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‘we don’t take cash’: is this the future of money?

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DEAR MEMBERS

welcome

to the seventh edition of Agenda.

e have had a busy second quarter this year with a variety of events that were well attended. Our CPD courses included a GDPR seminar presented by Katherine Johnson and Mark Emery from Appleby. Although the subject has been covered many times in recent months, members and guests found the presentation gave new insight to the regulation which came into force on 25th May. At another lunchtime CPD event, Chiva Samani from Gough Law and Craig Mitchell from Browne Craine delivered an excellent speech showing their in-depth knowledge in litigation and liquidation with a style that was captivating and refreshing. In March, Christine Walters from Spark Impact spoke about the Enterprise Development Scheme at the IoD Isle of Man Ladies Lunch at 14 North. A clear message was that the scheme can help grow your business if the proposition is unique and not in direct competition with other businesses on island. At our Spring Prestige Lunch held in May, Minister Chris Thomas spoke engagingly about the Year of our Island. This was followed by the annual IoD Isle of Man branch Director of the Year Awards. A huge well done to our fantastic winners who tied for first place: Gary Lamb, CEO of Manx Telecom and Non-Executive Chairman of Strix, winner in the category of Chairman’s Award for Excellence, and Janna Horsthuis, Managing Director of Robinsons, winner in the category of Family Business. Good luck in the national DOTYA UK final held on 18th October in the Royal Horticultural Halls! To all candidates who entered, thank you so much for taking the time to participate. You were all strong applicants and we wish you all the success for the future. Remember, if you didn’t win this year you may do so in 2019 so please keep on trying! The Annual Members Meeting was held at the Claremont later in the month. Three new Committee Members were elected: Phaedra Bird from Crowe Clark Whitehall, Jade Zorab from SMP Partners and Pam Watson from Lloyds Bank. A warm welcome on board! At the AMM, Minister Skelly gave an excellent presentation on the new Department for Enterprise, and the country’s economic outlook. A Q&A session that followed gave rise to a lively and interesting debate about business on our beautiful island. I hope you enjoy reading this edition of Agenda, and I wish you all a very warm, fun and sunny summer! Lesh yeearreeyn share - with best wishes,

cloud

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Jennifer Houghton Chairman Institute of Directors - Isle of Man

CONTENTS UPDATE

3 6

WELCOME

BRAND VOICE

BUSINESS NEWS

SURE INTERNATIONALPREPARING FOR DIGITAL TRANSFORMATION

10 11

20 APPLEBY THE EQUALITY ACT 2017

DOG DAYS OF AUGUST ARE THE TIME TO WORK ON YOUR CAREER

BET ON ACES - HIGH ROLERS PLAY BY THIER OWN RULES

WHIRELAND - AN OVERLOOKED ASSET?

THE MODERN WORKER

14 16 4

APPOINTMENTS DYNAMIC SPEED NETWORKING WITH SIAN JONES ON THE AGENDA...

KPMG - GLOBAL CEOS SURVEY

SPECIAL REPORT

THE FUTURE OF MONEY

THE INTERVIEW

I’M MICROCHIPPED - NO REGRETS

TANYA AUGUST-HANSON, MLC

WHAT’S ON

TIME OUT IOD-IOM

39 40 42 CONNECTING BUSINESSES

GDPR AND MANX BUSINESSES

CPD PRESENTATION WITH BROWNE CRAINE & CO AND GOUGH LAW ANNUAL DIRECTORS AWARDS

48 50

OCEAN RESTAURANT

BUISNESS BOOKS

CONTRIBUTORS Matt Mosur Caren Pegg Harry Wallop (FT) Michelle P. Tonnesen Tim Hartford (FT) Jonathan Margolis (FT) 5

update news

2018 Year of Our Island the focus at Chamber breakfast seminar

urther to Manx Telecom’s full year financial results issued in March, the company’s Annual Report and Accounts reflects a solid performance for 2017, and that the company – and its customers – are starting to see the benefits of investment in its Transformation Programme. Good progress is being made with the Transformation Programme with the implementation of IT systems and improvements in internal processes and organisational structure, all of which will enable the company to deliver even better products, services, and support.

sle of Man Chamber of Commerce hosted a breakfast seminar to explain Isle of Man Government’s ‘2018 Year of Our Island’ initiative, and the significance of the Island’s UNESCO Biosphere status. The free event – held at Chamber’s offices on Athol Street, Douglas, on May 3rd – was well attended with guests including Chamber members and non-members. The seminar featured presentations by Jo Overty, UNESCO Biosphere Isle of Man Project Officer, Department of Environment, Food and Agriculture (DEFA); Jennie Wheeler, Change and Reform Programme Lead, Cabinet Office; and Anna Goldsmith, Change and Reform Project Manager, Cabinet Office. Rebecca George, Chief Operating Officer, Isle of Man Chamber of Commerce, thanked everyone who supported the event. The Island’s biggest business network is encouraging members to support the 2018 Year of our Island and UNESCO Biosphere Isle of Man initiatives. Chamber recently signed the UNESCO Biosphere Isle of Man pledge.

Manx Telecom’s Annual Report shows benefits of transformation investment

Other 2017 highlights include: Vannin Ventures, the Manx Telecom subsidiary established to identify new long-term growth opportunities, announced its majority shareholding in a new company, Goshawk Communications Limited, that will provide pioneering technology to help mobile phone users who have hearing impairments. Manx Telecom launched its Smartroam tariffs, and became the first Isle of Man operator to offer pay monthly customers inclusive roaming within the UK and EU. Announcement of Fibre-to-the-Premises investment that will deliver ultrafast broadband download speeds of up to 1Gbps in over 70 locations around the Island, including all major business districts and industrial estates. Manx Telecom Plc’s Annual Report and Accounts for the year ended December 31st, 2017, are available on the investors section of the company’s website www.manxtelecom. com/investors

ON THE AGENDA...

ZURICH PUTS A NEW SPIN ON EMPLOYEE WELL-BEING WITH CYCLE 360

partnership between Zurich International and local cycling hub, Cycle 360 saw ten branded electric bikes (e-bikes) delivered to Zurich House recently. Zurich employees have the opportunity to use the e-bikes for team building activities and are encouraged to go on bike rides during lunch hours. CEO of Zurich International, Peter Huber, said: ‘The health and wellbeing of our employees is very important to us, and we are committed to making Zurich International a fun, dynamic and enjoyable place to work. ‘Our partnership with Cycle 360 emulates this, and we hope that our employees are able to make the most of this exciting opportunity. By encouraging the use of these e-bikes, we hope to

get more employees out of the office during their lunch hour, exploring the surrounding countryside with their colleagues! ‘Not only do e-bikes have many health benefits, they allow people of all ages to

travel quickly and easily with the added benefit of no carbon emissions, making them great for the environment too. ‘The initiative is part of a long-term plan to achieve a happy, healthy and stress-free workforce.’

Zurich International launches YourLife, an online life insurance solution exclusively for Isle of Man residents

urich International Life (Zurich) has launched ‘YourLife’, a new life insurance solution exclusively for Isle of Man residents. Life insurance can assist in paying education fees, mortgage or rent and other day-to day living expenses and financial debts to ensure that your family is not left under financial stress should something happen to you. Money from a life insurance policy can be used to replace lost income, so that your family

can maintain their same standard of living. How much cover you need will depend on your personal circumstances. YourLife by Zurich offers a range of life cover from £50,000 to £500,000 for applicants aged 18 to 60 years of age. The online application has been designed to be extremely quick and easy, with only two medical questions to answer. zurichinternational.com/yourlife and follow the instructions.

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update news

Equiom makes its mark at the 2018 Citywealth Magic Circle Awards

great deal to make us one of the leading providers in the sector. With a growing team of more than 600 professionals worldwide, we now have a presence in 16 different jurisdictions spanning Europe, the Middle East and Asia. Over the past year alone, we completed 5 acquisitions and added new expertise and service lines. I have never been more proud of the team at Equiom and am honoured that we have been recognised for all of our tremendous accomplishments.’

nternational professional services provider Equiom has been awarded Runner Up in the category of Large Trust Company of the Year at this year’s Citywealth Magic Circle Awards. The ceremony took place at the Hilton London Bankside on 10 May 2018 and among Equiom’s attendees

were, Sheila Dean (Equiom Global CEO) Jo Gorrod (Equiom Jersey), Charles Crossley (Equiom Isle of Man) and Matt Tabb (Equiom Global Head of Corporate Communications). Sheila commented on the award: ‘This accolade is of particular significance as over the past year, we have achieved a

APPLEBY CROWNED ISLE OF MAN FIRM OF THE YEAR AT WHO’S WHO LEGAL AWARDS 2018

eading offshore law firm Appleby has been awarded the Who’s Who Legal Award for Isle of Man Firm of the Year for 2018. Who’s Who Legal has been identifying the leading legal practitioners and consulting experts in business law since 1996, and each year presents awards to individuals and firms that have performed exceptionally well in its ongoing independent research. The categories include an award for Firm of the Year in six offshore jurisdictions, including the Isle of Man. The ceremony took place on the 8 May

2018 at Plaisterers’ Hall in London, where Appleby was announced Isle of Man Firm of the Year. Faye Moffett, Managing Partner of Appleby Isle of Man, said: “This is a tremendous achievement and is a testament to the talent and expertise we have within our Isle of Man office. “Who’s Who Legal is one of the world’s leading directories of legal practitioners and it is an honour to receive this award. “As the Island’s largest law firm, this award further cements our reputation, and comes just 12 months after the Who’s Who annual listing of top lawyers, which

included Mark Holligon, David Pytches (Solicitor, England & Wales) and Simon Harding from Appleby Isle of Man.” ON THE AGENDA...

Commonwealth collaboration: Working towards a common future

n April the Isle of Man Chamber of Commerce President, Chris Allen, attended the Commonwealth Business Forum with an Isle of Man delegation led by Chief Minister Howard Quayle MHK. Throughout the Forum there was a theme for Commonwealth countries to increase collaboration. There were some memorable discussions not just about the furtherance of trade and economic growth interests, but also about enhancing future prospects for Commonwealth citizens. Here’s a summary of comments from notable speakers. Microsoft founder Bill Gates Mr Gates explained his personal quest to eradicate polio from the modern world, and gave an update about programmes which are gaining momentum and making a significant impact on reducing the incidence of the disease. Contrary to the rather bleak outlook that can sometimes be painted by international news bulletins, Gates believes that the world is getting better. For example, he pointed out that child mortality has improved from 5.6 million per year in 1990 to 2.6 million in 2010. Progress is also being made in literacy, life expectancy and poverty. However, his message was that progress is not inevitable, it needs effort, and it is important to see who is doing better and to learn from them. Polio eradication is evidence that learning from each other has accelerated benefits for others. Best practices, if shared, will revolutionise progress globally. Andrew Holness - Prime Minister of Jamaica He made the point that countries that CONNECTING BUSINESSES

suffer the most from climate change are generally those that contribute least to the problem. The Prime Minister believes that it is only fair that the Commonwealth’s strong economies should work collaboratively to fix the issues experienced by the weaker countries. He illustrated how severe weather events had wiped out the GDP and infrastructure of some Caribbean nations in a matter of hours, and those affected nations have had to rebuild. They have had to rely on debt and that same debt hinders them from delivering some of the other Commonwealth Strategic Development Goals (SDG). He pointed out that small states must not be viewed as wanting aid and handouts of support – they want to take responsibility for their own issues. The Prime Minister introduced the idea that instead of aid after a major incident (whether caused by economic decline or natural disasters) consideration should be given to introducing more preventative measures which build resilience so that nations are better able to cope in times of crisis. Lewis Pugh – UN Patron of the Oceans Cleverly using a reference from business, Lewis retold a question that he had posed to a friend when he had asked him how his business had failed. His friend had simply replied ‘gradually then suddenly’. Lewis went onto explain that this was what was happening to the earth. An enthusiastic open water swimmer both for leisure and competition, 12 years ago he swam in the sea off the coast of Svalbard to the north of Scandinavia just short of the pack ice. The sea then was three degrees Celsius. This year he

returned around the same time of year and the water was now 10 degrees Celsius. He used some graphic examples to outline the deterioration of our oceans that he has witnessed. This included graphic images of dying coral, protective sea defences previously unrequired in the Maldives, plastic ‘islands’ in the Pacific Ocean, and tons of washed up rubbish on the shores of India. He urged Commonwealth countries to focus on sustainability and the environment, and not just on doing business at the expense of the planet. Theresa May – UK Prime Minister In April this year, Theresa May succeeded Dr Joseph Muscat Prime Minister of Malta as the Chair-in-Office of the Commonwealth of Nations. She stated the intent to reinforce the International Rules Based System, for example, rules governing the use of chemical weapons and trade protectionism. Mrs May introduced a landmark commitment to the Commonwealth Blue Charter for sustainable oceans by committing £61million to the Commonwealth Clean Oceans Alliance, and £2million to the Vanuatu cyclone relief fund. She next encouraged Commonwealth nations to lead in the fight against malaria, a disease which she pointed out kills a child every two minutes. Commonwealth leaders were encouraged to pledge to help reduce this mortality rate across member countries by 50% by 2023. Six out of the 10 countries most affected by malaria are members of the Commonwealth and they account for nearly half of the total number of malaria cases recorded in 2016. Today, Sri Lanka is malaria free, and Malaysia is on course to be free of malaria by 2020. Commonwealth collaboration and shared learning have benefited these nations. The UK reaffirmed its commitment to spend £500million a year up to 2021, match funded by private business, in the fight to eradicate malaria. Security was also a theme at the Forum and in support Mrs May floated the idea of cyber security agreements between Commonwealth heads. She emphasised the need to end forced labour and modern slavery, and to bring an end to youth unemployment through scholarships and apprenticeships. She shared a vision of a Commonwealth with lifelong education opportunities for all with less discrimination against girls, and one in which nobody would face discrimination for who they are and who they love. Finally, there was a rallying call for even greater collaboration between Commonwealth members. “We have a loud voice represented by one third of the world’s population and a quarter of the world’s countries,” said the Prime Minister, “so let’s work together for a better future.” www.iomchamber.org.im

update Equality Act 2017

Words by: Caren Pegg

The Equality Act 2017 The Equality

he Equality Act 2017 received Royal Assent in July 2017 and its substantive discrimination provisions will come into force in phases over the next two years. The legislation is unquestionably one of the most significant pieces of social legislation to be advanced in the last couple of decades. The scandal emanating from Hollywood around #MeToo, which went viral on social media in October 2017, will certainly ensure that discrimination issues remain in the spotlight, as will the reporting in relation to the disparity in gender pay; another key topic dominating the media headlines. Aside from the multiple social arguments for why the legislation is important, it is fundamental to recognise that there is also a pure and simple business case for diversity. Companies that are more diverse are more successful. Numerous studies have reached this conclusion. Fairness in the workplace is a vital part of a successful business. Happy employees make for a harmonious workplace. Commitment to equality and diversity is fundamental to businesses, providing the environment, support and culture that will enable all of its employees to flourish and to achieve its objectives. This

commitment needs to be led from the top down in every organisation. At board level, a diverse governing body provides diversity of expertise and insights, and robust decision-making. The Equality Act will affect all businesses of all sizes island-wide, whether big or small and across all sectors. Governance leaders will need to take a proactive role in ensuring that companies comply with the legislation as, when the legislation comes into force, both employers and their employees can be held responsible and liable for their actions where they discriminate. Under the Equality Act, it is unlawful to discriminate against people at work because of nine areas termed in the legislation as protected characteristics. These are age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex and sexual orientation. It is important to note that the rights extend beyond the scope of employment and also apply to the provision of goods and services. Therefore, if a customer has been treated unfairly by a trader or service provider, like a shop, bank or pub and it is because of an individualâ&#x20AC;&#x2122;s protected characteristic, they may have a case that they have been discriminated against and

can take action accordingly. One of the aims of the Equality Act is to improve equal job opportunities and fairness for employees, workers and job applicants. Organisations should have policies in place to support this and, just as importantly, to prevent discrimination from occurring in the workplace. There are a number of steps that an employer or organisation can undertake now to ensure that they are well-placed to embrace the new legislation. Employers should ensure that all their existing and any new policies and procedures are compatible with their duties under the Equality Act 2010. In relation to reviewing and drafting contracts of employment, employers should be aware that some clauses contained in an employeeâ&#x20AC;&#x2122;s contract of employment will be unenforceable when the legislation comes into force. Employers should ensure that line managers are aware of the steps they should take to prevent harassment of employees and of how to act in response to allegations of harassment. Applebyâ&#x20AC;&#x2122;s employment team are able to assist you in relation to all the preparatory steps that should be taken, including training for staff and management.

For further information as to how we can assist your business in preparing for the Equality Act, please contact Caren Pegg, Global Head of Employment at Appleby.

ON THE AGENDA...

update feature - careers

Manage your boss so you are not bombarded with emails and keep a list of what you have done

Words by: Harry Wallop (FT)

here are few things more dispiriting than being stuck at work in August and receiving yet another out-of-office message that says the person is “on annual leave”. We all know that means “sipping a piña colada by the swimming pool”, but management-speak means people no longer seem able to admit they are simply “on holiday”.

CONNECTING BUSINESSES

Dog days of August are the time to work on your career If you are unlucky enough to be left holding the fort, how do you cope — not only with the simmering resentment that your boss is able to take time off in August and not you, but with your office resembling the Mary Celeste? Stop feeling aggrieved, says Beverley Stone, a business psychologist. “This is not a time to undermine your boss because you feel resentful. This is an opportunity to shine,” she says, adding that you should ensure your manager returns to an office in as good a shape as they left it. Ambitious workers should think of these quiet weeks as a chance to prove they are invaluable members of the team. “Keep a note of the things you have done while the boss is away. So they are very clear about what you have been doing,” suggests Vanessa King, an organisational development consultant. She adds: “Often it’s quite difficult in the first couple of days on a return from holiday. Maybe draw up a list of priority things for your boss to do.” If this sounds insufferable — treating your time trapped behind a desk as a chance to make your boss’s break more enjoyable — ensure, in return, they do not pester you with endless memos from the Tuscan villa or Borneo jungle. Ms King adds: “If your boss is one of those that insists on checking in with the office, agree with them a specific time and format so that it is managed.” Telling your manager that they are not getting a much-needed break is a good way to encourage them to leave you

in peace, suggests Ms King, who is a board member of Action for Happiness, an organisation that promotes happier workplaces and homes. Research suggests that cheerful employees perform better at work. The University of Warwick found in 2014 that happy people were 12 per cent more productive than “normal” people. During the experiments, 700 volunteers were either shown a comedy clip making them laugh or given free chocolate or fruit as an incentive. They were then given arithmetic tasks. The happy group performed better. The unhappy group (selected through a series of interviews to ascertain if they were experiencing problems in their personal lives) did worse. The dog days of August are the time to put this theory to the test — especially if you are not particularly trying to impress your superiors. Take a long lunch break, come in late, watch a bit of sport on your desk computer. Lisa Pantelli, director of People Lab, an employee engagement consultancy, says: “As long as deadlines are met, there’s no harm in August having a bit of a breather and taking it easy. It’s always a bit slower now.” If nothing else, it is a great time to work through all those unanswered emails.

update feature - the workplace

Challenge is all too easily ducked by the modern worker 12

ON THE AGENDA...

We face not monotony in our jobs but the temptations of endless variety

Words by: Tim Harford (FT)

he man whose whole life is spent in performing a few simple operations, of which the effects, too, are perhaps always the same . . . generally becomes as stupid and ignorant as it is possible for a human creature to become.” This anxiety about the stupefying effects of cog-in-a-machine manufacturing sounds like a line from Karl Marx. It is, in fact, from Adam Smith’s The Wealth of Nations. As the anniversary of Smith’s death is in July it seemed like a good moment to reflect on the Scottish philosopher’s warning about the deadening effect of repetitive work. Smith knew that specialisation and the division of labour weren’t about to disappear, so he advocated publicly funded schools as a path to more fulfilling work and leisure. Being an email ninja looks professional and seems professional — but all too often, it is displacement activity for the work that really matters The emergence of mass production lines made Smith’s words seem prophetic; but many repetitive jobs have since been taken by machines. So, has his warning about stultifying work been rendered obsolete? The Wealth of Nations is almost a quarter of a millennium old, and we should not expect every word to ring true today. But correctly read, Smith’s anxiety continues to resonate — and not just for people with repetitive jobs, but knowledge workers too. The modern knowledge worker — a programmer, a lawyer, a newspaper columnist — might appear inoculated from Smith’s concern. We face not monotony but the temptations of endless variety, with the entire internet just a click away. All too easily, though, we can be pulled into the soothing cycle of what slot-machine designers call a “ludic loop”, repeating the same actions again and again. Check email. Check Facebook. Check Instagram. Check Twitter. Check email. Repeat. Smith would not have dreamt of a smartphone , but what is a ludic loop but “performing a few simple operations, of

CONNECTING BUSINESSES

“Being an email ninja looks professional and seems professional — but all too often, it is displacement activity for the work that really matters”

which the effects, too, are perhaps always the same”? Smith was concerned about jobs that provided no mental challenge: if problems or surprises never arose, then a worker “has no occasion to exert his understanding, or to exercise his invention, in . . . removing difficulties which never occur.” For the modern knowledge worker, the problem is not that the work lacks challenge, but that the challenge is easily ducked. This point is powerfully made by computer scientist Cal Newport in his book Deep Work. Work that matters is often difficult. It can be absorbing in midflow and satisfying in retrospect, but it is intimidating and headache-inducing and full of false starts. Email is easier. And reading Newport’s book I realised that email posed a double temptation: not only is it an instant release from a hard task, but it even seems like work. Being an email ninja looks professional and seems professional — but all too often, it is displacement activity for the work that really matters. A curious echo of Smith’s warning

comes in Robert Twigger’s new book Micromastery. Mr Twigger sings the praises of mastering one small skill at a time: not how to cook, but how to make the perfect omelette; not how to build a log cabin, but how to chop a log. There is much to be said for this. We go deep — as Newport demands — but these sharp spikes of skill are satisfying, not too hard to acquire and a path to true expertise. They also provide variety. “Simply growing up in the premodern period guaranteed a polymathic background,” writes Twigger. To prosper in the premodern era required many different skills; a smart person would be able to see a problem from many angles. A craft-based, practical upbringing means creative thinking comes naturally. “It is only as we surge towards greater specialisation and mechanisation that we begin to talk about creativity and innovation.” I draw three lessons from all this. The first is that learning matters. Smith wanted schooling for all; Twigger urges us to keep schooling ourselves. Both are right. The second is that serious work requires real effort, and it can be tempting to duck that effort. Having the freedom to avoid strenuous thinking is a privilege I am glad to have — but I am happier when I don’t abuse that freedom. The third lesson is that old-fashioned craft offered us something special. To Smith it was the challenge that came from solving unpredictable problems. To Twigger it is the variety of having to do many small things well. To Newport, it is the flow that comes from deep immersion in a skill that requires mastery. Perhaps all three mean the same thing. Smith realised that the coming industrial age threatened these special joys of work. The post-industrial age threatens them too, in a rather different way. Fortunately, we have choices. “The understandings of the greater part of men are necessarily formed by their ordinary employments,” wrote Smith. So whether at work or at play, let us take care that we employ ourselves wisely.

update Movers & Shakers

Disrupting the travel industry: A punk rock approach

‘D

isruptive Influence’ might be a great name for a punk band – and for Laurence Crookall it certainly sums up how he views the impact that peer-to-peer travel marketplace, TransferTravel, is having on the travel industry. The Douglas-based company is leading a revolution in the industry by providing a marketplace for anyone to buy or sell unwanted travel bookings. You can pick-up a bargain, or recoup money from bookings that might otherwise be wasted. As a ‘disruptor’ in an industry dominated by multinational businesses, TransferTravel.com is growing rapidly and has big plans for expansion globally. TransferTravel Engagement Manager and punk rock fan Laurence Crookall says that the opportunity to join the company was too good to miss: “Because TransferTravel is a fast developing business, the specific role of everyone in the company is not wholly defined yet. The business is driven forward by a collaborative effort from everyone working here - everyone is encouraged to develop new ideas, expand skills and knowledge, and push the boundaries of what’s

possible in the industry. While colleagues may have specialist skills or qualifications, and join the company with a specific focus, anyone who shows additional skills or aptitude is given the scope to expand their role into other areas of the business where they can add value. Everyone’s

specific role is defined only by the limits of their own ambition. As someone who is driven by hardcore punk and its antiestablishment, disruptive, unconventional ethos, I find it fits perfectly with working at TransferTravel.” www.transfertravel.com

Karen Cooke joins the Quinn Legal Litigation Team

uinn Legal is pleased to announce that Karen Cooke joined the business in May 2018 as a Litigation Clerk. Karen is highly regarded within the legal profession, bringing her knowledge and experience, which extends across legal assistance, legal research and civil litigation, to the business. In addition, she has an invaluable working knowledge of court procedures and the Rules of the High Court of Justice, having been at the Isle of Man Courts of Justice for six years as Chancery Team Manager and Senior Clerk to the First Deemster. Nonetheless, even though a strong and resilient legal professional, Karen still continues to develop her knowledge and is currently studying for her Level 3 Certificate in Civil Litigation with Tort, focused in Civil Litigation, from CILEx Law School. Away from business, Karen is also a passionate fan of Formula One racing and adores the Rolling Stones. She also has a keen interest in tracing her family history with having links to Russia and the West Indies. Ashley Kneale, Litigation Advocate, added: “We are extremely proud to welcome Karen to the team. Her depth of knowledge and wide experience will be extremely valuable to us as we continue to develop the business to better benefit our clients. A true asset to Quinn Legal.”

ON THE AGENDA...

Key retail appointments at Manx Telecom, one of the Island’s busiest stores

Manager Callum Shepherd (centre) with Assistant Managers Craig Brown (left) and Nick Callow (right).

hree key appointments have been made at one of the Island’s busiest shops. Manx Telecom has strengthened its retail team with managerial appointments at its store in Strand Street, Douglas. Callum Shepherd is now Retail Manager, while Craig Brown and Nick Callow are Assistant Managers. Both Callum and Craig have been promoted from within Manx Telecom – Nick Callow joins the company from Marks & Spencer where he was a Section Manager at the Isle of Man store. Ross Mayers, Head of Consumer Sales at Manx Telecom, congratulated Callum, Craig and Nick on their appointments and added: “Manx Telecom is a company which is totally committed to putting customers and employees first. We’re working hard to improve experience for customers, and making sure that we promote and recruit people with the right skills, experience and personal qualities that are essential to achieve that goal.

Our team of specialist employment and immigration lawyers work together to provide a seamless service on both local and cross border issues. Caren Pegg | Partner | Dispute Resolution | +44 (0) 1624 647 636

applebyglobal.com

events - Sian Jones & estera

Dynamic Speed Networking Skills with

Sian Jones: How to be brilliant at connecting in business

ON THE AGENDA...

ormer ITV newsreader turned communications coach Sian Jones enlightened members of the Island’s business community, thanks to leading fiduciary and administration services provider Estera.

Sian, whose television career spanned more than 20 years during which time she presented the news on all the major networks including ITV and Sky, addressed a networking skills workshop organised by the Isle of Man Business Network. The event was a great success and included a coaching session followed by an opportunity to put the newly-acquired skills to the test with speednetworking. Gary O’Connor,

CONNECTING BUSINESSES

Managing Director at Estera Isle of Man, said: “Networking is crucial in business and very few people find it easy. Sian’s training assisted people learn the skills required to put their nerves aside and understand what it takes to make meaningful connections and generate business success. “This workshop helped attendees improve their skills, understand how to build rapport and make those all-important new business connections.”

brand voice - SURE international

Prep ring for Digital Transformation

From sole traders to major multinationals, all Isle of Man businesses are facing the challenge of getting ready for the era of digital automation and artificial intelligence or being left behind. Richard Fletcher, head of sales at Sure International, looks at the opportunities for island businesses if they prepare today for tomorrowâ&#x20AC;&#x2122;s digital transformation.

tâ&#x20AC;&#x2122;s impossible to underestimate the scale of the changes that will affect the workplace in the coming years. From administrative tasks to professional services, companies in the Isle of Man will be faced with a choice of automating or competing in a rapidly changing marketplace that is using digital technology to deliver services much faster and more efficiently than non-automated firms. Digital transformation is going to precipitate changes in all areas of society but the Isle of Man could benefit enormously as it looks to continue on the path of economic growth.

Automation and artificial intelligence are the technologies that are most likely to deliver the high-value, low-footprint economic template well suited to the island. As the world travels down the same road, the Isle of Man will be in the enviable position of using its legal and constitutional autonomy to provide data processing services to the global economy. However, to realise these opportunities, the island needs to have the physical and legal infrastructures in place that will give both local and global companies the reassurance they need that their data is securely stored and safely accessible. ON THE AGENDA...

World-leading network services Sure’s on and off-island networks are designed to ensure the security of the Island’s telecom links by providing a full range of services including broadband, leased lines, Ethernet, Multiprotocol Label Switching (MPLS), cloud services and high capacity internet solutions. The capability to deliver these technologies independently of other operators gives the island a resilience and level of security in telecoms infrastructure that few jurisdictions of similar size can offer. On top of that, because Sure operates across the three islands of the Isle of Man, Jersey and Guernsey we’re able to leverage economies of scale that reduce costs for the businesses we work with.

World-leading data services This autonomy and self-sufficiency is ideal for companies operating across jurisdictions that are preparing themselves for the realities of a digitally-enabled, highly automated future in which data is the lifeblood of business. Although the use of data by Silicon Valley’s largest companies features strongly in the news these days, often for the wrong reasons, there is no escaping the fact that the ability to store and process personal data in a legally compliant, highly CONNECTING BUSINESSES

secure environment will be fundamental to companies determined to make the most of the automation revolution. Sure offers data hosting in all three Islands and a unique and highly resilient connectivity solution between each, which services many of the top financial and technology firms in these locations. From eGaming providers to private banks, the resilience provided by data storage, cloud and backup services gives companies the resources they need to provide a secure environment for real-time transactions, data processing, disaster recovery and cloud-based networking, all of which will become increasingly important as automation takes over and businesses move to models that lean heavily on the Internet of Things (IoT). In an automated, AI-centred working world, island businesses will need to rely on cloud services for the operation of both their infrastructure and their applications. The future will require firms to be able to bring bandwidth, circuits and computing power on and offline at the click of a mouse.

World-leading data jurisdictions Data isn’t solely a digital issue, it crosses into the legal and political worlds, needing the protection of well-written laws to ensure it cannot be exploited in ways that affect the individual data provider. Brexit gives us a clear indication of the importance of stable political and legal regimes that enable crossborder business. Already, UK-based multinationals are warning that they may need to find new locations for their data centre infrastructure because of fears that relations between the UK and Europe could severely affect business. The Isle of Man is perfectly positioned to take up the mantle as a data gateway to both the EU and the UK. The island has a fantastic opportunity to market itself to the international business community as a jurisdiction in which data is processed within world-leading conditions.

Richard Fletcher Head of Sales Sure International

brand voice - bet on aces

HIGH ROLLERS PLAY BY THEIR OWN RULES

he newly launched Bet On Aces online casino and sportsbook brand has entered one of the most fierce and competitive industries out there. The brand has been developed in the Isle of Man like many online gaming brands before it, and Bet On Aces takes on the tough task of competing in and making a mark on the industry as a new challenger brand.

Bet On Aces is licenced by the UK Gambling Commission and Curacao’s national gambling regulator. The online casino and sportsbook will also be launching in the UK in the near future with the intention to steal a cut of the biggest online gaming market. Betonaces.com has a strong offering of games with over 3,300 gaming titles to their name from top gaming providers including NetEnt, Microgaming, BetSoft, iSoftBet and NYX Gaming among many others. These recognised gaming providers give Bet On Aces a strong brand authority and will separate Bet On Aces from the low-level casino brands. On top of a wide selection of slots, Bet On Aces is one of the very few online casinos to offer a fully integrated Virtual Reality casino, which will be a big player in the future of online casino play. Its in-depth sports betting platform with in-play betting and over 30,000 monthly markets across many world sports also adds appeal to the Bet On Aces brand. Sport bettors can place wagers on anything from football, tennis to MMA, Boxing and even sports like chess. Not to mention eSports betting which has seen a huge rise in popularity over the last few years. The Bet On Aces brand packs a punch with an extensive offering that will appeal to casino and sport betting fans alike. Bet On Aces has shown strong intentions highlighted through their early sponsorship deals with the Bet on Aces Manx National Rally. Sezin Ozel, Managing Director at Bet On Aces, said: “It’s great to get our first taste of sponsorship and show our intentions early on. It’s also nice to stay close to home with our first sporting sponsorship, especially with an event as fun and exciting as the Manx Rally. This is the first mark of what will be a big stride towards establishing our Bet On Aces brand.” The brand is entering a very congested online gaming industry but Bet On Aces is fully equipped to make their mark on the industry with an attractive site, solid affiliate platform and VIP giveaways. Bet On Aces is part of the BOA Media Group Umbrella, which boasts a strong business portfolio ranging from Travel to Insurance businesses. This provides Bet On Aces with finances to take their brand from strength to strength with the intention of being named in the same breath as some of the top online gaming brands. To make waves in the gaming industry will require a bullet-proof marketing strategy to compete with those who already own a big share of the market. Bet On Aces have the financial

ON THE AGENDA...

backing to go big with their marketing. In the coming months we will see a heavier presence of the brand spanning multiple media platforms. The gaming operator is partnered with Income Access to integrate its affiliate platform. BOA will work heavily with affiliates in a bid to drive early traffic to the site. Their generous affiliate deals will be the key to early success and building the brand into a true industry challenger.

â&#x20AC;&#x153;Affiliates will play a huge part in building our player base, and our new programme with leading affiliate software will allow us to generate a higher volume of organic traffic. We believe that our channel not only supports all affiliate marketing methods, but also complements them.â&#x20AC;? Sezin Ozel

BOA Media Group are based in Isle of Man with offices in central London and Ireland. The Bet On Aces brand has a team of marketeers based in London covering CRM, Design, Social, Content and Affiliates. www.betonaces.com

CONNECTING BUSINESSES

brand voice - whireland international wealth

An overlooked asset?

David Bushe, Head of Investments at WHIreland International Wealth, explains why local asset managers should shout louder about the advantages of using lsle of Man-based expertise and business 22

ON THE AGENDA...

met recently with an ex-colleague from an off-Island asset management business who was making a brief visit to our shores. He was very pleased to tell me about all the intermediary businesses that he was meeting while he was here and boasted of the client base he now manages for Isle of Man clients. I was both intrigued and slightly surprised by his comments as, from my own experience, I know there are a number of excellent providers based right here on the Isle of Man. What was it, I wondered, that would make a local intermediary, corporate or private client to use an off-Island asset manager rather than a local provider? – and what can local asset managers do to encourage more business to be retained on island when there is clearly more business to be had? It must be accepted that in some circumstances (autonomy, existing relationship, specialist service) business will be conducted off-Island, however I am vexed as to why non Isle of Man entities regularly visit and are welcomed on our shores when seeking business. Neither can it be because there isn’t a high quality, competitive offering. There are more than enough qualified, regulated and highly capable investment managers here. Many, such as our own, are backed and supported by a vast pool of experience and talent as part of a wider group. Which means that not only do clients benefit from a local investment manager who is readily available for meetings on the Isle of Man on a frequent basis, but they can also take advantage of a greater bank of expertise and skill sets should it be required. Similarly, it can’t be a matter of cost. Using a local manager means there are no travel or hotel expenses required. And the more local providers are used, the greater the economies of scale to the intermediary and end client. Regulation is not a sticking point either. Our Isle of Man regulator, the Financial Services Authority ensures that investment management (and other financial services business) are robustly regulated and that all personnel advising on investments are appropriately qualified and have an Isle of Man Statement of Professional Standing. (Incidentally, the same cannot be guaranteed of personnel from non-Isle of Man entities who may not actually be authorised to promote their business or services on the Island. In such circumstance caveat emptor would certainly apply and if anything went wrong with the service, performance or assets, offIsland legal action could prove both very expensive and time consuming.) So, given all these factors, it can’t be the quality of the local offering that is the problem. Is it therefore just a case of the CONNECTING BUSINESSES

And the more local providers are used, the greater the economies of scale to the intermediary and end client. local business are not as visible? Do Isle of Man-based asset managers need to take a lead from other sectors that actively beat the drum for their local producers and providers? Take retail, for example, and especially food and drink, where consumers are now seeking out locally sourced produce and goods in an effort to reduce the carbon footprint of consumption, mitigate the impact of climate change and support the local economy. There has been a significant change of mindset here with the growing recognition that the short-term benefits of buying cheaply imported goods from foreign countries are outweighed by the long-term value of buying locally. Generally, there seems to be a greater awareness that encouraging economic activity at home has more positive outcomes for employment and our community, as well as for the planet. This trend to “think local” in our shopping and eating habits has been the result of a number of campaigns from environmental groups, among others, and perhaps local asset managers need to think of better ways of effectively marketing their services as a sector to generate a shift in the local consciousness. While many individual companies run their own advertising campaigns, often aimed at clients around the world, there is no joined up approach to promoting local asset management. This may, in part, be due to the local complication of asset management being closely linked in the financial sector with the funds industry. As is well-documented, the fund industry is currently experiencing a difficult time and, as both industries are represented by the Funds & Wealth Association, it could be that asset management is suffering by its longstanding close association. At the end of the day success has many fathers.

A passionate Manxman born and bred, I was proud to return home in 2013 to join an exciting new start up asset management company in the Isle of Man. It’s an exhilarating and stimulating business to be in and it’s one I want to be sustainable and a long-term contributor to the local economy. From my own position as a provider in the industry I can see there is perhaps some education to be done at a local level as to highlighting the benefits of using the talent and expertise we have on the Island. This might encourage all potential clients to keep local asset managers top of mind and encourage that “think local” approach, ensuring that more Island providers are included in new business pitches or are a first port of call. It is by no means a guarantee of business for local providers, however I’m confident the local businesses can stand toe to toe with any off-Island provider when presenting an investment solution. Obviously not all asset managers can be everything to everyone and some specialist investment management services may only be offered from larger financial centres such as London or New York. However, where the skills and offering needed are right here on the Isle of Man - and offer potential cost and convenience advantages over off-Island competition - there seems much to gain, and very little to lose, in engaging with the home-grown providers. Taking a wider perspective there is a further benefit to developing deeper mutual working relationships: it’s an excellent way to help the Island grow its skill base, something that’s good for the future of the Island’s economy and its quest to attract new people and new business all round.

David Bushe Head of Investments, International

Direct: +44(0)1624 602026 Mobile: +44(0)7624 395599 david.bushe@whirelandinternational.com

brand voice - kpmg Isle of man

Simon Nicholas, Director at KPMG in the Isle of Man

Global CEOs

Bryan Beesley, Senior Advisory Manager at KPMG in the Isle of Man

realistic about growth in the face of unprecedented headwinds ON THE AGENDA...

55 percent predict cautious revenue growth of less than 2 percent over next 3 years: 4th annual KPMG survey

espite being relatively bullish on the economy at large as well as their overall outlook for their country, optimism from global CEOs is tempered by a healthy dose of realism, with half (55 percent) predicting cautious topline revenue growth for their own business. Half of CEOs (52 percent) say they will need to hit growth targets before hiring new skills. According to the KPMG Global CEO Outlook, they are driving growth against a backdrop of significant demographic shifts, geopolitical volatility and the seemingly inevitable future cyber attack. CEOs are stepping up to the cyber challenge, in particular, with 59 percent saying they feel a personal responsibility for protecting customer data. “CEOs are harnessing the headwinds of change to steer their organisations to growth,” said Simon Nicholas, Director at KPMG in the Isle of Man. “CEOs I’m talking with recognise that geopolitical uncertainty, disruption and cyber threats are the new norm. The progressive companies are looking for the opportunities this creates, changing their systems, and in some cases their entire business model. It’s clear that driving growth in 2018 and beyond will require CEOs to combine resourcefulness and realism in equal measure.” Stepping up to the challenge of an uncertain world CEOs play an essential role in pivoting their organisations to the consumers of tomorrow in order to seize every opportunity to grow, with four in ten (38 percent) responding that their business requires repositioning to meet the needs of Millennials. There’s also a growing sense of inevitability of a cyber breach with nearly half (49 percent) of CEOs saying that becoming the victim of an attack is a case of ‘when’ and not ‘if’. Given the current geopolitical environment, it’s perhaps not surprising that a ‘return to territorialism’ was named the number one threat to growth this year. CONNECTING BUSINESSES

38%

Of CEOs say they need to reposition their business if they are to meet the needs of millennials.

And as Geopolitics hits the boardroom, a ‘return to territorialism’ is the

number one threat to growth this year.

51%

Cyber placed 2nd in 2018 in terms of risks hampering future growth, up from 5th place in 2017.

of respondents indicated they are well-prepared for a cyber attack (up from 42% in 2017 who said they were ‘fully prepared’ for a cyber attack).

brand voice - kpmg Isle of man

CEOs are prioritising agility.

55%

Driving realistic growth CEOs are optimistic about the macroeconomic environment; they are confident about global and industry growth prospects (67 and 78 percent, respectively). Theyâ&#x20AC;&#x2122;re also feeling confident in their individual country growth (74 percent are confident, although this is down 3 percentage points from 2017). But thereâ&#x20AC;&#x2122;s a more complex story emerging regarding company growth prospects: 90 percent are confident in their companyâ&#x20AC;&#x2122;s growth prospects (up 7 percentage points from 2017). However, only 37 percent plan to increase headcount by more than 6 percent over the next 3 years (down 10 percentage points).

believe that acting with agility is the new currency of business.

And 55 percent predict cautious revenue growth of less than 2 percent over the next 3 years.

Making digital a personal crusade CEOs are embracing the digital agenda like never before and taking personal ownership of data and trust. 71 percent are personally ready to lead a radical organization transformation.

71% Transformation ownership: 71% personally ready to lead a radical organisation transformation.

59 percent see protecting customer data as a critical personal responsibility. Counter to popular opinion, 62 percent expect AI to create more jobs than it destroys.

59%

59% seeing protecting customer data as a critical personal responsibility. 26

ON THE AGENDA...

Putting instinct over facts With customer demands changing continually, and the technology landscape in a constant state of flux, agility and intuition are critical. 59 percent believe agility is the new currency of business; indicating if they’re too slow they will be bankrupt. More than half (51 percent) are less confident in the accuracy of predictive analytics compared to historic data, and have the highest trust for social media sources over all others.

In making strategic decisions for their company:

67%

have overlooked data-driven insights because they contradicted their intuition.

67 percent admitted they have relied on their own intuition over data-driven insights to make strategic decisions in the past 3 years.

“Data is hugely important, but ultimately CEOs have to make big calls and it’s clear that experience and intuition still have a role to play,” said Simon. Rising cyber threats The ever-present risk of a cyber security threat is rising on the radar, up from fifth to second place overall this year in terms of risks hampering future growth. Only half (51 percent) of respondents indicated they are well-prepared for a cyber attack, even though over half (55 percent) say that a strong cyber strategy is critical to engender trust with key stakeholders. “Companies need to manage their cyber risk from the floor through to board level. “ said Bryan Beesley, Senior Advisory Manager at KPMG in the Isle of Man. “Everyone is responsible, but leadership, management and practical oversight can quantifiably reduce those cyber risks posed to the company.” Developing markets a focus for growth Seventy percent say their biggest priority for geographical expansion is emerging markets, with Central/South America noted as the most important region.

Confidence in the global economy’s growth over the next 3 years.

67%

To view additional information about the study, please visit kpmg.com/ CEOoutlook. You can also follow the conversation @KPMGIM on Twitter using the hashtag: #CEOoutlook. CONNECTING BUSINESSES

the interview - tanya August-hanson

The Legislating Journalist - Interview with Tanya August-Hanson, MLC

Words by: Michelle P. Tonneson Photo by: Matt Mosur

he stands out in the crowd. Young. Energetic. Female. Not your typical idea of an average Member of the Legislative Council. However, this year the five recently elected MLCs are in fact all female. How does it feel to be ringing the changes with her colleagues?

“Incredible. I couldn’t quite believe it when it happened. I have always had an interest in politics. I was the geeky kid listening to BBC Parliament when others listened to music. But not in a million years did I think I would get the opportunity to actually be a part of this world. It felt right from the beginning; like all the pieces of the puzzle fell into place. If I could work every minute of the day, I would. I love this job. A lot of women went forward as candidates. There were more women standing in the general election too. There seems to be a new attitude in the way things are done and a wish for more diversity. I don’t think it matters that we are females. We have the right mix of age groups, genders and other demographics. We have gelled well as a team. What matters is if there are the right ingredients in the pot. With me being the youngest, I might pick up something the others might not and vice versa. It’s important to ensure that our second look on legislation has a span of ages, as people have different priorities throughout life.” Tanya August-Hanson was born in Warrington to a mother from Belize and a father from Warrington. Her parents divorced when she was five, after which she grew up mainly with her grandparents. She moved around a lot too due to her stepfather’s work. Later on her mother returned to Belize. “My granddad especially meant a lot to me. He told me to take my education as far as I could. I never had any boundaries because I was a girl. It had a great effect on me when my granddad died when I was 15. I took his words very seriously. I funded my university education myself by working all the time when I was not studying for my BA in Public Relations & Marketing. I worked in PR for a long time after university. I did not particularly like it, so I left to become a journalist. During my

MA studies in International Journalism, I was lucky to have the award-winning correspondent Robert Beers as a mentor. He took me under his wings.” Tanya started writing freelance for UK newspapers. When she moved to the island, she wrote for Gallery Magazine and larger features for the Department of Economic Development. She moved on to work in broadcasting at 3FM News and became a producer and presenter at Manx Radio. What made a journalist decide to run for the Legislative Council? “To make a difference. For my opinion to be considered on a piece of legislation which it would not be in a news room. News stories lose relevance quickly which can be frustrating when you have put a lot of work into them. I started talking to MHKs last summer. I began working on a campaign in January 2018 and got some great supporters. I was digitising in the archive room at Manx Radio whilst running a campaign, writing a manifesto and participating in interviews. It was a lot of work and continues to be so. I have been constantly learning since then. I have a forensic mind and like digging, so this is the perfect job for me.” The Legislative Council is the upper chamber of Tynwald. It is often referred to as LegCo. It consists of eleven MLCs: eight members elected by the House of Keys and three ex officio members – the Bishop of Sodor and Man, the President of Tynwald, and the Attorney General. The MLCs are elected by the members of the House of Keys for a term of five years. The Council does not usually originate legislation. Instead, it reviews draft legislation originating from the House of Keys.

ON THE AGENDA...

“My granddad especially meant a lot to me. He told me to take my education as far as I could”

CONNECTING BUSINESSES

the interview - tanya august-hanson The inner workings of government may seem abstract to most people. What does a typical day involve for an MLC? “The role covers every aspect of island life. I deal with six or more subjects in a day, just as in a news room. Every week I try to ensure I have at least half a day just for legislative scrutiny. I am responsible for legislation in the Department of Home Affairs. With the massive amount of legislation coming through, we need a dedicated MLC in the Department. It was the perfect fit for me as the focus areas match my ideology. I am also Vice Chair of the Isle of Man Post Office. They required somebody with a background in marketing and an understanding of the media. I was asked by the Minister for Enterprise and the chair is a good fit. A lot of changes are coming for the Post Office in terms of diversifying. Less letters are being written, so they have to find new ways of making money. They take the challenge seriously and handle it in a positive, innovative way which I don’t think they get enough credit for. I have a lot of committee work, including the Poverty Committee and the Emoluments Committee looking into members’ pay. In addition, I‘m on the “Year of Our Island” Political Board. It’s an initiative to celebrate where we live and work – to encourage us to remember that the Isle of Man is an absolutely beautiful place. In the UK, a lot of people see pollution and traffic. Here we may see traffic at Quarterbridge, but it’s still beautiful around us and any traffic jams only last ten minutes. It’s about recognising what we’ve got and all the quirky places, like Magnetic Hill and the little fairy doors in Castletown. It’s wonderful! We are sponsoring cultural events to get people out there to appreciate what is natural to us – to break out of our usual work-home route. We’re five minutes from a beach. In the UK it could be 45 minutes. We sometimes forget and need to appreciate it all more.” Tanya is clearly enthusiastic about her job. What does she love the most about being an MLC? “The ability to add to debate. The formality and tradition. The people I work with. MLCs and MHKs are so empathetic and willing to work every hour of the day to do a job. Not a lot of people appreciate that they do it for the Manx people. They truly believe in what they’re doing. Particularly after the Lisvane review of Tynwald’s functionality, it’s important for LegCo to become more transparent, efficient and a closely tied-in part of the overall political fabric. We need to ensure we work well with Keys and as an aid to Keys, making sure what we turn over as a team in Tynwald is

Fact File Revelations BEST GADGET? I’m not a gadgets

right, the best it can be and holds its own against scrutiny. One of our main challenges is to help people understand what LegCo is here for. We are essentially here for them – to protect their rights. We need to get the message out there, so people know they can come to us if they feel passionate about a subject matter. If it’s within our remit, they can have input. They say MLCs don’t have constituencies like the MHKs. But we have an all island constituency, so everyone can get in touch – and by all means do!” She came to the island nine years ago. What is her favourite thing about living here? “I don’t have blood family here, but friends and a family I have created. Yet it feels more like home than anywhere. I love the landscape, the culture, the mythical stories, the fairies, the family friendly and artistic community, the bikes, and everything about the island. It’s a stunning and wonderful place to be. I love how much pride people take in being Manx and being part of something steeped in history.”

kind of girl. I’ve got my vinyl player with records and hundreds of books spanning all genres. I’m an old soul. But I do love my Magimix. I like cooking and baking. SPARE TIME ACTIVITY? Reading historical fiction. Running. Bike rides. Playing my guitar and singing. Spending time with my friends. Writing – I’m working on two books at the moment; one with Chris Stott from ManSat about culture-driven exponential technologies, and one on my own which is fiction. FAVOURITE MEAL? Spaghetti and sausages from a Heinz tin! In all fairness to me, my second favourite is Bouillabaisse which I can actually make. WORST CHARACTER TRAIT? My nervous giggle I get in cringey situations. FAVOURITE FILM OF ALL TIME? It would have to be both “The Lion King” and “Princess Mononoke”. GUILTY PLEASURE? Salted caramel ice cream from Häagen-Dazs and the lime-coconut one from Davison’s. BIGGEST INSPIRATION? Maya Angelou. She is incredible on every level and part of a movement which has changed things for us women. A PERFECT DAY? A picnic at Cregneash or the Sound on a sunny day and a long walk. BEST PIECE OF ADVICE YOU’VE EVER HAD? To be myself and be true to who I am. TOP OF YOUR BUCKET ‘TO DO’ LIST? I want to take my grandmother on a holiday someday. She’s always wanted to go to Paris. That would be nice. ON THE AGENDA...

special report - feature

‘We don’t take cash’: is this the future of money? Bad for terrorists, good for hackers: what life is really like in a cashless society Words by: Patrick Jenkins (FT)

CONNECTING BUSINESSES

y local café plays the part of the hipster hang out very well. Sourdough bread is stacked on shelves, baskets brim with oranges and avocados, and tables are abuzz with young professionals on laptops and the hipster crowd on iphones, So far, so predictable. But the café’s modernity has gone a step further. Since the start of the year, this has been a cashless café. The manager who heads a team of waiters armed with iPads, says it was a smooth transition. “Eighty per cent of our customers were already paying with cards, so it was a logical next step.” Banning cash not only chimes with the feel of the place, it has saved time and money — a 45-minute bank run two or three times a week. And yet, for all the logic of the café’s decision, the set-up is pretty unusual. Defying predictions that cash is doomed, the volume of notes and coins in the world is actually on the increase. Economists suspect a combination of factors: the low interest rates available on bank deposits, a post-crisis distrust of financial institutions and a growing informal economy. Today there are 500 billion

banknotes and trillions of coins in circulation. According to a recent report from G4S, which manages cash distribution systems, physical money now accounts for 9.6 per cent of global gross domestic product, up from 8.1 per cent in 2011. A trendy London café is one thing. But a completely cashless economy is hard to imagine any time soon. In an age defined by technological advance, that is odd. It feels downright primitive that most of us still walk about with coins jangling in our pockets, much as ancient Anatolians did nearly three millennia ago when minted coins first appeared. We have barely advanced since cowry shells were the currency of choice in ancient China. Continue....

special report feature Continue

Of course, there has been some extreme innovation, with bitcoin and other cryptocurrencies attracting a cult following. But even in the realm of mainstream electronic money, some of us are spooked by concerns about data security, technological reliability or the risks of unwitting overspending. And yet, in many ways, credit and debit cards, payment apps and digital wallets are so clearly superior to cash. They are germ-free. They are quick and convenient. And they stymie the kind of crime — from tax evasion to terrorism — that can be made much easier with briefcases of used notes. For now, the Watch House’s cashless initiative may still be a rarity. But in hot spots around the world, the modernisers are starting to win the argument that digital payment methods should trump old-fashioned notes and coins.

19% Percentage of payments that are made using cash in Sweden, compared with a European average of nearly 80 per cent

Sweden heads the vanguard. On a sunny weekday in April, the fruit and flower stalls of Stockholm’s Hotorget market were doing brisk business. But even here among traders who have tended to fly below the radar of tax collectors, not much cash was changing hands. Instead, many of the bouquets were being bought via card machines or Swish, a popular app that allows you to make payments with a mobile phone number or QR code. At the last count, only 19 per cent of Sweden’s payments were made using cash, compared with a European average of nearly 80 per cent. This total could go to zero within as little as five years, according to research by Stockholm’s KTH Royal Institute of Technology. The Riksbank, Sweden’s central bank, is a little more cautious on timing but still believes a cashless society is imaginable in little more than a decade. “If you extrapolate current trends,” says deputy governor Cecilia Skingsley, “the last note will have been handed back to the Riksbank by 2030.” The foundations of this quasi-cashless economy were laid more than 20 years ago when Sweden’s big banks were

handed responsibility for the country’s cash and payments infrastructure. Today they jointly operate the ATM network and the Swish app. The shift away from cash has been great for tax receipts, says deputy finance minister Per Bolund. For example, VAT generated SKr427bn (£36bn) last year, up nearly 30 per cent in five years. “The payments are increasing very much — part of that is due to the digitalised economy,” he says. “It’s [getting] harder to hide cash under the counter.” And, of course, it is convenient for consumers, with little sign — in Stockholm at least — that this is a young person’s phenomenon. Shopper Kerstin Warnquist, 71, says it is a month since she last bought anything with notes and coins. “I carry very little cash. I use cards and I use Swish. It’s easy.” Even some potential victims of modernisation have been borne in mind. Mikael Karlsson, a former driver and football coach, displays a fan of glossy homeless charity magazines and sports an ID badge with a QR code. Anyone wanting to buy a copy just has to scan the code with their app. “When I started, I was taking much more cash,” he says. “But nowadays half my sales are with Swish.” Payments are transferred to the charity’s bank account. The only snag is that vendors have to drop by the office to convert their takings to cash — and in a virtually cashless country such as Sweden, that is unhelpful. “Sometimes, like at 7-Eleven, when homeless people have cash, they can’t buy cigarettes there, so it’s more inconvenient for them,” explains Karlsson. Banks themselves have become largely cashless. In this nation of nearly 10 million people, the big three have only 25 branches nationwide that deal with cash — just 5 per cent of their total branch network. Part of the reason is to decrease the risk of robbery. But the shift away from notes and coins may have made certain individuals more prone to attack — particularly vulnerable segments of society, such as the elderly, disabled and homeless, who are more likely to still depend on physical money. Some young people also feel at risk. Several teenagers cited repeated muggings as a reason they no longer carry cash. Robberies involving individuals in Sweden remain low compared with many countries. But according to Bra, Sweden’s crime statistics bureau, muggings doubled between 2014 and 2016, from 0.7 per cent of the population to 1.4 per cent, just as the cash held by shops and banks was declining. For many, this just reinforces the argument for a totally cashless society. Mustafa, a taxi driver, says: “We don’t like cash. Cards and apps are much safer.”

“With current trends, the last note will have been handed back to the Riksbank by 2030” Cecilia Skingsley Deputy governor of Sweden’s central bank Across the world, a crop of other countries and companies are trying to loosen our reliance on cash. In South Korea, a close second to Sweden in terms of the growing dominance of electronic money, the central bank has set a 2020 target to phase out coins. There have been more limited withdrawals of small denominations in Ireland and parts of northern Europe. A UK government consultation has questioned whether 1p and 2p coins and the £50 note are “efficient or cost effective”. In China, tech companies have been all-important in converting the younger, urban population to smartphone money, while governments in other parts of Asia and in Africa have teamed up with companies to help people gain access to finance. One of the first big steps away from cash in the eurozone was prompted by terrorism. At 9.40pm on November 13 2015, three masked men entered the Bataclan theatre in Paris and killed 89 concertgoers. Earlier, Islamist terrorists had slaughtered dozens at a football stadium and on the streets. It was the deadliest day for France since the second world war. The event triggered a thoroughly documented sequence of responses — a manhunt, a three-month state of emergency and retributive air strikes on the Isis hotbed of Raqqa in Syria. Less well known is that the tragedy led to the end of the €500 note. Peter Sands, a former banker turned Harvard academic, has studied the role that large denomination notes play in organised crime and in financing terrorism. A month after the attacks, he was summoned to Paris to meet finance minister Michel Sapin, who wanted to know if abandoning the €500 note would help to combat terrorism. “Drug trafficking is the biggest driver of illegal financial flows and a major source of funding for terrorism,” Sands explains. “And drug trafficking always ends up in cash at some point in the ON THE AGENDA...

chain.” The bigger the notes, the less likely you are to get caught carrying huge suitcases of money. “Large denomination notes are completely unnecessary for normal modern life,” says Sands. Eliminating them should be painless. By the following February, Sapin had persuaded Europe’s Council of Ministers to call for the withdrawal of €500 banknotes. Germany, in particular, needed some convincing — the large denomination note was a symbol of pride. But within a few months, the European Central Bank decided to phase out the notes, as it believed they were being used predominantly for crime and tax evasion. Was this the beginning of the end for cash in the eurozone? “Getting rid of cash as a whole is socio-politically a far bigger deal,” says Sands. “But if you start by taking out the bigger value notes, you can work your way down.” Radical measures in emerging economies have shown how complex it is to go cashless. In November 2016, with virtually no notice, India’s prime minister Narendra Modi axed India’s two most popular notes — the R500 (£5.50) and R1,000 — with a pledge to clean up crime, boost tax receipts and push consumers to use more modern payment methods. The exercise succeeded in boosting personal income tax collections by more than 40 per cent but the possible side effects have been harsh. By mid-2017, India’s economic growth had fallen to its lowest level for three years. The hopedfor nudge towards electronic payments has been disappointing too. The use of debit cards and smartphone-based digital wallets surged following the initiative but quickly fell as cash supplies crept up again. One big problem was the absence of the necessary infrastructure in rural areas, undermining the agenda to bring more sophisticated finance to the masses. Critics say the whole process was poorly thought through. “It was typical of Modi,” says one senior banker who has worked in India for many years. “It was a gesture action rather than a concerted strategy.”

“Large denomination notes are completely unnecessary for normal modern life”

Peter Sands Harvard academic and former banker

CONNECTING BUSINESSES

Four years ago in Nigeria, Mastercard joined forces with the government to add a payment facility to an ambitious new identity card, potentially bringing 120 million people in Africa’s most populous nation into the formal economy. The initiative was hailed as “digitalisation, democratisation and financial inclusion all rolled into one”. But the launch was overshadowed by bitter protests. The Civil Rights Congress said the cards amounted to the “stamped ownership of a Nigerian by an American company” and compared Mastercard’s branding with “the logo pasted on the bodies of African slaves transported across the Atlantic”. Recovering from that kind of public relations problem has been hard. To date, only 1.5 million cards have been issued, with reports suggesting a further 28.5 million applications are stuck in the system. Even in Kenya, where the ubiquitous M-Pesa mobile-phone-based money transfer service has fuelled economic growth and curbed poverty, there is a hitch: you will need to convert your funds into a cash payout at a local shop. There have been some global success stories, such as China’s rapid roll-out of digital payments. Online giants Alibaba and Tencent have come to dominate the space. More than half of the Chinese population say they now use cashless payments to make more than 80 per cent of purchases. “Historically, China’s big state-owned banks were not really focused on retail customers,” says James Lloyd, who heads the Asia-Pacific fintech team at consultancy EY. “So there was huge consumer appeal when the likes of Alibaba and Tencent launched high-tech services that were free or low-cost. By the time the banks knew what was happening, even their improved customer offerings appeared quaint.” Today even beggars and buskers in the country are using QR codes to bring in money. A recent G4S report concluded: “China is getting rid of all cash and is quickly becoming a cashless society.” Despite these enthusiastic adopters of electronic payments, cash is very much alive and well in many parts of the world. “Cash is vital in supporting financial inclusion,” said Victoria Cleland, the Bank of England’s chief cashier, in a recent speech.

Some are even more attached to it than they used to be. In the UK, the number who rely almost entirely on cash has jumped by 500,000 to 2.7 million over the past two years, according to analysis by Payments UK and the Bank of England. The volume in the economy has also increased, with a record level of more than £73bn now in circulation, according to the BoE. And yet, the value of payments in cash has simultaneously declined by more than 10 per cent a year. Electronic payments have surged, thanks largely to the ease of contactless-card technology, and now account for close to 60 per cent of the total. (Concerns about thieves with handheld contactless card readers zapping people’s pockets have abated — enterprising retailers have created metallined wallets to eliminate the risk.) The picture in the US is similarly paradoxical. Electronic payments are close to 70 per cent and yet cash in the economy relative to GDP has surged nearly 50 per cent in a decade. Why? Crime and tax evasion are often cited as explanations. $100 bills account for nearly 80 per cent of all US cash — and more than two-thirds of these notes are abroad. Harvard economist Kenneth Rogoff, in his 2016 book The Curse of Cash, says much of that money will be supporting crime and the grey economy. “Why not just get rid of paper currency?” he asks. But there may be other reasons why physical money is on the increase. One is that more people are hoarding cash, following the unsettling financial crisis. Given ultra-low interest rates, banking it would yield little benefit. Sweden provides a rare case of a country where the growth of electronic payments had led to less cash in circulation. But even there, a fightback is looming. Bjorn Eriksson is an unlikely champion of the cash economy. As a former head of Interpol, you might expect him to favour a world of traceable electronic money. Continue....

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But Eriksson, who heads campaign group Kontantupproret (Cash Rebellion), believes the rush towards a cashless society is becoming political. “The people are getting rather angry. The establishment isn’t listening,” he says. He believes it could contribute to a bloody nose for the coalition government in September’s national elections. That might be overstating it — there has certainly been little sign of rebellion on the streets of Stockholm. Eriksson also has a dog in the race himself. He also chairs the trade association for the Swedish security industry, which depends on transporting cash for much of its work. Nonetheless, he is eloquent on the dangers of ditching cash and the associated political risks that many prefer not to dwell on. “If we move to a wholly cashless society,” he says, “and something disturbs this digitalised system, what happens?” That could be a simple matter of power lines going down, machines malfunctioning or banks mismanaging their IT systems, as has happened recently at the UK’s TSB bank. But Eriksson’s chief concern is state-sponsored cyber warfare. Across much of the world, cyber warfare is seen as the biggest risk to business. Moscow’s annexation of Crimea four years ago and compelling evidence of Russian hackers at work ahead of the US election and the Brexit vote has clearly left Sweden feeling jittery about the superpower looming barely 200 miles off its eastern border. In February, Stefan Ingves, governor of the Riksbank, urged the government to consider the vulnerability of the payments network in a case of “serious crisis or war”. His deputy Cecilia Skingsley speaks of the “30-year sweetspot . . . after the cold war”, adding enigmatically: “We relaxed a bit. Now we need to think about how we handle different situations.” Eriksson is more direct. “If Putin invades Gotland [the Swedish island midway between Stockholm and Kaliningrad], he could just switch off the payments network. In that kind of situation, you need cash and an analogue system as an emergency generator.”

£73bn Volume of cash in circulation in the UK — a record level

Cyber threats don’t end here. The financial sector has looked on with a mixture of schadenfreude and anxiety as the world slammed Facebook over its data breaches involving Cambridge Analytica. Schadenfreude because banks — seen as whipping boys since the 2008 financial crisis — were delighted to see a tech giant brought down to earth. Anxiety because they know that they, too, are vulnerable to data foul-ups — potentially far more damaging ones. The data trail left by those who prefer electronic payments is rich compared with the invisible trace of cash. Breaches will occur, whether deliberate or accidental. In 2014, JPMorgan Chase, one of the world’s biggest banks, was hacked, compromising the data of 76 million households and seven million small businesses. Two years later, hackers targeted UniCredit, Italy’s biggest bank, which had an impact on 400,000 clients. In Europe, some finance companies are concerned about directives over sharing data with new fintech intermediaries. “It’s madness,” says one bank chief executive. “We’re being encouraged to open up our data without knowing that the end guardian is going to keep it safe.” Square, the payments company set up by Twitter founder Jack Dorsey, says that, like any financial group, its model requires customers to trust it. “We are very careful about what we share,” says Sarah Friar, chief financial officer. “One wrong step and we’d be out of business. A payments company would just not survive.” Within legal parameters, though, any company worth its salt in the financial world will be vying to make the most of its data. There are some exceptions. Germany has a particularly acute sensitivity to data risk and a deep distrust of borrowing money. Together, such factors may have contributed to the stubborn dominance of cash in one of the world’s most advanced economies. On my trip to Sweden, it was refreshing to walk straight past the (deserted) currency exchange booths and pay for everything by card. Only on my way home did I encounter a snag — not as the result of a cyber attack or a data breach but rather a broken card machine at the departure gate café. “Sorry, cash only,” said the apologetic manager. A long queue of cashless flyers went hungry that evening.

Sweden’s banks are defensive when asked if they are deliberately forcing cash out of the economy. “A cashless society can’t be driven by banks,” says Casper von Koskull, chief executive of Nordea, the country’s biggest bank. “All the elements of society need to be in sync.” But it is a quiet suspicion among the Swedes I meet. Certainly there is a relatively sparse ATM network (one machine for about every 3,500 Swedes compared with roughly one for every 1,000 Britons and an ATM for approximately every 650 Americans).

The simple truth is that cash costs the banks more. A recent Morgan Stanley research report highlighted the $5bn a year bill that Bank of America, one of the world’s biggest retail banks, racks up processing cash and cheque transactions and servicing ATMs. That is nearly 10 per cent of its cost base. In contrast, electronic payments offer two ways for a financial services company to make money. Even if data prove tricky to commercialise, there are fees to be earned on every transaction — either from the cardholder, the retailer or both. The British Retail Consortium says credit card fees amount to 0.49 per cent of sales, more than triple the 0.15 per cent figure for processing a cash purchase.

“If we move to a wholly cashless society and something disturbs this digitalised system, what happens? Bjorn Eriksson champion of the cash economy ON THE AGENDA...

$5bn

Amount Bank of America pays each year to process cash and cheque transactions and to service ATMs

This is only a superficial analysis. According to data researcher IHL, the true cost of a cash transaction to a retailer could be 5 to 15 per cent of sales. In addition to basic bank fees, it factored in the time taken to open and close cash drawers, change money on request, count cash, make deposits and pay cash-transit companies. “The cost of cash to society is under-appreciated,” says Ann Cairns, who heads international operations for Mastercard. “A country, normally via its central bank, is paying up to 1.5 per cent of GDP to count it, distribute it and print it.” On the other side of the scales, noncash payments also benefit the seller. John Jacobs, a Staffordshire woodcarver, was previously a wholly cash business. As a client of Square for the past year, he has seen his sales jump 45 per cent and now makes 70 per cent of his income through electronic payments. “I push people to pay by card now because all the local bank branches have gone and it’s hard to deposit cash,” says Jacobs. “It’s enabled me to make a lot more money. You’re kind of crazy if you don’t use it.” Maximising financial access is even more important in emerging markets. For all the controversy surrounding its Nigerian ID card project, Mastercard has CONNECTING BUSINESSES

pressed ahead with similar schemes in South Africa and with Syrian refugees in Lebanon and Jordan. “Being included in the financial system is the road to inclusive growth,” says Cairns. “When a government or an NGO or an employer pays you via your mobile phone rather than in cash, that is a much safer and more transparent way of sending money.” If this looks like altruism, it is not. “Even if it’s not a major [profit] item now,” she says, “it makes a lot of business sense as a 10-year strategy.”

“The cost of cash is underappreciated. A country pays up to 1.5 per cent of GDP to count, distribute and print it” Ann Cairns Mastercard

Every country aspires to economic growth, of course. And for financial services companies, the greater the growth, the greater their opportunity to make money as you spend it. But is the push into electronic payments encouraging us to overspend?

Certainly there has long been evidence to suggest we spend more when we pay electronically, particularly with a credit card that defers payment, rather than with cash. A 30-year-old experiment by Richard A Feinberg, then an associate professor at Purdue University, found there was an increase of as much as 240 per cent in the amount participants were willing to pay for something if they were using a credit card instead of cash. Over the past couple of years, fast-food chain McDonald’s has begun installing

rows of touchscreens in its restaurants, encouraging customers to place and pay for their orders electronically. The company is coy about the outcome but early signs suggest it could be dramatic. In 2016, Steve Easterbrook, its chief executive, spoke about a “good pick-up” in sales thanks to the new devices. At one outlet, the company found the average order via a screen was 30 per cent higher than one placed face-to-face. Leaving aside concerns about datasecurity and marginalised communities, overspend and consumer debt should send warning signals to any country — from the almost cashless Sweden to the most cash-dependent emerging market. The road to electronic money is only navigable with extreme care. Back at the café, I go to pay my bill but my neighbour beats me to it, getting up from his seat, burrowing into his pocket and pulling out the right money to pay the £3.60 he owes. “I’m sorry, we don’t take cash,” says the manager. “Well, that’s how I’m paying,” he says, defiantly. “I don’t use cards.” And he strides from the café without a backward glance.

special report tech feature

I am microchipped and have no regrets It is already possible for the â&#x20AC;&#x2DC;biohackedâ&#x20AC;&#x2122; to wave a hand to pay for a rail journey

Words by: Jonathan Margolis (FT)

ON THE AGENDA...

tattooed body piercer, wearing a baseball cap and black surgical gloves, is using a large needle to implant an electronic chip the size of a grain of rice into my hand. Even friends here in innovation-crazy Sweden question why I would consent to being “upgraded”, as Jowan Österlund, the “biohacker” performing this procedure, puts it. Biohackers believe that the human body can be improved with the addition of technology. Mr Österlund, founder of Helsingborgbased start-up Biohax, is a technologist and blockchain evangelist. The radio frequency identification device now installed between my thumb and forefinger is Chinese, with German biocompatible glass and Spanish electronics. It is like those used for pets. And with it, I have become a pioneer in the somewhat left-field trend of human microchipping. Techies explain that because RFID chips are not powered, they cannot support GPS. So the main objection to microchipping — the worry that your every move is trackable — is mistaken. RFID chips are only activated by a special reader, or a phone app, which has to be no more than a centimetre away from your hand. “The key thing is this is not online,” Mr Österlund says as he plunges his needle into my flesh. Human microchipping is so little known that there is (as yet) little informed criticism of it. One objection among online commentators is not a worry about privacy but about fulfilment of the Bible prophecy about “the mark of the Beast”. I am prepared to take that risk. Reactions to my upgrade range from incredulity to revulsion. My reason for being chipped, beyond geeky curiosity, is that I am semi-convinced it could one day have practical uses. Biohackers argue that having your identity built in to your body — which they hope is immune from hacking — will mean there is no need to carry a passport, driving licence, bank cards, travel tickets, office access card, club membership cards, office canteen card, keys for home, car and hotel rooms. and cash. I am most excited about the possibility of replacing my keys with my chip. It is extraordinary that we still use a crude, 5,000 year-old technology to access houses and cars. And I frequently lose mine. Theoretically, keys could become obsolete. The medical possibilities interest Mr Österlund more. “Being chipped will allow paramedics and hospitals to identify you and get information about medical conditions even if you are unconscious,” he says. “To me, it’s amazing that if a runaway horse gets hit by a car in Sweden, the police can immediately scan its chip CONNECTING BUSINESSES

“Up to 4,000 Swedes are chipped, including 85 chipped workers among 500 employees at the Stockholm office of travel operator Tui”.

and know it’s Bessie and it belongs to Mr Andersson at such and such address, but a human without a wallet is unidentifiable.” There are a few other companies working on human microchipping, such as Cyberise. Me, in Melbourne, Australia, Three Square Market in Wisconsin and Dangerous Things in Seattle, which advertises its components for personal upgrades as “custom gadgetry for the discerning biohacker”. Biohax seems to be getting traction. Up to 4,000 Swedes are chipped, including 85 chipped workers among 500 employees at the Stockholm office of travel operator Tui, who can enter the building, buy food in the canteen and use printers with a wave of the hand. The Swedish rail company, Statens Järnvägar, has around 800 customers using their hand to pay for travel. Some executives at the Nordic division of the software company Red Hat are chipped. Some Swedish gyms are trying the system. And, says Mr Österlund, several city authorities, a credit card company and one national government are in talks with Biohax. Tui’s Nordic MD, Alexander Huber, was the first in the company to be chipped. “It’s a bit of a statement of my curiosity, and it’s certainly triggered a lot of conversations. We don’t force it on our people, but none of us have regretted it, and Biohax have been back twice to chip more people. “Perhaps it’s a bit crazy, and people are surprised when you tell them, but I think there’ll be a maturity curve like in any other development.” Kevin Warwick, deputy vice-chancellor (research) at Coventry University, became famous in 1998 when he had a (rather less sophisticated) chip inserted in his arm. TV clips show him having doors open as he approached them, thanks to his cyborg upgrade. “I’m amazed that it’s taken 20 years since I had my chip for it to start to get going,” Prof Warwick says. “The big one for me is passport control. If I had a chip which confirmed my identity and could go in a separate line, it would be brilliant.” “I have no serious security concerns, he adds. “People’s cell phones give away far more privacy, but secretly.” So what can I do with my own chip? You can programme whatever you want into it with an Android phone app, for example enabling it to open your front door, using existing technology. But the chip comes out of its sterile pack embedded with just a link to the Biohax website. If I point a corner of my phone at my hand, the browser jumps there. As a way of impressing children, it is some way down from producing a penny from behind your ear, and I’m not yet the human key fob I dream of being. But it is a start — and it’s very cool.

IOd-iom committee members

Meet Your institute of directors - isle of man Committee members Institute of Directors - Isle of Man The Claremont 18-22 Loch Promenade Douglas Isle of Man IM1 2LX

JENNIFER HOUGHTON

CHAIRMAN

DAWN WEBB TREASURER

PAM WATSON SECRETARY

(Dawn Webb Advisory Limited)

(Lloyds Bank International)

Isle of Man Member Benefits QUICK LOOK n Discounted entry to Rendezvous Lounge at the IOM Airport n Discounted VIP Business Travel and Airport Transfers with K&B Carriage

CLIVE PARRISH

DEB BYRON

CLAIRE MILNE

(CDP Associates)

(Hansard International)

(Appleby)

n Discounts on Leisure and Business Travel with Richmond Travel and MannLink Travel n Discounts on selected training courses with TLC Additional Benefits for all members

n Access to our local HQ

JADE ZORAB

PHAEDRA BIRD

(SMP Partners)

(Crowe Clark Whitehill LLC)

PETER REID

(Lloyds Bank International)

and Business Hub and locations throughout the UK

n IoD Car Rental, provided by Hertz www.iod.com/ carrentalÂ www.iod.com

SALLY BOLTON (Corlett Bolton & Co)

ALICE MARTIN

(Isle of Man Government)

MARK WATERHOUSE (Isle of Man Financial Services Authority)

ONTHE THEAGENDA... AGENDA... ON

iod-iom GDPR Event

Introduction and implementation of GDPR to Manx business

oD members and guests were given a practical and comprehensive guide to the introduction and implementation of GDPR to Manx business by Mark Emery and Katherine Johnson of Appleby at the IoD CPD event on 22 March 2018. Katherine dealt with the policy and regulatory aspects and Mark, the practical implications including how to deal with SARs *(subject access requests). It was explained that the introduction of the GDPR requirements was complicated as each jurisdiction in the EU and worldwide seem to have been taking a slightly differing approach. In the Isle of Man there have been delays so whilst enabling legislation has been brought in, the final form underlying regulations are awaited which will also incorporate new regulations for the use of personal data for law enforcement purposes. As there will be differences between Manx and UK legislation it was stressed that it may not be sufficient to rely on UK guidance notes. The process of an impact assessment by a business was explained and the importance of the Board in overseeing compliance. The process of mapping personal data is important as are the grounds which a data controller may rely on for processing, with consent CONNECTING BUSINESSES

“The right is not to have documents disclosed however but to the personal data within them.”

only relevant where it is explicitly and freely given. The Board must ensure the business has an up to date and transparent privacy policy and should review and if necessary replace existing statements to ensure compliance. A privacy policy should include details of the retention policy of the business and the policy should cover each type of personal data held. Mark Emery went on to cover how

to deal with a SAR and the importance of having a policy for SARs. SARs are used increasingly in litigation for early disclosure of information about a data subject. The right is not to have documents disclosed however but to the personal data within them. Documents which refer to third parties or are not otherwise relevant can be redacted. If a response to a SAR is not complete then a complaint may be made by the data subject to the ICO to check whether all the data has been disclosed. There is a right to damages without proof of loss in the event of a breach of the Data Protection Act 2002 and if loss is proved then additional compensation could be awarded. It is important to deal with a SAR request immediately and staff should be trained to ensure they are aware of the process. The advantages of the vigorous implementation of a robust policy for the destruction of outdated data are clear. The SAR provisions already exist under the Data Protection Act 2002 but the introduction of the GDPR regime will reduce the time for compliance from 40 days to a month and the fee of £10.00 will be abolished. Although issues have been raised concerning the duties of trustees to retain confidentiality towards or between beneficiaries, the Manx draft legislation has not included this exemption but it is hoped it will make it into the final legislation. In summary the process for implementation of GDPR should include the following: n Data mapping n Gap analysis and identification of areas of non compliance n Prioritising high risk areas n Review and draft new policies n Implement new policies n Draft data breach procedures n Review and update third party supplier contracts (including IT providers and Cloud suppliers) Group companies should consider data sharing agreements between their various subsidiaries and the regulations apply to charities as well as commercial organisations. The speakers were both helpful and knowledgeable and whilst stressing that at present the guidance is not definitive. The ICO has indicated that so long as an organisation can document that they are doing their best to implement the required policies in the short term at least they can expect to avoid stringent sanction.

iod-iom CPD Presentation

he Institute of Director’s (“IoD”) latest CPD presentation was delivered by Craig Mitchell, director at Browne Craine & Co and Chiva Samani, director at Gough Law on the role, responsibilities and duties of directors: “Directors – When it all goes wrong, what you can do to make it right”, at The Claremont Hotel on Wednesday 2nd May. The event provided guests with an insight into the challenges faced by directors, following on from the most recent report on the Isle of Man by MONEYVAL, The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism. The talk also explored the different strategies that can be adopted when faced with regulatory interviews and legal proceedings. Craig, a qualified Chartered Accountant and Chartered Certified Accountant, who specialises in Isle of Man Insolvency and Liquidation work and Chiva, a specialist Litigation Advocate who specialises in complex commercial and trust disputes, have worked together successfully on a number of cases. “Firstly, thanks to the IoD for hosting the event. We aimed to provide an insight into some very important topics

Browne Craine & Co and Gough Law give talk to the institute of directors - isle of man for directors to consider, and I hope it was as much informative as it was enjoyable,” commented Chiva. “Since the MONEYVAL report, the Isle of Man Financial Services Authority has increasingly made use of its enforcement powers. It is something every director needs to be aware of, so I was delighted to see how engaged the attendees were with the topic of the presentation, which, in my view, reflects how important the issue has become for directors.” “We’ve done similar talks in the past and have received some great feedback following this event, so I hope this one was beneficial to everyone who attended. The talk was intended to provide a synopsis of directors’ duties to companies, both pre and post liquidation, which should have given attendees a better insight into the personal exposure faced

by directors,” commented Craig. Alice Martin, Committee Member of the Isle of Man Branch of IoD said, “Chiva and Craig delivered an exceptional speech showing their in-depth knowledge in litigation and liquidation with a style that was captivating and refreshing. I hope our members enjoyed it. Thank you to both Browne Craine and Gough Law for sponsoring the event too.”

To arrange one-on-one director training with Chiva and Craig, please contact them on either 01624 629100 (Gough Law) or 01624 629369 (Browne Craine & Co).

ON THE AGENDA...

Struggling with your company? Considering a liquidation? Why not contact either Craig Mitchell or David Craine to find out more about liquidating your company and how we can assist you. +44 (0) 1624 629369 office@burleigh.co.im www.brownecraine.com

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iod-iom director of the year awards

The Annual Director of the Year Awards

he IoD Isle of Man Branch hosted a very successful and well-attended spring lunch on 11th May at The Claremont Hotel. The guest speaker was Hon Chris Thomas MHK and guests included His Excellency Sir Richard Gozney and Minister Laurence Skelly. Following welcome drinks and an excellent lunch supported by Barclays, Minister Thomas spoke about 2018 Ellan Vannin, a Special Place to Live and Work. The Annual Director of the Year Awards sponsored by Appleby was presented shortly thereafter. A tie was announced between Gary Lamb, CEO of Manx Telecom, winner in the category of Chairmanâ&#x20AC;&#x2122;s Award for Excellence in Director and Board Practice, and Janna Horsthuis, MD of Robinsons, in the category of Family Business. Both will represent the Isle of Man in the UK finals being held on 18th October in the Royal Horticultural Halls. As a membership organisation one of the key ways we seek to recognise the business successes of our members is the Director of the Year Awards. The Director of the Year Awards is heralded as a landmark event within the IoD calendar. Through celebrating the best in UK business, the winners from the regional IoD Director of the Year Awards are entered into the Director of the Year Award Finals to determine the best business leaders on a national scale. The IoD Committee would like to thank His Excellency, Ministers, members and guests for supporting the bi-annual lunches. We look forward to seeing you at the Autumn lunch in October.

ON THE AGENDA...

“I’m pleased that Barclays sponsored the IoD spring lunch again this year events like these give local directors the opportunity to meet and share their experiences with each other, which in turn benefits the wider local business community. Chris Thomas’ presentation about the outlook for the Isle of Man and how many people are moving here was a real highlight for me.”

Stuart Nelson from Barclays

“Appleby are passionate about championing local talent and proud to support the Director of the Year Awards, which celebrates outstanding business leadership on the Isle of Man. Congratulations to both Gary Lamb of Manx Telecom and Janna Horsthuis of Robinson’s on the well-deserved win.”

Claire Milne Partner within the Corporate Department at Appleby Isle of Man

CONNECTING BUSINESSES

iod-iom director of the year awards

Gary Lamb CEO of Manx Telecom

I was very proud to be awarded the Director of the Year award at the IoD Spring Lunch on the 11th May. I have been very lucky to have worked at some fantastic companies over the past 20 years, companies that include Strix plc, Bladon Jets and Manx Telecom plc. I have worked with some wonderful people during my time as a director of each of these companies and thank all those old and current colleagues for their support. I’d like to thank the IoD for choosing me for this special award and also congratulate Janna Horsthuis for winning the Director of the Year award too. I am looking forward to representing the Isle of Man at the UK national IoD awards event in October and fingers crossed Janna and myself can do well for the Island. How does winning impact you and your business For me the award is for Manx telecom and its dedicated team. We have been through a lot together over the past 18 months as we transform our business to become a more agile, creative and most importantly customer focused business. I am very grateful to all of the team for their support and commitment over the last 18 months. Will you be attending the UK national competition in October I would like to attend the October event representing Manx Telecom and the Isle of Man. In your opinion, what skills as a director make for successful leadership. My mantra is lead by example. As a director or leader of any company you are a role model for many people and have a significant responsibility. Treat others with respect and listen are important traits for good leaders. Where will you keep the trophy? In my office. Would you encourage other directors to apply next year and why? I would encourage other directors to apply as a way of sharing the good work they are doing and to promote their businesses.

ON THE AGENDA...

Janna Horsthuis MD of Robinsons

It was so humbling to be recognised for such a prestigious award so I for once was quite speechless when Jennifer announced my name. Running a family business in foodservice which is now in it’s 5th generation has been & is a huge challenge in itself. I am very lucky to have such a long standing team who are exceptionally talented in the Foodservice industry. This award is a great accolade for Robinsons as a team. How does winning impact you and your business Winning the Director of the Year Awards came as a shock but it’s great to receive recognition for the hard work my fantastic team and myself do for the Foodservice Industry. When the Island’s business community is predominately banking, e-gaming, trust companies, telecommunications etc we always presume we as a business are a forgotten industry, everyone needs food and Robinsons does exactly that. Will you be attending the UK national competition in October Yes I hope to…I love a little competition and trip away so any excuse. In your opinion, what skills as a director make for successful leadership Talk, ask and do….My moto has always been don’t preach what you don’t practise yourself. Understanding the business is absolutely critical or how can you possibly be a good leader without understanding what and how it all works. If you don’t understand then how can you leader and plan the strategy going forward. Growing up in a family business has been a huge benefit and in in my eyes working with the most committed and best people makes my role much easier. Where will you keep the trophy? We have a selection of awards and trophies on the staircase at our depot which we are very proud of so this is the new home of IoD Director of the Year Awards Trophy. Would you encourage other directors to apply next year and why? Of course, what do you have to lose, you can only regret not entering. It’s always good to sit think and write an entry as you suddenly realise what you have achieved over a period of time. CONNECTING BUSINESSES

business events - what’s on Institute of Directors - isle of man

Business Breakfast Challenges facing the Third Sector

DATE: 19th June Appleby, Athol Street,

Douglas TIME: 7.45am registration. PRICE: FOC

We are delighted to welcome Peter Waddup, National Director of the Leprosy Mission UK who will be joining us for an extra Business Breakfast to provide an overview of the challenges that are currently facing the third sector.

Institute of Directors - Liverpool

Purposeful Leadership | Annual Conference DATE: 20th June Exhibition Centre,

Liverpool TIME: 8.45am - 7pm PRICE: Members £75 + VAT. Non members £95 + VAT TO BOOK VISIT: iod.com/ purposefulleadership

This Conference very much follows the theme developed by Simon Sinek in his book (and TED Talk) ‘Start with Why’. We will hear from leaders with a strong sense of ‘why’, and discover why ‘why’ makes their businesses stand out. Event topics will include:

Organisations that have an integral objective to make a real difference in their local, national or international community, or to tackle a big societal issue, such as climate change, poverty, social mobility, improving their cities or regions, or increasing productivity, etc. - Organisations that are trailblazers or strive to revolutionise their marketplace, perhaps through their products or services, by putting employees at the heart of decision-making, or designing new working practices.

Institute of Directors - isle of man

Dining Club with Bill Shimmins, MHK

DATE: 11 July, The Claremont Hotel,

Douglas TIME: 7.30pm drinks reception, 8pm sit down for dinner PRICE: £40 per person We are delighted to invite you to our summer Dining Club with Bill Shimmins MHK. Sponsored by Lloyds Bank International. “WHEN BUSINESS AND POLITICS MIX”

Bill came to the Island in 2002 to take up the role of Managing Director, Northern Bank (IOM) Limited. Subsequently he became Island Director for RBSI and MD of Isle of Man Bank from May 2011 until July 2016. After 34 years in multi-jurisdictional banking, Bill was concerned about the trends he was seeing on the Island. As such he stood as a candidate for the House of Keys in the September 2016 election. He topped the poll in Middle and currently is also Member of the Treasury Department. Bill is a keen cyclist and Dumbarton football supporter.

Institute of Directors - isle of man

Ladies Lunch with Chiva Samani DATE: 18th July, 14North, Douglas TIME: 12.15pm PRICE: £15 per person

We are delighted to advise that Chiva Samani, Gough Law, will be joining us for a short talk and discussion over lunch. For more information or to book events visit: www.iod.com/events-community/ regions/isle-of-man/events

Chamber of commerce- isle of man

Wellbeing in the workplace workshop

DATE: 19th June, Chamber’s offices at

Athol House, Athol Street, Douglas TIME: 2-4pm PRICE: See website

An introduction to health and wellbeing in the workplace workshop. Presented by Thrive HR & Development Services, the aim is to provide small to medium size businesses with hints, tips and tools to introduce and effectively support health and wellbeing in the workplace.

ON THE AGENDA...

Chamber of commerce- isle of man

Getting your employees to agree to mediation DATE: 26th June, Chamber’s offices at

Athol House, Athol Street, Douglas TIME: See website PRICE: See website

‘Getting your employees to agree to mediation’ workshop presented by Beverley Williams from Mediate. The aim of the workshop is to equip participants with tools to tackle what can be a difficult aspect of a mediation process – getting people to agree to participate.

Chamber of commerce- isle of man

Drawing the Future DATE: 28th June, The Palace

Hotel, Douglas TIME: 8-9am PRICE: See website

We have a breakfast seminar which is sponsored by Smart HR, and in association with Junior Achievement Isle of Man, the Department of Education, Sport and Culture, Ramsey Grammar School, and the Education and Employers Charity (UK). The ‘Drawing the Future’ event takes its title from the survey carried out by

the Education and Employers Charity (UK), and the charity’s Chief Executive Nick Chambers will be the guest speaker at the seminar. He will explain the significance of the survey, the biggest of its kind, which asked primary school children aged seven to 11 to draw a picture of the job they want to do when they grow up. The report was presented to the World Economic Business Forum at Davos in January this year.

For more information about Chamber of Commerce events, and to book tickets, go to the ‘Chamber Events’ page at www.iomchamber.org.im CONNECTING BUSINESSES

TIME OUT - ocean restaurant

Ocean on North Quay in Douglas is fast becoming a favourite restaurant for diners in the know. At the eastern end of the quayside, with easy parking nearby, owner Ian Stephens has rejuvenated the space with soft furnishings, soft music, a friendly atmosphere and a small but carefully crafted menu which can’t help but delight. Ian has been working in the restaurant and bar industries since he was a kitchen porter in Cornwall as a teenager and there is no doubt that with Ocean he’s tapped into to what he sees as the growing ‘foodie’ vibe on the Island. He’s a familiar face around Douglas with a background which includes managing Bar George and The British as well as other H&B establishments and for this, his first restaurant, he’s attracted the well-respected and popular chef Stephen Gerrard. The Ocean menus feature local produce wherever possible and the exciting dishes include meat from A&J butchers, fresh fish from Devereau’s, Manx quinoa and a wellstocked wine list, and a bar which includes craft beers and local seasonal gins from Fynoderee. Open 6 ½ days a week – the ‘half’ is for brunch on Sunday - Ocean is capitalising on what Ian sees as a sophisticated clientele: “I’m really excited by the growing numbers of people who appreciate that the fine dining they see as the norm elsewhere is now available right here in the Isle of Man,” he says. “Being at the east end of North Quay means we’re close to Athol Street and Douglas’s main offices so weekday lunch times are busy with business lunches as well as other workers and shoppers.” As you’d expect, weekend brunches are more casual and in the evenings it’s almost a completely different crowd who appreciate not only the inspired dishes but also the relaxed atmosphere. And it’s that atmosphere

ON THE AGENDA...

and unhurried approach which mean that, as Ian says, “dinner at Ocean can be a night out all by itself.” Appealing to all those different types of customer is where Ocean comes into its own. The Ocean website (www. oceanrestaurant.im) says that its goal is to provide food that ‘restores, replenishes and revives’ and the mouth-watering menus don’t disappoint. Set lunch menus - £15 or £19 including a glass of wine – change weekly so even the most dedicated Ocean customer can ring the changes. A la Carte menus are available at lunch and dinner and, like the set menu, include imaginative vegetarian options, and Ian is keen to stress that most dietary requirements can be accommodated with a little notice. On Saturday and Sunday mornings brunch is served from 10.30am up to 2.30pm with individual dishes ranging from Manx kippers to a full English via the ever-popular Eggs Benedict and a homemade granola option. There’s also a set brunch which includes up to four cocktails from the ‘Ocean Brunch’ menu – not

just the inevitable Bloody Mary and Mimosa but others to set you up for the day. Ocean is also available for private functions for up to 35 people and particular food and drinks menus for any event, whether it’s an office Christmas party or a ‘significant’ birthday celebration can be arranged. If you’ve booked an intimate dinner with friends or arranged a larger event, Ian is particularly proud of the level of customer service provided by his small, but attentive staff. “I’m lucky enough to have worked with some great people over the years,” he says, “and I’m flattered that so many of them have joined me in this new venture. At Ocean I want my customers to feel comfortable and having the right staff is key to that level of service, from the minute you arrive to when you reluctantly have to leave. We want our customers to feel part of the Ocean family – that’s what turns a casual diner into a returning friend - and I’m delighted to say the Ocean ‘family’ grows week by week!”

If you’d like to book your table at Ocean, the number is 01624 622000 or you can book via the website www.oceanrestaurant.im where you will also find lunch, dinner and brunch menus.

CONNECTING BUSINESSES

TIME OUT - business reads

The Everything Store n Though Amazon.com started

off delivering books through the mail, its visionary founder, Jeff Bezos, was never content with being just a bookseller. He wanted Amazon to become ‘the everything store’, offering limitless selection and seductive convenience at disruptively low prices. To achieve that end, he developed a corporate culture of relentless ambition and secrecy that’s never been cracked. Until now… Jeff Bezos stands out for his relentless pursuit of new markets, leading Amazon into risky new ventures like the Kindle and cloud computing, and transforming retail in the same way that Henry Ford revolutionized manufacturing. Amazon placed one of the first and largest bets on the Internet. Nothing would ever be the same again.

Recomended Business Books

Mindset n World-renowned Stanford University psychologist Carol

Dweck, in decades of research on achievement and success, has discovered a truly groundbreaking idea-the power of our mindset. Dweck explains why it’s not just our abilities and talent that bring us success-but whether we approach them with a fixed or growth mindset. She makes clear why praising intelligence and ability doesn’t foster self-esteem and lead to accomplishment, but may actually jeopardize success. With the right mindset, we can motivate our kids and help them to raise their grades, as well as reach our own goals-personal and professional. Dweck reveals what all great parents, teachers, CEOs, and athletes already know: how a simple idea about the brain can create a love of learning and a resilience that is the basis of great accomplishment in every area.

What Works n Gender equality is a moral and a business imperative. But

unconscious bias holds us back, and de-biasing people’s minds has proven to be difficult and expensive. Diversity training programmes have had limited success, and individual effort alone often invites backlash. Behavioural design offers a solution. By de-biasing organisations instead of individuals, we can make smart changes that have big impacts. Presenting research-based solutions, Iris Bohnet hands us the tools we need to move the needle in classrooms and boardrooms, in hiring and promotion, benefiting businesses, governments, and the lives of millions. What Works is built on new insights into the human mind. It draws on data collected by companies, universities, and governments in Australia, India, Norway, the UK, the US, Zambia, and other countries, often in randomised controlled trials. It points out dozens of evidence-based interventions that could be adopted immediately and demonstrates how research is addressing gender bias, improving lives and performance.

Triumph of the City n Understanding the modern city and

the powerful forces within it is the life’s work of Harvard urban economist Edward Glaeser, who at forty is hailed as one of the world’s most exciting urban thinkers. Travelling from city to city, speaking to planners and politicians across the world, he uncovers questions large and small whose answers are both counterintuitive and deeply significant. Should New Orleans be rebuilt? Why can’t my nephew afford an apartment in New York? Is London the new financial capital of the world? Is my job headed to Bangalore? In Triumph of the City, Glaeser takes us around the world and into the mind of the modern city – from Mumbai to Paris to Rio to Detroit to Shanghai, and to any number of points in between – to reveal how cities think, why they behave in the manners that they do, and what wisdom they share with the people who inhabit them.

The 100-Year Life n Does the thought of working for 60

or 70 years fill you with dread? Or can you see the potential for a more stimulating future as a result of having so much extra time? Many of us have been raised on the traditional notion of a three-stage approach to our working lives: education, followed by work and then retirement. But this well-established pathway is beginning to collapse — life expectancy is rising, finalsalary pensions are vanishing, and increasing numbers of people are juggling multiple careers. Whether you are 18, 45 or 60, you will need to do things very differently from previous generations and learn to structure your life in completely new ways. The 100-Year Life is a wake-up call that describes what to expect and considers the choices and options that you will face. ON THE AGENDA...

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