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Issue 4 September/October

2013

The Art of Effective Meetings Investments and Wellington Boots Finance - the retail distribution review - the island approach Technology - The end is nigh CSR - to give or not to give Plus - Money talks, island of culture, working lunches thrive, appointments

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In the Agenda...

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

ADVERTISING SALES

Investments and Wellington Boots

Retail Distribution Review

Rachel Morris DD: (+44) 7624 209726 rachel@agenda.im

contents In The News ................................................... .. 4

Henry Bloom Anniversary Year.....22

CLIENT RELATIONS

IoM Where You Can .................................... 8

Royal London 360 ................................... .. 24

Retail Distribution Review ................... 10

The Art of Effective Meetings ........... 26

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

Investments & Wellington Boots .... . 12

Money Talks .................................................. 30

Island of Culture ......................................... 14

The Claremont Hotel .............................. 29

The End is Nigh ........................................ ... 16

Working Lunches Thrive ...................... 30

Manx Telecom Services ......................... 18

Appointments .............................................. 32

To Give or Not To Give ........................... 20

Falcon Drives - Time Out ..................... 34

To give or Not to give

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20

The Art of Effective Meetings

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In The News

SBOBET Partners with five English Premier League clubs

Celton Manx Executive Director - Bill Mummery

Celton Manx Isle of Man, as operator of the global online sports book SBOBET, has signed contracts with five Premier League clubs to be their official Asian betting partner for the 2013-2014 season: Hull City, Norwich City, Southampton, Swansea City and West Ham United.

The agreement will see the SBOBET brand promoted on the Premier League clubs’ LED pitch-side perimeter advertising hoardings during all home games.

The Premier League is broadcast across 212 territories, reaching an audience approaching five billion, providing SBOBET with a total of more than 1000 minutes of global advertising exposure across the season.

Celton Manx executive director Bill Mummery said: ‘These signings illustrate the growth of and respect for the trusted SBOBET brand in the Asia region where it is recognised as the leading online sports book.

‘These agreements also demonstrate our commitment to continue building mutually beneficial relationships with the Premier League clubs, which most recently saw SBOBET enjoy a four-year partnership as principal sponsor of West Ham United, which forms part of our commitment for the 2013-2014 season.

‘These mutually beneficial commercial arrangements also provide SBOBET, as a company with a strong sense of corporate responsibility, an opportunity to work with the clubs in supporting their community and charitable initiatives.

‘The 2013-2014 Premier League season promises to be a very exciting one and we are proud to partner with so many highly regarded clubs.’

Organisations invited to participate in Employment and Skills 2013 Organisations from across the Isle of Man’s economy are being invited to participate in Employment and Skills 2013, the largest local event highlighting potential career and training opportunities for young people.

The event takes place on Tuesday 26th November at the Villa Marina, Douglas and is jointly hosted by the Department of Economic Development and the Department of Education and Children.

Tony Wild MLC, Political Member for the Department of Economic Development with responsibility for Employment and Skills said: ‘This event is primarily targeted at the Isle of Man’s students and school leavers who are keen to find out more about the kind of opportunities that exist in the Isle of Man and the skills required to exploit them, but is also open to anyone seeking to extend their skills or look for new opportunities and career options.

‘This year’s event will feature a dedicated ‘skills zone’ where those attending can experience firsthand some of the softer skills required to be successful in the jobs market.

‘We welcome companies and associations from the private, public and third sectors to the event.

Contact: MeShell Berry on: 01624 693830 or meshell.berry@gov.im

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Creechurch Capital scoops shortlist place in prestigious international awards Creechurch Capital has been shortlisted for a prestigious Citywealth International Financial Centre Award. This comes hot-on-the-heels of the firm scooping the ‘best in class’ accolade for boutique wealth manager from Professional Adviser Magazine.

CEO at Creechurch Capital - John Greenwood

The investment boutiquehas been shortlisted in the ‘Isle of Man Investment Management Company of the Year’ category.

Now in their third year, the awards celebrate the excellence of the advisors and managers in the private wealth sector, highlighting the quality of their work in the international marketplace.

Coincidentally, Creechurch Capital has also grown from strength-to-strength over the past three years, having met its three-year target with six months to spare and added £150m of private client assets in the past 12 months.

John Greenwood, CEO at Creechurch Capital, commented: “It is hugely flattering and also humbling to receive industry recognition at this level, particularly given the fact that we are only halfway through our initial five-year business plan.

“The achievement of receiving this shortlist position is testament to the hard work and unwavering dedication of the entire team who have made our business targets a reality and worked to surpass all of the initial ambitions for the business.

“I’m extremely proud of the achievement and also delighted to be flying the flag for the Isle of Man as an International Financial Centre that projects excellence on a global stage.”

Potential of local Clean Tech sector highlighted

Institute of Chartered Secretaries and Administrators (ICSA) Isle of Man ICSA prize-winners and graduates will be celebrated at the ICSA Annual Dinner and prize-giving on Friday 20 September. The event, sponsored by RBS International, takes place at Mount Murray Hotel and Country Club, Santon, and also features Germaine Greer appearing as the after-dinner guest speaker.

The 2013 Energy Expo highlighted the significant potential that exists in the Clean Tech sector for the creation of economic development opportunities in the Isle of Man. That was the view of Laurence Skelly MHK, Political Member for the Department of Economic Development, who made the opening address at a clean technology networking event at the recent Energy Expo.

He commented: ‘I believe that the move to a low carbon economy will create significant economic development opportunities in the Clean Tech sector. The Department is looking to attract inward investment and grow the Isle of Man’s Clean Tech and Energy sectors, which complement our other high value added business sectors.

‘A recent report prepared by KPMG for the Department of Economic Development confirmed that the local clean tech sector is expecting continued significant growth. The Department wants to work closely with local businesses to ensure this potential growth is delivered and that the Isle of Man benefits economically.’

‘These aims are also in alignment with the Isle of Man’s energy policy which commits the Government to maintaining the security of our energy supply, securing the efficient use of affordable energy and minimising the impact of our energy use on the Environment.

‘To help ensure these aims are achieved the Isle of Man Government are also investigating new legislation to enable low interest loans for funding energy efficiency improvements in domestic properties.’

The networking event also featured a presentation from Richard Thompson, Business Development Manager for Williams Advanced Engineering, the technology commercialisation arm of Formula 1 race team Williams.

Additionally at the well-attended Expo, the Department of Economic Development and the Department of Environment Forestry & Agriculture conducted an Energy Efficiency Loan survey receiving a total of over 80 responses.

Surveys received were entered into a prize draw with the winner receiving a free Air Tightness Test on their home courtesy of Stroma NX with ISO QA Isle of Man Ltd donating three electronic timers as runners-up prizes.

The winner was Mrs Gomme of Ballaugh, with the runners-up prizes going to Mr Cannell from Kirk Michael, Mr Moon from Douglas and Mrs Underwood from Onchan.

ICSA President David Venus and Guest Speaker - Germaine Greer Chief Executive Simon Osborne are to attend the dinner and David will present prizes and awards to students as part of the evening. Graduates including the February 2012 – February 2013 COFA/DOFA (Certificate and Diploma in Offshore Finance and Administration) and June 2012 to June 2013 CSQS (Chartered Secretaries Qualifying Scheme) will be included. Ron Berry has again kindly taken on the role of Master of Ceremonies.

The evening will also include a charity raffle in support of the new dedicated breast care unit at Noble’s Hospital.

Gillian Prestwich, ICSA Isle of Man Chairman, “The Dinner is a highlight of the ICSA’s year – a welcome opportunity to welcome the year’s graduates and celebrate our prize winners. We are delighted to welcome Germaine Greer as guest speaker and grateful to RBS International for their support, to Appleby for sponsoring the pre-dinner Drinks Reception and to our MC Ron Berry.

“Companies often take the opportunity to take tables for staff to recognise the hard work and commitment shown by graduates and prize winners – we ask all places and tables to be reserved

by Friday 6 September at the latest. With bookings already being received we encourage new bookings as early as possible.”

Tickets (£50 each) and corporate tables please visit: www. icsa2013.eventbrite.com. For enquiries e-mail: gillianprestwich@ manx.net

MannBenham win Law Firm of the Year, twice MannBenham advocates are pleased to announce that they have won the category of Isle of Man Law Firm of the Year in both the ACQ Global Awards 2013 and ICFM 2013 Law Awards.

Commenting on the awards Miles Benham a director at MannBenham Advocates stated: “It’s a real credit to our team of lawyers to win not one but two awards in the category of Law Firm of the Year from two of the leading finance magazines. We have been working hard to position ourselves as a leading Isle of Man full service legal practice and these awards are testament to that achievement.

Businesses today operate in a challenging market place and the Island’s business men and women have to comply with a complex raft of legislation and regulation. The perceived cost and time of obtaining legal advice inhibits a number of people from seeking advice and decisions can be made in ignorance of the legal issues involved.

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In The News

Manx Financial Group Posts Interim Results Manx Financial Group PLC, the AIM listed Isle of Man based financial services group, announced its interim results on Tuesday 19th August.

SUCCESS FOR STEAM PACKET COMPANY ENGINEERING APPRENTICES

The Group, which includes local businesses Conister Bank Limited and Edgewater Associates Limited, recorded a profit of £255,000 for the first six months of the year, an improvement of £822,000 on the same period for 2012. Conister Bank Limited, the Island’s only independent bank, grew 6 months earnings to over £1 million with its loan book growing 23% to £64.88 million. Overall, the Group’s financial highlights include a 367% increase on trading profit over 2012, a 44% increase in net interest income and a 23% increase in loans, instilling a degree of customer confidence which has resulted in an 18% increase in customer deposits.

The Group is Manx based and majority Manx owned with over 88% of its employees being Island residents. Last year the Group contributed nearly £10 million to the Island’s national income, and embarked upon a cost reduction exercise aimed to complement significant growth in sustainable revenue.

Managing Director - Juan Kelly

Two Isle of Man Steam Packet Company Apprentice Engineers have successfully completed their shorebased training and will this month join the Company’s engineering department onboard the Ben-my-Chree.

Sales Director - Sandra Cardwell

Conister Bank’s Managing Director, Juan Kelly, stated: “Given the current evolution of the offshore banking sector here, more than ever the Isle of Man needs a strong domestic bank. We are committed to providing lending and deposit solutions to all of our community. Our success over recent months demonstrates the increasing demand from the Island’s small and medium sized businesses to secure flexible and responsive funding, which enables them to reinvest in their ventures and contribute further to the local economy. We feel this is best achieved through partnership with an organisation that possesses a detailed understanding of the Island’s economic subtleties and whose long term interests are fully aligned with those of the Isle of Man.” Edgewater Associates Limited improved its financial performance with earnings increasing 7.6 times over the same period last year.

Edgewater’s Sales Director, Sandra Cardwell commented: “Our growth is customer service driven and we remain committed to being the Island’s market leader for the provision of independent financial advice. We have a strong, professional, well qualified IFA team which is now complemented by our general insurance division, which can offer tailored insurance solutions to both individuals and businesses alike. This comes as part of a constant focus on service development and on identifying the needs of the Island’s residents through local knowledge and expertise. It is this degree of understanding that has secured our offering over recent years and which enables us to successfully adapt to the Island’s maturing economy.”

For more information on Manx Financial Group’s 2013 profile, visit www.mfg.im.

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Jed Fisher, 20, from Ramsey and Michael Keeling, 20, from Ballabeg, have been working hard for four years to attain their ONC in Engineering, attending the Isle of Man College for one day each week and gaining practical experience at the Steam Packet Company’s Engineering Workshops. They have been working with trained Marine Engineers throughout their apprenticeship, learning skills such as machining and welding as well as working on the ferry Company vessel’s engines whenever they were in dry dock.

Both Jed and Michael will now work within the Engineering department onboard the Ben-my-Chree as Junior Engineers.

They are both determined to work towards their goal of becoming Chief Engineers. Jed explained: ‘Michael and I both aim to sit our Officer of the Watch ticket in the near future, before progressing to 3rd and 2nd tickets and so on until, eventually, we can sit our Chief ticket. This can take up to fifteen years to achieve, but it is something that we are both determined to accomplish.’

While Jed is the first in his family to pursue a career with the Steam Packet Company, for Michael the Company is already a part of his heritage. He explained: ‘My grandfather, Gordon Keeling, was formerly Tug Master Driver with the Steam Packet Company before he retired in 1989. Whilst my career path is a bit different, I’m glad that I am able to work for a company of which he was also proud to be a part.’

Steam Packet Company Chief Executive Mark Woodward said: ‘We are very pleased for Jed and Michael and we’re delighted to welcome them as full-time employees. They have both done remarkably well and I am sure that they will prove a tremendous asset to our Engineering department. The Company is committed to securing the future of local talent and is focusing on a long term in-house training program approved by the Maritime Coastguard Agency (MCA). This will enable the Company to ensure that its future workforce have the skills which are not often readily available in the external job market.’

APPLEBY SHORTLISTED IN RECORD SEVEN CATEGORIES AT THE CITYWEALTH INTERNATIONAL FINANCIAL CENTRE AWARDS 2014 Appleby, a leading provider of offshore legal, fiduciary and administration services, has been shortlisted in a record seven categories for the Citywealth International Financial Centre Awards

2014, including ’Isle of Man Law Firm of the Year’ and ‘Isle of Man Trust Company of the Year’.

is evidence of the significant strength, expertise and high levels of innovation and service of our private client & trusts team.”

This is the first time that any offshore legal group has been shortlisted in so many categories for the Citywealth IFC Awards, which were established to highlight the excellence of advisers and managers in the private wealth sector across the major international financial centres. The winners will be judged, by an international panel of highly respected practitioners from across the private wealth sector, to have excelled in achievement, innovation, expertise and service.

The winners will be announced at an awards presentation evening on 23rd January 2014 at the Grange St Paul’s Hotel.

Sean Dowling, Managing Partner in Appleby (Isle of Man) LLC, added: “We greatly value this recognition by the judges for our private client work, which reinforces our leading position in the offshore legal market.”

For full shortlists, online voting and further information, please visit www.citywealthmag. com/international-financial-centre-awards.

Managing Partner - Saun Dowling

Commenting on the shortlist nominations John Rimmer, Partner at Appleby (Isle of Man) LLC, said: “We are delighted to have been shortlisted for these prestigious awards in a record number of categories, especially in the Isle of Man. This strong endorsement by practitioners worldwide

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Where You Can/News

ISLE OF MAN WHERE YOU CAN

UKTI support for Isle of Man firms

Following discussions between the Chief Minister and Minister for UK Trade and Investment (UKTI) Lord Green on renewing arrangements, the rules governing the extent to which Isle of Man based businesses may access services provided by UKTI have been clarified, this reflects the benefits which Isle of Man businesses bring to the UK economy as a whole.

Isle of Man businesses do not pay UK tax and so can’t therefore benefit from services at the expense of the UK taxpayer. However, there are certain circumstances in which they may participate in UKTI events/programmes, provided the UK does not incur any additional costs. All applications for assistance and support will therefore be considered by the UKTI on a case by case basis.

Examples where assistance may be provided are as follows: Liaising with a foreign government – as outlined above.

Participation in UKTI Missions or Trade Events overseas - (any Isle of Man business would be expected to meet its own costs, and could not access bespoke services provided

by UKTI to UK businesses) – examples might include participation as part of the North West Aerospace Alliance, or as part of Financial Services Missions run by the Lord Mayor of London, or when specialist foods are being promoted and

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could be deemed to be part of the wider British food ‘offer’.

UKTI support for inward investors into the UK – for example a business based in the Isle of Man may have branches in the UK, and so UKTI support may well be of potential benefit to the UK operation (although these benefits should be made clear).

UKTI support for UK businesses with operations overseas – this is particularly relevant to many of the financial institutions based in the UK, which have operations in the Isle of Man. Some UK businesses will, therefore, seek support for a range of services and this might include an element from its Isle of Man operation. UKTI support can be offered to a UK business even if some of the benefit might be to the Isle of Man operation, where it can be seen that the UK base will ultimately benefit from the wider business.

For further information, and guidance as to how to identify opportunities this may provide, contact the Department of Economic Development, who will be pleased to discuss what this may mean for your own business and for information on overseas events planned by the Department and which from time to time may also be linked to those of the UK. www.whereyoucan.im/articles

Healthy growth ahead for the Isle of Man The Isle of Man’s economy is heading for a healthy real growth rate of between three and four per cent in 2013/14, according to the Government’s latest quarterly economic report, continuing it’s success of 28 years of economic growth.

The report, produced for the Council of Ministers by the Treasury’s Chief Minister - Allan Bell Economic Affairs Division, covers the three months up to the end of June this year. It provides positive updates and outlooks for various sectors including manufacturing, e-business, shipping, aircraft registration, clean tech and tourism. Welcoming the report, Chief Minister Allan Bell MHK commented: “The continuing growth of the Isle of Man economy is the result of a number of factors, including our policy of diversification, the partnership approach between Government and the private sector, and our competitive, reputable business environment. It is a testament to the professionalism and quality of service that the Island offers to customers around the world.”

To read the Chief Minister’s full comments, go to: www.whereyoucan.im/articles

Winners of the Isle of Man Grand Challenge announced The Department of Economic Development has announced that Owen Cutajar and Andrew Gleave are the winners of the Singularity University Isle of Man Grand Challenge.

Sponsored by PokerStars and supported by the Department of Economic Development, winning the Isle of Man Grand Challenge provides Owen and Andrew with places on Singularity University’s week-long Executive Programme in Silicon Valley, California in December, along with their travel and accommodation expenses.

Singularity University is where many of technology’s top thinkers work and exchange ideas with the world’s leading scientists, innovators and philanthropists, charged with finding technological solutions to the world’s great challenges. www.whereyoucan.im/news

whereyoucan.im

e-Gaming Sector united in Barcelona Peter Greenhill (CEO of e-Gaming) and Ray Davies (e-Gaming Development Manager) from the Department of Economic Development, will be leading the Isle of Man’s presence at the European I-Congress and Expo in Barcelona, 8th-10th October 2013.

Representatives from 11 Isle of Man firms as well as the Gambling Supervision Commission will be together on stand 330, highlighting the excellent relationships which exists between the public sector and the gaming industry in the Isle of Man, helping it to become a centre of e-Gaming excellence.

telecommunications infrastructure with leadingedge fixed and mobile telecoms networks and highly resilient bandwidth connectivity delivered through outstanding data centres offering gaming specific expertise and industry leading DDOS mitigation solutions.

The benefits of establishing your e-Gaming business on the Isle of Man •

White-listed by the UK Gambling Commission allowing Isle of Man licensees to advertise to the UK market

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Low betting duty of between 1.5% and 0.1% on gross profit

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World-class infrastructure, bandwidth and power resilience coupled with excellent data hosting facilities

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Why establish on the Isle of Man? The Isle of Man has a worldclass reputation as an e-Gaming jurisdiction whose priority is:

An extensive clustering of service providers / advisors and peripheral activities such as marketing, software and IT providers with experience in e-Gaming business on your doorstep

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Supportive legislation making the Isle of Man an ideal location for disaster recovery

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Keeping gambling crime free

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Protecting the young and vulnerable

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Ensuring that the facilities offered by licensed operators are fair and that players receive their true winnings

Consumer focussed regulation and player protection

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A simple application process typically 10 -12 week

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A qualified work-force

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Political stability

The Island is ‘White listed’ by the UK and the OECD respectively for e-Gaming and tax co-operation purposes. e-Gaming businesses in any jurisdiction also require an excellent source of advisers and service providers so it is reassuring to know that the Island benefits from excellent legal, accountancy and fiduciary firms with direct experience in gaming.

The Island has an advanced

Vote for Isle of Man in Citywealth Awards

www.whereyoucan.com/egaming

The Isle of Man has been selected by judges for the prestigious Citywealth International Financial Centre Awards to be included in the shortlist for ‘International Financial Centre of the Year’.

The shortlist is online and you can now vote for the Isle of Man. Voting closes on 9th January 2014.

It’s already been a successful year for the Isle of Man as it was recently named ‘Best International Finance Centre’ in the Professional Advisor International Fund and Product Awards 2013.

To read the Chief Minister’s full comments, and to vote, go to: www.whereyoucan.im/news

Isle of Man focusing on India

One of the Isle of Man Government’s Statements of Intent is to forge sustainable relationships with other countries and business partners. A three tier country strategy has been developed by the Department of Economic Development which seeks to target international business development resources to where they are likely to generate the greatest return. These currently consist of China, Russia and India.

Steven Beevers, Head of Special Projects for the Department of Economic Development, has produced a recent article discussing the Isle of Man’s relationship with India.

Read the full article: www.whereyoucan.im/articles

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Finance

Retail Distribution Review: The Island’s Approach As of January 2014, the Isle of Man’s financial sector will be complying with brand new guidelines for financial advice set by the Retail Distribution Review (RDR).

The new regulations will mean new requirements for the fee structures and qualifications for Isle of Man financial advisers. The new RDR regulation aims to guarantee that consumers are offered a transparent fee structure and an upfront and trustworthy service from highly qualified professionals.

We look at some of the preparations that Island businesses are making and discuss if the Isle of Man RDR is ready.

Jon McGowan, Managing Director, MAC Group From a policy perspective, the UK Retail Distribution Review outlines in very certain terms the imperative for financial advisors to achieve qualifications to at least the new ‘Level 4’ standard. In addition, in the UK, as commisison is banned on

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new investment products, there is a requirement to charge fees for the advice given. For some time in the Isle of Man, there has been a necessity to offer clear and transparent commission details. The requirement to disclose advisor charges puts a definite price tag on financial advice and must, in turn, enhance customer confidence both in the terms of their investment and their relationship with their chosen advisor. This is a development that very closely ties with the ethics and strategy that MAC has been trying to evolve for the past 10 years.

Through our initiatives, such as establishing the MAC Academy, we’ve set out to present the IFA world as an advice focused - as opposed to sales driven industry. Through sponsored courses, exams, additional seminars and visiting

speakers and academics, we aimed to raise the standards of our professional advisors and with significant success. All of our advisors are to gain the requisite ‘level 4’ accreditations, well in advance of the January 2014 deadline, and many are now active contributors to the industry’s regulatory community. As a result, we have positioned ourselves well in order to respond to the significant reductions in advisor numbers precipitated by these additional requirements elsewhere in the industry. Across the UK, advisor numbers have fallen by close to 20% and by as much as 40% in banking advisers. MAC has watched its own advisory team work and study hard to become more professional and more attuned to the demands of a thoroughly regulated marketplace.

Overall, the RDR is a driver for positive change that we believe has been a long time in coming. What remains is to ensure that the Island’s selective approach to its requirements does not compromise our international reputation. Unlike the UK, there is no explicit ban on commission based charging structures and - although I’m confident that our industry will self regulate to the same effect - the potential for abuse by commission hungry salespeople could potentially remain. As such, it is important that the Island’s community of IFAs, as well as the FSC, takes an active role in ensuring the RDR’s smooth transition and, in so doing, showcases the Island’s commitment to international standards of compliance on its own terms.

January 2014 will see the introduction of the Isle of Man’s version of the Retail Distribution Review (RDR) 12 months after its successful implementation in the UK. It is all about ensuring there is more transparency and fairness in the investment industry.

Whilst in the UK the RDR has centred around two principles, adviser qualifications and the banning of commission, the Isle of Man has concentrated its efforts on qualifications and overall adviser competence.

Investment advice has always had a cost, but it has often been unclear as to what the charges are and how they are paid. The purpose of the RDR is not to make advice cheaper or more expensive, but to make it clear and transparent.

Since January 2012, IoM advisers have been required to fully disclose all remuneration to clients in advance of transactions being implemented.

From the beginning of this year, all UK derived investment products have had to comply with the new RDR rules which, when combined with our new disclosure requirements, ensure our clients are fully aware of all costs relating to their investments.

Steve Locking, Associate Director, Edgewater Associates

From 1 January 2014, every adviser in the Isle of Man will have to meet new consistent professional standards. A code of ethics for investment advisers is being

introduced, ensuring that they act with integrity and treat the customer fairly.

The good news is that at Edgewater the majority of our advisers already hold the required level of qualification, and follow the prescribed code of ethics. By December 2013, we anticipate that all seven of our IFAs will fully comply with the new standards.

The new rules will create a lot of change in the industry. Primarily, it will level the playing field for different kinds of investment products as commission payments will be eliminated in favour of a negotiated fee structure between client and adviser. This will ensure that the client receives unrestricted and unbiased advice from a better qualified adviser, which is the ultimate goal of the RDR.

Investment

WORDS

Arthur Molloy, Head of Private Wealth, Creechurch Private Wealth

Investments and wellington boots

How to invest - a magic formula?

Sage of Omaha, the holy grail of investing is finding a quantitative and mechanical methodology based on a simple set of screening criteria that anybody can follow.

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very investor wants to beat the stock market, but most of us are all too aware that this is something easier said than done.

Becoming a superior value investor like Warren Buffett is probably the best and most sustainable way to outperform index investing, but Buffett’s version of value investing requires years of experience and expertise in fundamental analysis – there’s no secret formula. Outside of the kind of investment prowess displayed by the

There have been lots of promises delivered via a plethora of readily available strategies and vehicles, but all too often those who have taken a bite are left bemused with mundane returns from assets with little or no human factor. Their use also goes against the grain of what we naturally want to use to navigate this increasingly, unnecessarily complex environment. Clever marketing claiming to have found the holy grail of investments adds to this confusion.

Keeping it simple At Creechurch we like to keep things simple. The creation of optimal investment portfolios can only flow through the application of a robust framework, which while may not automatically throw options away, does at a very early stage, identify a universe from which optimal investment portfolios can be populated in a sensible risk adjusted manner.

The results yield relative certainty and avoid the onset of surprises as the investment landscape evolves and global financial markets continue to suffer through periods of volatility that come what may. As the thirty year bull market for bonds rapidly

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veers toward a fork in the road, we prefer to take some of those profit laden chips away and reorientate to assets providing yield and exposure to real world activities and assets. They deliver the negative correlation so cherished and simultaneously (on an individual basis) produce the kind of strong long-term returns that those risking capital should rightly expect.

And finally…

As a father of three perhaps I’ll now take to donning my Hunters more often (coupled with an alternative slant to my pension plan, I may avail of the kind of luck bestowed upon Deborah Kendall, should it come to it!). Kendall, 33, was hit by lightning as she put her two-year-old daughter in her car but escaped with only pins and needles and cramp. The mother, who was struck by several million volts, told how doctors who treated her said it may have been because she was wearing her husband’s rubbersoled wellies at the time. Mrs Kendall put her wellies on before stepping outside with an umbrella to shelter husband David, 36, as he carried their two-year-old daughter to their car. She said: “We needed to get going, and it was absolutely pouring with rain. I only had little pumps on, so David said I should put his wellies on as my feet would get soaked otherwise”.

Sponsorship

Chief Minister urges business support for Island of Culture Chief Minister Allan Bell MHK has issued an appeal for local businesses to give their backing to the Island of Culture programme of events taking place next year.

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romoted by the Isle of Man Arts Council, Island of Culture is a celebration of the community’s creative talent across a wide range of activities, from dance to digital innovation. BBC film critic Mark Kermode, who has Manx roots, is a patron, along with the President of Tynwald Clare Christian MLC. The Chief Minister said: “Island of Culture is an exciting concept that will promote the arts and culture, and the Isle of Man’s national identity, both on and off the Island. It aims to enhance the cultural life of the Island and to leave a lasting legacy, and I particularly welcome its emphasis on engaging young people.

The Arts Council is to be congratulated for its hard work and imagination in developing what promises to be a very varied and interesting programme of

events next year. I know that a number of business sponsors have already committed to supporting Island of Culture, which is much appreciated, but there are still opportunities for further corporate involvement.’

Mr Bell concluded: ‘Island of Culture is all about celebrating creativity, excellence, identity and community.

These are themes which should resonate with much of the private sector and I would urge all companies to consider how they could support this important initiative for the Isle of Man.’ For more information on Island of Culture 2014 see www.islandofculture.im Email iomartscouncil@gov. im Tel: (01624) 694598.

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Technology

The end is nigh!

But what an opportunity With the release of any new product version comes the realisation that businesses - and in particular CTO’s and IT Director’s - are going to have to address a fundamental question: “Now my installed products have aged by a major version, do I need to upgrade and, if so, when should I do so?”

Jason Spooner, Director of Technology for Intelligence Ltd

Microsoft is coming to the end of an extremely busy and exciting year (2012-2013), during which it has released new major versions of the majority of its product range introducing a wealth of new and improved features and services to meet the challenges of the modern business, whatever its size.

Microsoft have clearly defined lifecycles for their entire product portfolio - which in particular - document when mainstream and extended support ends. During the period of mainstream support, the product in question is fully supported with new service packs, security updates, hotfixes and feature requests. Then the product moves into extended support, when only paid support and security updates are available unless additional extended support is procured, reflecting Microsoft putting this product out to pasture. Once the period of extended support has ended, then the product is fully deprecated and effectively frozen in its current state.

At the time of writing this Microsoft has four mainstream products (Exchange 2003, Office 2003, Windows XP and SharePoint 2003) that are in their final stages of extended support, closely followed by Windows Server 2003 (including Small Business Server 2003). Microsoft has analysed its licensing information and determined that an overwhelming 77% of small and medium sized businesses run a version of Windows Server today, that is approximately 22.5 million servers.

More than half (57%) of that install base is Windows Server 2003, a 10 year old server operating system that pre-dated the current industry standard practices of virtualisation and Cloud Computing.

The question remains, is this enough of a reason to upgrade from these product versions?

How often do we hear our technical teams or customers say of a particular application or server, “it’s frozen again”, “it’s out of warranty”, “there’s no more space” or “it has that feature we need in the next version”.

The real question to be asked is whether these systems are enabling or constraining business growth?

Having determined that technically the time is right to upgrade, consideration must be given to the business case.

Historically, this would have involved justifying the procurement of hardware and/or software, with an allowance for predicted growth, and then embarking

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upon a project to procure, provision, learn, test, and deploy. These projects tend to have a long lifecycles, require a significant capital investment prior to seeing any benefits, and draw heavily upon the already stretched technical resources of a business. In addition, the costly task must be undertaken ensuring business continuity and disaster recovery plans are updated and tested.

Fortunately, there is a better way, and one which has now matured to become the de facto standard for businesses who are looking to drive immediate business benefit from a technical upgrade; namely Cloud Computing.

Cloud Computing offers flexibility, scalability, rapid provisioning and mobility, all with the benefit of cash flow friendly monthly subscription based charging models. This allows businesses to move rapidly to a new environment with minimal business disruption and minimal upfront investment, while driving long term savings in IT costs and increased business efficiency.

Having successfully helped many companies benefit from such an approach to technical upgrades, Intelligence have found that there are many critical factors that need to be assessed and managed for the change to deliver the benefits promised. Chris Davies, Chief Operating Officer for Intelligence, said: “we know the significant impact this technology can have on companies and we are keen to see all local organisations benefit, to this end, we are running monthly technical and executive briefings to highlight the opportunities as well as the pitfalls.”

Perhaps then the real question CTOs and IT Directors should be asking is not “do I need to upgrade and when?” but “why wouldn’t I upgrade now?”

Website: www.intelligence.im Email: ihaveseenthelight@intelligence.im Telephone: 01624 640400

IT/Telecoms News

Manx Telecom managed services contract with IoM Post Office goes live Manx Telecom has won, and begun to supply, a major contract for the provision of managed IT and telecoms services to the Isle of Man Post Office. The announcement of the seven year deal comes after the Post Office put contracts out to tender for the provision of a suite of services including fixed line telephony, internet, wide area and local area network management, and IT service support provided through a dedicated managed services platform. After months of planning and technical preparations these services were transferred from the Post Office’s previous providers in the space of one weekend and successfully went live on August 5. Supporting a workforce of 450 Post Office staff, Manx Telecom’s managed services platform covers 32 separate locations across the Island, making it one of the biggest deployments of its kind on the Isle of Man.

Mike Dee, CEO of Manx Telecom, said:

It is our biggest managed services project so far, and its scale and complexity represents another big step into a new era for our business.

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“We were delighted to win the contract and have now delivered a fully integrated IT and telecoms managed services platform which has the flexibility, performance and scalability which the Isle of Man Post Office requires. It is our biggest managed services project so far, and its scale and complexity represents another big step into a new era for our business. Increasingly, we are seeing more and more businesses seeking a full end to end managed service solution as it means that clients can focus their efforts on growing the core elements of the business, secure in the knowledge that their IT and telecoms needs are managed on their behalf by a world class provider. The Isle of Man Post Office contract is the latest example illustrating Manx Telecom’s transformation from a being a pure communications provider to one in which managed services are becoming an increasingly significant part of the business.”

Manx Telecom employed a dedicated project manager specifically to oversee the Isle of Man Post Office project which took under six months from start to finish.

The final and most crucial phase was the switchover from the Post Office’s previous providers which involved engineers

working round the clock for a full weekend.

The managed services platform is hosted

by Manx Telecom’s Tier 3 Douglas North Data Centre which meets stringent international standards for security and reliability. The contract also includes round the clock support provided by Manx Telecom’s Customer Service Centre and Network Operations Centre (NOC) as well as desktop support supplied by Argon Technologies Ltd. Mike Kelly, Chief Executive of Isle of Man Post Office, commented: “We congratulate Manx Telecom on a successful and seamless migration of a number of IT and telecoms services on to one managed services platform. It was imperative we progressed to having our own ICT network. We needed the freedom to service business opportunities with ICT solutions that fit the needs and requirements of the Post Office and our clients, and the solution provided by Manx Telecom represents state of the art development and value for money.”

you’re in safe hands complete solutions from the only fully converged provider that’s invested over £100m in the Island’s telecommunications

fully managed hosting, IT and telecoms you can rely on. call 624 624 visit manxtelecom.com

CSR Feature

Toor give Not to give WORDS

Michelle P. Tonnesen

The season of charity balls is in full swing.

For some these are just a welcome excuse to have a good time; for others they are a chance to make a difference.

Whether you belong to one camp or the other – or in the grey zone of the majority in between – when the wine has been emptied and the music has been played, the party guests and sponsors will have contributed to support a worthy cause; some more generously than others through auctions, raffles and the like. Someone will benefit 20

at the other end. Someone’s life will change for the better.

But is it just the needs of the receiver that are fulfilled? What is actually in it for the giver, besides a fun night out? Is giving to charity in reality a selfish act?

People generally give to others because it makes them feel good about themselves.

Academics call this sensation the “warm glow” effect. For all the good that giving to charity does for the beneficiaries, this shows that donors get something too; the benefit of the warm glow in return.

Social psychologists have two theories for explaining why we help others: Public benefit: (altruism) Private benefit: (the giver gets something out of the giving) According to the public benefit theory,

we help because we perceive our actions to be beneficial to others.

It is labelled this way because the public - or some section of it - benefits (such as the homeless). However, from this perspective we do not perceive ourselves as gaining any benefit from helping others; we have altruistic as opposed to egoistic motives for helping.

The private benefit theory on the other hand states that we help others because we see ourselves as benefiting in some way too.

According to social researchers and economists, private benefit serves an important function in maintaining the high level of giving that we see in our part of the world. Experiments have shown that a lack of personal motive reduces the tendency to give or help. Research into the motivations of businesses and corporations even suggests that profit maximisation (a form of private benefit) is the primary motive driving contributions.

Corporations see increased profit through positive advertising and enhanced corporate image. Just like individuals who donate large amounts can receive recognition (i.e. social prestige) in terms of plaques, statues, or having new research, arts, or public institutions named after them.

Thus, although many people talk of giving from the heart, research highlights how charitable donations can be a signal of the wealth of the donor. Human beings like showing off, just like peacocks enjoy fanning out their tail feathers.

...at the end of the day, benefiting oneself whilst benefiting others has to be a win-win situation

For some the benefits of helping and giving, however, extend far beyond a momentary warm glow or an added feather in one’s cap. Numerous studies have shown helping brings a surprising number of physical and mental health benefits, ranging from reduced stress and depression to better immune system functioning, a greater sense of life satisfaction, and in the case of corporate volunteering, helping increases employee morale and productivity.

As a consequence, not only academics, but also representatives of spiritual belief systems argue that giving and helping is of critical survival value for the human species.

So, why is everyone not giving? One obvious reason is, of course, that not everyone is able to, like that someone who is at the receiving end of charity donations.

the global map of giving.

Interestingly, affluent countries like Norway and Sweden came in 25th and 37th respectively. Why is that you might wonder? Well, most likely because of the Scandinavian welfare state system – which is based on their populations paying on average 50% income tax or above – they do not have as widespread a tradition for giving to charities. One could argue that they are already giving, as they contribute to the collective good via their taxes.

In contrast, the Anglo-American countries generally have a larger income gap between rich and poor, and a less finemeshed safety net stretched out at the bottom of society. Thus, survival of the fittest is by and large the predominant mantra here.

You might not be surprised by the fact that the populations of Anglo-American countries are some of the top givers in the world. According to the World Giving Index 2012 - the largest study into charitable behaviour across the globe, based on 500,000 interviews by Gallup and published by the Charities Aid Foundation - Australia is the number one charitable nation in the world measured by the three giving behaviours; the percentage of people who donate money to charity, volunteer their time, and help a stranger.

Thankfully there are numerous affluent people across the world who give because they can. Not everyone, but a significant group of billionaires have decided to share their wealth. Think high-profile people like Warren Buffett and Bill Gates; through the foundation The Giving Pledge they dedicate significant funds to “doing good”. The Giving Pledge is an effort to help address society’s most pressing problems by inviting the world’s wealthiest individuals and families to commit to giving more than half of their wealth to philanthropy or charitable causes either during their lifetime or after their death.

Ireland came in second, Canada third, New Zealand fourth and USA fifth. A bit further down the list, UK ranked number eight on

But do these people not get private benefits like positive PR and social prestige out of their giving? Probably.

Does that make their giving immoral?

From a cosmic balance point of view, perhaps. Some may argue that if you give just enough to benefit yourself, you are not really giving at all. However, at the end of the day benefiting, oneself whilst benefiting others has to be a win-win situation. So go ahead and start giving. It is good for your soul - and it is tax deductible too!

Relevant links for more information: Charities Aid Foundation - World Giving Index 2012 www.cafonline.org/ publications/2012-publications/ world-giving-index-2012.aspx The Giving Pledge www.givingpledge.org/ “Impure Altruism and Donations to Public Goods: A Theory of WarmGlow Giving” by James Andreoni www.jstor.org/discover/10.2307/22 34133?uid=3738248&uid=2&uid=4& sid=21102366611007

21

Henry Bloom News

Henry Bloom Noble Healthcare Trust looks forward in 125th year Anniversary “Today the very broad role of the Trust involves funding the latest equipment for our Island’s doctors, providing education so we have better-trained professionals in the public and private sectors, funding research into the prevention and elimination of disease and promoting good health, such as supporting healthy eating initiatives in the Island’s schools.”

“The Trust also supports improvements to the quality of care for patients convalescing at home and in hospital, with the funding of equipment and training, equipment to expand the opportunities available to sick and disabled people and support for the nursing and care of the sick, infirm and disabled in their own home.”

Henry Bloom Noble is famous throughout the Isle of Man, especially in Douglas, as a great benefactor whose generosity assisted to establish such landmarks as the Villa Marina, St Ninian’s Church, Noble’s Park, Ramsey Cottage Hospital and, of course, the original Noble’s Hospital.

Today, his ambition of seeing positive developments for the Island, especially in healthcare, lives on through the Henry Bloom Noble Healthcare Trust, which is celebrating its 125th anniversary in 2013.

T

he Trust began following the death of Henry Bloom Noble’s beloved wife Rebecca in 1888 and continued after his death 1903, becoming a statutory body with widened remit in 1909. Through more than a century of support to Noble’s Hospital and other health-related charities, the Trust has continued with the earlier aspirations of the original Trustees. This has only been possible thanks to the kind generosity of the people of the Isle of Man. To celebrate the 125th anniversary, the Trust has launched a new website, hosted events including a fundraising black tie Diamond Dinner and carried on with its work of supporting healthcare imporvements.

Trust Chairman Larry Keenan said: “The original aim of the Trust was to improve the quality of healthcare in the Isle of Man and, 125 years on, that is still our purpose. Of course, much has changed in terms of what we support, and how we fund that support.”

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It is not simply a case of buying doctors new tools.

The Trust recognises ‘healthcare’ is a broad term which encompasses people outside hospital settings, as well as inside, and is as much about preventing illness and helping people recover as it is treating illness.

In its early years, much of the Trust’s focus was on investment in buildings, such as the gifting of a parcel of land for a new hospital on the site of what is now the Manx Museum. That support has continued, notably with a substantial contribution towards the construction of the children’s wing of the Isle of Man Hospice, Rebecca House.

Although the Trust has funded healthy eating projects in schools, staff training and research, it is the donations of important medical equipment which remains the most visible part of the Trust’s work. Recent donations have included machines which could save the lives of newborns in the neonatal unit, a portable x-ray device to increase the quality of dental care given to those unable to attend clinics and tools which have allowed complex joint surgery to be conducted in the Island, rather than

to supplement the care provided in the Isle of Man by supporting valuable equipment, training, research and education which, with the financial pressures it faces, the Island’s NHS could not otherwise fund. Our contribution helps improve healthcare, improve quality of life, improve prevention and treatment of illness and improve the standards of care experienced in the Island.”

patients being treated in the UK. So far more than 80 patients have benefitted from the use of the new equipment.

a worn out or failing joint replacement is exchanged for a new one, is also now regularly performed here.”

Consultant Orthopaedic Surgeon Ross Barker said:

“These two large groups of patients, and of course their relatives, no longer have to travel to the UK for any phase of their treatment.”

“The equipment provided by the Henry Bloom Noble Healthcare Trust has enabled The Trust relies on the ongoing generosity complex hip and knee replacement to be of the public, who supports its work performed on the Isle of Man for the first with donations and bequests.

In addition, surgery, where 41022time.

HBNHT_hlf pg revision ad_Gallery_Layout 1 12/08/2013 09:27 Page Mr Keenan said: 1“The role of the Trust is

“This brings enormous benefits for the patients and their families, for the medical staff and for society as a whole, but it is only possible thanks to the donations and bequest which allows us to keep supporting healthcare improvement. As we celebrate our 125th anniversary, remembering the work of the Trustees who have gone before us and the extraordinary generosity of the public, we are also looking to the future and how we can continue to deliver the ideals of Henry Bloom Noble.”

If you would like to support the work of the Henry Bloom Noble Healthcare Trust, please fill in and return the form below with your donation. For more information about the Trust and how to support its work, please contact Trust Secretary Robert Young, c/o Victoria Chambers, 47 Victoria Street, Douglas, or telephone 611933.

Henry Bloom Noble H E A L T H C A R E

T R U S T

Help Us Improve Island Healthcare The Henry Bloom Noble Healthcare Trust has been supporting improvements to healthcare in the Isle of Man for 125 years and we need your support to continue this vital work. Your donation will help us to provide equipment, training, education and research to improve the care and treatment of patients, as well as improving quality of life for the sick, infirm and disabled.

Please fill in the form below and return it, with your donation, to Trust Secretary Robert Young, c/o Victoria Chambers, 47 Victoria Street, Douglas, IM1 2LD. For more information on how you can support the Trust with bequests and fundraising events, please contact Trust Secretary Robert Young by phoning 611933.

Name Address Donation Sum Please provide your email address if you would like to know more about the Trust

Secretary Mr Rob Young, c/o Victoria Chambers, 47 Victoria Street, Douglas, Isle of Man, IM1 2LD

01624 611933

info@hbnhealthcaretrust.org.im

Caring for our future www.hbnhealthcaretrust.org.im

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CSR Feature

WORDS Angela Gregory Royal London 360° Communications Executive

Sponsorship the perfect partnership You can’t put a price on the sense of pride that comes with seeing someone from the Isle of Man do well. And yet, when it comes to corporate community involvement, that’s exactly what companies are asked to do.

O

bviously, a business’s motivation for sponsorship can’t be all altruistic, there must be some worthwhile leverage involved. A logo on a kit or a trackside banner is all well and good, but there must be more to it. So, why get involved?

Over the years, Royal London 360° has supported the Island community in a variety of ways, from involvement in wildlife and heritage projects to support for community and sporting events.

In 1997, when the company was Scottish Provident International, parent company Scottish Provident sponsored the Lions Rugby Union Tour of South Africa. Having the Scottish Provident logo plastered on the front of the kit was priceless when it came to media coverage, but for Scottish Provident International in particular it was a timely association, coinciding with the opening of a new South African office.

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RL360° is the longest running TT sponsor, having been the title sponsor of the Superstock TT Race for the last 10 years, and has also been the lead sponsor of the massively successful Youth Cycling League for two decades.

The TT sponsorship allows RL360° an association with an event internationally synonymous with the Isle of Man. There is also the added bonus of being able to use the event for corporate hospitality.

Independent Financial Advisers fly in from all over the world to get a taste of the TT, with unprecedented trackside access to riders and visiting celebrities.

But it is, perhaps, the Youth Cycling League and its elite team of competitors (Team Royal London 360°) that RL360° is best known for supporting. It is the perfect example of a successful sponsorship arrangement.

In short, RL360° provides support to help the league achieve its goals and, in return, the company’s profile is raised on an almost daily basis and is associated with a positive activity with international reach.

The Royal London 360° Youth Cycling League To get your fix of pride in Manx success, these days you only have to take a glance at any televised cycling event.

Manxman Mark Cavendish is the fastest man in the world on two wheels and has won an astonishing 25 stages of the Tour de France. Onchan’s Peter Kennaugh won gold in the Team Pursuit at last year’s Olympics and was a member of the triumphant Team Sky which helped this year’s Tour de France winner Chris Froome to victory.

In both cases, the Royal London 360° Youth Cycling League has played a part role in putting a phenomenally successful sportsman on the path to glory.

“We started out 21 years ago with 14 children at the newly refurbished NSC,” explained the league’s Dot Tilbury.

“It grew and soon our kids were getting placed in races in the UK. “Mark Cavendish came down at the age of 9 from BMX and Peter Kennaugh for a time. Mark used to lap the field, he was very special.”

This year there are 600 plus youngsters signed up and, on average, 300 turn up for the famous Tuesday night cycle at the NSC. “People are amazed that out of a population of 80,000 we produce so many cyclists,” said Dot.

Mark Cavendish

The secret to any success is always tricky to quantify but there’s no doubting there’s some kind of magic at work here.

“I think there’s lot of things that make up why it is successful. We have a wonderful history of cycling on

the Isle of Man with International Cycling week which started in 1935 and attracted the biggest names in cycling from Europe.

Sadly International Cycling week is no more but we do have a very successful Youth Tour which is growing all the time.

and various other tasks. There’s no showbiz with what they do, they are just there to make the racing safe. No helpers, no racing, it’s as simple as that. People come on a Tuesday night having done it for years, I couldn’t do it without them.

“Other than that, apart from being rained off, we have been there every Tuesday night, no matter what,” said Dot.

“ So.....What makes Manx Cycling tick? A mixture of all the above and more!”

Peter Kennaugh

“We have never shirked from doing the best races in the UK, we have set our goals high. We have some horrendous boat journeys, arrive late at the digs and then ask the riders to get up at 6.30am to prepare to race in all weathers. You have to be dedicated to do that. We encourage all abilities because you might not have natural ability but a have great work ethic and if you want to do it you can do it. We are open to everyone.

“The more experienced young riders occasionally go out training with Peter Kennaugh, Mark Cavendish, Johnny Bellis, Mark Christian, and (MotoGP star and Ramsey resident) Cal Crutchlow when they pay a visit home. Afterwards they go to a café so there’s a real social side to it too.

How inspirational is that?

“They all want to be professional cyclists but not everybody can make it, only the really talented and tenacious ones.

If people want to do it, it can happen through hard work but it’s not easy and great sacrifices have to be made.

Current RL360° Cycling League youngsters making a mark at UK National level Nathan Draper was 3rd in the British National Championships in the under 16s and is currently standing 5th in the British Cycling National Series.

“The support of Royal London 360° and anonymous donors who help us is invaluable.

Elizabeth Holden was 3rd in the British

“ Most important is the help people and parents give to enable races to go on - standing out to marshal or judge on the finish line

National Championships in the under 16s and was 3rd in the Omnium Series on the track overall. 1st Girl in the youth tour of Ireland under 16. She is also on the British Talent Team.

Jake Kelly is now leading the Junior

We have never shirked from doing the best races in the UK, we have set our goals high.

British National Series and his brother Joe is on the Olympic Development Programme (ODP) with British Cycling.

Mark Christian is also on the ODP and is now riding for Team Raleigh. His sister Anna Christian is Junior British National Girls Champion.

Matthew Bostock recently won the Youth Errigal Tour of Ireland in County Donegal and Nathan Draper was 3rd.

The Isle of Man won team prizes in the under 16s and under 14s at the Youth Tour of Ireland, where Eleanor Davies was 3rd in the under 12 category.

Matthew Bostock, Owen Dudley and William Draper are all past British National Champions and Matthew Draper is the current North West Divisional Champion.

As we go to press, Matthew Bostock has just won silver medals in the Points Race and the Individual Pursuit at the British National Track Championships.

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Feature

What’s on The Agenda?

The Art of Effective Meetings WORDS

Michelle P. Tonnesen

A meeting is effective when it achieves its objective, in a minimum amount of time, to the satisfaction of the participants.

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What’s on The Agenda? The Art of Effective Meetings This may sound like a very easy goal to achieve, but for an activity we do so much and that is so integral to our businesses, it is an activity that most people are notoriously bad at.

Meetings are generally longer, less efficient and generate fewer results than ever before. We now need more meetings to accomplish objectives, leaving employees less time to get their own work done and companies out of pocket.

The average worker wastes two hours and 39 minutes each week being unproductive in meetings. That is over 120 hours per year, which equates to £26 billion in terms of GDP lost to the economy.* So, what are the reasons for all this wasted time? Why do meetings fail to be effective?

The truth is that most of us have never experienced the power of a truly effective meeting. With seemingly more work and less time in the day, we don’t spare time to put effect into ensuring a meeting is successful – we just want to get it out the way. As a consequence, very few companies can boast to have any role models or best practice standards when it comes to facilitating effective meetings.

So what can we do to mitigate the risks of meeting failure? Many people drastically underestimate the importance and power of effectively planning a meeting. The why, what, who, when, and where deserves as much thought as the meeting itself.

Let’s start with the why and what. Every meeting must have an agreed purpose and a clear objective that everyone is aware of, not just the chairing individual.

If there is no clear purpose or objective (e.g. it has just become a habit for a team to meet on a Wednesday afternoon), then there does not need to be a meeting.

It is a common assumption that the solution to everything is a meeting.

This is precarious and wrong. A lot of the time a couple of emails or phone calls can be just as effective.

Once you have a clear purpose, you need to consider who you should invite.

People should be invited according to their ability to contribute, NOT according to their status. Try not to be influenced by politics, as the smaller the number of the people in attendance, generally the more effective the meeting.

When is the most ideal time to hold a meeting? It is best to choose a time when people are more alert and less distracted.

This is likely to be in the morning, allowing people to get in and settle, but not so much time that they get bogged down in other work which may prevent them from attending or contributing optimally Don’t always assume that the best place for a meeting – where – is in a standard meeting room. Match the purpose to the means and consider the sort of atmosphere you are trying to create. A creative brainstorming meeting is likely to

be more successful in a less formal setting with a relaxed atmosphere – perhaps even offsite – where people feel encouraged to open up and offer ideas. For a formal client meeting a classical meeting room and set-up will usually be more appropriate to convey a professional image.

When arranging an e-meeting of some kind, make sure you are using the right tool; everyone knows how to use it; people don’t talk over each other; people’s interest is kept by frequently asking for feedback; and words are chosen carefully to avoid misinterpretation.

Covering the why, what, who, when and where, will make a good foundation on which to build an effective meeting, but the real key to an effective meeting is a clear, well-structured, and well-communicated agenda.

Lastly, it is also your responsibility to ensure that you are a good meeting participant. Personally prepare for every meeting, don’t be late, be alert, listen actively, make succinct and valuable contributions, and stick to the point.

If an agenda is put together properly it will create a route-map and direction for everyone involved. It will help the meeting organiser plan the meeting; communicate the meeting purpose; provide all participants with the information they need to prepare for the meeting; and last, but certainly not least, create a structure to manage the meeting.

Remember that the first question should always be: Is a meeting really necessary or appropriate? Always query whether a meeting is the most effective way of achieving an objective to avoid wasting time, resources, money and causing frustration and stress.

What should an agenda include?

• Meeting purpose and objectives • Information about place, date, time and duration of meeting • Who will be present • Specifically what business will be covered • Approximate timing of each item • Links to/attachments for any additional information needed for the meeting A handy rule is to always ensure that your agenda is SMART: Specific Measured Action-based Realistic Timed Participants should be careful not to fall into the trap of trying to cover too much in a meeting – keep it realistic, and allow an appropriate amount of time for each item. Otherwise it may result in issues being skirted around without being discussed in any depth. Always recognise and evaluate the benefits of useful debate on a topic and balance this with the need to keep to the agenda and time.

When planning an agenda, it is equally important to consider the flow of items to ensure that it is logical, but also that the most important points are covered first when people’s attention and focus is at its strongest and running out of time is not an issue. It is not always a good idea to leave contentious issues to the end, as this may result in people leaving the meeting with a negative feeling and the issue may not be resolved. Always try to finish with something that will generate consensus, so people will leave feeling positive and that the meeting was a success.

Ideally, minutes should be written up and circulated as soon as possible after the meeting, detailing key decisions, actions and the responsible persons in a concise, impersonal style.

* According to a study carried out by Opinion Matters on behalf of Epson.

Meetings SHOULD be used for: • Getting information or advice • Involving people • Clarifying issues • Establishing responsibilities

Meetings SHOULD NOT be used for: • Doing detailed analysis • Writing reports • Rubber stamping • Personal issues of a controversial or confidential nature A ‘great’ meeting saves time and money, results in decisions being made, new ideas being realised, people feeling motivated, increases morale and aids team development – all of which have a positive impact on the business bottom line.

Effective meeting checklist ✓

Agreed purpose and clear objectives

✓

Adequately planned

✓

Participants prepared

✓

Written agenda

✓

Begins/ends on time

✓

Suitable environment

✓

Stick to the subject

✓

Agreement on decisions and further action

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Finance Feature

Money Talks Brought to you by Edgewater

Marco Leonetti, owner of family run hair salon, Utopia, talks about how he manages his finances.

Have you ever been hard up? Yep; when I opened my first salon at the age of 18, I don’t think I slept for five years. We lived in a corporation house in Crosby and we had nothing but mountains of love and support from my mother and father.

How much money do you currently have in your wallet? £70.00.

What credit cards do you use regularly?

I use Amex Platinum and Business HSBC Visa and MasterCard.

Do you manage your own financial affairs? Yes, mostly, but Andrew Gerrard at Harding Lewis accountants keep me on the straight and narrow!

Are you a saver or a spender? I’m a saver.

How often do you save? I save all the time.

What is your weakness when it comes to saving? My weakness is a regular family dinner out each week, and with so many clients and friends who own restaurants, I have to spread myself!

How do you plan for large purchases, such as a car or a house? I have always made large purchases with the thought of buying things that are slightly out of reach. It‘s amazing what you can afford if you ‘tighten the belt’.

What’s the most extravagant thing you’ve ever bought? First class plane tickets...

Once!

MARCO LEONETTI, OWNER, UTOPIA HAIR SALON

How do you manage your outgoings? The only way to manage outgoings is firstly to figure out incomings, then take one from the other!

What is your most costly regular outgoing? I guess it’s utilities: gas, oil, and power; Just like everyone else.

Do you invest in shares? Yes, we hold a diverse spread of shares and property investments. Our investment portfolio is managed by Nigel Hibbet at Quilter Cheviot.

What - in your opinion - is the best type of investment? In my opinion, the best investment currently is property lets, however, I feel that if government undertakes a ‘means’ testing project for all folk in government/corporation housing, it would definitely get the property wheel started.

Local people will spend money on the Island if they have choice, variety, and value... and, of course, service!

What is your current market outlook?

I’m very positive with the current market outlook. It is important, however, that service and retail sectors re-invest not only in their people, but in the working environment. Local people will spend money on the island if they have choice, variety, and value... and, of course, service!

Do you own more than one property? Yes, we have a property company that manages several properties.

What, in your opinion, is the best way to save for retirement? In my opinion, the best way to save for retirement is... not to.

Invest in something tangible that can’t be taken from you, or just stick it under the bed... plain and simple!

What is the most important thing you have learned about money? The most important thing I’ve learned is to never take money for granted - but I have never let it rule my life! If you are prepared to work hard, rewards will follow.

“I thought I would have to miss the fishing trip to get our group pension plan sorted. Then we took on Edgewater.”

Group pensions from Edgewater - giving you time to relax.

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Edgewater is licensed by the Financial Supervision Commission of the Isle of Man and registered with the Insurance & Pensions Authority in respect of General Business.

28

Shaping your Financial Future

Business News

The Claremont’s Multi-Million Pound Transformation Continues

T

he Claremont has completed another stage in the awardwinning 4-star hotel’s multimillion redevelopment to become the Island’s business visitors’ destination of choice.

Following detailed research into the requirements of corporate clients, the Claremont now provides business focused facilities matching the highest international standards.

The latest phase of refurbishment completely renovated and re-designed the entire ground floor of the hotel, transforming the entrance, reception and foyer areas and incorporating premium lounge facilities to provide a convenient and luxurious meeting space. This complete structural and stylistic revision saw the introduction of a new entrance, walnut reception desk, granite tiled lobby and the opening of structural walls to create a carefully furnished open space. The interior design has been carried out by Berlinbased interior architects, Bernreider, Sieweke-Lagemann Architekten, and constructed by G. J. Inghams of Peel.

The Claremont’s 4-star, privately financed transformation started in 2012 with the wholesale refurbishment of the hotel’s 56 bedrooms into Business Club rooms and suites. Guest rooms now provide Nespresso machines, super-king sized beds with Tempur® mattresses, Hungarian goose down pillows, and elegant wet-rooms with Aveda products.

Complimentary high-speed broadband is available throughout all areas of the hotel. The upgrade has already seen The Claremont win a raft of awards, including the Bloomberg International Hotel Award, the UK Hotel Awards Highly Commended Hotel Interior, Visit Isle of Man Silver Award, Trip-Advisor Certificate of Excellence, and most recently, the Isle of Man Newspapers Awards for Excellence - Company of the Year.

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Feature

WORDS

LES ABLE

Working lunches once again thrive but...

Lunchtime O’Booze is laid to rest...

Business lunches!

Once synonymous with an era when it was all boom and no bust are again thriving but a convivial bottle or two of wine has given way to mineral water or Diet Coke and Lunchtime O’Booze is now an almost forgotten and despised relic of yesteryear.

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...The business lunch is “definitely alive”.

It’s a great way for developing ideas and bringing new business in but it’s certainly not about getting drunk. The boozy lunches of a few years ago did not help businesses, they were more for those who merely wanted to indulge themselves.

A

business lunch which lasts for two hours is seen as exceptional. Most last for little more than an hour while some just might stretch to between 75 and 90 minutes. One glass of wine perhaps, but often it will be a non-alcoholic drink for the duration of a one-course meal.

As a journalist working in London some 25 years ago it wasn’t unusual to meet a ‘contact’ for an expenses paid lunch at somewhere like the Savoy Grill or Rules in Covent Garden, returning to the office three hours later. It was par for the course, your guest expected to be thoroughly wined and dined and a good story was often the result.

The journalist of the 21st century, however, often has little time for the luxury of a lunch break at all, it will be a sandwich at the desk.

It is now a decade or more since the ever cordial, invariably corpulent figure of Lunchtime O’Booze ruled supreme.

He was supported by his red braceswearing, pin-stripe suited companions and sometimes their lively pulchritudinous female followers. After all, these guys had money from over the top bonuses and it was spend, spend and more spend.

They would be responsible for pushing the befuddled and well fed O’Booze into a taxi. If he was travelling by train he would almost certainly fall asleep, miss his station and awake to find himself a hundred or so miles away from his destination. Today’s business lunch is a far cry from the alcohol swilling, so-called working lunch of those far off days. It now has a serious purpose.

“Each week I have a lunch with someone with nothing to sell, just to get to know them better as the bridge to a longer term relationship,” says entrepreneur, Courtenay Heading. “Crucially, it can sift/ validate my judgement before I recommend the guest to another trusted contact.”

He adds: “Often, I have sparkling water or orange juice, I never have more than

one alcoholic drink, a small lager being my favourite. A lunch lasting 75 minutes is ideal – an hour feels rushed, but at 90 minutes I’m feeling a bit guilt-laden on a working day. At a weekend, two hours minimum with friends/colleagues is much better, with dinner even longer.”

One of the Island’s most experienced restaurateurs is Mario Ciappelli, managing director of Portofino. He has been in the catering industry for 37 years, running his own business for 25 years. As for recessions, he has seen at least three and says:

“In this last recession everything changed, somehow people got more worried and it has been the most difficult recession. But as for business lunches, they are definitely back but over soft drinks and mineral water, perhaps one glass of wine. It’s likely to be an older diner who will opt for a bottle of wine to share with his guest.”

He adds: “I remember the time when the likes of bank managers came in just after 1.00pm and would order a glass or bottle of champagne or wine and perhaps brandies, there would be a lot laughter and a lot more business was done that way. There is now a different approach and certainly no desire to return to what some might

remember as ‘the good old days’. Overall, things have got a lot better in the last year.

As for time spent over lunch? Maybe 90 minutes, or two hours at the very most.”

Phil Taylor, a director of Rock Food Concepts which owns both 14 North and Bath & Bottle in Douglas, agrees that the business lunch is “definitely alive”.

He adds: “It’s a great way for developing ideas and bringing new business in, but it’s certainly not about getting drunk. The boozy lunches of a few years ago did not help businesses, they were more for those who merely wanted to indulge themselves.

It was a time when people were making so much money they didn’t have to worry about getting back to the office by a certain time. Businesses of today are more strict and looking at ways to save money and cut costs.

People either come into 14 North with clients they are trying to impress and looking to do business with or are with colleagues in small groups. They will opt for one course and something like a Diet Coke or, if one person has a glass of wine then others at the table may do the same. People like to conform and wine does break down barriers and free people up to talk about what they really want to address during a business lunch.”

Clive Parrish, recently elected chairman of the Institute of Directors Isle of Man, agrees that boozy lunches are a thing of the past, but in the right circumstances believes a working lunch, when appropriate, can indirectly benefit a business.

Clive said: “It can put people at ease, gets the executive team away from the formality of the office and gives directors an opportunity to look at the bigger picture without being surrounded by the demands of their office environment.”

Lunchtime O’Booze R.I.P. Les Able is head of PR and Media Relations at Home Strategic.

31

Movers & Shakers

New Chief Technical and Information Officer for Sure

Permanent Bank International appoints Head of Client Relations

Boston Appoints Kerry Smith as Senior Manager - Projects Analyst

SURE has appointed a new Chief Technical and Information Officer as part of a restructure that will strengthen performance in network operations.

Permanent Bank International Ltd (PBI) has appointed Simon Jones as Head of Client Relations. He has 14 years’ experience in international banking beginning his career when he moved to the Isle of Man in 1998 to join HSBC. Since then Simon, who grew up on the Wirral, has worked for Irish Permanent International and Bank of Ireland. He has gained experience in a wide variety of banking roles including mortgage counselling, personal banking, sales and marketing, and business development. He said:

Boston Limited, a leading local fiduciary, family office, and professional services group, has announced the appointment of Kerry Smith as Senior Manager – Projects Analyst.

Cyrille Joffre, who has 15 years’ experience in the telecommunications industry worldwide, will head up a newly merged division which will incorporate planning, operations and maintenance. He will also sit on Sure’s executive committee.

‘It is more important than ever that we focus on making some major investments in network infrastructure to deliver the next generation of high speed voice, data and video services to meet the future needs of our customers on the Isle of Man,’ said Andy Bridson, Chief Executive of Sure in the Isle of Man. He continued, ‘Sure has been looking to streamline its business for the benefit of its customers and through the use of convergent technologies, it is a natural move to put combine these departments into one division. Cyrille brings with him a wealth of experience, having held senior positions in the telecommunications business both in Europe and the Far East. I am confident that Cyrille’s appointment and the restructure and will give us a joined up approach internally and help us to deliver exceptional service to our customers.’

Mr Joffre’s career has seen him work across the world including time in France, Hong Kong, Monaco, Netherlands, Singapore and Tokyo.

‘It is a true pleasure to join Sure and support the team on its journey of transformation. I hope that my experience of working in countries across the world will allow me to identify ways in which Sure can continue to deliver the highest level of service to our customers,’ said Mr Joffre.

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“I’m delighted to have joined Permanent Bank International which is built upon the principle of being the personal face of banking. The whole ethos of the business is to focus upon getting to know our customers, building a relationship over several years, and offering a standard of customer service that few other banks can match. These are principles which have been important to me throughout my career so my new role at PBI is an ideal opportunity for me.”

As Head of Client Relations his responsibilities will include assisting personal and corporate clients with their accounts, attracting new depositors, developing new lines of communication with customers and ensuring the highest levels of customer service continue to be applied. Simon, who is married with two children, is Chair of the Friends of Ballacottier School charity and a member of the Manx Executive Challenge organising committee.

David Fulton, Business Development Manager at Permanent Bank International Ltd, commented: “Simon brings with him a breadth of customer service and relationship management that will be a major contribution to our business development goals. I know that he will fit in well with colleagues and customers and has already made a positive impact.

Kerry started her career in 2001 as a Regulator with the Financial Supervision Commission. In 2007 Kerry joined IOMA Group where she spent 6 years putting her technical knowledge into commercial practise as Compliance Manager for the fiduciary business, and later as Group Company Secretary.

Coupled with her extensive industry experience, Kerry is a Business Studies graduate and qualified as a Chartered Secretary in 2004. Such experience has given her an invaluable insight into compliance, regulation and corporate governance, areas that she will continue to focus on within Boston.

Kerry will also fulfil a Company Secretary role and is responsible for leading projects on tax compliance and reporting, monitoring risk, and delivering FATCA compliant services and solutions.

Commenting on Kerry’s appointment, Phil Knop, Tax Director at Boston stated: “Kerry’s appointment is further evidence of Boston’s commitment to recruiting the very best people in our industry. This is a newly created role in recognition of the changing face of business and the many challenges we now face from, for example, the UK, US and the EU. The demands placed on our industry from the likes of FATCA are ever increasing and to recruit an individual of Kerry’s calibre and experience to tackle the associated tax and compliance risks is a real coup for Boston.”

On her appointment, Kerry commented that she is “enthused and excited by the opportunity to join Boston Limited at a time when it continues to expand and develop. With important regulatory changes on the horizon I am pleased to be part of a forward thinking team.

GANT MEN’S NOW AVAILABLE AT THE MILL SHOP, TYNWALD MILLS

Opening hours: Monday - Saturday 10am to 5.30pm 121Sunday 1pm - 5.30pm

Isle of Man style magazine

Falcon Drives Ltd - recently launched on the Isle of Man - will seamlessly organise and escort you throughout your luxury European driving experience. You, your treasured vehicle and friends will enjoy and soak up Europe’s very best hotels, gastronomy, driving roads and scenery.

With our unique portfolio of drives including the Scottish Highlands and Lowlands, Isle of Man, Ireland, London to Portugal, and London to Portofino on the Italian Riviera. We aspire to fulfil your every driving desire. Fabulous dinners and pre-dinner drinks are included with breakfasts, served on the best terraces in Europe. Your travel itinerary has been thoughtfully compiled so that your every need is met, including a bespoke luggage service; should you require it.

Working alongside Martin Chisholm and his experienced team at www. martinchisholm.com, we have the facility to provide transportation of your treasured vehicle back to the UK from any of our European destinations.

Assisted and hosted by Pamela Burns and Kim Sellers, you are invited to join us on our forthcoming ”drive of a lifetime”, on what promises to be the most scenic and fun adventure of the season. You will experience five exhilarating days of European driving - starting at one of Berkshire’s greatest houses, Cliveden, and finishing in the exclusive bay of Portofino, Italy, where you will enjoy finish line cocktails on board MY Falcon.

An optional start to this amazing trip could include a sumptuous dinner and night’s stay at Cliveden for a private audience with the Jette Parker Young Artists of the Royal Opera House. All of this whilst listening to world-class opera, performed in solos and duets by soprano Dusisa Bijelic, tenor David Butt Philip and baritone Michel de Souza, accompanied

by Paul Wingfield on the piano in Cliveden’s Great Hall. What better way to celebrate the start and meet your fellow hosts and travelling companions.

34

London to Italy

a journey like no other...

London to Portofino October 2013 Total kilometres over 5 Days: 1572 km / Total Time Driving: 18hrs 30 minutes Day 1 Monday 7th October 2013 Cliveden Manor, Berkshire, UK Commencing at 10am from Cliveden, you will meet your hosts and travelling companions for the ensuing week ahead.

After light refreshments and welcome introductions, the flag goes down at 11.30am sharp! There will be a 35 minute crossing on the Folkestone Eurotunnel before driving onto Epernay, Northern France’ ‘the “entrepôt” for Champagne wines’. Here you will spend your first night at the distinguished Relais & Chateaux Le Royal Champagne, a hotel, set amidst lush vineyards, and home to no fewer than 280 exceptional brut and rose vintages.

Moët et Chandon, L’Orangerie will be your hosts this evening, where you will enjoy an exquisite champagne dinner.

Day 2 Tuesday 8th October Bad Ragaz Hotel, Switzerland From the graceful tranquillity of Epernay, your journey continues through the ‘soaring’ heights of the Swiss Alps before reaching your second night’s destination, where a wonderful evening meal awaits you at the palatial Grand Resort Bad Ragaz – and home to a 12,800 square-metre spa one of Europe’s largest.

Day 3 Wednesday 9th October Villa De Este, Lake Como, Italy Today’s drive through the Stelvio Pass – one of the highest at 2,757M is one of the world’s most breath taking and dramatic mountain passes in the European Alps. Top Gear voted this the best driving road in the world. Your journey transports you to the majestic splendour of Lake Como where

you will spend the night and indulge in yet another fabulous dinner at Villa d’Este; hailed one of the best hotels in the world.

Day 4 Thursday 10th October Portofino Bay, Italy Departing Lake Como, you travel south – via Milano and Piacenza, to Bobbio - a charming village in the heart of the Trebbia river valley. From here, you travel onto Portofino Bay, where for the next two nights, you will be guests at the fabulous Hotel Splendido, on the Italian Riviera.

Private “Finish Line” canapé & cocktails will be served on MY Falcon in the bay of Portofino to mark the end of a wonderful driving experience. You are then free to enjoy any of the fabulous restaurants and pizzeria’s in the bay at your leisure this evening.

Day 5 Friday 11th October Portofino Bay, Italy The fifth and final day is yours to relax and enjoy the panoramic splendour of Portofino Bay. The day will conclude with a stylish, fun last night dinner and farewell to new found driving companions on the terraces of Hotel Splendido.

Time Out

The price per team of two double or sharing includes: • • • • • • • • • •

5 night’s accommodation in 5* hotels, twin or double share.

Private cocktail party on board the Falcon yacht.

Gastronomic dinners on four nights.

Pre-dinner drinks each night.

Welcome refreshments at Cliveden.

Finale dinner on the terraces of Hotel Splendido.

Eurotunnel outbound and flexi-return tickets.

Personal daily luggage service.

Photographer thoughtout the trip capturing your adventures.

Drivers packs including quality road maps and directions.

Kim Sellers will be one of your hosts throughout this adventure.

If you would like to reserve a team place in this highly anticipated event or simply request more information, please do not hesitate to contact Kim anywhere on: + 44 77721 48463 or by email: kim@ falcon-drives.com or Pamela on: +44 7624 375111

A journey like no other

London to Italy in 5 days Come and join us on our scenic drive to Portofino Contact Kim Sellers • E: kim@falcon-drives.com • T: +44(0)7772 14 84 63 • www.falcon-drives.com 35