6

News Features

Superman Runs the Rock!

Superman is more normally associated with

a different type of rock, Kryptonite, which saps the superhero of all his powers leaving him weak and helpless. The Rock of Gibraltar offered a new challenge to Clark Kent’s alter ego Superman in the form of 31 year old British actor Henry Cavill, lead role in Superman: Man of Steel, when he took part in the Run the Rock event held in October. So just what was it that brought the man voted Glamour Magazine’s Sexiest Male of 2013 to Gibraltar?

In an exclusive interview after his gruelling uphill sprint, Henry told B2B about his fundraising efforts on behalf of The Royal Marines Charitable Trust Fund (RMCTF) and chatted about his upcoming films and family life.

Joined by his brother Nik, a Lieutenant Colonel in the Royal Marines, Henry told B2B that he had managed the exhausting five kilometre uphill climb in around a superhuman 10 minutes; however his time from the start in Casemates Square was recorded at a more mortal 32.44. Although he was currently working on the forthcoming Marvel epic Batman V Superman: Dawn of Justice, Henry took time out to run alongside his brother and other competitors as part of the 350th Anniversary of the formation of the Royal Marines. Just how prepared was Henry for the Rock Run? “Although I am doing a film at the moment, fitness is relative,” Henry stated. “It depends on what you are training for. If you are training for Superman the movie, you are not training as a large engine to go up a hill; you are training for size and aesthetic.”

Apart from the obvious family connection, B2B wanted to know why Henry was supporting the RMCTF. “I understand the sacrifices people in the armed forces make and know how important and valuable the charitable support we provide is.” Discovered by casting directors when acting at school, when asked if he would have gone into the Marines or one of the other services

if life had not taken him down a different path, Henry stated “Yes, absolutely.” Since becoming an Ambassador for the RMCTF earlier in the year, Henry’s fundraising goal of £20,000 has nearly been reached thanks to his fans and work colleagues. “They have been so enormously generous,” he said.

“The best thing about the RMCTF is that it provides four pathways for grants that can help in providing a better quality of life to serving and retired Royal Marines and their families,” he explained. This includes the Recovery Pathway, the Quality of Life Pathway, the Through Life pathway, for those who are actually still serving and also for veterans to help their lives continue, with the fourth being the immediate bereavement grants. Henry will keep supporting the RMCTF but whether he comes back to run the Rock in the future will depend on his filming schedule. “It’s been a wonderful experience and now I know what to expect, I can train for it better.”

Born in Jersey, one of the Channel Islands, this was Henry’s first trip to Gibraltar. “There is a similarity between the two places,” he said. “I definitely have

a wonderful connection with the sea and I like to go home to Jersey because it is surrounded by water, just as Gibraltar is.” One of 5 brothers, Henry agreed that their mother must have been superwoman! “Genuinely, she is absolutely amazing,” he laughed. Using an American colloquialism more normally associated with rounding up cattle, Henry said “She wrangled us well!”

Henry admitted that there was a sporting rivalry between the boys. “We are competitive, but it is more about setting standards for the rest of the brothers as opposed to beating the others,” he said. “It’s funny that because we have all walked into different career fields there is no moment where we are directly competing with each other and, if we do, we are not just out to smash the other one, its more about let’s finish together, like Nik did today.” He continued “Nik could have breezed up the

Henry Cavill, Man of Steel

7

News Features

hill far faster than I did but he waited for me and ran with me the entire time.”

With previous roles in The Count of Monte Cristo, The Tudors and 2011’s Immortals, Cavill was selected at the age of 27 for the Superman role and is the only non-American to wear the iconic blue tights and red cape

so far. With his chiselled good looks, mesmerising different coloured eyes (one blue, one a distinctive blue/brown) and athletic body, did he have to audition for the role? “Yes, it is very rare just to be picked and told you have got the job,” he said.

“You pretty much have to audition at all times these days because there is a lot of money invested by the production company in a single individual, so it is

only fair.”

Interestingly, he had previously tried out for the title role of Batman against Christian Bale in producer Christopher Nolan’s 2013 film and was apparently also up against Daniel Craig for the part of James Bond, but lost out

because he was deemed to be too young. Henry Cavill is the epitome of a superhero, utterly charming and gracious enough to pose for endless photos with fans, always with a smile on his face, as he attended the various events held in Gibraltar during his

visit before flying back to Michigan to resume filming.

If superhero stuff isn’t enough, Henry’s next box office blockbuster will see him take on the big-screen reboot of hit TV show The Man from U.N.C.L.E. in another iconic role, this time recreating the

character of Napoleon Solo made famous by Robert Vaughn. “It is very exciting and it is going to be a great movie, a bit different to my other roles there is even a comedic element to it,” Henry said. “We have already finished filming and it’s due to be released in August 2015.”

From Superman to Napoleon Solo, what comes next? “Hollywood is a fickle mistress and you never know what is going to happen,” Henry said. “It is all about doing the best you can, staying true to yourself and maintaining your integrity.”

Hollywood is a fickle

mistress and you never

know what is going to

happen

8

News Features

B2B interviews the Chief Minister

The foyer of No. 6 has been refurbished. It is contemporary,

minimalist, sleek and glossy with white marble floors and a white leather sofa. Unfortunately this morning there is no lighting and no phone line to announce the arrival of B2B, the result of yet another power outage caused by strong gale force winds and rain. When asked if the continual loss of power is damaging to business the Chief Minister, The Hon. Fabian Picardo, is quick to point out that after 2 years and 10 months his administration has done more work on the grid than has been done in the past 16 years. “We need to guarantee that we bring the cost of electricity down in future so as to continue to keep the cost of doing business in Gibraltar down and therefore what we have done is to invest in temporary power whilst we commission the new gas powered generating station.”

“After years of underinvestment by the previous administration, we are doing the work that needs to be done to ensure that these things do not continue to happen, but unfortunately the one thing I do not have and the one thing I never promised in my manifesto was a magic wand.”

Proposed new developments in Gibraltar will mean that even more power will be needed, putting further strain on the grid. With this in mind, what about the proposed new power station? “We think that by late 2016 or very early 2017 we will be producing electricity from it” he stated. “Importantly, it will be less polluting,” he says “because there are now fines associated with polluting.”

The Opposition have been quoted as stating that ‘Mr Picardo must get his priorities right: spend less time and money on parks and vanity projects, and address Gibraltar’s energy needs.’ In response to this the Chief Minister insists that there are no vanity projects. “Everything that the government does is paid for by tax payers and the tax payers are not putting a penny up to my vanity – but after 16 years of the GSD getting their priorities wrong and not having done anything about power and having spent £10 million on a hole in the ground where the Theatre Royal used to be and £80 million on a new airport, which we all like and find very attractive, but which was not a priority –

clearly the priority should have been the new power station or a new hospital for those patients with Alzheimer’s and dementia.”

Referring once again to supernatural powers, particularly in relation to J.K. Rowling’s eponymous character, Picardo said: “I think it is a bit rich for those to have caused the problem to ask me to resolve it with a magic wand – I am no Harry Potter, and I have never pretended to be!”

Addressing the issue of the runway tunnel, B2B asked the Chief Minister if he could give an estimated completion date. “One of the things I have spent a lot of time doing is dealing with litigation in London in relation to the tunnel, which we have won.” Picardo carried on to explain that this had produced the largest award of damages to the Government of Gibraltar in its history. “That is what has delayed the tunnel and, as I have already announced publicly, I expect the tunnel to be ready in approximately 14 months.”

Making an analogy between home refurbishment and paying for changes to the specification of the tender in regard to costs to the tax payer, Picardo confirmed that the damages from the claim against OHL will pay for just about every penny over the tender amount of £30 million, but that if changes are made to the specification then this will be for the account of the tax payer. “When you are about to finalise works you might also decide to add x or y and when you decide to add x’s and y’s beyond what the original tender provided for, those will be for the account of the tax payer.” He continued; “but the court has ruled that any extra cost of completing the tunnel to the exact standard and specification of the original tender by OHL should be met by them.”

Asked if pedestrians and bicycles would still be allowed to cross the runway, the Chief Minister said that the government continues to negotiate with the MOD about the possibility of people crossing on foot at the point at which they currently cross or seeking an alternative if that is viable. “We are looking at a number of alternatives if pedestrian crossing is not possible,” he says. “There are already a number of buses that serve that route but I don’t think a simultaneous shuttle bus operating 24 hours a day is economically viable.”

I think it is a bit rich

for those to have caused

the problem to ask me

to resolve it with a magic

wand – I am no Harry

Potter, and I have never

pretended to be!

9

News Features

Regarding the new airport terminal and potential collaboration projects with La Linea, Picardo cited what he sees as the big lie of the election of 2007 which was based on the GSD’s false allegation that it was impossible for Gibraltar to cherry pick part of the Cordoba agreement. “That was a huge lie, because as Spain has demonstrated she

has cherry picked those parts of the agreement which she has wished to see implemented or not.” The Chief Minister continued, “it is the national government in Spain not the La Linea administration, because they have nothing to do with that aspect of complying with the Cordoba agreement, that is considering the Cordoba agreement to have come to an end, except of course in consideration of monies received by Spanish pensioners – something they are very keen to continue.”

“We think that it is clear that as our economy booms the number of people from across the frontier who seek jobs in Gibraltar increases, particularly when there are construction booms, which is quite cyclical.” Picardo also said that it was clear that if his administration were to be able to work in cooperation with the Spanish national authorities on issues relating to taxation and if they could count on the support of all the municipalities, from Tarifa through to La Linea, they could create in the Campo de

Gibraltar and in the Bay of Gibraltar an arc of prosperity that would produce easily three or four times the jobs that are produced today. “All the ingredients are there for an enormous economic boom if the politicians can just put their egos into their satchels and sit down and work together in mutual benefit. My satchel is fully packed with my

ego and I am waiting for the others expected round the table to pack theirs,” Picardo retorted.

Since Gibraltar was part of the recent signing of FATCA (the Foreign Account Tax Compliance Act), B2B wondered what impact this would have on the financial services community. The Chief Minister said that the world had changed in a very positive way and that Gibraltar was at last on the cusp of having the sort of level playing field that they had been wanting for many years. “Gibraltar has been complying on the European rules on transparency and exchange of information and on the prevention of the use of the financial system for the laundering of the proceeds of all crimes since the early 90s,” he says. “We have found that other financial services centres have not been so keen to comply with international obligations. Gibraltar is now seen as a fully transparent, fully compliant European jurisdiction.”

“I invested a lot of money after my election in ensuring that Gibraltar no longer had a backlog of directives, we had almost 60 past their transposition deadline when I was elected, but today we have none,” he says proudly. “That sort of agenda of compliance, of transparency and international accountability, of always turning our back on

tax evasion and fraud – that’s the sort of jurisdiction that attracts the right sort of money for the future.”

The Chief Minister’s final comment was directed to the members of the Chamber of Commerce. “This government is listening. This government is intent on ensuring that the right business environment is prevalent in Gibraltar for businesses to prosper,” he says. “We want to keep the cost of doing business down to make Gibraltar the most attractive proposition in the European shores of the Mediterranean.”

We want to keep the

cost of doing business

down to make Gibraltar

the most attractive

proposition in the

European shores of the

Mediterranean.

10

News Features

The Hon. Neil Costa seems young to be a Minister but there is no

doubt that he has the stamina needed for this demanding position. A Member of Parliament since 2007, he took office as Minister of Tourism, Commercial Affairs, Public Transport and The Port following the December 2011 general elections. A buzz of activity permeates the Ministerial office in Europort. Freshly returned from giving a speech to members of the tourism industry as part of Gibraltar Day events in the City of London, Costa shows no sign of fatigue as a stream of people leave his room and he prepares for his interview with B2B.

The Minister is animated and lively, a good orator, he gesticulates with his hands as he expounds on the tourism product that he oversees on behalf of Gibraltar and it is clear that he thrives on his role. “I was once labelled as being innovative and dynamic,” he laughs “but my employees have also been known to call me bossy and demanding, that’s their interpretation!”

When Costa was elected one of the things he said he was keen to do was to revive and revamp the Gibraltar brand to ensure that tourism remains a key pillar of the Rock’s economy. B2B wanted to know if he had managed to achieve this.

“We are achieving this,” he says as he proceeds to relate some hard statistics. “When we came into office there were around 270,000 passengers arriving via cruise lines, this year we will have received 296,000.” Costa also stated that there has been an increase of almost 26,000 more people flying into Gibraltar over the past year and that hotel occupancy rates are higher than the 58% when they came into power and, that if the trend to date holds, “the hotel occupancy survey will make for pleasant reading.”

Keen to promote the success of the event-led tourism pledge that was a key part of his manifesto commitments, Costa said “when you think of Gibraltar today you associate it with the Jazz Festival, the International Literary Festival, the Chess, Strongman and

Darts competitions, so that in addition to making sure there are more tourists

visiting the Rock you also have those aspects that make a city vibrant and modern; in the same way that you would go to London for musical shows and plays, Gibraltar is now becoming known as a place for events and culture.”

There is no doubt that the positive development of the tourist industry is a vital component of the success of Gibraltar’s

economy and that the Upper Rock is a major part of this. Costa agrees that it is important to invest in the existing infrastructure. “In three financial years we will have spent £3 million on the existing infrastructure.” He continued “that means in this period of time this government will have spent double the amount compared to that spent by the former administration over a period of 9 years.”

What next with the Upper Rock? The Minister is excited about the new products that have been unveiled as part of the major refurbishment programme. These include

The Hon. Neil Costa updates the Chamber on tourism matters

Neil Costa, Minister for Tourism

The black cab

manifesto commitment,

that is something

that is yet to be

achieved, but

it will happen

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Communication has come a long way...

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12

News Features

the suspension bridge at Royal Anglian Way, new trails and an interpretation centre for the macaques. “I can’t overestimate the gravitational pull these new tourist offerings have to attract cruise lines,” he says. “It speaks a lot about the confidence that, for example, Royal Caribbean has shown in the new administration when they announced that the Anthem of the Seas, the newest mega ship carrying 5,000 passengers and 2,000 crew, will be calling into Gibraltar seven times next year.”

B2B wanted to know about the planned reforms to the Upper Rock transport system and whether it could cope with a higher influx of visitors. “The transport system can cope with the number of passengers arriving on cruise ships,” Costa replied. “However, peaks are seasonal so many more people arrive from April to October and that is when we need to be able to manage how people travel within the Upper Rock.” He carried on to say how the Ministry is trying to devise a much more coherent and integrated system in conjunction with all the current transport operators. “When we are in a position to announce something in that respect, we certainly shall, but I take the point that there has to be a shift in the way that we think of the Upper Rock transport system so that it is able to handle additional traffic but, at the same time, we also need to safeguard the interests of the current transport operators.”

Commenting on the fact that Costa had previously said the Ministry will spare no effort in increasing passenger numbers by attracting more air lines and commencing new air routes, what news did he have about this for B2B. “It is extremely hard work and we meet with the airline operators more than they would like” he stated. “I have already added one new route, the Monarch flights from Birmingham to Gibraltar, and I hope to achieve two more new routes, one per year.” Shortly after his interview with B2B the Minister announced new services commencing in 2015 to Bristol operated by Easy Jet three times a week and Tangier, operated by Royal Air Maroc, twice a week.”

B2B asked the Minister what he had not yet accomplished. “The black cab manifesto commitment, that is something that is yet to be achieved, but it will happen in this term of office, I can assure you” he replied. “We are in close discussions with the taxi association about this, but given everything that we have done so far I hope you will forgive me that

one element of the manifesto has not been completed yet, but it will be completed.” The Minister admitted that he would also like Gibraltar to be used at least as a partial turnaround for cruise lines. “The problem is that the western Mediterranean ports are not as competitive as the eastern Mediterranean ports,” he stated. “However, we are talking to three operators and the fact that they keep increasing their number of calls to us as an individual port speaks a lot about the relationship that we have with them.”

Regarding the relationship between the Ministry and the Chamber of Commerce, Costa stated that they are a business friendly government. “What we can do is to provide the conditions where an entrepreneur can thrive in the hope that they bring as many people to Gibraltar as they can and in that vein we published a command paper with the Office of Fair Trading which was changed a lot because of the representations of the Chamber and the GFSB.”

Asked if he had a message for members of the Chamber, the Minister said that he understands that what they care about is that there are more feet on the ground. “This is obviously what we are trying to achieve by having more cruise lines and more people arriving by air,” he said. “We have also started the Small Business Saturdays.”

“The Chamber is represented in the Tourism Advisory Council, which we hold very regularly and they are also members of the Small Business Board.” The Minister said that he takes all representations on board very seriously. “The truth is that, for instance, when the Chief Minister made his budget announcements, the increased reduction in rates from 20% to 30% in the retail and wholesale industry was a result of representations received by the Chamber.”

Has the Minister accomplished all that he promised when he took office? “This is a continuous work in progress and that is one of the first things I realised,” Costa replied. “However much we may improve with visitors, schools of hospitality and tourism and literary festivals and however much of a quantum leap we take in each segment, you must always keep your existing clientele happy, making sure that they want to keep calling at and visiting Gibraltar whilst you seek out new business opportunities.”

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14

News Features

Full steam ahead for Gibraltar International Bank

Little did Lawrence Podesta ever imagine when he started working

at Barclays Bank in Gibraltar at the age of 16 that he would one day be heading up the Gibraltar International Bank. Having worked for two foreign banks over the past 38 years, latterly in the wealth management sector, Podesta is proud to lead the project for a new retail bank in his place of birth, a post for which he has the experience and the gravitas. “When I was approached by Minister Isola it didn’t take much convincing for me to accept this role,” he said. “It is an absolute honour and I feel that I am returning to my roots.”

The bank itself will be a huge achievement for Gibraltar as a community; serving locals as well as established companies with the right level of banking services and support that is required to develop their businesses. “We are conscious of the fact that there is a need to have another bank in Gibraltar,” Podesta said. “As we are all aware, Barclays’ departure from the market place will leave a huge void which needs to be filled and we are preparing ourselves particularly well for the opportunities that lie ahead.”

As far back as 1996 the GSLP Manifesto had called for the establishment of a Bank of Gibraltar and the party has continued to do so in successive manifestos since that time. With the impending launch of this institution and, although the Government will be the main shareholder providing the initial £25 million capital to set up the bank, Podesta confirms it will be run purely on a commercial basis and as an independent entity with no direct Government representation on the Board.

Regulated by the Financial Services Commission (FSC) and with a Board of Directors consisting of prominent people from within Gibraltar, Podesta is confident that GIB Bank will be able to arrive at the right policy decisions and criteria to establish a bank which complies with all the regulations currently in place to which British and EU banks have to adhere to.

Podesta will be assisted by Derek Sene as Chief Operating Officer and an executive team made up of the Head of Relationship Teams, a Front Office Manager, an Operations Manager, the Chief Risk Officer, an IT Manager, a Financial Controller and a Human Resources Manager, as well as a full

Lawrence Podesta, new CEO of Gibraltar International Bank

15

News Features

complement of staff amounting to 50 people at the moment. This dedicated team of professionals has been recruited from across the spectrum in Gibraltar, not only from banks but other institutions as well.

“Everybody is very enthusiastic about the project and motivation is extremely high,” Podesta confirmed. “It is an exciting prospect, especially for those of us who have been involved in banking here for many years as it is a way of giving something back to the community which they can feel proud of.”

Importantly for members of the Chamber is the fact that there will be a dedicated team for corporate customers. “It is our intention to liaise continuously with the Chamber,” Podesta added. “We are aware that requirements for companies and businesses do change and we would like to be at the forefront of offering them a service that is tailor made to them.” In this respect Podesta said that GIB Bank will be pro-active in engaging with traders in Main Street as well as the corporates so that they can help them out as much as possible with any particular needs.

Applications for an account are being taken at the moment online. Anybody can apply, whether they are Gibraltarian, non –resident or resident. “During the normal process of application they will be put through a compliance programme and if something is flagged up during that stage we will go back

to the potential client for clarification,” Podesta explained. Ultimately the account may not be opened but in principle all applications will be considered.

Outlining the retail package Podesta said that a full product suite will be offered. For personal customers this will include: current, savings and deposit accounts, loans, local mortgages, student packages (to assist when they go to the UK to study) as well as accounts for children.

Corporate clients will have access to overdraft facilities as well as commercial loans, trade services as in documentary credits and commercial mortgages. The initial offering will include debit cards and Podesta is hopeful that credit cards will be offered shortly after opening. Online banking facilities will include the facility to set up standing orders, make transfers and to switch monies between accounts.

The Bank’s Head Office will be at 310 Main Street, part of the Ince’s Hall complex, which is currently being renovated. It is a crucially important heritage site and all work undertaken will respect this fact. “When the refurbishment work is finished Ince’s House will prove to be one of the key buildings in Gibraltar,” Podesta stated. Although concern has been raised that GIB Bank’s new premises may not be in the centre of town, Podesta is sure that Ince’s House will actually be more convenient than some of the Main Street banks which can only be reached on foot. “Parking is available nearby in the Ragged Staff and Alameda car parks, making the bank more easily accessible.” At the moment other premises are not being contemplated but depending on how business evolves there could be room for another branch in the future. Two ATMs will be situated on the outside of the premises but one of the most exciting features will be the inclusion of a high automation banking hall similar to those found in some London banks with 6-8 ATMS and cash on deposit machines that will add an alternative to queuing for the cashiering services.

“We are working flat out to have the project up and running by mid-March next year.”

When I was

approached by Minister

Isola it didn’t take much

convincing for me to

accept this role,” he said.

“It is an absolute honour

and I feel that I am

returning to my roots.

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News Features

Remote Gambling - UK Point of Consumption tax - Where are we now?

On 16th October 2014 the Gibraltar Betting & Gaming

Association (GBGA) filed a judicial review claim relating to the proposed UK point of consumption tax for remote (online) gambling operators. The POC tax regime will make all operators based anywhere in the world liable to UK duty (at a rate of approximately 15% of bets less winnings paid out). This tax has been slightly misleadingly described as a profit tax but in fact it is more akin to a gross revenue tax, which means that the tax does not necessarily take account of expenses incurred to generate the revenue (e.g. free bets offered, affiliate and marketing costs etc.).

The decision to challenge this tax was not taken lightly (particularly in the current climate that desires to tax international businesses for domestic transactions and revenues). However, the current licensing and tax regime works very well to protect UK consumers and so we have argued for sensitivity in any regime change to ensure any changes avoid the unintended

consequences of consumer detriment. The claim was the result of a protracted period of discussions with UK politicians, HMRC and Treasury in which unfortunately no middle ground was found.

The GBGA have made clear a number of key concerns with the proposed tax including: the impact it may have on smaller operators who are likely to struggle to be profitable and do business with UK consumers (as well as barriers for new entrants); creation of a significant incentive for UK consumers to bet and game with unregulated operators based outside of the EU (where the UK has limited information and no regulatory or legal authority); this is a case of significant European importance – as it impacts on the provision of services (Art 56) within Europe in an area where there is no common agreement on tax and we note that the UK have resisted attempts by some Member States to impose a financial transaction tax that would impact the UK and particularly the City of London without UK consent to such tax.

The POC tax is intended to come into effect on 01 December 2014 and we await confirmation of when the claim will be reviewed by the UK courts.

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20

Chamber News

Chamber News - Anti Bullying

The law as implemented offers protection to employees from

bullying at work, an objective we can all agree is worth striving for. The law expands the scope of the remit of the Industrial Tribunal to provide that complaints are considered and determined in the context of a duly constituted legal forum.

As for the negatives, the first is uncertainty. Employers are now at risk, even if they are not the perpetrators, if an employee further down the chain of command bullies another member of staff. The financial consequences are not capped and compensation/damages, in the event of the complaint being upheld, are not subject to any specific guidelines. This risk of an ‘open-ended’ claim and the consequential costs is certain to raise concerns and is yet another uncertainty for business to cope with.

Industrial Tribunal proceedings have developed from being informal and relatively low cost, to one of increased sophistication, formality and complexity similar to ordinary courts of law with the inevitable and consequential rise in legal costs. Contested matters now run to costs in the thousands and even tens of thousands of pounds. The system favours the complainant because in most instances he or she has little to lose given that costs are rarely awarded against a losing complainant, and then only where the claimant can be shown to have acted vexatiously or frivolously. This results in employers frequently choosing to settle unmeritorious claims rather than contest them, simply because it is pragmatic to do so. Alleged complaints of Bullying are likely to further strengthen this unwelcome trend.

The tribunal is unlikely to go back to its informal format, and costs will continue to

rise and to be an issue. In the United Kingdom where a similar evolution has taken place there are now in place more appropriate ‘costs’ disincentives to ensure that complainants have costs consequences if they pursue unmeritorious claims. In the UK if the complainant is assisted by a Trade Union, which is true in the majority of cases, then, if the complaint is rejected, the Trade Union is held liable for the costs. Additionally the complainant may be required to provide a deposit for fees not exceeding £1,000.00 by way of a personal contribution to costs in the event

of losing the complaint. In Gibraltar none of these balancing measures have yet been introduced.

The proposals, by way of amendment to the Anti-Bullying draft legislation, proposed jointly by the Chamber, were intended to limit the overall damages/compensation payable in the event of a successful claim and to require the consent of the Tribunal before a complaint could be heard; i.e. an entry hurdle to discourage troublemakers.

The proposed limit to legal damages/compensation was by reference to the manner of calculating statutory redundancy compensation: i.e. a successful complainant would be free to choose between either accepting a letter of apology and continuing at work or to leave employment on payment of compensation calculated in a similar manner as statutory redundancy compensation ie length of service.These proposals we felt would give clear risk-parameters for employers and represent the first step in redressing the imbalances now operating in the Industrial Tribunal.

The position taken by the Chamber went further than legal precedent in other jurisdictions would allow. By way of example, in both Sweden and Australia the law provides non-punitive remedies namely a written apology to be addressed by the employer to the complainant. It seems that in these countries the aim is to eradicate bullying without also punishing employers and business. There is a learning curve which all employers must go through so it makes sense to approach these novel ideas on a

‘step by step’ basis.

In the United Kingdom, after some parliamentary discussion on the subject of introducing specific anti-bullying legislation, the view taken was that it was too uncertain as to outcome and the burdens too great for businesses, so the UK version of our anti-bullying legislation, “Dignity at Work Bill” was effectively shelved by Parliament. The UK operates on similar lines to Gibraltar on commercial and employment issues, and wishes to ensure a proper balance between employment protection and business interests.

Instead reliance should be placed on the existing statutory duty to ensure the health, safety and welfare at work of employees, and statutory codes of practice developed and designed to help managers develop policies to tackle bullying and to improve relationships in the workplace and to improve access to grievance procedures and promote a better culture at work. This would include statutorily implying into each contract of employment a disciplinary/grievance procedure, and permitting a complainant to complain to his/her employer about bullying in the workplace and to bring a grievance against the employer if it failed to instigate a disciplinary investigation into an allegation of bullying .

As a community, we all naturally agree that bullying should have no place in a work environment, but we also need to consider what practical measures can be taken to properly and reasonably addressing this. Is stamping out the practice not enough? Must we also bring in a financial dimension?

Is it necessary to punish the perpetrators, and the employer? Or is it enough to put an end to the practice? The “punishment” option brings into play an unwanted “commercial risk” dimension which the Chamber seeks to avoid. It is apparent however that our representations have fallen on deaf ears. It is not enough for Government to say it has consulted widely, if no effort is made to take into account the arguments of those who, when consulted, present a contrary view.

21

Business Briefs

Landmark Gibraltar Insurance and PCC ruling

Gibraltar’s longest established law firm ISOLAS are pleased to

announce that it has acted as legal advisors on the first ever transfer of long term insurance business undertaken by a Gibraltar licensed insurance company structured as a protected cell company (PCC). Associate, Christian Caetano, advised PEL Altraplan (Gibraltar) PCC Limited on its unprecedented transfer of insurance business from Gibraltar to Ireland. The

landmark ruling of the Supreme Court of Gibraltar was possible as a result of the provisions of the Financial Services (Insurance Companies) Act and the Protected Cell Companies Act. “This was the first time that the Gibraltar Courts had been asked to approve a scheme for the transfer of a Gibraltar insurer’s long term business, and also the first such transfer from a PCC to a non-PCC entity. This is therefore a highly significant ruling in the areas of insurance and PCCs,

and one which will be welcomed locally and internationally. As Gibraltar’s financial services industry continues to thrive, this decision serves to highlight the robustness of our legislation and regulator, as well as reinforce the strengths of the PCC vehicle.” said Christian. Christian Caetano is an Associate at ISOLAS and a member of the firm’s commercial team. He specialises in insurance, financial services and general corporate law.

Gibtelecom announces company shares buy-back from Telekom Slovenije group

Gibtelecom has announced that the Company’s shareholders have

signed a Share Purchase Agreement, whereby HM Government of Gibraltar will buy-back Telekom Slovenije’s 50 per cent shareholding in the Company.

Commenting on the transaction, Gibtelecom’s Chairman and Deputy Chief Minister, The Hon Joseph Garcia, said “in the light of the ongoing sale of the Telekom Slovenije group this shares buy-back enables the Government to influence the way forward on the ownership of a communications business that plays an important role for Gibraltar in today’s digital economy. The Government did not want to leave the decision on a future strategic partner for Gibtelecom to be driven by others outside Gibraltar, as part of a wider sale of the

Telekom Slovenije business”. Mr Rudolf Skobe, President of the Telekom Slovenije Management Board, added that “the Gibraltar Government and the two companies have been great partners for over seven years and we are proud to have been a part of the Gibtelecom success story. It makes sense for Gibraltar to determine what happens next to Gibtelecom”.

The transaction is due to complete at a Gibtelecom Board meeting scheduled to be held in December 2014, with a purchase price of €47.7 million. In moving forward under the ownership change, a Company spokesperson told B2B that “for Gibtelecom it is business as usual and we expect to continue to operate with the Government as its sole shareholder on an arm’s length basis as is now the case”. Gibtelecom staff are to

be briefed on the shareholder change by Tim Bristow, Gibtelecom’s Chief Executive Officer, and Adrian Moreno, Chief Operations Officer.

in the light of the

ongoing sale of the

Telekom Slovenije group

this shares buy-back

enables the Government

to influence the way

forward

22

Business Briefs

Pension contributions for employees - will your employees thank you?

Should you offer your employees a pension scheme? If so how much

should you pay into it? And at the end of the day will your employees thank you?

It’s funny how different types of remuneration are viewed by employees. What’s in somebody’s pay packet is highly visible and sensitive. A shortfall in pay will be spotted instantly. That’s always been understandable, and perhaps it’s more so in what we take to be these more straitened times.

Pension benefits are an important part of employees’ remuneration packages. Yet it’s often the case that when it comes to pensions employees’ eyes glaze over. This is odd when you think about it. Pension contributions are legally and from a tax perspective deemed to be deferred pay. Some of the ocular glazing no doubt results from the fact that during the period of deferment the money gets carted off and invested somehow, somewhere.

Employers often raise the issue of whether they should offer their employees a pension scheme. Their motives can range from good old-fashioned paternalism to concern that their overall employee benefits package may be uncompetitive. In my experience some employers genuinely wish to offer a pension scheme but their employees simply aren’t interested. They would rather have the extra pay in their pay packet. This attitude on the part of employees seems to be more prevalent in some industries than others and occurs particularly where there is a higher proportion of younger, international, and more mobile employees. Younger people are hard to engage over pensions in any event and always have been. There is possibly also a suspicion of pensions arising from the traumas in the financial markets over the last ten years. But the attitude to pensions is not always one of indifference, and not surprisingly pension schemes tend to become of more interest to employees as they get older.

From the point of view of the employer naturally they want to limit the business risk and cost associated with introducing and running a pension scheme (often the perceived risk, and the only perceived risk, is

the cost). Pensions contributions are remuneration, and companies want to ensure that their pension scheme is appreciated. Companies also want a pension scheme that does not take a lot of time and resource to administer.

Notwithstanding the fact that it may become obligatory for employers to offer employees a pension scheme, providing a pension scheme is a way of attracting and retaining the best staff. If two companies are

competing for the same staff and, all other things being equal, one company offers a pension scheme and the other doesn’t, then guess who’s going to get their man.

If you do go to the trouble and expense of providing the pension scheme will your employees thank you?

Based on the alternative of not having a pension the answer can only be “Yes”. The pension age in Gibraltar is 60 for a woman and 65 for a man. The basic Gibraltar state pension (assuming eligibility for no other benefits) is currently a maximum of only £415.51 per month or £4,986 per annum.

But even with the stark reality of this figure the best pension plan in the world is useless if employees don’t understand or appreciate it. For this reason it is vital that any pension scheme is well communicated to staff and that staff engage with it. Staff are more likely to engage with it if they receive regular information about it and understand at least

a little about the size of their pension fund, where and how their money is invested, how it will benefit their wider family, how much (or how little) pension income it will provide, and what they can and ideally should do in the way of making sufficient pension contributions.

As mentioned above, in the hard commercial world in which we all live companies have to be mindful of the cost to them of providing a pension scheme, and this is not only about the money they pay into it but the time and resources it takes to administer the scheme.

Traditionally companies have tended to provide their own company (or “occupational”) pension scheme which they design, own and manage. The advantage of a company scheme is that it can be very much presented and provided as a company benefit for staff. Also the employer has more control over the terms of the scheme (not least the scheme retirement age) and how pension scheme funds are invested in the best interests of the employees.

For those employers who are perhaps more nervous of the commitment involved in offering a company scheme there is the alternative of simply providing access to personal pensions. The benefit of such schemes to the employer is that other than making employer contributions into the scheme they really need to do little else. Modern group personal pension schemes (I realise this sounds like a contradiction in terms) are a very good alternative to company pension schemes. Indeed there are some industries in which the provision of personal pension schemes has always been the preferred alternative not only with employers but also with employees.

The basic Gibraltar state

pension is currently

a maximum of only

£415.51 per month

By Anthony Drew, EFPG

By Anthony Drew, EFPG

TRIAY STAGNETTO NEISHBarristers & Solicitors

Burns House, 19 Town Range, GibraltarTel: (+350) 200 79423 / 200 73530

Fax: (+350) 200 71405Email: tsn@tsnlaw.com

www.tsnlaw.com

25

Business Briefs

Triay’s Pirates of the Corryvreckan win gold

While many people like to rest on the weekend, Javi Triay and his friend

from university, Archie Cadzow, instead chose to head off to the Scottish Highlands (Loch Tay) for the weekend to take part in the 2014 Artemis Great Kindrochit Quadrathlon.

Calling themselves ‘Pirates of the Corryvreckan,’ the intrepid two entered this “exhilarating test of fitness” and did extremely well to come in 6th place. Javi and Archie completed the quadrathlon course in 10 hours and 27 minutes. They had to:

• Swim 1.5 km across Loch Tay

• Run across seven Munros including the Ben Lawers and Ptarmigan Ridge to Morenish, which is approximately 27 km

• Kayak 11 km back to the swim start

• Cycle around Loch Tay, which is 54 km.

And at the end of all that, they had to slice a melon in two with a sword to stop the clock!

In case you’re wondering where Javi and Archie got their name from, Corryvreckan is the third largest whirlpool in the world and

lies between the islands of Jura and Scarba in Scotland. The waves can reach nine metres in height and the noise it makes can be heard 16 kilometres away!

The Artemis Foundation selected 2 charities that participants fundraise for. This year it was Mercy Corps, an international development charity operating in over 40 countries to help people affected by natural disaster, poverty and conflict and help them turn a disaster into an opportunity for

progress. The second charity was Mary’s Meals, which is an international project to provide school meals to children where the lack of food prevents them getting an education.

Javi and Archie raised £2, 310.46 for these two charities. Everyone at Triay & Triay in Gibraltar is very proud of them and we applaud their success and the personal time they gave up to help fundraise for charitable causes.

NEKTAN PLC admitted to AIM

ISOLAS announces that Nektan PLC, an

international B2B mobile gaming platform provider has been admitted to trading on the Alternative Investments Markets of the London Stock Exchange (AIM). Nektan’s shares have been admitted under the ticker code “NKTN”. ISOLAS, who have been Gibraltar legal advisers to Nektan since its incorporation in 2011, have been working closely with Nektan, the Gibraltar Government, Nektan’s nominated advisers Panmure Gordon and UK law firm K&L Gates since the project got underway earlier this year.

Steven Caetano, the ISOLAS partner leading on the Gibraltar aspects of the project told B2B: “There can be no doubt that this is a seminal moment in the Nektan story as it continues to develop new and exciting market opportunities. This listing further enhances Nektan’s reputation and credibility in the highly competitive B2B online gaming and technology sector. The announcement is also extremely positive for Gibraltar and once again proves that companies headquartered in Gibraltar can thrive in the very positive, business friendly jurisdiction that is Gibraltar whilst at the same time benefit from direct access to the world’s financial markets through prestigious institutions such as the London Stock Exchange”

TRIAY STAGNETTO NEISHBarristers & Solicitors

Burns House, 19 Town Range, GibraltarTel: (+350) 200 79423 / 200 73530

Fax: (+350) 200 71405Email: tsn@tsnlaw.com

www.tsnlaw.com

26

Business Briefs

More than £1,000 raised for cancer charity from golf event

As part of NatWest’s ongoing community investment efforts, the

NatWest Charity Friendship Cup was staged recently and raised £1,100 for charity. The mini golf league, hosted at the San Roque Golf Club in Spain, was sponsored by NatWest who had five employees take part in the event. Local law firm TSN won the Friendship Cup and as winners they were invited to choose which local charity the collected funds went to.

Funds were raised for Research into Childhood Cancer (RICC) and a cheque raised was presented to Craig Sacarello, Chairman of RICC by Lino Brydges, Head of Premium Banking and Mortgages NatWest Gibraltar. Aslo present was Guy Stagnetto one of the Senior Partners at TSN.

Lino told B2B “The tournament represents a great opportunity to network with local professionals and intermediaries and at the same time raise money and heighten

awareness of an excellent local cause. We are delighted that the NatWest Charity Friendship Cup is becoming an important fixture in the Bank’s fund raising calendar and I would like to thank all involved for their kind contributions for such a worthy cause. “

Craig Sacarello added that he was grateful to everyone at the bank and those involved in the tournament for their support in raising funds for the charity.

Eran Shay launches Benefit Business

Recently launched, Benefit Business Solutions is a boutique

consultancy firm providing specialist strategic and business advisory services. Founded by Eran Shay, former Director at Deloitte, with over 15 years of industry practice, and Ayelet Shay, a sales specialist with a background in online gaming, Benefit prides itself on providing unique services unmatched in Gibraltar.

With innovative services such as “JumpStart Your Company” for start-up businesses, “Show Me the Money” – cashflow management solutions for established companies and “Virtual CFO”- offering businesses the option of outsourcing CFO services; Benefit Business Solutions brings a fresh approach to corporate finance. For

individuals, Benefit provides a range of LifeStyle Finance services, assisting individuals in selecting the right mortgage, advising on how to get out of debt, and how to take control over your household finances. “We aspire to become your financial coacher” says Eran, “...and the fact that we do not sell any financial products means we provide independent, objective advice”. Recently returning from a long business trip in Hong Kong, Singapore, Australia and New Zealand, Ayelet is excited about the new business relationships formed: “the feedback we got was incredible. Everywhere we went people were telling us we put Gibraltar on the map, and were keen to learn more about business opportunities with the Rock”, says Ayelet. “Indeed, we believe it is companies from outside the EU that have

most to gain from using Gibraltar as a gateway to Europe, and hence we put significant effort in promoting Gibraltar as much as we can.” From its slick offices in Town Range, Benefit Business Solutions is a refreshing addition to the Gibraltar business scene.

www.benefitgibraltar.com

L to R Lino Bridges, Craig Sacarello, Guy Stagnetto

Team WorkA winning formula

At Deloitte, we are well known for the depth and breadth of our service and our collaborative approach to business.

We work as a team with our clients to achieve a tailored solution rather than adopting a one-size-fits-all methodology. Our strong internal networks and excellent knowledge of the local marketplace allow us to achieve the best result.

For more information, call Joseph Caruana, Jon Tricker or Daniel Delgado on: Tel: +350 200 41200, Fax: +350 200 41201, info@deloitte.gi

www.deloitte.gi

Merchant House, 22/24 John Mackintosh Square, P.O. Box 758, Gibraltar

© 2014 Deloitte Limited. A member of Deloitte Touche Tohmatsu Limited

28

Business Briefs

SuperSwift fibre broadband arrives in Gibraltar

Gibtelecom recently announced that it is rolling out fibre

broadband throughout Gibraltar, with speeds of up to 100Mbps starting to be available later this year.

Following an extensive and ongoing upgrade of its technical infrastructure, Gibtelecom will now commence offering increased fibre broadband download packages of up to 100Mbps, 50Mbps or 16Mbps wherever possible. The upgrade in technology is facilitating Gibtelecom reducing the cost per megabit, for example, customers currently on the 8Mbps package could see the price halved or for an extra four pounds their download speed increased six fold to 50Mbps.

Gibtelecom is nearing completion of an extensive, 30 month long, build-out that has involved installing Fibre-To-The-Node (FTTN) technology in over fifty sites throughout Gibraltar. As a result, most local addresses will be no more than 400 to 500 metres away from these sites, ensuring that the majority of Gibraltar can benefit from Gibtelecom’s SuperSwift broadband coverage.

In parallel to the technical rollout, customers are systematically being connected to the new infrastructure. “By the October launch this year 50 percent of Gibtelecom’s customers on the Rock are expected to be able to benefit from broadband speeds of up to 100Mbps, with a further 25 percent being connected through to the turn of the year with the remainder coming on stream in the first half of 2015” said Gibtelecom’s Chief Operations Officer, Adrian Moreno.

Gibtelecom’s Director of Technology, Jansen Reyes, added “this capital investment of over £3 million in our Next-Generation Network and increased fibre footprint should serve Gibraltar for many years to come. It is a crucial development in making high-speed broadband available to customers. With global internet traffic set to triple in the next five years, the speed and reliability delivered by fibre broadband will allow the local community to fully embrace their digital experience. FTTN technology opens up a whole new world of online possibilities. It allows for very fast streaming of multimedia and caters for multiple connected devices without compromising the overall experience.”

The Chairman of Gibtelecom and Deputy Chief Minister, The Hon Dr Joseph Garcia, in welcoming Gibtelecom’s plans to significantly increase internet speeds to which he had referred in his July budget address, said “fibre broadband availability is a key enabler for a networked society and services-led economy like Gibraltar.” Tim Bristow, Gibtelecom’s CEO, added “that the Company’s new SuperSwift product should put Gibraltar at the forefront of Europe when it comes to internet access speeds.” The European Commission has set targets for EU countries to deliver 30Mbps broadband to subscribers by 2020. They have also stated that 50% of households should benefit from up to 100Mbps or higher by the same date. Gibtelecom officially launched its fibre broadband services as from October 2014.

www.fibrebroadband.gi. .

Jyske Bank reopens after refurbishmentJyske Bank has had a presence in Gibraltar for over 27 years. During

the past year they have invested heavily in strengthening their commitment to Gibraltar and an important milestone for this was the reopening of their refurbished premises in Main Street recently.

They have also spent the last year further developing their team of nearly 100 staff and improving their systems to address the needs of their local clients. Throughout the refurbishment program they have had their doors open for business, and have continued to take on new clients despite an almost overwhelming demand.

They offer the most comprehensive range of banking services in Gibraltar which includes Personal, Corporate and Private Banking, However, they are not like other traditional banks as they take pride in doing things

differently for the benefit of their clients. A difference you will also notice in their new refurbished premises on Main Street.The refurbished premises were formally

opened by His Excellency Lt General Sir James Dutton KCB CBE and theMinister for Financial Services and Gaming, the Hon Albert Isola MP also attended.

68 Irish Town, Gibraltar • T: 200 44628 • gibraltar@ibexinsure.com • www.ibexinsure.com Ibex Insurance Services Ltd 2014. Ibex Insurance Services Ltd, 68 Irish Town, Gibraltar. Registered no. 77247. Authorised and regulated by the Financial Services Commission FSC 006 43B

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Commercial Insurance

32

Business Briefs

EY launches new literary initiative for Gibraltar children

EY has launched a new initiative this year as part of their support for

the Gibraltar International Literary Festival, which took place on 14 to 17 November. All pre-school children have been given a book written by author, and Gibraltar resident, Anna Bogie.

The objective for this literary initiative is to support parents and schools in introducing children to the wonder of literature, whether by reading to them or having children try their first book. The book selected for this initiative, Happy Hooves, Ta Dah!, is a beautifully illustrated children’s hardback about five hoofed friends who use the power of teamwork and friendship to overcome challenges.

Dr Joey Britto, Director of Education told B2B: ‘We want to take this opportunity to thank EY for this generous gift, and indeed all those concerned for giving up of their time. Any worthwhile initiatives that arise to foster a love of reading and an interest in literature will always be extremely welcome”.

JJ Pisharello, Managing Partner at EY, said: ‘The Gibraltar International Literary Festival has fast become an important date in our calendar of annual events and we are delighted to be able to support it with this new scheme. EY

believes strongly in the great value of reading in promoting literacy amongst our children. Books have significant power to encourage creative thinking and to stimulate young minds. This can support the process of learning already going on in schools and in homes. We are proud to be launching this new initiative and hope that it helps produce the great thinkers of tomorrow’.

This is the first book by Gibraltar based author Anna Bogie. Anna moved to Gibraltar in 2006 and is happily married, living here with two young children aged 1 and 3. Her book was inspired by the countryside of La Peña, Tarifa where she sometimes spends her weekends.

The book was published in September and the initial international response has been outstanding. Ta Dah! is now on sale in Waterstones and Foyles as well as being very positively received by the UK Media.

Celebrating the 2014 Gibraltar International Literary Festival.EY is delighted to support this community initiative by placing a book directly in the hands of a child.

JJ Pisharello handing over copies of the new book

33

Business Briefs

Alwani Group celebrates 80th anniversary with Sunborn Reception

The Alwani Group which began trading with its initial store known

locally as Carlos in 1934 celebrated its 80th anniversary at a glamorous reception aboard the Sunborn Hotel this autumn. The honoured guests included His Excellency the Governor of Gibraltar Sir James Dutton and his wife Lady Dutton, the Chief Minister, Hon Fabian Picardo and his wife and a several other local dignitaries and well-known members of the business community.

At the reception Kishin’s son, Raju presented a number of long service awards to valued members of staff who had been with the company for several decades. The Alwani Trust, which has a long history of donating to several worthy causes and charities also made a series of generous donations to local charities.

At the reception the Chairman of the Group, Mr Kishin Alwani gave an address to thank all

those who had helped and supported the group over the years whether they were

employees, suppliers or customers. He said, “I decided some years ago that I wanted to give something back to the community. This is something that I have spearheaded for the last 18 years. This anniversary is a particular landmark for the Alwani Group and I want to mark it with a number of charitable donations to several Gibraltar charities.”

To commemorate the occasion the company also commissioned local historian and ex-Chief Secretary Mr Richard Garcia to write a history of the group. Mr Garcia also gave an address at the reception saying that it had been a particularly interesting project as the history of the company was intertwined with the history of Gibraltar’s Hindu community going as far back as the 1860s. This was to his knowledge the first ever recorded account of the Hindu community in Gibraltar.

Raju Alwani presenting long service awards

34

Business Briefs

University of Gibraltar plans launched

At a press conference held recently, Her Majesty’s Government of

Gibraltar formally launched plans for the establishment of the University of Gibraltar. The Chief Minister, Fabian Picardo QC, and the Minister for Education, Gilbert Licudi QC, gave details of the University and confirmed that the University is set to open for business on 1 September 2015.

The former St Christopher’s School site at Europa Point will be the core hub of the University. It will include a number of iconic buildings which lend themselves perfectly for use as a university.

These will be refurbished with additional facilities built within the site.There will be four faculties at the University as follows:

• Health Studies and Sports Science• Business which will include specialisms in

Accounting and Finance, Law as well as ICT• Life and Earth Sciences and Gibraltar/

Mediterranean Studies• Tourism and Hospitality

The four faculties will provide a series of undergraduate and post-graduate programmes in collaboration with internationally recognized universities as well as locally developed courses including courses for qualifications in Gibraltar Tax and in Gibraltar Law. The University will also be a centre for research in key areas associated with

Gibraltar’s culture, environment and heritage.In addition, the University will include an Institute of Professional Development and Continuing Education. This will provide courses leading to professional qualifications, public and private sector continuing professional development and courses developed to meet industry needs inGibraltar.

A further component of the University will be a language centre for the teaching of English as a foreign or business language. More and more, English is being seen not only as a useful everyday language but as the international language of business. There is a huge demand for this and Gibraltar is particularly well placed to become a centre of excellence in this area.

36

People on the Move

ISOLAS announces the appointment of its first Chief Executive Officer

ISOLAS has announced that Marcus Killick OBE

has joined the firm as Chief Executive Officer.

Mr Killick, CEO of the Financial Services Commission in Gibraltar for nearly eleven years, stood down earlier this year and joins ISOLAS to take on an active management role, in addition to which he will be assisting practitioners in ISOLAS’ financial services teams, an area in which Mr Killick can bring over 20 years’ worth of experience and expertise to bear.

Mr Killick also currently serves as Chairman of GSX, the Gibraltar Stock Exchange, as a Director of the Gibraltar International Bank and is also a Director of Callaghan Insurance Brokers Ltd

He is an English Barrister and member of the New York State Bar as well as a Chartered Fellow of the Chartered Institute for Securities and Investments and a member of the Chartered Management Institute (Diploma in Management and Leadership) and the Chartered Insurance Institute, Marcus was awarded the OBE in the 2014 New Year’s Honours List. Marcus was also Chairman of the Gibraltar Investors Compensation Scheme and the Gibraltar Deposit Guarantee Board as well as the Group of International Insurance Centre Supervisors.

Peter Isola, Senior Partner at ISOLAS, explained how he was “delighted to have been able to secure Marcus’ services for the firm. His knowledge and experience will be a boon to ISOLAS in many ways. I’m very pleased that he has chosen to join us and I’m excited about the developments his appointment may bring.”

A FULL SERVICE AGENCYBROCHURES MAGAZINE FLYERS RADIO ADS BUSINESS CARDS CORPORATE STATIONARY

WEBSITES CALENDARS SURVEYS 3D EMAILERS

MEMBERSHIP STICKERS PRESS ADS SIGNAGE LEAFLETS TV ADS ANIMATION CARTOONS STOP MOTION PARTICLE EFFECTS PRESENTATIONS AUDIO

EDITING VIDEO EDITING

www.copywrite.netTel: +350 200 41700 Fax: +350 200 77649

c o m m u n i c a t i o n s

Peter Isola (L) welcomes Marcus Killick (R)

37

People on the Move

Knolly Knights recently joined Fiduciary

Knolly Knights recently joined Fiduciary previously having

served as Compliance Manager and Officer in various Investment Management Firms since moving over to Gibraltar from the UK in 2006. Prior to this he held the position of Lead Paralegal in the Enforcement Department of the UK’s financial regulator the Financial Services Authority. He has also served on the Executive Board of Gibraltar Funds & Investment Association. Knolly holds a LLB Hons in Law from University of Wolverhampton, United Kingdom.

Masbro Insurance opens new shop at 241 Main Street

Almost 29 years ago to the day Charlie Mascarenhas founded Masbro

Insurance brokers. “From a small office, with just me, Masbro was born 29 years ago; so it is with great satisfaction that I look back, and see where we are today, and where I believe we will be in the future” said Charlie, Non-Executive Chairman of Masbro.

Over the years Masbro has grown to become a major player within the domestic insurance market in Gibraltar. Serving a large client base from offices in Tisa House on Main Street, Masbro’s MD David Evans is pushing the boat out and setting up a new “one stop” Insurance Shop at 241 Main Street. This new operation will

bring insurance services to shoppers, who can buy all types of insurances whilst out and about on Main Street.

“Continuing in the footsteps of Charlie’s original vision, Masbro continues to develop more convenient ways for our clients to access a wide range of insurance products at shop front level on Main Street”, said David.

“Buying insurance shouldn’t be any different than buying phones or shoes. Our shop will have insurance specialists on hand to advise you on the best products for your needs.”

“Today we are very proud to have Minister Isola here to officially open our new shop, and we look forward to welcoming the Gibraltar public over the coming weeks and months”, David concluded.

Finance Minister, Albert Isola, performed the ribbon cutting to formally open the shop to the public: “It gives me great pleasure to open Masbro’s new insurance shop in the heart of our vibrant shopping street, and I wish them the greatest success with their new venture.”

Albert Isola opens the new Masbro Insurance shop

Over the years

Masbro has grown to

become a major player

within the domestic

insurance market in

Gibraltar.

38

People on the Move

Hyperion appoints new investment advisor

Hyperion Wealth Management Limited is delighted to welcome

its newest team member, Jean Jacques Duhot as Senior Investment Advisor. JJ is tasked with enhancing the services offered to Institutional Clients and UHNWIs.

Joining Societe Generale Investment Bank (London) in 1991, JJ ultimately became Head of Proprietary Trading. He later joined TT International (a $17 billion Equity Hedge Fund) as the Global Macro Portfolio Manager.

In 2007 he was hired as Head of Tactical Global Macro by Caisse de Dépôt et Placement du Québec in Montreal, a $160 billion Sovereign Pension Fund.

In 2010, JJ joined CIBC, managing the Strategic Risk Division with teams in Toronto and New York. He was later hired

by Millennium Capital Partners, a $17 billion Multi Strategy Hedge Fund.

The development of Quantitative Trading Strategies while fostering Controlled Risk has enabled JJ to have a broad analysis across different markets, giving him an insight into the linkages between them, including relationships with several Central Banks.

JJ has completed Investment Banking programmes at Northwestern University, Kellogg School of Management and the Geopolitical Studies Program at the ILERI Paris.

JJ’s presence and expertise in Gibraltar can potentially offer various opportunities to the Financial Centre, in terms of network, systems and education.

Appointment of insurance sector expert to Gibraltar FSC

The Gibraltar Financial Services

Commission (“FSC”) is delighted to announce the appointment of Mr Joe Perdoni to the role of Head of Prudential at the FSC.

Mr Perdoni’s appointment follows the announcement by Mr Mike Oliver, the FSC’s senior insurance lead, of his intention to retire by the end of 2014.

Mr Perdoni joins the FSC today, bringing over 20 years of insurance sector experience to the role. Mr Perdoni started his career at Lloyds and has since worked in senior roles within the insurance sector including having responsibility in compliance, risk management and internal audit in licensed firms. Mr Perdoni has a BA Hons in Accountancy and Finance and holds the ACII qualification

from the Chartered Insurance Institute, he is also a Chartered Insurer and a Chartered Accountant with the ICAEW.

FSC CEO Samantha Barrass told B2B ”I am very pleased to welcome Joe to the FSC. Joe brings an enormous wealth of experience to the work of the FSC at a particularly important time when we are working closely with the insurance industry to implement Solvency II, against a backdrop of likely further growth in the depth and breadth of the insurance sector. Joe’s contribution will be invaluable to our continued development, building on the excellent foundations established by Mike and his team.”

Mr Perdoni said ”I am delighted to be joining the FSC and I am looking forward to working with Samantha and the team to further develop and enhance the FSC’s regulatory approach and Gibraltar’s attractiveness to financial services firms.”The sector is an important and growing part of Gibraltar’s financial services industry and the appointment of Mr Perdoni demonstrates the FSC’s intent to appoint, where appropriate, individuals with private sector expertise in the relevant area.

39

People on the Move

Senior appointment to the Gibraltar FSC

The Gibraltar Financial Services Commission

(“FSC”) is delighted to announce the appointment of Ms Kathryn Morgan to the position of Director of Regulatory Operations at the FSC. A new high-level role at the FSC, Ms Morgan will oversee the FSC’s authorisation and supervision activity.

Ms Morgan is leaving a senior role at the UK’s Prudential Regulation Authority having joined the UK Financial Services Authority in 2007. In addition to her significant regulatory experience, Kathryn brings over 20 years of industry experience, has a BSc (1st Class Honours) Mathematics and is a Chartered Enterprise Risk Actuary.

FSC CEO Samantha Barrass told B2B “I am delighted to welcome Kathryn to the FSC. Her appointment is a further step in delivering the senior strengthening of the FSC I announced earlier this year. We will benefit particularly from her pragmatic and open style in continuing to build and enhance our regulatory approach, so as to be easy to do business with, and effective in identifying and addressing risk to the delivery of reputable financial services”.

Ms Morgan said “I am very excited to be joining the team at the FSC and I am looking forward to using my industry and regulatory experience to take forward the development and implementation of the FSC’s authorisation and oversight approach.”

The financial services industry is an important pillar of Gibraltar’s economy and the appointment of Ms Morgan demonstrates the FSC’s commitment to strengthen its delivery of effective regulation that protects consumers and encourages reputable business to the jurisdiction.

Credit Suisse (Gibraltar) Limited is pleased to announce the appointment

of Darren Knox as a Senior Relationship Manager as part of the Private Banking Team.

Credit Suisse in Gibraltar has expanded its team with the appointment of Darren Knox as a Senior Relationship Manager. Mr. Knox will be responsible for helping to further develop the Swiss bank’s Wealth Management business in Gibraltar. Darren joins Credit Suisse from Lloyds TSB International’s Private Banking business in Gibraltar, where he spent seven years covering the Ultra High Net Worth segment, building relationships with UK clients. Prior to that, he spent close to 20 years at NatWest, gaining experience in various relationship management roles.

He will focus on further developing Credit Suisse’s Gibraltar and UK resident non-domicile client base, delivering trusted advice that is complemented by superior solutions and all the capabilities of the integrated bank. “Darren’s appointment compliments the significant experience of our Private Banking Team and will help to grow our Gibraltar based business,“ Kerry Blight, CEO of Credit Suisse (Gibraltar) Ltd told B2B. “While we are a truly global bank with expertise across more than 50 locations, our clients equally value the partnership they can build with a relationship manager who understands their local needs.”

Credit Suisse hires Senior Relationship Manager in Gibraltar

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