Good governance key to Guernsey’s international standing

The following article by Sara Bourne, Head of Corporate at the Carey Group and Chair of ICSA’s Guernsey Branch is reproduced courtesy of the Guernsey Press. Good Governance key to Guernsey’s international standing “There is increasing recognition of the vital role that corporate governance plays in keeping the economy, and the businesses that underpin it, in robust health. However as the environment within which businesses operate becomes ever more complex, corporate governance arrangements are increasingly being put to the test. Stripped back to its simplest sense, corporate governance is about having the right people, processes and structures in place to achieve an organisation’s objectives efficiently and effectively. It is not simply a box-ticking exercise. Done well, it means that businesses can ensure sustainability without stifling creativity. Contemporary governance challenges include the fight against cyber crime, the management of intellectual property, board-level responsibilities for the development of strategy, succession planning and the embedding of socially responsible practice. All have an impact on a company’s reputation. With reputation one of the most powerful drivers of business success and trust and transparency crucial to long term success, implementing and maintaining a culture of trust and transparency is key. This is where governance professionals who steer boards and businesses in the right direction fulfil a vital role. Improving business conduct through the implementation of good governance is a key way of managing potentially destructive reputational risks. With offshore jurisdictions vilified by politicians in the ongoing debate over tax avoidance and the regulation of financial services stricter than it has ever been, corporate governance and the professionals who manage it are under the spotlight...

Guernsey’s Chief Minister writes to David Cameron

Chief Minister writes to Prime Minister As the fallout from the leakage of the “Panama Papers” rumbles on, Guernsey’s Chief Minister has recently written to the UK Prime Minister, David Cameron pointing out that Guernsey has demonstrated its “active and practical commitment” to the international anti-corruption agenda. The letter points out to the Prime Minister that Guernsey was one of the first financial centres in the world to regulate its fiduciary and corporate services providers, and that the Island has worked in a “timely and effective” manner to comply with global standards. A recent evaluation report by the Council of Europe’s monitoring group Moneyval, showed that Guernsey has in place a range of measures to facilitate various forms of international cooperation and plays host to authorities and financial institutions that are highly competent, knowledgeable and aware of their obligations. The move by the Chief Minister appears to be in line with that being taken by several other Crown dependencies and British overseas territories to raise awareness of the factual position in relation to transparency and international cooperation and to counter criticism of these jurisdictions by uninformed...