agenda | March/Spring 2019

MARCH/SPRING 2019 £ FREE

CONNECTING BUSINESSES

Employee Relocation

Incentive Opinion

brand voice

interview

PwC - isle of man The productivity agenda

KPMG - isle of man is substance starting to bite?

institute of directors member voirrey barron

CONNECTING BUSINESSES

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CONNECTING BUSINESSES

New beginnings?

“A

re you happy in this modern world?”

Love her or loath her; Lady Gaga undoubtedly touched upon the mood of the moment when she penned her Oscar winning song “Shallow”.

Whether it’s Brexit, global warming or the Trump factor it definitely feels like the world has reached a tipping point, a vortex of indecision, bad decisions and apathy but also a chance for positive change and opportunity. The Brexit countdown is now on, 29 days to go, unless of course it all changes again and it’s 23rd May or 15th June; you get the drift. Certainty, it seems, has left the building (probably, but we can’t be sure obviously).

On the bright side, the world will keep spinning and spring is always a time for hope and new beginnings, out with the old etc. Page 10 outlines the 2019-20 Isle of Man budget, which sees a rise in income tax allowance and an introduction of a National Insurance Holiday Scheme, for employees who move to the island for work. This sentiment is echoed in Les Able’s article on page 20, regarding the Employment Relocation Incentive, which offers up to “£10,000 in financial assistance to local businesses looking to relocate staff to the Isle of Man,” and has proven to be significantly “growing the Island’s economy.”

Uncertainty can often effect great change. World War 2 sparked social change and a push for equality for women, when six million women joined the civilian workforce. The landscape of our “modern world” is ever changing; just ask Netflix, Amazon, Apple and Asos. It’s not that long since Deliveroo was Deliver who? They all did their homework, surveilled the tide of social media and grabbed their opportunities by offering an alternative, in a time when people decided that they’d really rather stay at home than venture out, thanks very much. As Eleanor Roosevelt said, “With the new day comes new strength and new thoughts.” Some of this “new strength” will definitely be fostered in the Isle of Man’s Love Tech collective which seeks to “redress the balance” by inspiring “more girls from the Isle of Man to follow their dreams and consider alternative careers in stem”. Read more about the local not-for-profit “Love Tech” on page 30 which, along with other initiatives, is taking “positive steps to actively inspire young people to consider the many career opportunities available on the island.” Steve Billinghurst, Advisory Leader for PwC Isle of Man, is well aware of the importance of keeping up with the digital-only competitors and he believes the key is to “focus on building a sustainable productive business model, because, he says, “cost cutting will only deliver so much. “If financial institutions are to improve profitability in the long term, they need to fundamentally improve the productivity of the enterprise.” His six pronged approach can be seen on page 34 with an emphasis on skills, mindset, relationships and behaviours.

If nothing else, the uncertainty will shake things up as it encourages many businesses to re-assess, strategise and probably catastrophize. It’s nothing new, it’s called survival, so buckle up for a bumpy journey ahead!

Steve Redford Publisher

3

CONTENTS UPDATE

3 6

14

MBS VIDEO CONFERENCING REVIEW

WELCOME BUSINESS NEWS

16 RS MARKETING AND PR LIMITED

10

18 20

MOVERS & SHAKERS EMPLOYEE RELOCATION INCENTIVE

2019 BUDGET FINANCE ISLE OF MAN

12

CHAMBER OF COMMERCE BUDGET REVIEW

22

CORPORATE CULTURE

4

ON THE AGENDA...

BRAND VOICE

24

34

KPMG ISLE OF MAN - IS SUBSTANCE STARTING TO BITE

PWC ISLE OF MAN - THE PRODUCTIVITY AGENDA

IOD – IOM

38 40

WELCOME MESSAGE IOD EVENTS

42

MEMBER INTERVIEW - VOIRREY BARRON

30

LOVE TECH - VOIRREY BARRON

OPINION

28

CHIVA SAMANI LIQUIDATIONS

CONNECTING BUSINESSES

46 47 48 50

SPRING LUNCH WITH THE CHIEF MINISTER CYBER SECURITY EVENT BUSINESS LEADERS IOD EVENTS/WHAT’S ON

CONTRIBUTORS Matt Mosur (Photographer) Liam Gilman (Photographer) Peter Kwiecinski (Photographer)

Les Able (Journalist) Chiva Samani - Athena Law Claire Veale - IoD - IoM

5

update news

HIGH RELIABILTY RECORD FOR BEN-MY-CHREE

T

he Isle of Man Steam Packet Company vessel Ben-myChree has had a reliability record of more than 97% over the past 13 months.

She completed 1,321 sailings during 2018 and in January 2019, travelling approximately 88,500 miles with a technical reliability record of 97.17%.

Her main engines accumulated more than 10,800 running hours.

Ben-my-Chree operates services throughout the year, including daily sailings to Heysham, seasonal crossings to Ireland and weekend services to Birkenhead during the winter

months.

Steam Packet Company Chief Executive Mark Woodward said: ‘Once again Ben-my-Chree has served the island well and had a great reliability record during 2018, with very few cancellations due to technical issues.

‘This highlights her value to the island and underlines the significant investment we have made to retain the vessel.’

Last April, she underwent a scheduled biennial overhaul when £1.6 million was spent on various areas above and below deck, as well as the testing of equipment and safety checks.

DQ TO HOST ‘INVALUABLE’ GLOBAL TAX CONFERENCE

L

eading offshore law firm, DQ Advocates, will host its Global Tax Enforcement conference at the Villa Marina on the March 12.

Eleven guest speakers will address a range of matters from transparency initiatives to tax enforcement and data privacy.

It is designed to provide practical and commercially relevant guidance to financial services businesses which deal with international tax, fraud and criminal investigations.

Sinead O’Connor, Head of Regulatory and Compliance Services for DQ Advocates, explained: ‘This event aims to provide a clear insight and advice for our clients and local industry into the main business issues of the day; something we strive to do on a regular basis.

‘It provides background on global tax enforcement, as well as guidance on the best practices and strategies to adopt before and after you are contacted by foreign tax or criminal authorities.

‘Whether your work involves a business’ clients or related parties, in this era of heightened cross-border

6

enforcement it is imperative companies in the industry are ready to meet the challenges ahead.’

Among the speakers, DQ will welcome tax dispute and investigations expert Gary Ashford, Chief Executive of the Isle of Man Finance Agency Michael Crowe and London-based partner Emily Osborne, recently named Rising Star of the Year at the Chambers High Net Worth Awards.

DQ is also pleased to introduce

Filippo Noseda of Mischon de Reya, who has appeared as an expert before the Council of Europe and the EU data protection authorities in connection with the introduction of the OECD’s Common Reporting Standard (CRS) and the EU’s Beneficial Ownership Registers.

The conference has been fully subscribed in recent years and you can book your place by e-mailing: conference@ dq.im ON THE AGENDA...

Manx Telecom promotes technology careers for women

M

anx Telecom continues its drive to encourage more women to pursue careers in technology and has recently appointed the first woman to its Senior Leadership Team in the Technical Division.

Susannah Harrison is now Head of Integrated Service Management, responsible for the delivery of network and change management, IT security, and risk and compliance. Susannah leads a team of highly skilled and dedicated individuals, delivering services to both internal and external customers.

She said: “I’m delighted to have been given this opportunity, not just for me but for women who want to be successful in this industry. I hope my particular journey and most recent success shows young women that working for the right company can harness ambition and commitment to shape a rewarding career.

In that sense, there are no boundaries to what a woman in technology can achieve.”

Susannah joined Manx Telecom 18 years ago in an IT support role, and since then has worked in sales, product management and most recently the

service management team.

Manx Telecom is committed to investing in people and provides a range of initiatives offering opportunities for personal and professional development for all employees. The Island’s leading communications company is also lending its support to Love Tech –the organisation with a mission to encourage more girls and women on the Island to explore opportunities in science, technology, engineering and mathematics (STEM).

Love Tech’s most recent event was the Island’s premiere of General Magic: The Documentary.

Two screenings were held at The Broadway Cinema, Villa Marina, with Manx-born filmmaker Sarah Kerruish, the co-producer and co-director of the documentary, as the guest of honour at the event. General Magictells the story of one of history’s most talented technology teams. From the first smartphones to social media, eCommerce and even emojis, the ideas that now dominate the tech industry and our day-to-day lives were born at General Magic, a 1989 Silicon Valley start-up.

Cathy Collins, Head of Brand and Marketing Communicationsat Manx Telecom, commented: “We welcome Susannah’s appointment and our support for Love Tech is part of a broader commitment to actively encourage more women to pursue careers within the technology, telecommunications and engineering fields. Last year we welcomed our first female trainee field engineer – Kristina Misselbrook – who is now a Field Engineer playing an integral part in our rollout of fibre, and working towards her NVQ qualifications.”

Struggling with your company?

Considering a liquidation?

Why not contact either Craig Mitchell or David Craine to find out more about liquidating your company and how we can assist you. +44 (0) 1624 629369 office@burleigh.co.im www.brownecraine.com CONNECTING BUSINESSES

7

update news

P

eregrine Corporate Services Limited (“Peregrine”) has returned from a week in South Africa having organised three key events alongside several Island based companies. Maitland Group, Capital International Group and Optimus Group joined Peregrine in co-hosting the events across the country, at locations including, Johannesburg, Durban and Cape Town, to present together the “Isle of Man Journey” to a South African audience.

Each event encompassed a variety of informative presentations, closing with an interactive Q&A panel session which was chaired by Nick Preskey from the Department for Enterprise. The formal presentations were given by Basil Bielich (Peregrine), Colin Bird (Maitland – Isle of Man), Anthea Stephens (Maitland – South Africa), Nick Preskey (DFE), Dave Thomas (Optimus) and David Noon (Capital – South Africa), covering a mixture of subjects which included relocating to the Isle of Man, planning your offshore journey, the technical aspects of issues that individuals and companies need to consider, inward investment to the Island, how to find the ideal platform provider when investing offshore and the benefits of Isle of Man pensions. All three sessions were well-received with delegates choosing to stay to network with the speakers and the other delegates to explore in more detail, the subjects that were discussed earlier that morning.

“It was very rewarding to travel

KHT Double Delight in Leading Industry Awards

8

Success for four Island companies hosting events on tour of South Africa

L-R David Noon, Dave Thomas, Colin Bird, Anthea Stephens, Nick Preskey and Basil

out to South Africa as a group and organise the events,” said Basil. “It has been enjoyable working with the other companies and the DFE, and I’d like to thank them for all their efforts in making our trip a success. We travel to South Africa quite regularly so we chose to work with Maitland, Capital and Optimus because they all have a presence in the country which is important to us. The delegates who attended were very interested in hearing about the Isle of Man; we promoted both inward and outward investment as we felt that was essential to help further our ties and working relationships. We are

hoping to organise similar events in the future and continue to increase the Isle of Man presence in South Africa.”

“I’d like to thank Peregrine, Maitland, Capital and Optimus for inviting me along to be part of the Isle of Man Roadshow,” said Nick. “There is a thriving South African community here on the Island which is an important point to highlight when you are meeting people in South Africa. We met some interesting individuals who wanted to learn more about Island life and what it’s like here on the Isle of Man. I’m feeling positive about the outcome of our trip.” www.peregrine-iom.com.

L

to their exact needs and delivered in a personal and professional manner.”

“Secondly, we are also thrilled to receive recognition for our Family Office services. Many changes are taking place within the global wealth industry, and we work very hard to ensure that we keep pace with developments. Our service offering is highly responsive to the needs of our clients and as such we introduced our 24/7 concierge service which further enhances this approach. Receiving acknowledgement from the industry also further strengthens confidence and reaffirms our belief that we are doing the very best for our Family Office clients.”

The winners will be announced at a prestigious awards ceremony in London next May which will bring together over 400 of the industry’s global elite, including law firms, trust companies and family offices to recognise and celebrate the past year’s achievements. The winners are decided by an independent panel of industry judges, in addition to an online vote for industry peers to contribute.

Voting is now open and you can cast your votes for Knox House Trust at www. citywealthmag.com/awards/magiccircle-awards/voting.

Voting closes on 12th April 2019.

eading trust and corporate services provider Knox House Trust shortlisted for two prestigious industry awards Knox House Trust (KHT) is delighted to announce that it has been shortlisted for ‘Family Office of the Year’ and ‘Trust Company of the Year – Boutique’ in the 2019 Citywealth Magic Circle Awards.

Now an established annual event on the wealth management calendar, the Citywealth Magic Circle Awards is an international celebration of the best advisors and managers throughout the industry.

A rigorous submission process is initially undertaken to identify the shortlist finalists. This process takes into consideration business growth, innovation and relationship management initiatives amongst other key performance indicators.

Speaking about this latest award success, Anthony Page (Managing Director) said: “We have for the second year running been nominated for ‘Trust Company of the Year – Boutique’ and this offers further testament to the investment our team make in getting to know our clients and their individual requirements.

This approach enables us to develop bespoke solutions which are tailored

ON THE AGENDA...

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update - 2019 budget

2019 Budget My initial thoughts, Michael Crowe Chief Executive, Finance Isle of Man

A Budget of Confidence

What does this mean to Finance Isle of Man? Words by: Micheal Crowe, Finance Isle of Man

T

he 2019 budget shows support for enhancing on-Island communication, connectivity, transport infrastructure and environment which will help strengthen the Island’s reputation as a great place to live, work and visit and fits well with Finance Isle of Man’s own aim to promote and

10

ON THE AGENDA...

develop the Isle of Man’s significant financial and professional services industry and ensure its recognition as an international financial centre of excellence. In turn this will aid delivery of long-term sustainable economic growth to the Isle of Man. I was very encouraged to also see some of Finance Isle of Man’s on-going and future projects mentioned within the budget, such as our continued innovation around Digital ID&V, potential new savings products and the on-going Isle of Man for Life campaign [a private/public sector partnership which promotes the life insurance and wealth management industry globally with strong messaging around the Isle of Man’s strength, security and stability] which we will continue to progress throughout 2019.

Uncertainty around Brexit is an ongoing potential threat but also may present opportunities to innovate and diversify. Grants from the Business Improvement Scheme will give support to on-Island businesses for transitions required for Brexit. A top-up of the Brexit Fund to £2.5 million which will be very welcomed by industry as businesses explore options to continue to deliver their services post Brexit.

We are a highly regulated and well-regarded jurisdiction and as such continue with a zero tolerance approach to financial crime, it is therefore encouraging to see the increase in Customs & Excise’s budget ensures the Division is prepared for the UK’s exit from the EU and that the recommendations of MONEYVAL are fully incorporated into every day activity. In further support of our international obligations, this budget will establish the International Cooperation & Asset Recovery Team on a permanent basis allowing them to be resourced to combat money laundering and terrorist financing.

Minister Cannan also announced a National Insurance Holiday Scheme aimed at attracting new working residents to the Island and to encourage the return of Manx-educated students which will attract more investment into the Island and grow our economy. The announcement follows the launch of the Department for Enterprise’s ‘Locate Isle of Man strategy,’ which outlines plans for promotion of the Island as a special CONNECTING BUSINESSES

I am confident that this budget gives us more tools to support the 400 plus strong financial and professional services companies that call the Isle of Man home and highlighting the Isle of Man as an international financial centre of excellence, an award winning jurisdiction and a committed member of the international finance community.

place to live and work in order to grow the number of economically active residents by 2021. We will look to work closely with Locate as we look to fill skills shortages across our industry by highlighting that the Island is a a diversified international financial centre offering a wide range of career options and a great place to live and work. The associated incentives for both employees, [for example, a relocating young professional taking a role with the financial services sector under the new scheme earning a £30,000 salary will take home £27,450 in their first year of living in the Island – £3,650 more than their UK counterparts earning the same salary who would keep £23,800.] and employers [who can still benefit the ‘Employee Relocation Incentive’ which provides employers funding of up to 20% towards an employee’s first year net salary, capped at £10,000 per position].

Investment in both on and off-island focused enhancements will not only increase our reputation with visitors but also the Island’s already high quality of life. On-Island, the budget promises considerable investment into a Douglas Promenade Walkway, initiatives to support the development of infrastructure, healthcare, schools, heritage and transport & communication links. Off-Island focused enhancements include, facilitation works to develop the Isle of Man Ferry Terminal in Liverpool and plans to develop the Airport Technology Gateway which will see the creation of a high quality landscaped business park at the airport.

11

update 2019 budget

Isle of Man Chamber of Commerce comment on 2019 IOM Budget

widening of the remit of the Enterprise Development Scheme, with a total of £9million available.”

“One of the biggest challenges facing Isle of Man businesses, is filling vacancies due to the very low levels of unemployment. A really positive development therefore is the introduction of a National Insurance holiday scheme for employees (with employees being able to apply for a rebate on NI contributions of up to £4,000) who move to the Island for work, and for Manx students who return to the Island to work after completing their UK university courses. It will provide an added incentive to come to the Island to live and work and Chamber will watch with interest to see what impact this has.”

“We also welcome the scheme to support the parents of Manx students attending universities and higher education in the UK. A ring-fenced sum of £1.5million is being allocated to the Department of Education, Sport and Culture for this purpose, and Chamber is looking forward to seeing the full details of how this funding is to be applied.”

Brexit “Chamber welcomes the announcement of the Business Improvement Scheme which will allow businesses to apply for a grant of up to £5,000 towards the cost of the transitions required for Brexit. Whilst we acknowledge the Isle of Man Government has limited influence on the negotiations between the EU and the UK regarding Brexit, the scheme is a practical measure that might be of significant help to smaller businesses.”

“W

e welcome the news that there are 73 new employers and 439 new taxpayers in the past year.

Chamber has been campaigning for some time regarding the need to increase the Island’s working population, and these figures are encouraging. It is no coincidence that there is also a greater surplus (£28million) now projected, and it’s positive to see that both personal allowances and benefits increasing.”

“However, there’s no room for complacency and government and the business community need to continue to accelerate the drive to bring both new businesses and people to the Island. It’s that goal which inspired us to create Business Connex, the recently launched concierge service (a joint initiative between Chamber and the Department for Enterprise) designed to support local businesses and entrepreneurs on the Island, and to help businesses,

12

entrepreneurs and individuals who have decided to relocate here.”

“In general, Chamber believes that the Government is continuing to steer a steady course during an era in which the Isle of Man has faced unprecedented challenges, including the potential impact of Brexit and a heightened level of external scrutiny.”

“Moving on to specific details in the Budget, it’s understandable that some sections of the business community will always question whether the Treasury Minister has gone far enough in introducing measures to promote economic growth, but Chamber applauds several steps he announced including the

Capital projects “The announcement of £479million in capital investment over the next five years is potentially good news for the Island’s construction sector, though we do acknowledge some of this will be spent off Island in Liverpool. We would urge a greater focus on delivery of the capital programme, noting that utilisation of the budget has been less than 50% over the past two years. We welcome the news that this underspend is being carried forward along with Treasury’s announcement of a review of the key drivers for historic under-delivery and establishment of a ‘Plan B’ schedule of projects which can be quickly brought forward should there be slippage on other schemes.”

ON THE AGENDA...

update 2019 budget

In a blink ISLE OF MAN BUDGET AT A GLANCE

KEY FEATURES OF THE 2019-20 ISLE OF MAN BUDGET INCLUDE:

● Employed Person’s Allowance (2.9%)

An increase for the third consecutive year to the personal income tax allowance, of £750 to £14,000, lifting 1,550 people out of the tax net. Taxpayers will be up to £150 better off, or up to £300 better off for a married couple.

Introduction of a National Insurance Holiday Scheme for employees who move to the Island for work and Manx students who return to the Island to work after completing their UK university courses.

● Maternity Payments (20%) ● Basic state pension (2.5%) Winter Bonus +£50 (16.7%) ● Disability Living Allowance (3.4%)

Most benefits to rise by 2.4% with exceptions to:Child Benefit (5%), building on last year’s increase of 3.3%

New Manx State Pension to be introduced from April 2019 at £184.15 per week.

More money to enable departments to deliver services: an additional £3 million for Health and Social Care services, additional £3m for Home Affairs, mainly within Policing, £2.2m for Infrastructure and £1.5m for Education, Sport and Culture.

O T H E R K E Y P O I N T S F R O M T H E 2 0 1 9 - 2 0 B U D G E T: A five-year capital investment programme of £479 million, including a Douglas Promenade Walkway, facilitation works to develop the Isle of Man Ferry Terminal in Liverpool and an initiative to support the development of Jurby, a new telecoms strategy and a new landfill facility for problematic waste.

ring-fenced to be used by the Department of Health and Social Care.

Revision to the Enterprise Development Scheme to open it to a wider range of applicants. A total of £9m will be available to focus on job creation and strengthen the requirement for co-investment.

Additional funding of £350k in 2019/20 (with additional funding in future years) made available to the Department of Environment, Food & Agriculture to deliver a modified Agriculture Development Scheme with increased emphasis on environmental priorities, sustainable food production and increased investment in modern infrastructure.

Funds of £2m set aside from the Economic Development Fund to develop the Airport Technology Gateway which will see the creation of a high quality landscaped business park at the airport.

Funds of £1.5m ring-fenced for a revised student awards scheme to support people to return to the Island after their studies.

Sugar tax to be introduced from April 2019 expected to raise around £300,000, which will be CONNECTING BUSINESSES

Agriculture and Forestry Fund to be topped up with £1m per year for 3 years to support the operation of the Meat Plant if required.

New Community Fund to be established to matchfund community projects which support our UNESCO biosphere status. The £250,000 Fund will be managed by the Manx Lottery Trust.

A top up of £1 million for the Brexit Fund to £2.5m, for the continued negotiations arising from the UK’s departure from the EU.

13

update - video conferencing

Video Conferencing:

gimmick or essential business tool?

T

he way we work is evolving - we no longer have all key stakeholders in one office, organisation or even one country. Many organisations successfully use Video Conferencing (VC) as a key tool to connect with colleagues and clients around the world. Yet, there are still businesses who have yet to embrace the benefits of VC - some who have tried it but felt it didn’t work and some who have avoided the technology altogether.

Why are organisations having such different experiences and views when it comes to VC? lt’s very simple. Many organisations start with free VC tools on their computers with no training for staff.

Staff then complain of issues including technical difficulties of logging in, poor picture and sound quality, time lags, inability to see everyone in the meeting, among others. Disappointment quickly sets in and people revert to phone calls and expensive travel for face to face meetings.

Like so many things in life, there’s a right way and a wrong way - and you get what you pay for. You’re not just paying for the technology, but the right expertise and care that will see you through to the success you are looking for.

14

‘Making communication as efficient as possible and facilitating collaboration is hard enough in a stable work environment. Add in mobile and home workers, a steady stream of acquisitions and global expansion, and the challenge can quickly become overwhelming.’

That’s what the Equiom Group is up against according to Stephen Roberts, Global IT Director, '"0,as the professional services provider continues to grow rapidly, expanding into new jurisdictions and opening new offices.

Video Conferencing was once reserved for top executives and large organizations.

The founders of Pexip believe that everyone should be able to join a video meeting regardless of their job title, device or location.

Good Video Conferencing Is About Much More Than Cost

On top of the technical challenges of making sure everyone is connected in the best and most secure way possible, Equiom is keen to maintain a consistent company culture in an enterprise consisting of employees from the four corners of the world.

Equiom realised effective VC was essential to achieving this. After considering a range of systems, Equiom chose Lifesize, an award-winning VC system offering HD picture quality.

Equiom uses the Lifesize lcon systems in conference rooms and meeting points throughout its global operations, plus employees use the web and mobile applications to access all features of the system as well.

This is especially important for the mobile element of Equiom’s employee base, which uses Lifesize on their mobile phones, tablets and laptops as frequently, if not more, than in the company’s meetings rooms.

Adding new users is straight forward with the cloud-based system, and the Lifesize intuitive interface, features a ON THE AGENDA...

‘At MBS we don’t believe in a one-size-fits-all approach. As every organisation is different, we use our technical knowledge to find the best solution to your business problem. Our experience shows that the right video conferencing solution can save businesses a significant amount of time and money typically with a ROI well within the first year.’

MBS will combine innovative technology from leading vendors with award-winning expertise to help build solutions to future-proof your business.

How do you get the right support, from the right organisation?

user-friendly model, resulting in ‘zero resistance’ to adopting it’, according to Stephen. The Lifesize system is built from the ground up to address the things that keep IT managers awake at night.

So from a technical standpoint, he said it was a ‘no brainer as it ticked all his boxes for cost, ease of use, reliability and security’.

But perhaps most reassuring to Stephen is the customer service and support he sees from Lifesize and MBS, the company that delivers the solution: ‘It’s a very mature product, which is important, and the company really demonstrates that it listens.

We’ve seen that in new features that have been added, for example, and that makes you feel good about your decision to go with a supplier like Lifesize’. MBS provide business automation solutions to over 300 clients in 39 countries. Simon Webb is Head of Print and Audio Visual Solutions at MBS. Simon said:

The organisation will listen to your needs first, then combine market-leading products with an agile and collaborative methodology to deliver fast, effective change.

Their Software, Audio Visual, print and scan solutions are designed to deliver on your ambitions, driving real results through digital transformation, providing responsive and intuitive solutions that make sense in your world.

Not only are you saving a great deal of time and money by not having to travel but you will also be helping reduce your carbon footprint.

MBS is a local organisation with connections worldwide. As the largest Laserfiche partner in Europe, a longstanding DocuSign implementation partner, and a trusted provider of many other software, Audio Visual, printing and scanning solutions. You have the convenience of getting leading technology solutions from one experienced source near you.

5 Things You Need To Know About Video Conferencing 1. Your office is now optional.

To accommodate the need for instant connectivity and information sharing at the office, you need to coordinate IT investments with physical space.

2. One window shows all your applications.

These platforms consolidate all the windows workers have on their computer screens at any time, including video conferences.

3. You can access video on the go.

No matter where you are, Lifesize can be integrated on all smart devices including laptops, mobile phones and tablets.

4. Free options offer limited quality.

Free solutions like Skype and Google are not always suitable for the enterprise - you - don’t want to be fussing with the connection at an important board meeting.

5. Live feeds are the next frontier.

Live streaming can be a helpful tool for sharing events with people who can’t attend or who want to watch them later.

Why not see for

yourself?

Why not see Sign up for a free for yourself?

Sign up for a free 01624 610200 01624 610200 sales@mbs.im sales@mbs.im www.mbs.im

Why not see for yourself?

Sign up for a free 01624 610200

sales@mbs.im

CONNECTING BUSINESSES

15

update - business review RS Marketing and pr limited

Photo Credit: Glenn Whorrall

RS Marketing and PR Limited is a new Isle of Man-based marketing and communications consultancy established by wellknown local marketer 16

Richard

Slee

ON THE AGENDA...

“S

ince establishing RS in November 2018 I have been delighted by how well it’s been going. I’ve been able to draw on my extensive experience in marketing, communications and PR across public and private sectors to deliver projects for clients encompassing corporate identity creation, reputation management, media relations, market research and copywriting.”

Where there is an element of the project that Richard can’t deliver, such as design or photography, he uses local providers with the appropriate professionalism and experience to undertake the work.

“Due to my extensive experience working client-side briefing and choosing marketing agencies I am also adept at tailoring my approach, costs and the solutions proposed to the specific needs of the client.”

Richard’s decision to undertake his own venture comes after a 20 year career leading and delivering successful marketing, communications and PR initiatives for high profile organisations in the Isle of Man, encompassing nearly all of the Island’s diverse business sectors.

Most recently, his career involved 10 years with the Isle of Man Government.

“I joined the Department of Trade and Industry (DTI) in 2008 as Marketing Manager after 10 years with Manx Telecom working in marketing and product management roles.

The DTI was incorporated within the newly established Department of Economic Development (DED) in 2010 which effectively brought the marketing for all of the Island’s business sectors under one entity.

“It was clear that a single, consistent approach was required to promote the Island and I was delighted to create the brief and lead the project, working with local agency MMC, that became ‘Isle of Man – Where You Can’. It was hard work and involved bringing together a wide range of interests from both Government and industry, but I think we did a great job and it is only since the creation of the executive agencies last year that this approach has been dropped.”

Eager to gain experience outside of pure marketing, in 2016 Richard took on an 8 month secondment in the Cabinet Office as Senior Manager, External Relations. During my short stint I learned and experienced so much, from drafting correspondence to UK political figures, supporting the Chief Minister’s National Strategy Group and the International Development Committee, through to the

“I would call myself quietly determined and I let my work do the talking most of the time.”

agreement by the Isle of Man Government to establish a register of beneficial ownership.

Not long after his return to DED, the Department changed shape again and evolved into the Department for Enterprise using an executive agency model to promote the Island and aiming to deliver further economic growth.

Richard believed that there was great potential in tapping further into the Island’s culture and heritage in respect of tourism promotion.

“We don’t have the much larger marketing budgets that the UK’s home nations and the Channel Islands have, so we needed to think more creatively to gain traction in what is the most competitive sector in the world.

“The development of ‘Isle of Man – the Extraordinary Story’ was something I was proud to instigate and lead and although the campaign is currently still less than a year old the initial feedback was really encouraging. We generated huge increases in traffic to the main promotional channel, the Visit Isle of Man website, and the ambition is to build a positive brand awareness for the Island as a place to come on holiday. This is a longterm campaign and it needs to be given the time to disseminate through our target segments.”

Richard is determined to take the same approach to his business that he made when starting his marketing career.

He states: “How I got to this point has been fairly unorthodox to say the least!

Richard suffered very serious injuries in an accident in the early 1990’s which required 13 operations, necessitating a long spell in hospital including two months in a specialist plastic surgery unit in Whiston Hospital, Liverpool.

Richard explains: “I had pioneering surgery to save my right leg, which was reconstructed using muscle, veins, skin and bone from other parts of my body. Following the accident, it was touch and go for around a year whether the limb would be saved.

I remember being told by one of the doctors at the time that if my leg was saved I would have to use a walking stick for the rest of my life.

“One of my character traits is that I’ve never liked been told that I can’t do something! This spurred me on during the long process of recovery. If you dedicate yourself to a particular goal and work hard, you’ll overcome what life throws at you and achieve what you aim to do.

“On recovering from my injuries, I booked a round the world plane ticket and while travelling in Australia decided to undertake and self-fund a Master of Marketing degree at Melbourne Business School, one of the leading business schools in the world for marketing education.”

Richard has also been committed to ensuring that marketing is properly represented as a credible discipline within the local business community.

“I was proud to be Chair of the Chartered Institute of Marketing Isle of Man between 2005-2009 and as the Isle of Man’s Ambassador on the NW Regional Board from 2015-2017. It was an honour to be recognised by CIM both in 2007 as their Member of the Year for the North West Region and in 2017 as the North West Ambassador of the Year.”

One of Richard’s clients, the Tevir Group, has recently purchased the Villiers site in Douglas, as well as the former Castle Mona Hotel and the former Zurich HQ in Athol Street.

Richard comments: “It’s a great pleasure to work with the team at Tevir Group and having spent the first 12 years of my life in the Isle of Man living in the original Villiers Hotel I am looking forward to helping promote the regeneration of this site.”

“I would call myself quietly determined. This is an exciting new chapter for me and I’m looking forward to progressing the new business with the same vigour I have demonstrated up to this point in my life.”

Richard was clear and concise on his approach and his plans for the future.

To contact RS Marketing and PR email Richard at: richard@rsmarketingpr.com CONNECTING BUSINESSES

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update - movers & Shakers

SIMCOCKS ADVOCATE GAINS COMPLIANCE QUALIFICATION

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imcocks Advocate, Sarah Wolter, has been awarded the ICA International Diploma in Governance, Risk and Compliance.

The International Compliance Association qualification is designed as an advanced programme for senior industry practitioners, to build on existing experience by providing enhanced skills, knowledge and expertise.

Sarah was able to complete the course over a nine month period, and attended four workshops here on the Island. The course covers: n Approaches to Regulation n Understanding What Makes an Effective Compliance Officer n Designing an Effective Governance, Risk and Compliance System

n Prudential Regulation in a PostCredit Crunch World n Governance, Culture and the Benefits of Compliance n Managing the Risk of Money Laundering and Financial Crime

Having completed this qualification, Sarah isn’t resting on her laurels, however, and her next challenge is the STEP Certificate in International Trust Management and then the STEP Diploma, which will enable her to deepen her knowledge and expertise in the area of trusts.

Simcocks director, Alex Spencer, commented: “We’re extremely proud of Sarah’s development and her continued enthusiasm to enhance her skills. At Simcocks we place great importance on the training and development of our team members, and it’s a joy to see such talent flourishing. Sarah’s skills will further strengthen our Regulatory and Compliance service.”

Jason Spooner Appointed to Wi-Manx Director of Commercial Services

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i-Manx is pleased to announce the appointment of Jason Spooner to Director of Commercial Services.

Jason first joined Wi-Manx in April 2018 as a Corporate Account Manager, bringing his sales experience of over 30 years into the company. His range of expertise includes sales, full product lifecycle, infrastructure, datacentres, security and relationship management.

Commenting on his new role, he said, “As Director of Commercial Services, I’m going to focus on how Wi-Manx can continue achieving growth with new and refreshed products and services, using the expert teams we have in-house to make that happen.”

Wi-Manx has always strived to be a new, innovative company since launching in 2004, selling products, services and technology solutions that can sustain real, tangible benefits for our customers.

When discussing the importance of establishing a culture

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that’s unique to Wi-Manx, Jason said, “I enjoy working here and I really like the atmosphere. I want to see Wi-Manx continue to grow, to make people aware of how good our culture is and to want to come to us. People hear about us and like what they hear about us, so whatever I can do to help towards that.”

He expressed the importance of building on employee rapport to adapt to the future of technology, saying, “This can only be achieved if everyone in the business is operating at the top of their game - everyone’s strong and experienced in what they’re doing, but work collectively because it needs more than one person to deliver anything – it’s absolutely essential.”

He hopes that the culture of Wi-Manx, its values and expertise will come across to customers, both new and existing.

“People have heard of us, our residential offering is second to none and we have made some really good business relationships, but we need improve communicating to the market what we offer, as many are not even aware that we own and operate our own datacentre – people are often surprised. We are strong in the market and have a strong portfolio of IT and telecoms solutions for businesses, plus we’ve got a phone system.

We’ve got a lot to offer.”

Managing Director of Wi-Manx Tim Cass said, “From his initial appointment as corporate account manager Jason made an immediate impact bringing to bear the full breadth of his skills and experience. It was clear very early on that he had more to offer and I am delighted his appointment to director of commercial services brings these skills to our strategic planning and ambitious growth plans.”

ON THE AGENDA...

From left to right – Tony Dowling, Rebecca Hands, Neil Cowley, Rachael Hooper, Julie Jaiyen and Ian Begley.

ICAEW EXAM SUCCESS FOR SMP ACCOUNTING & TAX

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wo members of the SMP Group’s Accounting & Tax team are celebrating exam success.

Julie Jaiyen and Neil Cowley have passed their ACA exams with the ICAEW (Institute of Chartered Accountants in England and Wales). Meanwhile, another dedicated member of staff, Rebecca Hands, is due to sit her final examination this July.

The globally-recognised ICAEW qualification is made up of four important elements; 15 exam modules on different aspects of accountancy, finance and banner.pdf 2 20/02/2019 business,Agenda 450 days of practical work15:50:11

experience, professional development and ethics and professional scepticism.

Ian Begley, Accounting Director, says the SMP Group is extremely proud of their achievements. He said: ‘We are always excited to see our team grow and progress and are delighted for Julie and Neil who are valued and capable members of SMP Accounting & Tax. Both are real assets to the company and I am looking forward to seeing them continue to develop their careers and take on additional responsibilities and client portfolios.’

Julie said: ‘I am extremely proud to

have achieved this qualification, which is the result of intensive studying, hard work and the support of everyone in the Group.’

Neil added: ‘Having now passed my exams, I am looking forward to taking on more responsibilities and helping SMP continue to provide the exceptional service we offer clients.’

Rebecca continued: ‘I really appreciate the huge support my colleagues are giving me and, with a few more months ofstudying to come, I’m looking forward to sitting my final exam this summer.’

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CM

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T: +44 (0) 1624 631710 E: enquiries@khtlimited.com W: knoxhousetrust.com

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Knox House Trust Limited is licensed by the Isle of Man Financial Services Authority and registered in the Isle of Man. Company No: 125720C.

CONNECTING BUSINESSES

19

update - Employee relocation incentive

Employee Relocation Incentive

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Words by: Les Able

n ambitious pilot scheme launched in September 2016 by the Department for Enterprise, which offers up to £10,000 in financial assistance to local businesses looking to relocate staff to the Isle of Man, is proving to be making a major contribution to growing the Island’s economy.

The Employee Relocation Incentive provides employers funding of up to 20 per cent towards an employee’s first year net salary, capped at £10,000 per position.

So far it has been linked to over 260 employee relocations to the island.

The job must offer a minimum starting salary of £25,000.

Tourism and Hospitality have now been added to the list of eligible businesses, which include chefs, head housekeepers and managers roles. There is an awareness that with new hotels and restaurants opening in the coming months, coupled with those already here, the experience required to fill key roles will not always be found in the Island. It is recognised that companies will have no alternative but to look to the UK and beyond.

The success comes as influential voices in commerce, industry and government emphasise the urgent need to attract talent to the Island to stimulate economic growth whilst also ‘growing’ the working population. There is also a desire to attract back those who have gone overseas for university who have then found jobs and not returned.

The targeted initiative helps local employers find additional skilled workers and ensure they find continued growth and success in the Isle of Man. The incentive can be accessed by businesses either looking to backfill or fill a new position which they have been unable to recruit locally.

“Piloted over the last two years, it has been hugely effective so far. It is an initiative that helps local employers find additional skilled workers and ensure they find continued growth and success in the Isle of Man,” emphasises Paul Maddocks, Enterprise Support Manager at the Department for Enterprise, “It is not intended to take away

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“The Department helped us secure the relocation of an employee from our Cape Town office” opportunities from local workers, but is instead put in place to grow the Island’s workforce where local employees are unavailable. Not only is it looking to expand the Island’s workforce, it is also in the national interest as it helps to foster growth in the economy and generates additional tax revenue.

“Some businesses have used the Incentive to assist with finding suitable candidates, others engage with recruitment agencies, while many have used it to support candidates with relocation costs. What is equally important is that the Incentive can also be used to reach out to Manx individuals around the world to encourage their return home.”

Anthony O’Mahony, Chief Financial Officer at J5 International recently took advantage of the Incentive: “The Department helped us secure the relocation of an employee from our Cape Town office,” he declares. “We were unable to fill the position locally and needed the experience and knowledge of this software developer to be based on island.”

He adds: “It meant we were able to support the employee with relocation costs and at the same time enabled us to retain this talent internally. We are currently in the process of accessing the scheme for another employee relocation.”

Assistance is paid retrospectively after the employee has completed 12 months of continuous service.

ON THE AGENDA...

ASSISTANCE IS AVAILABLE TO A RANGE OF BUSINESSES AND SECTORS INCLUDING: Financial and Professional Services: n Banking, Insurance, Fiduciary, Fund Management, Space, Management of Ships, Yachts and/or Aircraft, Legal and Accounting, Specialist Construction (only quantity surveyors & architects), other Professional & Financial Services.

Manufacturing: n Export, Import Substitution.

Digital: n Information and Communication Technology (ICT), eGaming.

Tourism & Hospitality: n Chefs, Head Housekeepers, Managers.

The business must: n Be in an eligible sector. n Have a permanent establishment/ place of business on island. n Be up-to-date in respect of Income Tax, VAT and National Insurance. n Submit their application in advance of appointment.

The job must: n Constitute permanent, regular employment. n Not be an excluded employment. n Offer a minimum starting salary of £25,000.

The employee must: n Be directly employed by the business. n Work predominantly on island. n Not have been a resident on island for Income Tax purposes prior to employment in the job. n Become a resident on island for Income Tax purposes for the period of employment in respect of which the grant is claimed.

TO APPLY:

n To see if your business is eligible for the Employee Relocation Incentive, contact the Department for Enterprise Team: enterprisesupport@gov.im or call (01624) 687333.

IN THE LAST 2 YEARS, THE EMPLOYEE RELOCATION INCENTIVE HAS Invested over

£1.9 million into local businesses Been linked to over

260 employee relocations

Helped over

50 local

businesses relocate employees to the Isle of Man

For more information www.iomdfenterprise.im/eri CONNECTING BUSINESSES

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update Corporate culture feature

22

ON THE AGENDA...

Wishy-washy job titles encourage wishy-washy ideas. And that is fatal for corporates

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Words by: Izabella Kaminska (FT.com)

ong-winded, self-aggrandising titles aimed at remunerating employees with status rather than pay are hardly a new thing.

We’ve all been exposed to the occasional “Global Head of Personal and Corporate Sales & Co-head and President of Execution Services, Emea, Asean & UK; Chair of the Steering Committee for Services, Sales and Executions, BSC, MSC, MBA, GCSE(s)” and thought to ourselves: what on earth is that? But something new is happening in the world of title inflation.

Where preposterous titles in the past concentrated on over-defining job roles in excruciating detail, today’s vogue is for exactly the opposite. The more ambiguous, meaningless and mystical, the better.

Some might suggest the trend reflects an increasingly edgy and innovative corporate sector that welcomes young people and freethinkers, especially in the executive class. But I would argue it hints at something more worrying: a lack of corporate understanding about what a company’s purpose in society and the marketplace really is these days.

It may be true that new technologies come with new ways of doing things; new ways of doing things demand new types of jobs; and new types of jobs demand new titles. There is nothing sinister or exceptional in that. But today’s job abstractionism doesn’t feel progressive, forward-thinking or scientific. The parallel, if anything, is with a feudal, out-of-touch, ruling class that indulged in advice from mystics, prophets and oracles to suspend reality rather than engage with it.

Search LinkedIn for just a few minutes and you will get a hint of the trend I’m talking about. There are 41 results for “chief future officer”, 44 for “chief joy officer”, 52 for “chief happiness officer”, 63 for “chief thinking officer”, 170 for a “chief vision officer”, 197 futurists and 354 futurologists. Move over to the even more abstract and you discover 6,158 “evangelists”, 15,145 “thought leaders” and a whopping 245,167 “influencers”.

CONNECTING BUSINESSES

What is going on? In seeking an answer, a good place to start is the arrival of AOL’s self-styled “digital prophet”, Shingy (née David Shing), in 2011. On the surface, the role entailed looking wacky and mysterious on the conference circuit.

Shingy is now famous for being Shingy. Unfortunately, no one under the age of 40 is any wiser about AOL. But linking the rise of corporate mysticism to malaise and stagnation isn’t entirely fair. For example, Jeff Barr at Amazon Web Services has occupied the role of some sort of “evangelist” for almost two decades. In that time, Amazon has grown to become the third-largest corporation in the world. But does its success disprove the theory that crazy title-mongering is symptomatic of a deeper crisis of meaning and purpose in the corporate sphere?

We live in a world in which investors demand hyper-growth from would-be corporate success stories. Understandably, companies need to justify their otherworldly ambitions. Appointing sycophantic mystics who can tell fanciful stories about the good that can be done, if and when absolute power is achieved, is one way to do it. How else can you sell total market dominance and monopoly to yourself and others?

From Merlin to Rasputin, the role of chief mystic has always been to provide vindication for the pursuit of outsized power while keeping reality at bay. The same is true of their corporate successors today. The danger comes in the malleability of the narratives if and when a region or population no longer supports your corporate power agenda. Amazon’s recent retreat from New York is a case in point.

And that is the problem: wishy-washy roles encourage wishy-washy thinking, which distracts leaders and investors from the realities at hand. The corporate world would be much better off with more chief critical thinking officers ready to speak truth to power rather than fanning it further. Sadly, there are no such roles on LinkedIn.

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brand voice - KPMG isle of man

Is Substance starting to bite?

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ON THE AGENDA...

Words by: David Parsons Tax Director KPMG Isle of Man

For those who thought that Brexit might mean that the European Union (EU) would no longer focus on the tax regimes of the Crown Dependencies (i.e. the Isle of Man and the Channel Islands) and British Overseas Territories, they might wish to think again.

If anything, the absence of the UK from the EU table could leave these territories more exposed, rather than less, to challenges from the EU. CONNECTING BUSINESSES

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brand voice - KPMG isle of man

The workings of the EU, and indeed the Organisation for Economic Cooperation and Development (OECD), can at times be difficult to fully understand. The substance initiative, which is the subject of this article, started life with the work of the OECD’s Forum on Harmful Tax Practices (FHTP).

In particular, one of the initial focusses of the OECD’s work was on requiring jurisdictions with preferential tax regimes (e.g. a regime that provides for a lower corporate tax rate for certain industry sectors, such as shipping or intellectual property) to ensure that such regimes only applied to those companies with a sufficient degree of relevant “substance” in that jurisdiction.

This resulted in changes to the tax regimes of a significant number of jurisdictions. As our standard rate of corporate taxation is zero percent, by definition, the zero percent rate is not preferential to the standard rate.

In November 2016, the EU commenced work on a list of “noncooperative jurisdictions” for tax purposes. Through 2017, the EU screened some 92 jurisdictions against criteria based upon transparency, fair taxation and the implementation of measures under the OECD’s Base Erosion and Profit Shifting (BEPS) initiative. As we know, the Isle of Man has responded to a multitude of initiatives in the tax arena over recent years – not least in relation to automatic exchange of information measures and BEPS minimum standards. However, the one area of the screening process that was always going to be a challenge for the island relates to substance – the requirement that the jurisdiction should not facilitate offshore structures or arrangements aimed at attracting profits which do not reflect real economic activity in the jurisdiction (which, according to the EU, zero rate regimes do, by their very nature).

In November 2017, against the threat of black-listing by the EU, the Isle of Man made a commitment to introduce legislation to deal with the EU’s concerns in this area. Roll forward 15 months and the legislation is in force and businesses across the island are in the midst of assessing the impact.

First of all it must be appreciated that the legislation only impacts on certain sectors – these range from the regulated sectors of banking, insurance and fund management, through to shipping, distribution and service

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he latest challenge (ignoring such matters as public registers of beneficial ownership: that’s for another day) relates to a requirement for certain Isle of Man resident companies to have adequate “substance” in the island.

centre businesses, finance and leasing, “headquartering” companies, holding companies and last (but definitely not least) intellectual property (IP) companies.

An analysis of the substance requirements would not fit within this article, but it is fair to conclude that most Isle of Man companies probably fit into one of the following categories: (1) the legislation has no impact; (2) the company is within scope, but it clearly has the required “substance” and with relatively minor amendments to, for

example, its record keeping it will be able to demonstrate that fact; (3) the company is within scope, but will need to make material changes to the manner in which it operates if it is to satisfy the requirements; and (4) the company is within scope and without fundamental change to its modus operandi will simply not be able to satisfy the requirements.

It is these final two categories where the legislation is really starting to bite.

And it must be borne in mind that the consequences of non-compliance can be

ON THE AGENDA...

severe – for certain IP companies, those consequences can be a £50,000 penalty in the first year, and a £100,000 penalty combined with strike-off proceedings as early as the second year.

Some businesses will ultimately conclude that they cannot (or are unwilling to) satisfy the requirements and thus will, presumably, leave the island. In many ways that is exactly what the EU and the OECD are trying to achieve. On the other hand, there will be businesses located in other jurisdictions (e.g. the British Virgin Islands) that are equally struggling with the equivalent legislation and may conclude that the Isle of Man is exactly the place for them

CONNECTING BUSINESSES

to cement their business going forward - after all, we are well placed in terms of people, expertise and space.

There is no doubt that there remain areas of uncertainty with the legislation – for example, how much is “enough” in terms of the level of substance that impacted companies must have on the island? Answers are likely to slowly emerge, with further guidance expected from the Income Tax Division and from the OECD as its own initiative in this area gathers speed. But for businesses that may have to make fundamental changes to their operations, if they wait too long they may not be able to avoid the legislation’s painful bite.

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opinion liquidators

Co-operating with Liquidators – an absolute duty?

A landmark judgment issued by the High Court of Justice of the Isle of Man on 14 January 2019 has cast doubt over the extent to which liquidators can expect cooperation from directors of companies to which they have been appointed.

The decision in Financial Services Authority v New Earth Recycling and Renewables (Infrastructure) plc and 2 others is a significant departure from the position traditionally adopted by the Courts in the Isle of Man. Â In this article, Chiva Samani, Director at Athena Law, examines this recent development.

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ON THE AGENDA...

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he reach of a liquidator is, to say the least, extensive. His duties include investigating the affairs of the company to which he has been appointed, winding up its affairs /distributing its assets, and a panoply of powers are bestowed upon him to assist him in discharging these functions. Liquidators routinely deploy a number of tools in gathering information about the affairs of a company, such as requests to officers of the company to (a) produce books/documents (b) attend interviews, and (c) complete officers’ questionnaires. Historically, directors and other officers of companies in liquidation have been advised to cooperate fully with liquidators and assist them in this exercise.

The decision of the Court in Financial Services Authority v New Earth Recycling and Renewables (Infrastructure) plcon 14 January 2019 may well alter the advice directors receive going forward.

In the New Earthcase, liquidators were appointed to three failed investments funds by the Court on the application of the Isle of Man Financial Services Authority in 2016. The funds had been originally established to enable investors to invest in waste treatment facilities in the UK. The funds had 3,249 investors, and in total approximately £171m had been invested by them in the companies. The liquidators, following their appointment, took the view that there was little prospect of any recovery on behalf of the investors.

In seeking to ascertain why the funds had failed, the liquidators carried out various investigations. By 2018, the liquidators had taken possession of over 200,000 unique documents (some spanning over hundreds of pages) from various sources including the funds themselves, their officers and their service providers. The documentation obtained by the liquidators included, amongst others, board packs, board minutes and resolutions, contractual documentation, accountants’ reports, legal opinions and other advisors’ reports. It also included the entirety of the data held on the desktops of two of the funds’ directors (Messrs Bourbon and Richardson), who had voluntarily handed the data on those devices to the liquidators.

Having recovered a significant volume of documentation, the liquidators invited four of the directors of the funds to attend voluntary interviews.

Messrs Fogg and Whittaker attended their interviews in February and March 2018. Their legal representatives later wrote to the liquidators voicing serious concerns over the manner in which the interviews had been conducted. Messrs

CONNECTING BUSINESSES

Fogg and Whittaker’s lawyers stated that the interviews had failed to ensure that their clients were afforded an adequate opportunity to respond to the liquidators’ enquiries with considered full and accurate answers. Further they stated that the interview process had not been used as a fact-finding exercise but “had swiftly developed into something that appears to be far more accusatorial in nature”.

Accompanied by Chiva Samani, Messrs Bourbon and Richardson attended their interviews in April 2018 and presented to the liquidators a lengthy paper setting out their position as to various matters which had been raised by the liquidators pre-interview. They repeated their offer to assist but asked that they be permitted to do so by way of written answers so as to give considered and fulsome responses to the questions asked.

Not content with the offer of assistance given by Messrs Bourbon and Richardson, the liquidators applied to the Court for an order that Messrs Bourbon and Richardson be orally examined on oath concerning the promotion, formation, trade, dealings and affairs of the funds. The liquidators stated that such information was reasonably required of Messrs Bourbon and Richardson to enable them to discharge their functions. No efforts were made by the liquidators to particularise what information specifically they required of Messrs Bourbon and Richardson either at the time of the applications being made or thereafter, despite repeated invitations from Messrs Bourbon and Richardson’s advocates that they do so.

Messrs Bourbon and Richardson were thus left with no choice but to challenge the liquidators’ application, on the basis that the proposed examinations’ scope was so undefined, vague and wide that the liquidators could not possibly establish a reasonable requirement for the information sought, particularly bearing in mind the volume of information which was already available to them in the records they had obtained. It was argued that, if granted, the application would give the liquidators “carte blanche” to ask any questions they desired of Messrs Bourbon and Richardson, regardless of whether or not the liquidators required that information to discharge their duties.

In a momentous departure from the historic position, the Courts agreed largely with Messrs Bourbon and Richardson. His Honour Deemster Corlett, First Deemster and Clerk of the Rolls, reiterated that the power to examine directors on oath was an extraordinary one and that the Court should not hesitate to use in a proper case.

That being said, the Court stressed that it was for the liquidators in any application to satisfy the Court that there existed a reasonable requirement for the information which was sought to be obtained by way of oral examinations and whilst the requirement did not need to be made out in detail, it nonetheless needed to be made out. The order sought in this case was said to be “impermissibly wide” and in the nature of a “carte blanche”.

Dismissing the liquidators’ application, the Court held that the liquidators had failed to show (a) that they had a reasonable requirement for the information, (b) that the information was not already in their possession, (c) that they had conducted a search and analysis of the documents already in their possession, and (d) that there were specific gaps required to be filled which could only be filled by oral examination of Messrs Bourbon and Richardson. The Court also criticised the liquidators for not taking up Messrs Bourbon & Richardson’s offer to provide written answers to any questions raised by the liquidators.

The decision in the New Earth case is a stark reminder that liquidators remain subject to the supervision of the Court.

The judgment is a step in modernising the Isle of Man’s approach to insolvencies and brings it closer to the English position.

Whilst the law gives liquidators extensive powers to investigate the affairs of a company, such powers are not a free pass.

Liquidators are expected to act reasonably and only use their powers for the purposes for which they have been given. If challenged on their actions, liquidators will need to be prepared and able to justify the rationale for their proposed course of action.

Word by: Chiva Samani

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opinion - love tech

Local not-for-profit ‘Love Tech’ formed in late 2017 to inspire and empower young women and girls on the Isle of Man, to explore opportunities and careers in Science, Technology, Engineering and Mathematics (STEM).

Words by: Voirrey Barron Photos: Mark Weir Photography

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ON THE AGENDA...

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un by a group of more than fifteen local female technologists, it is inclusive and diverse in its approach having run several events for both girls and boys since its inception. Examples of these include the Open Day held at the Barclays Eagle Lab in 2018 with over 300 people in attendance, as well as the recent screening of General Magic the Movie with special guest and director Sarah Kerruish at the Broadway Cinema which saw more than 250 guests through the cinema doors.

Love Tech committee at General Magic event

THE POCKET CRYSTAL

Corporate hospitality at the Villa Marina before General Magic CONNECTING BUSINESSES

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opinion - love tech

Girls receive books following inspirational coding event

Children enjoying open day activities

learning more about apps and coding

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Arbory Brownies with Mini Sphero app-enabled robots ON THE AGENDA...

Although Love Tech is only a little over a year old, the group has gained excellent momentum and delivered some high profile and well attended events, many of these being free to attend. To ensure it delivers on its objectives for 2019 and beyond, Love Tech recently incorporated and now has a board of directors, an active committee as well as an agreed strategy with key measures in place.

“UK statistics show that just 24% of university graduates in STEM subjects are women, with just 6% of these women going on to work in the digital sector as an example. It is also startling to read that the proportion of professionals in core STEM occupations represented by women, is only 22%, hence our vision of a world in which men and women have truly equal opportunities, representation and recognition” said Angela van den Berg, Chair of Love Tech.

“The Love Tech collective wants to redress the balance and we are hugely passionate about playing our part and inspiring more girls from the Isle of Man to follow their dreams and consider alternative careers in STEM.” Angela continued: “We aim to be inclusive and diverse in our approach.

On occasion there will be events that are tailored for girls, examples of these include working with Brownies to help them secure their computer badges, plus coding workshops to build their confidence and support breaking the stereotype that science and technology sectors are more suitable for males rather than female.

We believe that gender-bias is wrong in these sectors and seek to address this imbalance.”

The group kicked things off in earnest in January 2019, with the announcement of several high-profile sponsors including Annexio, The Stars Group, Manx Telecom, IT Works, GameOn Marketing, Continent 8 Technologies and Digital Isle of Man. This was swiftly followed by the first major fundraising event; the Isle of Man premiere of highly acclaimed, awardwinning documentary ‘General Magic’ which saw over two hundred and fifty people in attendance. The event which raised £11,500 for the group included two screenings of the film which was coproduced and co-directed by Manx-born Sarah Kerruish, which was followed by an informative and exclusive Q&A session with the director. Students, parents, teachers, sponsors and others from the local business community, were the first on Island to watch the film, a story about one of history’s most talented technology teams. From the first smartphones to social media, e-commerce and even emojis, the ideas that now dominate the tech industry and our day-to-day lives were born at ‘General Magic’, a 1989 Silicon Valley startup that most of us haven’t heard of.

Sarah Kerruish grew up on the Isle CONNECTING BUSINESSES

“The Love Tech collective wants to redress the balance and we are hugely passionate about playing our part and inspiring more girls from the Isle of Man to follow their dreams and consider alternative careers in STEM.”

of Man before embarking on a Manx scholarship to Idaho University, after which she spent more than fifteen years working in Silicon Valley as a filmmaker.

Following the event Sarah commented “It meant so much to me to be able to share the film and the story of making it, with such a warm audience. It felt like so many strands of my life coming together and it was definitely the most meaningful screening for me to date.”

Claire Milne, co-founder of Love Tech and Partner at Appleby, added: “We were thrilled to have Sarah join us for the sold out event and we couldn’t have achieved what we did without everyone involved, including Sarah, Christy De Haven, our sponsors, partners, local businesses, parents, students and a large team of volunteers. We’re excited for the future and we’re very much looking forward to delivering more exciting events in 2019.”

Love Tech isn’t alone in its mission

with many other groups and initiatives actively promoting their cause world-wide, collaborating to help raise awareness of important issues. One such initiative is International Women’s Day which takes place on March 8. This year’s theme is #BalanceforBetter.

Throughout ancient and modern history, women have collaborated and lead purposeful action to redress inequality in the hope of a better future for their communities, children and themselves and in the early 1900’s, the tenacious Suffragettes forged purposeful action for equality and these Suffragettes started International Women’s Day, with the first official “IWD” event taking place in 1911.

International Women’s Day continues to be a powerful platform globally and the values that guide it, provide direction for the type of action, behaviour and ethos associated with this critical and globallysupported day, these being: Justice, Dignity, Hope, Equality, Collaboration, Tenacity, Appreciation, Respect, Empathy, Forgiveness We must remember that ‘balance’ is not a women’s issue, it’s a business issue, be it a gender-balanced boardroom, government, media coverage, employees, sports coverage or more gender-balance in wealth and is fundamental for economies and communities to thrive.

It’s refreshing to see a plethora of local initiatives and activities through the likes of Isle of Man Code Club, employed. im, UCM, Junior Achievement, MICTA, Locate.im amongst others, all of whom are playing their part in promoting a variety of career paths and opportunities for students on the Isle of Man. Love Tech is extremely passionate about inspiring girls on the Isle of Man to consider the vast range of exciting STEM roles available, hence the attendance at local careers events within the Island’s secondary schools, the Employment and Skills Fair, in addition to the forthcoming Isle of Man Graduate Fair in April.

Whether young people wish to study on Island, join an apprenticeship scheme, return home after University or spread their wings and seek an interesting and rewarding career in another part of the globe, the choices and opportunities in STEM related careers are plentiful.

To stay up to date on the latest events or to learn more about how you can get involved visit: www.lovetech.im Further information about how to see ‘General Magic’ can be found at: www.generalmagicthemovie.com

33

opinion - PWC isle of man

Traditional cost-cutting measures aren’t enough to solve current profitability crisis in Financial Services industry

In a new report titled: The productivity agenda – moving beyond cost reduction in financial services, PwC sets out the important challenges and opportunities facing the financial services industry and the ways in which senior executives should respond if they want to move beyond simple cost cutting and improve profitability in the long term.

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ON THE AGENDA...

W

ith banks struggling to improve their return on capital, many institutions are being forced to restructure and cut costs. Even in the asset management industry, where return on expenditure is higher than the financial services industry as a whole, there is downward pressure on margins and profitability.

Cost cutting will only deliver so much. If financial institutions are to improve profitability in the long term, they need to fundamentally improve the productivity of the enterprise.

Steve Billinghurst, Advisory Leader for PwC Isle of Man, stated: “The cost cutting agenda adopted by many institutions since the financial crisis has, in essence, made the industry more local or national, shrunk global footprints, divested businesses, and shed clients. We have seen first-hand the effect of this on the Island. However, this process has run its course. If profitability is to get anywhere near the highs of fifteen years ago, what’s needed now is a fundamental focus on building a sustainable productive business model that can compete with both incumbent institutions and importantly digital-only competitors.”

Based on a detailed survey of the global financial services industry, PwC has identified six areas where financial institutions can focus their productivity efforts to boost long term sustainable profitability: Continue...

CONNECTING BUSINESSES

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opinion - pwc isle of man

1

...Continued

6 areas where financial services firms should focus their productivity efforts

Better understanding the workforce

The productivity agenda: moving beyond cost reduction in financial services

1

: Better understanding the workforce Our experience indicates that by simply tracking hours by task, organisations can improve productivity by 15% to 20%, and the implementation of service catalogues and multi-tier sourcing can bring another 20% improvement. Of the organisations that didn’t track work by hours and tasks, 62% believed such tracking would yield productivity benefits.

institutions are spending 20% of their entire budget on so-called ‘change-theinstitution’ efforts. However, only 15% said they were satisfied with their ability to execute change.

3

: Rethinking change functions Forty per cent of financial

: Embracing the platform economy Only 21% of financial institutions employ crowdsourcing tools today. Platforms can run challenges that tap the collective brainpower and resources of a crowd, driven by a sense of competition to develop the best response. Finding

WHY ARE ONLY 21% OF FINANCIAL INSTITUTIONS LEVERAGING THE PLATFORM ECONOMY? FS EXECUTIVES TELL US WHY:

HOW DO FINANCIAL INSTITUTIONS EXPECT TO STAFF 15-20% OF THEIR WORK WITHIN 5 YEARS? THE GIG ECONOMY!

2

47% 41% 41% 41% 36

are concerned about confidentiality cite regulatory risks

want to avoid risk think they lack the knowledge or experience

15% - 20%

41% indicating they expect to have more gig-based employees over the next three to five years.

4

: Improving workforce digital IQ As people live and work longer, and unemployment rates remain low, digital

HOW DOES PWC PROACTIVELY UNDERSTAND NEW CONCEPTS AND THEIR BUSINESS IMPACT TO ADVISE AND SERVE CLIENTS IN NEW WAYS?

Skills Mind-set

7%

of talent sourced from platforms is gig-based.

innovative solutions to talent acquisition is key to a tight labour market such as the Island experiences. We predict that gig employees will perform 15% to 20% of the work of a typical institution within five years. This translates into significant cost savings across the board, along with the potential to improve the level of talent and innovation delivered from the employee base.

We expect this group of employees to perform 15-20% of the work of a typical institution within 5 years.

Relationships Behaviours ON THE AGENDA...

2

3

4

5

6

Rethinking change functions

Embracing the platform economy

lmproving workforce digital IQ

Bringing an agile mindset to the mainstream

Mastering digital labour

training and retraining of existing workforces is particularly crucial.

Despite its importance, research shows that current efforts are not achieving the desired results. Of the financialservices leaders polled in PwC’s 2018 CEO Survey, 75% reported they were concerned about shortages of digital skills within the industry. This is a statistic echoed by many Isle of Man business leaders.

5

: Bringing an agile mindset to the mainstream

81%

OF PRODUCTIVITY SURVEY RESPONDENTS REPORT THE MOST BENEFITS FROM USING AGILE TECHNIQUES ARE IN THE FRONT OFFICE

To keep up with digital-only competitors and rapidly deliver a seamless and instant customer experience, 77% of financial institutions are becoming more agile within their organisations.

6

: Mastering digital labour Over 50% of CEOs believe artificial intelligence (AI) will have a bigger impact than the internet. Getting the balance right between tasks performed by AI and tasks performed by people will be key to future success for financial institutions.

WHY ARE ONLY 15% OF FINANCIAL SERVICES FIRMS SATISFIED WITH THEIR DIGITAL PROGRAMS?

“With our deep local industry experience, PwC is ideally placed to support financial services business with this challenge.”

71% 59% of survey respondents cited poor implementation

CONNECTING BUSINESSES

“It’s clear what financial institutions need to do to build future profitability and to remain competitive. However, doing it and making the necessary changes will be a huge challenge. Very soon we will start to see which CEOs have taken the productivity agenda seriously”, added Steve Billinghurst.

noted a lack of coordinated strategy

To find out more about the productivity agenda or access the full report, visit www.pwc.com/im

37

IoD - iom welcome

DEAR MEMBERS,

Welcome I

to the tenth edition of Agenda thought December was going to be busy for members and the institute with the run-up to the year-end holidays, but it seems that January and February have been equally as packed with networking events, courses, new business opportunities and general economic growth on the island.

We held a 30-year anniversary celebration in Woodbourne House, combined with the launch of our partnership with the North West, kindly sponsored by Isle of Man Bank. Shortly thereafter a breakfast meeting was attended by those wanting to learn more about Cyber Security, and then we had the very talented and experienced dealmaker Jo Hague visit for 24 hours, during which time she managed to attend an evening IoD Company Direction Programme networking event, followed by a full day of CPD training courses. Jo gave us some fantastic information on various topics. For example, did you know that the main reason why directors end up in court in the UK is due to health and safety breaches? So, add that to your board agenda…

What I love about the IoD is the opportunity to meet inspiring leaders and the varied introduction to businesses across so many sectors, including directors in the North West which we will be working more closely with, while not losing what makes our island so special to be part of. To support the wider network, we decided to combine our Facebook and Twitter social media accounts, though we will be keeping our IoD newsletters, IoD Isle of Man website (listing all upcoming events) and LinkedIn accounts separate. Please visit our new social media pages and give us feedback on what you want to see posted, or simply comment on the content.

I recently attended a Regional Committee Meeting in the new headquarters for the North West: XYZ Building in Spinningfields, Manchester. What a great place for members! The facilities were all new, very modern, and there was a bit of a buzz in the building. It was also exciting to share our island views with the Chairmen of Lancashire, Manchester, Liverpool and Cumbria under the watchful eye of Regional Chair Mike Blackburn OBE. It was clear that the purpose of the meeting was to focus on member benefits, listen to their concerns, and offer the best professional service and support a director needs with the challenges of today’s focus on corporate governance.

A real feather in the Isle of Man Branch cap was our high member engagement percentage: over 40% in 2018, the highest of any IoD branch nationally and internationally! Thank you to all members and guests! Please keep coming back to our CPD courses, IoD Company Direction classes and business events. We listen to your feedback, and try to improve on delivery all the time.

One active group within our branch that recently met over a lunch was our “IoD99ers”, a dynamic team of entrepreneurs who we are helping to mentor, educate and grow their businesses. A roadshow is planned for 2019 with different panellists attending, the first one to be held at Eagle Lab on 25thApril. Please show them your support as nothing is more valuable to a new business owner than learning from an experienced director who is willing to share their success story.

I would also like to say thank you very much to HSBC who have recently come on board as the Isle of Man Branch sponsor.

We very much look forward to working with Jaime Amoedo and his team to inspire businesses together on the Island.

Lesh yeearreeyn share - with best wishes, Jennifer Houghton Chairman

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ON THE AGENDA...

iod-iom committee members IoD - iom committee members

meet your institute of directors - isle of man IOd-iom committee members committee members

JENNIFER HOUGHTON

CHAIRMAN

DAWN WEBB TREASURER

PAM WATSON SECRETARY

(Dawn Webb Advisory Limited)

(Lloyds Bank International)

Institute of Directors - Isle of Man The Claremont 18-22 Loch Promenade Douglas Isle of Man IM1 2LX

Isle of Man Member Benefits QUICK LOOK

CLIVE PARRISH

DEB BYRON

CLAIRE MILNE

(CDP Associates)

(Hansard International)

(Appleby)

n Discounted entry to Rendezvous Lounge at the IOM Airport n Discounted VIP Business Travel and Airport Transfers with K&B Carriage n Discounts on Leisure and Business Travel with Richmond Travel and MannLink Travel n Discounts on selected training courses with TLC

JADE ZORAB

PHAEDRA BIRD

(SMP Partners)

(Crowe Clark Whitehill LLC)

PETER REID

(Lloyds Bank International)

Additional Benefits for all members

n Access to our local HQ

and Business Hub and locations throughout the UK

n IoD Car Rental, provided

by Hertz www.iod.com/ carrental www.iod.com/regions

SALLY BOLTON (Corlett Bolton & Co)

ALICE MARTIN

(Isle of Man Government)

MARK WATERHOUSE (Isle of Man Financial Services Authority)

Anne Mills Hospice Isle of Man CONNECTING BUSINESSES

39

iod-iom event

ISLE OF MAN INSTITUTE OF DIRECTORS HOSTS DOUBLE CELEBRATION AT WOODBOURNE HOUSE

T

he Isle of Man branch of the Institute of Directors (IoD) celebrated its 30th year at the close of 2018, and to honour this milestone and the recent partnership with the North West Region, a celebration, supported by Isle of Man Bank, was held at Woodbourne House in Douglas on January 17th2019.

In September 2018, the Isle of Man IoD joined forces with the North West IoD bringing together the business networks on both sides of the water in a collaboration that has benefited both areas significantly. Most notably for the Isle of Man arm, it now has a greater policy voice, benefits from improved resources with full-time staff supporting members with similar business interests, and it’s providing opportunities to exchange ideas and

40

ON THE AGENDA...

share events with a greater community of likeminded directors.

Jennifer Houghton, Chair of the Isle of Man Branch, commented: “The IoD Isle of Man Branch Committee, together with visiting IoD North West Committee Members, really enjoyed meeting new and familiar faces to celebrate turning 30 years young! It was also an evening for us to appreciate the three decades the Isle of Man IoD has been supporting directors on the Island with their corporate governance, education and a wideranging network of professionals. I would also like to thank Isle of Man Bank on behalf of the IoD for sponsoring this exciting event.”

CONNECTING BUSINESSES

41

iod-iom member interview

42

ON THE AGENDA...

Career Woman W Voirrey Enjoys Excitement of “Highs, Lows, Ebbs and Flows” in Running Her Own Company

Words by: Les Able Photos by: Matt Mosur

Voirrey Barron, a woman of power and influence!

On her own admission highly motivated while regarded by clients and contemporaries as a “woman of substance”.

CONNECTING BUSINESSES

ith more than 20 years of marketing and management experience in the telecommunications, travel and media industries she decided in 2017 to take a major step on her career path and set up her own company.

After a successful and demanding role as senior marketing, communications and management supremo with Manx Telecom plc Voirrey announced the birth of Manx Marketing Exchange with herself very much at the helm.

“Its purpose is to support small, medium and large enterprises with their marketing and communications strategies,” she declares. “Working for myself and setting up my own company and all that’s involved in growing a start-up company, has given me a new appreciation of those who run their own business. The many hats we must wear, adds to the excitement and no two weeks are the same, seeing highs, lows, ebbs and flows.”

While her parents were born in the UK, Voirrey has Manx roots and proudly declares that she was born here, attending both primary and secondary school on the Island. “I really enjoyed school and recall having a strong respect for my teachers.

My grandfather on my father’s side, was an English teacher before becoming a Head Master and at one stage I was considering following in his footsteps, along with other careers, but I still wasn’t set on ‘what I wanted to be when I grew up’ and loathed that question whenever it was asked.

“After A-levels, I knew I wanted to get some experience beyond the island, so took a summer job in a travel agent to earn some money, before making plans to travel which led me to Paris to work for Disneyland Paris in an Italian restaurant in Fantasyland.

“I believe it’s important to see the big world beyond the Isle of Man and what it offers but being off island also gives you a better appreciation of just what it can offer and all the benefits of returning.

That includes the quality of life you have, the short commute from home to office, a run or walk at the end of the day, your family and friends. There is just something about being able to live and work in the land of your birth. Living on an island can obviously feel a little claustrophobic so I ensure I ‘escape the rock’ every two or three months for a change of scene.

“On returning to the Island, having been inspired by travelling and big brands, I settled for joining the travel industry and worked for a tour operator with offices in the Isle of Man and the Channel Islands. After a short time, I decided that Marketing was the area I wanted to study and specialise in, so I proposed we set up a marketing function to support the changing needs of the business. I recall the

43

iod-iom member interview development and launch of new booking systems and hardware, to allow hoteliers to book travel and accommodation for their guests out of hours, something we take for granted today. Understanding our customers’ needs and delivering a service which met those needs was incredibly rewarding, in fact it’s what marketing is all about.

“Once my mind was set on a marketing career I didn’t look back. I commenced the Chartered Institute of Marketing professional qualifications, funding this myself in the early days and greatly enjoyed my studies with Oxford College of Marketing. I’ve been a Chartered Marketer for many years, but always appreciate there is more to learn and completed the CIM Digital Strategy level 6 in 2017, to bring my professional qualifications right up to date.”

She goes on: “My roles have been varied but rewarding to date, including everything from creating new marketing departments, travelling to far off places, designing exhibition stands for European events, creating a new DVD production arm and developing marketing strategies for motorsport programming providers. Also cruising the Panama Canal on training workshops, mentoring teams and helping to deliver one of the Island’s leading telecommunication provider’s marketing strategy. The move to business ownership was a natural next step and a challenge I was very much ready for. I’ve always loved to work and earn my own money; my first job was serving ice cream in a café at the age of 13.”

One of the most important career milestones was her move to Manx Telecom where she flourished in the role of marketing supervisor. “I was there for over 10 years and promoted to the Marketing Communications Manager position after three years within the team. The fact that I was there for so long is testament to the attractiveness of the company as a place to work. It was a rewarding role seeing huge amounts of change, including rebrands, new technology, products and services, in addition to an IPO when MT listed on AIM (Alternative Investment Market).”

A major change came about in her personal life when her daughter, now aged seven, was born. “Career driven, there was never a doubt about my going back to work, yes full time was tough and challenging, we had a child minder but there was always that guilt which so many mothers suffer from when they have a baby plus a career they want to return to.

“My daughter was always our first priority. As I was working full time, I decided to hang up my hockey boots and spend weekends with her instead. I replaced hockey matches with other keep fit activities and developed new hobbies such as photography, which I do more and more of today. My outlook has changed

44

“I’m currently doing ILM Level 5, leadership and management course following on from an NLP course which I completed in 2018, resulting in my qualification as a ‘Practitioner in NLP’ (Neuro-linguistic Programming).”

because I became a mother and more aware of the fragility and meaning of life. Family is important, however, I also instill in her that you have to work hard in life and she already has her own business ideas, which is wonderful to see.”

Husband Damien, a plumbing and heating engineer, also runs his own business, specialising in high end bathroom transformations. “He creates beautiful bathrooms and is a superb

project manager, really focused on his customers’ needs,” adds Voirrey. “We often find ourselves working quite late into the evening, but the rewards of running your own business are more than worth the long hours.”

Busier than ever, Voirrey has many clients to look after, including everything from start-ups to larger corporates, each with their own marketing requirements.

She also finds herself coaching new businesses more regularly, helping to share her own experience of starting a business, as well as marketing tips and advice to get them started.

“I’m currently doing ILM Level 5, leadership and management course following on from an NLP course which I completed in 2018, resulting in my qualification as a ‘Practitioner in NLP’ (Neuro-linguistic Programming).”

Whilst busy, Voirrey still understands the importance of networking and joined the Isle of Man branch of the Institute of Directors as an IOD99 member in 2017.

“The £99 membership fee is appealing for someone like myself starting out and I’m really enjoying being part of such a great network of people. The events that I’ve attended have been informative and always well attended, allowing you to meet new and existing contacts in the process.

Another advantage is the option to attend the ladies quarterly luncheon where members speak on a variety of topics.”

The next lunch is on March 8 which is International Women’s Day and Voirrey will be the speaker on that occasion.

She is also a volunteer and committee member for the local group Love Tech, looking after their Marketing and PR. The group is made up of more than 15 female technologists whose aim is to empower and inspire young girls and women on the Isle of Man, to explore the many career opportunities in STEM (Science, Technology, Engineering and Mathematics) through a range of highprofile events, learning workshops and mentoring.

“We want to inspire future generations to consider interesting and varied careers in STEM and have a positive impact on society and the economy as a whole.”

In her spare time she also supports local charity ‘Junior Achievement Isle of Man’ as a business volunteer, helping to deliver educational programmes in primary and secondary schools around the Island There can be little doubt that Voirrey runs in the fast lane and she admits that one of her worst traits is her sometimes lack of patience. “I like things to move at a fast pace,” is her unequivocal stance. “I do, however, find myself taking the time to ‘stop and smell the roses’ as I get older.”

ON THE AGENDA...

FACT FILE REVELATIONS FAMILY? Like most, my family is scattered around the world, including the Isle of Man, the UK, Australia, America and Canada. My parents live on the Island, following a long stint living in the Dordogne. My husband I are both Manx and have a seven year old daughter. My husband also has a 22 year daughter who recently moved to the UK. We’re animal lovers and enjoy taking our Westie out for country walks and we recently added a kitten to the mix.

BEST GADGET? My MacBook Pro and iPhone are my every day and much valued gadgets.

SPARE TIME ACTIVITIES? Socialising, photography, keep fit, travelling, renovating our family home.

FAVOURITE COLOUR? Yellow.

FAVOURITE MEAL? Fillet steak, new potatoes and steamed spinach with blue cheese (the first meal my husband cooked for us).

WORST CHARACTER TRAIT? I can be impatient at times and often find myself mentally ‘fixing’ processes and issues in every day interactions and situations, to make things more efficient and easier for the customer. As a Marketer, the customer is always at the heart of what I do, so whether I’m making recommendations to improve the end to end experience of the customer journey, working with clients to define their ideal customers or helping them to raise awareness of their brand, products or services in new markets, the customer needs are always at the forefront.

PHOBIAS? None, although I was scared of spiders when I was younger.

FAVOURITE FILM OF ALL TIME? I’m a Star Wars and James Bond fan, so that’s a tough one! I’d say Live and Let Die is one of my all time favourite Bond movies.

MOST EMBARRASSING MOMENT? I love to ski and snowboard and I can think of MANY an embarrassing moment over the years, and one of my most memorable was a tricky black run in Kitzbuhel where I took a tumble on ice and slid most of the way down the slope separated from my poles and skis, coming to a rather unflattering stop, having taken out a few skiers in the process. I’m thankful this was well before we shared our lives on social media!

YOUR BEST QUALITY? I’m a positive person and I love to help others, be it clients, colleagues, family or friends.

CONNECTING BUSINESSES

GUILTY PLEASURE? I love a good romantic movie from time to time (my husband prefers sci-fi or horror, not the most romantic of genres).

BIGGEST INSPIRATION? My grandfather Kenneth Corkill was a big inspiration to me growing up – During the second World War he joined the RAF and flew a Lancaster Bomber at a very young age. Following many dangerous and brave missions (some unrecorded in his log book) he and his crew were awarded the Distinguished Flying Cross (DFC). In later years, he was an English teacher and Headmaster at Ramsey Grammar school, where he was hugely respected. I admired him greatly.

A PERFECT DAY? A sunrise, Noa croissants, a family walk (with my camera), time with family and friends, a fillet steak, glass of red and an evening of music or a good movie.

BEST PIECE OF ADVICE YOU’VE EVER HAD? ‘If there’s doubt, there’s no doubt’.

WHAT DO YOU MOST DISLIKE? In people – selfishness, in the world – the huge disregard for our planet.

IF YOU COULD GO BACK IN TIME, WHICH AGE WOULD YOU GO TO? I’d love to be able to go back to Victorian times, to witness how people lived and see some incredible inventions come to light, such as the telephone.

THE CRAZIEST THING THAT EVER HAPPENED TO YOU ? I met and spoke with Michael Jackson when working in Disneyland Paris! A friend and I made plans to be backstage at the same time as he was, just as he approached the gates for Fantasy Land. As he approached and we shouted hello to get his attention, my friend who was his biggest fan, fainted on the spot as he turned to speak to her. She missed everything that followed and woke up hugely disappointed!

BIGGEST EXTRAVAGANCE? Probably our home. A complete renovation project and labour of love!

TOP OF YOUR BUCKET ‘TO DO’ LIST? I have many things on my bucket list, however one of my top 3 is scuba diving the Great Barrier Reef.

WHAT SONG/HYMN DO YOU WANT AT YOUR FUNERAL? I haven’t thought about that in too much detail, but I’m fairly sure I’d want it to be lighthearted and put a smile on the face of those who were kind enough to attend. I prefer the idea of celebrating life, as opposed being sad about the fact someone has gone.

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iod-iom events

Spring Lunch Speaker Hon Howard Quayle MHK

Hon Howard Quayle MHK is the guest speaker at the IoD Spring lunch on Thursday 16th May. With IoD on the Isle of Man now well into its 3Ist year and membership numbers growing who better to come and speak with us at our next lunch than the Chief Minister.

N

ow in their 6th year, the prestige lunches organised by the IoD and supported by Barclays are very popular with members and their guests alike welcoming a variety of guest speakers from Sir Richard Gozney, Lieutenant Governor, to Ian Rowland – “The man who taught the FBI to read minds” and Adrian Moorhouse.

Howard Quayle will be the 12th speaker to attend the prestige lunches, which commenced in 2013 to commemorate the 25th Anniversary of the Institute on the Island with Simon Walker, a previous IoD Director General in attendance.

Ahead of speaking at the IoD Spring Lunch the Chief Minister said; “I am delighted to have been invited to this prestigious lunch, following speakers who are leaders in their field. I hope that my thoughts on Brexit and our Island’s next steps after the UK leaves the EU will be insightful for those attending.

There is still much uncertainty about whether the UK will leave with or without

46

a deal. Whatever the outcome on 29th March, there has been considerable preparation to ensure the Isle of Man is as well positioned as possible.”

Stuart Nelson from Barclays said: “Barclays is pleased to continue our sponsorship of the IoD lunch series and I’m looking forward to attending the Spring event to hear from Hon Howard Quayle. The lunches give local directors the opportunity to network with peers and they’re a valuable platform for discussing topical issues and gaining insight from a range of thought-provoking guest speakers.”

Jennifer Houghton, Chairman of the IoD “I am very honoured that the Chief Minister Howard Quayle will be speaking at the IoD Spring Lunch in May. Members and guests, including visitors from the North West, were able to meet the Chief Minister at our 30 year anniversary celebration earlier in the year.

Since then much has happened on Island with the Manx Budget spending plans, and uncertainties around Brexit have grown. I look forward to hearing the Chief

Minister’s views in light of events that will have occurred in the UK on 29th March. I would also like to thank Barclays for their continued support of our prestige lunches since their inception in 2013..”

Hon. Howard Quayle, Member of the House of Keys (MHK) for Middle, was elected Chief Minister by Tynwald on 4 October 2016.

Before his election to the role of Chief Minister he was Minister for Health and Social Care.

Mr Quayle began his working life as a civil servant in the Treasury and Local Government planning before moving into the finance sector, working for the NFU Mutual Insurance Group and Clerical Medical.

Eventually he followed his father into farming where he has built up an award-winning herd of pedigree Aberdeen Angus cattle. Mr. Quayle was VicePresident of the Manx National Farmers’ Union for two years before taking over as President, from 2005 to 2010. He was the Union’s public face, involved fighting the industry’s corner at meetings all over Europe, including Brussels and involved in discussions with many Members of the European Parliament as well as the Agricultural Commissioner.

ON THE AGENDA...

O

n 24 January 2019, Colin Darbyshire, the Channel Director from bluedog Security Monitoring, gave a very well attended breakfast briefing which focused on the Director’s role in ensuring that good cybersecurity practices are implemented and followed at all levels from the Board down.

Cybersecurity is a principal risk for many Boards and security defences and monitoring has risen up the Board’s agenda following the implementation of the GDPR regulations and the associated fines. Colin spoke for an hour on the impact that cyber security has on businesses of all sizes, with the average cost of cyber incidents in a year ranging from about £37k for small businesses to £817k for large businesses. The frequency of cyber-attacks was surprising with 47% of small businesses having had at least one cyber-attack in the past year and 44% of those having had two to four attacks.

Colin explained that financial gain rather than “bragging rights” is now the primary reason for the attacks. Threats can arise both internally and externally to the business and this makes it is critical for Directors to have a good understanding of what goes on in their networks.

Colin explained “Cyber-Security needs to be considered at all levels, no matter how small the business. Everyone is vulnerable. The board needs to consider the risk and cost associated with managing their network security and how they can mitigate both with the right systems, support and training.”

The briefing made it clear that Directors should have a risk management strategy, purchase relevant insurance CONNECTING BUSINESSES

Breakfast briefing Cyber security The Board’s Responsibility “Cyber-Security needs to be considered at all levels, no matter how small the business. Everyone is vulnerable. The board needs to consider the risk and cost associated with managing their network security and how they can mitigate both with the right systems, support and training.”

and make use of the human firewall as an effective tool to mitigate risk.

Rob Kirkham, Principal, Baker Tilly Isle of Man commented “We believe Cyber Security is a key risk for almost every business, but one that may be difficult to mitigate for smaller entities with limited resources. Baker Tilly were

delighted to invite Colin Darbyshire of bluedog Security Monitoring over to the Island to provide an industry expert’s view and offer some suggestions on what can be done.”

The IoD would like to thank Rob Kirkham from Baker Tilly for kindly sponsored the event.

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iod-iom events

IoD Double Success at Business Leaders Events With Experienced Dealmaker Jo Haigh

T

he Institute of Directors’ (IoD) in the Isle of Man recently welcomed experienced dealmaker, Jo Haigh to lead a series of Continuing Professional Development (CPD) training events at Appleby’s Douglas office. As a multi-award winning business leader, Jo is the CEO and founder of business support consultancy, fds and has bought and sold approximately 400 companies in the last 28 years.

The events – held over two days included an evening meet and greet with Jo, followed by a daylong session consisting of three workshops presented

by Jo, and both were a resounding success.

The workshops were entitled ‘Practical Tips forbecoming a NED 2019’, ‘Top 5 Things Every Director Should Know’ and ‘Step to the Top’.

Jennifer Houghton,IoD’s Isle of Man branch Chair, commented: “The first event was the meet and greet with Jo, which was held as an introduction to the Company Direction Programme, and it proved to be a fabulous ice-breaker for the directors in attendance. We all enjoyed listening to Jo’s wise words and it was nice to be able to chat in such an informal setting. The event was sponsored by Appleby and The University of Salford and the drinks and selection of foods on offer were very much

enjoyed by all!

“The following day, the three CPD sessions were presented by Jo who did a fabulous job and the day was thoroughly enjoyed by the local business leaders who attended looking for support in a role transition or career development.

“Despite the many years of board experience in the classroom, everyone came away with ideas on how to improve their leadership skills. As always, Jo was inspirational, passionate about improving board performance, and she managed to discuss difficult topics with a sense of humour.

“I’d also like to thank law firm, Appleby, for not only hosting the day but also for its commitment of support to the IoD in 2019, including also sponsoring the February Dining Club.”

Claire Milne, Partner at Appleby Isle of Man, commented: “It was a fabulous event and we were thrilled to host the IoD CPD training for our local business leaders. Jo Haigh was indeed a fabulous motivational speaker and we hope to welcome Jo and the course delegates to Appleby’s office again in the near future.”

The further information about IoD events, please visit www.iod.com/events-community/events or contact Claire Veale on claire.veale@iod.com

48

ON THE AGENDA...

Business Events - What’s on

IoD Isle of Man | Annual Members Meeting DATE: 20th May 2019 TIME: 5.30pm - 7pm LOCATION: The Claremont Hotel,

Douglas

Notice is hereby given that the Annual Members’ Meeting (AMM) of the Institute of Directors Isle of Man Branch will be held at The Claremont Hotel, 18 - 22 Loch Promenade, Douglas.

Formal notices will be sent to all branch members.

Isle of Man Events

IoD Isle of Man | Equality Seminar with Dawn Kinnish DATE: 25th March 2019 TIME:: 5.30pm - 7pm LOCATION: The Claremont Hotel, Douglas PRICE: Members – FOC, Non members £10 per person

www.iod.com/isleofmanevents

IoD Isle of Man | IoD99 “Startup to Scaleup” DATE: 25th April 2019 Session TIME: 5.30pm - 7pm LOCATION: Eagle Lab, Douglas

We are excited to announce our first IoD99 event sponsored by TISE. IoD99 is the UK’s fastest growing community for entrepreneurs looking to grow their businesses. This event is for entrepreneurs and start-ups on the Isle of Man. Please contact Claire if you would like to attend on claire.veale@iod.com.

CONNECTING BUSINESSES

IoD Isle of Man | Spring Lunch with the Chief Minister DATE: 16 May 2019 TIME: 11.45am - 2pm LOCATION: The Claremont Hotel,

Douglas

We are delighted to invite you to attend our Spring Lunch with the Chief Minister kindly supported by Barclays. www.iod.com/events-community/ regions/isle-of-man/events

Isle of Man Graduate Fair 2019 DATE: April 17, 2019 TIME: 12:00 pm – 6:30pm LOCATION: Woodbourne House PRICE: Free

Join Locate Isle of Man for the Island’s first employment fair geared specifically to Manx returning students and graduates. Recent diversification in the economy has seen the Island become home to a vibrant range of businesses, and with growth projected across many sectors there has never been a better time to return home and consider kick starting your career in the Isle of Man. www.locate.im

49

time out - business reads

Business BOOKS

Gigged

Small Giants

By: Sarah Kessler

The full-time job is disappearing—is landing the right gig the new American Dream? Kessler follows a wide range of individuals from across the country to provide a nuanced look at how the gig economy is playing out in real-time.

By: Bo Burlingham

Focusing on 14 US businesses, Small Giants celebrates American small-town cosiness as embodied in corporate form. But its quietly subversive message is relevant to entrepreneurs everywhere.

Synopsis It’s widely accepted in business that great companies grow their revenues and profits year after year - but bigger is not necessarily better. In Small Giants, journalist Bo Burlingham takes us deep inside fourteen remarkable privately held companies, from a brewery to a record label, that chose a different path to success.

These organizations quietly rejected the pressure of endless growth, deciding to focus more on satisfying business goals - being the best at what they do, creating a stimulating place to work, providing perfect customer service and making important contributions to their communities.

But what are the magic ingredients that make these companies unique?

Why and how does their approach work in such widely varying industries? And what lessons can we learn from them?

A fresh, inspirational guide to business strategy, Small Giants will help any entrepeneur consider new directions to make their company great.

50

Damaged Goods By: Oliver Shah

Damaged Goods is a sweeping, detailed, colourful account of the rise and fall of the king of the UK’s High Street, complete with a Dickensian cast of grifters, charlatans, flunkies, the odd dogged hero, and an irresistibly obnoxious protagonist.

Synopsis In this jaw-dropping expose, Oliver Shah uncovers the truth behind one of Britain’s biggest business scandals, following Sir Philip Green’s journey to the big time, the wild excesses of his heyday and his dramatic demise.

Sir Philip Green was once hailed one of Britain’s best businessmen. As chairman of Arcadia Group, home to brands such as Topshop, Dorothy Perkins and Miss Selfridge, Green had prime ministers and supermodels on speed dial. But the retail magnate’s reputation came crashing down when Shah, a Sunday Times journalist, uncovered the methods Green used to amass his gigantic offshore fortune, and the desperation that drove his doomed BHS deal.

In 2015, Green sold British Home Stores for £1 to Retail Acquisitions, owned

by Dominic Chappell, a charlatan who siphoned off BHS’s remaining millions before filing for administration. By the time it went under in April 2016, BHS had debts of £1.3bn, including a pension deficit of £571m. Its collapse left 11,000 employees without jobs and 20,000 pension fund members facing the loss of their benefits, prompting the government to launch an inquiry into Green’s sale of the company. While one of Britain’s oldest department stores boarded up its shop fronts, former employees and shoppers protested in the streets and MPs rallied in parliament, demanding Green be stripped of his knighthood. The furore over the sale subsided in 2017 when Green agreed a £363m deal with the Pensions Regulator, but with revelations surrounding Topshop’s pension deficit now surfacing, could tragedy strike again?

Synopsis One in three American workers is now a freelancer. This “gig economy” — one that provides neither the guarantee of steady hours nor benefits — emerged out of the digital era and has revolutionized the way we do business. High-profile tech startups such as Uber and Airbnb are constantly making headlines for the disruption they cause to the industries they overturn. But what are the effects of this disruption, from Wall Street down to Main Street? What challenges do employees and job-seekers face at every level of professional experience?

In the tradition of the great business narratives of our time, Gigged offers deeply-sourced, up-close-andpersonal accounts of our new economy.

From the computer programmer who chooses exactly which hours he works each week, to the Uber driver who starts a union, to the charity worker who believes freelance gigs might just transform a declining rural town, journalist Sarah Kessler follows a wide range of individuals from across the country to provide a nuanced look at how the gig economy is playing out in real-time.

Kessler wades through the hype and hyperbole to tackle the big questions: What does the future of work look like?

Will the millennial generation do as well as their parents? How can we all find meaningful, well-paid work?

ON THE AGENDA...

THE HUMAN APPROACH

You will be relieved to hear that our call centres are staffed with real people. People like Joe, who is proud to have clients call him by his first name.

96% of the 6,000+ monthly calls are answered and resolved directly by Joe and his team in under 5 minutes. This means you won’t suffer a frustrating wait or be faced with automated options when you call RL360.

We call this approach First Touch Resolution and we think you’re going to love it.

Find out more at www.rl360.com/quality/joe

JOE TOMLINSON, HELPFUL HUMAN ISLE OF MAN OFFICE

Quality at your service

RL360 Insurance Company Limited. Registered Office: International House, Cooil Road, Douglas, Isle of Man IM2 2SP, British Isles. RL360 Insurance Company Limited is authorised by the Isle of Man Financial Services Authority. Registered in the Isle of Man number 053002C.

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Nobody does business alone, so let us help you access a world of opportunities.

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