Our monthly roundup of news, events and sponsor reading material.

Members' Area

Please note that the password to access your Members' Area page on the GAT website is "Trustees".

The Members' Area will develop over time, and will be populated with consultation responses and papers / advice issued by GAT and / or the Technical Committee.

Please note:  GAT responses to the following consultation papers have been added to the Members' Area for your information:

• Statutory Instruments proposed to be re-issued
• Proposed replacement of the current Fiduciary Rules, 2020 by the new Fiduciary Rules, 2021
• Ancillary Vehicles

Message from the Chair

Tickets have sold very quickly for this event but there are still a few remaining.  See booking details below for that as well as for our next GAT luncheon which is due to be held at Moores on Wednesday 6th October, with Fiona Crocker from the GFSC talking about the role of the private sector in Guernsey's Moneyval evaluation.  A bonus luncheon is scheduled to take place on Thursday 25th November, with our sponsor Ruffer LLP presenting. 

As always, I would be pleased to hear from members to understand any frustrations or concerns - contact me.

Enjoy your August newsletter.

Kind regards

Rhona Humphreys

GAT Chair

NEWS

Change in Chief Executive

Paul Whitfield OBE is to move on from his role as States of Guernsey Chief Executive.

The Policy & Resources Committee has expressed its thanks to Mr Whitfield for his significant contribution to the States of Guernsey.

Mr Whitfield said:

"I have just returned from annual leave, which gave me some much-needed breathing space, and a chance to relax with my family. It has been such a busy time for all of us, including myself, and as things begin to settle, time for reflection is once again afforded to us all. In moving on, it provides opportunity to focus on some new and different challenges.

It has been an amazing eight years, on top of a 40-year career in multiple public service roles, my role as CEO was a job undeniably unpredictable, and challenging but hugely rewarding. I can look back on many highlights during my career within the public sector, but most of all reflect on the outstanding quality and dedication of the public sector, for which this community should be justifiably proud of."

For further information, including a statement from Peter Ferbrache, President of the Policy and Resources Committee please click the button below.

Policy & Resources hopes for full and candid debate as Tax Review is published.

The Policy & Resources Committee formally published its Tax Review 'green paper' on Friday 20th August for the States Assembly to debate in September, as Guernsey faces major financial challenges which urgently need to be addressed. The Committee presented the Review in the form of a 'green paper' in order to allow a full, open, no-holds-barred debate.

The Tax Review paper looks specifically at revenue-raising options through tax and social security contributions and puts forward three options to help inform Members and give context as to how much revenue could be raised and what the impacts would be.  The Committee does not believe the ultimate solution must be limited to one of these three options, but it does stress to States Members that any solution needs to be realistic and recognise the scale of the challenge.

This means options that might be considered unpopular, such as a GST (Goods and Services Tax) must be on the table.  The Committee believes it would meaningfully diversify our tax base but should not be considered in isolation but as a potential part of a cohesive tax system which includes mitigations to offset the impact on lower earners.  The three options that have been developed for the Tax Review, while not exhaustive, are designed to illustrate how that is possible.

Home Affairs appoints a Committee Lead for Justice Policy

The Committee for Home Affairs has appointed non-voting States Member Advocate Peter Harwood as its Committee Lead for Justice Policy.

This comes as the Committee ramps up work on its review of the island's justice system, following it being made a priority under the Government Work Plan. This initiative will include a review of sentencing policy.

While the Committee will be leading a review of sentencing policy, it still cannot comment on individual cases and sentences handed down by the courts, as they are a matter for the judiciary. Similarly, the enforcement of laws is a matter for Bailiwick Law Enforcement, who are operationally independent from the Committee. This separation of powers is crucial to ensure the criminal justice system operates without political interference.

Update on the ongoing review of the cost-benefit analysis of an extended runway at Guernsey Airport

On Thursday 5th August the Committee for Economic Development provided an update on its ongoing work to review the cost-benefit analysis of an extended runway at Guernsey Airport in the light of the impact of Covid-19 on air travel.

Following a resolution from the States of Deliberation from a successful Requête led by the late Deputy Kuttelwascher in November 2019, the previous Committee for Economic Development commissioned from Frontier Economics a cost-benefit analysis of the extension of the runway at Guernsey Airport to at least 1,700m. The reports by Frontier Economics were presented to the previous Committee during 2020 and are publicly available on the gov.gg website.

The previous Committee decided that, in light of the impact of Covid-19 on air travel, any decision to bring a Policy letter to the States Assembly would need to be deferred until a clearer understanding about the impact of the Coronavirus pandemic on air travel could be developed.

The current Committee has subsequently commissioned Frontier Economics to update the cost benefit analysis in the light of the impact of Covid-19 on air travel and is also investigating options that would utilise an Engineered Material Arresting System (EMAS.)

EVENTS

GAT / STEP COMBINED SPECIAL EVENT - Thursday 16th September

The Guernsey Association of Trustees and STEP Guernsey are delighted to bring you a special  'Moneyval evaluation of Guernsey' lunchtime talk, presented by Richard Walker, Director of Financial Crime Policy at the States of Guernsey.

Richard has undertaken numerous AML/CFT evaluations of other jurisdictions and trains both FATF and MONEYVAL evaluators. He is Vice-Chair of MONEYVAL and Co-Chair of the EEJG of the FATF.

TICKETS NOW ON SALE - please book via the button below.

Our next quarterly luncheon is taking place on Wednesday 6th October in the Conservatory at Moores Hotel.

The guest speaker will be Fiona Crocker from the Guernsey Financial Services Commission, who will be addressing the role of the private sector in Guernsey’s 2023/2024 Moneyval evaluation.

The luncheon will also feature an industry update from GAT Chair, Rhona Humphreys. 

NEW LECTURE SERIES

The 2021/2022 STEP Lunchtime Lecture series starts on Tuesday 14th September with Mark Renouf and Mark Coutanche of Investec presenting "A Guide to Lending for Trustees - the pitfalls and areas Trustees tend to miss".

Registration for the 2021 Guernsey Private Wealth Forum is now open.

At this stage, to ensure that all GAT members have an equal opportunity, we are allowing just one Guernsey delegate per company to register as we have limited seats.

Tickets for Guernsey delegates are £350+VAT and entitle you to bring one free off-island guest, with whom you will be seated for the duration of the event.

Please contact Emily Lowe by Friday 3rd September to note your interest and to process your registration.

Speakers for the event can be found HERE and the event programme HERE.

2021 IoD Convention to Focus on Sustainability and Guernsey’s Global Brand

The Institute of Directors (IoD) in Guernsey has confirmed the theme for the 2021 Annual Convention: this event will focus on sustainability and how it is integral to the island’s global brand and the wider economy.

Taking place on Thursday 14th October at Beau Sejour the event, sponsored by Carey Olsen, is entitled ‘Can a Small Island Make a Big Impact on a Global Issue?’ and will host hundreds of business leaders.

Building on the themes from the last two Annual Conventions, the event will develop Simon Anholt’s Nation Brands concept. The Nation Brands hexagon ranks countries’ attractiveness and success based on six key areas: people, tourism, exports, governance, investment & immigration, and culture & heritage. In a break from the format of previous IoD Conventions, these themes will be explored in a series of short TED-style talks.

Amongst other speakers, the audience will hear from Tom Rivett-Carnac, one of the architects of the Paris Climate Agreement, a founding partner of Global Optimism and co-author of The Future We Choose. Currently Tom is advising the UK Government on their COP 26 participation, which is being held just weeks after the IoD’s convention.

Wendy Dorey, Chair of IoD Guernsey, said: ‘we have a real opportunity to redefine Guernsey’s ‘nation brand’, where we are no longer seen as a tax haven, but as a net contributor to society and the world. Our green finance credentials, coupled with an abundance of natural capital, have the potential to become real economic multipliers - allowing us to create lasting value that can’t be eroded. With COP 26 - and several ‘tipping points’ - just around the corner, now is the time to ensure our actions create a sustainable future for Guernsey.’

The convention’s headline sponsor is Carey Olsen and further sponsorship opportunities are available.

To find out more about sponsorship opportunities or to register interest in attending the event please contact hello@black-vanilla.gg.

September courses from the GTA

Working Resiliently
On the hamster wheel of delivering results, we rarely stop to consider what we want; where we should be; or how we should be investing our energy. Very often our working practices ignore our basic needs and serve to drain our energy.  This course will provide delegates with the capacity to maintain wellbeing and work performance under pressure and be able to bounce back from setbacks effectively.

Cost: £295

Enrol by: 7 September 2021
Venue: GTA University Centre
Times: 09:00 to 17:00

Further details and registration here.

An Introduction to Environmental, Social and Governance (ESG) Factors
This half day workshop will introduce delegates to the principles and generally accepted terminology, principles and investment insights of ESG ahead of considering how to integrate ESG considerations to meet an ever-growing demand for sustainable operating and investing. 

Cost: £195
Enrol by: 9 September 2021
Venue: GTA University Centre
Times: 09:00 to 12:30

Further details and registration here.

An Introduction to Compliance

This course is at an introductory level and has been designed for those wishing to learn about Compliance or looking to work towards becoming a Compliance Officer in the financial services industry.  Delegates will be equipped with a knowledge of regulatory compliance within the financial services industry and the responsibilities of the Compliance Officer function.

Cost: £195
Dates: 15 September 2021
Venue: GTA University Centre
Times: 09:00 to 12:30

Further details and registration here.

What is Personal Brand and how it can help you develop your business online

In a world where we have fewer chances than ever to network and build business in the traditional way, your personal brand is a way to grow your network, opportunities and ultimately your business.  Join Alastair Banks for this one hour session on what Personal Brand is, why you might need one and the steps you should take to improve yours.

Cost: FREE
Begins: 23 September 2021
Venue: GTA University Centre
Times: 12:30 to 13:30

Further details and registration here.

How to read a set of Accounts
For those not used to dealing with accounts, trying to read and interpret a set of accounts can seem a challenge.  This one day course will help delegates to understand the terminology so that they can understand the documents they are reviewing.

Cost: £295
Dates: 30 September 2021
Venue: GTA University Centre
Times: 09:30 to 16:00

Further details and registration here.

Please contact Camilla Hobbs GTA Programmes Manager for further details on any of the above courses.

SPONSOR ARTICLES

ESG – Engagement Over Exclusion

Floods in Europe, forest fires in North America and Australia – the impact and tragic results of climate change are starting to dominate the news. The actions taken by governments, companies and individuals in the next decade will be crucial if we are to limit the rise in global temperatures. The option of doing nothing has now passed, not just for the environment, but for companies and investors too.

Ruffer sees environmental, social and governance (ESG) considerations increasingly contributing to the risk and opportunity of any investment. We integrate ESG factors into every aspect of our investment process, from research to portfolio construction.

We believe engagement, rather than exclusion, is the key to delivering both change for the good and better returns for our clients. Blanket, unthinking exclusion of environmentally ‘difficult’ companies leaves them free to continue poor practices and does nothing to improve global environmental outcomes.

To find out more please click the button below to read the full article and/or contact Rachel Holdsworth if you have any questions.

Out with tree hugging and in with modern sustainability

Aspida’s Jessica Regnard shares her insights on what ‘Eco- friendly’ means in the context of sustainability in today’s business world.

Much different to what it was 20 years ago, it’s definitely out with ‘tree hugging’ and in with modern sustainability and the duties and responsibilities imposed on businesses. With regulation both locally and internationally now stipulating minimum requirements ‘modern sustainability’ is a hot topic amongst Boards.

Click the button to read Jessica's insight piece:

Carey Olsen secures strong industry recognition in 2021 IFLR1000 rankings

Lawyers from across Carey Olsen's Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Jersey and Asia practices have been recognised in the 2021 edition of IFLR1000.

In total, 39 Carey Olsen lawyers are featured in the 31st edition of the guide, which serves as the only legal directory solely focused on ranking law firms and individuals based on financial and corporate transactional work.

From those recognised, Carey Olsen has six individuals considered to be 'Market Leaders', 21 'Highly Regarded', one 'Rising Star Partner', seven 'Rising Stars', two 'Notable Practitioners' and two 'Expert Consultants'.

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