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Last chance for the climate transition IoD - Isle of man

INTERVIEW WITH KAREN BADGEROW

BRAND VOICE

ocorian - reaching new heights

SPECIAL FEATURE 2020 MANX BUDGET OPINIONS

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THE COMMON ENEMIES

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he world feels a little smaller this quarter, as we address global concerns over climate change and the coronavirus outbreak. To tackle the bigger issues, rife with moving parts, we need more people on-board, like Chief Executive of the Isle of Man’s Financial Service’s Authority, Karen Badgegrow, whose philosophy is, ‘I like solutions not limitations.’ She describes her biggest achievement as, ‘making the organisation more accessible to industry,’ and considers her ‘working relationship’ with the treasury as vital for the continuance for the fight against financial crime. Karen was heartened by the commitment in the 2020 Budget for ‘additional funds to further resource some key areas in the Authority.’

According to PWC (Pg. 17), The Manx Budget 2020, unveiled by Treasury Minister Alfred Cannan, in February, is a ‘relatively steady Budget, and despite the ongoing structural issues, the news was generally positive.’ Tom Brook – Partner at Appleby, was also encouraged by the ‘Treasury’s continued commitment to local businesses, as well as its continued investment in schemes designed to increase the economically active population on the island.’

The contentious question of the income tax cap is one that Greg Jones discusses on page 14, referring to Mr Cannan’s proposal, ‘to allow individuals to choose to take it for a 10 year period, rather than just five.’ Whichever way you sway on the debate, Jones believes that Cannan has, for the moment, ‘preserved the status quo.’ A successful implementation of all the OECD’s tax initiatives under the BEPS framework has prompted Joanna Bell, Managing Director of Zedra Trust Company, to comment that, ‘it is good to see that the Island remains committed to upholding its reputation in international matters as that is key to continued success of businesses with a presence on the Island.’

Although the main thrust of Mr Cannan’s 2020 budget was to enforce the objectives of his five year plan (set in 2017), he also sent a clear message of support towards the government’s plan to cut emissions to zero by 2050, by outlining a £5m per year commitment to reducing carbon emissions and a £5m fund to protect the environment. In our climate change feature (Pg. 22) Martin Wolf discusses how the goal of zero emissions by 2050 will require, ‘unprecedented global co-operation’ and a willingness to ‘change course now.’

A more imminent threat of course, comes in the form of the coronavirus outbreak which is threatening global supply chains. Bethan Staton (Pg. 19) considers the post-election bounce in UK business but discusses how economists have warned about ‘uncertainty over the virus,’ which may of course, ‘make it difficult for the economy to kick on after a likely pick-up in the early months.’

Chris Giles (Pg. 20) is also considering the year ahead and outlines the issues at stake in establishing a free trade agreement with the EU and his concerns that it will not be a ‘good deal for Britain’s economy.’ He says that, ‘Britain will have the sovereignty to depart from EU norms, but knows it would pay a price if it exercises that right.’

Steve Redford Publisher

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CONTENTS UPDATE

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UK/EU NEGOTIATIONS

BUSINESS NEWS 2020 STEP PROGRAMME

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MANX BUDGET 2020 OPINIONS

REACHING NEW HEIGHTS - OCORIAN

WORK & CAREERS

28 31 32 34

APPOINTMENTS ZURICH YEAR START EVENT STANDARD BANK WITH BRAD BARRITT KEEP IT IN THE FAMILY - ROBINSONS

IOD - IOM

36 38

ECONOMIC SUBSTANCE TOOL - KPMG IOM

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WELCOME MESSAGE MEMBER INTERVIEW

LAST CHANCE FOR CLIMATE CHANGE

BRAND VOICE

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DATA ANALYTICS – KPMG IOM

42 44

HEALTH & WELLBEING EVENTS

TIME OUT

48 BOOKS

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update news

Isle of Man Blockchain Summit 2020

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his Spring there will be a key change in the Island’s private sector approach to blockchain with the introduction of the Isle of Man Blockchain Summit on 29/30 April at the Comis Hotel & Golf Resort.

The summit will be bringing together business leaders, blockchain trailblazers and visionaries over two days of networking, presentations, knowledge sharing and business. The summit is set to become the leading blockchain event designed to provoke discussion, networking and lasting connections amongst the delegates.

This platform will enable international businesses, entrepreneurs and companies to join visionary speakers, industry leaders and technology specialists to discuss the direction and future of blockchain.

Interest has already been high, with speakers from around the world of blockchain speaking on topics ranging from blockchain industry trends, esports, central bank digital currencies and custody of digital assets - all presented from a range of global industries from the international arena.

The aim of the summit is to draw the largest blockchain audience and become the biggest event in the Isle of Man, harmonising the voice around blockchain, its uses and its continued development.

The summit will offer unique opportunities not only to meet with senior industry decision makers, but also to hear from sector influencers and disruptors via this international platform. With great exhibitor opportunities to showcase how the blockchain works in practice with practical demonstrations, and regular networking opportunities throughout the two days the summit is already becoming a

premier event in the Isle of Man’s business calendar.

Jason Scales, Chief Executive Officer of The Hubb and of the driving forces behind the summit said “This is a very exciting time for the blockchain industry, not just here on the Isle of Man, but on the global stage. From the original acorn that was cryptocurrency, the blockchain has now grown and established deep roots as a solution that traverses multiple industries. The summit demonstrates how well blockchain in such a short space of time has become integrated in a lot of the things we do!”

The awards further cement Standard Bank’s leading market position as a top-tier currency derivatives house, demonstrating its adaptability at helping clients navigate shifting market conditions.

Chris Berry, Head of Structured Products at Standard Bank said: ‘We are naturally thrilled and proud that our expertise and commitment to clients has been recognised in this way at such a major, international

awards. These three awards not only celebrate leadership and innovation in the finance industry but also highlight our dedication to building innovative and clientfocus solutions, whilst also seeking new distribution channels. We are committed to delivering the very best service, breaking new ground for clients and helping them navigate tough market conditions.’

Standard Bank secures success at Structured Products Awards 2020

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tandard Bank has won three awards at the Structured Products & Derivatives Awards 2020 held in London.

Te event, held in January, honoured the world’s most outstanding banks in terms of growth, innovation and commitment and coincided with the Structured Retail Products (SRP) Europe 2020 conference, the largest gathering of the structured products industry.

Every year, SRP recognises top performing companies for their performance in structured products and Standard Bank scooped first place in three categories: n Best House MEA (Middle East and Africa) n Best Distributor MEA n Best Performance South Africa

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ON THE AGENDA...

Business Connex has helped more than 130 with relocation inquiries

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usiness Connex has now helped over 130 entrepreneurs, individuals, businesses and their staff in the process of, or considering, relocating to the Island.

The free of charge service, which plays an important role in the Locate Isle of Man strategy, was launched in the autumn of 2018 by Isle of Man Chamber of Commerce working closely with the Department for Enterprise. It helps to facilitate the introduction and relocation of new business which is widely accepted as being essential for the ongoing economic growth of the Isle of Man. Jessica Kitchin, Manager, Business Connex, said: “In the 16 months since the service was launched we have helped entrepreneurs, individuals, businesses, and their staff from a range of sectors including education, blockchain, gaming, aerospace, tech, and finance. These companies have been from jurisdictions including the UK, USA, Hong Kong, South Africa, and Latvia. It’s been really rewarding to see that Business Connex has quickly become established and

recognised for the role we are playing in the Locate Isle of Man strategy by offering concierge services, relocation advice, plus introductions to local businesses. Our mission for 2020 is to continue to work with the Department for Enterprise, and Chamber’s business network, to ensure that the relocation journey for businesses and individuals is as simple, welcoming, and straightforward as possible. The success of Business Connex has been based on offering everyone who contacts us the promise that no matter what they need to complete their relocation, we can find the missing piece of the jigsaw.”

One of the individuals who has recently received assistance from Business Connex is Simon Reynolds (a project management and business development professional now working for an Isle of Man corporate service provider) who relocated from Manchester with his partner. Simon said: “Business Connex proved to be invaluable in making my move to the Island. It can be a daunting task to uplift your life and move to a new place, new job, new culture where you know very

few people. Jess and the team were very welcoming and helpful in making my transition as smooth as possible, pointing me in the right direction on a variety of things, no matter how big or small. I already feel I’m building my network both professionally and personally and getting to know the Island much quicker than I would have if it weren’t for this great initiative from Isle of Man Chamber of Commerce.”

Business Connex also earned praise from Zotobi Management Ltd which is an application developer and distributor in the field of cross-platform social gaming, messaging and social networking services.

David Burke from Zotobi said: “I can’t praise the work of Business Connex, and Jessica in particular, highly enough. Before making the move to the Island, Jessica got in touch with us and instantly made our relocation, and settling in thereafter, much easier. Even now, after almost a year on the Isle of Man, Business Connex assists the company with any issues we may encounter. Such a service is a massive asset to the Island, and no doubt has a positive impact on the attraction and retention of companies.”

AKG REAFFIRMS RL360’S STRENGTH AND SERVICE

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KG has once again awarded RL360 the highest possible rating for service.

In its latest report, the independent actuaries confirmed the five star service rating, as well as a B+ for financial strength. No other international life company has a higher rating for financial strength.

“AKG considers RL360 and the broader IFGL to be a financially strong standalone operation with very strong operational characteristics and a consistent strategy,” said the report.

RL360 Director of Marketing Simon Barwell said: “Year on year AKG continues CONNECTING BUSINESSES

to recognise RL360’s strength and also the excellence in the service we provide to our customers.

“We work hard at RL360 for our plan holders and will continue to do so. In an ever changing market, we are proud to be a strong, reliable and dynamic presence.”

AKG Actuaries and Consultants Ltd specialise in the provision of ratings, information and market assistance to the financial services industry. The company’s reports are designed to provide advisers the information they need to assess the relative strengths of offshore long term insurers.

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update news

SWAGELOK’S AMERICAN TEAM IMPRESSED BY UNIVERSITY COLLEGE ISLE OF MAN’S MANUFACTURING TRAINING CENTRE

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epresentatives from Swagelok’s American Global Management Team visited University College Isle of Man’s (UCM) Advanced Manufacturing Technology Centre (AMTC) at Hills Meadow, Douglas last week.

Swagelok Isle of Man, which is part of a global engineering and technology business, has a long history of working closely with UCM, as the College is the training centre for many of its technical staff. The purpose of the visit was to show Swagelok’s American team the collaborative partnership UCM shares with industry as well as its benefits.

John Cashin, Engineering Assistant Programme Manager at UCM says, “We have been working closely with the local manufacturing sector and the Department for Economic Development in the last 12

years to produce a long-term strategy to combat the skills shortage on the Island.

We strongly believe that this synergistic collaboration brings benefits to all parties.”

Swagelok’s American visitors were very impressed by UCM’s engineering facilities at the AMTC and the William Kennish site. The group was shown around by John Cashin and Dave Hester, Managing Director of Swagelok Isle of Man Dave Hester explains, “As the largest engineering company on the Island, Swagelok is fully committed to supporting UCM’s technical education and vocational training programmes. The facilities UCM has on the Island are key to supporting our apprenticeships and providing higher and further education to our employees every year. We are also pleased to see increasing use of the facilities by the Island’s high

schools; and the Chamber of Commerce STEM committee continues to focus on increased collaboration with the schools and the Department of Education, Sport and Culture to raise awareness of careers in engineering.”

UCM offers a range of engineering courses which include manufacturing, craft mechanical and electrical engineering. 98% of its engineering students find employment in a relevant industry after completing their studies at UCM. John Cashin adds, “We are very proud to show the American delegation around our workshops that boast industry standard training equipment, which enables our students to gain practical skills that they can apply in the workplace”.

KPMG publishes 10th anniversary Isle of Man eGaming Summit report

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PMG, with the support of Continent 8 Technologies, has now published a full report of its landmark 10th anniversary Isle of Man eGaming Summit, held last October at the Comis Hotel and Resort, Mount Murray.

The Summit, which celebrated a decade of engagement with eGaming businesses under the theme of “Raising Standards Together”, attracted around 300 delegates, all drawn to hear some of the biggest names in the sector as they

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reviewed the issues, challenges and opportunities the eGaming industry has met in the past and faces in the future.

The report, downloadable for free from the KPMG Isle of Man website at kpmg.co.im/egaming, contains detailed transcripts of sessions from the day covering key presentations and the popular panel discussions where industry experts gave their thoughts on topics including regulation, collaboration and customer protection.

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Match made in Mann the Department for Enterprise seeks to match undergraduates with Manx organisations for 2020 Step Programme

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he Department for Enterprise is seeking host organisations to take part in the 2020 Step Programme, which matches undergraduates with local private, public and third sector organisations to complete paid projectbased placements. The 2020 programme will begin on 29th June 2020 and run for a fixed, eight-week period, with the final event to be held on 21st August 2020.

This year, students completed an

CONNECTING BUSINESSES

array of projects ranging from policy and procedure reviews and website improvements to environmental audits, sector reviews and research, before presenting their work at the 2019 Step Final.

The programme offers significant benefits to organisations as it aims to bring talented individuals studying at UCM or off-Island universities, together with organisations that are seeking additional, skilled resource. Whilst the

programme offers support for shortterm projects, it can also be seen as a valuable method of graduate or part-time recruitment or the chance to trial the viability of a new position.

The Department’s Enterprise Support Team administers the programme which simplifies the recruitment process for the organisation. Students are paid £256 a week by the organisation. To streamline the process, the Department pays students weekly and organisations are invoiced for the total cost at the end of the programme.

Organisations that would like to take part must complete an application form available from www.dfe.im/step. A set project, a suitable place of work, and appropriate supervisory and management arrangements must be put in place by the organisation and detailed in the application form.

Contact: E: enterprisesupport@gov.im T: 01624 687333

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update news

KPMG launches Economic Substance Tool to assist local businesses K

PMG have launched a new software tool designed to assist organisations with a significant number of client entities in dealing with the requirements of the recently introduced economic substance rules.

This comes hot on the heels of the Isle of Man Income Tax Division releasing both the updated online company income tax return form and accompanying

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guidance notes, the content of which mainly deals with the impact of these new rules.

The guidance notes make clear that when filing tax returns for periods ending on or after 31 December 2019, Isle of Man tax resident companies within the scope of the substance rules are required to confirm whether they consider themselves to have

had adequate substance in respect of the period. Where such a company is found not to have had adequate economic substance, either in the company’s own opinion or as a result of an investigation by the Income Tax Division, penalties of up to £10,000 (or £50,000 for high-risk IP companies) may be applied, with the level of potential penalties increasing in cases of repeated failure to comply with the rules. Other potential sanctions include the automatic exchange of certain company information with tax authorities in other jurisdictions and, ultimately, company strike-off.

“Economic substance is here to stay and with the Isle of Man Income Tax Division now having released the new company tax returns it is imperative that affected businesses understand how they should complete them and what this means for them in the context of the economic substance rules. As many companies will now be in their second period to which the rules apply, the stakes are getting higher”, warns Robert Rotherham, Tax Director at KPMG LLC. “As well as the new tax returns earlier this month, the Income Tax Division issued their final guidance on the application of the substance rules themselves in November, such that we wouldn’t expect there to be any further formal guidance published any time soon – companies should thus ensure that they understand their position and take any necessary action without delay.”

Economic substance rules have also been introduced in other low and no tax jurisdictions, such as the Channel Islands, the British Virgin Islands, Bermuda and the Cayman Islands.

“Our new Economic Substance Tool has been designed to assist businesses in monitoring and recording their client entities’ status under the applicable substance legislation whilst also providing a central location in which to store all related supporting evidence”, said Clare Kelly, Senior Tax Manager.

“Compliance with the economic substance rules is tested annually and therefore businesses are required to regularly review their clients’ position. Being able to demonstrate an ongoing audit trail whilst keeping up with ever-changing regulation across multiple jurisdictions can be an onerous task for businesses, so ensuring they are well-equipped to meet the challenge is key.”

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Opinion - 2020 manx budget

2020 manx Budget opinions Treasury Recognises Importance of FSA, says chief executive Karen Badgerow

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he Isle of Man Financial Services Authority has enjoyed a very productive relationship with the Treasury, says chief executive Karen Badgerow.

She adds: “And we share in our commitment to a strong and credible financial system in the Isle of Man. The most recent Budget reflected that commitment with the announcement of additional funds to further

resource some key areas in the Authority.

“Equally, the Treasury recognises the importance of the Authority, not just in relation to its governance and decision making, but also its financial independence; and this summer will be undertaking a joint consultation with us on transitioning the Authority towards more predominant industry funding.”

Read an interview with Karen Badgerow on page 40

Karen Badgerow, Chief Executive, Isle of Man Financial Services Authority

Encouraging to see the Treasury’s continued commitment to local businesses

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Tom Brook, Partner Appleby Isle of Man

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think one of the more interesting things to be announced as part of this year’s budget, was not the budget itself, but confirmation that there has been a positive conclusion to the negotiations of the Final Expenditure Revenue Sharing Agreement (FERSA) calculations with the UK Government.

We are told that the outcome of those negotiations has released some £44m which had been ring-fenced over the last few years in case the outcome of the negotiations had not been so favourable.

I say congratulations to those individuals in government who were responsible for the negotiations but also to all of the Isle of Man residents and businesses who took part in an income and expenditure survey carried out in 2018. It was of course the results of the 2018 survey which provided some of the evidence needed to support the Isle of Man’s case in these discussions.

This year’s budget included a nod to the very important issues such as the climate change agenda, continued efforts to tackle the public sector pension deficit and ultimately bolstering the Island’s reserves, which all appear

to be heading in the right direction (albeit never as quickly as many would like). I found it encouraging to see the Treasury’s continued commitment to local businesses, as well as its continued investment in schemes designed to increase the economically active population on the Island.

During the last budget, the Treasury Minister announced a number of employment relocation initiatives.

It would appear that some of these initiatives are working with the net creation of 86 new jobs on the Island. In addition, we are told that across the past year the Island has seen a net increase of 147 new businesses registered to pay tax and a net increase of 427 additional tax payers. This has to be positive news for the Isle of Man business community despite the wider disruptions and uncertainties, including Brexit, last year’s snap general election and the US/China trade disputes which have impacted many businesses based on the Island.

Overall I saw it as a budget with no big surprises and number of good news stories.

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Opinion - 2020 manx budget

2020 manx Budget opinions

‘SO DOFF YOUR CAP, MINISTER’ Greg Jones of DQ Advocates considers the tax cap proposal unveiled in the 2020 Manx Budget

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Greg Jones, Consultant DQ Advocates

ON ONTHE THEAGENDA...

AGENDA

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ucked away in a remote corner of the Treasury Minister’s fourth Manx budget speech was a proposal concerning the income tax cap.

IT’S NOT GOING TO BE ABOLISHED. IT’S NOT GOING TO BE REDUCED. IT’S NOT GOING TO BE INCREASED. All of the above had been advocated by various commentators, depending on their political views. Instead, Mr Cannan has proposed to allow those individuals to choose to take it for a 10 year period, rather than just five. This could, indeed, mean that abolition is on the cards, or that the cap is going to be retained but will increase significantly in due course: in both cases it would be a question of ‘buy now while stocks last’!

The tax cap has long been a bone of populist contention. Introduced in 2006 at £100,000, it later (in 2014) evolved into a (revocable) five-year commitment to pay a fixed sum of tax per annum – originally £120,000, and now £200,000.

It has polarised public opinion between those who regard it as an unfair form of regressive taxation and those who believe its retention is vital if the Isle of Man is to be attractive to high-net-worth individuals (HNWI’s) in the face of international competition.

That competition can be found across the globe – including many places which are considerably warmer than the Isle of Man! Some of the leading candidates are as follows.

Gibraltar – right at the tip of Europe, and with a climate to match, but very much British in language and culture.

The ‘category 2’ regime allows a HNWI to pay a maximum annual tax charge of around £30,000. Conditions attach to this status and it is first necessary to obtain a certificate from the Gibraltar Finance Centre, but this is not generally problematic.

Italy – offers a fixed (lump sum) tax cost of €100,000 per annum for a HNWI who is prepared to live in Italy for a few days each year: doesn’t sound too much of a hardship!

Portugal – the ‘non-habitual resident’ regime offers beneficial tax rates and certain exemptions for a 10 year period (albeit this may be about to undergo some restrictions and amendments).

Again, the local climate is an added bonus.

Switzerland – various cantons in Switzerland (but not Zurich) offer a ‘forfait’ arrangement, under which Swiss tax is paid on a notional amount of income calculated by reference to the individual’s accommodation costs times a given multiplier. In my experience this can often work out much cheaper than the Manx income tax cap. (The skiing is good too!)

Spain – a legacy of David Beckham’s time at Real Madrid is a special regime which allows foreigners with Spanish employment to be exempt from tax on non-local income for up to 5 years.

(Unfortunately this is no longer available to footballers…!!)

Monaco – there is no personal income tax in Monaco, where (by all accounts) a rather exciting car race takes place annually. However, the cost of living is exorbitant and only recommended for seriously high earners.

UK and Ireland – the resident/nondomicile regime is well established and, even after all the many recent changes, still offers a highly beneficial tax regime for foreign nationals living in the UK/ Ireland.

The Channel Islands - offer a similar tax cap to the Isle of Man. Various islands in the Caribbean also offer low or (in some cases) zero income tax rates.

Of course, the Isle of Man does offer attractions which some of the sun-kissed jurisdictions cannot match, a safe and relatively crime free environment being one of them. Proximity to and ease of travel to the UK – recent weather notwithstanding – also gives us the edge over some further flung locations for those who want to be closer to Britain. So we perhaps shouldn’t be afraid to ask people to pay for those benefits.

From the perspective of the public purse, the main problem with a tax cap is that a cap set at a level aimed at attracting less well off HNWI’s (with apologies for the intentional oxymoron!) may fail to maximise the potential tax take from the über wealthy.

An alternative – and this would, of course, mean abandoning the idea of a cap altogether -might be to introduce a zero percent personal income tax rate for incomes between (say) £1m and £5m then to reintroduce a positive rate of tax (5%?) on income in excess of this level.

However, whilst it might achieve a higher tax yield, such a regime would probably alienate both those who favour, and those who abhor, the present system.

For the moment, Mr Cannan has preserved the status quo.

As they say – if the cap fits…..

Rely on our experienced team for advice and support DQ Advocates is a leading Isle of Man based law firm with an international reach. Its team offers a full range of services including tax, corporate & commercial, private client and regulatory compliance. The firm has a strong ethos of providing our clients with the best possible quality of service and advice on the Isle of Man.

www.dq.im • +44 1624 626999 •

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Opinion - 2020 manx budget

2020 manx Budget opinions

Treasury Minister Alf Cannan MHK presented the 2020-21 Isle of Man budget as a budget of focus.

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n the backdrop of the current year expected surplus of £11.1m which is £9m more that the budget, the 2020-21 forecast surplus of £11.9 should be achievable.

Personal allowances have been increased by £250 to £14,250 for an individual and £28,500 for a married couple.

Taxpayers will have an option from 2020-21 to elect to be tax capped for ten years, whilst the five-year election option remains in place.

Class 1 National Insurance Contributions (NIC) now starts to be paid at £138 per week, compared to £125 per week in the previous tax year an increase of £13 per week, with the upper earnings limit now increased by £39 per week from £784 per week to £823 per week.

The Class 3 NIC remains at the current rate or £15 per week pending the UK budget announcement.

The National Insurance Holiday Scheme aimed at encouraging new resident employees to the Island has been continued for the year 202021 due to positive feedback which the Minister has received from the Department of Enterprise.

The Minister announced some welcome increases to the state pensions.

There were also increases at various rates to welfare benefit payments such as child benefit, employed person’s allowance, nursing care contributions, disability living allowance and attendance allowances, job seekers allowance.

The Minister should be commended for embarking on a five-year plan to instil confidence in public finances under three keys themes of sustainability, supporting public services and strong cost control.

Resultantly his five-year plan should culminate in financially responsible governance and the generation of contributions to reserves by 2021-22.

Chris Dera, Manager Tax Department Grant Thornton

Upholding Reputation

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t is good to see that the Island remains committed to upholding its reputation in international matters as that is key to continued success of businesses with a presence on the Island.

Joanna Bodell, Managing Director, Zedra Trust Company (Isle of Man) Limited.

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ON ONTHE THEAGENDA...

AGENDA

The Manx Budget 2020

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he Treasury Minister Alfred Cannan delivered his Budget Speech on 18 February 2020 and the general theme was a continuation of the five year plan that had been set is his first Budget back in 2017: addressing the structural deficit, prudent management of income and expenditure and measures designed to stimulate economic growth.

including the new substance requirements that impact upon Isle of Man companies.

The external pressures will continue for the foreseeable future, no doubt, although with a strong commitment to meet international standards, the Isle of Man should continue to be perceived as a compliant, progressive jurisdiction.

A surplus of £11.1m was reported for 2019/20, much better than expected, and further surpluses are predicted through until 2022/23. These surpluses arise after transfers from the reserves, of course, hence the continued focus on the structural deficit caused principally by the revision to the formula for sharing VAT and duty revenues back in 2011 and the significant ongoing public sector pension cost.

On the subject of VAT and duties revenues, there was the welcome news that the method for calculating the Island’s share of those revenues has been broadly agreed. The Household Income & Expenditure Survey carried out in 2018/19 was designed to provide the necessary data to support the Isle of Man’s calculations under the Final Expenditure Revenue Sharing Arrangement (FERSA). Based upon the results of that survey, the Treasury Minister reported that discussions with HM Treasury had been positive and the provisional calculations largely accurate, allowing a release of a significant provision that had been set aside in the event of a more unfavourable outcome.

For most, the headline news may have been the further increase in the single personal allowance from £14,000 to £14,250. The allowance has increased by 50% over the last five years, albeit compensated by adjustments elsewhere.

Most workers and all pensioners should be better off, whilst the higher earners will generally be slightly worse off due to increases in the lower and upper national insurance limits.

In terms of the capital program, £180m has been directed at projects in the last three years, with projected spending increases in the next two years. The focus is on the more urgent important projects.

Prudent management of the capital

Summary It was a relatively steady Budget, and despite the ongoing structural issues, the news was generally positive. The economic focus continues to remain on job creation as an essential building block for future growth.

CONNECTING BUSINESSES

budget is necessary in light of its steady depletion.

The economic health of the Island is clearly key to future prosperity and the ability to tackle the historic structural deficit. A net influx of people to the island and fuller employment was reported and two measures, albeit nothing brand new, might have some impact: n Key Employee Concession – introduced in 2004 and designed as part of a package of measures to encourage businesses to relocate to the Island, it has now been introduced into legislation.

Little used in recent times, the hope is that the codification of this concession will bring it back into the spotlight; and n Tax Capping - the annual tax amount due under the tax cap has increased to £200,000, and there is a new option for the taxpayer to commit for 10 years, rather than the current five years.

This fixes the annual amount payable at the rate that exists at the outset, unaffected by any future increases in the amount payable.

In international matters, the Isle of Man, along with the other offshore financial centres, had continued to come under close scrutiny from the international community. We have now successfully implemented all of the OECD’s tax initiatives under the BEPS framework and successfully dealt with seven external reviews of Income Tax Division relating to a number of matters,

Andrew Cardwell, Tax Director PwC Isle of Man

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Opinion - 2020 manx budget

2020 manx Budget opinions Additional Spending Sustainable

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im Dolan, Chartered FCSI and Managing Director of Creechurch Capital, welcomed the announcement of packages to help the more vulnerable members of the community as well as low and middle-income earners. He added: “The Treasury Minister was keen to make the point that the additional spending was sustainable and in keeping with the Programme for Government policy of developing a more inclusive and caring society. The pick-up in the economy, and rising tax revenues, gives some justification for the increased spending. Indeed, the ongoing budget surplus of £11.1million is expected to rise to £11.9million for 2020/2021.

However, Mr Cannan made clear that this money is set aside to accommodate the expiry of the public sector pensions reserve and not excess income for distribution. The £10million set aside to mitigate the impact of climate change is also a positive move, although it is not yet clear how that will be spent.

Other spending plans on housing and healthcare will be welcomed and there is widespread recognition that the important infrastructure projects on Douglas Prom, marina and airport are both necessary and desirable.

Overall, this is a disciplined and wellintentioned budget in keeping with the social agenda and many will regard it as one of continuity and business-asusual.”

Jim Dolan, Managing Director, Creechurch Capital

Chamber of commerce - Isle of Man

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ommenting on the budget, Isle of Man Chamber of Commerce said there were ‘no significant surprises’, but described it as ‘a progressive budget’ due to rises in tax allowance and benefits that are broadly in line with the cost of living.

A spokesperson for the Island’s biggest business network added: “It is very pleasing that the FERSA review has been concluded because this removes significant uncertainty from Government receipts. It also allows

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£44million to be released to general reserves, which is a positive move.

Overall, a budget surplus points to a healthy economy because it shows that receipts are up, and the costs of unemployment benefit (and therefore unemployment) are lower than expected.

It is noted that the budget is focussed on ensuring it is responsible, sustainable and inclusive; all aims which we welcome. We welcome the £10million climate change emergency fund and the focus on allowing Government departments to bring forward

initiatives. Chamber broadly supports Government’s long-term climate change aims and welcomes the provision made for this purpose in this budget. Finally, Chamber is encouraged that the budget has been described as a ‘budget of focus, enterprise and opportunity’. In connection with this, we particularly welcome the continuation of the NI holiday scheme and the key employee tax concessions grants to assist with relocation of workers to the Island which remains a key priority to Chamber and its members operating in all sectors.”

ON THE AGENDA

UK business activity grows at steady pace in February Expansion continues following post-election bounce, PMI survey shows Words: Bethan Staton (FT)

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K business activity expanded at a steady pace in February, according to a closely watched survey, suggesting that a postelection economic bounce could continue.

The flash IHS Markit/Cips composite purchasing managers’ index, a survey of business executives in UK manufacturing, construction and services sectors, remained unchanged from January’s final reading at 53.3. The December index was 49.3.

Any reading above 50 means the majority of managers believe their businesses are growing. Economists said the figure indicated the UK economy could be gaining momentum, but warned a return to strong growth was far from guaranteed.

The data follow a subdued year for the economy, with the UK’s gross domestic product stagnating in the final quarter of 2019, and the composite PMI falling below 50 for the last four months of the year.

“The recent return to growth signalled by the manufacturing and services PMIs provides a clear indication that the UK economy is no longer flat on its back,” said Tim Moore, associate director at IHS Markit.

CONNECTING BUSINESSES

He added that the figures pointed to GDP growth of 0.2 per cent in the first quarter of 2020, in line with forecasts from the Bank of England.

Managers who responded to the survey said that receding political uncertainty in the wake of the election meant clients were more willing to spend, resulting in a rebound in demand, as well as improved staffing numbers and average prices.

The past two months have featured the largest expansion of private sector output since September 2018, much of which was down to improved activity in manufacturing, where the PMI rose to 51.9 from 50.0 in January.

But many respondents cautioned that activity had been disrupted by the coronavirus outbreak, with China’s efforts to control the spread of the disease resulting in the cancellation of orders from Asia and a record long extension of suppliers’ delivery times.

“These disruptions are threatening global supply chains as businesses look for new supply routes away from the epicentre of the outbreak whilst under pressure to maintain normal business levels,” said Duncan Brock, group director at Cips, which carried out the survey.

Economists warned that uncertainty

over the virus and other issues, including trade talks with the EU as the UK works out its relationship with the bloc, meant a positive trajectory was far from guaranteed.

“The upside for business willingness to commit to investment and major projects may be limited by still significant concerns and uncertainties over the UK-EU relationship,” said Howard Archer, chief economist at EY ITEM Club.

“This may make it difficult for the economy to kick on after a likely pick-up in the early months.”

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special feature - UK/EU negotiations

A combination of hard words and fudged reality

will be the key to the negotiations By: Chris Giles (FT)

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ON THE AGENDA...

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oris Johnson will strike a comprehensive free trade agreement with the EU this year and the deal will be better than any other politically feasible option.

This is a bold and, perhaps, reckless prediction, coming in the week the UK prime minister wrapped himself in the Union Flag, coined a new euphemism for no deal (“Australia”) and set out a vision designed to irritate Brussels and appeal to nationalist British sentiments. But the start of a new negotiation is the time to overlook the crass “Rule Britannia” symbolism, ignore what Mr Johnson sounded like he was promising and, instead, read what he actually said.

It is easy to disagree with London’s fundamental position in the second stage of the V negotiations, but, for once the stance is clear. The government does not want to take back control from the EU, it wants the right to do so. It has accepted Britain will pay an economic price for this privilege, but knows the costs will be difficult to identify even decades into the future.

London has made the decision to erect trade barriers with the EU, take the pain and hope voters will overlook the results. Since Mr Johnson has so often rejected any closer relationship, this is the best deal available.

So, when Sajid Javid, chancellor, tells companies they will need to “adjust” because “we will not be a rule taker”, this is perfectly consistent with saying a few days later the UK will not change regulations “for the sake of divergence”. It might seem odd for government to add cost and inefficiencies for no policy purpose, but we need to recognise this is the real meaning of Brexit.

Take a look at the prime minister’s speech. Mr Johnson’s big request is for an agreement “similar to Canada’s”. Note that he is not asking for the same deal, which would be unacceptable to the EU. Similar is a flexible word.

The specifics follow the same pattern. The prime minister’s most aggressive passage appeared to reject the European Commission’s insistence on “level playing field” clauses in any future agreement. These are designed to prevent the UK undermining the EU single market by operating as an offshore tax haven with companies benefiting from lax environmental rules, shoddy labour standards and subsidises.

CONNECTING BUSINESSES

“There is no need for a free trade agreement to involve accepting EU rules on competition policy, subsidies, social protection, the environment, or anything similar, any more than the EU should be obliged to accept UK rules.”

With a flourish, Mr Johnson denied the UK would follow such a route and added: “There is no need for a free trade agreement to involve accepting EU rules on competition policy, subsidies, social protection, the environment, or anything similar, any more than the EU should be obliged to accept UK rules.”

The details here matter. The EU’s request for level playing field clauses on social protection and the environment merely request that the UK does not relax its current standards below the EU minimum levels, so it is not asking Britain to accept EU rules. UK laws will be made in the UK, just as they are now.

On tax, the EU already has barely any control over its members’ rates and still won’t in the future. It just wants Britain to keep abiding by OECD protocols on the matter, which is not a demand London will find troublesome.

The state aid proposals are more complex because, in this area, the EU is asking for its rules to apply in Britain. To avoid what could become an impasse, an obvious compromise would be for the UK to reject having to follow EU rules automatically but Brussels then being able to apply immediate trade sanctions if Britain followed another path. It is a simple quid pro quo. Britain will have the sovereignty to depart from EU norms, but knows it would pay a price if it exercises that right.

It appears that a combination of hard words alongside fudged reality even applies to the vexed issue of fish.

Mr Johnson insisted that any trade agreement recognise “the fact that the UK will be an independent coastal state at the end of this year 2020, controlling our own waters”. The EU does not dispute the UK’s territorial hold over its waters and included that fact in last October’s political declaration.

Mr Johnson regularly appears to be threatening the EU, when in fact he is just reading out agreements already struck in martial tones. The battles Mr Johnson chose to fight this week sounded blood-curdling, but are either fights against an army of straw men or battles in areas where a path towards compromise seems likely to be found.

Rhetoric makes the news. It matters.

And it suits both sides to appear far apart for now. But the substance of what they said suggests an agreement “similar” to Canada’s is possible and likely. I think it will get done. But I will be equally sceptical of any accompanying claims that it’s a good deal for Britain’s economy.

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Last chance for the climate transition special feature - climate change

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ON THE AGENDA...

Achieving zero emissions by 2050 would require unprecedented global co-operation

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By Martin Wolf (FT)

t the World Economic Forum in Davos this year, two people stood out: Greta Thunberg, the 17-year-old Swedish climate activist, and Donald Trump, the US president. In their messages on climate change, these two could not have been more opposed: panic, confronted with indifference. But one thing they share is that they are not hypocrites: Ms Thunberg does not pretend we are doing anything relevant; Mr Trump does not pretend he cares. Most participants in the climate debate, however, pretend to care, pretend to act, or both. If anything is to be done, this must change.

Ours remains what it has been since the early 19th century: a fossilfuel civilisation. There have been two energy revolutions in human history: the agricultural revolution, which exploited far more incident sunlight; and the industrial revolution, which exploited fossilised sunlight. Now we must return to incident sunlight — solar energy and wind — along with nuclear power, while maintaining our high standards of living.

What is to be done? Discussions in February at the Oslo Energy Forum clarified things for me. My principal conclusion was that a transformation from our current energy system to a different one is the only option. Some suggest we should halt growth as well. But this would not only be impossible, it would also not be nearly enough.

Over the past three decades CO2 emissions per unit of global output have been falling at a little below 2 per cent a year. If this were to continue and world output were to stagnate, global emissions would fall by 40 per cent by 2050 — far too little. Relying on actual reductions in output, in order to cut emissions by, say, 95 per cent, by 2050, would require a fall in world output of roughly 90 per cent, bringing global output per head back to 1870 levels.

The conclusions are simple. We will not stop relying on fossil fuels by choosing universal impoverishment.

But we also cannot stop using them soon enough, at our present glacial rate of reduction in emissions per unit of output. So we must massively accelerate technological progress away from burning fossil fuels. We must move beyond them almost completely. If we do achieve that, the size of our economy ceases to be the

CONNECTING BUSINESSES

It will, in short, take a historic global effort of a kind we have never seen before to avoid a danger that still seems remote to the vast bulk of human beings.

issue: however big it becomes, it ceases to emit greenhouse gases. But note: to achieve this by 2050, the rate of reduction of emissions per unit of output needs to jump massively.

Is this achievable? From a technological point of view, it appears so.

So, at least, argues the Energy Transitions Commission in a number of important reports. The essential ideas are simple.

The core of the new energy system is electricity generated by renewable

means (solar and wind) and nuclear power. This needs to be backed up by a variety of storage systems (batteries, hydroelectricity, hydrogen and natural gas, with carbon capture and storage).

Reductions in costs have already been large enough and technological progress rapid enough to make this transition feasible, at manageable cost.

This would, however, be a revolution. A zero-carbon economy would require about four to five times as much electricity as our present one, all from non-carbonemitting sources. In running such an economy, hydrogen (much of it produced by electrolysis) would play an essential role. Hydrogen consumption might jump 11-fold by 2050.

In many sectors, the costs of decarbonisation are (or soon will be) competitive. Yet in some, they will not be. There will need to be incentives and regulations to force the shift. In order to avoid merely moving production, in its most emissions-intensive forms, elsewhere, it will be essential to impose offsetting taxes on imports from jurisdictions that refuse to support the needed changes.

Suppose that a transition towards a global zero-emissions economy by 2050 is indeed technically feasible. That does not mean it is likely to happen as a result of purely economic forces. This is so for two main reasons. The first is that the cost advantages of the decarbonised alternatives are, in many areas, at best modest. These are not (at least not yet) close to being dominant technologies in all relevant areas. The second is that there is always huge inertia in making shifts to new technologies, especially in areas where familiar methods and systems are to be replaced by entirely new ones.

We know very well how to run a fossilfuel economy reliably and at vast scale.

A reliable, entirely renewable energyeconomy is an unfamiliar beast.

A global systems transition of this scale will not happen by itself. It will require large-scale policy interventions, via a mixture of regulation, incentives and government-supported research and development. It will require global co-operation and clear recognition of the very different positions — in terms of past behaviour, present responsibility and future needs — of the countries of the world. It will take changes in finance and accounting. It will, in short, take a historic global effort of a kind we have never seen before to avoid a danger that still seems remote to the vast bulk of human beings.

This does need to be done. But will it be? Ms Thunberg fears our inaction.

Mr Trump is one of the reasons why she is right to do so. We have so much to do and so little time. If we are to succeed in halting climate change, we have to change course now.

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brand voice - kpmg isle of man

Data Analytics: A golden opportunity for management accountants

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By David Watterson, Senior Manager, Advisory KPMG and Peter Verschueren, Assistant Manager, Advisory KPMG

dvances in technology have put an array of analytical tools at management accountants’ disposal, providing them with the opportunity to add significant value to their organisations.

So why do so many management accounting packs seem to be stuck in the last millennium, reflecting little more than account balances, comparatives and percentage movements?

A picture is worth a thousand words

Well-designed visualisations can bring data to life, allowing users to spot patterns that would be lost in pages of figures.

Constructing simple graphs based on smaller datasets has been possible for decades in Excel. However, a new breed of analytical tools, such as Microsoft’s Power BI, enable analysts to build richer visualisations, drawing on almost unlimited datasets to answer more of the questions which impact organisational performance and to do so more quickly than ever before.

A significant advantage offered by tools like Power BI is the intuitive interactivity they make possible: slicing, dicing and drilling into data is as straightforward as clicking into a visualisation, allowing users to spend more of their time exploring the data and to continuously refine their understanding. Gone is the struggle of getting back to a previously uncovered insight by tweaking table filters and chart settings, replaced by a simple process of bookmarking.

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Furthermore, while a lot of relevant information will inevitably still be derived from an organisation’s accounting system, building a ‘bigger picture’ by pulling data from other internal systems into the mix or even making use of data from external sources, such as public websites and commercial data providers, is becoming more straightforward with each iteration of the technology.

Why isn’t everyone doing this already?

Unfortunately even the best tools in the world will not bypass the principle of “Garbage In, Garbage Out”. Organisations vary in the maturity of their data management approaches, but there is often significant room for improvement.

Systems may be contorted into ugly knots for a variety of reasons.

It’s not uncommon to encounter monthly reporting processes that take three weeks. These agonisingly-slow turnaround times are often a result of poor process design.

Commonly observed mistakes include: Dependency on Excel: The demand for Excel gurus is not going away anytime soon, but a skillset seldom mastered is knowing when not to use Excel. It’s not uncommon to see processes that involve pulling basic reports from the accounting system, performing several tabs’ worth of Excel trickery before posting an adjusting entry back into the system. Not only does this make information messy and difficult to trace, but these tasks can often be executed inside the accounting system, with much lower risk of error.

ON THE AGENDA...

2. Start with the questions The possibilities for analysis and visualisation are virtually limitless, but don’t build analytics packages for the sake of it. Instead of starting with the available data, start by defining the questions that you want to answer.

Tips for making better use of financial data

Aggregation of detail: Organisations may start with rich datasets at source, but this data is only useful if preserved through the reporting process.

Summarising data during early stages of the process can lead finance departments to spend days manually reassembling reporting information in Excel when a change is made upstream. Tools exist today that allow extraction from a wide range of legacy systems that can then be presented as part of the most recent analysis packages.

CONNECTING BUSINESSES

Organisations that want to make better use of data analytics in financial reporting and analysis might benefit from the following tips: 1. Know your accounting system Many organisations have made significant investments in sophisticated systems that already offer the solution to common data quality-related problems. However, they may not be aware of those capabilities, or may prefer to use previously existing mechanisms “because that’s how we’ve always done it”. Learn your systems thoroughly to ensure that you’re using them to their full potential.

3. Have Finance play a greater role in defining and refining datarelated systems and processes It’s relatively rare to find Finance staff who fully understand the systems and data-related processes that underpin the reporting they’re working with. A common attitude is “IT deals with that sort of thing”. However, IT may not always have a clear appreciation of the Finance team’s needs; an organisation is likely to benefit from greater engagement by Finance in this area.

Data: A science or an art?

Besides some technical understanding, articulating compelling stories with data requires many creative design choices and attention to aesthetic detail. In this context, it’s likely that the most valuable accountants in this ‘data era’ will be those with skillsets that bridge science and art.

Watch this space.

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brand voice - ocorian

Reaching new heights the Isle of Man Aircraft Registry Brian Johnson, Technical Director of Aviation at Ocorian, and former Isle of Man Director of Civil Aviation, examines how the aircraft register in the Isle of Man revolutionised the registration of private and corporate aircraft

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he global aviation industry has undergone massive change in recent decades, and one of the most significant developments has been the rise in offshore business jet registration. A major turning point for the sector was the launch of the Isle of Man Aircraft Registry (IOMAR) in 2007.

IOMAR has become well-respected on the global stage during its 13 years of operation, yet the way it revolutionised the offshore aviation sector is often overlooked.

Back in 2007, the Manx Government made a bold proposal to establish a new aircraft register for private and corporate aircraft, something that had not happened anywhere for decades. Its innovative plan was to create an offshore register that operated globally with the highest safety standards, but with a friendly businesslike service.

At the time, the only offshore alternatives were Bermuda, the Cayman Islands and Aruba. The US register was, and still is, a popular alternative, and with a US ownership trust it was an efficient ‘offshore’ register for non-US residents.

In entering this captive market, it was clear that the Isle of Man was going to have to do something different if it was to succeed on the world stage.

The offshore aircraft registration process at the time was seen as bureaucratic and slow, due to the distance between jurisdictions and their customers – and original documents often had to be sent by courier. On the other hand, national aircraft registers were largely government departments, so generally operated from 9am to 5pm, Monday to Friday. But business jets travel at all hours, all year round.

So IOMAR’s first major move was to make itself totally accessible, 24/7. This may seem insignificant nowadays, but it was that initial level of customer service that underpinned its future success.

The new registry operated in a business-like, not civil service style, and was exactly what private business jet

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owners needed to support their aircraft.

It’s also worth noting that the timing of the IOMAR launch was very fortunate because, prior to the financial crisis, the business jet sector was booming.

The planning for IOMAR started with a blank piece of paper. Because of this a whole range of new ideas for the registration of business jets were brought to the table, such as creating flexibility around Minimum Equipment List (MEL) approvals, which provide guidelines should any instrument or system become inoperative, and traditionally cause delays when buying a new aircraft type.

The ongoing success of IOMAR is built on its ability to move with the times.

This has included registering commercial airliners when they were no longer being leased, something that had not been done before. IOMAR also made the most of technology, moving on from physical document folders containing all the aircraft certificates to issuing aircraft registration documents digitally on either personal electronic devices or held on the aircraft’s own electronic system.

The Manx government’s initial expectation was that IOMAR would register 12 aircraft in the first year – but by the end of that year, 51 had been registered. Since 2007, well over 1,000 business aircraft have been registered and IOMAR is now the 6th largest private/corporate business aviation register in the world.

It would be natural to assume that the launch, and success, of IOMAR would be followed by a deluge of other offshore jurisdictions wanting their share of the aviation action. But that hasn’t been the case.

Indeed, it wasn’t

until 2013 that Guernsey launched the 2-REG registry, with its ‘2’ tail prefix. Since then it has gone on to build a reputation around the world and in May 2019 registered its 500th aircraft.

Considering the current global economic and political landscape, it’s hard to predict quite how offshore aircraft registration will move forward in the years ahead. Brexit alone may have a large impact on how aircraft are imported to address the VAT issue.

That said, the last 13 years have seen significant change in the sector. Each registry has its own unique offering, yet all meet high regulatory standards and offer a fast, efficient service. It will be interesting to see what new developments the offshore registries will offer over the next decade and beyond, and how IOMAR continues to lead the way.

Ocorian’s team provides all the services required to establish and administer an aircraft-owning structure ensuring its smooth operation and compliance with all statutory duties.

Ocorian provides fully compliant, tailored solutions that are individual to clients’ needs, no matter where in the world they hold financial interests, or however they are structured. Please get in touch to find out how we can help you.

Brian Johnson, Technical Director of Aviation at Ocorian ON THE AGENDA

Corporate | Funds | Capital Markets | Private Client

Promoting and protecting investment worldwide Ocorian is a global leader in corporate and fiduciary services, fund administration and capital markets.

Our global network delivers customised, scalable solutions providing the support our clients need: how and where they need it.

• • •

Expert teams Trusted partner with flexible solutions Committed to your success

For more information on our services go to www.ocorian.com Bermuda | BVI | Cayman Islands | Guernsey | Hong Kong | Ireland | Isle of Man | Jersey | Luxembourg | Malta Mauritius | Netherlands | Singapore | UAE | UK Plus representative offices in the US and Africa

Information about our regulators is available online

appointments - movers & shakers

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he diversity of a firm which prides itself on offering first rate professional, tax and accounting services has been further strengthened by the appointment of a new audit senior.

Tafara Zhou has moved to the Isle of Man from Zimbabwe where he completed his training within the Grant Thornton network.

The 27-year-old, who hopes to be joined by his fiancée in the near future, says the opportunity to work in a community with a thriving financial services and e-gaming industry was a major attraction to move to the Island.

‘In the short time I have been on the Island I can see the enormous benefits of being here both professionally and personally,’ he explained.

‘The opportunity to learn more about the industries interested me, as did the chance to join such a professional team which is clearly committed to providing a high level of service to businesses and private individuals.

‘On a personal note, the Island offers a quiet and serene life that is ideal for selfdiscovery and, while there was an option to work in the UK, the Island was far more attractive. Indeed, the people I have met so far are more friendly and welcoming than anywhere else I have been in the world.

My fiancée intends to join me and the Island is an ideal place to start a family.’

Commenting on Tafara’s appointment, Dennis McGurgan, Managing Director of Grant Thornton Isle of Man, said: ‘I am delighted that Tafara has moved to the Island and the fact he also knew about audit procedures and our audit methodology through our network was an added bonus.

TAFARA JETS INTO ‘IDEAL’ ISLAND TO LIVE AND WORK

SMP Group Appoints Managing Director

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he SMP Group has announced that Mark Reynolds – former Chief Operating Officer and Director at Newfield – has been appointed as Managing Director of the Group’s Isle of Man office.

Mark has been employed in the corporate services and gaming industries on the Island for the last 15 years, and previously worked at SMP between 2010 and 2014. An Associate Member of the Chartered Institute of Secretaries and Administrators, Mark has held a number of senior Business Development positions throughout his career, and has previously worked with Newfield, Boston Limited, and IQE Limited.

Commenting on his appointment, Mark said: ‘I am delighted to be re-joining SMP as Managing Director of the Isle of Man office, particularly at such an exciting time for the Group. The company has

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such a well-known presence and strong reputation within the industry, and I look forward to working with the team, bringing my own knowledge and expertise, and being a part of the next chapter of the SMP story.’

In his new role, Mark will oversee the overall operation and performance of the company’s Isle of Man office, whilst contributing to the overall strategic development and leadership of the wider international group.

Group CEO David Hudson added: ‘We really are delighted to welcome Mark back into the SMP fold and into such an integral role within our Group.

He is in the unique position of being familiar with our service offering and operational processes and is well known to many of our staff. Mark will bring a fresh outlook and perspective, as well as the drive and ambition to support us with our exciting plans for growth.

ON THE AGENDA

ISLE OF MAN CREAMERY APPOINTS DOUG HEY AS NON-EXECUTIVE DIRECTOR

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he Board of farmers’ cooperative Isle of Man Creamery is pleased to announce the appointment of Doug Hey as a Non-Executive Director of the company.

A native of South Africa, Doug and his family relocated to the Island in late 2019. Doug has spent the majority of his career working for Coca-Cola South Africa, holding a number of high level, senior positions during his 29 year service.

Working in executive roles from Head of Marketing to leading Business Development across 18 countries, Doug has proven his ability to lead large teams,

develop strategy and expand business across multiple markets. He also served on the Board of Coca-Cola South Africa’s Provident Fund as a Trustee for many years.

Chairman, Andrew Sanders said: ‘It is our pleasure to welcome Doug to the Isle of Man Creamery Board of Directors. He brings with him a wealth of experience across a number of disciplines, most recently working on a dairy product portfolio. We are very much looking forward to working with him and gaining from his insight and experience to help move our business forward.’.

Cassim made an Ardan Director

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assim Rasool has been appointed a Director of Ardan International.

The wealth platform’s former Chief Operating Officer takes on the role of Director of Operations at an exciting time, as Ardan looks to build on its recent growth.

The company, which is based in Circular Road, Douglas, now administers more than four times the assets it did just three years ago and has ambitious plans to grow this number further in the future.

“I am absolutely delighted to become an Ardan Director,” said Cassim, whose 20 year career in the financial sector has seen him hold a number of senior roles with Lloyds Banking Group in both the British Isles

CONNECTING BUSINESSES

and South Africa, as well as with Ardan’s parent company International Financial Group Limited (IFGL).

“Ardan is a dynamic company and I’ve been thrilled to play a part in its growth over the last few years. We have some exciting plans for this year and I’m looking forward to working with the team to bring them to the market.”

Ardan’s Chief Executive Officer Sarah Dunnage added: “Cassim has played a key role at Ardan in transforming the service and technology we offer to advisers and their customers.

In his new role as a Director, he will help to ensure we achieve our ambitious plans to grow and transform. I wish him continued success.

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appointments - movers & shakers

Peter Callow takes over as Manx Telecom’s Head of Wholesale

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here has been a changing of the guard at Manx Telecom following the appointment of Peter Callow to Head of Wholesale. Peter takes over the role from Graham Shimmin, who retired exactly 40 years to the day after starting work as an apprentice with the company on December 3, 1979.

Formerly Commercial Operations Director at Manx Telecom’s business incubator Vannin Ventures, Peter started his own career at Manx Telecom in 1996 in the Marketing Department and since then has performed a number of commercial roles in the company covering roaming, interconnect and wholesale. Between 2010 and 2016 Peter was Head of Wholesale and Regulation.

In 2016 Peter and Tom Meageen, Vannin Ventures’ Chief Executive Officer, established Manx Telecom’s business incubator to identify new business opportunities in the telecom tech sector and to bring innovative products and services to market.

Commenting on his appointment Peter said he was looking forward to developing the work that Graham had started, particularly on the roll out of FTTP (Fibre To The Premises).

“Making fibre widely available on the Island is a major engineering, technical,

and logistical challenge but the roll-out to date has been very successful and is one of the highlights of Graham’s tenure,” he said.

“By the end of 2019 Manx Telecom made fibre available to more than 20% of Isle of Man homes and businesses – that means coverage here is approximately two and a half times better than in the UK where, according to the most recent Ofcom statistics, only eight % of homes and business have access to fibre.

“Increasing coverage to the rest of the Island is a key objective for the company and as the Isle of Man moves forward with its National Broadband plan, there are exciting times ahead for telecommunications on the Island.”

Marking Graham Shimmin’s retirement, Gary Lamb, Manx Telecom CEO, paid tribute to Peter’s predecessor, who joined the company when it was operated as part of British Telecom’s Liverpool region. Gary reflected that Graham had overseen a number of transformational projects, including the move from electro-mechanical telephone exchanges to electronic systems and the introduction of digital technology to the network. He was the first person to make a mobile phone call over the Manx Telecom network and helped launch the

Island’s first dial-up internet services, the @manx.net email platform, and MTTV, the Island’s first online video news service.

“Forty years of loyal service to one business is a remarkable achievement,” said Gary. “I would like to extend huge thanks to Graham for his magnificent contribution. Graham is one of those people who are passionate aboaut what they do, and without doubt he has played a significant role in enabling Manx Telecom to become a successful company.”

Now my exams are out of the way, I’ll be focusing my attention on planning my wedding later this year!’

Director Sally Bolton added: ‘We’re delighted to have promoted Jamys to the position of advocate within

our experienced team, following the completion of his training period and Manx bar exams. He has already proven to be a real asset to the firm and we’re confident he will continue to grow within the role.’

CORLETT BOLTON’S JAMYS QUILLIAM CALLED TO THE MANX BAR

J

amys Quilliam from Peel studied history at Newcastle University before taking a Graduate Diploma in Law and Legal Practice course at Liverpool John Moores University. Since joining Corlett Bolton he has worked in the areas of civil litigation, landlord and tenant disputes, family matters, private client matters and probate claims.

Jamys commented: ‘I’m delighted to have been called to the Manx Bar following many years of hard work, study and training. I’ve been lucky to have the opportunity to work in many areas of law during my career so far, but hope to specialise in civil litigation.

‘Having been born and raised in the Isle of Man I feel very fortunate to now be able to live and work here, with the support of the team at Corlett Bolton.

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ON THE AGENDA

Events - zurich internatonal

L-R – Giles Harrison, CEO, Regional Markets, EMEA, Zurich Insurance Company Ltd; Peter Huber, CEO, Zurich International; with Zurich International’s Head of Operations, Mark Cady; Chief Investment Officer, Bruce Pearson; Head of HR, Dee Copley; Learning and Talent Development Consultant, Ruth Adamson; and Investment Analyst, Serena Wood.

250 staff attend as Zurich International unveils 2020 strategy

D

esigned to inform and motivate staff for the year ahead, the theme of this year’s event was ‘bigger, faster, stronger’.

It featured speeches and presentations from Giles Harrison, CEO Regional Markets, EMEA, Zurich Insurance Company Ltd; and Zurich International’s CEO Peter Huber; Head of Strategy and Business Development Paul Dawson; Head of Operations Mark Cady; Head of HR Dee Copley; and Learning and Talent Development Consultant, Ruth Adamson.

Following an introduction by Chief Investment Officer Bruce Pearson, Giles Harrison gave a summary of Zurich’s EMEA (Europe, Middle East & Africa) strategy. Peter Huber spoke about Zurich International’s successes over the past 12 months, including simplifying the structure of the business, strengthening its value proposition, and achieving a massive improvement in customer satisfaction with a +17 TNPS (Transactional Net Promoter Score) rating. He congratulated colleagues on these and many more achievements during a year which also saw Zurich International win several awards for Middle East and international market products.

Following presentations by Mark Cady and Dee Copley, Peter Huber returned to the stage to talk about Zurich’s sustainability strategy.

Sustainability, and helping to address the challenges of climate change, is a major focus for Zurich Insurance Group (Zurich International’s parent company) which is a leading multi-line insurer that provides a wide range of CONNECTING BUSINESSES

Zurich International holds year start event at Villa Marina

products and services in more than 210 countries and territories. In 2019 Zurich Insurance Group made three key sustainability commitments to customers (Data Commitment), employees (Work Sustainability) and wider society (Climate Change). In January this year Group CEO, Mario Greco, attended the World Economic Forum meeting in Davos. He has recently stated that: “We can no longer expect the responsibility to fall on our political leaders alone. As business leaders, we must step up and take actions – be agents of change and play a more impactful role in addressing societal issues. This requires further creative and bold thinking at Zurich.

It’s also why our Executive Team, in collaboration with the Board, has reset our ambition level on sustainability.

We want to be known as one of the most responsible and impactful businesses in the world.”

In his presentation, Peter Huber echoed Mario Greco’s comments and reaffirmed Zurich International’s commitment to the Group’s strategy.

Following that presentation at the Year Start event, Executive Committee members Claire Cope, Head of Compliance and David Peach, Chief Financial Officer joined the other key speakers on stage to take part in a Q&A session.

Ruth Adamson then spoke about the great work which has been done by Zurich employees carrying out voluntary work to support Isle of Man charities and community organisations. She also talked about the work of the Z Zurich Foundation (a private foundation funded by the Zurich Insurance Group) which is the main vehicle by which the Group delivers on its global community investment strategy - it donated £25,000 towards the Laxey floods fund. Three Isle of Man charities have benefitted from the Z Zurich Foundation in recent years. In 2018 a Community Champion Award was presented by the Foundation to Zurich International Investment Analyst, Serena Wood. She chose to donate the US$60,000 prize to Manx Breast Cancer Support Group (US$30,000), Alzheimer’s Society Isle of Man (US$15,000), and Bridge The Gap (US$15,000). The £Sterling equivalent is paid in equal annual instalments over three years (2019 – 2021).

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events - standard bank

32

ON THE AGENDA

The captain of the reigning Premiership and European rugby Champions delighted young and old alike during a recent two-day trip to the Island

S

aracens’ skipper Brad Barritt travelled to Manx shores, courtesy of Standard Bank Isle of Man, and entertained an invited audience of clients at Woodbourne House in Douglas before putting young local rugby talent through the paces the next day.

Earlier this season, Barritt played his 250th match for the club where he has won five Premierships and three European Cups, becoming just the second ever captain to lift the European Cup three times.

And he took time out from his busy schedule to share some of his experiences within the game at a drinks reception and three-course meal, chatting to local fans and posing for photographs with them alongside the Premiership trophy.

Guests also received a personalised signed ball.

The South African-born former England international then held a coaching session at the Bowl with many of the leading Manx rugby players, including the Island under 18s sevens squad which went onto claim a bronze medal at the Lisbon Junior 7 International Cup in Portugal.

Barritt is due a testimonial at Saracens this summer which Standard Bank is also sponsoring, raising funds for the LIV charity which supports orphaned and vulnerable children in South Africa, placing them in a family environment.

Chief Executive, Standard Bank Isle of Man Chris Till, said: ‘We’ were delighted CONNECTING BUSINESSES

to bring Brad to the Island. He is not only a highly accomplished and successful player with great stories outside of rugby but also a fine representative for a charity that influences positive change within

South Africa, Africa and the wider world.

The time he took with our clients and local young rugby players speaks volumes and shows why he is great ambassador for the game.’

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events - startup grind Startup event unwraps how successful succession planning has ensured sustainability for Robinson’s

R Keep It in the Family

obinson’s is one of the oldest family businesses on the island.

The Horsthuis and Newson family’s entrepreneurial spirit was sparked in the nineteenth century with a market stall set up by Mary Robinson.

Fast forward five generations and 130 years later, Robinson’s now occupies the enviable position of the Isle of Man’s largest wholesaler, serving 80 percent of the businesses, schools, hospitals and caterers across the Isle of Man, with a 200 strong team selling over 10,000 product lines to 9,000 customers daily.

Managing partners Janna, Ross and Matty have built on their ancestors’ legacy with an agenda championing small scale producers, providing individuals with a passion for local produce with a platform to launch independent brands alongside household names on the Isle of Man’s supermarket shelves but Robinson’s story far surpasses dinner table talk.

On Tuesday 28th January, Startup Grind Isle of Man were joined by Janna Horsthuis, Managing Director of Robinson’s for the second instalment in a series of fireside chat events. So how has Robinson’s embedded the company in the very heart of the Manx community, and ensured their offering is as relevant today as it was 130 years ago?

Katie Nicholson: How different does the company look now to when you first joined?

Janna Horsthuis: Incredibly different.

When I first joined the company we weren’t suppling a lot of the products and product ranges that we are now; frozen, fish, gluten free, vegan and ethnic ranges are only some of the examples of how the business has changed and diversified over the last twenty plus years that I have been in the business. We have grown and diversified as the demand for new products has changed and it’s been key to our success as we have had to change and adapt to continue to grow and move forward.

Katie Nicholson: What is the biggest challenge the company has faced? How did you overcome these challenges?

Janna Horsthuis: Every day has its challenges and the biggest challenge is staying successful and adapting to change in an incredibly difficult marketplace; satisfying customers everchanging needs and keeping good staff are pivotal. We

34

ON THE AGENDA

focus on giving our people credit for listening to customers, which features in Robinson’s rewards programme.

Katie Nicholson: How did Robinson’s approach succession planning?

Janna Horsthuis: It took a long time, much longer than had ever been predicted, as a daughter and a niece my family were originally reluctant for me to come into the business as they wanted to protect me. I’ve worked for the last twenty years within the business and now have a great management team and support structure around me. The succession planning has now set up the business to allow this generation and hopefully the next generation to operate successfully with the wishes of all involved for Robinson’s to continue as it has as over the last 100 years.

Katie Nicholson: You must feel immensely proud of your family history. Do you have any key takeaways or pieces of advice that have been handed down from older generations?

Janna Horsthuis: I’ve always been taught from a young age the value of working hard to achieve what you want to. My family has always instilled this upon me and that if you want to achieve things you have to work hard at it. My grandparents, parents and uncles have shown me this and were never to be afraid to do any job within the business that needed doing. I myself was working in the summer shops from the age of eight and

have worked in every area of the business since then. Even now when a job within the business needs doing, I’m happy to jump in and do it.

Katie Nicholson: Robinson’s supports many local startup businesses, what do you enjoy most about this?

Janna Horsthuis: We love to see local products becoming a success and us being part of that success is a part of who we are and always have been. We try and stock as many local products as possible and offer various routes to market with our own outlets first as a trial before scaling up to the supermarkets and food service sector if demand and supply can be met.

We are incredibly proud of being a local company and as such proud to stock local products and watch local suppliers and growers flourish. An example of this is Noa Bakehouse, we have worked with Miles and the team and helped them grow from an artisanal baker to retail and now adapt to enter the food service market.

Katie Nicholson: How has membership of a sales consortium bolstered your buying power?

Janna Horsthuis: Being part of buying groups and the Todays Group has been a key part of our success over the past few years. The support structure, product range and buying power this has given us has allowed us to offer new products, ranges and unique products to the Isle of Man at

competitive prices. We are independently a small business on what is a small Island in the middle of the Irish sea so being part of the group has allowed us to access systems and products and offer a service we wouldn’t be able to do by ourselves.

Katie Nicholson: What is the best thing about operating a business in the Isle of Man? Janna Horsthuis: The Isle of Man is such a unique place to work and live. I have two boys and we are the outdoors type so we can be from desk to the beech in the summer within 30 minutes. In terms of work it’s such a unique place as where else can you speak to key personnel in other industries as easy as here. We all know each other and support each other so I can pick up the phone and speak to who I need to when I need to and that is such a great thing to be able to do.

Katie Nicholson: What’s next for Robinson’s?

Janna Horsthuis: I think we need to collaborate more , need to really look at how are we gong to tackle fresh box? We should be doing our own little box; it’s just getting our heads together, sitting down and saying let’s do it. If it doesn’t work we move on to the next thing and try something else. That mindset comes down to being a family business and a smaller business – you can keep trying, try something different. Try again, move, pivot and change quicker.

www.startupgrind.com/isle-of-man

CONNECTING BUSINESSES

35

IoD - iom welcome

DEAR MEMBERS,

Welcome

to the 14th edition of Agenda.

W

ell, Brexit is now “done” but businesses will still need to understand how the UK’s future relationship with the EU and other partners will impact the Isle of Man. As of the date of this message there has been an EU proposal to add the Cayman Islands to the EU’s blacklist. The Isle of Man, however, has long been proactive in following OECD rules and we have shown that we can adapt to a changing environment, as we have for over 1,000 years! Find out more about what our members think at our new IoD Networking Events, our first one to be held at Wine Down this month.

We continue to move forward as part of the new IoD International Division, working closely with our Channel Island neighbours. This should enable us to react more quickly to local member needs with regards to for example missed communications and local PD. We hope to achieve this as a 1931 Company Limited by Guarantee, while still giving members full access to the UK benefits, such as the IoD Centre for Corporate Governance at 116 Pall Mall launching in March.

The company formation is still in development, so if you want to contribute as a member please contact either myself, our talented EO Rachel McKenna or anyone on our supportive and active Committee. We understand the importance of “One IoD”, so finding the right balance for managing day-to-day operational decisions while respecting the 1906 IoD Royal Charter is important to all of us.

On that note may I please welcome Steve Heeney and Stephen Savage as new members to the IoD Isle of Man Committee. Their many years of experience as senior business leaders will add value to the already talented pool of 15 committee members.

On a final note, the IoD is here to support you as Directors through education, events and online services. Without you as an active Member we would not have achieved the status of having the highest retention and member engagement in 2019 of most branches worldwide.

Thank you for your support, and keep coming back.

Lesh yeearreeyn share - with best wishes, Jennifer Houghton Chairman IoD Isle of Man

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ON THE AGENDA

iod-iom committee members IoD - iom committee members IoD - iom committee members

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

JENNIFER HOUGHTON

STEPHEN SAVAGE

PAM WATSON SECRETARY

(QUIN LEGAL)

CHAIRMAN

RUSSELL KELLY (KPMG Isle of Man)

(Lloyds Bank International)

iod-iom committee members IoD - iom committee committee members iod-iom members IoD - iomyour committee members of directors - isle of man meet institute CLIVE PARRISH DEB BYRON CLAIRE MILNE IOd-iom committee members committee members meet your institute of directors - isle of man (CDP Associates)

(Hansard International)

(Appleby)

STEVE HEENEY (CYBERSCIENCE)

IOd-iom committee members committee members

JADE ZORAB JENNIFER (SMP Partners) HOUGHTON

CHAIRMAN JENNIFER HOUGHTON CHAIRMAN

SALLY BOLTON (Corlett Bolton & Co)

CLIVE PARRISH (CDP Associates)

PHAEDRA BIRD

DAWN WEBB (Crowe Clark TREASURER Whitehill LLC)

PETER REID

PAM WATSON SECRETARY

(Lloyds Bank International)

(Dawn Webb Advisory Limited)

DAWN WEBB TREASURER

(Dawn Webb Advisory Limited)

ALICE MARTIN

(Isle of Man Government)

DEB BYRON

(Hansard International)

(Lloyds Bank International)

PAM WATSON SECRETARY

(Lloyds Bank International)

MARK WATERHOUSE

CLAIRE MILNE (Isle of Man

Financial (Appleby) Services Authority)

CLIVE PARRISH

DEB BYRON

CLAIRE MILNE

(CDP Associates)

(Hansard International)

(Appleby)

ANNEMILLS MILLS ANNE

(Hospice Isleof ofMan Man) Hospice Isle

JADE ZORAB (SMP Partners)

SUE PRESKEY PRESKEY SUE

(Financial Services Financial Services PHAEDRA BIRD Consultant) Consultant (Crowe Clark Whitehill LLC)

JADE ZORAB

PHAEDRA BIRD

(SMP Partners)

(Crowe Clark Whitehill LLC)

CONNECTING BUSINESSES

CONNECTING BUSINESSES

CAROLYN GELLING PETER REID

(TISE IsleInternational) of Man) (Lloyds Bank

PETER REID

(Lloyds Bank International)

Institute of Directors - Isle of Man The Claremont 18-22 Loch Promenade Douglas- Isle of Man Institute of Directors of Man TheIsle Claremont IM1Promenade 2LX 18-22 Loch Douglas Isle of Man IM1 2LX

Isle of Man Member Benefits QUICK Isle ofLOOKMan Benefits nMember Discounted entry to

Rendezvous Lounge at the QUICK LOOK IOM Airport n Discounted entry to n Discounted VIP Business Rendezvous Lounge at the IOMAirport AirportTransfers Travel and with K&B Carriage n Discounted VIP Business n Discounts on Transfers Leisure Travel and Airport with K&B Carriage and Business Travel with Richmond Travel and n Discounts onTravel Leisure MannLink and Business Travel with and nRichmond DiscountsTravel on selected MannLink Travel training courses with TLC Additional for all n DiscountsBenefits on selected members training courses with TLC

n Access to our local Additional Benefits forHQ all and Business Hub and members locations throughout the UK n Access to our local HQ nand IoD Business Car Rental, provided Hub and 37 the UK locations throughout

by Hertz www.iod.com/

iod-iom member interview

By Les Able

Karen Badgerow

“Never a ‘can’t do’ approach to problems, I like solutions not limitations.” This is the philosophy of Karen Badgerow, the charismatic Canadian at the helm of the Isle of Man’s Financial Services Authority.

38

ON THE AGENDA

“T

here’s always a solution to a problem, I like those people who dig deep in looking for one,” declares Karen, who took on the role of chief executive of one of the island’s crucial positions in 2015 and has recently signed a contract for another two years.

“I saw coming to the Isle of Man as a unique opportunity, you could say it ‘popped up’ at the right time after more than 30 years with the Canadian government in financial services regulation. It covered all the areas I had worked in. I like building and creating things.”

Karen’s all-important role is to ensure there is confidence in the island’s financial services through effective regulation, thus supporting the economy and its position as an international financial centre.

Prior to arriving in the Isle of Man she was senior vice-president with the Canada Deposit Insurance Corporation (CIDC), heading up their Insurance and Risk Assessment division. Before joining CIDC she spent 25 years with federal banking and insurance regulator and was responsible for oversight of the federal banking sector.

Her role in the island includes: n Regulation and supervision of persons undertaking regulated activities in respect of deposit taking, investment business, services to collective investment schemes, fiduciary services and money transmission services, in or from the Isle of Man. n Regulation and supervision of persons undertaking regulated activities in respect of insurance and pensions, in or from the Isle of Man. n The regulation and supervision of collective investment schemes within the meaning of the Collective Investment Schemes Act 2008. n The regulation and supervision of retirement benefits schemes within the meaning of the Retirement Benefits Schemes Act 2000. n The oversight of directors and persons responsible for the management, administration or affairs of commercial entities.

“I’m proud of what we have achieved as a team.

Making changes in culture is always an ongoing journey and will be for some time. We have always been a small organisation, will never be big, which means our reputation is critical. We always have to up our game and technology.”

CONNECTING BUSINESSES

“When you consider all this when taking up the job it is a long-term programme, it has been the first time I started something not really knowing anyone in the island,” confesses Karen.

“In the past, when I took up a new challenge, I invariably knew someone I had perhaps previously worked with, when I came to the Isle of Man I knew no one. So, it was something of a new challenge, even an adventure, I was starting from scratch and my first year was one of transition, faced with putting two organisations together in a small island. In doing so it was important to create the right culture, but the people were and are fantastic.

There is nothing dull or boring about Karen Badgerow, her vivid green lace up shoes highlight someone with a lively personality but one who also takes her role in supporting the island’s economy very seriously.

39

iod-iom member interview “Protecting consumers is the number one priority, coupled with an all-important framework, this is important for the economy of the Isle of Man as a financial centre of excellence.”

In her first year the focus was very much taken up achieving a strategic plan and with it 10 to 15-year goals, the emphasis on culture. “I’m proud of what we have achieved as a team. Making changes in culture is always an ongoing journey and will be for some time. We have always been a small organisation, will never be big, which means our reputation is critical. We always have to up our game and technology.”

Co-operation with stakeholders, including the Department of Enterprise, is something which Karen is also proud of. “There is a need to make sure we understand some of the issues and challenges. The emphasis has to be on political, economic and financial stability.

These are very necessary skills for a smaller regulator.”

As to her biggest achievement Karen adds: “Making the organisation more accessible to industry.

The “working relationship” the Authority has with the Treasury is something she considers to be important and wants to see it continue in the fight against financial crime.

“There is a lot more going on in the big world, the transmission of money has changed because of technology; against that background it is so important we invest in our people and have the right staff as well as making sure we nurture, retain and develop them. We should talk to young people at an early stage and make them aware of the opportunities in the financial sector.”

Brexit? “We have provided support with the Government in terms of preparation and had participated in a number of briefings with government. We will follow with interest and retain our relationships and continue to support the Government in their endeavours. We have taken a neutral stance.”

Karen is a staunch member of the Isle Of Man Institute of Directors and explains: “I had a fantastic opportunity to pursue my Certificate in Company Direction with the IoD in London over the past couple of years. I found that I loved the on-line learning components and then the chance to gather with other directors in London to draw on their everyday experience of being on boards and leading organisations.

“It was the chance to talk about parallel experiences, often from outside the financial services sector, that I found most rewarding. Our local IoD chapter hosts some very valuable events for local directors with some insightful speakers.”

With no problem in declaring her age as having just turned the “big 60” Karen, who lives at Port St Mary, makes no secret

40

FACT FILE REVELATIONS FAMILY? Husband Brian Parkin, sons Dylan and Carson Croteau, stepdaughter Denia Parkin, daughter-inlaw Leah Chamberlain and beautiful grandson Hudson Croteau. Family pet Lamonte the Great Pyrenees and Hubert the retired cat.

A PERFECT DAY? A big long table of yummy food in the company of family and friends.

BEST GADGET? I got a small reading light for my birthday which I love. I have been known to wander the house at night to find a good place to read if I can’t sleep. Now I don’t disturb anyone!

WHAT DO YOU MOST DISLIKE? I dislike immensely people who aren’t nice to others. We have some really poor examples in global leadership and that worries me a great deal. Let’s try to be more kind, more inclusive.

SPARE TIME ACTIVITY? I love to roam the island trails with Brian and Lamonte.

FAVORITE MEAL? Manx crab cakes made by Brian. The best!

WORST CHARACTER TRAIT? I can be impatient.

PHOBIAS? Fear of doing nothing.

FAVOURITE FILM OF ALL TIME? Tough one. Old enough to love the ‘Big Chill’ for the music. I love tales of the gathering of people.

MOST EMBARRASSING MOMENT? As I get older there is less that embarrasses me! Now that is embarrassing! I have met a lot of people in my role and I am most embarrassed when I forget I have met them and/or forget their name.

BEST QUALITY? I tried to find the good in everyone and every situation.

Sometimes you have to dig deep as a parent.

GUILTY PLEASURE? Chocolate and a good book.

BIGGEST INSPIRATION? My momalways there for the family and she was just a lot of fun.

BEST PIECE OF ADVICE? So many, but someone once told me take your job seriously but not yourself- so true!

IF I COULD GO BACK IN TIME? Hmmm! Probably when my kids were youngsters and my mom around. Just seemed more carefree and less to worry about.

CRAZIEST THING AND THE WORST? I like being a bit crazy from time to time in a good fun sense of the way, so too many to share. The worst, probably when my youngest son realised how far I was moving away. I have always traveled for work but have always been home on weekends, not this time. He is good now and has encouraged me to extend my term.

BIGGEST EXTRAVAGANCE? Not a big extravagant person. I bought myself an older Mercedes convertible on a whim and was sad to leave it behind. The storage was costing me more than the car was worth so I sold it to a friend who I knew would take good care of it.

TOP OF MY BUCKET TO DO LIST? Gee, a tough one as there is so much to do.

I haven’t skied since I have been in the IOM, so on my must to do as I fear I will lose the little talent that I have. Also I am a bit curious to try local surfing.

of the fact she will return to her roots in Ottawa in two years time with her husband Brian and their Pyrenees Mountain dog Lamonte.

“Brian and I got married two years ago in Dalby Church and while the island is a marvellous place my family draws me back. I have two sons and a grandson so I think that says it all.

“If I’ve had a tough day I unwind, even talk to myself, when driving home,” she declares. “I’m never complacent and I would say I always have a skip in my step.”

ON THE AGENDA...

“When you consider all this when taking up the job it is a long-term programme, it has been the first time I started something not really knowing anyone in the island.�

CONNECTING BUSINESSES

41

iod-iom health & wellbeing event

Institute of directors Isle of Man discuss Health & Wellbeing 42

T

hursday 6th February was ‘Time to Talk’ Day, a chance for everyone to take a moment and chat about mental health. This also coincided with the IoD Isle of Man branch evening seminar on Health and Wellbeing, ‘A message to the Boardroom’. IoD host Anne Mills introduced guest speakers Dr Henrietta Ewart (Director Public Health), Lauren McLachlen (Senior Health Improvement Officer) and Anita Imberger (Health Psychologist).

Delegates were provided with an informative presentation covering statistics (Health & Lifestyle Survey 2016) which offered an insight into how the impact of workplace factors such as staffing level, job dissatisfaction and work pressure can influence an individual at different stages of their career. The ON THE AGENDA

presentation also covered what mental health is and the potential signs and symptoms which may highlight an underlying concern. We were also introduced to the workplace toolkit, an online resource to help with workplace wellbeing measures. Details on this resource and the annual workshop can be found at www.gov.im/workplacewellbeing We were delighted that Luke Adebiyi could also join the event and share his own story. Luke highlighted how work pressure can become all encompassing and we were grateful for his frank, open discussion.

I think all attendees took value from the event and one of Luke’s post event comments summed up the importance of health and wellbeing: ‘Although Time to Talk Day is in the calendar, EVERY day should be a day/ opportunity/chance to have an open conversation about your feelings’ The event had great audience participation, with members sharing their own experiences and discussing potential workplace scenarios following the main presentation. Thank you to all involved and to our sponsor for the evening, HSBC. CONNECTING BUSINESSES

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Iod - iom events

IoD Isle of Man Simcocks Acquisition Seminar (New date)

Institute of Directors - Isle of Man – Upcoming Events

Launch Event with guest speaker, Chris Kissack Esports Corporate Specialist DATE: 25th February 2020 TIME: 12:15pm – 2:00pm LOCATION: Wine Down, Douglas PRICE: £15 member/member guest £15

IoD Isle of Man International Ladies Day – with guest Speaker Rebecca Cretney (Nedbank Private Wealth, Investment Counsellor)

DATE: May – please check the website for updates TIME: Breakfast Seminar TBC LOCATION: The Claremont Hotel PRICE: Members FOC / non-member £12

IoD Isle of Man Member Meeting, followed by update from Mark Lewin (Chief Executive, Department for Enterprise) DATE: 18th May 2020 TIME: 5:30pm – 7:00pm LOCATION: The Claremont Hotel PRICE: Free – member only event

Please visit the website www.iod.com/ events-community/regions/isle-of-man to view events in more detail.

If you have any query or require booking assistance please contact: Rachel.McKenna@iod.com

DATE: 6th March 2020 TIME: 12:15pm – 2:00pm LOCATION: Thai Thai PRICE: £15 member/ member guest £15

IoD Isle of Man Dining Club – Dick Welsh MBE DATE: 2nd April 2020 TIME: 7:30pm – 10:30pm Location: The Claremont Hotel TIME: £40 member

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ON THE AGENDA

GREAT OPPORTUNITY TO MEET STUDENTS ON THE ISLE OF MAN LOOKING TO GO INTO BUSINESS.

business events

Tax Conference With DQ Advocates

DATE: 26th March 2020 TIME: 9:30am – 4:00pm LOCATION: Comis Hotel & Golf Resort,

Mount Murray PRICE: £120

Register for Grad Fair 2020 to show our exhibitors you are 100% their type on paper.

This conference will be of interest to senior management, MLROs and compliance officers within financial services industries.

It offers delegates the opportunity to hear from expert speakers on such topics as tax disclosure, FATCA/CRS compliance, economic substance and how to incorporate tax compliance into data protection and risk management frameworks.

If you have any queries in relation to the conference, please email conference@ dq.im. Tickets are available on Eventbrite.

REGISTER NOW: 17 April 2020 Villa Marina, Douglas isleofmangradfair.com

Isle of Man Graduation Fair 2020

By Locate Isle of Man DATE: 17th April 2020 TIME: 12:30am – 17:00pm LOCATION: Villa Marina, Harris

Promenade PRICE: £ FREE The Grad Fair is back for 2020 and they’re

on the lookout for Graduates and students who are ready to sail into the summer with a fantastic job opportunity in hand. This year’s festival will build on the success of last year’s and will encompass a specific focus on matching the right individual with the employer who best appeals to them.

Whether you are looking to Meet your Match, Work on Yourself, Be your Own Boss or are Not quite Ready to Commit, this festival is for you. www.locate.im

Isle of Man Blockchain Summit 2020

DATE: 29th April 2020, 12:00am – Thursday 30th April, 18:00pm TIME: 12:30am – 17:00pm LOCATION: Comis Hotel & Golf Resort, Mount Murray PRICE: £ FREE

Join visionary speakers, industry leaders and technology specialists to discuss the future of blockchain.

The Isle of Man will host its inaugural Blockchain Summit in April 2020. This Blockchain conference will bring together experts in the Blockchain and eGaming industry, as well as industry leaders, business decision makers, tech innovators and investors. With an agenda full of panel discussions, key-note speakers and networking opportunities, there is something for everyone at this one and half day conference.

For more information and to register visit: www.blockchainsummit.im CONNECTING BUSINESSES

45

time out

Three new books on climate change

offer answers to one of the 21st century’s most pressing dilemmas

W

hen historians look back at the end of the 21st century’s second decade they will notice something remarkable. After 30 years of feeble efforts to stem greenhouse gases, people around the world have been gripped by the idea that more must be urgently done.

A once unthinkable idea is fast becoming mainstream: emissions should be cut to net zero as soon as possible.

The question is, how? What should politicians do first? Who should pay for it? Can today’s voters be cajoled into paying to protect strangers yet to be born?

And what is the best way to overcome the inevitable resistance to the sweeping reforms that will be required?

The Citizen’s Guide to Climate Success: Overcoming Myths that Hinder Progress

By Mark Jaccard

The Future We Choose: Surviving the Climate Crisis

By Christiana Figueres

We can survive the climate crisis. This book shows us how.

We have two choices for our future, which is still unwritten. It will be shaped by who we choose to be right now. So, how can we change the story of the world?

The Future We Choose is a passionate call to arms from former UN Executive Secretary for Climate Change, Christiana Figueres, and Tom Rivett-Carnac, senior political strategist for the Paris Agreement.

We are still able to stave off the worst and manage the long-term effects of climate change, but we have to act now.

We know what we need to do, and we have everything we need to do it.

Practical, optimistic and empowering, The Future We Choose is a book for every generation, for all of us who feel powerless in the face of the climate crisis.

This is the final hour: it can be our finest. But we must act now.

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Sometimes solving climate change seems impossibly complex, and it is hard to know what changes we all can and should make to help. This book offers hope. Drawing on the latest research, Mark Jaccard shows us how to recognize the absolutely essential actions (decarbonizing electricity and transport) and policies (regulations that phase out coal plants and gasoline vehicles, carbon tariffs). Rather than feeling paralyzed and pursuing ineffective efforts, we can all make a few key changes in our lifestyles to reduce emissions, to contribute to the urgently needed affordable energy transition in developed and developing countries.

More importantly, Jaccard shows how to distinguish climate-sincere from insincere politicians and increase the chance of electing and sustaining these leaders in power. In combining the personal and the political, The Citizen’s Guide to Climate Success offers a clear and simple strategic path to solving the greatest problem of our times.

What We Need to Do Now: For a Zero Carbon Future

By Chris Goodall

The UK has declared a ‘climate emergency’ and pledged to become carbon neutral by 2050. So how do we get there? Drawing on actions, policies and technologies already emerging around the world, Chris Goodall sets out the ways to achieve this. His proposals include: -Building a huge over-capacity of wind and solar energy, storing the excess as hydrogen.

-Using hydrogen to fuel our trains, shipping, boilers and heavy industry, while electrifying buses, trucks and cars.

-Farming - and eating - differently, encouraging plant-based alternatives to meat.

-Paying farmers to plant and maintain woodlands.

-Making fashion sustainable and aviation pay its way, funding synthetic fuels and genuine offsets.

-Using technical solutions to capture CO2 from the air, and biochar to lock carbon in the soil.

What We Need To Do Now is an urgent, practical and inspiring book that signals a green new deal for Britain.

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