apart from the corporation services and bookkeeping, we now also have a property portfolio, to diversify the business and open it to other sectors,” Adrian continues. “The idea is to create a bigger structure and give something back to the employees. This is an innovative concept for Malta, as family businesses tend to keep shares in the company themselves. But, every year, we give out shares to our team members to make them feel part of it, and to show them that they have value in the company.” In fact, Adrian sees the team of 25 people now working across the companies within BCI as pivotal both to his role as CEO, and to the ongoing success of the Group. “I have multiple roles. I am very much involved in the strategic part of the business, but my priority is guiding my team, and encouraging them to take the initiative and to be autonomous. By micromanaging, you become a bottleneck in the company. I believe that, to do well, you must build a team around you that has unconditional faith in you and believes in your vision; then that knowledge and trust must go 307

MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

both ways. I am always positive, and I try to instil that positivity in my team by mentoring them to bring out their abilities and encouraging them to follow their gut and not to be afraid to do anything in life. Reach for the impossible: if your dreams don’t scare you, they’re not big enough!” Adrian’s positive and openminded approach to managing his team has also helped him to pursue yet more of his own dreams, which revolve around his continuous hunger to learn and to grow both as an individual and as a business leader. “It’s very satisfying to have managed to juggle work and studying for a law degree, as well as my family life, but it’s thanks to the excellence of my team that I’m able to do it.” Besides reading for a Bachelor of Law Honours degree, Adrian also pursued and completed a Masters of Advocacy degree, and has also recently fulfilled another bucket list item by opening a local restaurant. Apart from his team and his constant ambition and drive for success, Adrian also attributes BCI’s success to its unusual focus on high-quality marketing. “We are one of the few companies in this sector that has a budget for marketing, as many accounting or law firms don’t tend to focus on it. However, in this, we have become a trailblazer again, and we receive enough repeat business and new clients to prove that prioritising marketing works, and works well.” This targeted awareness of the local business market has also served BCI particularly well over the past year. “Malta is a very good business hub, and there are a number of foreigners who want to set up in Malta. At Fairwinds Management Ltd, especially, this creates lucrative, profitable business, so we have built on that in order to offer these clients a holistic one-stop

shop service, from the creation of their company, right through to maintaining it. In fact, that’s what enticed me to read the law degree, to be able to offer more ancillary services.” While, in previous years, Adrian has been focused on raising capital to fund the company’s continued growth and keeping abreast of new rules and regulations, in the near future he foresees both opportunities and challenges for Malta’s financial sector. “We have seen the sector evolve a lot, and in the next five years Malta as a financial services sector will have much to offer, particularly with more quality clients coming to our shores. The challenge we face is with banking − it’s almost easier to open a company than it is to open a bank account. It can be a culture shock, so we are always adapting, evolving, and doing things better to better serve our clients. Our company has the possibility to offer new services with a higher level of quality, stepping up the game yet again.” The next five years are also expected to be a period of ongoing success for BCI in general, with Adrian characteristically pursuing the constant improvement of the business and more specialised services. “Our drive for 2020 is to establish new KPIs that we believe are achievable by our excellent team. We also hope to expand – not just in terms of the services we offer, but also in terms of our offices themselves, by continuing the construction of a new head office and adding another floor to double our existing office size. This new area will accommodate our clients better by offering them more meeting rooms, as well as an exclusive ‘coffee shop’ to add extra comfort and style to each visit to us. “And that gives me the perfect excuse to pursue my next dream: to train as a barista!” 308

Quick-fire Questions… with Adrian Sciberras What was the first thing you did this morning? I took a shower. What’s your favourite thing in your office? The paintings, especially the ones by The Connor Brothers. What excites you most about working in your sector? The unpredictability. Gourmet dining or homemade cooking? Gourmet dining. If you could have any superpower, what would it be? To stay healthy. What’s something you’d still like to learn? Catering, or the art of being a barista. What’s the best thing about running a business in Malta? It’s fun! And the worst thing? The long hours. Which is your favourite spot on the island? Coral Lagoon in Mellieha. Book, film, series, or music? Series − particularly The Walking Dead. What’s your favourite app on your phone? A game called Clash Royale, which helps me to relax. Where do you read your news first? The Times of Malta. If you weren’t in this career, what would you be doing? I’d be managing a restaurant. Where do you hope to see the world in five years? I hope it’s a warless world, with politicians fighting less, and trying harder to stop complicating things and ruining people’s lives. How do you hope to spend your retirement? Travelling, or living on a boat and touring the world. Outlook for 2020: positive or negative? Always positive.

MaltaCEOs 2020

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Peter Zammit

CEO, iAS

“IN PROJECT MANAGEMENT, AS WITH ANY OTHER KIND OF MANAGEMENT, THERE ISN’T A ONE-SIZE-FITS-ALL METHOD.”

WITH 24 YEARS’ EXPERIENCE IN THE CONSTRUCTION INDUSTRY, P E T E R Z A M M I T , C E O AT i A S , H A S E N C O U N T E R E D H I S F A I R S H A R E O F T R I U M P H S A N D T R I B U L AT I O N S . H E S H A R E S T H E C O M P L E X I T I E S O F W O R K I N G I N A N E V E R - C H A N G I N G S E C TO R , T H E H I G H S A N D L O W S O F THE ROLE, AND HIS AMBITIONS FOR 2020.

was a need for that distinction, and with the way Malta was developing back in 2004, we were sure that the need would come to the fore even more so in the future,” says Peter. “15 years on, we’re not there yet, but the situation has improved and nowadays, clients do contact us for a specific role rather than as a ‘Jack of all trades’.”

When Peter Zammit, along with three former partners, cofounded iAS back in 2004, the mission was clear: to master challenging structural engineering projects, no matter how big or small. Many years later, Peter’s mission hasn’t changed, but, as the firm’s CEO, his role certainly has. Three of the founders graduated from the University of Malta around the same time, and the other around 15 years prior, but they all shared the same philosophy towards the profession. Following their studies, they went their separate ways and Peter got his baptism of fire when he was employed by a local firm, which he worked with for 11 years. During that time, he worked on several projects while furthering his studies in structural engineering at universities and institutes in the UK, but that all changed in 2004, when the co-founders joined forces and launched a company of their own.

CEO INSIGHT “The greatest accomplishment in this role is attracting talented staff, but the challenge is retaining that staff. I’d say this is more challenging than the actual project itself because, to work on a project and carry it out successfully, you need the best people in the field.”

The co-founders shared the ambition of not only handling complex structural engineering projects, but also of attracting foreign developments; an area they’ve clearly succeeded in. “When we started out, we noticed that a lot of subcontracting, particularly from the UK, was going to Eastern countries, and our aim was to try and get some of that work into Malta,” says Peter. “We held meetings and made contacts in the UK, and eventually, relationships took off. Of course, the local market was also on our radar.” Within a few years, the firm received a request to assist in the project management of Pendergardens. Although the partners had been involved in project management

“When I graduated in 1995, there wasn’t a distinction between architecture and structural engineering. We always felt there 310

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before, this gave them the impetus to launch a separate department within iAS, which they did in 2006. Today, the firm is split into two main departments: design and project management. “Even though we are warranted periti, as defined in Malta, the design department focuses primarily on structural engineering. Some of the larger projects we’ve been involved in are the Barrakka lift, Lufthansa Technik Malta Ltd, Aviation Cosmetics, the Malta National Aquarium in Qawra and The Centre office block in Tigné,” he says. The project management department of the firm has also evolved significantly since its inception. “In project management, as with any other kind of management, there isn’t a one-size-fits-all method, and it’s not a matter of importing international or external methodologies and applying them to Malta. Cultural clashes would arise, and I believe this would apply to any country,” Peter asserts. “So we’ve studied, assessed and discussed what happens abroad, and assessed the local market and our own experiences working within it, and from that research, we developed our own management systems in-house.” Today, iAS employs around 30 professionals split between both departments, who work on a mix of local and international projects. “We have a healthy number of foreign collaborations, especially with UK architectural firms – we are currently working on three local projects with three renowned UK firms, so the links we established and built in, and since, 2006 have continued to grow.”

Any system or process that you make use of today isn’t permanent, so you have to constantly evolve in line with the sector. The people you work

With 24 years of experience under his belt, Peter is still as motivated and driven as when he began, and considers the ever-changing nature of the construction industry to be one of the most exciting elements about it, albeit also the most demanding. “Any system or process that you make use of today isn’t permanent, so you have to constantly evolve in line with the sector. The people you work with, from clients to contractors, also change, so adapting is essential,” says Peter.

with, from clients to contractors, also change, so adapting is essential.

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MaltaCEOs 2020 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“Every project is temporary by nature – you build a team, work with that team, start and finish a project, and that’s the end of that chapter. Then you begin a new project, and even if it’s similar to one you just did, the experience could be completely different because you work with new teams and have different problems to solve, ranging from structural problems to bureaucratic ones. This makes the work interesting but tiring at the same time.” Through his experience at the helm of iAS, Peter has identified that the key deliverables for a successful project are primarily two-fold. The first: understanding what the client needs. “As you get to know a client, you sometimes find that, by asking questions they possibly haven’t been asked, the client starts questioning their own needs in relation to the project. So, understanding the true needs of the client must happen first and foremost, followed by helping the client understand why certain processes and systems are necessary in order to have better control over the project, in terms of time, cost and quality. From my experience, it’s a feat accomplishing any of the two,” he jokes. 2019 has been marked by various achievements for the company, but Peter asserts that he doesn’t measure success or achievements based on the completion of projects. “When a project is completed, it’s a milestone, and knowing you’ve been a part of it is a big achievement, but smaller, equally valid achievements happen more frequently,” he explains. “Helping a client conclude a contract with a contractor, solving contractual issues on projects, and coming up with design solutions are all what I consider to be achievements.”

With that in mind, a number of milestones are on the horizon for iAS, as various projects that the company is involved in are expected to gain momentum or reach completion in 2020. “We’ve started works on the aviation facility of aircraft maintenance company SR Technics, the majority of which will be executed in 2020. We will also begin works on an extension to the facilities of Lufthansa Technik, as well as the new build that will replace the Mellieha Bay Hotel. They are all considerably large projects for Malta’s size which we are pleased to be entrusted with.” Turning to the challenges and opportunities expected to dominate the sector in 2020, Peter believes the biggest challenge lies with finding the right human resources in view of the amount of work to hit the market. “This has been the biggest challenge for the last year at least, and I think it will persist. When speaking with operators in different sectors, many say the next step is to import resources, but that isn’t necessarily a solution in our industry,” says Peter. “In project management, importing resources isn’t easy because of cultural differences. Foreign workers operate differently, not better or worse, and that could be an obstacle.” On the upside, however, opportunities are always up for grabs. “The main opportunity that will persist beyond 2020, in my opinion, lies in the way projects are growing in size and complexity. From the services that go into a building to the high level of finishes required by clients, we are being challenged to further expand and evolve our level of service at iAS. Our target is always to add value to any project we’re involved in, and this enables us to do just that.”

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Quick-fire Questions… with Peter Zammit What was the first thing you did this morning? I wake up early, at 4am, and start my day by going for a walk with my wife before work. What’s your favourite thing in your office? The atmosphere. What excites you most about working in your sector? That every day is different. Gourmet dining or homemade cooking? Homemade cooking. If you could have any superpower, what would it be? Telepathy. What’s something you’d still like to learn? Software programming. What’s the best thing about running a business in Malta? The fact that we’re a small country makes it easier to build relationships with people in your line of work. And the worst thing? The fact that we’re a small country, because it’s common to have issues with people you’re friends with if you’re working together on a project. But I think we’re getting better at understanding the difference between ‘professional’ and ‘personal’. Which is your favourite spot on the island? Mtahleb. Book, film, series, or music? Series. What’s your favourite app on your phone? A sports app which keeps track of what is happening in the UK Premier League. Where do you read your news first? On my phone. If you weren’t in this career, what would you be doing? A career in medicine. Where do you hope to see the world in five years? Less insane than it is now. How do you hope to spend your retirement? With my family. Outlook for 2020: positive or negative? Positive.