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JAN / FEB 2018

MAKING AN IMPACT Justin Sykes on the difference money can make

KING OF SPIN

INVESTING IN THE FUTURE

TAXING TIMES

Journalist, political aide and author - Alastair Campbell is coming to Guernsey

From green companies to social impact projects, we research ethical investing

Richard Digard analyses the political fallout from the Paradise Papers

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WELCO ME

Back at our desks Martyn Dorey

President Guernsey Chamber of Commerce

While the legacy of some time off for the holidays might still (just!) be helping as you read this, 2018 is shaping up to be a year of change and challenge. The good news is that challenges are often counter-balanced by opportunities, with the potential to transform, or even revolutionise, our current thinking. Chamber’s strength is in the diversity of expertise within its membership. Our job is to bring people together to highlight important topics and ensure we have an informed and balanced perspective from which to lobby and pursue necessary change. As an organisation, we have evolved our approach and methods to offer increased support to our members. One example was the ‘lunch and learn’ seminars on the new population laws which we successfully challenged, resulting in the planned reintroduction of the nine months on-island/three months off-island rule. Those efforts will be further built on during 2018, with our primary focus being to bring together people who can enhance business in the Bailiwick. Whilst our roots lie in tradition and stability, our current vision leans more towards the far-sightedness which saw Chamber created more than a century ago. Vision and enterprise are essential, in my view, if Guernsey is to maintain its global position as a superb place in which to live and work. They become critical building blocks when an economy is flat, as is being predicted for the Bailiwick in the coming year. One of our aims as an organisation is to bring more people into Chamber. We will be reaching out to our membership more, through short surveys and invitations to meet on specific topics. The Council and its subgroups are a perfect forum for the exchange of ideas and practical solutions to Guernsey’s issues as well as incubating projects which can benefit the whole community. As president, and facing the final six months of my tenure, I will be working hard to make things happen to the benefit of industry during 2018, to help invigorate our economy and to promote the wonderful ‘Guernsey brand’ further abroad.

Eliot Lincoln

President Jersey Chamber of Commerce

2018 is a big year for Jersey Chamber of Commerce. We are celebrating our 250th birthday. Having looked back in the Jersey Archive at the early days of Chamber, there is a large number of documents from as far back as 1768. Our first member ledger lists the seafarers, their ships and tonnages and what they were carrying, all in neat copperplate writing.  This was decades before photography and eight years before the US declaration of independence.   It is an honour to preside over such a historic organisation.  The last 250 years have seen huge changes. The combustion engine, electric lights, powered flight, transistors, telephones, antibiotics – all products of that period.   2018 will see us mark this anniversary for Jersey Chamber in a number of ways.  We will be running events and activities to celebrate and will be looking to host a gala dinner event during the second half of the year… details to come!   However, it is important that we face the future.  What changes are we likely to see in Jersey and beyond in the next decade, never mind the next 250 years?  Brexit, data security, uncertain political times.  Jersey has weathered many storms during its rich history and will continue to do so, but we must not be complacent.  Our position as a relevant and valuable player on the world stage is one we all have a part in securing.  Jersey Chamber will continue to represent, support and lobby on behalf of our members, ensuring that we continue to thrive both inside of and outside of our beautiful island.   As private enterprise continues to develop, reinvent, change and ensure fitness for a changing world, we must see the same in our public sector.  We await the introduction of the States’ new chief executive, Charlie Parker, and look forward to hearing how he and his team intend to ensure that our island’s biggest employer ensures a public sector that is fit, relevant and value for money.

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EDITOR Tamara Timothy

editor@collaboratecommunications.com

SALES Julie Todd

julie@collaboratecommunications.com

Adam Martel

adam@collaboratecommunications.com Jersey - 01534 858514 Guernsey - 01481 715222

DESIGN & PRODUCTION Anthony Barbapiccola

design@collaboratecommunications.com

Contact is produced six times a year by Collaborate Communications Ltd. To receive Contact magazine call Julie Todd on 01534 858514 or email sales@collaboratecommunications.com Contact is published by Collaborate Communications Ltd. Copyright 2018. All rights reserved. Any reproduction without permission is prohibited. Contact contains editorial content from external contributors which does not necessarily reflect the views of the publishers and the factual accuracy of which cannot be guaranteed by the publishers. Contact does not accept or respond to unsolicited manuscripts and photographs. The publishers do not accept responsibility for errors in advertisements or third party offers.

Guernsey Chamber of Commerce Suite 1 16 Glategny Esplanade St Peter Port Guernsey GY1 1WN Tel: 01481 727 483 www.guernseychamber.com Jersey Chamber of Commerce Chamber House 25 Pier Road St Helier Jersey JE2 4XW Tel: 01534 724 536 www.jerseychamber.com

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CO N TE N T S

NEWS & EVENTS 05 Investing in the future We talk to investment experts about how financial choices can change the world. 14 Guernsey Chamber news Guernsey Chamber of Commerce has the scoop on Alastair Campbell’s upcoming visit. 24 Viewpoint Richard Digard considers the impact the Paradise Papers are having on the islands’ reputations. 26 Jersey Chamber news In its 250th anniversary year, Jersey Chamber of Commerce has plenty on its agenda.

Investing in the future 05

79 Aircraft registry With the future of Jersey’s registry up in the air, we compare the two islands’ offerings.

PEOPLE 34 Jennifer Cornick ZEDRA’s Jennifer Cornick discusses the challenges of motherhood and the world of work. 86 Tanya Dorrity The Channel Islands Co-operative Society’s community officer sets out its CSR projects.

Guernsey Chamber news 14

Meet the Boss 88

88 Mark Bousfield Ravenscroft’s group managing director tells us about life at the top in our Meet the Boss feature.

CONTRIBUTORS Richard Digard Writer Tamara Timothy Writer Chris George Tom White

Photographer Photographer

CSR 86


If you’re looking for income and want to beat the bank, you should meet Bob.

Why? Because Bob can introduce you to Ravenscroft Investment Management. At Ravenscroft we understand the individual investment needs of each client and believe there is an investment for everyone, which is why you can start your own plan with a minimum investment of just £5,000. So if you’re looking for income and want to beat the bank, it’s worth meeting Bob. To find out more about Ravenscroft Investment Management’s products and services call Bob on +44 (0)1481 732769, email him at rtannahill@ravenscroft.gg or visit www.ravenscroft.gg

INVESTMENTS FOR EVERYONE Guernsey: +44 (0)1481 729100 Jersey: +44 (0)1534 722051

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Ravenscroft is a trading name of Ravenscroft Limited (“RL”) (company number 42906) and Ravenscroft Investment Management Limited (“RIML”) (company number 49397) both of which have their registered office addresses at P.O. Box 222, The Market Buildings, Fountain Street, St. Peter Port, Guernsey, GY1 4JG. Ravenscroft Investment Management is a trading name of RIML. RL and RIML are licensed and regulated by the Guernsey Financial Services Commission and RL is a member of both the London Stock Exchange and the Channel Islands Securities Exchange. Ravenscroft is the registered business name of Ravenscroft Jersey Limited (“RJL”) (company number 99050) whose registered office address is at P.O. Box 419, First Floor, Weighbridge House, Liberation Square, St. Helier, Jersey, JE2 3NA. RJL is licensed and regulated by the Jersey Financial Services Commission in the conduct of Investment Business and Fund Services Business. About the Ravenscroft Group of Companies: RIML and RJL are wholly owned subsidiaries of RL.


I N VESTM E N T F E AT URE

Justin Sykes, founder of Innovest Advisory

INVESTING IN CHANGE Consumers are voting with their feet when it comes to food air miles and ethical clothing production, but does that mindset carry over to the hardnosed world of finance? Tamara Timothy has been investigating the world of ethical investments. Justin Sykes is no typical consultant. He founded his Guernsey-based consultancy firm, Innovest Advisory, in 2015 after a career spent combining private philanthropy with international development. In his world, finance is about making a difference to the world. He describes Innovest as ‘working at the nexus between innovative finance and social impact’, and he believes that the impact investment field is part of the future of finance.

Impact investing refers to investments made into companies, organisations and funds with the intention of generating a measurable, beneficial social and/or environmental impact alongside a financial return. Throughout Justin’s career, both at the UN and working for a foundation set up by the royal family of Qatar, he saw how investment rather than grants provided more effective help in the long-term. ‘The Qatari foundation was set up to provide grant funding, but we realised

that investing in businesses with the clear intention of achieving certain social outcomes was much more efficient.’ ‘For example, if you provide financing to a micro-finance institution with the remit that the money has to be lent on to young entrepreneurs, then you create the conditionality that the money will be used for certain purposes. If this type of scheme is run with the right partners it can have a much greater impact than simply giving away the money. ‘The underlying beneficiaries are involved in productive activities, generating capital and jobs and repaying the money which can then be used to help more people. Not only do you create the impact, but you also protect the capital that was given in the first place, which then means it’s available for other programmes.’ It was a model that, for Justin, clearly made sense. At the same time as he was seeing how investment could help 5


INVESTM EN T FE ATU R E

Those who would have usually considered more traditional investments are realising that you can both make money and do good. We’re primarily seeing this in the environmental space with clean technology and renewable energy investments.

community to creating a legacy for their family. But the simplest reason of all can be that the investments are increasingly making financial sense.

development, the interest in ethical investing was growing throughout the world. He designed Innovest to bring the two together – advising private clients, foundations and fiduciaries on how their capital can achieve certain social and environmental outcomes, and also advising social enterprises on how to make themselves attractive to private capital. ‘We see a lot of aspiration from clients but difficulty in translating that into tangible structures. We can provide bespoke advice in this area. People often know an area that they are interested in – whether they are passionate about removing plastics from the ocean or improving their home country. But many people with those aspirations are also time poor and their traditional wealth advisors may not have this specific expertise. We can provide solutions that translate into concrete action and make a real difference.’

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Stephen Lansdown Justin’s team is involved in a range of impact investment projects, from the design of an ethical property fund in the UK to an agribusiness project in Sierra Leone and an upcoming education project in South Asia that will allow poor families to send their children to university for the first time. Justin’s role is a very varied one, and he admits that variation forms a huge part of his enjoyment of his job. For those he’s working with, the drivers behind their desire to get involved are more nuanced than just doing good. Justin says that the motivation can range from a personal desire to give back to their

‘People are getting very interested in this area because more commercial returns are starting to be generated. Those who would have usually considered more traditional investments are realising that you can both make money and do good. We’re primarily seeing this in the environmental space with clean technology and renewable energy investments. They are getting a more robust track record of returns and so new funds are coming into the space. ‘There is an upturn in ESG (Environmental, Social and Governance) funds because managing social and environmental risks simply makes sense for publicly listed companies, as recent corporate scandals have shown. In the past, ethical funds have run largely on the concept of negative screening; now it’s about positive screening and finding companies that are publicly committed to certain standards when it comes to environmental and social issues.’ While Innovest is offering a very specialist service, they are certainly not the only


I N VESTM E N T F E AT URE

There is definitely a trend to high net worth investors in particular looking to receive more modest monetary returns as long as they can see the funds having an impact either economically or socially. Channel Islands’ player involved in the ethical investment market. For those reasons outlined by Justin, major banks and financial institutions are keen to get on board. Chris Bishun is Barclays’ head of investment management in Jersey. He agrees that it’s an area of growing interest: ‘There is definitely an increasing importance being placed on ethical investments. Consumers and investors alike are paying more attention to corporate governance and the social and environmental impacts of companies seeking investment. ‘A number of indices have recently been launched to that effect and Barclays, for example, has developed their multi-impact growth fund to assist clients in meeting their financial goals whilst considering the impact of the investments selected. The fund uses Barclays’ best investment thinking and capabilities to deliver a ready-made

investment solution to serve investors looking for a simple, diversified, liquid portfolio with a focus on impact at its core.’ Guernsey resident, and Ravenscroft nonexecutive chairman, Stephen Lansdown is well-known as the co-founder and former chairman of Hargreaves Lansdown plc. With that wealth of expertise behind him, he says it’s an area that is certainly of growing interest, although he admits that that type of investment is often made with the intention of doing good rather than a pure focus on making money. ‘There is definitely a trend towards high net worth investors in particular looking to receive more modest monetary returns as long as they can see the funds having an impact either economically or socially.’ Stephen’s reference to more modest monetary returns is important, and one that Justin acknowledges. While ESG funds

may be outperforming their traditional counterparts, he says you can’t always achieve the objectives you want without sacrificing some financial gains. ‘There is a trade-off. One of the issues we have at Innovest is that people assume they can invest in the toughest part of the world and still make great returns. The more you seek intentionality with your investment, the more you have to concede something when it comes to returns.’ Whether looking for market rate returns or not, Stephen has backed his words with action with the recent high-profile launch of the £100 million Nobel Sustainability Growth Fund (NSGF). The NSGF is focused on making UK sustainable private equity investments to build technology, manufacturing, services and asset development businesses. For them, sustainability is monitored using the Earth Dividend measure, which is an assessment of sustainable development across five

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INVESTM EN T FE ATU R E

If we have that knowledge of what’s being done here then we need to promote it and make sure that Guernsey is offering added value. themes: natural resources, ecosystem services, pollution, social and economic contribution, society and governance. With high-profile backers such as Stephen, the world of impact investment is clearly attractive. But can it have local benefits? Justin believes so. He chairs a subcommittee of the Guernsey Chamber of Commerce called Impact Guernsey. He describes their objective: ‘We are saying that if this is the direction of travel in terms of what’s happening and the increased awareness around impact investing, then what does that mean for Guernsey? Is there a business opportunity there?’

this space, then frankly that is a business opportunity for Guernsey. We have the financial services infrastructure to make it work if we can promote the island as a centre of excellence for business investing in this area.’ Justin says there are two stages to that process. The first is to simply audit what is on-island right now that could be promoted as impact investment. ‘This is key, as if we don’t do anything to shout about what we’re already doing, then other jurisdictions will be using the same language and will take that market share.’

In Justin’s mind, there is plenty of potential for the Channel Islands to benefit from the niche market. ‘There are two areas where it could be important. Firstly, in the current environment of global criticism regarding offshore finance sectors, this is a space in which we could present a much more positive image of business in the islands. The PR benefits could be substantial.

The second phase he admits is more challenging. ‘If we have that knowledge of what’s being done here then we need to promote it and make sure that Guernsey is offering added value. If you’re setting up a foundation for example and comparing jurisdictions for your base, then what are the factors that will drive you to the Channel Islands as opposed to elsewhere? We need to put things in place to make the decision inevitable.

‘The second aspect is financial. If there are more significant amounts coming into

‘I think it’s around enabling legislation and working with the Guernsey Financial

Chris Bishun, head of investment management Channel Islands at Barclays Services Commission to offer something unique. That may be a one-stop services offering or removing administration fees on impact funds. I think there could be a flagship initiative here, a Guernsey impact fund. I think there is huge potential here but it needs to be supported.’ Stephen agrees. For him, making the sector a success for the island is about more than individual companies’ work. ‘Guernsey is well placed to service such funds. A strong and well-regulated financial sector supported by The International Securities Exchange gives funds the ability to be set up, monitored and administered economically and efficiently. The island needs to promote its ability to service this market as a whole rather than leave it to the individual firms to just promote their own individual services.’ For those interested in ethical investments, there is quite literally a world of opportunity. Making it a successful strategy for the island’s finance industry would take more work, but those in the know believe it would work – with the potential to help the Channel Islands alongside those areas of the world in need of some support. ■

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Ravenscroft buys BullionRock Guernsey stockbroking and investment management company, Ravenscroft, has bought precious metals business BullionRock for an undisclosed sum. The deal will see BullionRock founder Robin Newbould return to the company he helped establish more than a decade ago. He set up his bullion business in 2012 and has diversified the product portfolio to include BullionRock Invest, which offers dealing in, and storage of, precious metals in a secure vault at an undisclosed location in Guernsey.

HSBC recognised for diversity A Jersey-based HSBC employee played a role in helping the bank win the ‘Company of the Year’ award at the European Diversity Awards.

Robin said: ‘BullionRock has seen incredible growth and now has more than 500 clients who hold a substantial value of precious metals. We have no immediate plans for change and so it will be very much business as usual at BullionRock. We do, however, see real potential for our clients who will gain access to a full range of stockbroking and investment management services as a result of our business becoming part of the Ravenscroft Group.’ ■

Stuart Barette is transgender lead for the HSBC Pride UK network and chair of the HSBC Pride network in the Channel Islands. He was also shortlisted in the awards for ‘Role Model of the Year’. Stuart has been an active participant in driving forward HSBC’s diversity strategy locally, in the UK and across Europe,

and recently came top of the global ‘OUTstanding LGBT+ Future Leaders List’, presented by the Financial Times. In 2017, HSBC Channel Islands introduced 10 new gender-neutral titles which customers can use with their accounts. The bank was also heavily represented in the Channel Islands ‘Pride’ celebrations. Stuart said: ‘It’s encouraging to see HSBC as a whole recognised at European level as being the best company for championing diversity. It takes the whole business, including us in the Channel Islands and Isle of Man, to make that happen. This success demonstrates that HSBC is an organisation where people of any gender, race, belief, sexuality or physical or mental ability can thrive. I hope what HSBC is doing can inspire other businesses locally to embrace diversity too.’ ■

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C H AN N E L I SL AN DS NE WS Santander International is extending its service offering to Channel Island residents to include mortgages and a retail bank.

Santander expands in Jersey

Since rebranding alongside the Isle of Man branch at the end of 2016, the company has welcomed five new employees in Jersey. The Jersey branch has offered varying levels of banking and savings accounts for Channel Island residents alongside UK expats and UK residents with international banking needs. The bank is now planning to offer mortgages to local residents and

Guernsey-based online beauty and fragrance retailer, allbeauty. com, has been named Which? 2017 Best Online Shop in the UK for the second year running.

Which? award for allbeauty.com

Which? asked more than 10,000 members of the public to rate 100 of the most popular online shops based on experiences they had in the past six months. Those surveyed were asked to consider a variety of factors including price, product range, deliveries, product quality and the return process.

open a retail bank at their Commercial Street premises this year. James Pountney, managing director, Santander International, said: ‘Since the rebrand, we have already seen a very significant interest in the range of services we are able to offer Jersey residents. The varying level of banking offered, as well as our intention to introduce mortgages and retail banking, demonstrates our commitment to Jersey residents.’ ■

customer satisfaction score of 91% with shoppers rating the retailer as excellent for price and range of products. The shop also scored highly in all other categories. allbeauty’s chief operating officer, Janice Mancini, said: ‘Winning this extremely prestigious award last year was amazing; to do this two years in a row is an outstanding achievement. Our success comes down to our excellent team that works so hard behind the scenes. Their passion and dedication to our customers is second-to-none.’ ■

Consumers rated allbeauty.com as the number one online shop, achieving a

Slappie named top 10 Watchmaker to Watch Guernsey-based watch brand, Slappie, has made the top 10 Watchmakers to Watch list published by industry magazine, WatchPro. The slap watch brand, which won investment on Dragon’s Den in 2016 and is headquartered in St Peter Port, was bought by Scott Carre in June 2017. Scott said: ‘It’s fantastic to be recognised like this by the industry’s leading and most influential magazine. We are sitting alongside watch brands with price tags

in the thousands. The last few months have seen fantastic growth for us, with a great start selling on board Virgin Atlantic aircraft, TV exposure on the QVC shopping channel and, most recently, a very successful launch on Amazon US. It’s an exciting time for Slappie.’ During its first three weeks on Virgin Atlantic aircraft, Slappie sold more watches than it did during the previous three months on its own website. Slappie has also secured deals to sell its fashion watch online with House of Fraser. ■

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CHAN N EL ISL A ND S NE WS

Digital apprentice at KPMG College of Further Education student, Nathan Pinchemain, has started work as KPMG’s first digital apprentice in Guernsey.

Under the apprenticeship, Nathan will combine working as part of KPMG in the Channel Islands’ digital team, whilst undertaking distance learning for a BSc (Hons) degree in Digital and Technology Solutions provided by the University of Exeter. The initiative is supported by the States of Guernsey, which is contributing to university fees, whilst providing access to regular mentorship for students undertaking distance learning. Tony Mancini, partner at KPMG, said: ‘We are acutely aware of the challenges for the islands to grow and maintain a relevantly-

skilled workforce. Digital innovation is at the heart of our strategic plans and it was important to us to take the initiative and offer this opportunity to local students. This is fantastic for us, a fantastic way for Nathan to start and progress his career, and fantastic for the island as we seek to offer more opportunities in the future.’ KPMG is now planning to recruit two more school leavers onto the digital apprenticeship programme in Guernsey and Jersey this year. ■

Liquid named as outstanding CONSULTANCY OF THE YEAR Communications consultancy Liquid has been named Outstanding Consultancy of the Year in the South of England and Channel Islands at the CIPR PRide awards 2017. Liquid, which has offices in Jersey, Guernsey, Birmingham and a base in

London, won the gold award for the South of England and Channel Islands region. The region incorporates 12 counties, the Channel Islands and the Isle of Wight and stretches from Kent on the east coast to Cornwall on the west. Lisa Downes, Channel Islands PR director, said: ‘Over the last year, we have restructured the business, undertaken enormous projects and welcomed some brilliant new people to Liquid. The award is a testament to our talented team and all their hard work.’

Luxury car business launched A new business has launched in Guernsey, offering state-of-the-art storage for ultra-rare cars. Lordes Luxury Car Storage’s facility, at a discrete location in Guernsey, will house 106 luxury automobiles in a customdesigned, high-security environment. The facility is a bespoke, secure installation with high specification technology for temperature, air quality, CCTV and humidity control to ensure the luxury cars are kept in optimum conditions. Cars are shipped to Guernsey using closedrace shuttle transporters to ensure they arrive safely and in pristine condition. The

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same methods are used to relocate the vehicles to other locations for clients. Lordes chief executive officer, Robert Lewis, said: ‘Investors from around the world, including the UK, Europe, Middle East, Asia and America, are increasingly seeing the value of collectable car investment. It’s absolutely crucial that the vehicles are stored in a facility that’s not only secure but is specifically designed to maintain the quality and condition of the cars, and that is exactly what we’re offering. We’re proud to be putting Guernsey firmly on the map with our high net worth clientele wherever they are internationally.’ ■

Liquid has also received the hallmark of PR excellence by successfully passing the PRCA Communications Management Standard (CMS). Liquid is now the only PRCA CMS certified communications consultancy in the Channel Islands. Feedback recognised the agency’s ‘strong leadership with a wealth of communication’ and ‘high levels of client satisfaction’. ■


C H AN N E L I SL AN DS NE WS

Local cows will be showcased on the front cover of the Sure 2018 phonebook. The telecoms company ran a competition to find the cover for this year’s phonebook, which was open to anyone and had the simple brief of taking a photo of a favourite local scene.

Cows on the cover

200 entries were submitted to Sure before the winning image – of some Guernsey cows leaning over a wall in the Castel – was selected by a panel including local professional photographer Chris George.

Karen Langlois’ winning entry came courtesy of a unanimous verdict from the panel. Emily Field, Sure’s marketing and PR manager, said: ‘We felt it was a superb photo as it managed to capture a group of iconic Guernsey cows in a really interesting and unique pose. We were so impressed with the level of photography submitted and glad that the community had its say on who the winner was.’ The 2018 telephone directory will be available in Sure stores from March. ■

Jersey wins international finance centre award Jersey won the ‘International Finance Centre – Editor’s Award’ at the Wealthbriefing GCC Region Awards 2017 in Dubai. The awards recognised companies, teams and individuals which the panel of judges deemed to have demonstrated innovation and excellence last year. Geoff Cook, chief executive of Jersey Finance, said: ‘It is an honour to have been recognised at the WealthBriefing GCC Region Awards 2017. Over the past 12 months, the island has not only continued

to innovate and attract new business from within its key markets, but has also demonstrated its ability to respond quickly and appropriately in a rapidly shifting global market. This prestigious award is also evidence to the fact that Jersey remains a leading jurisdiction globally in terms of its robust regulatory regime and world-class tax transparency framework, and its ability to make sure that this framework is working well in practice.’ ■

Local estate agency named world’s best marketers Guernsey-based Livingroom estate agents has been named the world’s best estate agency for marketing at the global final of the International Property Awards. Livingroom won three awards – Single Office Guernsey, Marketing Channel Islands and Website UK – at the UK edition of the International Property Awards in October 2017. The agency then won both the marketing and website categories at the UK regional finals before being chosen to represent the United Kingdom at the grand final.

Simon Torode, founder and managing director of Livingroom, said: ‘As a single office agency of just 18 people in Guernsey, competing against huge organisations with international footprints is remarkable but to actually win is amazing and hopefully helps to put Guernsey on the map in the property world. All our clients will hopefully benefit from the exposure - especially our open market vendors who have now been exposed to a global audience all curious as to how a small, unknown, single office can win on such a large scale.’ ■

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GUERNSEY CHAMBER NEWS

HOLD THE FRONT PAGE! Globally renowned speaker Alastair Campbell is guest of honour at the Chamber of Commerce’s annual dinner on 17 May 2018. Alastair will speak on, among other things, ‘the triple-boxset Trump/Brexit/ Corbyn horror story of our times’ and air his views on opportunities for Guernsey. ‘We are delighted to have secured Alastair for our May event. He is in demand around the world for his communication skills and perspectives on politics and life in general and is an acclaimed columnist. We know his talk will be informative, entertaining and, no doubt, bluntly to the point,’ said Chamber president Martyn Dorey. The black tie dinner is one of the biggest events to be held by the organisation and celebrates Chamber’s growing membership and different demographic, with a Council that represents expertise in all areas of Guernsey business. Members are invited to become actively involved in a host of sub groups that deal with topical issues.

Tables of 10 for the dinner are £650 for members and £700 for non-members. In a bid to further expand membership, any non-members taking a table could enjoy a special joining rate.

and his diaries have proved best sellers. He has made clear his loathing of Donald Trump: ‘This guy is president of America and the comparisons with Hitler and Stalin are not overdone.’

The high-level event will feature a three-course dinner and music in addition to the renowned speaker.

He is still well known as Tony Blair’s head of communications and keeps abreast of all things political, with views delivered regularly in stinging tones. He recently described Boris Johnson as an ‘egomaniacal liar’ and says Brexit is the country ‘heading for the cliff edge’. Another long-term foe is Paul Dacre of the Daily Mail: ‘Dacre has often had a leading role, not least as chairman of the Press Complaints Commission editors’ code of practice committee. This was like putting Harold Shipman in charge of the ethics committee of the BMA.’

‘It will be a lively, social evening with the chance to network and catch up with friends, together with an opportunity to hear from someone whose diary is always full as a result of his ability to entertain and inform,’ said Martyn. ‘There are only 45 tables available and we are confident that it will sell out fairly quickly so any companies or individuals interested in attending should reserve one ASAP by emailing office@guernseychamber.com’ Alastair was involved in French president Emmanuel Macron’s hugely successful election campaign and writes regular columns in the national newspapers and magazines. His television appearances and articles attract a huge following

GUERNSEY CHAMBER ANNUAL DINNER Date: Thursday 17 May Place: Beau Sejour Dress code: Black tie Book: Tables of 10: £650 for members, £700 non-members Reservations: office@guernseychamber.com

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Brexit talk prompted him to tweet ‘Dacre, Desmond, Murdoch, Farage, Johnson, Gove have stirred the worst of British values whilst posing as the best. Take our country back.’ ■


G UE RN SEY C H AM B ER NE WS

Guernsey’s top politician will be at the podium for the Chamber lunch on 15 January. Gavin St Pier is the Policy and Resources president making headlines with his authoritative stance on a host of local topics – to the delight of some islanders and surprise of others.

Metaphorical hot potatoes! DATES FOR 2018 CHAMBER LUNCHES

The man at the centre of suggestions that he is leading a Cabinet-style government, is involved in every aspect of political life. Chamber members will be able to hear his views on a range of political issues and a

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year in which Brexit, education and waste are likely to rival transport arrangements for headline fodder and consideration. Guernsey Chamber is delighted that he has found time in his busy schedule to be the January speaker. There will be a question and answer session after his presentation. Our monthly lunches are generously sponsored by Sure and enable members to attend for £22.50 including drinks. Nonmember tickets cost £27.50.. The menu for January is salmon fillet, crushed potatoes and salsa verde or a vegetarian option. ■

Lunches are held at the Old Government House Hotel

GUERNSEY FILM BUSINESS POTENTIAL EXPLORED As excitement builds around the release in August of the new Guernsey film, Chamber is inviting local businesses to explore ways to benefit from the global publicity around it. The Guernsey Literary and Potato Peel Pie Society production by Studio Canal comes out this summer and will have a London premiere, as well as being released in several other parts of the world. Chamber has formed a working

party to investigate opportunities around the global publicity and is continuing to work with representatives from a wide range of interested parties, including the VisitGuernsey team, hospitality managers, finance corporates and those involved in different aspects of local heritage. The release date is August 2018 and Studio Canal is planning a wide release with France and Germany confirmed and distribution discussions ongoing re the U.S. The date of the London premiere has yet to be confirmed. The Guernsey Literary Festival is liaising with the film and book teams with a view to including it in the event and the Guernsey Museum is also planning a special exhibition. Enquiries are

being made by VisitGuernsey to see whether the film’s star, Lily James, might come here for a local launch and to assist in publicity about the island. Chamber held a survey of members and invited corporates to explore how to raise the island’s presence and, in the process, benefit from new business attracted. Swoffers estate agency has now generously offered to fund the making of ‘A film about the film’, which will link the production with scenery and business information about the island. Andre Austin, from the agency, said they were ‘hugely excited’ about the potential and the project itself. Guernsey Chamber will be organising further meetings in the New Year and any business interested in attending should email office@guernseychamber.com ■

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GUERN SEY CH A M B E R NE WS

Helping Home Talent to Grow Supporting the development of skills in local employees, the GTA University Centre is encouraging corporates to consider its non-executive director (NED) development programme.

The programme’s ambassador Dame Mary Perkins said that, from personal experience, she appreciated the value of training for special NED skills on-island. ‘It is not possible to keep importing that from other places. We need the ongoing availability of NEDs to ensure timely replacements with, for example, good corporate governance skills already inbuilt.’ GTA chief executive Simon Le Tocq pointed out that good NEDs add significant value to a company and the wider economy. ‘There are 11 people currently going through the development programme and two boards undergoing a candidate selection process. Where possible, the selection committee tries to identify three potential candidates for each board to choose from.’ NED programme organiser Tina Torode said that the majority of candidates currently in the ‘pool’ are looking for placements 16

with listed or trading companies who can demonstrate that they practice a good standard of corporate governance.

The programme is not only about board placement, but also aims to provide all-round development. Members of the initiative enjoy free membership of the NED forum with its monthly networking and workshops Their diverse skill sets encompass accountancy, law, IT, languages and specialist industries such as engineering and utilities. There are six women and 15 men currently participating with a wide age range. Candidates are expected to cover their own costs for attending board meetings. ‘Some boards have chosen to cover their participant’s costs for attending

meetings with investment advisers in London, strategy days in the capital and board dinners,’ Tina explained. The programme is not only about board placement, but also aims to provide all-round development. Members of the initiative enjoy free membership of the NED forum with its monthly networking and workshops, together with discount on relevant GTA courses and bespoke training provided by Deloitte and Appleby. They also receive a free one-year membership of the IoD. ‘Once placed with a board, the participant will be assigned a mentor and a member of the selection committee is also allocated to the individual and board to provide support and monitor progress,’ said Tina. CPD certificates are issued for all training. Anyone requiring more information can contact the GTA on 01481 721555 or email Tina at tinatorode@gta.gg.


G UE RN SEY C H AM B ER NE WS CASE ST U DY

FROM THE GFSC TO GUERNSEY ELECTRICITY Gillian Browning has been director of the Guernsey Financial Services Commission’s fiduciary supervision policy and innovations division since 2014 and joined the NED development programme in 2016. In 2017 she partnered with the board of Guernsey Electricity as part of the programme. The need ‘In my day job, I spend a lot of time looking at the corporate governance of our licensees and how their boards operate. I felt joining the programme would therefore give me invaluable insight into the challenges boards and non-executive directors can face as I would have practical experience and a better understanding.’ The solution ‘The board at Guernsey Electricity embraced the opportunity as much as I did and I really learned from the experience. They have been very welcoming and made it clear they didn’t want someone to sit and not make a contribution so while I have not been a voting member, I have still been very active. It’s been great to have the chance to observe the individual roles more closely and understand how issues and opportunities evolved, were discussed and then progressed.’ The impact ‘It has given me more insight into the challenges boards face and reinforced

what good corporate governance should look like. It’s also been interesting to see the commonalities between boards even in different sectors such as interaction with shareholders and with other jurisdictions. It has taken up much of my own personal time but it has been a valuable and rewarding experience and I’d definitely recommend it.’

Ian Hardman, chairman of Guernsey Electricity Limited, explains how partnering the GTA’s non-executive director (NED) development programme has benefited the company. Strong participants ‘We interviewed five candidates for the board development role. All were outstanding, and we could have easily taken on board four of them for the role. They were well prepared, knew the ‘theory’ of being a good director and were excited about the opportunity. ‘We took on Gillian Browning, who is director of the Guernsey Financial Services Commission’s fiduciary supervision policy and innovations division. She has performed exceptionally well.’

can contribute to the effectiveness of the board and company. ‘They can also see things from a different perspective. Having someone from an alternative environment provides a broader spectrum on directorship approach. They have no pre-determined views or ideas. It also offers greater diversification of the board and assists with succession planning. They could be a future NED for the company. ‘There’s also a sense of goodwill in helping someone develop, and helping Guernsey produce good, well-trained and experienced NEDs – even if they go on to be an NED elsewhere.’ Benefits for programme participants ‘Participants get a feel of what being a director really means, and if they want to do the role in future. It deepens knowledge around the workings of a commercial company board, including the role of a chairman, sub-committees, and what each NED brings to the table. ‘They can see that preparation for board meeting is key as well as active listening in meetings. They also learn about the company in general, and the issues it faces. If they contribute and perform well, it opens up the possibility of a future NED role within the company.’ ■

How Guernsey Electricity has benefited ‘Taking part in the GTA’s NED development programme has provided many benefits to Guernsey Electricity – including having an extra person who

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GUERN SEY CH A M B E R NE WS

Reasons To Be Cheerful At the start of another exciting year for the Guernsey Chamber of Commerce, president Martyn Dorey looks back at what the team has achieved during 2017 and what their plans are for 2018. Chamber has changed substantially in the past year in particular, with a new team at Martyn Dorey the reins and a different approach for our members. We have committed to providing more for companies and individuals as part of their annual membership. Chamber is a not-for-profit organisation so any funds are used to support our members. The annual subscription now includes free-to-member events. Last year, we introduced lunch and learn meetings at the Old Government House Hotel. Topics included a seminar on the new Housing and Population Law (at which legal and political representatives presented and answered questions from members) and a cyber security theme which also dealt with GDPR. Our plans for a series of events for 2018 are being completed and they will deal with topical items of interest or concern to our members – for example, transport, tax, education and creating a vibrant economy. In addition, Chamber holds a monthly networking lunch with a speaker at the OGH on the third Monday of each month.

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These are £22.50 for members (and extra for non-members). The lunches are sponsored by Sure because the cost exceeds the ticket price. Wine and drinks are included. Our biggest event next year is the annual dinner with Alastair Campbell as the speaker. Tables are £650 for members, or £700 for non-members and members will be given priority re booking as we expect this to sell out (We are happy to factor the £50 difference into your joining fee if your organisation decides to become a Chamber member this year). The date of the dinner is Thursday 17 May.

Chamber will be very active in 2018 and going forward to ensure that it both represents its members’ interests and provides free events and networking opportunities Membership brings with it an introductory panel in Contact, our magazine, and also includes an opportunity to have a log-in for the Chamber website to upload news/ pictures/event details for your organisation and any text you wish to circulate.

Contact magazine can also be used free of charge for any news or initiatives involving your organisation. You simply send it to office@guernseychamber.com for inclusion. Our annual Christmas party replaced the usual lunch in December and was held at the OGH. Although there was the normal charge for food, Sure kindly provided extra sponsorship for the event so drinks were free for attendees. In essence, Chamber will be very active in 2018 and going forward to ensure that it both represents its members’ interests and provides free events and networking opportunities so that they can receive helpful information and attract new business. We have more than 600 corporate members with in excess of 18,000 employers and staff within that total. Chamber has also recently committed to working with Jersey Chamber on a regular basis where it might benefit our membership. Members are encouraged to interact with Chamber Council and there are regular opportunities to join groups formed to discuss topics of local importance and interest. ■


G UE RN SEY C H AM B ER NE WS

What Lies Behind Us… And Before Us With so many members covering varied areas of industry, Guernsey Chamber has an interest in all aspects of island life. 2017 saw it get involved with everything from transport to film production, and it doesn’t look like 2018 will be any quieter. Transport issues have been a major area of activity this year. A survey was organised to see whether an airport runway extension was desirable and Chamber’s transport group has held regular meetings with all sea and air service providers. Chamber has encouraged the emergence of new airline Waves and supported the seaplane initiative, which plans to launch a trial in Jersey. A second area of focus was the vision document regarding the redevelopment of the eastern seaboard. Council members and sub groups have held several meetings with potential investors and senior civil servants to try to bring this to

fruition. Chamber considers this to be a major economic enabler for the island and will continue to assist next year. Regarding our lobbying work, a freeto-members event and meetings have been held to look at the Population and Housing Law changes with a view to highlighting required amendments. Chamber members were surveyed for their views on its operation and any changes needed. A second event (for the hospitality and retail sector) is planned for 2018. Council members have continued to investigate the organisation’s use as a channel for funding between state/private partnerships and has supported the impact investment initiative and inward investing. Council has become more diverse and monthly Chamber lunch attendance has doubled over the past 12 months. There is now also a younger demographic at the lunches. Contact magazine’s content has been changed to enable Chamber to have a stronger presence.

of interested parties, VisitGuernsey representatives and Chamber has been formed with corporate investment offered to help market the island around the film’s release next spring. The hospitality sub group has also been extremely active in raising issues and addressing problems. Chamber has given support to Guernsey College of Further Education through a speaker lunch slot and a student table, together with meetings to understand their situation. On a CSR level, Chamber has raised funds for the Little Chapel and assisted the Guernsey Disability Alliance. A cyber security event, free to members, has been held, a discount on directory listing negotiated with Sure and a private shopping evening with member discount, arranged at Plaisirs. Major topics for this year are likely to be: • Economic enabling through major development • Transport connections and arrangements • Preparing our future workforce

Chamber has attended several meetings with senior civil servants and retailers to support that sector and devise initiatives to rejuvenate the Town and help the retail economy. Events and an awareness campaign are planned for 2018. Council members were also involved in lobbying re the finance/law tax. Members were surveyed regarding the new Guernsey film and a committee consisting

• Assisting retail and the town to remain vibrant • Monitoring the island’s status and lobbying re our international brand • The island’s waste strategy • Pursuing green energy • Implications of Brexit ■

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GUERN SEY CH A M B E R NE WS

Supporting Chamber and the local business community As one of the island’s largest employers, Sure is proud to play a part in many aspects of life in the Bailiwick. Justin Bellinger, Sure’s chief digital officer, outlines the local telecoms company’s relationship with the Guernsey Chamber of Commerce and the role it plays within the business community. At Sure we recognise the position our business plays in the local community; we’re proud to be one of the island’s largest employers, to back community initiatives and support local businesses of all sizes with their varied telecommunications needs. It’s therefore our pleasure to have partnered with the Chamber of Commerce again for 2018 to sponsor its monthly lunches. These are engaging opportunities to hear from experts in their fields and broaden the understanding of business on the island and how different sectors can work together in a small community with big ambitions. Throughout 2017, Sure made significant infrastructure investments in the Bailiwick of Guernsey to ensure that our telecoms networks are equipped for the modern world and islanders can continue to benefit from the latest telecommunications products and services. Thanks to Sure’s investment, Guernsey now boasts more than 400km of fibre which makes for more reliable and resilient broadband connections to homes and businesses. We also installed more MSAN units in 2017 to reduce the distance between

households and the broadband network so even more customers can access our superfast and ultrafast broadband services. These investments have enabled us to offer our customers yet more choice and speed with the recent launch of our up to 100Mb/s broadband designed to deal with the multi-device households and small businesses where access to a resilient and fast broadband connection is more and more important. Businesses can benefit from these increased speeds as this level of connectivity changes the way that small and medium-sized businesses operate as working from home and the ability to send and receive large amounts of data become easier. The digital world presents challenges as well as opportunities to businesses. 2017 saw several high-profile data breaches as digital capital becomes increasingly commoditised and the value of data continues to rise. It’s imperative that businesses protect themselves against this threat and our engineers spent 2017 consulting with businesses of all

sizes on solutions to combat the threat of cybercrime. Working with credible partners like Mimecast ensures we can offer the latest products and provide our customers with peace of mind. Looking forward, our investment in infrastructure will continue throughout 2018 as we expand the fibre elements of the broadband network, enhance our mobile networks, find innovative commercial solutions for businesses and invest in a state-of-the-art technology platform internally which will transform the operations of our business. We’re also in the midst of a project to further develop the broadband network in Alderney, bringing superfast broadband to every home and business, as the island looks to futureproof itself as a digital jurisdiction. All of us at Sure are excited about the opportunities 2018 will bring and are looking forward to continuing to work with governments, businesses and individuals across the Bailiwick to bring enhanced and innovative connectivity to the islands. ■

It’s imperative that businesses protect themselves against this threat and our engineers spent 2017 consulting with businesses of all sizes on solutions to combat the threat of cybercrime.

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ALTAIR GUERNSEY LIMITED

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CATAX

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CIB is a leading provider of general insurance broking services to both individuals and companies.

CHANNEL INSURANCE COMPANY LIMITED

We are committed to providing insurance solutions and client services by employing outstanding individuals with a wealth of knowledge, qualifications and experience in the local and international markets. CIB prides itself in understanding that we work for “you” the client and our culture will always represent this. Our clients value our integrity and trust us to take

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SONNIC SUPPORT SOLUTIONS LIMITED

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care of their insurance requirements and provide them with any support they might need. CIB is part of the PIB Insurance Group (UK top 100 broker) and is based in Guernsey with plans to further expand into Jersey. CIB is licensed by the GFSC. Contact: Cathy Lillington Email: cathy.lillington@cib-insurance.co.gg Tel: 01481 732101 Website: www.cib-insurance.co.gg

to become one of the many that have benefited from our commercial cleaning and maintenance services. Above all we want you to feel secure, and reliant on, us in order that you don’t ever have to worry about anything other than your own business. Contact: Adrian Staddon Email: operationsgci@sonnic.com Tel: 01481 728801 Website: www.sonnic.com

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RA VE NS C RO FT

TI SE

W AL KE RS

GUER N SEY P EOPL E

RUPERT MORRIS

MARK NICOL

JULIET BOUSFIELD & KATRINA BRAY

Walkers has appointed a new partner, Rupert Morris.

The International Stock Exchange (TISE) has announced Mark Nicol as the new managing director of its regulatory arm, The International Stock Exchange Authority Limited (TISEA).

Communication specialists Juliet Bousfield and Katrina Bray have joined Ravenscroft as marketing and PR executives.

‘Mark brings significant experience of both the regulatory and exchange environments in the UK which will be hugely important as TISE continues to evolve in what is a rapidly changing landscape for financial services.’

Juliet’s previous role was head of national marketing (UK) at Specsavers while Katrina was a director and shareholder at communications consultancy Liquid. Group chief executive officer Jon Ravenscroft said: ‘As Ravenscroft grows its offering, it’s vital that we have a clear marketing and communications strategy to ensure that our clients and prospective clients understand who and what Ravenscroft is and what we stand for.’ Photo left to right: Juliet Bousfield, Katy Sandrey and Katrina Bray

LL FO OY UN DS DA BA TI NK O N

IN TE RT RU ST

‘Rupert was named as a leading lawyer in the Citywealth leaders list in 2015, 2016 and 2017 and he has an enviable reputation for his expertise, advice and counsel. His appointment will help continue to drive Walkers’ growth.’

Mark Tubby, chairman of TISEA, said:

O LS EN

Walkers Guernsey managing partner Louise Hall said:

Mark has previously worked at the UK’s Financial Conduct Authority and the London Stock Exchange.

C AR EY

Rupert qualified as a Guernsey advocate in 2010. He will be head of fiduciary at Walkers and will work with leading fiduciaries, financial institutions, government departments and UHNW individuals in his new role.

SARAH WILLIS

CARLY PARROTT

GAVIN FERGUSON

Sarah Willis has been promoted to director at Intertrust.

Carey Olsen has appointed Carly Parrott as counsel in their employment team.

Sarah joined the firm in 2016 and will now head up the regulatory compliance services department. She will be tasked with developing the firm’s recently established regulatory compliance business line, with Guernsey the first of Intertrust’s worldwide offices to deliver the services.

Her appointment increases the number of employment lawyers across the firm’s Channel Island offices to 10. Carly advises on all aspects of contentious and noncontentious employment law and deals with global, multinational and local clients.

Lloyds Bank Foundation for the Channel Islands has appointed Advocate Gavin Ferguson as a trustee to its Guernsey board.

Paul Schreibke, managing director, said:

Partner Elaine Gray said:

‘Sarah has brought a huge amount of knowledge and drive to the team. Her expertise helps Guernsey to lead the way in providing a structured approach to regulation and compliance.’

‘Carly enjoys an excellent reputation and is a fantastic addition to our team. We have seen a marked increase in the number of employment-related instructions and her experience will be very beneficial to our clients.’

Gavin is a partner at international law firm Ogier and takes over as trustee from current deputy chair, Advocate Simon Howitt. Chair of Lloyds Bank Foundation for the Channel Islands, Katie Le Quesne, said: ‘Gavin brings with him much experience of the Channel Islands’ charitable realm, as he has for a number of years worked on other charitable boards as well as co-founding his own charity, MUG. All of this will greatly benefit the work of the foundation.’


AM RO AB N

TR AV EL M AK ER

G NW LO H BA L

G UE RN SEY P EOP LE

CHARLOTTE DENTON

CHARLIE COYLE

MARIANA KOSTADINOVA

Charlotte Denton has been appointed global chief executive officer at NWH Global, formerly Newhaven.

The Channel Islands Co-operative Society has appointed Charlie Coyle as senior travel sales consultant.

Mariana Kostadinova has joined ABN AMRO Channel Islands as an investment manager.

Charlotte has led the Guernsey office since January 2017 and has overseen the rebranding of the business. She will now assume responsibility for its global operation.

Charlie joins Travelmaker with 15 years’ experience in the travel industry. As a sports fan, he was one of Guernsey’s first travel sales consultants to start advising on sports breaks for islanders and he has introduced this service at Travelmaker.

LARA LE PAGE, JENNI HARTLEY & CHARLIE ROGER Redwood Offshore has made three senior appointments. The compliance consultancy has named Charlie Roger as executive director, Jenni Hartley as senior consultant and Lara Le Page as office administrator. James Wood, founder and chief executive officer, said: ‘The time is right for a modern approach to outsourcing compliance amid rapid change. These appointments underline our commitment to provide pragmatic and commercial compliance services.’ Photo left to right: Lara Le Page, James Wood, Jenni Hartley and Charlie Roger

‘I am really looking forward to sharing my experience with the already well established team at Travelmaker and to welcome new and existing customers in store, many of whom I consider friends.’

ABN AMRO managing director, Graham Thoume, said: ‘Mariana has strong analytical skills, understanding of the markets and clientfacing strengths such as the ability to speak five languages. It’s a super skills set that will support our clients and our ongoing business development.’

C 5A LL IA NC E

Charlie said:

BA ER

RE DW O O D

‘I was invited to thoroughly review Newhaven, which has been quietly successful for more than 20 years, and this resulted in a vibrant rebrand for the business. It’s been a fascinating project and I’m very excited now to take on the management responsibility for the global operation.’

JU LI US

Charlotte said:

Mariana has a background in investment analysis and fund research and has previously worked in a range of roles from hedge funds to fund valuations and administration both in London and Guernsey.

STEPHEN BURT & JON BURROWS

JON LE NOURY

Julius Baer has appointed a new branch manager and chief risk officer.

C5 Alliance has promoted Jon Le Noury to senior consultant and business analyst.

Stephen Burt has been promoted from chief risk officer to lead the Guernsey team and Jon Burrows moves up from deputy chief risk officer to fill Stephen’s former role.

Jon has eight years’ experience in the technology industry and has recently completed all the exams that form part of the British Computer Society’s advanced diploma in business analysis.

Frank Hoheisel, head Northern Europe & UK International, said:

Jon said:

‘These promotions show how Julius Baer is committed to developing its internal talent and providing opportunities for senior positions on the island.’ Photo left to right: Stephen Burt and Jon Burrows

‘C5 Alliance has encouraged my aims to broaden my experience and approach. Business analysis goes well beyond technology; we need to build good relationships with a variety of different people at all levels and gain their trust.’


FEATUR E

VIEWPOINT as seen by Richard Digard

TAXING TIMES FOR OFFSHORE FINANCE Forget facts or reality for a moment. What’s playing out post Paradise Papers is a political narrative to demonise offshore finance centres regardless of the benefits they provide. That’s why, says Richard Digard, this time it isn’t business as usual. If you make the rules, how much of a defence is it when someone else says they abide by them? Especially if you as regulator have a visceral dislike of that ‘someone’ playing in your yard? I pose this because the Financial Times reported earlier in November that European officials told 53 countries and territories that they risk being blacklisted as tax havens after the UK earlier delayed warnings to a dozen jurisdictions with ties to Britain. Since it’s the EU that defines what is or isn’t a ‘paradis fiscal’ – and that’s not offering preferential tax measures or arrangements that enable companies to move profits to avoid tax, plus meeting transparency standards and implementing anti profit-shifting guidelines

set by the OECD – that leaves a lot of room for interpretation, and not to the advantage of deemed transgressors either. In some respects, this is job normal. The Crown Dependencies are well used to adapting to the shifting sands of international attitudes to low tax jurisdictions/international financial centres and have generally been ahead of the game in meeting global standards. The extent to which we have done so was set out recently by Dominic Wheatley, the chief executive of Guernsey Finance, who was responding to the lack of balance and objectivity in media coverage of the so-called Paradise Papers data theft from international lawyers Appleby.

The Crown Dependencies are well used to adapting to the shifting sands of international attitudes to low tax jurisdictions/international financial centres and have generally been ahead of the game in meeting global standards.

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Given that there is emerging consensus and a developing partnership approach to combating harmful tax practices globally, that was helping to clarify the boundaries of acceptable practice and the roles of the various offshore jurisdictions. From a Guernsey perspective, and a Jersey one too I imagine, its role as an international finance centre was clear: Firstly, not to tax the revenues generated from economic activity elsewhere or the income of those tax resident in other jurisdictions. That principle of tax neutrality was important in ensuring tax revenues were available to the authorities to whom they were due without leakage. Secondly, to tax the economic activity undertaken in Guernsey. Under island tax law, those providing services to international finance structures are subject to corporation tax. This meant there was no special tax treatment in attracting business offshore.


F EAT URE Thirdly, to ensure data is made available to competent authorities, including foreign tax authorities, which enables them to apply their tax rules on those tax payers subject to them. Dominic said that Guernsey has consistently been in the first wave of adopters of international initiatives on tax transparency, including the Common Reporting Standard (CRS) which is now the global standard and was exchanging tax information with more than 50 jurisdictions, including the UK, before CRS even started. Fourthly, where abuse was suspected, the island cooperated with competent authorities such as law enforcement agencies to aid in investigations. ‘This has been an area where Guernsey has been a leader, rather than a follower,’ said Dominic. The world’s first regulatory regime for trust and company administrators, which started in Guernsey in 2001, includes the specific requirement that all ultimate beneficial owners are known and verified, enabling proper due diligence to be applied and therefore ensuring that information is available when requested. Seen in that context, the establishment of a centralised register of beneficial ownership in Guernsey during 2017 was a consolidation of a system already in place through which information could be shared with foreign tax authorities and law enforcement agencies. And unsurprisingly, the final obligation in this chain to ensure the proper taxation of individuals and companies rests with the tax authorities to which people are subject – in other words, collecting the tax they are owed. I’ve set out Dominic’s comments in some detail because they’re a good summary of what the islands do to avoid being tax havens and how they can demonstrate that they are not. Nevertheless, as the Paradise Papers – and the Panama Papers before them – have

shown, reality disappears in the frenetic witch hunt against perceived tax black holes. This was also touched on by economist Dr Andy Sloan, acting director of strategy for Guernsey Finance, who said the unfair and misleading attacks are based on the myth that if Western governments would only eradicate tax avoidance perpetrated by offshore finance centres, budget deficits would be a thing of the past. The claim, and frightening numbers are attached to it, is ‘convenient but dangerous’ nonsense, he said. For example, HM Treasury, in its published tax gap analysis, estimates that avoidance costs less than half it loses in lost duty on alcohol and cigarettes. ‘The inconvenient truth,’ said Andy, ‘is that capital and financial activities routed through offshore centres (that provide a stable, legally certain and tax neutral environment) historically enabled a global finance system to deliver robust economic growth. Economic growth which has been conspicuously lacking in the post global financial crisis period of secular stagnation when the British offshore finance centres and capitalism itself have been under relentless populist attack.’

Apple had had its Jimmy Carr moment and Jersey’s Silicon Valley tax haven of choice status was cemented across the globe. That ‘relentless populist attack’ expression is telling as now, to have any financial or asset-based link with a tax haven, or Jersey or Guernsey come to that, is seen as a Very Bad Thing Indeed – irrespective of the nature or purpose of that relationship. Look at the fury generated by Apple funnelling funds through Jersey. Something, we should note, which led the Jersey Financial Services Commission to clarify that it could confirm that the two Apple subsidiaries referred to were

not Jersey-registered companies and its understanding was that Apple funds relating to these entities had not been remitted to or held in the island. No matter, the damage was done: Apple had had its Jimmy Carr moment and Jersey’s Silicon Valley tax haven of choice status was cemented across the globe. The problem for these islands is that the tax narrative has become so black and white politicised that reality is a casualty and avoidance is an automatic ‘crime’ – no matter how many tax-dodging ISAs the critics legally hold. So the test is no longer, ‘is this legal?’ but ‘what’s the reputational risk?’ of an offshore exposure, no matter how benign or well advised. As I said earlier, so far, so normal. We’ve been here before and the benefits these islands provide for the City of London and the EU as well in channelling investment is well-known and appreciated. What’s changed, however, is Brexit. That reduces Britain’s influence in emphasising the positives these islands bring and, potentially, lessens the attractiveness of London as a financial centre in its own right and as our biggest customer. Perhaps more disturbingly, some of the UK’s biggest companies are reportedly contingency planning for a Jeremy Corbyn government and (when I was writing this at least) Theresa May was ‘hanging on by a thread’. Since this is all about politics and not about economics, I struggle to see a future Chancellor John McDonnell addressing a Momentum rally and saying, ‘You know, Jeremy and I really do think the Channel Islands are useful to have around…’ So for me, it’s not so normal after all. Which is the real worry. ■

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JERSEY CHAMBER NEWS

Executive Council Profile RONNIE ISHERWOOD CHAIR, DIGITAL COMMITTEE I joined the Chamber of Commerce digital committee two years ago and am pleased to have since become chairman. I’ve championed and promoted IT for many years through my role with the Chartered Institute for IT, as a technology speaker and as an occasional author and blogger. My computing journey began many years ago when I spent much of my free time learning about the Spectrum 48k. The computer was a great rainy day friend and something of an addiction at seven years old, as I was caught regularly using it as late as 5am! I started a music tech journey learning how to make tracks with basic software and with Spectrum’s own plug-in hardware drum machine. My favourite games were Manic Minor, R-Type and the Hobbit. Two decades after first touching a computer I had

worked in roles including hardware support, software development, technical sales and customer services before eventually settling into a role that involved all of these as an infrastructure administrator and consultant, working with highly available systems, data backup and virtualisation (a key technology that helps underpin and drive the scale and flexibility of cloud computing).

I have enjoyed travelling the world and collaborated with staff from companies such as Microsoft, Dell, NVidia, AMD, VMWare, HP and Citrix. I’ve been privy to what’s next in technology and had immense fun. Being deeply passionate about the IT industry, I have found myself working closely with Microsoft and other vendors helping shape the future of technology by developing the tools and services of the future. More recently, I have begun developing my own products and hope to see some of these launched soon. I have enjoyed travelling the world and collaborated with staff from companies such as Microsoft, Dell, NVidia, AMD, VMWare, HP and Citrix. I’ve been privy to what’s next in technology and had immense fun. I’ve recently become one the island’s first assessors and certification bodies for the Cyber Essentials Scheme and will be working hard to help people

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understand and adopt this and other important security programs which help protect business data against cybercrime.

Cybersecurity can no longer be the sole responsibility of each company’s IT manager and team... Since joining Chamber I’ve been part of some really great digital-focused events, such as promoting IT at board level, which is such an important message, especially while we work with the continued threat of cyber breaches. Cybersecurity can no longer be the sole responsibility of each company’s IT manager and team, it absolutely demands board level buy-in and it is imperative cyber awareness is filtered down through every organisation with each employee. General Data Protection Regulation (GDPR) is also a major area of work for Chamber and last year we put on two half-day critical briefing events, more of which will follow this year when greater detail is fleshed out. It’s these type of events that Chamber, with the help of our digital committee, puts on which are of major benefit to its members and the wider business community. My primary focus for 2018 will be to work as part of the high calibre team that is our digital committee, combined with Chamber’s Executive Council, to develop high-quality events, spark debate, respond to consultations and lobby Government on critical issues as they arise. ■


J E RSE Y C H AM B ER NE WS

Official visit to France c.1945-1955

Pirates, Princes & Politicians! Celebrating 250 years of the oldest Chamber of Commerce in the English speaking world. 24 February 2018 marks the 250th anniversary of the first meeting of the Jersey Chamber of Commerce. To say Chamber’s 250-year history has been an interesting and varied one would be something of an understatement! Along the way, Chamber has effectively lobbied governments and royalty in the Channel Islands, UK and France. Chamber was originally formed by a group of merchant shipmen after the Napoleonic wars destroyed the fishing trade off Newfoundland, thereby ruining Jersey’s principal industry in the 19th Century. They lobbied for special protection from government in order to restrict the impact on local ship owners, and succeeded. Chamber was also instrumental in the introduction of the postal service, cable communications and the development of St Helier’s modern day harbour.

In a couple of pages, I couldn’t even begin to scratch the surface of Chamber’s history over the last two and half centuries, so I’m not going to try. It has, as you will have gathered, a rich and important history both for commerce in Jersey and the general prosperity and development of the island since it was established in 1768. So when you next have some free time, delve into Chamber’s wonderful past. I promise you won’t be disappointed.

In 2017 we started to really analyse what Chamber meant for our members and the business community in Jersey as a whole: what is our mission and vision and how have these changed and evolved over the years? The aim is to try to ensure that, as the largest independent business membership organisation in Jersey, we remain useful, valuable and relevant in the future. To help us with that, later this year we will be launching a new website.

For any organisation to have lasted 250 years, forward-thinking and future proofing has clearly played a pivotal role in its success and survival. But what of the next 250 years? How can the executive team, the current and future presidents, vice-presidents and committee members, ensure that Chamber is around and relevant in 2268? Gulp!

What is clear is that our members have always been, and continue to be, at the very centre of everything we do. We exist to support and inform our members and our voice is strongest when we are most representative. We look forward to working hard to continue playing a vital role in the business community in terms of lobbying government, informing members and providing regular, valuable networking opportunities at some of the most wellattended business events in Jersey.

Clearly, that’s quite some navelgazing but more realistically, what about the next five, 20 or 50 years?

For any organisation to have lasted 250 years, forward-thinking and future proofing has clearly played a pivotal role in its success and survival.

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J ERSEY C HAM B E R NE WS

Chamber is the largest independent business representative organisation in Jersey with 550+ member businesses, representing 27,000 working people (just shy of half the working population)

of commerce in Jersey in general, and we’re delighted to be involved in providing and encouraging such a vital forum.

We recognise that the committee and the wider network are the very future of Chamber and of commerce in Jersey in general, and we’re delighted to be involved in providing and encouraging such a vital forum. Step two, who are our business leaders of tomorrow that will also head up Chamber? In December we officially launched Chamber Connection, a new committee for Chamber made up of and created for 18 to 35-year-old business professionals. The aim of the committee is to increase engagement with younger members of the island’s workforce, providing opportunities for networking, personal development and political engagement. We are excited at the overwhelming response to the launch of Chamber Connection. We recognise that the committee and the wider network are the very future of Chamber and

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Step three, assessing what the future of commerce will look like in Jersey, how will it be staffed and what are their expectations? All roads point towards managing millennials and generation-Z and so we’ll be holding quarterly events to discuss these sorts of topics. Step four. Well, I’m fairly confident steps one to three have gone some way to securing our short and mediumterm future, so when we reach four, I’ll let Chamber Connection step in. Of course, it goes without saying that every landmark anniversary deserves a major celebration and in October we’ll be holding a gala dinner at the Royal Jersey Showground (details will be announced later this year). The gala dinner will be an important element of how we mark this momentous occasion, but the really important aspect of our 250th anniversary is to acknowledge the importance of Jersey having its own very active Chamber of Commerce. Chamber is the largest independent business representative organisation in Jersey with 550+ member businesses,

representing 27,000 working people (just shy of half the working population). Our reach across all sectors of commerce is extensive and so too is our voice - Chamber shouts loudly on behalf of its members. Our lobbying holds government to account and we’re effective at doing so. In 2017 we successfully lobbied against the introduction of the liquid and solid waste charges, which would have seen some businesses paying an additional £40,000 water bill this year. In addition, just last month (December), the States threw out the Jersey Infrastructure Levy (JIL) as a direct result of our lobbying throughout the year. Our lobbying benefited the entire business community. We’ve achieved a lot in 250 years but there’s so much more to do. I believe every business should be a member of Chamber: to coin a phrase, we’re stronger together. Chamber’s voice is already loud, let’s make it deafening for the States in 2018 and well into 2268 and beyond. ■ Gillian Martindale-Parsons Chief executive, Jersey Chamber of Commerce


J E RSE Y C H AM B ER NE WS

Change: Ten Minutes to Midnight Speaker: His Excellency the LieutenantGovernor of Jersey, Air Chief Marshal Sir Stephen Dalton GCB LLD(Hon) DSc(Hon) BSc FRAes CCMI Date:

Wednesday 17 January 2018

Venue: The Pomme D’Or Timings: 12:15-14:30

January Lunch

Overview We can learn much about change and the importance of our attitude towards it from historical examples of major societal shifts. For example, at ten minutes to midnight on 15th August 1947, India’s independence was welcomed with the immortal words ‘At the midnight hour, while the world is sleeping, (we) will awake to life and freedom!’. With that, overnight, the world’s largest democracy changed forever - a change that would profoundly affect one fifth of the human race. Much earlier still the city-state of Rome, at one point the world’s most successful economic and military empire, fell apart as a result of complacency and stagnation. It had changed government forever, given us a standard language, a common currency, law, conditions of citizenship, trade and democracy. Yet it stopped driving forward and resisted necessary change, and this ultimately proved its undoing.

One government: a vision for a modern public sector in Jersey Speaker: Charlie Parker, chief executive officer, States of Jersey Date:

Wednesday 21 February 2018

Venue: The Royal Yacht Timings: 12:15-14:30

FEBRUARY lunch

Overview The new chief executive of the States of Jersey will set out his vision for the future of a ‘one government’ public sector, providing modern public services and long-term infrastructure for the people of Jersey. He will outline his ambition for a modern, flexible, efficient public sector, with a “right first time” culture, that works together as one government, focused on modern, high-quality, affordable customer

At a time when there is so much rapid change happening in our society, from a political, financial and often personal point of view, how do we ensure that change becomes routine? That it is seen as positive, as an opportunity, and embedded in our culture? In business, how do we ensure that we do not resist change and risk becoming obsolete, redundant and irrelevant? Having managed major change programmes in high profile positions across multi-departmental projects within government for much of his service career, His Excellency the Lieutenant-Governor of Jersey will examine and discuss our attitude to change and the critical lessons that commerce can draw from the past. With what will be his first major address to a large, local business audience since being sworn in to office in March 2017, we are delighted to be welcoming His Excellency to speak at the first Chamber lunch of the new year. Event sponsor:

Marbral Advisory

Wine Sponsor:

Dunell’s Premier Wines

Coffee Sponsor: Cooper & Co Jersey

services, a growing and sustainable economy, and infrastructure that will serve generations of islanders. He will set out the changes that he has already set in motion and indicate other priorities for action during his first 100 days. He will also talk about a new partnership between government and business. Event sponsor:

Sancus

Wine Sponsor:

Dunell’s Premier Wines

Coffee Sponsor: Cooper & Co Jersey

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J ERSEY C HAM B E R NE WS

Chamber Connection Launch Event Last December saw the official launch of Jersey Chamber’s newest committee, Chamber Connection, with a sell-out launch event at The Bar & Canteen sponsored by RBS International. The committee, formed for young professionals aged 18-35 from across all sectors of commerce, is aimed at increasing engagement with younger members of the island’s workforce. Providing opportunities for networking, personal development and political engagement for the business leaders of tomorrow. Committee chair, Adam Vibert said: ‘The event was a great success and gave us insight into the issues affecting young professionals, which we as a committee will look at. We’ll now establish regular events for networking and I’d encourage our demographic to join Chamber, like our Chamber Connection Facebook page (facebook.com/ChamberConnection) and sign up to the Chamber mailing list to ensure they don’t miss out on future invitations.’ Chamber of Commerce president, Eliot Lincoln, said: ‘It’s the first Chamber Committee in the organisation’s history that has been formed for an age demographic of the workforce rather than an industry sector, and that’s deliberate. We want to help each member of the Chamber Connection network make valuable connections with clients, colleagues and peers that will last for

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their entire career and the launch event was a fantastic way of getting that work started.’ The event was kindly sponsored by RBS International, whose CEO Andrew McLaughlin spoke about ‘A lesson from every job I’ve had’, which provided real career inspiration for everyone who attended. To find out more about getting involved in Chamber Connection, contact admin@jerseychamber.com ■


J E R SE Y N E W M E M B E R S Buchanan Consultants Ltd is one arm of the Davies family’s Jersey domiciled business activities, which comprise of Buchanan Investments Ltd, Buchanan Estates Ltd and Buchanan Consultants Ltd.

BUCHANAN CONSULTANTS LIMITED

NW CONSULTING

Director William Davies, a chartered surveyor and Jersey resident, chairs the company, which is entirely owned and managed by the family and named Buchanan after their great-greatgrandfather, Moses Buchanan, who formed Thos Buchanan and Co, shipping agents in Glasgow

Nathan Wright created NW Consulting as an independent IT consultancy service with over two decades of accomplishments spanning diverse sectors such as internet service provision, offshore financial services, SaaS, Fintech, retail and many more. As an innovator, he works with SMEs and corporate clients to provide tailored e-commerce planning, IT services and web-based solutions, project

Redwood is a modern customer-focused business risk consultancy, with the core principle of quality service delivered by industry experts.

REDWOOD OFFSHORE LIMITED

We provide tailored advice and outsourcing services to financial services businesses in all sectors of the finance industry, with a focus on compliance, anti-money laundering and data protection.

Childcare taken care of! A Jersey businesswoman is set to take the headache away of finding a babysitter on the island.

SPROGLETS

Kay Pearson has founded Sproglets, a one-stopshop for picking the perfect carer for your child or children thanks to a unique app. All carers are vetted, first aid trained and safeguarded to all required standards.

Intro connects businesses, makes introductions and helps improve operations and business development activities by connecting the dots.

INTRO

Intro is the connection specialist that puts you in touch with the right people who can help you take your business to the next level. We connect businesses to businesses, opportunities to individuals, promoting our clients’ and associates’ services.

during the late 19th century. The company became a substantial trading house in the second city of the Empire. The modern embodiment of Buchanan takes its ethos from the same Scottish Victorian virtues: innovation, endeavour and enterprise. Contact: William Davies Tel: 07829 920151 E-mail: wsdavies@mac.com

management, app development, offshore financial solutions, aligned with corporate objectives and goals as well as with inventors, start-ups and business angels. Get in touch today to discuss your requirements/ideas. Email: nathan@nwconsulting.co.uk Website: www.nwconsulting.co.uk Telephone: 07797 715572

At Redwood we strive to provide a first-class service and build long-standing relationships which enable us to add value and allow our customers to focus on their profit-making activity with the assurance that risk areas are dealt with effectively and efficiently. Contact: Jayne Button Tel: 01534 752930 Email: contactus@redwoodoffshore.com Website: www.redwoodoffshore.com All families have to do is download the app through Google store or the App Store, create an account and choose a suitable babysitter. For more information, visit www.sproglets.je Email: info@sproglets.je Website: www.sproglets.je Telephone: 07829 987861

By using our extensive network of trusted contacts, we make the introductions that you need to win business, develop strategy, change direction or to improve your organisation’s performance. To set up an initial consultation and discover how our services can help you, please visit our website or contact Carla Harris. Tel: 07797 814790 Email: carla@intro.je Website: www.intro.je 31


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B C EDE RI L ST L IN

G RE BD EN O LI G HT

Select.je, linking talent with opportunity

SIMON PERRY

NEIL MAY

GRAHAM KYBETT

PwC has appointed Simon Perry as the new senior partner in the Channel Islands.

Neil May is the new chief operating officer at Bedell Cristin.

Graham Kybett has joined BDO Greenlight as a senior consultant.

IN TE RT RU ST

‘I’ve seen at first hand Simon’s energy, enthusiasm and commitment to our clients and people. Simon brings a wealth of exceptional qualities, experience and skills to lead the firm to continued success and I’m fully confident that he will steer PwC to even greater things in the future.’

Managing director, Eliot Lincoln, said: ‘Graham has a very strong knowledge of the finance industry, in operational and customer-facing roles, and has solid leadership skills of the sort needed to keep all stakeholders engaged and deliver ambitious transformation projects.’

Managing partner, David Cadin, said: ‘I am delighted that we have been able to secure Neil’s services for this pivotal role. We are committed to providing the best possible service to our clients across the globe. Neil’s skills and experience will help us achieve this.’

PO LI JE C E RS AU E TH Y O RI TY

Former senior partner, Brendan McMahon, said:

Graham will work on a variety of change projects within the finance sector, including areas such as managing the impact of change on data, delivering management information and creating data solutions for new jurisdictions.

Neil will be based in the Jersey office but have responsibility across all jurisdictions, with a focus on the growth and evolution of the firm. His role will encompass change management and leadership, operational matters and client service.

HA W KS FO RD

A partner with PwC since 2005, Simon has worked at the firm in Sydney, London and the Channel Islands. He has been leading the UK asset and wealth management advisory business in London since 2013.

CHRIS BOWDEN

CARLY VARDON

JASON LANE

Chris Bowden has been appointed as a new associate director at Intertrust.

Hawksford has appointed Carly Vardon as an associate director.

Chris will join the corporate services team from Vistra. He will look after a portfolio of clients and also focus on business development.

Carly will work in the private client team with responsibilities including working with fellow directors to implement the private client business plan and developing new business opportunities.

The Minister of Home Affairs has appointed Dr Jason Lane as chairman of the Jersey Police Authority (JPA).

Director of corporate services, Alice Read, said: ‘Chris brings a high level of experience and expertise to the role. Corporate services is a major key service line for our Jersey business and we’re confident that Chris will be a great fit in helping us deliver outstanding client services and growing the business.’

Darren Kelland, global head of private client, said: ‘Carly has a wealth of experience in business development and client relationship management, as well as a robust understanding of corporate governance and improving business process efficiencies. Her experience working on an impressive range of international portfolios, particularly in the Middle East, will be a significant asset.’

Jason will hold the position for the next four years. The JPA is an independent body with a responsibility to ensure that the States of Jersey Police can deliver the key aims and objectives set out in law whilst maintaining an efficient and effective police service. Jason said: ‘I am absolutely delighted to be appointed the new chair of the JPA. My appointment on the JPA board has been one of the most interesting and rewarding voluntary experiences I have ever undertaken.’

Select.je, 2nd Floor, York Chambers, York Street, St Helier, JE2 3RQ

hello@select.je

01534 88 88 66

www.select.je

Let’s get social!


AT LA T NT HE IC HO TE L

SA NN E

DI RE C TI NP UT

...without the hard sell!

JULIEN MOREL

PAUL WATSON

WILL HOLLAND

Julien Morel has been promoted to account director at communications agency Direct Input.

Paul Watson has joined SANNE as a global director of change management.

Will Holland has taken on the role of executive chef at the Atlantic Hotel.

Julien will now take a lead in the dayto-day management of the firm’s PR accounts. He joined the team in 2015 following a 15 year career in the media.

Paul’s joins SANNE from HSBC Bank of Bermuda where he was the programme director for their financial crime compliance programme.

Will has been working in Michelin-starred restaurants since the age of 18 and was awarded a star before he was 30. He has been recognised by the Good Food Guide as one of its predicted 10 most influential chefs of the next decade. Managing director and owner, Patrick Burke, said: ‘Will brings with him a tremendous passion and energy which will mark the beginning of a new chapter for the hotel. His love of local produce aligns perfectly with our long-standing commitment to island producers and we look forward to further developing our culinary offering with him.’

LA W

‘Paul has a proven track record in delivery change at the highest levels. We will benefit greatly from his industry knowledge and experience as we continue to grow. Through our global change agenda we will align and prioritise a number of initiatives.’

BC R

C RE ST BR ID G E

‘Julien thoroughly deserves this promotion. We plan to grow the business across the Channel Islands, and having someone with Julien’s media experience and knowledge in a lead role will be a real asset as we go forward.’

Chief operating officer, Eric Watson, said:

C O LL AS C RI LL

Managing director James Filleul said:

GUNTHER THUMANN

PAMELA DOHERTY

EMMA WAKELING

Crestbridge has hired Gunther Thumann as an adviser.

Collas Crill has appointed new group partner, Pamela Doherty, to its property team.

Advocate Emma Wakeling has joined BCR Law to head up its family team.

Gunther is a former economist for the International Monetary Fund in Washington DC and will focus on developing the company from a strategic perspective. He was recently appointed as the chairman of Jersey Finance.

Pamela has extensive experience in all aspects of commercial property work and has acted on a number of significant property transactions in the UK and Jersey, including one of Jersey’s largest office lettings to date.

Emma specialises in family and criminal law. She will advise on a wide range of family including divorce, the resolution of financial matters and issues involving children.

Director Elliot Refson said: ‘Gunther is an immensely respected figure in the industry whose extensive experience working in the hedge fund world will add substantial value to our services. His experience within the economic world and professional market knowledge will be of great benefit to our clients.’

Partner Martin Le Boutillier said: ‘Pamela has a great reputation and proven track record in commercial property and client service and will enhance our first class property team and compliment our growing commercial, funds and litigation offerings in Jersey.’

Managing partner David Benest said: ‘Her expertise in family law will ensure that we are able to represent our clients in a wide range of matters. Her appointment comes at an exciting time for BCR Law, as we look forward to developing our offering to local clients.’

PERMANENT | TEMPORARY | EXECUTIVE | TRAINING | ASSESSING | SELECTING


Jennifer Cornick, fiduciary investment specialist at ZEDRA


Jennifer is a fiduciary investment specialist at ZEDRA in Jersey. She works as part of a team monitoring the performance and reviewing all portfolios of investments held by ZEDRA trust clients. Jennifer became a mum to twins in 2017 so is now finding a new work/life balance. Give us an overview of your career to date, and any particular highlights. After finishing university, I briefly worked at the Harlequins rugby training ground in Hampshire and met Will Greenwood, which was a pretty big highlight! I returned to Jersey and was offered a role at Lloyds TSB within the dealing team which I gladly accepted. This gave me my first glance at investments. I stayed in this role until 2008 when I moved to Royal Bank of Canada and into my first portfolio monitoring role. I was promoted to assistant manager in 2011 which I was very proud of as I had a team to manage. In 2013 I started working for Barclays Trust (now ZEDRA) in my current role. What goals or ambitions are you still hoping to achieve?  At the moment, my main goal is to get my twins (Charlie and Bonnie, born April 2017) to say ‘mama’ and get them crawling! But in terms of my career, I think in the next five years or so, I’d like to be moving up through the ranks. As the business grows, I would see myself becoming a senior within the team with a view to moving up to manager in the future. There are

a lot of exciting developments within the business and I’m sure there will be ample opportunities in the future. In your experience, does the glass ceiling still exist? Not as far as I have seen. At the end of the day, businesses would be doing themselves a disservice if they didn’t employ the most qualified and the best fitting person for their available role. What do you think about the issue of female ‘quotas’ in the boardroom?  I think the number of female directors is steadily increasing and will continue to do so. I’m probably going to be a bit controversial now though in saying that women shouldn’t automatically be promoted just to make up numbers. They should be the right person for that position. Ultimately, I believe women want to get a position because they have earned it, not just to make up numbers. Who are your role models? Corny as it may sound I would say my mum. She has raised four children and is now a huge help with her seven grandchildren. She always puts our needs above her own and growing up she made sure we had opportunities like school trips, even though I’m sure money was tight.

bow down to what is expected of her as an artist. I think in a world where bullying is rife, and where anything that goes against the social norm is ostracised, we need a few more Pinks to show people that you don’t need to be what others want you to be in order to succeed. What is the most important thing you’ve learned during your career? To be honest. If you don’t know something, say you don’t know; this is how you learn. As a new mum, what do you think the challenges are for women juggling parenthood with their career? Going back to work after having twins is a big challenge as the cost of childcare in Jersey is so high. I imagine almost every woman feels the same about this. I value my career and I love my job and the people I work with, but I wouldn’t be a mum if my twins weren’t my priority. I appreciate the support I have from my company in allowing the flexibility I need to balance life and work. No one should have to give up a dream of becoming a parent and they shouldn’t have to give up their career either. What three words would you use to describe yourself? Truthful, loyal, ballsy.

I would also say Alecia Moore (aka Pink), who has been credited as being a trailblazer of her pop generation. That might not sound like a lot, but she has guts, drive, determination and she’s not willing to

I appreciate the support I have from my company in allowing the flexibility I need to balance life and work. No one should have to give up a dream of becoming a parent and they shouldn’t have to give up their career either.


CH AM BER N E WS

JOINT CI TOPICS IN OUR SIGHTS Guernsey and Jersey Chambers of Commerce will be working closely together during 2018. They plan to join forces on issues important to the business community to make the two Chambers the biggest business lobbying organisation in the Channel Islands. The Jersey team flew over for Guernsey Chamber’s November 2017 lunch and, while both teams had already been in touch during the year, it was agreed that they will work together regularly going forward. Guernsey director John O’Neill pointed out that there are a substantial number of both political and business areas in which the islands’ organisations have an interest in supporting their membership. ‘It makes total sense for us to join forces on occasion to present a united front. That will have the effect of helping to make the CI business community more visible on the bigger stage, as well as underlining the effectiveness of the Chambers’ efforts on behalf of the membership.’ Jersey president Eliot Lincoln and chief executive Gillian Martindale-Parsons discussed a range of political and business issues when they met with Guernsey Chamber representatives. ‘There seems to be a huge amount of common ground so it makes good sense to work closely together,’ said Eliot.

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Both Chambers will look at providing additional member-to-member offers and communicate on important wider issues such as the impact of Brexit and the islands’ ‘brand awareness’ in relation to offshore jurisdictions. ‘We are all about lobbying, networking and information so both Jersey and Guernsey Chambers will identify common areas in which we can help each other and our members,’ said Guernsey president Martyn Dorey. During the ideas session of the recent meeting, topics including a CI university, transport links and working closely with UK Chambers were all discussed. ‘We will be holding quarterly meetings with the Jersey team and are very much looking forward to joining forces,’ said Martyn. One project under consideration is the launch of a two-island business survey which would provide a valuable insight to the Channel Islands’ economy. Working alongside one another to promote the CI as a location for business and to support the visitor economy and retail, along with other business aspects, is planned to reach a much wider audience. ‘It is not just about the higher numbers involved in both Chambers combining to help each other, but the reach, which is far stronger when we are united,’ Martyn said, adding that topics high on the list of members’ concerns, such as transport and Brexit, will remain a major focus during the coming year.

The Channel Islands’ Chambers have been invited to meet with the British Council of Chambers of Commerce in the spring and plan to use that opportunity to further strengthen ties with them. ‘We receive information regularly from the BCC and closely follow matters of interest that are relevant to our membership and to industry in general here and that is something which we intend to build on because every indication for doing business in future is that it will need to be far more collaborative on a national and international stage,’ Martyn concluded. Any business which operates in both islands, or is considering doing so, and would like to talk to the Chambers about involvement in seminars or events for members should email office@guernseychamber.com or admin@jerseychamber.com. ■

2018 Chamber potential joint projects • Two islands business survey • Brexit implications • Lobbying for better transport links • Supporting the retail industry • Raising the Channel Islands’ Chambers’ profiles at national level • Sharing speakers for pan-island events


H R & T RA IN IN G

BREAKING DOWN BARRIERS TO LEARNING

Is technology really the magic bullet? Leanne Archer, marketing communication manager at the GTA, explores the issues.

In November 2017, the CIPD published the results of the Towards Maturity Benchmark Study. This examined technology use in learning over 14 years, involving over 6,000 organisations and 40,000 people. The study yielded surprising results around the acceptance and use of digital learning. The digital learning industry is huge, and growing. Globally, it’s predicted to reach close to $31 billion by 2021. Far from being the magic solution that meets all learners’ needs, the CIPD report reveals that technology doesn’t necessarily make learning more available, more enjoyable, or more accessible for most people. The true barriers to learning are not technological. The biggest barrier for most people is ‘lack of time’ (59% of learners cited this in the CIPD report), followed by ‘uninspiring content’, and ‘lack of study space/IT equipment’. How can we break down these barriers, and where does technology fit in?

A recent CIPD Employee Outlook survey found that only 27% of employees had taken part in on-the-job training, but crucially 92% of those employees rated this learning as ‘useful’ or ‘very useful’. Time Too often the onus is on employees to pursue learning in their free time, rather than during their daily working lives. A

recent CIPD Employee Outlook survey found that only 27% of employees had taken part in on-the-job training, but crucially 92% of those employees rated this learning as ‘useful’ or ‘very useful’. Technology’s role in breaking down this barrier is a double-edged sword. On one side, use of mobile device based learning initiatives, for example, can serve to increase pressure on the employee to access this type of learning in their free time. But conversely, some employees may welcome the opportunity to literally take control of their own learning by embracing the ease of access that mobile learning allows. Perhaps the most effective way of breaking down this most fundamental barrier is for organisations to truly embrace a culture of lifelong learning, where learning is an intrinsic aspect of ‘work’, and employees are given time to learn in their everyday working practices. Uninspiring content Certain subjects aren’t exactly a laugh-a minute (data protection – I’m looking at you). But even GDPR training can be rolled in glitter by using relevant, appropriate, and engaging content and delivering it at a pace that learners can follow. Effective use of technology can make in-roads to breaking down this barrier - developing dynamic, highquality online learning content can bring dry subjects to life as much as is possible. The key point is effective use of technology, not just technology for the sake of it. The CIPD report cautions

against using technology-based learning solutions without first establishing what you are hoping to achieve. One approach that can make dry subjects easier to swallow is using technology-based ‘gamification’ as this introduces a motivational element that could be missing from a more traditional learning delivery method. Lack of study space / IT equipment As with the time barrier, the lack of space barrier to learning can also be broken down by workplaces allowing employees access to an appropriate (i.e. quiet, spacious environment with WiFi) existing work area to pursue learning and development. Locally, shared study/workspaces such as Guernsey’s Digital Greenhouse or the library can be a lifeline for employees who do not have access to a suitable space. Pushed further, people end up accessing learning whilst at home (often far from ideal or even possible for many people) or making use of coffee shops’ facilities. None of this gives employees the impression that their learning and development is valued and prioritised by their employers. What is needed here is commitment at all levels within a business to give paramount importance to their employees’ development and work/life balance. The message coming loud and clear from the CIPD report is that businesses should focus their efforts in creating a culture of continuous learning rather than hoping that technology alone will clear the path. ■ 37


HR & TR AINING

PIONEERING TIMES FOR FUNDS

Stuart Chandler, head of business development for BPP Professional Education, discusses the need for the right people, with the right skills, to continue to develop the Channel Islands’ funds industry.

The funds industry across the Channel Islands continues to show exceptionally strong growth, most recently demonstrated by the Monterey Insights figures, which indicate that the value of fund assets serviced stands at US$396.6 billion in Guernsey and US$346.5 billion in Jersey as at 30 June 2017. This upward trajectory not only reflects the fact that the Channel Islands are perceived to adhere to a higher standard – in terms of regulation and staff quality – but also the flexible approaches made possible by the JFSC and GFSC.

The openness of the regulators means that the Channel Islands have been – and should continue to be – used as test beds for the commercial application of innovative solutions. The facts that the world’s first regulated bitcoin fund was domiciled in Jersey (2014), before being approved for listing on The International Stock Exchange (2016), and the first fund-specific use of distributed ledger technology (known as blockchain) was by a Guernsey administrator (2017) were no coincidences, but endorsements of the desire to be seen as the domicile of choice for a wide range of products and managers.

Innovation, however, is not initiated by the regulators, but facilitated by them. Instead, an environment of creativity must be fostered through an engaged and knowledgeable workforce. This is achieved by enhancing the understanding and confidence of staff, be it through studying professional qualifications, attending targeted development sessions or wider industry updates. The Channel Islands are fortunate to play host to high quality training providers who are able to train staff to support the flourishing funds industry now and in the future. ■

BPP Professional Education, 2018 Funds training programme - Channel Islands Introductory courses (2 hours) Introduction to funds Drafting effective minutes Basic bookkeeping for fund administrators Overview of private equity Overview of real estate Supervisors (2 hours) The legislative environment The regulatory environment Overview of debt investments Introduction to valuations Interpretation of fund accounts Outsourcing and responsibilities of the outsourcing party Managers (2 hours) Carried interest UK Corporate Governance Code - overview and impact Market abuse legislation (MAR) - overview and impact Portfolio valuations - issues and controls Performance fees and equalisation

For more information contact jerseyenquiries@bpp.com or call 01534 711800 or visit bpp.com/jersey or guernseyinfo@bpp.com or call 01481 266176 or visit bpp.com/guernsey


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YOU’VE GOT MAIL

Alex Morel, managing director at ALX Training, explains how mastering your inbox can increase productivity.

Are there times when you feel that your job title should change to ‘email responder’? The world’s favoured business communications tool is, for many people, getting out of hand and for plenty of us, there are days when it can feel as though all we’ve done is read and respond to email. A Canadian study published in early 2017 by Carleton University, found that the 1,500 managers and business leaders who responded said they spent onethird of their working day responding to emails. However, even when they’d gone home for the evening the emails didn’t stop. In fact, half the time spent working at home was dealing with emails. Endangering productivity Of course, some things do get done via email but in truth, a lot of time is just spent reading them in order to make sure we’re not out of the loop. The study also found that of the time spent dealing with emails, 30% was spent managing messages that were neither important nor urgent.

The reality is that email is now in danger of reducing productivity rather than enhancing it, and while other communication platforms are becoming increasingly popular, email is still a standard for most businesses, and they need it to perform better.

Don’t just learn it, do it! In the session we explain the simple and easy-to-implement model that will keep your inbox clear, forever. However, we don’t just teach the technique, we actually work with our clients during the five hour session so that when they leave, their inboxes are empty, all messages are dealt with and a new approach to emails has been learned.

Rather than switching platforms or deleting everything and trying to start again, the answer to email overload is better inbox management.

As organisations look for new ways to improve productivity, it can be frustrating to see simple answers such as better email management being rejected in favour of buying in a new technology or similar. Mastering your inbox can mean an instant productivity boost. Time will not be wasted searching endless folders for the right email or accidentally forgetting to reply to a message as it is buried under other incoming communication.

At ALX Training, one of our most popular and rewarding courses is called ‘Master Your Inbox’. It’s designed to help business managers and teams become the master of, rather than a slave to, their emails.

Imagine how you would feel on Monday morning if you didn’t have to face an overflowing inbox and instead, were faced with only a short list of prioritised tasks and a calendar of your day’s true commitments. ■

Training for the Digital Age MS Office Office 365

Sharepoint Room Hire

Call 01534 873785 alex@alxtraining.com alxtraining.com

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GDPR

eLearning Courses European Union General Data Protection Regulation & Channel Islands Data Protection Training An Overview of the Regulation & Channel Islands Data Protection Laws Duration: 60 minutes (3-20 mins bookmarked sessions)

£50 per person Designed for: All professionals with access to personal data. CPD Accredited: 1 Hour (TBC) • What is new in comparison to the EU Directive • Who does the GDPR apply to • What is meant by ‘Personal Data’ • The 6 Key Principles of the GDPR • Major Aspects: Scope, consent, individuals’ rights, subject access requests, privacy by design and by default, role of the Data Protection Officer, DPIAs, good data governance, notifications, reporting and penalties • Implications of the GDPR and local Data Protection laws for organisations in the Channel Islands • Knowledge Check & Certification

Module Key Features

Emma Martins

Richard Field

Grant Hamilton

Sarah Levy

The Data Protection and Information Commissioner for the Channel Islands

Carey Olsen

MD of BITS

TPE Advisor

Collaborating with GDPR and Local Channel Islands Data Protection Experts

www.gdprlearning.co.uk


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eLearning overcomes GDPR challenge

With GDPR looming, Sarah Levy, eLearning designer at TPE, discusses how digital training could help local businesses be compliant.

2018 brings with it a monumental challenge for hundreds of Channel Islands’ businesses. The new data protection laws which come into force alongside the General Data Protection Regulation (GDPR) in May this year specify that all employees who have access to personal data should be appropriately trained. It has been widely reported that noncompliance with the key principles and notification requirements of the laws could result in proportionate and dissuasive penalties for organisations with maximum fines of up to €20 million or four percent of the organisation’s global annual turnover, whichever is higher. It was with this in mind that the TPA Group has established TPE, a new eLearning division which has designed a solution to the GDPR training challenge as its first product. So, what do we mean by eLearning? eLearning is an umbrella term used to include many forms of electronic learning – also known as online learning, virtual learning or digital training. The term eLearning has been around since 1999 when it was first utilised at a computerbased-training (CBT) systems seminar in the U.S. Prior to that, in the 1980s, the first Apple Macs were being used at home for educational purposes to broaden people’s understanding of particular topics. Then in the 1990s, the introduction of the internet revolutionised the world of computers and communications. People were able to access a wealth

of information online and benefit from animated educational CD-ROMS.

In 2014, over 41% of Fortune 500 companies were using eLearning to train employees, and the UK eLearning market was worth £565 million.

,

In the 2000s, businesses, which had identified gaps in industry knowledge and skill, started investing in eLearning courses to train their employees across multiple geographic locations. Companies began to realise the business cost benefits of self-paced training. For example, in 2010 it was reported by a leading eLearning provider that the self-paced training course they had delivered for Marks & Spencer’s 8,000 staff members - to raise the quality of service in their cafés, had resulted in a cost saving for the company of £500,000 in the first year over alternative traditional training methods, and resulted in a 22% improvement in customer service. In 2014, over 41% of Fortune 500 companies were using eLearning to train employees, and the UK eLearning market was worth £565 million. The size of the global eLearning market was estimated to be over $165 billion in 2015 and is expected to grow by 5% compound annual growth rate between 2017 and 2023 to exceed $240 billion.

courses where employees were predominantly passive in receiving information have been replaced with highly engaging, interactive, immersive micro-learning modules to be accessed flexibly, anytime, anywhere on all devices. The first module in the series, ‘GDPR: An Overview of the Regulation & Channel Islands Data Protection Laws’ provides all employees who have access to personal data with the opportunity to learn what needs to be actioned or planned for in terms of implementing appropriate technical and organisational measures to comply with the new laws. The module has been designed in collaboration with legal expert Richard Field from Carey Olsen, Grant Hamilton, MD of BITS (member of ADPO) and with support from Emma Martins, the former Channel Islands data protection and information commissioner. By adopting this eLearning solution, businesses will be able to meet the requirement to demonstrate accountability and measures taken to comply with the new legislation, which can be evidenced through digital training, completion and certification. It is our hope that we can support companies across the Channel Islands in the process of becoming trusted personal data custodians - reflecting the highest standard of integrity and professionalism in data privacy and security. ■

In the last 10 years there has been a significant shift in the way in which corporate eLearning is designed, developed and delivered. Two-hour 41


ASL Adding Real Value www.asl-jersey.co.uk

EXECUTIVE SERVICES

TECHNICAL

RECRUITMENT


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FINDING THE RIGHT FIT

If the new year has brought thoughts of a new job, Tina Palmer, director at ASL in Jersey, explains the benefits of using a recruitment consultancy.

Why use an agency? If you’ve already started your job search, you’ll know how much time and effort it takes to customise each application (time that would be better spent researching companies and preparing for interviews). So if, despite your best efforts, you’re still not being called for interview, how do know where you’re going wrong? With a plethora of CVs to trawl through it’s easy for employers to overlook your potential on the basis of your academic credentials and lack of experience. After all, they don’t know you or what makes you tick. Good recruitment consultants are trained to recognise potential when they see it. When companies don’t know you they can only assess what is in your CV; however, they often trust the judgment of an agency to send only candidates of the highest calibre to integrate into their teams. We spend time getting to know our clients, their vision and values. We meet with the recruiting line managers to find out more about the role as very often job descriptions are generic or full of jargon. This gives us the best opportunity to match the candidate to the right role and organisation.

We will give you a real insight into your preferred employers; unpublished jobs; what it’s like to work there; team structures; benefits; social aspects; and, most important of all, a feel for the culture.

We pride ourselves on having our finger on the pulse of the specialist markets. We will give you a real insight into your preferred employers; unpublished jobs; what it’s like to work there; team structures; benefits; social aspects; and, most important of all, a feel for the culture. Companies invest a lot of time and money in developing and marketing their brand and it’s important to understand where you fit in and what characteristics set you apart from the rest. If you don’t thrive in a particular culture, it doesn’t matter what your job title is, how much you’re being paid or which of your friends work there - the job can get toxic pretty quickly if the fit is not right for you. It’s our job to understand our client’s needs, their culture and to spot talent with the potential to flourish in these differing environments. What are the benefits? There are many reasons why using an agency can improve your job prospects. Some candidates lack the confidence to apply for competitive jobs because they feel they don’t have the required skills, have misinterpreted the job specification or are daunted by the prospect of a formal interview process. Perhaps you have never had an interview or it’s been a long time since the last one. The biggest bonus of using an agency, instead of applying for roles directly, is the ability to sit down with a market professional to discuss your strengths, tidy up your CV and identify the right roles for you. A bad interview experience can really knock your confidence. We offer you interview presentation and take you through how to present yourself in the most favourable light to a prospective employer.

The more agencies you use the higher the possibility of you losing control of your search and how potential employers see you, particularly when they receive multiple copies of your CV. How do I register? One of the best things about using an agency is…it’s free. Whilst it is your prerogative to register with as many agencies as you like, it’s always better to limit this to a select few. Be wary of agencies asking you for exclusivity or those that suggest you give them carte blanche to send your CV out to employers without your prior knowledge or consent (that’s the commission talking!). The more agencies you use the higher the possibility of you losing control of your search and how potential employers see you, particularly when they receive multiple copies of your CV. It’s far better to build a lasting relationship with an agency that understands you and your aspirations and to work with consultants you can trust to act in your best interests. Our consultants at ASL are not on individual commission and work together with you to find the right role in the right organisation. So whether you’re looking for a career or a just a nice job, don’t go it alone as you could risk missing out on some of the best opportunities out there. ■

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HR & TR AINING

KNOW YOUR WORTH

Talking about money can be a sensitive subject. But Jenny Mitchell of Situations in Guernsey explains why it’s important to know what the pay scales are in your industry – both for employers and employees.

A new year has rolled around again and it’s no mean feat being in business these days, especially keeping the momentum going in a challenging economy. So, what are some of the keys to success to stay ahead of the game and maintain/ grow your position in a competitive small marketplace such as Guernsey? Beating the competition Moving with the times, embracing new technology, being well prepared for relevant new legislation e.g. GDPR and constantly trying to come up with new ideas and services that differentiate you from the competition are just some of the ways to maintain a successful local business.

staff the right salary levels. The information provided in the guide is based on our local employment market knowledge from 32 years in business and the 60 years’ total recruitment experience amongst our qualified consultants. Every day we are meeting local candidates and talking to Guernsey employers, so we know in detail what people are being paid and what local businesses are offering for their roles. The Guernsey salary guide provides current accurate pay scales for a huge range of office professions, at every level from trainee right up to managing director, and includes both fee-earning and support staff. It also provides current market pay rates for temps and contractors.

The Guernsey salary guide provides current accurate pay scales for a huge range of office professions, at every level from trainee right up to managing director, and includes both fee-earning and support staff. Paying staff fairly With cost-saving being a hot topic for many businesses these days, paying your staff the right amount is an important factor to get right, particularly in a service industry. This is not only to reward them well for their hard work, to be fair and to ensure staff retention, but also to avoid unnecessarily overpaying on occasion. Guernsey salary guide In summer 2017, we launched the online Guernsey salary guide, which is aimed at assisting employers in the office environment to ensure they are paying their

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Benefits Reward and compensation are not just about basic pay, so the guide also includes full details of standard benefits packages being offered in both the finance and commercial sectors in Guernsey, to ensure that employers can remain competitive and attractive to staff. Staff reviews The guide links to current Guernsey RPI rates and is also reviewed by our directors twice annually to ensure it is kept entirely up to date and relevant, with September being one of those review times. This is

Our online Guernsey salary calculator (the only one on the island) provides very useful information to any employees as to the amount they will take home in net pay, as well as the amounts of their income tax and social security deductions convenient time-wise as local employers may assess their staff and make review decisions in advance of the effective date of any pay increases, often 1 January each year. Calculating net pay On the flip side, our online Guernsey salary calculator (the only one on the island) provides very useful information to any employees as to the amount they will take home in net pay, as well as the amounts of their Income Tax and Social Security deductions, on an hourly, weekly, monthly and yearly basis, after just inputting their gross pay and, if they know it, their own tax coding. When running a business your staff are your greatest asset, so using relevant tools such as the Guernsey salary guide can only assist in ensuring you are rewarding them fairly. ■


Ready for a leading role? Does your current script lack excitement, intrigue, character development and rewarding payoffs?

Let us help write your next chapter We play a leading role in the financial services sector, so come and talk to us and let’s see where your story leads.

situations.gg


WE GET PEOPLE JOBS BUT THAT’S NOT OUR ONLY TRICK. WE’RE ALSO EXPERTS IN COACHING, PSYCHOMETRIC PROFILING, CAREER GUIDANCE, PAYROLL SERVICES, AND RECRUITING AT NED LEVEL.

To find out more give us a call on 712891 or visit osa.gg


H R & T RA IN IN G

BUILDING TRUST

Nick Graham, managing director at OSA Recruitment in Guernsey, explains how important it is for recruiters, clients and candidates to have confidence in the recruitment process.

In these times of uncertainty and significant changes in our world, it has probably never been more important to find the right fit of people to hire. The financial cost of getting this wrong needs to be avoided, but when a key hire doesn’t work out as anticipated, there is often disruption left trailing in its wake. Skilled and experienced human resources practitioners are accustomed to evaluating and making these big hiring decisions daily, but not all organisations are able to employ HR specialists. The idea of hiring an important person into a business can seem like a daunting task. That is where recruitment experts can add value to the process, either working closely with HR teams or supporting a business owner through the process. For this to be effective a relationship of trust needs to exist. Our philosophy is that recruitment is not about working in “sales”, which certainly goes against the stereotype some people have of the recruitment business. Instead we build relationships where mutual trust is a vital ingredient and we invest time and effort to make that happen.

Given our statement that mutual trust is vital, there is still a natural caution against getting it wrong, both for the hiring client, as well as for the candidate. In recognising that, we believe that additional services can offer some reassurance that the decisions made are the right ones.

these topics are often intertwined.

The first is a psychometric online profiling tool called PRISM, which helps individuals understand their strengths and uses neuroscience to help them understand their own behaviour.

Alice said: ‘Coaching is a partnership between two people based on trust and respect. Individuals come to coaching because they want something to change in their life. Through a series of one-to-one confidential sessions, a coach can help increase self-awareness to identify opportunities and help you stay on track with your goals, explore the options and form action plans.’

Jade Corbin is a qualified PRISM practitioner, and she has used PRISM with candidates of all ages. She said: ‘It is a great tool for personal development and a way of mapping your behavioural tendencies. The results can help you understand where your career might flourish and it can assist an HR decision or can just be really helpful for an individual’s self-awareness.’ Secondly, we have found that coaching can be hugely beneficial in supporting individuals to achieve their full potential, either in their career or in other aspects of their life, and

Alice Digard is a certified coach who has been engaged by employers wanting to unlock better performance in their teams, as well as by individuals who feel they would benefit from understanding their choices – and coaching does help that outcome.

Typical examples for coaching might include: managing time better; tackling performance problems in a team; acquiring skills for a new role; tackling the stress in part of my life; getting a better balance between work and home; and improving important relationships. The world is changing, and recruitment services are evolving in line with this. ■

This needs to work in two ways - firstly with clients who are recruiting, but also with candidates, who are contemplating the huge decision of potentially moving job or changing career path. Trust is built on the foundations of being knowledgeable about your industry, being open and transparent, being objective, and doing the things you say you are going to do.

The OSA team

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HR & TR AINING

Can Fintech help you fall back in love with your job?

The business of financial services is going through unprecedented change. James Le Flocq, senior recruiter at Source Recruitment, argues that fintech is opening up new opportunities for anyone looking for a fresh challenge.

It’s an interesting time to work in the finance industry. Guernsey has worked hard to forge a reputation that is the envy of other jurisdictions around the world but the industry is in a state of flux. Change is afoot, not just ‘out there’ but here on our shores too. Technology is the driver of much of that change; the word ‘disruption’ has never been so popular. The nature of Guernsey’s finance industry can create opportunities that will in turn reshape business models and, ultimately, bring about global changes in the sector. It is easy to dismiss the day-to-day jobs we do as lacking in purpose or meaning, but look beyond our 25-square-mile island and consider the impact our local industry has on the wider world. Millions of people benefit from investments that flow through the island. From pensions for people who have worked hard all their lives to health insurance payments and new ways to save up for a long-held dream.

Fintech has been described as a ‘bridge out of poverty’ for people living in developing countries, and the technological revolution is changing the face of finance In fact, innovations in the finance sector are helping to spread its benefits wider and further than ever before. Fintech has been described as a ‘bridge out of poverty’ for people living in developing countries, and the technological 48

revolution is changing the face of finance, arguably for the greater good. Maybe it’s time to change our view of financial services, quite literally in some ways. For example, virtual reality is being applied to banking to bring alive trading data or attract the next generation of savers, while gamification is being used to improve the relationship between retail banks and their consumers. The desire for speed and simplicity is sweeping aside the old order, opening up new opportunities for those already in the sector and those bringing new skills to the table. The ID Register is an example of such an enterprise. The investor onboarding platform helps to make key processes such as fund launches faster, easier and more cost-effective. Tim Andrews, business development director, explains: ‘The ID Register grew out of the impact of new legislation on our clients and it has flourished because Guernsey has a cluster of experienced financial services businesses with a deep understanding of the markets and regulations. That gave us the insights and knowledge to develop a concept that delivers globally. ‘Furthermore, our alliance with KPMG came from a typical Guernsey business relationship and the decision to work together, rather than against each other. The openness of the Guernsey Financial Services Commission to technology and innovation was another key factor; they are the most flexible and dynamic regulator we have experienced.’

Beyond our shores, the traditional sectors such as banking, mobile payments, money transfers, investment and asset management now harness far from traditional approaches. Taking a different view has meant innovations like blockchain are now a reality for payments, trading, trade finance and more. With this in mind, finding more purpose and excitement while working in finance is starting to sound possible. ‘The ID Register has made a deliberate choice to seek out people from different backgrounds or circumstances and it has been a real pleasure to take on people who think differently,’ says Tim. ‘We strongly encourage young people to consider technology roles within finance and there are opportunities to ride the wave of fintech in Guernsey.’ Of course, while the industry is changing, some things stay the same. Who doesn’t want a good work/life balance? To spend less time in our car commuting and more time with our families, enjoying our hobbies and the environment around us. We’re lucky to live in a place where that is possible. The global business of finance still offers one of the most attractive careers for bright thinkers. Great pay aside, it’s a fast-paced sector that will continue to have a very tangible purpose and a broader impact while challenging its workforce in new ways. ■


Source Recruitment has been at the centre of the local workplace for over 12 years, helping organisations of all shapes and sizes to meet the right candidates for their permanent or temporary job requirements. Whether you are looking for a short-term assistant or a permanent head of department, we take the time get to know our candidates and clients, using our recruitment expertise to place the right people in the right jobs. Keeping both our clients and candidates happy is at the heart of what we do and with our own in-house recruitment technology, we can react to opportunities quickly whilst remaining true to our values of putting people first. Meet the career you’ve dreamed of or welcome your new team member. Say hello to Source.

Call us on 01481 701616, email hello@source.gg, visit www.source.gg


We are leaders in our industry. We bring HONESTY to recruitment.

88 88 66 hello@select.je

Select.je PERMANENT, TEMPORARY & EXECUTIVE


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A new world of work

Toni and Sean O’Flaherty, directors at Select.je in Jersey, argue that in a rapidly changing marketplace, using the right recruitment agency is a worthwhile investment.

The world of work has changed dramatically over the past decade and technological advances and employee expectations mean that those changes are continuing rapidly. Research shows that the majority of jobs in today’s market didn’t exist 20 years ago, and that in another 10 years 60% of roles will be completely new compared to today’s workforce.

It’s easy to see why approaching your recruitment in the same way you did only 10 years ago might not work. Staggering isn’t it? Add to that the mindset of the millennial workforce and their technological approach to job hunting; the expectations of senior leaders in a world where it’s OK to talk about ‘work life balance’; and the importance to candidates of a strong employer brand and company values. Altogether it’s easy to see why approaching your recruitment in the same way you did only 10 years ago might not work. Recruitment agencies can sometimes be questioned about what value they bring as people often don’t understand what they’re paying for - why would you sing the praises of a business which is just acting as a postbox? We believe this stereotype is because some agencies continue to work in outdated ways, not recognising how much the world of work is changing, and therefore not delivering what their clients need.

It’s obvious that simply running a newspaper advert won’t cut the mustard - recruitment is much more than simply matching on skill set alone - so what should a good recruitment agency be doing for its clients? A good agency can source appropriate candidates for specialised roles that are difficult to fill - with a number of available candidates already on their databases. They should also have access to efficient advertising channels. A great agency will also have strong networks to draw on, which is increasingly proving to be the most successful way to fill roles. Any recruitment firm can send you a pile of CVs, but a skilled recruitment specialist will ensure they are the ‘right’ CVs for you. They will also know your business well enough to be able to promote the advantages of working with you, including the important culture and brand awareness that high calibre candidates want to know about. Any agency worth its salt should offer you total recruitment solutions including tools such as skills testing, pre-employment

screening, advice on market trends and salaries etc. It’s how they apply this knowledge and those tools to your search that really counts - the proof of that is the quality of candidates they send you. If you’re not confident that they understand your business, then it’s going to be a tough sell to a candidate. Have you ever been faced with a candidate who was great on paper but didn’t match this in person? A good agency will help you with the challenges and pitfalls of recruitment, a great agency will be adept at creating a positive candidate experience and removing the stresses for jobseekers and employers alike. Still not convinced? Or thinking of having a go yourselves? Direct hiring can be difficult and time consuming, especially if you have no experience or expertise in the recruitment process. You will need to create, pay for and post suitable job adverts, work your way through a lot of CVs (or in some cases none!), carry out interviews and negotiate the entire process yourself. After all of this, if your dream applicant turns down your job offer then you have to start the whole process again! Engaging the services of a recruitment agency is free if you don’t offer the role to any of their candidates. With an agency you only pay once successful and a good one will also have a reimbursement scheme - a great agency will give you insight, expertise, great candidates, a stress free experience and no fees until you have your role filled with someone you will love. ■

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HR & TR AINING

GETTING HELP WITH EMPLOYMENT

Michael Evans, chief executive of the Guernsey Employment Trust, explains the charity’s focus and how it can help both disabled islanders and businesses.

Guernsey Employment Trust (GET) was formed as a registered charity in 2015 to deliver the employment services that were, at the time, being delivered by Interwork Services, which was then part of the Health and Social Services Department (HSSD). Following the transfer of services, the priority to be addressed was that of low participation of disabled people in employment and a long waiting list (in excess of 12 months). The service was rebranded and moved to more appropriate and accessible premises. GET trained and reorganised its staff as well as recruiting additional members to the team. Procedures were made efficient and new services were added to widen the remit and benefit more members of the community. The aim of GET is to create employment opportunities for disabled and disadvantaged people, and to assist them to prepare for, find and maintain work. People with all forms of disability are supported. GET also provides a professional recruitment and advisory service to employers. All its services are free and easily accessible. GET is designed to not only address the employment needs of disabled people but to also support the business community and employers to respond to the needs of disabled staff and job applicants. At no cost, employers will receive a friendly, professional and flexible range of support that can benefit both their organisation and their employees.

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Since GET took over the service in 2015, it has supported 180 disabled people into paid jobs with 80 disabled people finding jobs in 2017.

attitudes in Guernsey and create a more inclusive society so that disabled people can be active and engaged socially and economically, then positive action is required.

Furthermore, GET has introduced the employers’ disability charter to enable employers to demonstrate that they are working towards taking positive action that will enable more disabled people to access employment opportunities.

Both the good practice guide and the employers’ disability charter were produced as part of the States of Guernsey Disability and Inclusion Strategy. Both the guide and charter can be found at www.get.org.gg/employers

During spring 2017, GET produced a good practice guide. The guide is intended to be used as a reference document for employers who wish to maximise the potential of disabled people who are, in essence, an untapped workforce but have a huge range of experience and potential. Moreover, the guide is intended to be practical and helpful and to give employers information that could assist them in the future to meet the requirements of the forthcoming local disability discrimination legislation. Furthermore, GET has introduced the employers’ disability charter to enable employers to demonstrate that they are working towards taking positive action that will enable more disabled people to access employment opportunities. The charter is not a statutory obligation nor is it a legal requirement; signing up to the nine commitments of the charter is voluntary. However, if we are to change

GET is now delivering regular presentation and training events. The aim is to assist employers to become more confident about disability by providing practical guidance concerning the recruitment, retention and employment of disabled people. Many companies have already attended this training and are in the process of signing up to the charter. The feedback received so far has been positive. To find out more information about the training, please visit GET’s profile page on Eventbrite where you will be able to select a date/time/venue to suit you. GET has received considerable recognition in Guernsey by disabled people, employers and key stakeholders with regards to the improvements made and was recently shortlisted for the Guernsey Charity of the Year at the Guernsey Community Awards. If you would like to find out more information about Guernsey Employment Trust then please contact Michael Evans (chief executive) or Nikki Ioannou-Droushiotis (manager) on 01481 247999 or visit the website www.get.org.gg ■


FREE

Employment & Disability Workshop. For Employers. Wednesday 14 February 2018 8.30am - 11.30am, Les Cotils. Registration 8.15am This workshop on good practice

The workshop is suitable for those

will assist employers to prepare for

with recruitment and selection

forthcoming legislation by providing

responsibilities and staff dealing with

them with practical guidance

employment issues in the workplace.

concerning the recruitment, retention

To book your place(s) contact

and employment of disabled people. The workshop and the materials provided are free. The workshop will cover many topics including: identifying local sources of advice and support, introducing good practice procedures into the workplace and eliminating discriminatory elements from employment practice, improving management skills regarding diversity issues and enhancing corporate reputation.

www.get.org.gg

Nikki on 247999, email Nicola.ioannou.d@get.org.gg or book directly at www.eventbrite.co.uk. If you need assistance with bookings, transport or have any other reasonable adjustments/special requirements then please contact Nikki. Please allow at least a weeks notice before the event so that arrangements, where possible, can be made.


HR & TR AINING

FROM TRAINEE TO THE TOP

Jane Wade, head of HR at Saffery Champness Registered Fiduciaries, discusses how they believe an open and supportive learning culture reflects a genuine focus on people.

The financial services industry employs thousands of Channel Islands residents with many more working for peripheral businesses supporting the sector. There are numerous entry points into financial services work and firms like Saffery Champness recognise that high quality, well-trained professionals are paramount in what remains a competitive area of business and, indeed, a competitive employment market. For this reason, our focus on structured training and development ensures that all employees, from school leaver to director, are firmly on the path to the next stage of their career.

STEP runs an Employer Partnership Programme to help employers maximise the learning of their STEP members by setting industry benchmarks. One key way in which employers can add value to their training programmes is by aligning themselves with a professional association. For the very dominant fiduciary sector in Guernsey, this will most likely be the Society of Trust and Estate Practitioners (STEP). We were one of the first firms in Guernsey to be awarded the STEP Platinum Training Partner accreditation - part of STEP’s employer training scheme designed to help employers of STEP students to plan and deliver the best possible learning experience.

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Achieving these accreditations from a well-respected and professional body truly highlights an organisation’s commitment to up-skilling its staff and providing the best service to its clients.

Collaboration and peer support also play their part in helping to develop those progressing in their career. Over recent years we have hired local school leavers and graduates as trainees across our fiduciary, fund services, audit and tax business areas. Bursaries have also been awarded to support student recruits pursuing accountancy qualifications.

STEP runs an Employer Partnership Programme to help employers maximise the learning of their STEP members by setting industry benchmarks. It provides a set of quality “gold star” standards and other support, including online resources and personal advice, for employers and trainees. Firms who engage with this are also able to evidence their intention to continue building on its learning and development programme.

The mentoring scheme we have implemented, where mentors from throughout the firm are charged with supporting students throughout their professional studies, has been well received by our recent intake of trainees. Our culture of development has led to the firm currently employing 125 people in our Guernsey office and has seen many individuals progress from junior roles to senior management including managing director Nick Batiste who started with the company as a trainee trust administrator in 1992. ■

The Association of Chartered Certified Accountants (ACCA) also designates Approved Employer Status to those employers whose training and development meets a global, best practice benchmark – another accolade we are proud to have achieved. Like STEP, this award recognises a firm’s trainee development, practising development and professional development for its members and trainees. Achieving these accreditations from a well-respected and professional body truly highlights an organisation’s commitment to up-skilling its staff and providing the best service to its clients. Those businesses that achieve them are showing that their people are central to all that they do.


Growing local talent Saffery Champness has been established in Guernsey for 40 years and has grown to become one of the largest independent providers of professional services on the island. Across our fiduciary, fund services, accountancy and tax teams we have a high number of staff who have started their career as trainees and gone on to progress within the firm. We are committed to investment in local talent. If you would like further information about career opportunities at Saffery Champness please contact the Human Resources team on: T: +44 (0)1481 721374 E: humanresourcesteam@saffery.gg

www.saffery.gg

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L EGAL A RE N A

Digital to the death

As technology infiltrates every aspect of our lives, could it become part of our death wishes as well? Joanne Seal, group partner at Collas Crill in Guernsey, looks at the future of wills and how they could be drafted.

In a bold move, the UK Law Commission recently issued a consultation to look at whether the laws surrounding wills need to be modernised to reflect developments in our society such as: • Changing patterns of family life (cohabiting couples and second families); • An ageing population and the rise of dementia; • An increased reliance on digital technology; • Medical developments which can alter a person’s mental capacity; and • People’s ownership of property. After surveys evidencing that over 40% of the UK population die without making a will, consideration is being given to proposals amending the current UK laws to make the process easier and more attractive. Electronic wills Although a variety of proposals are being considered, arguably one of the most interesting is the potential introduction of “electronic wills”, raising the question: could technology allow individuals to make and sign their wills online? With so many people put off making a will, would this be an easy and cost effective way to manage and update our wills? Or would it create a system ripe for abuse? These proposals have caused some controversy with concerns being raised that a voicemail or a text message could pass as an individual’s last will on death.

The consultation document voices strong arguments that the ability to create a will should apply not only to traditional written documents but also where individuals express their intentions in an electronic format, including audio or audio-visual recordings. But is this already happening? It was reported recently that the Brisbane Supreme Court accepted an unsent, draft text message found on an individual’s phone, leaving his estate to his brother and nephew, as a valid will. Within the text, the deceased gave details of how to access his bank account and where he had hidden monies within his house, also noting what should happen with his ashes. Despite the deceased’s wife arguing that the text was not a valid will as it had never been sent, the Court ruled that the informal nature of the message did not prevent it from outlining his intentions and standing as a valid will. The challenges The Law Commission admits that implementing such changes does raise challenges. Is a draft text message just a musing or does this show a definite wish of what would happen to assets on death? What really was the deceased’s intention? Would the ability to leave an electronic will increase incidents of family discord? What about data protection? Who could access those messages? How easily could a text message be deleted?

protected so they cannot be forced into making a will in this way? Would such a system really be suitable for clients with complex assets or family circumstances? What about clients with tax considerations that they might not be aware of?

Love it or hate it, technology is infiltrating every aspect of our lives. And with technology comes change. The laws surrounding death have not exactly been known for innovation, however if we are willing to bank, shop and manage most aspects of our life online, perhaps digital planning is something to consider. Changing times Love it or hate it, technology is infiltrating every aspect of our lives. And with technology comes change. Although the Law Commission is considering UK law specifically, with Guernsey’s inheritance laws having been altered significantly over the last few years, and the potential for UK laws to be persuasive on our own, technology is already helping people look at end-of-life planning in alternative ways. Perhaps it is inevitable that, as generations of digital natives grow older, they will seek a digital solution for what happens on their death. ■

Also, surely any changes would need to ensure that vulnerable adults are

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LEGAL AR ENA

GET OFF TO A GOOD START

Ian Strang, managing partner of Voisin Law, looks at how to comply with the regulatory regime when first setting up a business in Jersey.

Obtaining a licence Businesses wishing to set up in Jersey need to comply with the provisions of the Control of Housing and Work (Jersey) Law 2012 (CHW Law). Under the CHW Law anyone establishing a new “undertaking” is generally required to obtain a licence by application to the Population Office, a department of the States of Jersey. When considering licences, the Population Office will evaluate the demands on resources as well as the effect on the island’s integrity and reputation. An application for a residential undertaking is the most usual application. The licence will specify: (a) The permitted activity; (b) The number of licenced employees and registered employees permitted to be engaged by the undertaking. Employees The business licence will set out the number of employees that fall within categories (b) to (d) below. Residents fall into four categories: (a) Entitled – 10 years or more residence; (b) Licensed – essential or skilled employees - less than 10 years residence; (c) Entitled for work only – those between five and 10 years residence; (d) Registered – less than five years residence. Employment of entitled persons is unrestricted.

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Work permits Generally British citizens or British subjects with a right of abode will not require any work permit. Similarly a national of a member of the European Union or European Economic Area will not require a work permit as well as certain Commonwealth citizens. Employees from other countries may require a work permit and some nationalities may also require visas. Advice should be sought in this area. Legal entities The most widely utilised vehicle for setting up a business in Jersey is the Jersey company. Alternatives include partnerships, limited partnerships, limited liability partnerships, protected cell companies or incorporated cell companies. Legal and tax advice should be sought as to the most appropriate vehicle. Regulatory consent is required for each particular vehicle established in Jersey. For example consent under the Control of Borrowing (Jersey) Law 1958 is required to incorporate companies or registered limited partnerships. Disclosure of the activities of the business and beneficial ownership will be required. Taxation Jersey has a standard zero rate of corporate tax with a higher 10% rate levied on regulated business. Regulated business includes financial service operators such as trust companies and banks. Utility companies pay tax at 20%.

Individual Jersey residents are generally subject to income tax at 20% (plus up to 1% for long term care). There are no capital gains, gift or inheritance taxes. Generally there is no stamp duty on the transfer of shares. Jersey has a goods and services tax at 5% and provisions for social security to be paid on employment. Other regulatory licences Licences are required to undertake trust company business, investment business or other fiduciary services under the Financial Services (Jersey) Law 1998. Similarly setting up a bank will require a licence under the Banking (Jersey) Law 1991. Collective investment funds require consent under the Collective Investment Funds (Jersey) Law 1988. Taking up residency Occupation of property is highly controlled. Generally all Jersey resident accommodation is classified as qualified or registered. Registered property can be occupied by anyone and includes guest houses, lodging houses, hotels. Qualified property is all other property and can be occupied by persons holding a licence or by persons who are licensed or entitled. Conclusion Setting up business in Jersey needs careful consideration and professional advice to ensure that all licences and consents are in place. Voisin Law is in a position to advise in all areas and put you in touch with appropriate agencies in Jersey. ■


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LEGAL AR ENA

Candidate screening – how far is too far?

Richard Sheldon, counsel at Appleby, looks at the impact of GDPR legislation and how it may limit employers’ ability to screen future employees.

In the modern world where it has never been technologically easier to monitor and track the actions of employees, it feels counter intuitive to start from the premise that we shouldn’t attempt to find out every possible detail about a potential candidate. However, with the implementation of the General Data Protection Regulation (GDPR) and equivalent legislation in both Guernsey and Jersey, those businesses that do undertake preemployment screening will need to reassess in light of the new laws. Probably the three key areas of screening are: • Criminal records and background checks; • Medical screening; and • Social media screening. For many employers, requiring a criminal record or background check on a prospective candidate is recruitment 101, especially for those working in finance or safeguarding. At the most basic level this would include taking up references from a former employer. For more in depth screening, for example, to check if someone had a criminal record this would clearly be permitted in circumstances where there is a legal obligation to undertake such checks. For most employers however, there will not be a legal requirement but merely a company policy. In such circumstances employers must ask whether a search is necessary and proportionate for

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the role. If it is then the first decision should be whether a declaration from the employee will suffice? If not and a check is appropriate, then consideration must be given to its level. For the vast majority of roles this should be limited to unspent convictions. Medical screening takes many forms but can range from a full medical to a medical questionnaire. Under GDPR, in order to lawfully process an individual’s medical data which amounts to special category data (formerly known as sensitive data), this requires explicit consent which can be withdrawn. Furthermore, the position will be further complicated with the imminent arrival of disability discrimination in Jersey (due this year), and the likelihood that Guernsey will follow suit, as employers will be in a position whereby they cannot take a decision not to recruit an individual based on their health grounds unless it can be objectively justified. Whether this legislation follows the UK Equality Act, which only permits such screening to take place after a conditional offer has been made, will be interesting to see. Probably the most contentious aspect of pre-employment screening is where an employer (usually covertly) seeks to screen a prospective employee’s social media profile as part of the recruitment process. Official European GDPR guidance has taken a hard line on the ability of employers to undertake such screening. The guidance states that employers should not be using social media profiles to screen

The introduction of GDPR will certainly make employers think again to ensure they are compliant with the new rules. applicants unless: (i) there is a legal ground to do so (such as a legitimate interest); (ii) the social media profile is businessrelated; and (iii) the information collected is absolutely necessary and relevant to assess the candidate’s ability to do the job. It is therefore arguable that screening a candidate’s Linkedin profile could be justified since this is a professional forum used in the business arena, whereas it will be far more difficult for employers to justify screening a candidate’s Facebook, Instagram or Twitter profiles, as it is not obvious how this would satisfy the criteria listed above. The introduction of GDPR will certainly make employers think again to ensure they are compliant with the new rules. In addition to deciding what form of screening they will undertake, employers will also have to provide this information to a candidate as part of a data privacy notice at the point of first contact which will include their right to object. GDPR is a game changer in how employers go about their recruitment, as it will force businesses to be up front about what they are doing with a candidate’s information and won’t allow them to justify the kind of checks many do today. ■


We are an award-winning team with a track record of advising clients on the most innovative and market leading deals and structures. We work with our clients and their advisers to achieve practical solutions, whether in a single location or across multiple jurisdictions. To learn more about our legal expertise, please contact: Wendy Benjamin, Group Partner* I Corporate Jeremy Berchem, Group Partner* I Corporate Alison MacKrill, Group Partner* I Private Client & Trusts Kate Storey, Partner I Corporate Anthony Williams, Partner I Dispute Resolution Appleby (Guernsey) LLP +44 [0)1481 755600 guernsey@applebyglobal.com * not admitted in Guernsey


LEGAL NEWS

LEGAL UPDATES ACROSS THE ISLANDS Boutique family law firm, Myersons, has opened in Jersey with a principle to provide a holistic approach to family disputes.

Family law firm launches

It has been founded by advocate Victoria Myerson and has a well-established team of local advocates. Carly James and Celanne Scally both joined Victoria in the move from Appleby. Victoria said: ‘We are not a high-street firm, we are a boutique offering and our

Guernsey-based husband and wife barristers, Simon and Katy Gittins have been featured in Lexis Nexis’s prestigious legal journal, ‘Counsel’ magazine. The founders of Absolute Barrister have previously been featured by the Bar Council and Thomson Reuters as leading legal innovators.

Absolute Barrister

Their award-winning business supplies legal advice using direct access barristers and bespoke tech which they spent two years building from scratch. Winning awards previously won by fintech giant

Associate of the year at Bedell Cristin Senior associate at Bedell Cristin, Henry Wickham, has been recognised as the gold award winner in the ‘Lawyer of the Year IFC – Associate’ category at the annual Citywealth Future Leaders Awards. Henry is a member of the firm’s international private client group in Jersey.

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independence affords us the opportunity to work in a completely client focused way. Over my career, I have seen the stress and impact that family disputes can have on clients’ emotional and physical wellbeing and we are dedicated as a business to ensuring cases are dealt with efficiently and sensitively whilst encouraging clients to access therapeutic and wellness support as well.’ ■

Bedell Cristin managing partner, David Cadin, said: ‘We’re all very excited for Henry to be recognised as a gold winner in this category for the second consecutive year. It’s a strong endorsement of not only his significant contribution to the development of the business, but also a reflection of his commitment and dedication to his clients.’ ■

Transferwise, they are now working with IBM Watson through their global entrepreneur program to build consumer vertical AI products upon their existing platform. Returning to Guernsey after practising at the London Bar, Katy said: ‘Access to justice, to expert legal advice, needs to be a practical reality and not just a strapline at the end of a presentation. Technology and direct access barristers enable us to help people in a much more cost-effective way. The recognition we have received really is terrific.’ ■


L EGAL N E WS

Grammar School moot victory Two students from Guernsey’s Grammar School sixth form took home the trophy in the 10th annual Collas Crill moot. More than 30 students from three of the island’s sixth form schools and colleges took part in the competition. The final comprised of Harvey Falla and Zac Cross from Elizabeth College and Tom Barclay and Elliot Coutu from the Grammar School.

Advocate Michael Adkins was one of the judges. He said: ‘For our future laywers, the moot teaches the basics of certain aspects of law and provides a fantastic opportunity to experience the drama of the courtroom first hand. It’s also an invaluable opportunity for students to improve their communication, presentation, research and analytical skills.’ ■

Employment law conference

The GTA University Centre and Carey Olsen are hosting an interactive employment law conference on integrity in the workplace.

Speakers include Carey Olsen employment partners Elaine Gray and Mark Dunster, together with Simon Gaudion, director of enforcement division at the Guernsey Financial Services Commission, Vijay Rathour, head of digital forensics at Grant Thornton, and Peter Woodward, who heads up the Guernsey Employment and Discrimination Tribunal Service. Advocate Gray said: ‘This conference will appeal to senior management

and HR professionals due to the exceptional speakers and the highly practical role-play exercises, which will give memorable insights into the way that the core obligation of integrity in the employment relationship plays out in practice and how to manage risks arising from that obligation.’ ■ When: 08:00-12:30 Wednesday 24 January Where: St Pierre Park Hotel, Guernsey Book: www.gta.gg

UNDER ADVICE Carey Olsen and JTC have advised ARC Fiduciary Ltd on the launch of Jersey’s first Initial Coin Offering (ICO). The ICO will see the issue of the ARC Reserve Currency, which is expected to become a widely used asset-backed stablecoin virtual currency. Counsel Chris Griffin led the team and was assisted by associate Joseph Barker-Willis. Walkers (Guernsey) advised a group of investors, led by Capricorn Capital Partners, on the acquisition of a meaningful equity stake in

RAW Capital Partners Limited. The Walkers team was led by partner Sam Shires with assistance from senior counsel Kim Paiva and senior associate Victoria Pratt. The investment funds team of Carey Olsen in Guernsey has advised Blue Water Energy LLP on the $1.1 billion final closing of Blue Water Energy Fund II. Partner Andrew Boyce led the team advising on the Guernsey legal aspects of the fund’s structuring, establishment, regulation and closing.

Collas Crill advised on the purchase of Royal Bank Place in Guernsey by a group of high net worth investors. As legal advisers for the purchase team, Collas Crill provided expertise from its commercial, banking and property teams. Senior associate Tristan Ozanne led the commercial and banking aspects while partners Paul Wilkes and Jason Green were also involved. ■

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L EGAL A RE N A

Careless Talk Costs - You Never Know Who’s Reading

Rupert Morris and Phoebe Dengate Thrush of Walkers’ fiduciary and dispute resolution team in Guernsey look at the importance of Without Prejudice correspondence and the impact of a recent ruling.

When negotiating difficult trust matters, candid correspondence can lower temperatures and enable parties to work constructively to resolve disputes. One way to share information safely during disputes is the use of Without Prejudice communications. Such correspondence ordinarily attracts privilege from production in court. As a matter of public policy this allows information to be provided to, and shared between, the parties involved in a dispute without fear that that information might be used against them in court later. There are, however, situations when a party might wish to disclose Without Prejudice correspondence in court, for example when a trustee might be under a duty to make full and frank disclosure. This tension between protection and duty necessitates careful thinking before corresponding under the cloak of Without Prejudice privilege. To that end a recent Royal Court case has considered the status of Without Prejudice correspondence in the context of administrative applications by Guernsey trustees. In In the Matter of the “R” Trusts, the trustees of several discretionary trusts applied to the court for the blessing of a momentous decision under the Public Trustee v Cooper doctrine. The blessing sought related to the division of the trust assets to effect a separation of the settlor’s daughter’s interests from those of the other beneficiaries. The daughter objected to the trustees’ proposals and applied for extensive

disclosure of evidence. In response the other beneficiaries resisted this and made their own cross-application to admit certain materials into evidence, including Without Prejudice communications between them all. The daughter objected on grounds that the materials were privileged from production in court.

Trustees in other jurisdictions or administering nonGuernsey trusts will still need to exercise caution when entering into Without Prejudice communications

The other beneficiaries argued that, as the application for blessing was administrative rather than contentious, it was not a matter that attracted the operation of Without Prejudice privilege at all, since the court was not actually determining a dispute. They further contended that, even if such privilege could apply to such applications, the communications ought properly to be produced since the trustees were under a duty of full and frank disclosure to the court to provide it with all materials relevant to the decision they sought to bless.

the existence of such communications, which factor the court could take into account, albeit the communications themselves would not be disclosed.

The Royal Court disagreed. It found that the materials were inadmissible, as the blessing of a decision would fix the parties’ subsequent substantive rights and, as such, attempts by the parties to agree this decision may be “quite fairly regarded as an attempt to resolve a potential dispute”. Helpfully, for Guernsey trustees at least, the Royal Court also provided guidance on the scope of the trustees’ duty of full and frank disclosure in respect of such communications, finding that there was nothing “special or exceptional” about Public Trustee v Cooper applications which would justify an exception to the public policy of non-disclosure. This did not, of course, prevent a trustee from disclosing

Trustees in other jurisdictions or administering non-Guernsey trusts will still need to exercise caution when entering into Without Prejudice communications with beneficiaries and third parties since these questions may still need to be determined elsewhere and there remains the potential danger that such correspondence may still end up before foreign courts. However, such clear guidance in Guernsey on the status of this important protection should mean that trustees and beneficiaries of Guernsey trusts can be confident that they can continue to use such privilege as a means of resolving their disagreements without concern that Without Prejudice communications may subsequently wind up before the court. ■

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LEGAL AR ENA

The Carlyle Judgment – Good News for Guernsey

Tim Corfield and Ben Morgan, partners at Carey Olsen in Guernsey, consider the landmark Carlyle judgment’s positive impact for the island and the industry.

It is hard to see how a case in which a Guernsey company lost US$1.3 billion dollars in eight months could be considered good news for this jurisdiction, but the judgment in Carlyle Capital Corporation Limited (in Liquidation) v. Conway and others (2017) was one of the most anticipated in recent Guernsey jurisprudence. Running to 529 pages, Marshall LB’s tour de force judgment was reflective of the sheer enormity of the proceedings in terms of process. The case, commenced in July 2010, and brought by the liquidators of Carlyle Capital Corporation Limited (CCC) against its former directors (amongst others), included: a statement of claim which ran to 252 pages; defences of the key protagonists and independent directors running to 305 pages and 269 pages, respectively; 107 lever arch files of evidence, including 4,872 identified documents; 16 expert witnesses; a trial schedule of 85 days; and closing written submissions from the plaintiffs at 1,331 pages, and the defendants at 1,641 pages. The trial was covered by live transcript service, with documentary evidence available through an uploaded evidence portal, and live video-streaming of the proceedings to London, the U.S. and Australia, where parties and their ancillary legal teams were based. Alongside this Herculean administrative undertaking, Marshall LB noted the general impenetrability of the subject matter to an uneducated outsider (complex investments), stating that until she had taken responsibility for this case, she could have been forgiven for 66

thinking that, “’synthetic shorts’ were some kind of Lycra cycling gear”. The proceedings were brought against seven directors and three principal Carlyle Group companies for, amongst other things, breach of fiduciary duty and/or gross negligence as directors (or shadow directors), and wrongful trading; against the manager for breach of contract or concurrently in negligence; and against all the three corporate entities for unjust enrichment, seeking a rebate of management fees received on the back of failed investments.

The conduct of the trial and the judgment are good news for Guernsey for three principal reasons. First, the trial and the judgment demonstrate that Guernsey as a jurisdiction, and as a court of competent jurisdiction, is versatile and adaptable, capable of hosting the most (legally and administratively) complex, crossjurisdictional litigation, offering excellent judges, committed court staff, certainty of process and outstanding administrative and technological flexibility.

Oftentimes judgments from jurisdictions where these cases are ubiquitous are delivered from academic ivory towers, and while unimpeachable, offer little practical assistance to those ‘in the trenches’. In summary, it was alleged that from July 2007 to March 2008, the decisions and acts/omissions of CCC’s directors or quasi-directors were wrong and/or wrongful; that each had breached fiduciary obligations because they were improperly motivated by the interests of the wider Carlyle Group above those of CCC, and that they had conflicting personal interests; further, that decisions were taken negligently and were reckless; that such neglect constituted statutory misfeasance; and further still that these decisions were taken when the directors knew or ought to have concluded that there was no reasonable prospect of CCC avoiding an insolvent liquidation, i.e. wrongful trading. In total, the plaintiffs brought 187 discrete claims. Not one succeeded.

Second, the judge handed down a genuinely practical judgment. Oftentimes judgments from jurisdictions where these cases are ubiquitous are delivered from academic ivory towers, and while unimpeachable, offer little practical assistance to those ‘in the trenches’. The Carlyle judgment, however, provides clear, systematic, practical guidance on many common issues and will be of immense value to Guernsey’s business community and legal practitioners. Third, shorn of hype and bias, the correct conclusion was reached. The judgment is a practical and thorough restatement of accepted legal orthodoxy, as developed over the last 120 years in England, and properly applied here to a Guernsey company and its directors. ■


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LEGAL AR ENA

Harvey Weinstein and you

As the Harvey Weinstein sex scandal spreads across the globe, Rachel Richardson, counsel at Ogier, considers what employers in Guernsey should be doing to address sexual harassment in the workplace.

What started with complaints against an Oscar-winning movie producer has led to a movement that has toppled government ministers, reduced muchloved figures from the entertainment world to pariahs, and has forced the reshooting of a film to remove a star now under criminal investigation. This evolving sexual harassment narrative in the national and international media should be making business leaders and HR professionals everywhere stop and pause to consider if their procedures and policies in respect of sexual harassment are effective, and, equally importantly, if they are properly communicated across their organisations.

A survey in 2015 showed that almost 50% of professional women felt they had experienced some form of harassment in the Guernsey workplace. Guernsey may feel a million miles away from Hollywood or Westminster but the issue of sexual harassment is just as live here. A survey in 2015 showed that almost 50% of professional women felt they had experienced some form of harassment in the Guernsey workplace. So where do we go from here? What should you do to protect your people and your firm from harassment? The most important thing an employer can do to protect both the company and the employee is to take complaints

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seriously, whether they are made formally or informally. Complaints should be investigated robustly by way of a fair, proper and appropriate investigation that neither undermines the complainant nor scapegoats the subject of the complaint. “Sexual harassment” is a concept defined in employment legislation, it is not a criminal offence, and it is important that the distinction is recognised. Employers and HR teams should be prepared for when a complaint crosses the line between a matter that can be resolved internally and one that should be referred to the police. And where a complaint falls into the realms of criminal conduct, employees who opt for the matter to be dealt with by the police, should be supported. Under Guernsey law, an employee can make a claim against both the individual who they say has harassed them and their employer, whether or not the employer was aware of the alleged harassment. Furthermore, the usual qualifying period of one year’s service before an employee can bring a claim does not apply in cases of sex harassment. Successful claimants can expect to receive damages in the region of three months’ salary for sex discrimination or nine months’ salary if they have resigned as a result of the discrimination, and there may be additional contractual sums due. However, as can be seen internationally, the PR damage that can result from losing a sex discrimination claim in the Employment Tribunal, especially in a small jurisdiction like Guernsey, goes

The Weinstein and Westminster sexual harassment stories should be prompting all employers to review their policies and procedures, bring them up to date and where necessary take advice... beyond financial loss and affects not just your brand in commercial terms but also your reputation as an employer. The Weinstein and Westminster sexual harassment stories should be prompting all employers to review their policies and procedures, bring them up to date and where necessary take advice both to deal with existing issues and to prevent claims arising in the first place. The Ogier employment team will be leading a seminar on equality and sex discrimination in the workplace in Guernsey on 31 January 2018. The seminar will address issues arising from the Westminster / Weinstein and other high profile cases of workplace sexual harassment in more detail. Follow Ogier on @OgierGroup on Twitter or our LinkedIn page to sign up. ■


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IN SUR AN C E

Is your business under-insured?

You may have insurance, but is it at the right level? Ian Stewart, managing director of Rossborough Insurance Guernsey, explains the risks.

It’s a simple concept, but one with a potential sting in the tail. Underinsurance means a policyholder has inadequate insurance coverage that may cause serious financial losses where the amount claimed exceeds the maximum that can be settled by the insurance policy. Yet despite clear risks, underinsurance remains a problem. UK commercial property underinsurance rates could be as high as 80% and the sums insured regularly appear to trail valuations by 20%, according to the Building Cost Information Service. Research by the Chartered Institute of Loss Adjusters (CILA) found business interruption policies that help get a business back on its feet after a major incident and claim were underinsured by 50% on average. The false economy of underinsurance There is an understandable view that as long as cover is in place, which ticks the compliance box, all will be well. After all, it’s only the few that suffer a heavy loss - so what are the chances? However, this is a false economy. The pitfalls of underinsurance Inaccurate insured value of premises and other infrastructure caused by out-ofdate, estimated or incorrect valuations is a risk, alongside insufficient limits in the policy. Here’s a hypothetical example.

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A commercial property has a rebuild value of £2 million but is insured for only £1.8 million: the underinsurance gap is 10%.

Assume costs for damage

total £240,000. The insurer will likely reduce that claim by 10% gap - paying out £216,000 and leaving a £24,000 shortfall that the policyholder is liable for. •

The proportionality remedy under the Insurance Act means some insurers may only charge any additional premium due had the original sum insured been correct. But remember, that’s not the whole industry. However, with a deliberate or reckless case of underinsurance, an insurer may allege a failure by the policyholder to observe the new duty of fair presentation – and refuse to pay the claim in its entirety.

Even with a small loss, you could still feel the effect if your insurance valuations don’t keep pace with change or are poorly configured. It’s also a common mistake to insure for just the market value when the sum insured should be the rebuild cost. If your premises have listed status, you may face extra costs. Rebuild planning permission may also be refused. Underinsurance in business interruption policies These specialist policies support organisations after major events, like catastrophic fires or floods. They provide vital financial help, but need a thorough and up-to-date assessment to work effectively. That includes the time to get back on your feet, a timescale that’s commonly underestimated. As a rule of thumb, the bigger the business, the longer it takes – and don’t forget to add in slack

to cover unexpected delays. Insufficient limits on the amount the policy pays out is another common issue. General tips for preventing underinsurance • Rebuild: your overall sum insured is the most you would need to rebuild and replace from scratch. • Limits: check your policy limits are sufficient for your needs • Values: update the new-for-old replacement of plant, assets and premises annually. • Recovery: set a realistic indemnity period within business interruption insurance to ensure sufficient time to recover. • Annual review of all policies: ensure you have the most effective cover with an annual review of all relevant policies with your broker, based on your changing valuations. Don’t forget employers’ liability, public liability and professional indemnity. • Inflation: always check your insured sums are automatically index-linked to inflation as your liabilities will change over time. Historically, the insurance industry has been poor at helping customers relate the impact of underinsurance to their long-term business survivability in the event of a major claim. Essentially, underinsurance is like leaving a property exposed to wear and tear without repair. Sooner or later you may find yourself with a much larger bill than you expected. ■


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P RO P E RT Y & CO N ST RUCT IO N

on existing, retrospective skills and ideas, the challenge is to make it part of the development of the future.’

CENTRE OF EXCELLENCE CONSIDERED The Guernsey Construction Industry Forum is looking forward to the future. With a centre of excellence for all parts of the industry a goal in its sights, it set out its ambitions for Contact. A centre of excellence to provide training and showcase all sectors of the island’s design and construction industry is being considered as part of the education options on how to equip islanders with skills for the future. The Construction Industry forum believes a learning centre run by industry itself is the best way forward. Chairman Tim Guilbert said that if the forum decides to turn the project into a reality, the environment would provide practical skills, innovative design and build methods and would be a focal point for everything from architectural apprenticeships to every form of trade. The need ‘The centre would provide practical on-island training for all professions and trades and we believe that industry can create and manage this more effectively than a state-run organisation. It’s another option for further education and we want to unveil this idea now so that it can form part of the general debate,’ Tim said. His organisation firmly believes that a centre for construction, research and training could investigate the unique opportunities provided by island life and community to make the most of Guernsey’s environment. ‘As a small community and as an island, our surroundings provide an ideal test bed for many of the exciting developments and methods now emerging.’

The support A large part of the plan would be to collaborate with business contacts, researchers and educationalists in other jurisdictions to make the most of new technology and methods. ‘The benefits would be tremendous with an improvement of building stock and environmental aspects, together with attracting people into the industry as an entirely positive move.’ The forum said they are aware that there are a number of professionals who could provide support and mentoring and would be willing to be involved. ‘We see the centre of excellence providing training which would exceed the required minimums and enable Guernsey to lead the way in using cutting-edge techniques and environmentally-friendly methods.’ The forum said that, while the College of Further Education has provided training for the industry for many years, there is often a need for further study off-island and that requirement would no longer apply because the new centre will be more encompassing. It will also provide for those wishing to retrain and join the industry. Tim pointed out that the future of the construction industry is being shaped by the digital world and rapidly evolving technologies. The cost of housing here remains a key focus. ‘Rather than training provision being based

The plan The Centre of Research and Innovation for Construction would provide all construction training in one location but would also seek to provide research and development opportunities, practical innovation and collaboration and physical experiences alongside traditional learning. Key attributes would be: • Training to meet all current requirements for formal qualification • Collaborative learning experiences • Research and development • Early engagement with schools through innovation days and experiments • Opportunity for export and import of knowledge and innovation • Create a knowledge centre available to the public • A linked practical build available as a proving ground and research facility The training provision would still have to meet current qualification criteria so would include classroom based tutoring as well as workshop based practical tests. However the emphasis of the new centre would be on collaborative working. The forum would continue to work with the governors of the Guernsey College of Further Education. The forum acknowledges that the construction industry can often be poorly perceived and considered the place of last resort for children if they do not excel academically. Tim said: ‘The construction industry can offer exciting innovation, practical and physical challenges and opportunity at the widest of levels. The industry welcomes, and has a place for, all ages and all abilities if correctly enabled, and that is what we would be aiming to offer.’ ■

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PROPERTY & CONSTR U C TION

A CHARITABLE CELEBRATION

A celebration of Guernsey’s property and construction industry sectors took place at the annual Guernsey Property and Construction Awards. But the event also had a serious side, with attendees contributing to those less fortunate in their industry. Tim Guilbert

The awards were held at Beau Sejour for the second year and over 320 attendees enjoyed a three-course meal, entertainment from TV comedienne Lucy Porter and – unusually – some exercise in the form of a charity goal-taking competition throughout the evening. Following a comprehensive nomination process during late 2017, a high profile judging panel met to decide the finalists and winners. The judges included a combination of local and off-island experts, including Mark Hayward, chairman of the National Association of Estate Agents in the UK, and Professor Tim Broyd, chairman of the Institute of Civil Engineers, both of whom the organisers flew over to Guernsey to take part in the judging. At the 2016 event, the organisers launched the principal of a construction industry benevolent fund and collected a healthy sum of money from attendees to get it started. Spearheaded by the Guernsey Construction Industry Forum, the aim is to help support those within the industry who may have had an accident, illness, or fallen on hard times. ‘Since the 2016 awards, we have been working with our friends at law firm Ogier to identify the best structure for the new charity, the detailed parameters, and to address a whole host of regulatory issues. Clearly setting something like this up is not a small piece of work and we have all worked very hard to get so far.’ said Construction Industry Forum chairman Tim Guilbert. ‘Shortly we shall be in a position to announce the formal identity of the fund

74

– to be known generally as the Guernsey Construction Benevolent Fund – and the trustees that will be responsible for its running for the first few years. As far as the benefits side of the fund is concerned, we expect to open the fund for applications during late 2018 once all the necessary infrastructure and processes are in place and clearly defined.’ The awards night was sponsored by three local organisations: Ogier, Channel Island Lines and BDO. As the backer of the ‘Engineering project of the year’ category, local accountancy and business advisory firm, BDO, was keen to get involved as a sponsor. Speaking after the presentation ceremony, BDO’s representative on the night, audit director, Dene Reardon, said the event had given her a greater understanding of the importance of the sector to Guernsey’s economy. ‘What stood out for me is how far reaching the industry is. From large businesses to smaller ancillary services, including many professional services firms on the island,’ she said. ‘We often hear about the challenges faced by the industry but the achievements are certainly less celebrated and the evening was very much a celebration of the industry and its people.’ Whilst the BDO-sponsored award was presented to Guernsey Electricity for its Engine 3D project,

Dene was just as impressed by the achievements of all the finalists. ‘The achievements of all the individuals that were nominated reflect an industry that is striving for excellence. Even in these more challenging times, the focus remains on education, training and high standards,’ she concluded. The Guernsey Property & Construction Awards 2018 will be taking place on Thursday 8 November at Beau Sejour. Anyone who would like more information can visit the website: www.guernseyconstructionawards.com ■

2017 AWARD WINNERS Engineering project of the year Guernsey Electricity Engine 3D Project Property agent of the year Joint winners: Watts & Co / Mawson Collins Construction professional of the year Jenny Giles - Geomarine Industry supplier of the year RH Gaudion Lifetime achievement award Adrian Ashman Health & Safety award Ben Colley - Geomarine Rising star Tim Kaines – Geomarine


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T RAN SP O RT

GOOD FLYING CONDITIONS

The Channel Islands’ reliance on their air links is undisputed and often an area of concern. But Simon McNamara, director of communications at Flybe, believes the islands now face a bright future for air transport.

Regional transport links have always been vitally important for island communities and the Channel Islands are no exception, with frequent and reliable air services important not only for being connected to each other but to provide business and leisure links to the UK and mainland Europe’s major cities. Air travel offers a faster and usually more convenient method of transport for such communities when compared to sea travel. The regional airline industry is one that has been through a multitude of changes over the last 30 years but its enduring spirit means that servicing island and remote communities is a core part of industry practice. During the 2000s and early 2010s, the regional airline landscape in Europe became increasingly dominated by a small number of large carriers and groups that grabbed media attention through their strong brands and outspoken chief executives. While these carriers cast a long shadow over the aviation landscape, look a bit further and a reinvented and healthy regional air transport industry is clearly visible, many of which are providing island communities with what some refer to as ‘lifeline’ routes.

very powerful, it also makes them more complex in their ability to quickly enter new markets. They are also increasingly less interested in the sub 100-seat aircraft market, giving opportunity for other airlines to operate on their behalf in these markets.

Part of the tender process involves injecting funds to help support the routes even if they are not commercially viable in their own right. Their larger aircraft also mean that servicing thinner routes or more operationally challenging routes such as Jersey and Guernsey is less attractive, again providing opportunities for the smaller, more specialised regional carriers. Air services to remoter communities are often bolstered by a Europe-wide system known as public service obligations whereby national or local governments can designate routes they believe are important for economic or social links, and tender them to operators to fly for a fixed period. Part of the tender process involves injecting funds to help support the routes even if they are not commercially viable in their own right.

Despite the liberalised market in the EU, the Channel Islands are in a unique situation in that they are not formally part of the EU. There is a legal relationship between the EU and the Channel Islands which means they are part of a customs union and are essentially within the single market for the purposes of trade in goods, but are third countries (i.e. outside the EU) in all other respects. When it comes to air services, this means that operating between the islands and any EU country is subject to the two countries at each end of a route agreeing which airlines can fly. Whilst this can limit competition, it also means that air services can be protected by the governments of the islands to the benefit of people living in and visiting them. As the wider aviation market continues to evolve, there is an increasingly bright future for regional airlines. Whilst the main line and low cost operators are fighting it out away from this environment, regional airlines have refocused and found their niche. This is good news for communities like the Channel Islands as it means there is a ready supply of operators willing to provide the essential air links that are so important for island life. ■

There are several trade bodies that represent regional airlines’ interests. Recently published statistics show that across Europe, five airline groups (International Airlines Group, KLM/Air France, the Lufthansa Group, EasyJet and Ryanair) have 55% of market share on intra-European seats. While such impressive statistics make these carriers 77


T R A N SPORT NE WS Pet travel scheme approved Locally-based charter airline Isle-Fly has been awarded approval from the States of Jersey and Guernsey to import pets from the Continent. The charter service was previously capable of carrying pets to and from the UK and Ireland, but has now extended its service. Isle-Fly has worked closely with the States vet in Jersey and the Committee

for Environment and Infrastructure in Guernsey to be granted permission to import pets on its charter aircraft. Paul Sabin, director of flight operations, said: ‘We have received some fantastic feedback from islanders on the new service. We take pride in the fact that all Isle-Fly chartered aircraft are operated to the highest commercial standards of

maintenance, crew training and insurance, so you can be assured that and your pets are in safe hands when flying with Isle-Fly.’ ■

G4S extends security contract G4S Channel Islands has been awarded a five-year extension of the ports security contract for the airports and harbours for the Bailiwick of Guernsey. The contract covers all of the security elements of the airports and harbours in both Guernsey and Alderney, including central search and all passenger and luggage screening. G4S has been providing security for Guernsey Ports for the past 17 years.

The five-year renewal was conducted under competitive tender. Ash Nicholas, head of aviation services at Guernsey Ports, said: ‘We are pleased to be continuing our successful partnership with G4S and are confident that they will continue to keep us compliant with Civil Aviation Authority and Department for Transport aviation and maritime regulations as they have done for many years. ■

New airline makes waves Airline Blue Islands has begun legal proceedings against the Transport Licensing Authority in regard to new airline Waves, with Blue Islands arguing Waves should have a local air transport licence to fly passengers. The newcomer to the industry received its Air Operator’s Certificate in September 2017 and started providing a passenger and freight service towards the end of last year. Waves markets itself as an air taxi, which would be exempt from needing that type of licence. 78

Waves CEO, Nick Magliocchetti, said: ‘Waves recognised a gap in the Channel Islands market for an on demand air taxi service between the islands. The team has worked incredibly hard over the past 10 months to make that vision a reality. We are a Guernsey based company, listening to the local community demanding more flexible travel solutions

and employing local staff wherever possible. We are adding value both to the island’s community and economy.’ ■


T RAN SP O RT

Jersey’s aircraft registry: up in the air

Guernsey’s is flourishing while Jersey’s is mothballed. Ministers are left working out what to do with it, while backbenchers wonder where all the money’s gone. This month, Contact contrasts the starkly differing fortunes of the Channel Islands’ aircraft registries. It was cleared for take-off in 2013 with promises it would be flying high in 2014. It was eventually airborne in 2015. But by early 2017 the turbulence had got too much and Jersey’s flight of fancy was grounded.

By spring 2016, Guernsey had signed up 50 aircraft. By spring 2017, that number had doubled to 100. Meanwhile, Jersey had attracted just three aircraft at JAR’s peak. And right now there is just one left on the registry.

to the registries in the Isle of Man and Guernsey, it is clear that ours is progressing at a much, much, much slower pace than theirs were. In fact, at the current rate, it will take Jersey 200 years before we reach the same number of aircraft as Guernsey.’

Ahead of the Jersey Aircraft Registry (JAR) launch, the then Economic Development Minister Senator Alan Maclean hailed it as: ‘an exciting opportunity for Jersey which will form an incredibly strong additional element to our inward investment strategy. The launch of the Jersey Aircraft Registry will undoubtedly add to Jersey’s overall offering and provide local businesses with significant opportunities, particularly in the fiduciary, legal and financial services arenas.’

So where are we now?

So what happens now and why didn’t the registry work? JAR’s activity is frozen pending a review which is due to be announced in early 2018.

So far, the results haven’t quite lived up to those expectations. Years earlier, the Isle of Man had stolen a march with a highly successful registry, and - until the 11th hour - Guernsey and Jersey planned to work together to create a rival. Guernsey’s then Commerce and Employment Minister Kevin Stewart spied an opportunity, and stole a march on Jersey by going it alone with the 2-REG registry. At the time, Deputy Stewart announced that: ‘A full range of options were explored but after lengthy consideration there was not one option that was workable and would provide the same mutual business benefits. The result is that both islands will now be setting up separate registries in a growing global market place.’

Well figures analysed for Contact show, after set up costs in excess of £800,000, the JAR has brought in a total of £15,000. This year, until the project was put on hold, revenue was just £3,800. In other words, with no expectation of any more income in 2017, it grossed £10.75 a day. In a statement, the current Economic Development Minister Senator Lyndon Farnham indicated changes were coming, but said details were still under wraps: ‘Discussions are ongoing regarding the future of the Registry and there remains a need to maintain confidentiality at this stage. The Assistant Minister for Economic Development, Tourism, Sport and Culture will make an announcement once the discussions are concluded. This is not an industry which operates on short timescales. It is imperative that we take time to ensure that we secure the right long term solution for Jersey.’

Aviation analysts suggest a key part of Jersey’s problem is that it launched too late. The Isle of Man opened its registry in 2007 and has registered some 1,000 aircraft in that time, while Guernsey’s opened in 2013. Jersey’s wasn’t fully operational until the end of 2015. With a General Election looming in Jersey in May 2018, there is a political imperative for JAR to be seen to succeed. Success will mean a brand new business model that is significantly different to either Guernsey or the Isle of Man. Channel Islanders are used to being delayed by an unexpected turn in the weather. The politicians whose reputations are staked on the success of JAR will be hoping the storm clouds clear so that the registry can finally take flight. ■

The chairman of Jersey’s only political party, Reform Jersey, Deputy Sam Mézec, expressed his disappointment when it was raised during States question time: ‘When you compare Jersey’s aircraft registry 79


JERSEY AIRPORT DESTINATION GUIDE

JER ZZZ

34+

2018

JER ZZZ Operators

Destinations

WHERE WE FLY

YOUR DESTINATIONS

FOR

2018 JERSEY

12

Where we fly: AIRPORT

OPERATOR

Aberdeen

Flybe

Belfast

easyJet

Bern

SkyWork

Birmingham

Flybe

Bristol

Blue Islands / Flybe

Cardiff

Flybe

Doncaster Sheffield

Flybe

Dublin

Aer Lingus

Durham Tees Valley

Flybe

- ll -

Eurowings

East Midlands

Flybe

Edinburgh

Flybe

Exeter

Flybe

Funchal (Madeira) - Charter Service Geneva

Estrela Travel Flybe

Glasgow

easyJet

- ll -

Flybe

Guernsey

Blue Islands / Flybe

Hamburg

Eurowings

Humberside

Flybe

Inverness

Flybe

Leeds Bradford

ba.com 0844 493 0787 easyjet.com 0330 365 5000 estrelatravel.co.uk 01534 724444 eurowings.com 0330 365 1918 flybe.com 0371 700 2000 flydirect.je 01534 496677

Jet2

Liverpool

easyJet

London City

Blue Islands / Flybe

London Gatwick

British Airways

- ll -

easyJet

London Luton

easyJet

London Southend

easyJet

Malaga - Charter Service

FlyDirect

Manchester

Flybe

Munich

Lufthansa

Newcastle

easyJet

Norwich

Flybe

- ll -

Loganair

Palma (Majorca) - Charter Service Southampton

FlyDirect Flybe / Blue Islands

Tenerife - Charter Service

www.ports.je

blueislands.com 01234 589 200

Flybe

Dusseldorf

Year round

aerligus.com 0333 004 5000

jet2.com 0333 300 0404 loganair.co.uk 0344 800 2855 lufthansa.com 0371 945 9747 flyskywork.com 0871 977 6088 For periods of operation, times and prices please contact the individual operator.

FlyDirect

Summer only

Winter only

While every effort has been made to ensure accuracy, Ports of Jersey cannot be held responsible for any subsequent changes to the information provided.


T RAN SP O RT

REFLECTIONS ON 2017 – OPPORTUNITIES IN 2018

Alan Donald, group marketing, media and communications manager for Ports of Jersey, looks back on a successful 2017 for the airport and harbour and forward to their plans for this year.

Aviation matters Commercial air passengers through Jersey airport have continued to rise over the past five years and were expected to exceed the 1.6 million mark in 2017. The majority of regions across the UK have shown marked increases in passenger numbers, including the London market, Scotland, north-east and north-west.

For an island of just 45 square miles and a resident population of 100,000 we are in an enviable posit ion and our route development team continues to work closely with our airline partners to seek further opportunities In summer 2018 Jersey looks set to be served by more than 35 destinations across the British Isles and mainland Europe. For an island of just 45 square miles and a resident population of 100,000 we are in an enviable position and our route development team continues to work closely with our airline partners to seek further opportunities. Despite a decrease in the German market during 2017 as a result of the demise of Air Berlin we are expecting a reversal of this in the coming summer with a number of German routes scheduled, including Dusseldorf, Hamburg and Munich. We also see a welcome return over the winter of a direct service to Geneva and a summer service to Bern. 2018 will mark the 10th anniversary since low-cost airline easyJet began direct

services from Jersey. First launched in March 2008 with two routes, the network has since expanded and now boasts an impressive seven destinations from Jersey, many of them year-round with a further summer 2018 route expected to be announced early this year. Ports of Jersey is making a significant investment of up to £10m in constructing three new aircraft hangars on the western part of the airfield to fulfil the increasing demand for hangarage space from both local and visiting aircraft owners. Benefitting from the island’s strategic and geographical location within two of Europe’s busiest aviation traffic zones for corporate jet traffic, namely Paris and London, we are hopeful of attracting additional off-island aircraft using our facilities as a stop off location for hangarage and fuel services. All aboard Spring 2018 will see the 11th Barclays Jersey Boat Show. Taking place in around St Helier Marina the over the Bank Holiday weekend 05-7 May, this maritime festival regularly attracts in excess of 30,000 visitors over the three days. Further information is available from jerseyboatshow.com

While the future airport works project has already been launched and work due to start in autumn 2018, Ports of Jersey is soon to unveil its harbour masterplan for the future of the area in and around St Helier harbour. Having already seen an increase in visiting cruise passengers in 2017, the preliminary programme for visiting cruise ships in 2018 will see at least 14 cruise ships visiting the island between May and August. While not as high in volume numbers as Guernsey, many of these ships are previous visitors to our shores, demonstrating that despite its relatively small number we are able to offer visitors an exceptional Jersey experience, which encourages cruise operators to include Jersey as a popular port of call. While the future airport works project has already been launched and work due to start in autumn 2018, Ports of Jersey is soon to unveil its harbour masterplan for the future of the area in and around St Helier harbour. Ports of Jersey – your island gateway.

For the first time, Jersey Marinas has been shortlisted in the ‘Coastal Marina of the Year’ competition, with the result announced in January during the annual London Boat Show. Jersey Marinas is also hopeful of retaining its prestigious 5-Gold Anchor status for the 13th consecutive year, awarded by The Yacht Harbour Association (TYHA). Once again, this will be announced in January 2018.

Turn the page for an in-depth look at the Ports of Jersey’s major plans to create an integrated arrivals and departures terminal at Jersey Airport. ■

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TRAN SPORT

Jersey’s ‘airport of the future’ The £42 million major works programme, which, subject to planning approval and appointment of contractors, starts in autumn 2018, will see an extension to the existing departures terminal with the construction of a 2,300 square-metre mezzanine floor to create a large central security search and preparation area alongside the airside departures lounge. The new arrivals facility, including baggage reclaim together with customs and immigration will be created on the ground floor of the existing terminal, where the current airside departures lounge is located.

Access to the new airside departures area will be via lifts, escalators and stairs to the atrium, leading into a bright and spacious open plan retail and catering offering with seating directly overlooking the aircraft stands. The first stage of the works project will also see the construction of four new departure gates in the existing passenger pier. Future improvements could see the creation of similar gates along the remaining part of the passenger pier. The announcement of an integrated passenger terminal is a progression of the design work initially announced in summer 2016, when consideration was given to the construction of a new arrivals terminal building to replace the current one, which impacts on the safety and future operational capabilities of Jersey Airport and will subsequently be removed in order to comply with its licensing conditions.

The first stage of the works project will also see the construction of four new departure gates in the existing passenger pier.

The design team’s preferred option of an integrated building is the most appropriate use of the existing airport infrastructure, improves the overall operational efficiency of the business and preserves valuable airport land for future development opportunities. As part of a review process the option for an integrated facility was discussed with on-site business partners, including airlines, retailers and security agencies to determine a solution that would best suit the operational requirements of all parties as far as practical. To comply with CAA regulatory requirements, the new airport layout will

82

see the implementation of a 30-metre ‘exclusion zone’ immediately outside the terminal building and an eventual reconfiguration of the access roads. In the meantime, during the first stage of the works programme, existing car parks and drop off/pick up zones will remain unchanged and there is no likely impact expected for arriving passengers as the removal of the existing arrivals terminal will not commence until the new building is complete and occupied. Outlining the company’s future investment in Jersey Airport, group CEO for Ports of Jersey, Doug Bannister, said: ‘This is an ambitious and exciting project that


T RAN SP O RT

The overall budget set for the construction works project, which will be delivered for considerably less than the original plan for two buildings and is likely to take up to three years to complete.

As with all its investments, Ports of Jersey is funding this development from its own commercial returns and not through government financial support. ultimately will see the creation of a ‘new’ airport that addresses our compliance requirements, provides a modern facility for our passengers and airline partners’ future requirements and strives to enhance the overall passenger journey experience.’

Steve, who joined Ports of Jersey in 2016, has previously worked on major construction projects and contracts, including Manchester Airport Group, Stansted Airport and the redesign of a number of Heathrow Airport Terminals.

In addition, dedicated ‘Future Airport’ pages on the company’s website jerseyairport.com have been created to allow Ports of Jersey to post regular updates and address any specific questions and/or concerns relating to the project. ■

Local residents and airport users are being actively encouraged to help shape the detailed design stages of the project by submitting their ideas, comments and suggestions by emailing futureairport@ports.je.

As with all its investments, Ports of Jersey is funding this development from its own commercial returns and not through government financial support. The overall budget set for the construction works project, which will be delivered for considerably less than the original plan for two buildings and is likely to take up to three years to complete, includes enabling works and removal of the existing arrivals terminal. The works project will be overseen by group capital projects director for Ports of Jersey, Steve Tanner alongside a dedicated project management team.

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B USIN ES S IN TH E COM MU NITY

RUBiS calendar supported Guernsey and Jersey Trees for Life

Carey Olsen quiz benefited Jersey’s Family Nursing and Home Care and Guernsey’s Friends of Special Care Baby Unit

Skipton Swimarathon raised £25,000 for Guernsey’s children’s library

EPIC moonlight marathon launched for 2018

Credit Suisse raised £25,000 for Guernsey’s Friends of Frossard Ward

Local photos in Guernsey Electricity’s calendar raised money for GSPCA


Channel Islands Co-operative Society enhanced gardens at Jersey’s St Saviour’s Hospital

Lloyds Bank Foundation helped Channel Island prisoners’ rehabilitation

Butterfield supported an envelope competition for Guernsey Disability Alliance

ABN AMRO’s dancefloor challenge supported Safer in Guernsey

Intertrust and Brig-y-Don provided school essentials for Jersey students

AFM donation in Jersey helped fund Les Amis hoist

Equiom donated £7,500 to Guernsey Chest and Heart


B USIN ES S IN TH E COM MU NITY

A CO-OP THAT CARES The Channel Islands Co-operative Society was recently recognised for its corporate social responsibility programme at the Guernsey Community Awards. Contact spoke to the Society’s community officer, Tanya Dorrity, to find out more about its work throughout the islands.

The Channel Islands Cooperative Society clearly takes its corporate social Tanya Dorrity responsibility (CSR) seriously. In 2016, it created a ‘Vision’ to reflect its core purpose, which it says is ‘to make a real difference to the communities we serve’; and by the beginning of last year the Society had set out a framework with a strong commitment to being at the heart of the community.

Northern Trust. For Tanya, it was a real honour. ‘We are, of course, absolutely delighted with the award and equally humbled as we were up against some pretty big hitters in this category. It is a great reflection of the work we have been initiating in the community over the past months. However the real recognition should go to the vast number of islanders who we do our best to support in their quest to better the lives of the community as a whole.’

For Tanya, that work doesn’t reflect a new focus for the company. ‘We are a local business, owned by local members, with strong values. In a nutshell, communities trust the co-operative model because it is based on sharing, trust and non-profit making. So it’s not a question of how important CSR is to us, more that it is what our values and principles have been based on for the 100 years we have operated in these islands. It’s nothing new to us – we’ve always acted in this way, it’s embedded in our ethos.’

2. creating links with the community; and

The Society won the Guernsey Community Award for corporate social responsibility over two other finalists, State Street and

86

The Society’s ‘Vision’ has three strands: 1. championing key community topics; 3. the Co-op way – encouraging principles of co-operation. Those strands mean that the Society’s charitable activity is done in a structured and focused way, and it has plenty of examples of what it has done to make a difference. But it says that community activity is about far more than just donations. ‘Our staff are always keen to get involved in our CSR projects, whether this is participating in a Co-op to Co-op walk in aid of Help a Jersey Child, taking part in a beach clean or helping to plant hedges

in Jersey to protect our local wildlife with a charity called Birds on the Edge.’ Tanya also spends a lot of time in schools delivering messages about Fairtrade and healthy eating, and the Society’s community van means it can access events where it can promote local producers as well. One recent initiative she is particularly proud of was an Autism quiet hour in the Grande Marche stores in both Guernsey and Jersey. Working with Autism Jersey and Autism Guernsey, the Society tried to create a more enjoyable shopping experience for those with autism. This included turning off the music, avoiding tannoy announcements, dimming lights and having trained staff in the stores to help as needed. Tanya said it was such a success that it is hoped it will become a regular feature this year. Altogether, it adds up to a company that cares about its community. But Tanya believes there’s still more it can do. ‘There are so many deserving causes and so many islanders who volunteer time willing to help others. Our role, as a local community retailer, is to play an active part in assisting wherever we can.’


B USI N E SS I N T H E CO M MUN IT Y There are so many deserving causes and so many islanders who volunteer time willing to help others. Our role, as a local community retailer, is to play an active part in assisting wherever we can.

AND THE WINNERS WERE...

CO-OP IN THE COMMUNITY GOODNESS GANG The Society has been promoting healthy eating through its Goodness Gang campaign. Every primary school in Guernsey was offered a free school pack (80 seed pots per school) and support with assemblies to promote healthy eating, highlight the enjoyment from growing vegetables and encourage the idea of trying something new. St Mary & St Michael Catholic Primary School was so successful with its growing project that the pupils have been eating their produce for their healthy break time snack and have applied for funding for more seeds for their garden.

TREES FOR LIFE Through their Keep Guernsey Green Award, the Society has pledged to plant £4,000 worth of trees per year to offset the carbon footprint created through its business travel. It has already planted several sites around Guernsey such as La Vallette, Mont Cuet and most notably when it worked with the National Trust to plant 35 cider apple trees on National Trust land in the Forest. This has enabled community benefit for the children of the Forest School who participated in the planting, the enjoyment the wider community will receive from the orchard and a positive impact on the local environment.

ST PETER PORT CHRISTMAS LIGHTS APPEAL The community collaboration with Guernsey Post Office and St Peter Port Christmas Lights raised funds for last year’s ‘Buy a Bulb’ Christmas lights. The amount raised was an impressive £42,500.

Others taking home trophies at the 2017 Guernsey Community Awards included:

Charity of the year Citizens Advice Guernsey

Outstanding individual achievement Bill Gardiner

Organising committee of the year Saffery Rotary Walk committee

Fundraising team of the year Royal Guernsey Light Infantry Charitable Trust

Innovation award Headway Guernsey

Youth award Katie Sheppard

Special award Jurat Stephen Jones

ECO FUND The Eco Fund is designed to help those groups who want to environmentally promote and protect the Channel Islands. The Eco Fund is funded through the sale of carrier bags around the business. The total amount donated in 2017 amounted to £16,701.16 which was given to 15 different charities and local causes.

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FEATUR E

Tell us about the company and your role

MEET THE BOSS

Ravenscroft is a Channel Islands-based business. While we are known as stockbrokers and investment managers, that doesn’t really explain the diversity of our products and services. The business has very much evolved around what our clients want, not what we think they need. Whether it’s saving for their first house or children’s school fees, building up their pension, investing in local companies, buying precious metals or multi-generational wealth preservation, Ravenscroft can help. My role is multi-faceted as I work with all areas of the business as well as managing the group’s balanced portfolio strategy, Huntress Balanced Fund. Our clients are different from the amount they invest, their attitude to risk and what outcome they want. Our approach is to look after them all, and so in simple terms my job is to ensure we deliver the service our clients want and deserve. What does an average day involve for you? I’m up at 6ish and like many people these days, my hand habitually picks up my iPhone to check emails. Then it’s the usual rush to get the children up and ready for school but that’s the only predictable bit.

In a new series of features, Contact goes straight to the top. This issue we meet Mark Bousfield, group managing director of Ravenscroft.

Every day is varied whether it’s meeting clients, giving presentations, catching up with our analysts or monitoring our portfolios. The team is now 100 strong and there is so much happening - including our recent fund launch in the UK and an office move planned for later this year. Life is hectic but most definitely entertaining! What’s your favourite part of the job? The variety of the role is great but my favourite part is working with a great bunch of people who are ambitious, driven, passionate about our clients and also lots of fun. What do you least enjoy about the role? There isn’t anything that I really don’t enjoy – it’s all interlinked. If I had to choose

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one thing then it would be getting fogged in or out of Guernsey but the benefits of living here definitely outweigh that. What do you attribute your success to? I think Ravenscroft’s success to date is entirely predicated on our desire to put the client first and ourselves second. Sadly, in many areas of our industry that ethos has been lost and businesses think corporate first and client second – that’s a shame. What has been the highlight of your career so far? Working at Ravenscroft and not only being part of its growth, but also watching people within the business grow. Many of our team have joined straight from school or university and have been with us for a decade and so they’ve grown with us; not just professionally but also personally in terms of marriage and starting families. That’s a fantastic thing to be part of. What else do you hope to achieve in the future? In short more of the same. We won’t lose sight of putting our clients first but will continue to build a business that people enjoy coming to work for, and also with. We remain focused on our core services, expanding them if it’s right for our clients such as our recent acquisition of precious metals specialists BullionRock - and then in time open in other jurisdictions. How do you think your employees would describe you? They say I look like Toady, the pigeon from the movie Storks. He seems like fun so that works for me. What advice would you give someone hoping to follow your career path? Work hard, treat people as you would like to be treated, and make sure you have fun. If you could have had an alternative career, what would it have been? Can I choose a Pixar cartoon character? If not then probably what lots of boys want to be - footballer, rock star or an astronaut! ■


Earn

0.75

%

AER/Gross (variable)

On balances from £0 up to £999,999 for Channel Island residents

Island Gold Bank Account For your everyday and international banking needs Available in Sterling, Euro or US dollar currencies (for Euro and US dollar interest rates, please contact us or visit our website). Each account is supported by a Visa debit contactless card for the selected currency. No monthly fee, no minimum balance (maximum balance of £3 million) and easy world-wide access to your money via Online Banking and Telephone Banking.

For more information: info@santanderinternational.co.uk +44 (0)1534 885 000 santanderinternational.co.uk

You must be 18 or over. Subject to status. Interest rates may vary. AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the rate payable where interest is paid without the deduction of tax. The Minimum Balance Requirement is the minimum amount of money required to open, maintain and earn interest on an account. Rates correct as at 14/11/2017. Santander International is regulated by the Jersey Financial Services Commission and is the Jersey branch of Santander UK plc, incorporated in the UK, having its principal place of business at 19-21 Commercial Street, St Helier, Jersey JE2 3RU, Channel Islands. Santander International is a participant in the Jersey Bank Depositors Compensation Scheme, offering protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on www.gov.je/dcs or on request. Calls may be recorded or monitored. Santander and the flame logo are registered trademarks.


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Contact Jan/Feb 2018  
Contact Jan/Feb 2018