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2.6 Corporate Governance
These proposals should incentivise more competent persons to take up politics as a profession. Government and Opposition should note that, since Malta suffered greylisting status, surveys conducted by the MEA, the Malta Chamber of Commerce Enterprise and Industry, and EY all point towards a substantial deterioration in business confidence. The latest EY survey reveals a shocking trend in that only 37% of those surveyed claimed to find Malta attractive as an investment destination in 2021 (the corresponding figure in 2020 was 62%), whereas 46% replied that Malta is not attractive (in 2020 this figure was just 25%).
A survey conducted by MEA in September 2021 found that: ‘88% of respondents believe that the FATF grey listing will leave a negative impact on the Maltese economy, with 64% anticipating strong repercussions. 71% anticipate that the grey listing will affect their business directly. The results show that we are on a clock, as 63% of respondents reported that the greylisting will be affecting them within the coming 6 months’. (https://www.maltaemployers. com/wp-content/uploads/Malta-FATF-survey-FinalReport-23.07.2021.pdf)
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In its proposals for the national budget 2022, MEA stated that: ‘If a politician, through his actions, increases the risk of Malta remaining in the FATF grey list by just 1% and this incurs the probability of affecting the least of our members by 1% of his business, then that politician should either resign or be removed.’ Attempts by MEA to discuss these issues at MCESD have been blocked. MCESD had commissioned a report on the governance situation by Dr Michael Frendo which was completed in 2019. This report is gathering dust.
2.6 Corporate Governance
The Association recognises that Governance is not an exclusive responsibility of government and acknowledges the role of the private sector in ensuring good Corporate Governance. In this regard, the MEA is committed to encourage its members to adhere to Transparency Register structures as well as to adopt pertinent guidelines for professionals that are already made available by the MFSA as well as to pursue systems of Continuous Professional Education in this context.
