Agenda | May-June | 2014

OFFSHORE BUSINESS

NEWS

EVENTS

COMMENTS

Issue 6

May/June 2014

CORPORATE SOCIAL RESPONSIBILITY A RECIPE FOR RELOCATION BANKING - MOBILE BANKING TECHNOLOGY - A CURE FOR DATA JET LAG PLUS - MOVERS & SHAKERS, A-LIST EVENTS, ISLAND SPORTING STARS

F33l th3 l0v3

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RL360 Insurance Company Limited. Registered Offi ce: RL360 House, Cooil Road, Douglas, Isle of Man IM2 2SP, British Isles. RL360 Insurance Company Limited is authorised by the Isle of Man Government Insurance and Pensions Authority. Registered in the Isle of Man Number 053002C. A Member of the Association of International Life Offi ces.

On the Agenda...

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KEY CONTACTS EDITORIAL & DESIGN Steve Redford DD : (+44) 7624 249249 steve@gallery.co.im

ADVERTISING SALES Jane Hunter DD: (+44) 7624 209726 jane@gallery.co.im

In The News

The Rise of Corporate Social Responsibility

CONTENTS

CLIENT RELATIONS Laura Macgregor DD: (+44) 7624 249249 Laura@gallery.co.im Disclaimer: All rights reserved. Any form of reproduction of Agenda Isle of Man Magazine, in part or whole is strictly prohibited without the written consent of the publisher. Any views expressed by advertisers or contributors may not be those of the publisher. Unsolicited artwork, manuscripts and copy are accepted by Agenda Magazine, but the publisher cannot be held responsible for any loss or damage. All material, copy and artwork supplied is assumed to be copyright free unless otherwise advised.

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In The News ....................................................... 3

Island Sporting Stars ................................. 19

The Rise of CSR ................................................ 9

A List Events .................................................... 21

Boston Community Support ................ .13

Movers & Shakers ......................................... 23

A Different Prospective ............................ 15

A Cure For Data Jet Lag ......................... ... 27

Sure - Community ........................................ 17

Food, Fun & Friendship.............................29

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Sure ... we invest in our community

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Mobile Banking

A Recipe For Relocation

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Apps For Unfocused Minds Boston Community Support

A CureEvents For Data Jet Lag A-List

Business Travel Tips by: Island Simon PackSporting RL360 Stars 2

IN THE NEWS

RL360° records 24% new business growth in 2013 RL360° recorded an exceptional 24% growth in new business (PVNBP*) last year. Year end results show £451m was written across the life assurance company’s single and regular premium products.

There was 33% growth in single premium new business, with £332m written in 2013, up from 2012’s £250m. And the figures show £119m of new regular premium (“RP”) business was written during 2013, up from £112m in 2012.

Counting House announces Lottery Messenger Forum in Israel Global payment solutions consultancy Counting House has confirmed details of its Global Lottery Messenger Forum in Tel Aviv, Israel; the first ever worldwide forum for the industry, and the first major event of its kind for the Isle of Man in a nation of growing international renown for eCommerce.

Due to take place on 20th May 2014, the free one day event will be attended by representatives of the Isle of Man Department of Economic Development and Gambling Supervision Commission, banking and hosting sectors and leading CSPs. The keynote welcoming speech will be given by Leonard Singer, MHK, political representative for the e-Gaming sector.

Speakers and delegates will tackle topics as diverse as the legal and regulatory issues surrounding lottery messenger services, the business case for jackpot insurance, alternative approaches such as betting on lotteries, banking and hosting facilities for lottery messenger, and payment processing. Counting House is delighted with the planned attendance of island resident Gloria Evans, CEO of the European Lottery Guild, who will chair an open discussion on fighting lottery fraud and the launch of the Global Lottery Messenger Association.

Networking opportunities at the venue bar will conclude what will no doubt prove to be crucial event for the Isle of Man in Tel Aviv, one that builds upon past successes in 2013 following the “Creative eGaming, Binary Options & Ecommerce Solutions: Israel and Isle of Man” conference, which took place in December. Over 70 Israeli business persons were in attendance, which resulted in several local leads for banking on the Isle of Man, as well as engagement opportunities with a number of high net worth individuals and an Isle of Man licence application from binary options industry giant Tradologic.

Commenting on the forthcoming forum, Paul Davis, CEO of Counting House stated: “The Isle of Man clearly has a proactive approach to business development and the pursuit of inward investment, pursued on several fronts and in several geographies.”

The Global Lottery Messenger Forum will take place at the Hilton Tel Aviv, Tel Aviv, Israel on Tuesday 20th May 2014.

Registration begins at 8:45am for a 9:30am start, with the day’s proceedings closing at 4:15pm. Attendance is free but by invitation only.

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The largest share of RL360°’s RP business came from the Far East, followed by the Middle East. The latter part of 2013 saw huge change for RL360° with a management-led buyout, backed by private equity firm Vitruvian Partners, going through in mid-November. The move saw Royal London 360° break away from the Royal London Group and re-brand as RL360°. It has allowed the company to expand into new markets in early 2014, such as Latin America.

Independent actuaries AKG eyed the buyout positively, referring to RL360° as “a financially strong standalone operation with very strong operational characteristics and positive development potential”. AKG also made reference to the fact that notable in the change in RL360°’s ownership has been the retention of existing senior management, led by Chief Executive David Kneeshaw, all of whom have significant experience within the operation.

Director of Marketing Natalie Hall said: “2013 was a fantastic year for RL360° on so many levels. It was pleasing to achieve excellent new business growth in all key regions during the year. Becoming a part-owner in the business in November was a privilege, and a move that has been supported and viewed really positively by our distributors and partners. The entire management team is excited about shaping our future plans, whilst making sure we maintain our focus on listening to customers and adapting our products and technology to enhance their overall experience of working with RL360°. It is crucial that what makes RL360° special stays intact.”

Check your balance and statements anytime Online and Mobile Banking, making things easier With Online and Mobile Banking, you can check your current balance at any time of day or night and view statements for up to the last 7 years.

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Call in to any branch iombank.com/helpfulbanking Like us on Facebook Follow us on Twitter @iombank

Isle of Man Bank Limited (IOMB). Registered Company Number: 1 Isle of Man. Registered Office: 2 Athol Street, Douglas, Isle of Man, IM99 1AN. Licensed by the Financial Supervision Commission of the Isle of Man and registered with the Insurance and Pensions Authority in respect of general business. Customers of Isle of Man Bank are advised that The Royal Bank of Scotland plc (“RBS plc”) provide technology support to Isle of Man Bank’s Internet Banking service and this will enable RBS plc in the UK to access your account data. In subscribing for this service, you consent to and authorise this access. Customers of Isle of Man Bank are advised that National Westminster Bank plc (“NatWest plc”) provide technology support to Isle of Man Bank’s online banking service and this will enable NatWest plc in the UK to access your account data. In subscribing for this service, you consent to and authorise this access. Network charges may apply for Mobile Banking.

IN THE NEWS

Update on Manx Educational Foundation’s proposed International Centre for Technology Since the agreement with Government to sell the Nunnery in October 2013, the Manx Educational Foundation (MEF) has made substantial progress with its proposals to develop the International Centre for Technology, a private educational facility providing leading Information and Communication Technology (ICT) and business skills.

To date, the MEF has raised millions of pounds in funding from private sources both on the Island and internationally. As a result of this progress, the Government has agreed to extend its agreement to sell the Nunnery to 30th June 2014.

Leading financial journalist shares her views on the true shape of the global economy More than 100 Isle of Man business leaders were given a detailed insight into the true global economic position at a breakfast briefing organised by Ramsey Crookall.

Respected financial journalist Merryn Somerset Webb addressed the briefing at the Mount Murray Hotel, offering her assessment of what the future holds for investments, inflation and growth.

The Editor-in-Chief of MoneyWeek, the UK’s best-selling financial magazine, explained how the policy of Quantitative Easing had resulted in inflated asset values, making the wealthy even richer and widening the social divide. Merryn said this had already caused social inequality and may lead to extreme social conditions in the long term, as money is not being invested into the innovations which will drive true economic growth which will benefit all.

She also added that the inflated asset values and the benefits of the reported economic recovery were not being shared by all.

Contrary to the low official inflation data, prices in essentials like utilities and transport were rising much faster and in some cases 25% higher than at the start of the financial crisis.

Merryn warned asset values will dramatically fall once QE enters its adjustment phase, adding the Bank of England had warned what the impact of QE would be, but that advice had gone largely unheeded.

Merryn closed by offering her advice on where to invest and, importantly, where to avoid. She highlighted the ‘manipulated market’ in the United States as one not to invest in, warning valuations were far too high, driven by QE, favourable taxation and results-driven bonuses for executives. She said the values could not be sustained in the long term, and things are already changing, which will bring prices down.

She surprised many when she recommended investors look East instead and consider investing in Russia. It is deemed by many to be too risky, due to social and political instability, but Merryn said stock prices were discounting the risk and even discounting a return to communism. This means the possibility of a good return over 10 years was much higher in Russia than the US.

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Minister for Economic Development John Shimmin MHK commented: ‘I’m delighted to announce that the Council of Ministers has agreed a three month extension to the exclusivity arrangement with the MEF for the purchase of the Nunnery site.

‘This scheme is now progressing at such a significant rate that I am now confident the scheme will be realised and the many benefits can be achieved. I would like to thank those who have believed in the project and who have now backed this up with financial contributions.’

‘This extension allows a little more time for the MEF to finalise its fundraising efforts. As a result, it is expected that the MEF will shortly be submitting plans which will allow everyone to see how this ambitious project will be implemented and how it can make a very real difference to the DED efforts to grow our economy.

‘The MEF is a social enterprise supported by many leading local firms, several very generous individuals and also foreign investment funding from China which cements our growing relationships with that country.

‘This project offers all the ingredients we are looking for to help establish the Isle of Man’s ‘Tech Isle’ strategy as outlined in Vision2020, which is our ambitious vision for growth in our economy developed with the private sector. Vision2020 highlights that the e-business sector offers the Isle of Man more growth potential than any other sector. The single biggest challenge we face in realising this potential is achieving excellent ICT skills.

MEF’s proposals will therefore make a very substantial contribution to achieving Vision2020.

Isle of Man forms Manx Digital Currency Association

Isle of Man Bank and NatWest record more than two million transactions since launch Isle of Man Bank and NatWest are experiencing massive growth in the use of mobile banking, reflecting a similar trend reported in the UK this week.

Locally Isle of Man Bank and NatWest were the first banks to provide mobile banking for smartphones and have introduced apps for both personal and business customers. Latest figures reveal that usage has grown by 100 per cent in the twelve months to the end of 2013 and the bank expects a similar level of growth in 2014.

The Isle of Man Bank and NatWest apps have been used by customers in over 160 countries and have had over 460,000 logins in the last 30 days. Since the launch of the first mobile app in 2011, there have been two million transactions made using mobile devices. Since then, the bank has continued to lead with innovations providing customers with choice and flexibility and today remains the only bank providing clients with a multicurrency app.

In a report by the British Bankers’ Association (BBA) published this week, mobile phone banking transactions made by British customers have nearly doubled in a single year. Customers are now making more than 5.7 million transactions a day using smartphones and other internet-enabled technology.

At RBS Group in the UK the busiest branch is now the ‘virtual’ one with over £30 million transferred every day through the mobile banking app.

Bill Shimmins, Managing Director, Isle of Man Bank, commented: ‘Our experience in the Isle of Man reflects the trends evidenced in the UK also. By placing the power to manage their money in their hands, our mobile banking service is transforming the way our customers do their banking. At the touch of a button personal and business customers can check their balance, transfer money between accounts, view their transaction history or pay their contacts.’

Among the latest app features for personal customers is ‘Get Cash’ which enables customers to withdraw money without using their bank card at an ATM. The customer chooses the amount they wish to withdraw from the app and a secure cash code is sent to their phone, which is then valid for three hours at any RBS Group cash machine.

Another new facility is the ‘Pay Your Contacts’ service which enables a customer to pay anyone with a Visa debit, credit or prepaid card using just their mobile number. This will be fully launched in the Isle of Man in May. A revolutionary way of paying someone, it has countless uses; one of the more obvious is a quick and easy way of sending the money owed when splitting a bill with friends at a restaurant.

Over 40 industry participants attended an inaugural meeting on April 1st to form the Manx Digital Currency Association, MDCA. Chaired by barrister Paul Davis, the meeting moved quickly to approve formation of the Association and get to business.

Among the attendees were representatives of miners, exchanges, banks, gaming companies, CSPs, lawyers, web designers and programmers, hosting providers, payment processors and telecoms.

All members will be listed on the Association’s website as it is set up.

Following a report on the recent ruling of the Financial Supervision Commission to the effect that licences are not required for BitCoin Exchange activities, an important statement was made by Peter Greenhill, CEO of eGaming Development with the Isle of Man Government Department of Economic Development. Peter advised the meeting that there is presently no Department of Economic Development policy on eCurrency, however a paper is being prepared internally within government with a view to forming such a policy. He welcomed the formation of the Association and underlined the need to protect the Island’s reputation and economy going forward. He indicated he would provide an update from the government side as soon as possible.

While not in attendance, the FSC has expressed itself glad of the creation of the Association and confirmed its intention to consult with the Association as matters move forward with respect to possible legislation or regulation of digital currency activities.

Paul Davis expressed his strong appreciation of the Commission’s pro-active and collaborative stance with respect to developments in this area.

The meeting agreed on the appointment of Charlie Woolnough as secretary of the Association and Miles Benham as legal counsel. The position of President was left open pending further discussions, as was the issue of membership fees. Domicilium offered complementary hosting of the Association’s website (to be constructed www.mdca.im) while Arts-Interactive offered to build the site free of charge.

Commenting on the inaugural meeting, Paul Davis said: “To those not immersed in the world of computers and the internet, cryptocurrencies are not easy to understand. Even so, very few can deny that they represent a groundbreaking and exciting addition to the world of global transactions, and all that that entails. There are hotbeds of developmental work all over the world, and I believe that the Isle of Man has the potential to play a key part.”

Paul Davis also took the opportunity to announce the Isle of Man’s trade mission to Israel, scheduled for September, to target digital currency developers and businesses interested in placing part of their operations or development on the Isle of Man, which appears to be an ideal base for such activities.

The meeting finally agreed to accept an invitation from the UKDCA to create a formal co-operation, and this will be negotiated between the respective Presidents in the weeks to come.

For further information or to express an interest in joining the Association, please contact in first instance: paul@countinghouseltd.com.

Bill added: ‘There will always be a place for traditional banking, where branch and telephony teams and relationship managers are on hand to meet with customers and discuss their specific needs.

However, for everyday transactions, banking has changed beyond recognition and technology is driving this trend.’

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IN THE NEWS

Manx Radio to be given recognition in primary legislation Fifty years after Manx Radio first launched, the station is to be recognised in primary legislation as the National Public Service Broadcaster of the Isle of Man. Following the publication of a Select Committee report in early March, where the Committee were tasked with ‘examining the matter of the policy, delivery, cost and scope of Public Service Broadcasting on the Isle of Man and report with recommendations’, Tynwald, the Manx Parliament, have debated the report and endorsed Manx Radio as the National Public Service Broadcaster on a permanent basis.

Following the three hour debate, Tynwald agreed to accept the recommendations of the Council of Europe on public service media governance, which have been widely accepted

by European public service broadcasters, and to endorse the recommendations of the John Myers report that was completed in 2013.

John Myers, who has recently carried out reports for the BBC on Radio 1 and 2 and on BBC Local Radio, was commissioned by the Committee to take a close look at the station and to report back on the value of a public service broadcasting service on the Isle of Man and to determine how it should be financed to deliver the terms of the licence.

In his report Mr Myers said: “Few can argue Manx Radio is not a popular service. Indeed it is worth highlighting that the figures are just not good, they are exceptional.....critiquing Manx Radio may therefore appear churlish in the extreme.”

In addition Tynwald agreed to adopt a funding formula for the station that would see the station receive a minimum funding of £850,000 each year, to disband the Purpose Trust that had been set up to keep the station at arm’s length from Government, and for the Island’s Communications Commission to provide a licence for the station to include a requirement for a particular percentage of locally produced and presented speech.

Manx Telecom opens its third data centre Manx Telecom’s brand new Greenhill Data Centre (GDC) is now open for business as the company announced completion of the £10million project’s first phase.

Department of Economic Development Minister Hon John Shimmin MHK was the guest of honour at an event to mark the opening held on March 27. GDC is located at the Isle of Man Business Park, near to Manx Telecom’s headquarters, and is the company’s third data centre in addition to Douglas North and Douglas Central.

GDC is constructed to the same Tier 3 world class specification, and has the same industry accreditations, as Douglas North which already provides hosting services for many leading private sector companies. A Tier 3 data centre means it is built and operated to world class standards of resilience, security and reliability.

Stuart Paul, Manx Telecom Data Centres Director, said: “The completion of phase one is a significant step for Manx Telecom as it means we now have the only twin Tier 3 data centre set-up with direct connectivity on the Island, providing a uniquely resilient data hosting proposition. When combined with our world class global connectivity, GDC will significantly increase our capacity to provide hosting and managed services solutions in the eGaming, big data and cloud sectors – all of which are important for the continued growth of the Island’s economy.”

To illustrate the incredible technology involved in data hosting, Mr Paul said that in any second of any day Manx Telecom’s data centres would be processing around 500,000 hands of poker for its eGaming clients. And in the few minutes it took for him to give his speech the company’s data centres would process transactions worth US$7million. He illustrated the speed of global data transfer by saying that individual ‘packets’ of data could be sent from the Isle of Man to Macau – a distance of just over 6,000 miles – in just 300milliseconds.

Mr Shimmin welcomed the investment by Manx Telecom and said GDC was the type of project which illustrated how the private sector was supporting Government’s efforts to grow the Island’s economy in a dynamic and sustainable way.

GDC is being constructed in three phases. The completion of the £3.5million first phase involved alterations to the existing structure of the building and the installation of mechanical and electrical infrastructure including security and fire prevention systems, air conditioning, and back-up power generators. Phase two will see the installation of an additional 120 data hosting racks at a cost of £1.5million. Phase three will see the construction of a new purpose-built data centre costing an additional £5.0 million to further increase space by 320 racks to meet the Island’s growing demands for data hosting capacity.

For more information about Manx Telecom’s data hosting solutions go to www.manxtelecom.com/hosting

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Agenda

CSR FEATURE

WORDS

MICHELLE P. TONNESEN

The Rise

of Corporate Social Responsibility The concept of the conscious consumer demanding that business is carried out in an ethical and socially responsible manner is so wellestablished today that we almost take it for granted. With globalisation, the internet and the ever-present social media, it is close to impossible for companies, governments or even NGOs to put a foot wrong without the whole world knowing. But this was not always the case.

Here is a bit of background to understand the evolution of the Corporate Social Responsibility (CSR) movement.

The main principles of CSR involve economic, legal, ethical and discretionary aspects. A corporation needs to generate profits, while operating within the laws of the state. The corporation also needs to be ethical, but has the right to be discretional about the decisions it makes. CSR and corporate sustainability represent the way companies achieve enhanced ethical standards and a balance of economic, environmental and social imperatives, addressing the concerns and expectations of their stakeholders.

The phrase Corporate Social Responsibility was coined in 1953 - with the publication of Howard Bowen’s “Social Responsibility of Businessmen”, which posed the question of “what responsibilities to society can business people be reasonably expected to assume?” Thus, in the 1950s, the primary focus was on businesses doing good deeds for society. During the 1960s, key events, people and ideas were instrumental in characterising the social changes ushered in during this decade. Examples of corporate social responsibility began to emerge, and the civil rights movement, consumerism, and environmentalism greatly changed the way society expected the business world to behave. Writing and budding research on the subject expanded the definition, suggesting that beyond legal obligations companies had certain responsibilities to society.

The Organisation for Economic Cooperation and Development (OECD) – a group of 34 powerful industrialised countries – was also created during this decade to promote policies improving the economic and social well-being of people around the world.

With the 70s, came the common use of

the term CSR, along with many attempts to officially define the phrase. For example, the UN conference of 1972 in Stockholm considered the ever-growing need to find a common ground between both communities and businesses across the globe to preserve the human environment.

At that time, both the OECD and the United Nations Centre on Transnational Corporations (UNCTC) began developing codes of conduct in an attempt to control different aspects of corporate globalisation.

In 1976, the OECD, recognising the complications associated with companies operating across borders, established a set of guidelines to ease the workings of globalisation; setting the “rules of the game” for foreign direct investment, and creating an atmosphere of confidence predictability in overseas corporations.

The OECD’s “Guidelines for Multinational Enterprises” covered areas such as accounting, tax payments, and operating in accordance with local laws.

The rise in anti-corporate activism over environmental and human rights issues made a shift in corporate attitudes towards social and environmental issues essential.

The 70s and 80s saw major international boycotts of companies investing in South Africa. This period was characterised by confrontational campaigning that forced change from companies by attacking their brand.

In the 1980s, business and social interest came closer and firms became more responsive to their stakeholders. In 1987, the concept of sustainable development was introduced and finally defined in the ground breaking report; “Our Common Future” was delivered by The World Commission on the Environment and Development, under Chair Gro Harlem

Brundtland to the United Nations.

In the 1990s, corporate lobbying challenged attempts to regulate their activities at a global level. Instead it achieved an extension of corporate power both logistically, through improved transport and communications, and legally, through international agreements; such as the General Agreement on Trade in Services (GATS), and the Trade Related Intellectual Property Rights (TRIPS) - which extended rights for corporations.

Nevertheless, the anti-corporate backlash reached a climax in 1995, as the spotlight turned on Royal Dutch Shell. That year, the company stood accused of complicity in the execution of nine activists in Nigeria, as well as being hounded by Greenpeace over the decision to sink the Brent Spar oil platform.

Shell temporarily lost the confidence of investors and the public. Shell’s ‘annus horribilis’ was a sign of things to come and woke up many in the business world to the importance of their public reputations and the ability of campaigners to damage them.

Capitalism had to be given a human face.

Step forward CSR. Shell spent millions on its PR offensive to rebuild its reputation and published a statement of business principles outlining its core values of “‘honesty, integrity and respect for people”. The company’s strategy focussed on “openness and dialogue”, pioneering the practice of producing CSR reports and triple bottom-line reporting – that is, a business model centred on People, Planet and Profit - which was introduced at the UN Earth Summit in Rio De Janeiro in 1992. Indisputably, Shell’s strategy was successful in rebuilding the company’s reputation amongst key opinion formers and decision makers at the time.

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The Rise of Corporate Social Responsibility So, one could argue that the ultimate rise of the CSR movement came as a direct response by corporations to anti-corporate activism and the reputational damage campaigns were able to cause.

During the 1990s, the idea of CSR became almost universally approved. The movement became an established industry with major companies such as PricewaterhouseCoopers and KPMG entering the CSR service provision market. New consultancies solely focussed on the concept also sprang up over this period, as did specialist university research centres and the CSR conferencing circuit. Similarly, CSR evolved beyond simple codes of conduct and reporting to include more extensive dialogue and “multi-stakeholder” initiatives such as the Ethical Trading Initiative (1993) and the Forest Stewardship Council (1998), bringing together companies, NGOs, and in some cases governments, also trade unions began negotiating and signing global framework agreements.

The following years saw a plethora of voluntary initiatives and codes of conduct being developed by individual companies as well as sectoral codes and international frameworks, like the International Organisation for Standardisation (ISO) looking to build standards around CSR. The most high-profile of these is the UN’s Global Compact developed in 1999. It was designed by the office of the Secretary General, Kofi Annan, with considerable input from the International Chamber of Commerce. The Compact is a set of nine principles on human and labour rights, as well as environmental sustainability, which has now been expanded to 10 - with the inclusion of a principle on corruption.

However, many NGOs have been highly critical of the Compact as it has no monitoring or enforcement mechanism, and so according to critics, it allows companies to appropriate the name of the United Nations to reinforce their reputations without requiring them to change any aspect of their activities.

The year 2000 saw more mergers and acquisitions than any other year in history.

In November, the international “Partners for Progress” OECD conference was held in Paris. It stressed the importance for businesses to adopt socially responsible behaviour, in an effort to move forward towards sustainable local development.

CSR and corporate sustainability represent the way companies achieve enhanced ethical standards and a balance of economic, environmental and social imperatives, addressing the concerns and expectations of their stakeholders.

In 2001, the collapse of Enron, once a paragon of CSR, showed just how deeply a corporation’s claims of social responsibility can differ from the reality. The mistrust of corporations - which this scandal evoked in the public consciousness, led to some soul-searching within the CSR movement.

However, much of the public discussion centred on protecting investors, rather that the issue of wider social impacts, and the main concrete change brought about by the episode was the introduction of the Sarbanes Oxley Act in the USA. This has tightened up accounting regulations and introduced new reporting standards - which include some aspects of non-financial risk reporting.

The UK government went down a similar line with the Operating Financial Review (OFR), in which all stock market listed companies would be required by law to produce a yearly review of their business operations and future developments and risks. This was to include information on environmental matters, employees and social and community issues. However, in December 2005, then Chancellor, Gordon Brown, announced that the OFR would be abolished – a decision which was later challenged by Friends of the Earth in the High Court.

Nevertheless, in the 2000s, CSR definitively became an important strategic issue.

Though great progress has been made by many companies operating responsibly in highly-regulated countries, there remains challenges in less developed regions.

Only recently have countries started including CSR policies in government legislature. Common types of countries who have implemented legislation and CSR laws generally consist of socio-economic and politically sophisticated countries. The level of political stability and effectiveness is inextricably linked to a country’s capacity

to ensure national CSR policies. Some of the strongest supporters of CSR are in Europe, with countries like France and Denmark having actual laws enforcing triple bottom line reporting, and the EU Commission’s Employment and Social Affairs Committee promotes CSR as a way to support growth and job creation, as well as social stability.

Some critics believe that CSR programmes are undertaken by companies, such as British American Tobacco and McDonald’s to distract the public from ethical questions posed by their core operations. They argue that some corporations start CSR programs for the commercial benefit, they enjoy through raising their reputation with the public or with government, and suggest that corporations which exist solely to maximise profits are unable to advance the interests of society as a whole. One of the most prominent figures opposing CSR is Milton Friedman, who took the position that CSR subverts the role of government and “harms the foundations of a free society.”

To return to the example of Shell, its muchpublicised CSR policy did not prevent the 2004 scandal concerning its misreporting of oil reserves, which seriously damaged its reputation and led to charges of hypocrisy.

Critics concerned with the insincerity of corporations generally suggest that better governmental and international regulation and enforcement, rather than voluntary measures, are necessary to ensure that companies behave in a socially responsible manner.

We’ll leave that judgement entirely up to you for now…

Sources | Howard Bowen: “Social Responsibility of the Businessmen”, Harper & Rowe, New York, 1953 | CSR Quest: www.csrquest.net | OECD: www.oecd.org | UN: “Report of the World Commission on Environment and Development: Our Common Future”, http://www.un-documents.net/wced-ocf.htm | UN Global Compact: “The Ten Principles”, www.unglobalcompact.org | Shell: “Profit and Principles - Does there have to be a choice? The Shell Report”, 1998 | The Economist: “Triple Bottom Line”, 17 November 2009 | Financial Reporting Council: www.frc.org.uk | Milton Friedman: “The Social Responsibility of Business is to Increase its Profits”, The New York Times Magazine, 13 September 1970

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IN THE NEWS

Isle of Man Credit Union on the way

Boston Group’s support for the community

There is an enthusiastic group of Isle of Man residents taking forward the idea of forming a Manx Credit Union.

Supporting local charities and causes is part of the DNA of Boston Group, the Isle of Man based professional services firm. In the past year the company has donated over 200 hours of its staff time to volunteering in addition to about £50,000 of donations and financial support over the past three years.

Around the world there are 200 million members of credit unions in 105 countries. In Ireland 74% of economically active people are members. The Island has a Credit Union Act but it urgently needs updating. This is already in hand but we need to convince our legislators that there is a demand for a community savings and loan initiative. To achieve our objective we need you to fill in an ‘expression of interest’ form on our website www.mcu.im or pick up a leaflet from Nadine House, 13 North Quay, Douglas You can also leave a message on 619459 and a leaflet will be sent to you.

Credit unions have been successful around the world by creating a savings culture and facilitating loans to its members. There will also be opportunity to explore and develop financial skills by using the best available tools to keep you in control of your finances rather than the other way round. A credit union is essentially run by its members on a voluntary basis, having first had the appropriate training from the trade association we are part of. The steering group, driving this forward, have experience in a variety of relevant areas including mutual organisations, regulatory involvement, web technology, accountancy, teaching and running commercial credit organisations.

If you would like to become part of an ethical and democratically run organisation, where the members share in the surplus it generates, this is for you. You can become a member by saving as little as £1 a week when we open our doors for business. We also need people who are able to donate seed money to purchase equipment and software. Already we have a number of pledges in place from individuals and commercial organisations who want to see this happen, including the use of an office.

If you want to have the opportunity off developing your skills or simply giving back to the community, you could volunteer your services from as little as two hours a week. If you would like to be part of our steering group or would like a representative to come and give a presentation to your organisation or charity please contact David Talbot on 490640 for a chat on how you can make a real difference to the financial life of your household and our Island.

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Group Chief Executive Officer Greg Ellison says “We’re a privately owned business where our staff really matter to us. Throughout the year our people get involved in all sorts of activities to raise money for local charities from climbing mountains, running marathons, the Parish Walk to dress down days, cake bakes and other fundraising events. It’s a really important part of our culture that we get involved to support our local communities. ”To that end, the Boston Charitable Foundation was set up in 2008 with the aim of supporting local charities. One such charity is Junior Achievement Isle of Man (JAIOM), which has benefitted from the Foundation’s commitment since 2012 to the tune of £10,000 per year as lead sponsor of the Company Programme. Through Junior Achievement, Boston aims to directly contribute to the young people of the island, helping them develop their life skills, confidence, self-esteem and entrepreneurial skills. Recently British Lions rugby star and Boston’s Brand Ambassador, Scott Gibbs, spoke to the students of two local schools on the subject of goalsetting and developing positive beliefs drawing on the experiences from his impressive international rugby career.

Greg, who is also Chairman of Junior Achievement Isle of Man, says: “Fostering innovation and entrepreneurial spirit in today’s school leavers is more important than ever. One of Boston’s main values is to support the communities in which we work and our support of Junior Achievement is a vital part of that. Put simply, we do it because it’s good to do, it’s good for you, it’s good for others and it’s good for the greater good.”

The Chartered Institute of Marketing to host free marketing master class and advice surgery for Island’s small businesses The Isle of Man region of The Chartered Institute of Marketing (CIM) is inviting Manx small businesses along to a free marketing master class and advice surgery on Thursday, 15 May. The master class, for up to 20 representatives from small businesses, will be hosted by Heather Smallwood, Fellow of the Chartered Institute, giving a brief overview of the importance of marketing and quick wins for small businesses.

A marketing surgery for small businesses will follow the master class, hosted by a group of some of the Island’s 25 Chartered Marketers, run on a first come, first served basis. This unique opportunity will give small business the chance to seek guidance and advice from some of the Island’s top marketers, in complete confidence.

Chair of The Chartered Institute of Marketing Isle of Man committee, Daren Ward, said:

simplest form. Given the importance small businesses play in our local economy and the need to continue to drive economic growth on the Island, members of the local CIM Committee and the Island’s Chartered Marketers are keen to engage with and support local businesses. We held an extremely successful marketing surgery in 2010, which was oversubscribed, and felt that the time was right to hold a second one.

“The surgery means that professional senior Island-based marketers will be available for small businesses to talk to on a oneto-one basis for free and confidential advice and support. When you work by yourself or in a small team which may not have any professional marketing knowledge, it can be very beneficial to have an experienced professional to talk to and perhaps just bounce ideas off.

“I would encourage those running small businesses who may be interested to get in touch as soon as possible, as availability is limited.”

Both the master class and surgery take place on 15 May at Manx Professional and Educational Services on 41-45 Duke Street, Douglas. Registration for the master class is 11am and will include lunch and time to network with other delegates. The surgery will run between 1pm and 4pm. Places are limited and those wishing to attend either the master class, the surgery, or both, should register by emailing cimevents@cim.co.uk or telephoning 01628 427340. Full information is available online at www.cim.co.uk/ Events/EventDetails.aspx?crid=63254.

“Marketing is an integral part of succeeding in business. Small businesses are the workhorses of any economy, but they seldom have the resources to think about or indeed adopt marketing in its

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Nedbank Private Wealth is a registered trade name of Nedbank Private Wealth Limited.

Nedbank Private Wealth Limited is licensed by the Isle of Man Financial Supervision Commission. Registered office: St Mary’s Court 20 Hill Street Douglas Isle of Man. Nedgroup Trust (Jersey) Limited is regulated by the Jersey Financial Services Commission. * Client quote and results from a client satisfaction survey undertaken in 2013 by The Leadership Factor, the UK’s leading customer survey specialist.

TAXATION CSR FEATURE

Ask not what you can do for charity...

...but what a charity can do for you?

A different perspective on Corporate Social Responsibility in the not-for-profit charitable sector Hospice is the biggest charity in the Isle of Man needing to raise £3.6 million each year to provide their essential healthcare services.

In fact, last month the local charity issued a statement outlining that they will need to utilise some of their financial reserves for 2014 to continue this service.

The charity was set up in 1983, and last year marked 30-years of care to the Manx community. But like so many businesses and charities here, Hospice is facing tougher times in this economic climate.

Corporate Social Responsibility is a key issue for the charity like many other charities. In fact, Hospice is in the process of developing its own CSR policy, where it looks at its own carbon footprint and its ‘social’ obligations to the Island.

A key question for both charities and businesses to ask is not what you can do

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for charity but what that charity can do for you? There are huge benefits getting involved with a charity, particularly one as focussed as Hospice.

There are 700 registered charities here.

Corporate Social Responsibility is a key issue for them, and definitely without the support of the business sector on the Island, these charities could not continue to do their job, or continue to provide essential services.

CSR can take many forms; donations, attending events, manpower to help at events or at Hospice, gardening etc., or volunteering. Some companies give their staff half a day a year to ‘give back to the community.’

Volunteering at Hospice saves the charity just over £1 million each year, and with over 500 volunteers who work at Hospice or in their six Island-wide shops, their time and efforts are crucial to the running of our organisation

Potential business benefits The scale and nature of the benefits of CSR for an organisation can vary, depending on the nature of the company, and are difficult to quantify, though there is a large body of literature exhorting business to adopt

measures beyond financial ones.

Human resources A CSR program can be an aid to recruitment and retention, particularly within the competitive graduate student market.

Potential recruits often ask about a firm’s CSR policy during an interview, and having a comprehensive policy can give an advantage. CSR can also help improve the perception of a company among its staff, particularly when staff can become involved through payroll giving, fundraising activities or community volunteering.

CSR has been found to encourage customer orientation among frontline employees.

Indeed, Hospice has recruited many volunteers through getting involved with the company via being named as ‘Charity of the Year’.

Risk management Managing risk is a central part of many corporate strategies. Reputations that take decades to build up can be ruined in hours, through incidents such as corruption scandals or environmental accidents. These can also draw unwanted attention from regulators, courts, governments and media.

Building a genuine culture of ‘doing the right thing’ within a corporation can offset these risks. Even on a small island, this aspect should not be under-estimated.

Branding In crowded marketplaces, companies strive for a unique selling proposition that can separate them from the competition in the minds of consumers. CSR can play a role in building customer loyalty-based on distinctive ethical values. Several major brands, such as The Co-operative Group, The Body Shop and American Apparel are built on such ethical values. Business service organisations can benefit too, from building a reputation for integrity and best practice. Again, Hospice can play a significant supporter of re-enforcing how good a company is through PR and aligned

branding.

Licence to operate Corporations are keen to avoid interference in their business through taxation or regulations. By taking substantive voluntary steps, they can persuade governments and the wider public that they are taking issues such as health and safety, diversity, or the environment seriously as good corporate citizens with respect to labour standards and impacts on the environment.

Criticisms and concerns Critics of CSR as well as proponents debate a number of concerns related to it. These include CSR’s relationship to the fundamental purpose and nature of business and questionable motives for engaging in CSR, including concerns about insincerity and hypocrisy.

Many CSR proponents point out that CSR can significantly improve long-term corporate profitability, because it reduces risks and inefficiencies while offering a host of potential benefits such as enhanced brand reputation and employee engagement. Hospice itself has definitely benefitted from such partnerships with local companies.

Motives Critics concerned with corporate hypocrisy and insincerity generally suggest that better governmental and international regulation and enforcement, rather than voluntary measures, are necessary to ensure that companies behave in a socially responsible manner. This could include personal value; for the five and half years I have been involved with Hospice, we have worked to capitalise on this and work with every company to educate and encourage fundraising partnership concerning Hospice.

Consumers are becoming more aware of the environmental and social implications of their day-to-day consumer decisions and are therefore beginning to make purchasing decisions related to their environmental and ethical concerns. However, this practice is far from consistent or universal.

It is worth noting on 16 December 2008, the Danish parliament adopted a bill making it mandatory for the 1,100 largest Danish companies, investors and stateowned companies to include information on corporate social responsibility (CSR) in their annual financial reports. The reporting requirements became effective on 1 January 2009.

Why get involved? I think it’s paramount that the ‘movers and shakers’ on the Island recognise that ticking their CSR box with the right ‘cause’ can be seen as crucial as to how they are seen.

Hospice is a unique partner, with a commercial and independent approach. We know that every company is unique too, so we work closely with our partners to tailor lasting partnerships that deliver impressive results.

Some of our partners over the years have included Equiom, Friends Provident, Callin Wild, Quinn Legal, Nedbank, Barclays Wealth, SMP Partners, Lloyds TSB, the Financial Supervision Commission, Citywing, Celton Manx, Nationwide, KPMG, Deloitte, to name a few. We worked with over 20 companies.

COMMUNITY INVOLVEMENT We have worked with lots of retailers such as Shoprite, the Co-op, Tynwald Mills to name a few.

A lot of Island residents will work with us through social lives too whether it be their sports club, WI, Young Farmers Club etc.

If you choose Hospice for your CSR, you become a partner. We will work with you to develop activities to involve and motivate your staff and customers.

As Hospice Isle of Man is a high-profile charity, with a very positive story to tell. Working with us on a cause-related marketing (CRM) campaign is a simple and effective way of differentiating your product and increasing sales and customer loyalty.

Big, innovative fundraising events are our speciality and prime opportunities for working in association with Hospice.

85p of every £1 donated to Hospice is spent on patient care. We are very fortunate that the Department of Health supports our services with a £600,000 cash grant - made up to approximately another £100,000, with additional support. This kind support represents 19% of the £3.6m we need to raise each year.

CSR is a crucial fundraising tool, and we hope a positive experience for everyone that chooses to engage with our charity

With my background in the finance sector, the partnership being of a professional high-standard is paramount to good working together.

Ethical consumerism The rise in popularity of ethical consumerism over the last two decades can be linked to the rise of CSR. As global population increases, so does the pressure on limited natural resources required to meet rising consumer demand.

Should you wish to work with Hospice and want to know ‘what can we actually do for you?’, contact Mary Doyle, PR and Marketing Manager, Hospice Isle of Man on: 647431, or e-mail: mary.doyle@hospice.org.im

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CSR FEATURE

Sure…we invest in our community As a leading supplier of telecommunications services in the Isle of Man, Sure delivers mobile, broadband, fixed line, data centre and enterprise solutions to consumers, corporate and public sector clients. However, Sure is about much more than that, as our investment in the Island’s community shows.

Sure believes that dedication to the communities in which we operate is an essential part of our business; as such, when engaging with Sure, you’ll find that community involvement is close to the heart of our staff. The strength of the Island’s community is dependent on us all being involved and that goes for individuals as well as companies like Sure.

Every year, we spend thousands of pounds on community initiatives. The type of work we are involved in includes investment in support of local projects, the donation of funds or products and services to support charities in need, investment in clean technology to lower our environmental footprint and engaging employees in charity work.

Among the highest profile initiatives are Sure’s partnership with the TT races, Sure Strike bowling in Ramsey and Sure ApeMann in South Barrule. There are, however, other community projects which we support – the Queenie Festival, the Reel Life film project, Kenyon’s Youth Café, the Primary Sports programme, Manx LitFest and Vagabonds RUFC, to name a few. To give you a better idea of the work we are involved in and the effect it has in the Island, here is a selection of comments from some of the projects that have received support from Sure.

Perhaps the most high-profile event of our community involvement is the TT Races: “Sure has been an integral partner in delivering the TT races since its 2007 centenary, when the company first became a sponsor,” says TT Press Officer, Simon Crellin. “As well as their financial commitment - which is used to offset

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some of the cost of running the races - the company also provides expertise and equipment, including smart phones and tablets, which enables race officials to communicate.”

On behalf all three Rushen MHKs and co-Queenie Festival directors, Laurence Skelly says that: “The Queenie Festival attracts over 5000 visitors each year.

Educating people about the rich cultural past and future protection of our natural resources within the Irish Sea are equal objectives of this festival, and would not be possible without the kind sponsorship of Sure.”

It is not only community events and projects that benefit from Sure’s involvement. Sure also engages with businesses that have particularly community-oriented aims, as Steve Salter, MD of Sure Ape Mann Adventure Park, says: “Being a new start up business, we were really pleased to attract the support we have had from Sure. Sure is an established brand, and not only has Sure helped us with marketing and advertising, it has helped to promote the park to Sure customers in the Island. With Sure’s support so far, we have also taken two young people off benefits, trained them and hopefully given them a future.”

Our involvement with the Manx Language App has also given us an opportunity to combine the latest technology with the Island’s heritage: “The Sure support for the Manx Language App - Learn Manx - has been one of the most significant examples of business support for Manx in recent years,” says

Manx Language Development Officer at Culture Vannin, Adrian Cain: “The App has been a real success with over 4000 downloads, enabling us to reach a whole new generation of learners of the language. It’s been a real pleasure to work with Sure on this project. Their commitment to the language community is something that I know they are genuinely proud off. Gura mie eu!”

Our cultural engagement has not been limited to support of Manx language learning projects; we have also helped the Reel Life Education Project and the Manx Literary Festival reach out to the younger community, as Bev Lawley, the person responsible for the sponsorship of RLEP films, and John Quirk, Manx Lit Fest Director, explain: “Sure have been very generous in helping with sponsorship towards the Reel Life Education Project. It is also helps a great deal to have on board a company which young people can relate to and we are extremely grateful for all the support they have given to the project.

We wanted to make entry to the ‘Winnie the Pooh and Friends Day’ at The Arboretum in St John’s free for everyone, as we know how expensive it can be for families to attend and take part in all the events the Isle of Man has to offer,” says John Quirk. “The significant sponsorship from Sure allowed us to deliver a fun day for youngsters. We are indebted to Sure for its support of this year’s festival.”

We believe that our community work should reflect the rich breadth of the Island’s community. One of the best ways to reach out to Islanders is through sport:

The type of work we are involved in includes investment in support of local projects, the donation of funds or products and services to support charities in need, investment in clean technology to lower our environmental footprint and engaging employees in charity work.

“The Department of Community, Culture and Leisure’s Sport Development Unit (SDU) are very lucky to have continued support from Sure in one of its major initiatives,” says Eastern Community Sport Development Officer, Trevor Christian.

He adds: “The Sure Sport Primary School Programme offers all primary schools in the island the opportunity to engage in a variety of sports festivals throughout the year. With Sure’s sponsorship, the SDU have been able to provide sports equipment for schools as well as coaching education for teachers, sports leaders and parent helpers - which enables schools to deliver quality sports sessions to their pupils”.

SureStrike director, Julie Corteen, was pleased to have Sure’s help in relaunching the bowling alley: “Sure’s involvement was key to getting the bowling alley opened in 2011 and turning the dreams of its founders into reality,” she says: “Since the new management team took over in 2012, our continued

partnership with Sure has been a vital foundation as we have developed SureStrike into a high-quality, familyoriented leisure facility – right at the heart of the Island community and accessible to all.”

Sure is also the proud sponsor of the Vagabonds Women’s rugby team.

“Sponsorship from Sure means a lot to us as a team”, explains team captain, Alana McCaughan. She adds:“It has allowed us to get a shiny new kit so we no longer have to play in our ‘old faithful’ tightie whities - whilst also helping to raise our profile in the Island.”

Sure’s involvement in the Manx community is extensive and wideranging. As we continue to invest in our telecoms network, so we will also continue to invest in the Island itself, ensuring that we are able to help improve the lives of all Islanders in a variety of meaningful ways.

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CSR Feature

The business behind the

Island’s sporting stars Creechurch Capital – the boutique discretionary fund manager – has invested nearly £250,000 in its Sports Academy to give promising young sports stars a muchneeded head start in their careers.

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his announcement comes hot-on-the-heels of the news that Yasmin Ingham scooped the main honours at the Isle of Man Bank Sports Awards ceremony at the Villa Marina last week. Without the sponsorship support of Creechurch Capital, achieving this accolade would not have been possible. Creechurch Capital is an award-winning discretionary fund manager regulated by the Isle of Man Financial Supervision Comission.

Creechurch Capital funded the equestrian prodigy’s gallop to success last year when she won both the British and European Pony Championships in a major breakthrough for her career. The business has just announced the fact it has signed the deal to sponsor Yasmin Ingham for the forthcoming year, as she takes the next steps on her promising career.

Yasmin will be based in Cheshire for the season as she competes in this year’s British Championships. Yasmin also has the opportunity to win further gold medals

at this year’s European Championships, which are being held in Yorkshire in August.

In addition to Yasmin, Creechurch Capital has pledged its support to Commonwealth and Olympic Taekwondo hopeful, Aaron Cook.

Aaron regained his number one world ranking at the end of 2013, when the under-80kg Isle of Man fighter made the podium in nine competitions out of 11, including five golds.

His first fight for the Island was in the Swedish Open in February, where he clinched gold and finished the year with silver in the French Open. The World Taekwondo Federation gives ranking points to top international competitions and the top six in each weight category in December 2015, automatically obtaining a place in their national team for the Rio Olympics. Aaron is based in the Island, and splits his time between mentoring local students, training, and competing internationally. He will be flying the three legs competing all over the world this year.

He will defend his double European title in Azerbaijan in May and compete against the top 32 in the world at three Grand Prix this year.

John Greenwood, CEO at Creechurch Capital said: “Business and sport are very closely linked. We set out as a startup business just over three years ago and needed the support of loyal clients, our investors and even the Isle of Man Government to give us the confidence and backing to compete on an international stage.

In the same way, we set up the Sports Academy to pledge our funding of these extremely promising young sports stars to give them the push off the start line

that they need, when they really need it. We’ve been astounded at the level of success individuals like Yasmin have gone on to achieve – it has far surpassed our expectations.

There’s a lot people in business can learn from sportspeople like our Sports Academy members. While they’ve enjoyed a number of triumphs, we’ve also seen the grit and steely determination of those who have faced knock-backs, and how they’ve recovered by coming back stronger and more focussed than ever.”

Sports Academy sponsorship recipient, Yasmin, said: “Winning the award last week was an immense honour, especially alongside a sportsman of the calibre of Mark Cavendish.

I am so grateful to Creechurch for their continued support. Without their assistance, we wouldn’t be able to have enjoyed the success that we’ve had. I look forward working with the team again this year and have set my sights on more wins and awards in the future.”

As well as Yasmin and Aaron, Creechurch Capital has previously sponsored Jonny Bellis, who is now challenging for track medals at this year’s Commonwealth Games. It has also provided support for Yorkshire-based Porsche driver, Daniel Lloyd, whose Grandfather lived in the Island, and is now in a partnership with Beechdean Aston Martin Racing to contest selected rounds of the Blancpain Endurance Series.

Creechurch Capital has also played a pivotal role in backing the Kelly Holmes Sporting Excellence Programme and is a Team Isle of Man Champion supporting the Isle of Man Commonwealth Games Association in the countdown to Glasgow 2014.

Creechurch Capital Limited is licensed by the Isle of Man Financial Supervision Commission.

Registered Address: Knox House, 16-18 Finch Road, Douglas, Isle of Man, IM1 2PT.

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Yasmin Ingham I am so grateful to Creechurch for their continued support and without their assistance we wouldn’t be able to have enjoyed the success that we’ve had. I look forward working with the team again this year and have set my sights on more wins and awards in the future.

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3FM and Quinn Legal teamed up with Liverpool’s Second Skin Events Ltd. to organise a networking event on the 9th April at the Palace Hotel.

AGENDA

A-LIST

EVENTS

With the full backing of the Isle of Man Chamber of Commerce, over 50 professionals and senior business figures headed over from the UK to take part in the event.

Island delegates mingled with doorstep business connections and set about determining how the Island’s business community can play a part in North West business development.

The Isle of Man has long-established links with the North West in general, but Liverpudlian people know where we are, and many have childhood holiday memories of the Island - so there was plenty to talk about.

Over the last few years, Merseyside has seen a substantial regeneration programme.

Investment into the city of Liverpool has continued past its European Capital of Culture year in 2008 - which was a springboard for the city to generate development and business opportunities both at home and in surrounding areas.

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APPOINTMENTS

A TRIO OF PROMOTIONS FOR STANDARD BANK ISLE OF MAN Three staff at Standard Bank in the Isle of Man have been celebrating career progression success. Neill Grimley is now Senior Manager, Business Development, Victoria Scales has been promoted to Digital Marketing Manager and Lisa Cooke to Assistant Manager, Product Control.

As a Business Development Manager Neill Grimley was very successful in developing new clients from Standard Bank’s Independent Financial Advisor (IFA) contacts in the Far East. In the last year he has taken on additional staff management responsibilities and successfully participated in the Bank’s talent development programme. He has been promoted to Senior Manager, Business Development.

Victoria Scales was formerly working in Sales and Marketing Support but will now be concentrating on digital projects. As Digital Marketing Manager her primary responsibility will be to lead the day to day development, management and maintenance of all digital campaigns, as well as the Personal and Business Banking International website.

Lisa Cooke has been working towards her new role of Assistant Manager, Product Control for the past two years. As Finance Assistant she has been gaining the experience and undertaking the training needed to take on the managerial role and succeeded in professional examinations. Lisa is currently also a participant in this year’s Manx Executive Challenge, which Standard Bank has supported over many years.

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APPLEBY ANNOUNCES ISLE OF MAN PARTNER & COUNSEL APPOINTMENTS Appleby Isle of Man is pleased to announce the appointment of Caren Pegg as Partner and Juan Thornley to the position of Counsel.

Experienced advocate Caren (née Hyde), is a member of the Isle of Man litigation and insolvency practice group. She deals with a broad range of civil and commercial disputes, including freezing injunctions, enforcement of judgments, asset tracing, Norwich Pharmacal applications, public law issues and director/shareholder disputes. Caren also specialises in employment law.

She has extensive experience in dealing with both non-contentious and contentious matters, including redundancy, employment issues related to mergers & acquisitions, restructuring, unfair dismissal, sex discrimination and contracts of employment. Her clients range from leading global and local corporate entities to high net worth individuals.

Caren has recently been appointed as Chairman of the Employment and Training Committee for the Isle of Man Chamber of Commerce. She joined Appleby in 2001.

Juan Thornley is a member of the corporate and commercial practice group based in the Isle of Man. He advises on a broad range of corporate matters including mergers and acquisitions, capital markets, private equity and joint ventures. He has extensive experience of advising financial services businesses and insurers on a range of matters from restructuring to ongoing compliance and he acts for fiduciary service providers and companies within the e-business sector. He joined Appleby in 2003.

NEW APPOINTMENTS FOR STANDARD BANK IOM Standard Bank, Isle of Man’s IFA distribution team is expanding with the appointment of two new Business Development Managers. The move follows the local bank’s continued growth and the success of the IFA team in building business relationships worldwide.

The Standard Bank IFA team manage the relationship between Standard Bank and independent financial advisers around the world, by providing products tailor made for the IFA market.

John Kilgour has been appointed Business Development Manager for Europe, and David Patterson Business Development Manager for the Middle East and India.

John was formerly at Royal Skandia where he worked for eight years, most recently as a Sales Consultant for Europe. He takes over from Sheena Maddrell who will now concentrate on IFAs introducing seafarer accounts.

David is replacing Simon Buckerfield who left the bank in December 2013. He was formerly at Lloyds Bank International as a Business Relationship Manager looking after a portfolio of Premier Banking clients.

Both men will report to John Hall, Head of IFA distribution: ‘These two appointments will be a welcome boost to our team at a time of growth within our business.

John already has relationships with IFAs in Europe from his previous role at Royal Skandia and I know will hit the ground running. David will concentrate not only on managing the existing relationships in the Middle East, but also in developing new business in India which is an opportunity we started to explore last year. ’

Total control for all your company’s mobiles With business users demanding the latest smart phone and tablet technology, and critical data being accessed and stored on these devices, it has never been more important for businesses to have full management of all devices that are in use.

Whether you’re using iOS, Android, Windows or Blackberry, Sure’s new Mobile Device Management service will enable your business to work smarter and more securely, for less than £5 per month.

Contact business@sure.com for more information.

international.sure.com

BANKING

Deniese Smith, Senior Bank Manager at Isle of Man Bank and NatWest, discusses the growth of mobile and online banking and the role of the High Street – ‘the best of both worlds’.

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f you think back to how you did your banking 20 years ago and compare it to the present day, it’s likely it has changed beyond all recognition.

As technology has developed over time so Isle of Man Bank and NatWest have responded to the needs of customers to develop new and convenient ways of banking.

At the core of this focus, we make sure our teams are in the right place at the right time and doing the right things to improve the customer experience.

This means that whilst, customers are increasingly choosing to manage their finances on the go; the traditional high street branch network continues to play a significant role.

Digital In a report by the British Bankers’ Association (BBA) , mobile phone banking transactions made by British customers have nearly doubled in a single year, new industry figures compiled by the BBA show today. Customers are now making more than 5.7 million transactions a day using smart phones and other internet enabled technology.

At RBS Group in the UK, the busiest branch is now the ‘virtual’ one with over £30 million transferred every day through the mobile banking app. By placing the power to manage their money in their hands, mobile banking service is transforming the way our customers do their banking.

At the touch of a button personal and business customers can check their balance, transfer money between accounts, view their transaction history or pay their contacts.

Offshore Isle of Man Bank and NatWest were the first banks to provide mobile banking for smartphones. Since introducing an app for both personal and business customers, the Bank has continued to lead with innovations providing customers with choice and flexibility and today remains

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the only bank providing clients with a multi-currency app.

Among the latest app features for personal customers is ‘Get Cash’ which enables customers to withdraw money without using their bank card at an ATM. The customer chooses the amount they wish to withdraw from the app and a secure cash code is sent to their phone which is then valid for three hours at any RBS Group cash machine.

Another new facility is the ‘Pay Your Contacts’ service which enables a customer to pay anyone with a Visa debit, credit or prepaid card using just their mobile number, even if they are not a bank customer. A revolutionary way of paying someone, it has countless uses; one of the more obvious is a quick and easy way of sending the money owed when splitting a bill with friends at a restaurant.

The Isle of Man Bank and NatWest offshore app, which is available to customers with accounts held in the Crown Dependencies and Gibraltar, has been used in over 160 countries and had over 460,000 log ins in the last 30 days. Since the launch of the first mobile app in 2011, there have been two million transactions made using mobile devices. Since then, the bank has continued to lead with innovations providing customers with choice and flexibility and today remains the only bank providing clients with a multi-currency app.

Complementing mobile, is a preference towards social engagement. A dedicated team answer customer queries through the webchat service offered within online banking and answer customer queries received through the Bank’s dedicated Facebook and Twitter pages. Social media provides a proactive role of providing feedback quickly. Across our social media accounts we engage with approximately 7,000 followers, focusing on their needs and providing excellent service. Over 77.5% of our most popular tweets relate to Helpful Banking advice for money management, how to bank on-the-go, security and saving tips.

With technology evolving the customer experience, how do these developments fit with branch based banking?

Traditional The most important advantage of the digital revolution for the branch is that it has freed staff up so they can spend more time with customers when they need it in branch. Deloitte recently found elderly

and retired people were the fastest adopters of digital services, bucking a perception that younger customers are fuelling the appetite for online banking platforms. By contrast younger people are increasingly meeting branch staff to discuss their financial needs.

For business customers, the iPhone app enables them to easily access and manage their finances on the move. Their relationship manager is on hand when they need to talk through development plans and lending requirements and provide support through difficult decisions but the app gives them greater control of their money so they can focus their attention on running their business and serving customers.

Balance & Choice It is this balance between mobile and traditional that is designed to give the customer the best of both worlds. There will always be a place for traditional banking, where branch and telephony teams and relationship managers are on hand to meet with customers and discuss their specific needs, for example whether may relate to a mortgage or account application or just a general question.

However, for everyday transactions, banking has changed beyond recognition and technology is driving this trend.

Our commitment will remain to serve customers through a wide range of channels and we will continue to invest in leading edge developments to enhance our proposition and our established branch network.

This year the bank is supporting customers on this journey with live demonstrations available in larger branches to walk through its mobile service proposition, providing customers with opportunities to learn about the mobile revolution and how the new services can be used, in combination with the branch to help our customers bank with us in the way most convenient to them.

Pop in to branch to find out how we are making banking easier!

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INTERNET FEATURE WORDS

PHIL ADCOCK, TECHNICAL DIRECTOR, DOMICILIUM

A cure for

data jet lag I have just arrived home after an extended trip to Asia. Nothing unusual about that you might say, we do it all the time in the Internet industry. What was different for me on this particular trip is that I spent the weekend in the fetal position with one of the worst cases of jet lag of my life. I don’t mean your average wide-awakeat-3am experience, I’m talking the full-on mindcrushing, energy-sapping, think-through-cotton-wool experience; three days of it.

M

y good friend Wikipedia tells me that my circadian rhythm is wonky. “The body’s natural pattern is upset, as the rhythms that dictate times for eating, sleeping, hormone regulation and body temperature variations no longer correspond to the environment nor to each other in some cases.” Thank you, I’d figured that bit out. What it is less clear on is a way to fix it.

Many travellers I talk to swear by melatonin, a hormone that is part of the system that regulates the sleep wake cycle. For those of you that have read Asterix books as a child, it appears to have an effect equivalent of the magic potion made by the village druid Panoramix. Take one before bed and all is good. Unfortunately, whilst melatonin is widely available over the counter in many countries such as the United States, not so in the Isle of Man. So why an article about my jet lag? Well the reality of any global business is that you will be working with business partners and clients in multiple time-zones, languages and cultures. The distance certainly has an effect with an online business too, particularly in terms of the time it takes for information to travel across the Internet from one continent to another. Whilst we measure this in fractions of a second, the reality is that even a modest increase in

Meet the Account Managers Elissa and Kelly have been with Domicilium for over two years and bring a wealth of experience to Domicilium from other sectors; they manage a large portfolio of local and international clients.

David is a Senior Account Manager and has 14 years’ experience in the IT sector.

He travels extensively to drive inward investment to the Isle of Man and to personally manage his clients where ever they may be in the world.

At Domicilium all of the Account Management team are committed to building close relationships and are driven to deliver excellent customer service.

Contact us today to find out more about our world class hosting and connectivity solutions.

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David Artus, Elissa Morris and Kelly Nicol

delay can affect the user experience in an online system. The result is that innovative solutions are required to deliver a pleasing user experience.

To quote a favourite engineer of mine, whilst “ye cannae change the laws of physics”, as an infrastructure provider, you learn how to bend the rules a little, and so we have developed a range of solutions over the nineteen years, we have been involved in the Internet industry to help operators meet these challenges. Online platforms are becoming increasingly sophisticated yearon-year, with the result that more and more is expected of the underlying infrastructure that delivers the revenues. We have evolved our products to meet the exact needs of our clients and therefore the Domicilium strapline “No Problems Just Solutions” means just that. It is a model that has worked well for our clients and has driven our expansion from the Isle of Man across more than thirty jurisdictions.

Its 8am (or 4pm depending on your perspective), and I’ve reached the end of this article after my third cup of coffee. I’m not quite sure whether I’ll be a functioning human being today or just grumpy. Time will tell.

So what about my jet lag? I guess I’ll just have to man up and deal with it.

SMALL WORLD

BIG DATACENTRE THE ISLE OF MAN DATACENTRE We partner with some of the largest online businesses in the world. Our customers rely on our investment in infrastructure to resiliently process transactions worth many billions of US dollars every month. Our communications infrastructure, hosting facilities, technical staff and focus on process ensure that your business can maximise return through uptime and throughput. Working closely with our client base we provide a service that is customised to meet your exact needs and business requirements.

CALL +44 (0) 1624 825278 EMAIL INFO@DOMICILIUM.COM 9

RELOCATION FEATURE

WORDS

MICHELLE P. TONNESEN

Food, Fun & Friendship Moving to the Isle of Man can be a daunting challenge – especially if you arrive as an “accompanying spouse”.

You have no natural network or approach angle to getting settled into local life. Making a new home and connecting to a foreign environment are almost always chaotic and stressful. A social network will help you settle in faster than anything else; but starting one from scratch can be a terrifying prospect.

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A Recipe for Relocation This is not an attempt to discriminate.

This particular group up of women decided to break this pattern and do something about it, rather than spiral into despair: They started the CoStars dinners – a monthly get-together for partners of relocated PokerStars employees.

“We are a “grassroots” group started over six years ago as an informal way of networking,” explains Susanne, a Swede who is one of the few “original” members left, as the network has grown and altered over the years. “The dinners truly helped me start my life on the Island – I made my first, and now best, friends through this group.”

The voluntary constellation is organised by a fixed coordinator, who keeps the momentum and continuity going via group e-mails, as well as has the honour (and challenge!) of picking a different restaurant each month. The baton is passed on once every 12-18 months to whomever of the participants is keen to go next.

The make-up of the diners differs from month-to-month, depending on who can make it, and who has recently moved on or off the Island. The numbers vary from two to 20, but usually around six to eight ladies join in the fun at each dinner.

It’s in no way an elitist or exclusive club – its participants are a diverse crowd of both working women and stay-at-home mums; artists and accountants; teachers and IT consultants; and of nationalities ranging from North American, Eastern European and Scandinavian to Chinese, Korean and Israeli – “come-overs” in all kinds of guises. The only criteria of attendance is being an accompanying partner of a PokerStars employee or even an employee themselves; yet all women

The 2013 Brookfields’ Global Relocation Trend Report showed that 79% of overseas assigners were accompanied by a spouse or partner, and 43% accompanied by children. While the number of women being sent on international assignments reached a high of 21% in 2012, the fact of the matter is that the vast majority of accompanying spouses are still female.

While many families move for adventure or cross-cultural experiences, the mainstream move for career advancement. In an international relocation survey conducted by expat expert Robin Pascoe, 63.1% of the respondents stated that they relocated because of a partner’s career and only 5.6% because of both careers.

In an age where business is conducted on an international scale and employees are anxious to spread their wings, more companies are adopting comprehensive relocation policies, as a mobile workforce is becoming an essential competitive differentiator. Thus, having a policy to address crucial relocation issues can positively impact the company’s bottom line.

other than showing up and taking part in the fun – it’s a social network on a plate!” enthuses Lucia, a Slovak who only recently moved to the Island from London.

“I find it really refreshing that everyone is at the same level when at the dinner table – no matter what our status in life is, or what our husbands do. We are all in the same boat, and we can relate to each other and share information about anything from children’s sleeping problems to finding a good local dentist,” shares Kirsti, who moved here three years ago from Australia via Sweden with her family of four.

Given that the number one reason generally cited for relocation success is the thriving of the relocated person’s partner or family, this particular social gathering makes even more sense.

“We are very fortunate that the company does so much to help its employees and their families relocate successfully to the Island. But this is our own thing – independent from our husbands. Our dinners do not receive support from PokerStars as such, other than spreading the “word of mouth” when newcomers arrive. It’s our golden chance to get out there, build our social network and have a bit of fun too,” says Lian who moved with her family from Ireland to the Island two years ago, when her husband got a job here at the company headquarters.

The benefits are obvious when you watch the merry crowd gathered around the table this casual Wednesday evening.

It is clear that the dinners represent a welcome support network for both newcomers searching for key information, and the more established ladies who get to catch up with “old” friends – as well as vent any inevitable frustrations about Island life.

“And then you’re sure to know someone at the company Christmas party!” laughs Linda, another established expat Scandinavian, and the party joins in with unreserved glee. Looks like these women have found the recipe for a successful relocation!

“It’s a great opportunity for making new friends. It takes very little effort

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GOLF FEATURE

MBL Financial to sponsor KHG Funds Senior Open golf tournament The popular KHG Funds Senior Open golf tournament will be sponsored by MBL Financial Services Limited this year. One of the largest Independent Financial Services providers in the Isle of Man, MBL is this year celebrating 28 years in business on the Island. The three round tournament will begin at Douglas Golf Course on July 3, with round two at Rowany on August 7, and the final round at Ramsey on September 4. The 2014 format has changed from last year and, following feedback from participants, will be reverting back to four ball tees times between 8.30am and 2.30pm. Registration will be open on each day from 8am. As in the 2014 tournament, categories will be split into two – Seniors (aged 50-64) and Super Seniors (65+). Prizes will be awarded for best individual score in both the Senior and Super Seniors categories. An addition this year is a separate prize for the best overall ladies’ score. Thanks to the generosity of MBL Financial Services Limited the price to enter this year’s tournament remains £60 per head which includes green fees, refreshments at each event, and a buffet after the final round. There will be a chance to win some excellent prizes and stylish gifts will be presented to all the players that take part.

Matty Evans, MBL Financial Sales Director, said: “The KHG Funds Senior Open is now firmly established in the Island’s golfing calendar, and we are proud to be supporting this increasingly popular event. Over the years the tournament has seen some great competition and we’re sure that this year will be no exception. We look forward to welcoming back

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players to the tournament whose loyal support has helped to establish it as one of the best on the Island – but we are always happy to see new participants too.”

KHG Funds is an Isle of Man innovative fund range investment managed by Creechurch Capital – the boutique discretionary fund manager based in Douglas. Stewart Quayle, Senior Business Development Manager at Creechurch Capital, commented: “We’re delighted that MBL Financial is supporting the KHG Funds Senior Open. The event has gone from strength to strength since the inaugural competition in 2010 which was held to celebrate the launch that year of KHG Funds. Thanks to MBL Financial’s backing, this year’s tournament will be even bigger and better.”

Around 60 golfers have already signed-up to take part in the Senior Open, but there’s still time to enter by phoning Christine Novak on 01624 653800. The closing date is May 30.

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Ahead of the world famous International Isle of Man TT, Actor, Adventurer and Bremont Ambassador Charley Boorman will be joining Bremont’s Co Founder Giles English for an exclusive event at Wilkins Jewellers on 4th June from 6.30pm onwards. For more details please contact:

76 Strand St, Douglas, Isle of Man, IM1 2EW Tel: 01624 690 450 Email: gabrielle@wilkinsthejeweller.co.uk