June Industry News Round-Up
GIBA’s monthly news round-up keeps you abreast of Guernsey’s latest news affecting the finance sector and our member organisations.
BUSINESS NEWS
Policy & Resources Vice President Welcomes EU Guidance on Economic Substance
Work by the States of Guernsey with the Code Group and the EU Commission means the island’s voice has been heard on the issue of economic substance.
Whilst businesses in Guernsey could face additional local tax reporting requirements, the guidance note has been welcomed by Deputy Lyndon Trott.
The impact on business of any such potential extra requirements could be limited, according to Jo Huxtable of Deloitte. She said the EU appeared to take a proportionate approach to economic substance in its latest guidance note on the issue.
Guernsey Hosts 30th British-Irish Council Summit
The British-Irish Council re-emphasised the importance of constitutional relationships being respected at the British-Irish Council Summit in Guernsey earlier this month.
Deputy Gavin St Pier, President of Guernsey’s Policy & Resources Committee, and Deputy Barry Brehaut, President of the Committee for Environment & Infrastructure, hosted the meetings at the Summit, which focused on political developments within BIC Member Administrations, Brexit and a discussion on marine environment initiatives and policies.
Concerns Raised Over High-Quality Business Education
GIBA’s Chair David Oxburgh has directly raised concerns about the future of the GTA University Centre with Education, Sport & Culture President, Deputy Matt Fallaize.
The exchange came during an event organised by the local branch of the Institute of Directors at which Deputy Fallaize was the guest speaker and he outlined his committee’s plans to overhaul the education system. The GTA currently offers various courses that meet the needs of the local industry, from Director Development and Finance to Leadership & Management and Law.
GIBA Supports Review of Air Transport Licensing as Airlinks are Put in the Spotlight
The Committee for Economic Development announced new plans to move to a ‘quasi open skies’ policy.
This change could lead to more flights to more destinations. The committee proposed that Gatwick and Alderney should be classed as lifeline routes, but the Alderney to Southampton link would be outside this regime.
If the States agrees, the new approach will begin as soon as the committee backs new regulations which have been drafted. A review would take place within five years.
According to GIBA Chairman David Oxburgh, the move to an ‘open skies’ policy for all other than the Gatwick and Alderney routes is a very definite step in the right direction for the island’s air links.
This month Aurigny released its annual report and accounts for 2017, which show reported losses of £5.19m, on par with the year before.
Aurigny’s Chief Executive Andrew Haining said investment in the airline’s ageing fleet could reduce unplanned maintenance costs and fog delays.
Read the Review of Air Transport Licensing
Read GIBA’s response to the review of the Air Transport Licensing Policy letter
Read Aurigny’s Annual Report & Accounts
Insurance Industry Heads to AIRMIC
A dozen Guernsey insurance representatives attended this year’s annual conference of AIRMIC, the Association of Insurance and Risk Managers in Industry and Commerce.
The three-day event was held in Liverpool and is seen as an important fixture in the industry’s calendar. The Guernsey Finance stand was represented by Derek Maddison from Marsh and Chairman of the Guernsey International Insurance Association, Mike Johns of Willis Towers Watson, Brendan Reeves of ARM and James Falla from Guernsey Finance.
GIBA NEWS
Technical Status Report Published
Individual and corporate members of GIBA’s member associations are reminded that our latest technical status report can be found in the members area of the GIBA website. You can request a password to access this section by contacting your member association.
GIBA speaks to Peter Child, Chairman of GIIA Market Development Committee
‘There have always been threats to our business environment, but we have done more than just survive these challenges, we’ve flourished,’ said Peter Child, GIIA Market Development Committee Chairman in a discussion with us.
You can read the full interview here
GIBA Responds to Proposed Changes to Probate Arrangements
David Oxburgh, GIBA Chairman, has responded positively to proposed changes to probate arrangements:
‘GIBA welcomes the statement from Gavin St Pier, President of Policy & Resources, advising of the plans to move the probate jurisdiction from the Ecclesiastical Court to the Royal Court and is particularly encouraged by the target date for this change of 1 January 2019.’
FINANCE IN THE COMMUNITY
Our Twitter feed this month has been swamped with events and activities being sponsored by firms in the finance sector and related professional services.
Check them out using the hashtag #GsyFinance4Community and you’ll see what we mean! Just to give you a flavour of what’s been happening, we’re including a couple of stories below.
Guernsey Sports Commission ‘Welcomes £200k in Funds’
Education, Sport & Culture announced earlier this month that it would provide £200,000 a year to the PE in Schools programme.
It currently receives half of that sum and is run and funded by the Guernsey Sports Commission through corporate sponsorship.
Sun of a Gun wins 2018 Carey Olsen Inter-Island Yacht Race
Guernsey yacht Sun of a Gun was the big winner at the 2018 Carey Olsen Inter-Island Yacht Race on Saturday 9 June.
The race, which alternates its start and finish between Guernsey and Jersey on an annual basis, this year ran from Guernsey to Jersey and attracted 68 entries, ranging from sports catamarans to family cruisers.