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FREE Please take a copy IN APRIL S EDITION NEW TECHNOLOGY COLUMN - Are you ready to wear o Read online at www.bailiwickexpress.com Jersey s business magazine the future Of cOmmercial law g Our hOw tO guide tO a tOp team Next You re Hired Feeling lucky Jersey ANDREW JARRETT o Editor James Filleul Welcome FURTHER INFORMATION PUBLISHERS If you would like to appear in Connect have a story to tell or simply want to receive a copy then please get in touch with the publishers Bailiwick Publishing (LCI) Fox Building Second Floor Suite La Rue des Pres St. Saviour JE1 3UP Telephone 01534 887740 CONNECT ONLINE For the latest news and classifieds straight to your inbox visit www.bailiwickexpress.com and subscribe to our daily news service. EDITOR James Filleul editor bailiwickexpress.com WRITERS Ben Qu r e ben bailiwickexpress.com Martha MacDonald martha bailiwickexpress.com Julien Morel julien bailiwickexpress.com ADVERTISING Mark Ferns Telephone 01534 510309 markferns bailiwickexpress.com SUBSCRIPTIONS info bailiwickexpress.com DESIGN AND PRODUCTION Mark Jackson mark bailiwickexpress.com Artwork under 10Mb in size may be sent to this address. EDITION36 GET IN TOUCH... Please email editor bailiwickexpress.com I t s been a pretty happy Connect office this month. The word business gives you extraordinary latitude Group Chairman Lance Trevellyan paints the full picture on page 56. In his view business is about pushing back boundaries to continually stay relevant to the customer it s a lesson for Jersey which until recently has hovered like a nervous teenager at the door of the eGaming casino unsure about whether stepping inside was really the right thing to do it might be fun but what if we get into trouble That vacillation created an opportunity cost as business sailed by and docked elsewhere instead often just a few miles to the north in Alderney. But now Jersey has plucked up the courage proved it has come of age and rolled the dice - on page 20 we take a look at how they might fall. Of course deciding to push the to look at subjects which are to the left and right of the conventional path of working life in Jersey and so in this edition our route to the back cover winds confidently through the arts eGaming and the Police. If you take the time to look properly the individual create brushstrokes which the picture of business in Jersey are easy to find. Take CCA Galleries. Get beyond the prominent frontage on Hill Street and you find that it sits as part of a carefully constructed businesses group which throughout of the perform boundaries is about timing as well as being bold there is as much danger of irrelevance in always being one step beyond as there is in never innovating. To illustrate that point I d like to welcome the Jersey Opera House to the Connect stage. When planning their program each year they need to find the right blend of commercial hits and special interest productions - the comedians and tribute acts are there to make sure the budget can also stretch to the margins of their artistic remit where audiences are appreciative but small. Their story is on page 46. It s a model we hope Connect mimics this month as we provide a home to familiar friends combined with a warm welcome for new aquaintances - enjoy meeting them. 01 Please recycle this magazine. Like Bailiwick Express differently economic cycle giving insights as to when and how the connectjersey market might be changing. www.bailiwickexpress.com jsy CONNECT April 2015 Contents NO ORDINARY DAY JOB Copyright Bailiwick Publishing LCI. All rights reserved. Reproduction in whole or in part without written permission is strictly prohibited. Views expressed by our contributors are their own. Editorial opinions expressed in this magazine are not necessarily those of Bailiwick Publishing. Bailiwick Publishing does not accept responsibility for the advertising content. While every effort is made to achieve total accuracy Bailiwick Publishing cannot be held responsible for any errors or omissions. SEll me a life in... 56 REGULARS LOC AL NE WS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04 LEG AL MAT TERS Featuring Voisin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 TR ADING PL ACES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 SELL ME A LIFE IN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 PIC TURE THIS Jersey Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 TECHNOLOGY NEW Lisa McLauchlan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 GL A SS HALF FULL Brian Curtis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 BUSINESS ADVISER John Shenton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 UNPLUGGED Abi Nance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 VIE WPOINT Ogier Voisin and Collas Crill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 WHO S THE FOOL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 NO ORDINARY DAY JOB Lance Trevellyan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 TR AV EL Fred Eulenkamp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 HERE S THE THING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 DE ADLY DIARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 THE ADVISER Olaf Blakeley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 02 April 2015 www.bailiwickexpress.com jsy CONNECT 26 EVENTS FEATURES ASL Rowlands and Select . . . . . . . . . . . . . . . . . . PAGE 10 RECRUITMENT Barclays Jersey Boat Show . . . . . . . . . . . . . . . . . . PAGE 38 Jersey Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE 40 ENVIRONMENT Special Report Usually a new UK tax targeting the offshore world signals bad news for Jersey. Think LVCR and the shrinking of fulfilment. But the Island thinks it can use George Osborne s latest attempt to squeeze more revenue - a levy on online gambling companies - to its advantage. Jersey has been slow on the update when it comes to eGaming - but politicians and industry leaders predict that the new tax will catapult the Island into the big league. But what are the odds of success Julien Morel finds out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE 20 You can read this magazine plus the latest local UK and business new online with UNPLUGGED 46 20 18 36 30 12 54 I go sco www.bailiwickexpress.com jsy CONNECT April 2015 03 NEWS New deal to support local growers A group of Jersey farmers have come together to ensure that home-grown vegetables will continue to be sold in Island supermarkets. It was feared that all veg sold in supermarkets would have to be imported after AmalGrow announced last month that it was closing down in July with its 49 employees facing redundancy. Concerns were raised that the Island would be dangerously reliant on imports and shelves would quickly empty if the supply chain was broken through bad weather or technical problems. The Co-op even drew up plans to charter an ex-military transport aircraft when the boats were cancelled. But Charlie Gallichan of Woodside Farm in Trinity is stepping into the breach with a group of other growers promising to have a packing operation up and running by the time AmalGrow shuts down. He also hopes to employ as many ex-Amal-Grow workers as possible. Environment Minister Steve Luce is supporting the project and is likely to offer States funding most likely in the form of a commercial loan. Mr Gallichan said After Amal-Grow announced its plan to close the head of the Co-op in the Channel Islands Colin Macleod threw down the gauntlet and suggested local farmers come together to form a cooperative. While we haven t got time to create a fully fledged co-operative Woodside can take the lead with the support of other growers. Amal-Grow s model clearly didn t work but by coming together we can reduce overheads and make the business viable. And the benefits are clear locally produced veg in the supermarkets at a competitive price. St John-based Amal-Grow was founded in 1976 by farmer Tony Le Brun who sold it to Albert Barlett and Sons in 2013. It is understood that most of the land farmed by Amal-Grow will be used for growing Jersey Royals instead. There s one constant with the news it gets smaller. Back in the olden days national newspapers used to be great big things that spread out like roadmaps full of long-winded stuff about What It All Means instead of just being full of Stuff You Saw On The Internet Yesterday the radio used to be all about interviews and features instead of subMoylesian wittering and the less said about 24 hour news TV channels the better. But that s the way things are and no one can fight it. So Connect is going to go with the flow and imagine a world where every story comes down to a single 140-character Tweet. When this is how the entire news industry works in about six minute s time just remember that you saw it here first... The May 2015 UK election meron ducks Coalition mk 2 looms Ca P UKIP duck debates Ed M ducks SN ng. Anyone reality all a bit depressi remember NickClegg Jersey s Waterfront en nobody Nobody wants it to happ nobody knows what it will cost rts nobody wants knows when it sta e it. why to be there. Ministers lov E-Gov s no Projec t stalls top man goe rus slag off contract awarded IT gu rything s States ministers say eve money fine why worry it sonly Got a suggestion for Tweet Me You know where we are... For all the latest business news follow connectjersey 04 April 2015 www.bailiwickexpress.com jsy CONNECT Follow us on Twitter NEWS The Future of Business Takes Centre Stage in Enterprise Week The future of business in Jersey will be the subject of a series of events that are being planned for Enterprise Week. It all begins on Tuesday 12th May with a breakfast seminar that will bring an international perspective on the global trends that will impact on the business community in Jersey. A panel discussion will debate how Jersey is and should respond to these trends. Working seminars will focus on how business needs to respond to global opportunities and challenges such as how technology will drive our future how the island s companies must shape their workplace for the future the future landscape and opportunities for finding investment and why having a sustainability policy is now core business. In addition to these seminars companies with new products or services will have the opportunity to showcase themselves in a B2B exhibition that will run during the opening day. The week will conclude with the 2015 Jersey Business Awards for Enterprise which will be held on Friday 15th May at the Royal Jersey Showgrounds in Trinity. Tickets are available at www.jerseybusiness.je awards Love what you do Find a role you ll love today. Put a spring in your step and connect with us today Trinity House Bath Street St Helier JE2 4ST www.rowlands.co.uk www.bailiwickexpress.com jsy CONNECT April 2015 05 NEWS Huge rise in stress-related illness in the States There has been a significant increase in the number of States workers taking time off work because of stress. In 2014 10 149 days were lost due to a stress a 62 per cent increase on the previous year. The department with the most stress-related illness was Health and Social Services which lost 4 470 days in total to stress a 44 per cent increase on 2013 and a 72 per cent increase over the past five years. The Home Affairs department which includes the emergency services saw a stark rise 729 days were lost through stress in 2013 but this had risen to 1 989 in 2014. The increase in stressrelated illness comes at a time when there is more pressure on the States to cut costs departments currently have to cut two per cent from their budgets and former Jersey Post chief Kevin Keen has been called in to find more savings and efficiencies. In total 414 States workers (around six per cent of the total) had at least one day off through stress-related sickness last year a 22 per cent increase on 2013. Not every department recorded a rise. Social Security Economic Development and Ports of Jersey all recorded falls. In response the States said it was doing all it can to combat stress-related illness. We actively encourage a culture in which coworkers are supportive of one another and initiatives such as Lean [a change programme ] give staff the framework as far as is possible to alleviate the stress of heavy workloads through efficiencies and a focus on process and solutions 1 TAKE FIVE accOrding tO deadly diary but yOu really shOuld be. nOt wOrried abOut The amount of stolen uranium in the world - DD would like to inform you that since 1993 there have been 419 cases of smuggled or stolen nuclear substances in the world. And those are just the ones we know about. Bearing in mind that uranium has gone missing from places including Russia Iraq and Pakistan - where standards of regulation may not be everything that you d hope for - DD thinks that it s time you started being scared about this. Who is stealing this uranium Where did they get it Where is it now And more importantly - why aren t you more worried DD wants to see the look of sheer anxiety ooze from your faces because this just isn t right. Putin however worried you might be about Vlad it certainly isn t enough. DD is here to remind you just how frightening this man is. Given the dubious murders linked with the Kremlin the Ukraine issue and just his general Disney villain demeanour - don t you think we should be just a wee bit more frightened both for our lives and the fate of the planet than we already are He s already got his hands on the largest amount of land in the world and DD reckons he has at his disposal all the tools for world domination. Not that DD would know what those are... quickly hides top secret plans for world domination . Or maybe you should be more worried about DD. Bees - You are not worried enough for our buzzing friends. Honey bees take care of around 80% of the world s pollination meaning a world without these nectar junkies will not only leave us without honey it might leave us short of flowers too. Bees are dying out and it s all our fault. Our very survival hinges on these creatures and yet people seem to care more about Kim Kardashian going blonde than the extinction of the entire human race. DD will admit to having mixed feelings about both Kim Kardashian and the human race but perhaps this is a case of needing to reassess our priorities. Ukip - When you happen upon a photo of a guffawing Farage down his local smoke swirling and trusty pint in hand it s easy to treat him as a joke. But DD is warning you now you won t be laughing if we have to call him Prime Minister (or Overlord Farage of the anti-immigration realm). Let s be clear that this is the party with members who liken homosexuality to paedophilia and claim that women with children are worth less than men in the financial sector. And even if that doesn t happen - there s a clear and present danger of this utter clown holding the balance of power in the next round of Coalition talks. And that is terrifying. Batman vs. Superman - What are they thinking DD is very worried about the future of cinema and you should be too. Supposedly the sequel to Man of Steel Dawn of Justice will be coming to cinemas near you in 2016. Batman Yes awesome. Superman Totally awesome and he s from Jersey so double-points for you (suck it Guernsey we ve got Cavill). But you can t just put two random awesome things together and expect double-awesome results. Not all awesome things go together - take Cornish Pasties and tigers The Red Hot Chilli Peppers and the International Space Station or skinny jeans and the Gorstmeister. The horror 5 things yOu re 2 3 4 5 Want more read deadly diary On page 66 06 April 2015 www.bailiwickexpress.com jsy CONNECT NEWS said a spokesman. In cases where stress is the result of difficult work environments that cannot be improved at an operational level we offer professional services through the occupational health service which include a 24-hour helpline access to e-counselling face-to-face support online information and guidance. Managers and staff also introduce their own practices and techniques to help create a stressfree workplace. These include initiatives such as yoga in the workplace or participation in wider group activities like cycle challenges and the Swimarathon. On the specific figures the spokesman said that part of the reason for the significant increases in 2014 was because of a change in the recording process. If the method of recording staff absences is reviewed or changed within a department it can lead to a perceived rise in the number of staff who are absent from work. However this does not necessarily correspond to what is happening on the ground often it can simply be the case that the data is being presented differently in one year and that comparisons with previous years are therefore affected. This is likely to have been the case at Health and Social Services which has recently changed its system of reporting in this area. Placing exceptional candidates in roles they love for over 40 years. Call 626777 jobs rowlands.co.uk Trinity House Bath Street St Helier JE2 4ST www.rowlands.co.uk www.bailiwickexpress.com jsy CONNECT April 2015 07 NEWS Fewer reduNdaNcies poiNt to ecoNomic growth The organisation charged with defusing workplace disputes has seen a sharp fall in the number of enquiries about redundancy suggesting that the economy has turned a corner. The Jersey Advisory and Conciliation Service saw the number of people asking for help with a redundancyrelated issue both bosses and workers fall from 1 200 to 500 between 2013 and last year. JACS enquiries can be seen as one barometer of economic activity as it tends to be the first port of call for businesses and staff involved in an employment dispute. Director Patricia Rowan said This is a good indicator that fewer redundancies are taking place so I think the Island can take some comfort from that. Despite fewer contacts JACS has seen the nature of queries become more detailed and complex as basic knowledge of the Island s Employment Law has grown since its introduction in 2004. Mrs Rowan added that she was pleased to see that the Island s new Discrimination Law introduced last September had not prompted any dispute. There had been a lot of concern about the new law which initially covers race and the extra workload it might create for employers but we have not received one claim she said. I think that shows that all the preparation and awarenessraising beforehand was worth it businesses had the right procedures in place in time. In total JACS dealt with just over 6 500 client contacts in 2014. The Employment Tribunal sent 143 claims to JACS for conciliation a 17 per cent fall from the year before. Of those claims 100 were settled either by JACs or the parties themselves. Business broadcaster to host Awards for Enterprise BBC business broadcaster Steph McGovern has been named as host for this year s Jersey Business Awards for Enterprise. Ms McGovern will be well known to the local business community as the face of the breakfast business news for which she goes out and about to meet factory workers and CEO s alike to report daily on the issues facing Britain s business frontline. Originally from Middlesbrough Steph McGovern had just won the title of Young Engineer for Britain when she first appeared on a programme about women in science. This eventually led to her producing the financial news on Radio 4 s Today programme during which time which she covered Conrad Black s trial in Chicago. During the financial crash Steph McGovern was the lead producer of business news bulletins working with Robert Peston at the forefront of award-winning coverage of the credit crunch and banking crisis. She soon started hosting her own Steph s Sunday Shift where she spent time in over 50 different workplaces as diverse as an air traffic control centre and a gas rig in the Irish Sea. This year s Jersey Business Awards for Enterprise will be held on 15 May at the Royal Jersey Showground. The Awards were launched in January and companies wishing to be considered for one of the prestigious titles are in the process of submitting their applications. Speaking about her attendance at the event in May Steph McGovern said I am looking forward to being in Jersey and to meeting the Island s leading business people. It is very important to celebrate entrepreneurial excellence and to demonstrate that despite the turmoil of the past few years the economy can recover thanks to the drive and vision of industry leaders. I am honoured to be asked to host such a prestigious event. Graeme Smith Chief Executive of Jersey Business said We are delighted that Steph McGovern has accepted our invitation to host this year s Jersey Business Awards for Enterprise. Steph has a proven track record in business and her breadth of knowledge of industry and the commercial world is plain for all to see. The Awards for Enterprise celebrate the entrepreneurial talent and skill that exists in the Island and I look forward to welcoming our local business community to the showcase gala evening where they will be able to hear a keynote address from Steph McGovern in person. Tickets are now available for the Jersey Business Awards for Enterprise at www.tickets. jerseybusiness.je. Pictured BBC business broadcaster Steph McGovern has been named as host for this year s Jersey Business Awards for Enterprise 08 April 2015 www.bailiwickexpress.com jsy CONNECT A more direct approach to optimal cash management If the pinnacle is optimum efficiency we recommend taking the direct route. Equipped with a range of leading integrated cash management solutions fitted to your unique specifications we can facilitate the control of money throughout your organisation. To keep on top simply call us on 0207 574 3247 or speak to your Relationship Manager. Alternatively you can find out more by visiting us at barclays.com wealth cash Wealth and Investment Management Barclays offers wealth and investment products and services to its clients through Barclays Bank PLC and its subsidiary companies. Barclays Private Clients International Limited part of Barclays is registered in the Isle of Man. Registered Number 005619C. Registered Office Barclays House Victoria Street Douglas Isle of Man IM99 1AJ. Barclays Private Clients International Limited is licensed by the Isle of Man Financial Supervision Commission registered with the Insurance and Pensions Authority in respect of General Business and authorised and regulated by the Financial Conduct Authority in the UK in relation to UK regulated mortgage activities. Barclays Private Clients International Limited Jersey Branch is regulated by the Jersey Financial Services Commission. Barclays Private Clients International Limited Jersey Branch has its principal business address in Jersey at 13 Library Place St. Helier Jersey JE4 8NE Channel Islands. Barclays Private Clients International Limited Jersey Branch is regulated by the Guernsey Financial Services Commission under the Protection of Investors (Bailiwick of Guernsey) Law 1987 as amended. Jersey_March 15 RECRUITMENT g RECRUITMENT in JERSEY In the first of a new series looking at the different sectors in Jersey in this edition we focus on recruitment what will 2015 have in store for employers and job seekers T Jeralie Pallot directOr rOwlands recruitment he recession was a long one for all but 2015 has shown a real shift in confidence with the job market far more buoyant than it was 18 months ago. We ve already seen the effects of this at Rowlands with the number of temporary roles doubling contract roles increasing by 120% and permanent positions increasing by 85%. While positive this up-turn does present a familiar challenge to employers in Jersey where the number of vacancies has for some time exceeded the number of people experienced and qualified for the work particularly for accounting fund and trust administration and risk compliance related roles. Given Jersey s skills shortage in certain areas employers can find themselves simply waiting for the right person for their job and company. Currently for those difficult to fill roles there is limited movement in essential requirements. Where there is any flexibility it is likely to be in terms of the candidate s depth of experience and hours especially for back office and middle office roles. Provided a candidate displays the fundamental skills the requisite attitude and cultural fit for a workplace there could be scope to further increase employer flexibility and introduce measures to recruit and retain promising employees. In terms of applicants whereas they were previously exercising caution they are now more open to moving for career development or to find a job that suits them better in terms of flexibility and responsibility. The misconception of last in first out is being increasingly cast aside replaced with a more positive approach to career planning. All this taken into account 2015 does promise to be a very positive year for both employees and employers the confidence has returned and employees are motivated to move for the right reasons. We just need to address the skills shortage through proactive recruitment and the continued and expanded provision of trainee positions. 10 April 2015 www.bailiwickexpress.com jsy CONNECT RECRUITMENT Visit www.bailiwickexpress.com jobs or subscribe to our weekly jobs email and get the latest career opportunities straight to your inbox Looking for a new career C Toni O Flaherty directOr select recruitment onfidence is growing in the job market and we have seen an increase in companies recruiting across the sectors. That said there remains a shortage of middle-level candidates in Accountancy Trust and Funds. With a shortage of supply competition between companies is fierce. In order to recruit the best candidates employers need to act quickly upon receiving applications and ensure they can offer comparable or even greater benefits and career opportunities than their competitors. As a result of this shortage we have seen a number of companies are now willing to be flexible on the level of candidate they will consider in order to fulfill their vacancy. Taking a pragmatic approach some employers are instead willing to offer additional support and training to ensure here is certainly a lot of positivity in the market we have seen a huge increase in vacancies from new and existing clients majority from the funds sector and covering a range of activities from accounts to compliance. The challenge is finding the skilled staff that these clients require. Many companies are running fantastic training programmes and supporting new recruits through both on the job training and professional qualifications. This is great for the future it does not help with the immediate need. As the confidence returns to the market we hope to see more flexibility in the way clients recruit and see some movement they can secure the best candidates who may not initially satisfy all their requirements but who will ultimately fulfill their potential and add value to the business. For candidates however job opportunities are increasing. Companies are recruiting and confidence is growing. For candidates with the relevant experience skill set and qualifications now is a good time to consider the next career move as the shortage of candidates within certain fields and the increase in competition among employers ensures there are plenty of opportunities to be seized. While some would say we are in an applicants market we have not yet returned to the pre-recession days where candidates could name their price. So our advice is to not become complacent and to keep up to date with professional training and development or risk falling behind the rest of the market from candidates who are now looking for their next career move. It is now a candidates market with more roles available than suitable candidates. It is still tough for the jobseeker who doesn t have the required skills and experience suffering a mismatch of candidate to vacancy. Whilst many of them are keen to retrain companies simply don t have the time or resources to take on more trainees than they already have needing experienced and qualified candidates to be able to hit the ground running. However with more employers looking to grow across all sectors industries the range of vacancies available is increasing. T Tina Palmer directOr asl recruitment www.bailiwickexpress.com jsy CONNECT April 2015 11 NEWS Bailiwick goes viral Digital newspaper Bailiwick Express has launched an online radio station and a new section of online and viral content. WHAT HAVE YOU BEEN READING That s exactly as it should be which is why today we have launched two major developments to the site. Firstly there s now Bailiwick Radio so that our audience can enjoy wall-to-wall music without breaks for the news or advertising. Secondly we will be featuring some of the most entertaining or informative content from around the world to add depth and colour to our news. There is now a particular focus on Tech features as well as clearly we need to help drive the development of the digital sector in Jersey which will be very much part of the Island s future from both economic and social points of view. The radio station Bailiwick Radio offers streaming non-stop music with channels covering current music and separate channels for the 60s 70s 80s 90s and the 00 s. The new Life section on the site includes different headings for Current Affairs Sport Xtra Celebrity & Showbiz Science Animals Gold and Fun. The free site which launched in January 2014 already covers local business UK and sport news and has invested in the new content to offer more to readers and subscribers. Bailiwick Express is produced by Bailiwick Publishing which also publishes this magazine. Director Mark Jackson says that it s the first big change of several planned for the year and he emphasised that Bailiwick Express would be remaining free of charge for all readers and subscribers. He said that there were 7 000 individual subscribers to Bailiwick s news email and the site sees 30 000 users per month. The old barriers between print radio and TV media have come down said Mr Jackson. With the advent of high-speed broadband and fast mobile connectivity the internet provides the platform to all of them with the customer making the choice as to which they prefer. a QuicK lOOK at the big stOries last mOnth On bailiwicK eXpress Death in St Ouen s Bay not suspicious A dead body was found in St Ouen s Bay this morning. http www.bailiwickexpress.com jsy news body-found-st-ouensbay Over 170 years of experience walking out the door at Tourism The new company charged with attracting more visitors to Jersey will miss out on almost two centuries of local industry knowledge. http www.bailiwickexpress. com jsy news over-170-yearsexperience-walking-out-doortourism Award winning IT entrepreneur slams get this latest news & classifieds straight tO yOur inbOX Every day we send our top stories directly to the inbox of each of our subscribers that database includes a diverse readership or thousands from senior professionals looking for business news to house hunters in the property market. Our current email services are DAILY NEWS EMAIL Goes out everyday to our largest database keeping them up-to-date with our top stories. WEEKLY RECRUITMENT EMAIL Getting the right staff is key to all local businesses and our Wednesday e-mail is just what they are looking for. WEEKLY PROPERTY EMAIL Targeted at our readers looking specifically for property. Published every Friday it catalogues open viewings over the coming weekend so property-hunters can plan their itinerary. WEEKLY MOTORING EMAIL Goes out every Tuesday to everyone looking for a new set of wheels. Our weekly e-mail makes sure they know the latest deals and are up-to-date with what s on offer. GUERNSEY BUSINESS NEWS EMAIL Goes out everyday to a Guernsey database keeping them up-to-date with our Guernsey business news stories. 12 April 2015 www.bailiwickexpress.com jsy CONNECT shameful States A government project to get more of its services online is in tatters this morning after one the Island s most respected IT experts launched a scathing attack on it. http www.bailiwickexpress. com jsy news it-expert-attacksinadequate-and-shameful-states NEWS News RE view Double Euromoney recognition for Deutsche Bank expertise in Jersey Deutsche Bank in Jersey has been recognised for its investment banking asset allocation and research expertise in the highly respected Euromoney 2015 Private Banking Survey. Providing a qualitative and quantitative review of the best services in private banking by region and by areas of services the survey is considered the benchmark for the global wealth management industry and reflects the opinions of private banking professionals across the globe. Andreas Tautscher Chief Country Officer of Deutsche Bank in the Channel Islands said From Jersey we offer clients access to the full intellectual potential of our organisation combining proprietary investment research with the best external research to provide a full range of investment solutions. Our collaborative approach enables us to operate as one team across all functions and regions to ensure our clients in the Channel Islands and elsewhere can benefit from our global capabilities. With this in mind I am delighted that our investment and 14 asset allocation and research expertise in Jersey has been judged by our peers through these rankings to be the best in Jersey. Elian shortlisted for Fund Administration Company of the Year by Real Deals Elian Fund Services has been shortlisted for Fund Administrator of the Year in Real Deals Private Equity Awards. The awards which will be held at the London Hilton on Park Lane on 22nd April and will be hosted by accountant turned comedian Fred MacAulay are amongst the most prestigious and well-respected in the private equity industry. A panel of leading industry practitioners working with Cass Business School undertake a rigorous judging process to choose the winners. Elian director Charles Le Cornu said We are extremely excited that Elian features on Real Deals Fund Administrator of the Year shortlist. Elian fund services team has 122 dedicated private equity professionals providing an exceptional service to funds clients with a global footprint. Since launching as Elian in September 2014 the funds business has continued to grow and we look forward to further expansion and consolidating our position in the marketplace during 2015. Elian is a specialist in Fund Services Corporate Services Private Wealth and Capital Services. The group which launched in September 2014 following a demerger from Ogier Group employs 500 people across 10 offices. is providing will support organisers and media partners to enable a superior experience of the Games for all. Delivering results in real-time around the world and encouraging live interaction via digital channels on and offsite are just some of the planned benefits. Tim Ringsdore Chief Relationship Officer at JT said We are very proud to partner with the NatWest Island Games to provide the all-important behind-thescenes infrastructure that will power communications for the 16th biennial event. We believe that in combining our new 4G and superfast fibreoptic networks together will mean this can be the most technically advanced NatWest Island Games to date and ensure visitors can enjoy the same benefits that seamless connectivity already offers Islanders. JT is technology partner for this year s NatWest Island Games As preparations for the 16th NatWest Island Games continue JT has confirmed its role as official technology partner. JT has already been working closely with the Games organisers to ensure that the infrastructure is in place to deliver the very latest technology to provide super-fast seamless communications across all sports venues around the Island and at the main Games Village at Howard Davis Park. The vision is to make the 2015 NatWest Island Games the most connected in its 30-year history and the technology solutions JT Bumper year for Skipton Channel Island bank Skipton International has reported strong growth in both mortgage lending and savings for 2014. The bank saw its savings book grow by 14.7% from 784m in 2013 to 899m last year. Likewise its mortgage lending also reported similar growth April 2015 www.bailiwickexpress.com jsy CONNECT NEWS Email us on editor bailiwickexpress.com Got News rising from 689m to 791m a growth of 14.2%. Managing Director Jim Coupe said It is excellent news to see Skipton International and our parent company performing so well in what is still a challenging environment particularly for savers. Our success is further proof that the mutual values we retain here in Guernsey that of excellent customer service and transparent products with a prudent approach to lending and investing work and are appreciated by our customers. Stanley Gibbons wins Best Alternative Investment Provider Jersey based Stanley Gibbons Group has received the Best Alternative Investments Provider award at the ADVFN International Financial Awards. The awards from ADVFN a leading provider of financial information are panel judged and recognise the best of breed products and services from across the financial industry both nationally in the UK and internationally. Keith Heddle Managing Director Stanley Gibbons Investments was in London to receive the award We are obviously delighted to have our products and services recognised by this award. There has been a growing interest and awareness of alternative investments such as stamps coins and other heritage assets and to be recognised alongside other category winners such as The Financial Times Barclays Societe General and Schroder International shows just how important it is that alternative assets are included in a balanced portfolio. Clem Chambers CEO of ADVFN said We are delighted to honour those that have made a significant contribution to the financial sector over the last year and look forward to recognising this year s outstanding achievements in early 2016. Think it. Do it. Sorted With our Online and Mobile Banking for personal and business customers you can manage your money the moment you think of it. And with our Secure Banking Promise you can relax in the complete confidence that we ve got you covered. Easy. Fast. Secure. Secure Banking Promise natwestinternational.com online Search for the NatWest offshore app The Royal Bank of Scotland International Limited trading as NatWest (NatWest). Registered Office PO Box 64 Royal Bank House 71 Bath Street St. Helier Jersey JE4 8PJ. Regulated by the Jersey Financial Services Commission. Network charges may apply. www.bailiwickexpress.com jsy CONNECT April 2015 15 LEGAL MATTERS Legal Matters David Wilson joins Lacey Advocates Lacey Advocates have announced the appointment of David Wilson to the firm s specialist team of Litigation and Regulatory Advocates. Advocate Wilson brings with him over 25 years experience in conducting commercial litigation trusts financial services and insolvency cases as a senior litigation partner in the Island. Beverley Lacey the firm s founder said I am delighted that David has joined us. For over ten years David and I were partners together at Mourant. David is well known as a leading commercial litigation advocate who focuses on working with financial institutions and clients in resolving their most complex problems and disputes. This significant appointment further strengthens our team and we all look forward to working with David as we continue to expand . carey Olsen raises Over 32 000 fOr Jersey charities Carey Olsen in Jersey has raised over 32 000 for Jersey Hospice Care and Jersey Alzheimer s Association. Carey Olsen presented representatives of the charities with cheques for 10 373.63 each for the fund-raising work undertaken by Carey Olsen last year. Carey Olsen set up its charities committee in Jersey in 2013 to support the firm s fundraising activities. Jersey Hospice Care and Jersey Alzheimer s Association were the first two local charities selected by staff for a two-year period. Each charity received 6000 in 2013. The committee then championed a variety of fundraising activities including a corporate quiz night in-house cake sales soup kitchens book sales football draws and a Christmas jumper day. Funds raised were then matched pound-for-pound by the firm s partners - a policy followed across Carey Olsen globally. Jersey charities committee Chair Sue Cooper said We are really pleased to have raised such a substantial amount for our charities and are extremely proud of our staff and the charities committee in particular for all their time and hard work. The committee has chosen to focus on two main local charities every two years in the hope that we can make a significant difference to each. We are aiming to support a wide variety of good causes on the island over time. The charities selected for the next two-year period are Jersey Stroke Association and RNLI Jersey. David Wilson added I am very excited to join Lacey Advocates. The expertise of the firm s lawyers and their proven track record and commitment in delivering clear practical advice and effective solutions makes the firm the ideal one to join to build a thriving litigation trusts and regulatory law practice. Mourant Ozannes wins Best Offshore Law Firm at Hedgeweek Global Awards Law firm Mourant Ozannes has retained its title as the Best Offshore Law Firm at the Hedgeweek Global Awards an annual event which recognises excellence among hedge fund managers and service providers around the world. Online news publisher Hedgeweek invites nominations from readers including institutional and high net worth investors as well as managers and other industry professionals for companies that they rated best in class in more than 40 categories. Mourant Ozannes received the most votes in the Best Offshore Law Firm category. The award was collected by Robert 16 Duggan Managing Partner of the London office On collecting the award he said We are very proud to win this award to do so for a second successive year is a fantastic accolade for the firm and particularly for our investment funds practice globally. Hedgeweek is one of the industry s most respected publications and it is great to receive the recognition through this award and particularly so as this award is based entirely on peer and client review and as such it is an accurate measure of our focus on delivering a high quality client service with commercial and technically excellent legal advice. April 2015 www.bailiwickexpress.com jsy CONNECT LEGAL MATTERS Legal Matters Does your business feature in your Will Katherine Guillemot is the Manager of the Probate and Estates team at local law firm Voisin and in this column she asks the simple question does your business feature in your Will Most successful business owners possess the ability to plan ahead for the next cycle. Indeed for many businesses survival is dependent upon looking ahead and making contingency plans it s this very ability that differentiates the survivors from those that fall by the wayside. Therefore it s strange that whilst business owners possess innate skills at planning for their company s future and many will even develop comprehensive business succession plans they often overlook the impact that would occur if they were not around to steer the course. In my experience in probate there are many important factors that people overlook including the impact of dying intestate. Making a Will is the most effective means of ensuring that your wishes are met in respect of your business when you pass on. Sometimes other business imperatives take precedence and making a Will slips down the list of priorities. It is however incredibly important. Making a Will ensures that you take control over who inherits your assets and gives you peace of mind in knowing that your loved ones have been provided for. Furthermore if you are a parent making a Will enables you to express detailed wishes regarding the future care of your children. There are potentially two Wills that you will need for property the first is a Will of Realty and the second is a Will of Personalty. Real (or immovable) estate comprises of freehold Jersey property including houses commercial premises farms and fields contract leases for more than nine years and flying freehold apartments. Personal (or movable estate) includes property such as money in bank accounts jewellery furniture cars premium bonds investments and shares (including share transfer property). If you die without making a Will (known as dying Intestate ) then your estate will be distributed in accordance with the rules of intestacy in Jersey. It is important to be aware that if you made a Will some time ago which was quite specific in relation to your assets at that time but those assets have subsequently changed then that Will may no longer deal with all your property. Periodic reviews of an existing Will is therefore just as important as making one in the first place. If you are a parent your Will can also state who you would wish to act as guardian for your children in the event that both parents die before the children reach 18. If your children stand to inherit assets of substantial value from you and if you are concerned that they would be unable to sensibly manage their affairs your Will can include trust provisions which would result in the property being managed on their behalf beyond the age of 18. This may mean for example that funds are distributed in increments throughout their life. The making or updating of a Will is a very simple and inexpensive process and it s one you can t afford to ignore. Drawing up a Will makes basic business sense and it ensures that you have the peace of mind of knowing that you are providing for those you care about. Commercial Law Property Transactions Matrimonial & Family Law Wills & Probate Litigation Are you looking for a legal bursary Get a head start in the legal world by applying for the Voisin Bursary Scheme. If you are interested and want to know more please contact Emma Stewart - T 01534 500357 E emmastewart voisinlaw.com www.voisinlaw.com 37 Esplanade St Helier Jersey JE1 1AW Channel Islands. Tel 44 (0)1534 500300 Fax 44 (0)1534 500350 mail voisinlaw.com www.bailiwickexpress.com jsy CONNECT April 2015 17 APPOINTMENTS Trading places New senior manager at NatWest in Jersey NatWest has appointed Andy Morton as Area Manager Branch and Premium Banking in Jersey. His responsibilities include the retail services provided from the bank s High Street branches and the Relationship Management team who look after local Premium clients. Mr Morton has a substantial 42 year career history with RBS and has spent the previous six years as a Senior Bank Manager for the Jersey branches. He commented I am delighted to have the responsibility for both our Premium service as well as our branch network moving forwards. We have an excellent franchise and fabulous team I relish the challenge of leading the combined business in 2015 and beyond and ensuring we deliver outstanding customer service. Jeff Williams Senior Director of Retail and Premium Banking added I am delighted to welcome Andy to his new role. He is one of our most experienced managers with the background and knowledge to take forward our Premium business effectively. He also has the expertise from decades of service to the bank to provide the necessary leadership to the teams delivering services to our customers from our branches in Jersey. New senior appointment for Blue Islands B lue Islands have appointed Lloyd Collins as Head of Inflight Services. Mr Collins joins Blue Islands from a management position at British Airways with a wealth of experience in the aviation industry spanning 20 years and working across all operational and inflight disciplines. It s exciting to work for the Channel Islands local airline and a dynamic and rapidly expanding European regional airline. Our key objective is an outstanding Welcome Difference service and customer experience as I lead the inflight services team forward to further exceed our loyal passengers expectations whom I look forward to meeting. The Blue Islands inflight customer experience is a praised service that I will be enhancing with the team who have built solid foundations in this area. Mr Collins returns to Jersey from the UK where his first aviation job was for Jersey European Airways since then he has held a number of regional senior management roles for various airlines both large and small including British Midland Thomas Cook and BA. Rob Veron Managing Director commented Lloyd s experience is second to none with an impressive and wide knowledge of airline operations. This role will cross over into all aspects of the Blue Islands business and Lloyd s experience combined with a passion for customer service will benefit all passengers travelling with Blue Islands. Company growth leads to new Financial Controller Anna Storey has joined Ravenscroft as Group Financial Controller where she will be responsible for managing the dayto-day finances of the company. Ravenscroft has seen significant growth particularly in recent years and we now have nearly 50 employees offices in both islands and a diversified offering which includes stockbroking investment management and two very successful locally-focused funds in Bailiwick Investments and Channel Islands Property Fund said Ravenscroft Chief Executive officer Channel Islands Charlie Roger. We have plans to continue that growth but it s important that we have the right team in place to lead the company forward. We have identified a number of changes to the management of 18 the company one of which was the appointment of a new financial officer for the group. Anna has more than 15 years experience in the finance industry and is a welcome addition to the Ravenscroft team. Miss Storey has a degree in business administration and human resource management and is a member of the Association of Chartered Certified Accountants moves to Ravenscroft from Legis Fund Services Limited where she was Chief Operations Officer. Ravenscroft s reputation its entrepreneurial nature as well as its team attracted me to the role and I could see that it offered me the chance to be part of a company with an exciting future ahead she said. My experience from companies in different financial fields will enable me to bring a different perspective and new interpretation which I believe will help me make a valuable contribution to Ravenscroft s future direction. April 2015 www.bailiwickexpress.com jsy CONNECT APPOINTMENTS Visit www.bailiwickexpress.com for all the latest business news or subscribe to get the latest news straight to your inbox Looking for more Business News Private sector lawyer steps into key States role A Partner at Mourant Ozannes has been appointed Solicitor General. Mark Temple will take up the role as the States second most senior lawyer later this year. Advocate Temple has been in private practice for 22 years the last eight of which he has spent as a partner at Mourant Ozanne specialising in asset tracing litigation contentious trusts funds and banking. It s a year of change at the department which will shortly see the appointment of Advocate Robert Macrae as Attorney General the post that encompasses the roles of senior legal adviser to the States and head of the prosecution service. The current Attorney General Tim Le Cocq QC is moving to the role of Deputy Bailiff and Solicitor General Howard Sharp QC is moving to private practice. The appointment of Advocate Temple means that both the Attorney General and Solicitor General will be newcomers to the States legal team. The appointment which is made by the Queen on the recommendation of the Lord Chancellor and the Secretary of State for Justice in the UK was announced yesterday afternoon. The announcement included a statement from Advocate Temple saying I very much look forward to serving the Island of Jersey as HM Solicitor General. It is an honour to be appointed to this challenging role. Senior promotion at Aztec Group Emily Sturgess has been appointed as an Associate Director in the Aztec Group s Jersey office. She joined the Group in 2010 as a Client Relationship Manager and with over 15 years experience working in Jersey s finance industry prior to joining the Aztec Group Ms Sturgess gained substantial experience in administrating offshore structures for high net worth individuals as well as funds and SPVs. Having joined Aztec in 2010 I have been a part of the Group s strong growth and have seen how consistently we are able to attract a continuous stream of high calibre European fund managers and staff to the business. I am thrilled with my promotion and look forward to continuing to work with my teams to support our client s success. Michelle McNaney a Director at the Aztec Group commented I am pleased to announce Emily s well- deserved promotion to an Associate Director. During her time at the Group Emily has shown dedication to continually exceeding our clients expectations and providing the award-winning fund and corporate services we are recognised for. Our ongoing success in delivering service excellence is down to our client-centric teams supported by senior staff members like Emily. 19 New executive chef at Grand Jersey Hotel & Spa Mr Valmagna studied and began his career in his home city of Nice. He subsequently held positions at prestigious restaurants across the world including the Michelin starred Chez Bruno Lorgues France preparing traditional cuisine based on truffles. In 2007 Mr Valmagna joined the four star two Rosette L Horizon Beach Hotel & Spa as Sous Chef before being promoted to Executive Head Chef in 2011. I am delighted that Nicolas is joining the Grand Jersey team said Martin Kelly General Manager Grand Jersey Hotel & Spa. I have had the pleasure of working with Nicolas for many years and know he will be a great addition to our team. He is an extremely talented chef who will deliver high standards of cuisine in our Michelin starred Tassili as well as through our other food and beverage outlets at the hotel. Grand Jersey Hotel & Spa has a new executive head chef - who has just been cooking with one of the world s best-known chefs. Nicolas Valmagna who joined Grand Jersey in January spent two weeks in the kitchen with Raymond Blanc in February at his revered restaurant in Oxfordshire Belmond Le Manoir aux Quatre Saison in order to further develop his culinary skills. www.bailiwickexpress.com jsy CONNECT April 2015 S afe betgamble or a risky usually a new uK taX targeting the OffshOre wOrld signals bad news fOr Jersey. thinK lvcr and the shrinKing Of fulfilment. but the island thinKs it can use geOrge OsbOrne s latest attempt tO sQueeze mOre revenue - a levy On Online gambling cOmpanies - tO its advantage. Jersey has been slOw On the update when it cOmes tO egaming - but pOliticians and industry leaders predict that the new taX will catapult the island intO the big league. but what are the Odds Of success Julien mOrel finds Out. it s fair tO say that when the first dice were thrOwn in the wOrld Of Online gambling Jersey wasn t even at the table. alderney was there blOwing intO its cupped palm fOr lucK sO tOO was gibraltar its fists clenched in anticipatiOn. even malta s gaze was fiXed On the green baize as it threw in a few eurOs. Jersey on the other hand was still on the Crown and Anchor in the car park peering into the glitzy casino and wondering what all of the fuss was about. But times have changed. Usually when the UK legislates to extract more revenue from the offshore world as it did with LVCR Jersey and similar jurisdictions suffer. But when it comes to online gambling or eGaming the Island is using a new UK tax to its advantage pushing itself to the rail to play the new game with its new rules. The game-changer was last year when the UK introduced a point of consumption tax for e-Gaming companies. It meant that any operator advertising and selling to UK residents would have to be licenced and pay a 15 per cent gambling levy. Jersey saw this has an opportunity to wipe the slate clean bring in legislation designed for this new world and market itself as a serious player. Luckily for Jersey with the new rules came the first major industry trade show called ICE which was held in London in February. A delegation led by Digital Jersey (DJ) went there to dip their toes 20 April 2015 www.bailiwickexpress.com jsy CONNECT 2 words in the water. Based on initial interest the gamble appears to be playing off. DJ Director Andy Jarrett explains why Jersey is making this concerted effort to get into the game and what the prospects of success are Is Jersey so far behind the curve with eGaming that we re never going to catch up with the likes of Alderney which has had an industry for 15 years Are we playing catch-up No. Were we slow on the uptake Absolutely. We were so slow that we weren t included on a UK whitelist of approved jurisdictions before it was closed in 2009. And that effectively put a ball and chain around us in terms of our relevance to the market because while the UK is not exclusively our target it is by far and away the largest gambling market in Europe. So how have we managed to cast the ball and chain free We knew that the UK was going to close the whitelist and move to a point of consumption tax so we ve set the Island up to be relevant from Julien Morel SPECIAL REPORT SPECIAL REPORT that point on. That gave time to look at what other jurisdictions were doing and establish where we want to position itself. This allowed us to shape our offering so it was as good if not better than the rest. So what is our USP All other jurisdictions have a set of rules and the operator has to fit its game into one of these rules. But they don t think in terms of regulators requirements they think about their market and how they can invent something that s compelling interesting and entertaining. We have created remote gambling legislation that allows the regulator to sit down with a company to work out what they want to achieve where they are trying to do it and the licence is largely bespoke to them. So there is no shoehorning and trying to make some thing fit into something that it wasn t designed for. The regulator has also come up with a pricing model that reflects the true cost of regulation rather than the need to make a profit. When you look at our licensing fees compared to the other jurisdictions they are significantly cheaper. We simply want the regulator to protect the Island s reputation. That said from a licensing perspective it would be cheaper for the operators to base themselves in the UK but when you look at the Jersey offering as a whole then it gives them more because we have the supporting infrastructure here - the law firms trust companies the techies the world-class communications as well as our tax neutrality. But how will this benefit Jersey as a whole I would certainly highlight diversification our children and grandchildren will have more career options in Jersey. And www.bailiwickexpress.com jsy CONNECT April 2015 21 b we have created remOte gambling legislatiOn that allOws the regulatOr tO sit dOwn with a cOmpany tO wOrK Out what they want tO achieve SPECIAL REPORT b the biggest challenge i thinK is arOund immigratiOn. if yOu wanted tO mOve intO the uK with say 500 peOple that is a relatively straightfOrward thing tO dO. it is trying tO get the right size and maintaining the mOmentum that we have built up. there is a whole set of industries that support gaming such as payment service providers and creatives. And let s not forget digital inclusion these guys are at the cutting edge of the digital industry and the Island can learn a lot from them. The eGaming industry really knows how to market and deliver online and our finance industry will be able to learn a lot about accessibility impact and resilience. And it will help States coffers in exactly the same way that finance does. You are bringing in people who pay tax and if that business lists the law firms will benefit and they will pay tax on that profit. That listing might create several wealthy individuals who will typically invest and set up new businesses so you get this whole cycle of growth. What will success look like for Jersey We had 250 leads at the ICE and we whittled that down to about 95 of real potential and more than ten are working on due diligence packs to submit to the Commission. And I understand the Commission has one in already. I would like to have one big plc. or a major recognised name in the industry by this time next year. That is important because they will have a gravitational pull attracting more businesses in with them. And what are the main threats to this success The biggest challenge I think is around immigration. If you wanted to move into the UK with say 500 people that is a relatively straightforward thing to do. It is trying to get the right size and maintaining the momentum that we have built up. We have already seen that our competitors are trying to be sharper. Alderney gave a discounted licence for the first year for new entrants and the Isle of Man have also amended their tax regime. We understand why they are reacting but we still think we have the most attractive proposition. Of course like any industry there are those who operate at the dodgy end of the spectrum and Alderney certainly got its fingered burnt with the Full Tilt collapse - but I am confident that the Commission and the due diligence of the corporate service providers will filter them out. The high benchmark is held by the finance industry which is the route in for operators. At the same time as Jersey was promoting itself at ICE the Jersey Gambling Commission issued its first remote gambling licence. Although ICE was all about attracting new business to Jersey the first licence was actually given to a homegrown business Twelve 40. Its director is Steve Hickson Why did you apply for an eGaming licence in Jersey To a degree it is pure chance that we were the first to get one we certainly didn t plan to be but it has given Jersey the opportunity to say not only can we regulate but also we are regulating. From our point of view it so happened that we were in Jersey so applying for a licence here seemed like the logical thing to do. Also the cost of a licence in Jersey is extremely low compared to other jurisdictions. So how did Twelve40 come about - what exactly do you do I m also a director of E-scape which was founded in Jersey in 1988 and has been involved in designing games for the lottery industry since 2002. So building on that experience we spotted a gap in the market to build a platform for government-run lotteries in smaller jurisdictions. We saw an opportunity to take their physical ticket offering and add a virtual sales platform so they could sell their tickets and scratch cards online as well as offline. We invested around 500 000 and a year of research and development to create Twelve40 which is a company in its own right. If we were to generate money through Twelve40 operating as a platform for another lottery and our model is based on a revenue-sharing agreement then we needed to be regulated so it made perfect sense to be licensed in Jersey. www.bailiwickexpress.com jsy CONNECT April 2015 23 Steve Hickson b thinK gaming s business plan is fOrecasted tO dOuble year-On-year frOm a revenue perspective and by 2018 i eXpect we ll be emplOying at least 20 staff. in terms Of Jersey itself i can easily see several hundred peOple being emplOyed within a cOuple Of years. Although Jersey s first licensee is local the Island is already attracting eGaming professionals to its shores. Phil Shaw moved to Jersey last year setting up Think Gaming a consultancy providing advice such as strategy licensing marketing and compliance to eGaming companies. Why did you choose to set the business up in Jersey I really like the business culture but most of all it was the pre-relocation meetings we held with Economic Development and Digital Jersey that convinced me because they were very encouraging in terms of Jersey s future eGaming aspirations and diversification plans. We started planning the business move in early 2013 and actually moved last April. Since then it s been a case of continuing the existing business planning new growth areas and working with the various local companies that have an interest in eGaming. How do you see your business and Jersey s eGaming industry as a whole developing Think Gaming s business plan is forecasted to double year-on-year from a revenue perspective and by 2018 I expect we ll be employing at least 20 staff. In terms of Jersey itself I can easily see several hundred people being employed within 24 April 2015 www.bailiwickexpress.com jsy CONNECT a couple of years. Just look at employment within other jurisdictions such as Isle of Man with 900 staff Gibraltar with 3 000 and Malta with 10 000 this really is an interesting time for Jersey to get involved. The considerable responsibility of making sure that Jersey s reputation is protected belongs to Dr Jason Lane Chief Executive of the Jersey Gambling Commission. How can Jersey ensure that our gaming businesses are legitimate and not ripping people off A First and foremost we do due diligence on the company when they apply for a licence we look at the beneficial owners we look at the company s track record we look at whether they are listed we look at their business plan and we make sure that they have the correct policies in place with regards to their own customer due diligence anti-money laundering provision separation of player funds and social responsibility policies and so on. We ensure that their software and Phil Shaw SPECIAL REPORT hardware works in accordance with our technical standards and works with our policies. And all of that happens before anyone gets a licence. Once they have the licence we continue to monitor them to check what they are doing we get quarterly reports on their business and we regularly risk-assess them. Where do you see the industry in five years time There is going to be a great deal of growth in the market brought on by the greater development of national licensing systems. On the other hand that is also going to lead to consolidation so we might see fewer companies working in a larger number of jurisdictions within national licensing models. This will see the role of the dot coms and the traditional offshore model started off by the Isle of Man and Alderney becoming less important as a percentage of total revenues but it is still going to be strategically important because of our core strengths as an international headquarter for businesses in terms of financial planning. As far as growth of the industry in Jersey is concerned the only way is up. END www.bailiwickexpress.com jsy CONNECT April 2015 25 CAREERS o By MARTHA MACDONALD Sell me a life in... W ith the mounting pressure on young people to get better grades go to university and climb the career ladder I decided as a real life young person to go out into Jersey businesses and investigate the employment opportunities available in the Island. The world of work can be a scary place and contrary to popular belief career paths aren t always neat and tidy. I ve done the school thing the PE lessons the cringeworthy proms I ve worked hard for my grades and now I m claiming my right as a school leaver to ask the question What can this industry offer me This month I had a run in with the law well not so much a run in as a scheduled journalistic interview but I m not one to nitpick. I met up with Inspector Sian Gidley and Recruit Persephone Bell to see if they could sell me the life of copper. As I sit waiting I start thinking of all the things I could have done wrong that would warrant my being here. Luckily my only crime is journalism and I am quickly reassured of that when a smiling Inspector Gidley appears and escorts me to her office (sans handcuffs of course). Come on then good cop good cop - sell it to me 26 The Police Inspector Sian Gidley Rank Duty Officer Uniform D Shift Studied Law at Hertfordshire University love with it. I went to university got my law degree graduated in June and joined in July. MM Explain the route you have to take to get to where you are now. SG You join as a probationary Constable. You have a two-year probationary period that is on shift exclusively. After that you are confirmed in rank as a PC. From thereafter you are eligible at any point to sit your sergeant s exam. You sit an assessment board if you pass the three exams and if you are supported by your line manager you can go for a promotion board and then you can be confirmed in rank as Sergeant. There is a one-year probationary period as that rank. You can specialise in terms of the crime side or custody or control room. But once you have passed that you can put yourself up for the Inspectors promotion board they don t have an exam for that yet. MM What would you say makes a good cop SG It s a stock answer you have to be motivated and you have to work well as part of a team. I would say you MM Talk to me about your role and responsibilities here at the police. SG I m a duty officer so I m an Inspector with responsibility for a uniformed shift. We work 24-7 rotating shifts on a five-year pattern. In addition I m firearms trained both for preplanned and spontaneous operations. I m also a serious and fatal road traffic collision senior investigating officer which basically means for any serious and fatal road deaths I will run the investigation. MM Was policing something you always wanted to do SG Yes it was a calling. I did my Project Trident here when I was 14 and I fell in April 2015 www.bailiwickexpress.com jsy CONNECT CAREERS have to be an excellent communicator. You don t have to be outgoing a loud extrovert type to have the ability of communicating. You have to have a good general level of fitness and you have to be able to deal with a variety of situations applying the same impartiality all of the time and that s important. We would not welcome someone with aggression or temper issues you deal with aggressive situations you will face verbal and physical attacks. We need someone who is going to stay calm under pressure and not personalise it and make matters worse. MM What would you say are some of the challenges that come with the job SG I spend more time with my colleagues than I do with my family. You spend four ten-hour shifts here. I go home I sleep I shower and then come back to work. You can go and see the most horrendous incidents and there s no one that you can talk to legally about it apart from your colleagues. But our shift is very close it s born out of that. MM Would you say that policing is still a viable career for young people in Jersey SG Massively massively. It s said you need life experience to do this role but...it all comes down to skills at the end of the day. We need a spectrum of people within the force to bring different things and we need people with that experience but equally we need young people with a fresh outlook. MM Sell it to me Sian SG It s one of the few jobs that no two days are the same. It will present to you the most unique challenges but you Salary Starting salary (prior to completing initial training period) 32 453 per year Salary after completing initial training period 34 177 per year Salary after completing 2-year probationary period 43 496 per year will never find a better place to work in terms of the friendships that you make within the organisation and with your peers. And the level of support you get is fantastic. It s rewarding knowing that you are actually going out there and making a difference. Martha s verdict Well what do you know Dreams really do come true. This is the story of a young girl who decided she wanted to be in the police and then did everything in her power to make it happen. Blimey if I ended up doing what I dreamed of when I was 14 I d be writing for a magazine or something...oh. Sian s journey goes to show how important work experience really is. By getting your foot in the door at an early stage especially in a place like Jersey you do your future career prospects a world of good. You could call it luck that Sian found her calling so young but this job is definitely not for the faint hearted the hours are tiring the work is tough but on the other hand it seems that you will not find any colleagues closer knit than here. Cute right www.bailiwickexpress.com jsy CONNECT April 2015 27 CAREERS Persephone Bell Rank Recruit Studied Ancient History at Nottingham University MM How did you decide you wanted to be in the police PB Well I studied for three years at university at Nottingham studying ancient history. I then spent a year teaching at a university in China and then a year studying Italian in Florence. What I learned from university and my time around was how much I like throwing myself into new challenges and learning new skills and pushing myself. I wanted to move back to Jersey and was looking for a job that could fulfill what I wanted. The police was the obvious choice. It s challenging it s exciting and you learn new things every single day. MM So you ve just come from training what s it like Is it really hard going PB You are constantly assessed academically but you are also assessed physically. [Today] we were doing officer safety training I spent a week doing that so you learn techniques from handcuffing using things like CS spray and baton how to take someone to the floor. I was having to work with a guy who is much bigger than me he is 16 stone and has a martial arts background but I was able to secure him in a way that meant I was in control 28 and he could not hurt me or himself because of the techniques that I have been taught. MM How do your responsibilities change as you progress through your training PB It s a two-year training course. Once you finish the 15 weeks you have 18 months probation training where you have training with other senior PCs who show you the way to do things. Then you re on solo patrol I ve just done my driving course so I can drive with sirens and lights. The first solo patrol was really good fun because you are so ready to go out. There s ten weeks with another PC so you are always doubled-up. At the end of it you are desperate to go out and try your new skills. You re not thrown in at the deep end you get out on foot to walk around town and speak with the public and deal with more minor things such as shoplifters and people not wearing seat belts. As you build up confidence you get put on the rota driving cars and you attend more serious incidents by yourself. MM And is the application process as rigorous PB There s four levels. You start with an online application form which asks how you respond to criticism and adversity. Then there s a three-hour exam on mathematics linguistics and the ability to digest information and produce it in a report format and that was brutal. Then the third stage is a full assessment day when you come in with approximately 15 to 20 other people who are also shortlisted and you do a range of different activities. There s one where you are told that when you open a door... and there s a giant man shouting at you and you have to defuse the situation. If you pass that you get the medical fitness and background checks to make sure that you re appropriate for the job in those senses. MM What about the social implications Do you think that people are more guarded around you when they find out what you do PB I haven t found that. Some people when you meet them for the first time are a bit put off that you re a police officer but 90% of people find it really interesting and want to talk to you about it. The people that do not like it that s completely up to them...if you re not going to get on you re not going to get on. April 2015 www.bailiwickexpress.com jsy CONNECT CAREERS Martha s verdict Persephone s take on a life in the police was really refreshing. It was great to hear that she had gone and done some amazing things before deciding to settle down somewhere. Don t underestimate the value of adventure - it certainly taught Persephone a lot about herself and informed her decision to join the police. Life in the police sounds incredibly tough but equally as character building. It is a job perhaps like no other that presents the opportunity to actually make a difference. Both the application and training process are relentless and you face some very real challenges right in the heart of community. You know what if the idea of doing a bleep test didn t make my blood curdle - I might just be tempted... Martha s Top tips Adventure is out there Nowadays young people are expected to plan their careers before they learn to walk. It s sad but true that work is valued more than play. But I reckon play has a time and a place - and that s before you ve got too many responsibilities and you actually have to be a real grown-up. Take this opportunity to make your mistakes see the world take up tap dancing - it ll make you a way more interesting adult if you do. Stick to it - Whether or not it s a career in the police whatever you do there s going to be setbacks and challenges but how boring would it be if everything was straight forward Speaking to Sian and Persephone about all the work they ve put in to get to where they are just shows how important perseverance is especially with a job so fundamental to public safety. Give Jersey a chance - Don t write this little Island off before you know what kind of career prospects are on offer here. It s not all big corporate finance jobs you know Although I know we re all a bit in love with flying the nest and making it big over the water but don t forget what you re going to be missing over here. My visit to the police this month taught me a lot about the kind of opportunity available in Jersey that I d never even given a moment s thought (that and don t cross Persephone she s got skills). PICTURE THIS Environmental Impact Assessments (EIAs) are carried out before any major infrastructure project can start. Professional Ecological Consultants such as Nurture Ecology are called upon. It took four weeks to undertake the delicate task of finding and temporarily re-homing a small population of lizards before the site for the new 12m St Helier West substation at Westmount could be cleared. Rubber mats were laid to locate the lizards and the security fence was specially dug six inches deep into the ground to keep the lizards out and safe until works are complete and landscape restored. A thinK Of the number Of times each day yOu scrub that - they ll be sO many Of them that yOu wOn t have time tO finish reading Just tO lOOK thrOugh the pictures On these pages fOr a taste Of eXactly what use electricity. in fact picture this Up to 14 million litres of seawater an hour can be used if required in cooling systems at La Collette. The Health Safety and Environmental team have their own laboratory inside the power station where benthic monitoring and analysis of acquatic insects and omacroinvertebrates samples and water quality is carried. cOnnect. much better JERSEY ELECTRICIT Y is dOing fOr yOu. and since it s all pictures we prOmise they ll be nO labOured puns abOut sparKing sOme ideas Or being shOcKed at the range Of their activities. Oh nO. we re much tOO current fOr that. ah. PICTURES Gary Grimshaw 30 April 2015 www.bailiwickexpress.com jsy CONNECT PICTURE THIS www.bailiwickexpress.com jsy CONNECT April 2015 31 PICTURE THIS The installation of a 37.5m long 19kW photovoltaic array on the Powerhouse has cut electricity consumption on the site by a third from 5 000 units a day to around 3 300 - equivalent of providing hot water for around nine typical homes for a year. Jersey Electricity has been working for some years on removing R22 refrigerants from clients commercial fridges and freezers in line with the EU phase-out. JEBS Engineers check the stock in preparation for a permit application to ship the waste off island. Production Engineers carry out environmental risk assessments 32 April 2015 www.bailiwickexpress.com jsy CONNECT PICTURE THIS Jersey Electricity stopped using chlorine to protect water cooling systems over a decade ago in favour of a biodegradable filming amine which treats the pipe surface rather than water volume ensuring minimum residues in water discharged back into the sea. Benthic samples are gathered from the shoreline to be analysed back in the lab. Support for the National Trust in it restoration Pl mont headland involves building a new substation specifically designed and located to blend in with the natural surroundings. Planning Engineers have been working in close consultation with the Trust s Land Manager and Rangers. www.bailiwickexpress.com jsy CONNECT April 2015 33 PICTURE THIS When generating on-Island fuel emulsification technology is used to bind base fuel such as diesel with water improving combustion which in turn reduces greenhouse gas emissions and the amount of fuel used. Flu gases from the diesel engines are regularly tested. Individual quantities of emissions are calculated as a carbon dioxide equivalent (CO2e) to express the impact each would have in terms CO2 on global warming. 34 April 2015 www.bailiwickexpress.com jsy CONNECT PICTURE THIS A Heat Recovery Steam Generator uses waste exhaust gases from diesel engines when in use saving energy and cutting emissions and costs. www.bailiwickexpress.com jsy CONNECT April 2015 35 TECHNOLOGY Mobile World Congress Are You Ready to Wear T he world of wireless technology was abuzz with excitement in March for the hugely influential Mobile World Congress the industry s showcase event. In the first of a new set of technology columns the Head of Commercial Operations at Sure Lisa Mclauchlan brings you some of the highlights and looks at the tech that manufacturers are hoping we will all be using soon. Over the last couple of years there s been a great deal of talk about wearable tech but 2015 is the year in which it will really hit the stores most visibly in the form of smart watches. From the Apple watch through to the independent Pebble manufacturers are betting that we will all want to transfer our communications devices from our hands and onto our wrists. It is perhaps no surprise that the Apple Watch has garnered most of the column inches the device has been long-awaited and its unveiling at MWC did not disappoint Apple aficionados however it is LG s Watch Urbane LTE which stood out from Gadget the galaXy s6 puts samsung bacK at the head Of the pacK If there was one stand out gadget at the Mobile World Congress this year it was the Samsung Galaxy S6 and its sister handset the S6 Edge. Unveiled at MWC the pair have put Samsung straight back at the head of the pack for Android smartphones something that needed to happen for the Korean manufacturer after the disappointing reception for the Samsung Galaxy S5. Everything from their incredibly thin bodies to their intensely bright and clear screens and fast-charging make these the types of phone that are not only a pleasure to use but which make you look great when you re using them. At first glance it is the S6 Edge s curved screen which captures the attention. Rolling round the sides of the phone the screen not only looks gorgeous but it adds functionality including personalised edge lighting to quickly identify callers updates that scroll along the edges and a number of smart functions which let you use the phone quickly and without fuss. Crucially these functions ensure that the wrapped screen is more than just a gimmick with most commentators agreeing that it makes the screen useful as well as good looking. Add fingerprint identification superfast camera activation and that rapid charging which gives 4 hours of power after just 10 minutes of charge and whichever of the S6 series you choose you re guaranteed an incredibly powerful phone that both works hard and looks incredible o Columnist LISA MCLAUCHLAN Head of Commercial Operations Sure 36 April 2015 www.bailiwickexpress.com jsy CONNECT TECHNOLOGY 4G helping Jersey mOve fOrward faster For those who are perhaps a little weary of hearing about all the Gs and the wonderful mobile Internet experience that they will bring it has to be said that 4G is a huge leap forward in mobile broadband services and truly has the potential to transform the way we work. When users are connected to a 4G network they will enjoy data rates of up to 100Mbps which means that mobile broadband speeds will for the first time be similar to the speeds we currently experience with fixed line broadband. Why will this change the way we work Well for businesses across the Channel Islands the introduction of 4G will help them fully realise the flexibility and efficiency of cloud services and as a result will make the mobile workplace a realistic possibility. 4G maximises the benefits of cloud services by making access possible from virtually any location across the islands. In turn this will enable the complete adoption of mobile data capabilities in businesses. the crowd by virtue of being the only standalone wristwatch. Complete with its own SIM card the Urbane is currently the only device from a major manufacturer that doesn t have to be paired with a mobile handset leaving the user free to operate solely with the watch and creating more pocket room in the process 4G is here so what about 5G Beyond the watches many of the exhibitors at MWC were already looking ahead to the advent of 5G. In the Channel Islands mobile users are just getting their first taste of 4G a technology which will change the face of mobile Internet usage but it is 5G that manufacturers believe will really trigger the Internet of Things and which has led to an interesting development at MWC the arrival of car manufacturers. 5G which is probably about five years away will deliver ultra-fast mobile broadband enabling the development of self-driving cars domestic robots and of course the intelligent fridge. w Technology Visit www.bailiwickexpress.com for all the latest technology news or subscribe to get the latest news straight to your inbox www.bailiwickexpress.com jsy CONNECT April 2015 37 Looking for more Technology News FEATURE All aboard the 2015 Barclays Jersey Boat Show alan dOnald grOup marKeting & cOmmunicatiOns manager pOrts Of Jersey First staged in 2008 as a means to showcase Jersey s marine leisure industry the Barclays Jersey Boat Show has since grown both in size and reputation and can rightfully claim to be the largest free entry event in the Channel Islands. Now in its eighth year this three day maritime extravaganza will once again take place in and around St Helier Marina and Weighbridge Place over the Bank Holiday weekend of Saturday 02 to Monday 04 May 2015. The show has come a long way since its early years both in terms of activities on offer and attendance levels now attracting in excess of 38 000 visitors over the three days. It remains a vital showcase for the local maritime industry according to Group Commercial Director for Ports of Jersey Myra Shacklady who first came up with the idea of Jersey staging its own boat show soon after her arrival in the Island in 2007 and who continues to lead the strong organising team tasked with making it happen . She says Despite facing a tough economic environment the show has achieved consistent growth over the years both in terms of its size and reputation to the extent that it is now recognised as one of the most prestigious boat shows in the British Isles sitting comfortably alongside the more established ones in Southampton and London. Despite this challenging climate we (Ports of Jersey) remain committed to supporting our marine leisure industry and this is the perfect example of doing so while at the same time engaging with the local community. Organisers have no plans to change the name of the event to reflect the increasing presence of other nonnautical products services and activities introduced. As Miss Shacklady points out Even in its current format which has seen the welcome introduction of other activities it remains fundamentally a boat show and as a commercial organisation for us at Ports of Jersey more boats means more berths which means more business . The pontoons in St Helier Marina will be open to the public throughout the weekend and as always gives people the opportunity to step aboard 38 April 2015 www.bailiwickexpress.com jsy CONNECT FEATURE EVENT a multitude of sailing yachts and watercraft of all shapes and sizes. Private viewings can also be arranged by contacting the individual brokers. Jersey s maritime reputation has attracted the interest beyond these shores with approximately 30 boating brands from across the Channel Islands UK and France expected to take part with up to 65 vessels on display. Premium yacht manufacturers attending include Sunseeker Fairline Princess Beneteau and Jeanneau represented by many local marine traders and an increasing presence of overseas based businesses with brands including Bavaria Bayliner Sessa Duchy Technohull Ribs Cobra Ribs Discovery Yachts Sealine Ballistic Aquastar Brig XO Ribeye Robalo Rodman Windy and White Shark. The Condor Ferries On-Water Activity Zone will be located on the Albert Pier playing host to a number of water demonstrations and displays as well as a dedicated area for many of the Island s leisure operators offering a number of products and services including RIBs kayaks and stand-up paddle boards. For those visitors to the show who prefer to keep their feet dry there will be an array of retail and craft stalls along the New North Quay and Albert Pier offering both maritime and lifestyle accessories as well as the latest nautical related gadgets and gizmos. 2015 has seen an ever-increasing number of exhibitors and retailers many of whom have traded at the show for many years as well as new business partners. Plans are in place to stage two fashion shows in Weighbridge Place on Saturday 02 and Monday 04 May to showcase an increase in leisure clothing retailers. The 2015 show will once again feature the presence of the Royal Navy which has played a significant role in the success of the show since the very beginning. A number of Royal Navy vessels visiting the Island specifically for the event will be open for public viewing throughout the weekend and musical entertainment will be provided by the Band of Her Majesty s Royal Marines Collingwood. The band which last visited Jersey in 2013 will be in the Island to take part in this year s show as well as performing at a number of events throughout the week to mark the Liberation 70th anniversary. This will include two public Beat Retreat performances in Weighbridge Place on the evening of Friday 01 May and late afternoon on Saturday 02 May as well as a charity concert at Jersey s Opera House on Thursday 07 May. A range of musical entertainment will be provided throughout the weekend on the Solent Stevedores Main Stage located alongside the New North Quay which will include performances by a number of well-known Jersey groups and individual artists. And of course there will be a feast of food and refreshment stalls throughout the arena to tantalise your taste-buds. The Jersey Boat Show is once again supported by its title sponsor Barclays. Paul Savery Managing Director for Barclays Jersey says Barclays has been sponsoring the Jersey Boat Show since 2010 and we are delighted to once again be supporting it in 2015. As well as being a fun event for all the family the show has given many charities supported by us the opportunity to raise awareness and much needed funding with all money raised matched pound for pound by Barclays. Summing up the event Myra Shacklady says This is one of the most eagerly anticipated and popular events in Jersey and is the perfect excuse to blow away the winter blues and kick start summer. Thanks to the generous sponsorship we receive the show is able to maintain its free entry policy and the feedback we receive from exhibitors is very encouraging demonstrated by the fact that even before the weekend has concluded many of them are asking to sign up for the following year. There is a great community buzz around the Barclays Jersey Boat Show with something for all the family to enjoy. While organisers can t always guarantee the weather thanks to the overwhelming support of participants exhibitors and sponsors together with the sheer volume and enthusiasm of residents and visitors alike this year s event is shaping up to be even bigger better and bolder than ever. The Barclays Jersey Boat Show 2015 is open 10am to 6pm on Saturday 02 and Sunday 03 May and 10am to 5pm on Monday 04 May. 39 www.bailiwickexpress.com jsy CONNECT April 2015 FEATURE Sparking good growth chris ambler ceO Of Jersey electricity Why on earth would a business want you to use less of its core product And in fact actively encourage you by providing the knowhow and means to do so A business heading for a big black hole in its finances you might say. No actually this company is profitable benefits the States of Jersey to the tune of around 7m a year and at an average of 20m of capex a year invests more in the future of Jersey per employee than any other organisation. Guessed whodunit yet Well established in 1924 it celebrated its 90th anniversary last year not that you would have noticed particularly. There was no lavish party or shouting from the chimney top (clue) just a cup cake bottle of fizz for its 300 employees and a brief speech from me thanking staff for their efforts especially over the previous challenging two years and toasting the next 90. For while many CEOs hardly dare look 90 months ahead let alone 90 years Jersey Electricity is in it for the long term and that means long-term growth not short-term profits. Generally the more electricity people use the more money we make. But our sights are on much more than short-term profit. We want customers to get more value out of our service. That s why we d rather have more customers using our product more efficiently in more ways including new applications for electricity such as for transportation. We don t just want growth we want good growth from the more widespread more efficient use of electricity in preference to fossil fuels. More scale in our business helps us spread our fixed costs and maintain competitive prices. It s better for the customer who sees lower overall energy bills and better for us because we have happier customers. It is also better for the community long term because we need to conserve overall energy use and cut our reliance of fossil fuels to reduce the drivers of climate change. Now profits are a delicate subject but a certain level of profit is essential for investment in infrastructure to secure supplies in future. A severe lack of investment contributed to concerns around winter power generation capacity in the UK where customers 40 April 2015 www.bailiwickexpress.com jsy CONNECT FEATURE Environment investment programme. We have now submitted plans to the States for our 40m Normandie 1 (N1) project to replace the failed EDF1 cable over the same route from St Remy des Landes to Archirondel. Planning Permissions in France have been secured and we are currently seeking local consents. Bringing power into Jersey is one matter but a robust distribution network is also vital to supply security and our investment in this on-going. As well as the construction of the new 12m St Helier West primary substation at Westmount essential for supply security in the north and west of Town we are also investing 7m enhancing plant at Queen s Road and La Collette. But the investment that is likely to deliver the biggest change to customers and how they deal with us is our 12m Smart Meter programme set to launch later this year. This will enable customers to better understand and manage their use of energy and hopefully cut their bills. It should be of huge benefit to businesses providing more detailed data and analysis on individual business unit or site electricity consumption allowing for benchmarking and trend analysis. Renewables also remain high on our investment radar. We have been researching solar PV and offshore wind for some time. Though carbon reduction is not the primary driver as our imported supplies are already sourced from certified low carbon sources diversity of supply provides some resilience. And as individuals may look to install renewable technologies in the future so we must ensure our network can accommodate them. We don t see energy efficiency and renewables as threats but rather as opportunities that will encourage more customers both domestic and commercial to reduce their carbon footprints by moving to electricity and using it wisely in many new ways. 41 bringing pOwer intO Jersey is One matter but a rObust distributiOn netwOrK is alsO vital tO supply security and Our investment in this as well as the cOnstructiOn Of the new 12m st helier west primary substatiOn at westmOunt essential fOr supply security in the nOrth and west Of tOwn we are alsO investing 7m enhancing plant at Queen s rOad and l a cOllette. On-gOing. have typically experienced on average three to five times the number of minutes of lost supply as those on Jersey s network. Jersey Electricity targets a rate of return on its assets of between six and seven percent which is typical in regulated industries elsewhere. This is viewed as the minimum return needed to maintain a sustainable infrastructure business. So if you have 100m of energy assets you should be earning around 6-7million profit from them. Jersey Electricity has consistently achieved this with the exception of 2012 and 2013 when returns fell to 4.5% and 4% following the loss of Jersey s oldest subsea supply cable to France EDF1 in June 2012. Loss of that asset and consequence of increased generation on-Island slashed energy profits to just over 4m in both years from the preloss-of-EDF1 level of 7.7m despite a 9.5% tariff rise at the start of 2013. The Company in effect absorbed a material portion of its short-term cost increase. Last year brought the turning point with operating profit in JE s Energy business returning to more normal regulatory levels that are so important to its investment programme. The main thing is we have weathered the storm and are now moving forward again. The installation of Normandie 3 (N3) under its 70m budget and ahead of schedule enabled us to freeze prices this past winter but going forward we have to see a sustainable return on that asset and service the debt on our borrowing. Our objective remains to deliver stable and competitive prices over the long term and all indicators including the strength of the pound against the Euro suggest that we are well placed to achieve this. Our tariffs remain materially lower than similar jurisdictions and lower than many larger counties that benefit from economies of scale. Despite the multi-million-pound sums involved in its efforts to provide and improve what is after all an essential service JE does not take a begging bowl to the States although the government holds a majority 62% stake in the Company. As a plc listed on the main London Stock Exchange the governance and disclosure obligations coupled with the strength of our longer term business model make us a credible investment for private and institutional investors. N3 was funded with the aid of 30m private placement and we also have access to a 40m revolving credit facility over the medium term. This gives us funding flexibility and along with our power and FX hedging strategies helps us maintain price stability while continuing our www.bailiwickexpress.com jsy CONNECT April 2015 GLASS HALF FULL to open an account. Customers are encouraged to save at least 5 per month as a general discipline or to target a specific requirement and are supported with budgeting advice and mentoring if needed. A pre-paid debit card facility is provided which improves money management skills and assists with integration back into society the feeling of self-worth and general well being. Also available is our Emergency Funding scheme supported from Community Savings central funds rather than by using customers monies. It provides smallscale loans which average around 350 to those most in need. These facilities could at times be compared to payday loans but the difference is that the maximum interest rate is 1% per month and often this is reduced or waived or the support is sometimes delivered by way of grants. Out in the community the latest addition to our services is our Money Management training which we have been running in schools in order that a basic understanding of managing money is instilled in young people so as to avoid them getting into financial difficulties later in life. Poverty In Jersey GLASS HALF FULL WITH Brian Curtis N ot many would think of Jersey as being a place where social poverty would be a concern. However the issue has become a front-page feature of late amongst the Island s media and it has also taken a top priority in the new Council of Minister s agenda. Brian Curtis MBE Executive Chairman of Community Savings Ltd. looks at what can be done to help. c)...many are simply unsure of who to turn to for help if they are feeling financially insecure or generally overwhelmed or if they do know they are too proud to seek help at an early enough stage. In addition there are those who have some temporary difficulty caused for example by illness redundancy or breakdown of a relationship that has turned their lives upside down leaving them vulnerable due to the uncertainty of their position. Another form of help is our regular attendance at the local prison where we open accounts for inmates to support them when they are released. Looking to the future I believe Jersey s Income Support system is as good as any and better than most. But it has to operate within certain parameters. We have said for many years that Government cannot be expected to do everything for everyone. Just throwing money at the underlying problem without ongoing support and guidance can be wasteful. In the last three years a major shift towards increased collaboration amongst organisations charities and government has been apparent to draw upon the wealth of knowledge that exists. The current expressed willingness to research the poverty issue in the Island will hopefully enable the Island s community and its government to work together and make Jersey a place where social exclusion does not exist. How big is the problem and how best do we tackle it The approach we have taken at Community Savings has been driven by us believing that many of the problems faced in society are because of social exclusion as much if not more than the relative poverty concept. From our experience social exclusion is most commonly caused because a)...people have been unable to maintain bank accounts for one reason or another often through no fault of their own and or b)...the lack of financial sophistication of certain individuals results in an inability to react quickly enough and in the correct manner to difficulties they face and or 42 So what is Community Savings Community Savings was incorporated as a result of the 1996 United Nations Eradication of Poverty initiative. Although the company s operations were based on the UK Credit Union concept a structure that complied with Jersey legislation and regulatory requirements was required. This provided the opportunity to design a model appropriate and we believe unique for the benefit of those most in need in our Island. Anyone resident in the Island is able April 2015 www.bailiwickexpress.com jsy CONNECT Why register with ASL We work with you to make the right career move l We Advise you - S upport you - Listen to you l Looking for a guaranteed quality Assured Service Let s talk... l 2-6 Church Street St Helier Jersey JE2 3NN 500000 recruitment asl-jersey.co.uk www.asl-jersey.co.uk BUSINESS ADVISER Business Adviser GET IN TOUCH... If you ve got a business question you would like to put to John please email editor bailiwickexpress.com T Think twice. Buy professional services locally- or suffer the consequences However where purchasing locally does have a real advantage over overseas supplies is in relation to your personal data. If you use overseas bankers investment managers advisors etc. all the relevant Customer Due Diligence ( CDD ) as well as all other personal information could end up sitting in a foreign jurisdiction. Remember you need to look at the structure of your advisor. Just because they appear to be local does not mean that they are - they could simply be a branch of an onshore entity where records are held in the UK look closely a foreign jurisdiction. I m not suggesting that confidentiality is required for any other purpose than for financial affairs to remain private but it seems odd that settlors create trusts for asset protection and then the trustees supply all and sundry with all sorts of details simply to run the structure. At Grant Thornton we have clients who have received letters from HMRC seeking to raise tax on offshore entities that have no UK liability or in relation to entities that do not exist. However it is clear from the nature of these enquiries that HMRC have received information concerning nominee investment or bank accounts or information from third parties that they have interpreted incorrectly. These clients have nothing to hide but dealing with the overseas tax authorities in relation to their fishing expeditions based on incorrect or incomplete information that has voluntarily been supplied to them is time consuming and expensive for all. There are more than sufficient statutory powers penalties and whistle blowers to ensure that everyone pays the right amount of tax or risks being investigated. One would suggest that you do not need to add to amount of paperwork in the overseas jurisdictions and put your clients at financial or reputational risk if it can be simply avoided. In the end buy local I think it is genuinely likely to prove to be cheaper and more stress free he debate about buying goods locally driven by the ease of comparing products and prices over the internet is here to stay. Consequently the face of retailing in Jersey has changed and will no doubt continue to develop. I imagine that the market place (and St. Helier itself) will be totally different in 10 years time those who stand still will be left behind. If one takes the quality of the professional service as a given then what advantages are there in remaining local - or should we look overseas There are costs and risks on both sides but on balance I would be inclined to look locally first. For all professional services it is usually easier to build up a rapport and trust with someone with whom you interact frequently especially face to face. They have the added advantage of being more flexible around meetings as they are normally only a few hundred yards away and little travel is involved. For local services to local clients the ease of interaction should not be underestimated. Cost is another factor and generally in this highly competitive world prices are keen and it is unlikely in most areas there will be a substantial price differential for the same service at a similar standard. GST in most cases mirrors VAT so there should not be an indirect tax cost to you. Direct tax is complex and as long as the rules are followed (and I would strongly advise taking relevant advice) direct tax should also not be a major issue. 44 7 o Columnist JOHN SHENTON Grant Thornton Business The details of any trust its settlors and its beneficiaries are likely to be within the reach of the overseas tax authorities. As trustee you have a duty to ensure that the beneficiaries and settlor are fully aware that you are passing their information to another jurisdiction. Do your investment clients understand what information is in the UK Are you certain that they would all agree to this action if consulted Are you covered Just consider for one moment the amount of CDD and forms that you are required to fill in just to open a bank or investment account All this will be in the possession or power of a person in April 2015 www.bailiwickexpress.com jsy CONNECT Investment Outcome Preparing them for the World United Kingdom N51 31 45 W0 7 38 Where will your investments take you Your world isn t confined to a single set of geographic coordinates. Neither should your investments be. Our experts have access to investment ideas around the globe wherever they happen to be. Contact us to learn about the wealth management services we offer. 44 (0)1534 708090 canaccordgenuity.com Investments can fall in value and you might get back less than you invested. To us there are no foreign markets.TM Canaccord Genuity Wealth Management is a trading name of Canaccord Genuity Wealth (International) Limited ( CGWI ) which is licensed and regulated by the Guernsey Financial Services Commission the Isle of Man Financial Supervision Commission and the Jersey Financial Services Commission and is a member of the London Stock Exchange and the Channel Islands Securities Exchange. CGWI is registered in Guernsey no. 22761 and is a wholly owned subsidiary of Canaccord Genuity Group Inc. Registered office 2 Grange Place The Grange St. Peter Port Guernsey GY1 2QA. AbiNance o Photography By Gary Grimshaw Creating a commercial culture UNPLUGGED Y Unplugged In each edition of Connect we enable someone in the news to speak directly to you in their own words... Unplugged. What you are about to read is a transcript beyond minor changes to punctuation and syntax to aid clarity these words come directly from the person who uttered them. T his year marks the 150th anniversary of theatre in Gloucester Street. Today the Jersey Opera House plays host to an array of comedy theatre music and dance balancing a mandate to deliver culture to the community with operating commercially to keep the lights on. Even in a world where they re competing with the golden age of TV Sky and Netflix they re not just surviving they re flourishing. There s been a 50% increase in the usage of the building in the last 12 months led by the work of Theatre Director Jasmine Hendry and a permanent staff of 15. One of the key people is Abi Nance the Marketing and Sales Manager Ben Qu r e spoke to her for Connect. BEN QU R E How are things going at the Opera House ABI NANCE I would say we are bucking the trend in terms of theatres around the UK. I think at the moment we re doing dare I say pretty well. It s positive. We ve come out of the recession we had a couple of years which were tricky but we weathered the storm and I think now we re heading in the right direction. I think people are aware of the venue and more and more of what s going on here. We re getting a lot of people through the door and the amount of usage of this venue increased by 50% last year. b we re getting sOme big draws liKe Kevin bridges and lee evans. we ve had shOws selling Out in a matter Of hOurs when they gO On sale which is phenOmenal fOr us and naturally is giving great awareness Of the venue. i thinK by the very nature Of cOmedians peOple KnOw what they re getting sO they want that pOsitive eXperience. BQ So what are the big things that are pulling people in AN I would say definitely comedians without a shadow of a doubt. We re getting some big draws like Kevin Bridges and Lee Evans. We ve had shows selling out in a matter of hours when they go on sale which is phenomenal for us and naturally is giving great awareness of the venue. I think by the very nature of comedians people know what they re getting so they want that positive experience. They see them on television so they come here and they actually see that person live on stage which is wonderful. So yes in that respect comedians are fantastically positive for us which is why we have a number of them throughout the year because we know that we are guaranteed to generate the www.bailiwickexpress.com jsy CONNECT April 2015 47 Got a story to tell Get in touch email us at editor bailiwickexpress.com income on those. In terms of other positives we are diversifying in a number of different directions. We now have a new studio space which we are hiring out to various organisations whether that s for ballet classes step classes dance classes drama classes drama workshops you name it we re using that facility now and also our catering facility. We are doing a number of bespoke events now and we offer a fantastic catering service with bespoke canap s help organise events and what have you so yeah really positive. BQ Can you give us some numbers of people coming through the doors AN Well last year approximately 90 000 people. That s not factoring in those that came into the catering facility. We re looking at about 75 500 for ticketed admissions and then another 1 500 or so looking to come in for say for example the Eisteddfod. BQ How do you strike the balance between your commercial and cultural roles AN This is fundamentally a business. Yes it s an arts organisation but it is fundamentally a business it s run in a business-like fashion. At the end of the day you want to see that the figures stack up so there needs to be a fine balance between what you re doing culturally and what you are doing commercially and that is why the programme of events is as it is. 48 April 2015 www.bailiwickexpress.com jsy CONNECT We know that there are certain events that we re going to put on that are going to lose money but as a service to the community we put them on. For example dance. It might not generate the audience but there are a number of people in the Island that are going to want to see top-class dance like Motion House. It s an award-winning company but the audience numbers won t be sell out audience figures. Theatre live theatre you can t get the draw unfortunately people will not come to see live theatre but we will put those events on. At the moment we ve got Classic Ghost - a phenomenal piece of theatre. We put on the Mousetrap which did sell but that s obviously got the reputation. So we know that there s going to be certain things that won t sell so we have to offset those with things that we know definitely will sell the comedians the tribute acts. You know we get 625 people through the doors to see The Eagles Tribute Talon and they will come in and those customers will use the bar they will use the restaurant facilities so we know that we re going to generate a lot of income with those events to offset the ones that won t do so well. BQ How important is the marketing AN I think in the last in the couple of years we ve definitely changed our approach to marketing. We now have quite a strong digital presence that we didn t have before. We ve increased our online sales by more than 100% which is phenomenal. Same UNPLUGGED b with the social media and Twitter they ve become incredibly useful platforms for us because they re cost effective forms of marketing but also the reach and engagement has been fantastic. In terms of PR it s almost a marketer s dream really because you have such fun products to work with and when the casts or the companies that come over to tour here are game to do marketing PR stunts with us it s fantastic for us really. So when you get great big dinosaur puppets roaming the streets you ve got Shoalin Warriors going out and doing acrobatics in King Street it s easy really and wonderful that the media will get in on it as well. BQ How much does this organisation have to produce commercially AN Our grant from the States is approximately 400 000 a year which is wonderful but when you ve got a building of this age and magnitude there is obviously a lot of costs to run it and we have to find about 65% of our annual operational costs. We have to find that money through our box office and catering so do have to find quite an additional sum of money to keep this place afloat every year. BQ It seems funny that almost the only thing that doesn t go on here is opera - there s everything else apart from the name that s on the door. AN Well opera is very niche. We do have opera screenings which are increasing in popularity Our grant frOm the states is apprOXimately 400 000 a year which is wOnderful but when yOu ve gOt a building Of this age and magnitude there is ObviOusly a lOt Of cOsts tO run it and we have tO find abOut 65% Of Our annual OperatiOnal cOsts. we have tO find that mOney thrOugh Our bOX Office and catering sO dO have tO find Quite an additiOnal sum Of mOney tO Keep this place aflOat every year. hugely. They are screened from New York from the Metropolitan Opera and they are fantastic productions but again it s educating the local audience that we have these screenings. Yes it is on a big screen but fundamentally you are still seeing impressive opera on an international scale on your doorstep and in a way because it s filmed you almost see more than you would if you were sitting up in the gods of the actual theatre itself. Say for example the National Theatre live screenings that we re doing. Again you can see Benedict Cumberbatch later in the year staring in Hamlet which will be a phenomenal production that you re highly unlikely to get a ticket for in London but for 13.50 you can come along to your local theatre and get that theatre experience on stage. Yes it is a screening but it still draws you in and you will really enjoy that particular play. www.bailiwickexpress.com jsy CONNECT April 2015 49 UNPLUGGED BQ So what s the next steps over the next few years AN I think we re going to continue doing more of the same. The last couple of years have proved successful with what we ve been doing so we will continue to bring to the Island touring companies and comedians which are proving popular. Definitely comedians I think. The names are only set to get bigger and better with any luck. I think we are going to seek to keep generating more members. We want more Islanders to support us and we want more people to be involved with the Opera House. I think we will continue to look at ways of diversifying our offering the screenings have provided incredibly popular and our audiences for those have increased substantially in the last couple of years and I think those are only set to grow and I think we just basically want people to be engaged with us as an organisation and we will continue to look at all the different avenues to do that. BQ Okay last question. There s a reader picking up the magazine looking through it and they don t what they re going to do next weekend. Why should they be looking at what s on at the Jersey Opera House AN Fundamentally I think everybody it doesn t matter who you are needs to have a level of cultural engagement and we are one of just a few venues in the Island that can deliver that cultural experience on your doorstep. You don t need to go to London or further afield to experience some top-class comedy top-class theatre award-winning dance awardwinning musicians. We have some seriously seriously good programmes that come to this venue and I think people need to be engaged with the theatre to be aware of exactly what s going on. We often BQ Tell me about the changes here since you came on board in September 2011. AN At the time when I came on board we were just actually finishing the redevelopment so we now have the Seaton Place side of the building with the admin offices which is totally refurbished but also we have the new studio space up there as well which is just such a fantastic addition to the building. Not only is it there for the Islanders to use we use it for small scale theatre we use it for corporate business so we are generating quite a bit of business to go and host your breakfast meeting in there rather than your average business room is quite a different experience so it s wonderful to have that facility. I think in terms things that have moved on I think we are definitely on the map now. I think people are more aware of what s going on here. 50 April 2015 www.bailiwickexpress.com jsy CONNECT hear oh I would have gone to that or oh I knew that was on but I never came . But there are ways of being more immediately involved with us if you signed up to our newsletter if you are following us on Facebook or Twitter then you are going to know what s happening. If you re one of our members you will be first to know that Kevin Bridges or Lee Evans is going to be here so you won t be sitting in our virtual waiting room trying to get tickets you ll get them before anybody else. I am a massive advocate of being culturally involved in whatever capacity you can be. It enriches your life. It makes you happy and I think we are very lucky to be able to offer people that experience and I hope that year on year we are going to get more people through the door. END Unplugged VIEWPOINT E Viewpoint What are the three big opportunities for Jersey Corporate and Commercial Lawyers in 2015 viewpOint puts fOrward a Key QuestiOn facing One Of the island s main industry sectOrs and then a grOup Of leading practitiOners give their taKe On the answer and what it means fOr Jersey. if yOu wOuld liKe tO be included in a future panel Of eXperts Just email editOr bailiwicKeXpress.cOm O Raulin Amy Ogier s head Of Jersey cOrpOrate and cOmmercial l aw gier is seeing a potential IPO pipeline start to emerge for 2015. The firm ranked in the top 10 London legal advisers to European IPOs for 2014 the only offshore firm in the deal table compiled by analysts Experian. Ogier recently worked on a significant number of IPOs including Boohoo.com and MySale Group. Activity this year has included the listing of Wizz Air on the premium segment in London. Jersey continues to be a favoured jurisdiction for main market listings in London given its general flexibility and as a result of shares in Jersey companies being capable of trading through CREST. Jersey s attractiveness as a fund jurisdiction is clearly demonstrated in the latest figures published by the Jersey Financial Services Commission showing a 19% year-on-year increase in the value of assets administered here (reaching a seven year high). This coupled with the inflow of fund managers looking to base their operations from Jersey demonstrates the growing strength and confidence of our funds industry. As indicated by Monterey 2014 Ogier s Jersey funds team won the largest number of new fund mandates in 2014 and we are confident that 2015 will see an equally successful year for Jersey and Ogier. The bank and real estate teams at Ogier continue to be very busy advising on both corporate M&A activity and the related financing and re-financing work. With new investors coming into the market from Canada such as the pension funds and further interest from Asia such as places like Taiwan it is anticipated that UK real estate will continue to be a strong sector for the Jersey financial services industry that has developed significant expertise in this area. 52 April 2015 www.bailiwickexpress.com jsy CONNECT VIEWPOINT T he current economic climate creates additional variables making trend predictions more complex. housing certain parts of UK groups. For example enterprises that have a UK base but wish to provide services to an offshore market find Jersey to be a stable local convenient and wellregulated centre for those offshore operations. Furthermore when attracting investment from outside the UK the familiarity of Jersey s legal system and stability of the government makes Jersey an ideal place to situate the joint venture vehicle. Mining Corporations. Jersey has become the jurisdiction of choice for the headquarters of many mining operations. Jersey also hosts the offshore sections of other mining and oil groups. I would predict that this is an area of growth for Jersey in 2015 and that it will provide many opportunities for Jersey s lawyers. However focus areas are starting to emerge and my top three predictions for 2015 are UK Commercial Property. Our clients (in particular those not resident in the UK) are showing a keen interest in this. They are investing via a number of vehicles from private limited partnerships unit trusts and companies to public collective investments funds. One fund which we established last year has shown a good growth rate already. I suspect that this will continue to be our core business in 2015. Hotel Groups UK trading entities and Joint Ventures. Jersey has continued to be the jurisdiction of choice for Kate Anderson english sOlicitOr vOisin T Nicholas Davies grOup partner here was a significant build-up of business - and confidence - in Jersey in 2014 as the UK s economic recovery gathered pace. We expect this trend to continue in 2015 with a substantial pipeline of real estate finance corporate and investment funds work. The combination of the applicability of the UK Takeover Code (and the investor protection that brings) the combination of local tax neutrality and the continued availability of the UK tax quoted Eurobond exemption positions the Jersey company as the vehicle of choice for AIM listings and a number of debt capital markets products listed in London. Second Jersey has been at the forefront of the drive for effective regulation. The effectiveness with which industry government and the regulator have worked together - such as in the implementation of Jersey s AIFMDcompliant regime has enabled Jersey to effectively interpose itself between some of the other offshore IFCs and the EU midshore jurisdictions. As a result Jersey now sits in a very attractive position in the current regulatory climate. Finally we will continue to see significant international investment in - and business through - the emerging markets in 2015. For some areas such as sub-Saharan Africa the demand is for tax neutral corporate vehicles for others such as Russia it is for a combination of asset protection and substance of corporate arrangements. Jersey stands out as the jurisdiction truly able to offer the most attractive combination of appropriate regulation investor protection succession planning substance quality of service and tax neutrality. Paul Wilson partner cOllas crill TAKE PART Would you like to be one of the industry experts contributing to Viewpoint If so please contact us via e-mail on editor bailiwickexpress.com www.bailiwickexpress.com jsy CONNECT April 2015 53 WHO S THE FOOL Who s The Fool Mea Culpa o Illustration By Mark Jackson I h a got ven t sco a oby ... T he protection afforded by anonymity means that in these monthly columns I occasionally get to say stuff publicly that might have implications were I to say them in real life. You might judge what I do to be a valuable service to humanity a needless parasitic pandering to the wealthy or any colour of the spectrum in between but when not making barbed comments about stuff that s bothered me each month my real life involves taking decisions on how to invest other people s money. The primary measure of success in this role is how much money you can convince people to place in your stewardship. There are many ways to achieve this success. You can spin a good yarn launch some new whizz-bang product that nobody has seen before spend enough on lunch dinner hookers blow (not necessarily in that order) that somebody is eventually embarrassed into giving you business or as most marketing literature would have you believe demonstrate your success with decisions taken in the past. Most of these methods rely to a greater or lesser degree on having at least a rudimentary understanding of what happens when economics and financial markets collide and being able to make a coherent prediction on variations of If A B then C X . Now with the thick end of a quarter of a century in the game I can usually find something in the deep recesses of what s left of my memory to tell a compelling story. For most actions I can make a pretty good guess at the likely reactions. (And when I say a good guess I mean that I might be right 51% of the time). And yet despite having been through more market cycles than I care to remember having seen high and low interest and inflation rates the tech bubble both Black Monday and Black Wednesday and myriad other financial catastrophes I have a serious confession to make. I don t know what the hell is going to result from present market and economic conditions. And this isn t some sort of it might be outcome A or outcome B or even outcome C type situation. This is 54 April 2015 www.bailiwickexpress.com jsy CONNECT WHO S THE FOOL a real ain t got a scooby moment because things are happening on a daily basis in markets that make no sense. In basic terms governments businesses and individuals around the world have borrowed at a startling rate for the last 20 years. This binge has been made possible by a long-term decline in borrowing costs as interest rates have fallen. And now as the worst effects of the financial crisis are beginning to recede all of these borrowers are having to face the reality of these debts becoming more expensive to service because of the possibility of rising interest rates. Consequently companies and individuals have tightened their belts in anticipation of this and have taken steps to pay down their debts. This has the effect of reducing the amount available for spending or investing. And thus we have seen retailers profits fall commodity prices such as oil drop and economic growth generally remain weak because of a lack of consumption. All of this I understand. So we sell our holdings in Tesco and BP and instead buy holdings in companies that produce stuff that people need rather than want such as utilities or insurance companies. Or Apple. There is of course one group who are not despite what you might read in the press about austerity reducing their indebtedness and that is governments. Having learned the trick of providing benefits now (which get you elected today) but shifting the burden of paying the bills for those benefits (which most definitely doesn t get you elected today) onto future generations governments have been spending by amassing debt like the proverbial drunken sailor. Now there are certain things a government can do to reduce their debt levels. One is to cut spending (care to guess on the likelihood of this happening with elections in the UK and around Europe this year and the US in 2016 ). Another is to increase tax rates (France s experiment with 75% tax rates on high earners was quietly dropped earlier this year when high earners simply left the country and the measures raised a tiny percentage of the projected tax take). Yet another is to default which makes lenders a little less inclined to do you a favour should you return with the begging bowl in the future. And finally a government can attempt to create inflation because inflation erodes not just the future value of wealth but also the value of your debt. The tools governments have available for creating inflation are essentially two-fold. Firstly they can cut interest rates (which encourages borrowing for spending) or they can increase the supply of money in the economy. The first of these options has been largely exhausted with most Western interest rates being effectively zero. And thus the only option left for many governments is to increase their money supply (by a process we call QE) which also has the useful effect of weakening their currency. (A weaker currency makes a country s exports cheaper and imports more expensive favouring domestic producers). But if most governments are playing the game (and they are) this merely serves to cheapen goods around the world and encourages protectionism. Swiss Swedish and Danish governments have recently cut their interest rates to below zero. In addition to this yields on twoyear German French and Dutch Government bonds are presently below zero. (You pay them to borrow your money). This is what a currency war looks like. It is significant that the only major country which has taken steps to reduce their stimulus measures is the United States. And in return for this the Dollar has appreciated against its largest trading partners by around 20% in in the last 6 months which is starting to hurt the earnings of its largest exporters (think McDonalds Ford Microsoft Boeing ). Combine this with surging lay-offs by oil companies because of lower oil prices and we begin to see concerns of a renewed recession in the world s largest economy. The last time world governments began competitively devaluing their currencies in order to protect their own economies was after Britain and other European states left the gold standard in 1931. And things didn t work out particularly well for Europe over the next decade. Now with more years of experience than I care to remember of how this is all supposed to work I honestly don t know how this all plays out. Just don t tell the clients. WHO S THE FOOL Connect s insider in the finance industry sits at a desk somewhere near you. He s unspinnable unbiddable and very strictly anonymous. Don t expect marketing speak don t expect a rosy feeling inside and don t expect to like him (we re not entirely sure about him ourselves). Only expect this every month he ll bring you the unvarnished truth from the heart of the finance industry... DEFINITION The Fool A privileged position held at an ancient king or queen s court the fool was not taken seriously by the high and mighty but was the only person able to speak the truth to power. The Greater Fool Theory The belief held by one who makes a questionable investment with the assumption that they will be able to sell it later to a greater fool . www.bailiwickexpress.com jsy CONNECT April 2015 55 g No Ordinary Day Job Pushing the Boundaries at first glance yOu might thinK that the wOrld Of merchant banKing and the sergeant pepper album cOver have abOut as much in cOmmOn as abstract art and accOuntancy. nOw we re nOt gOing tO tell yOu that One Of the characters On that seminal piece Of siXties pOp art is actually alive and well and wOrKing in the lOcal financial surface the bOundaries aren t Quite as clearly defined as yOu might thinK. One man whO has carried that principle thrOugh intO his business and charitable lives is l ance trevellyan Owner Of cca galleries On hill street which is Just One part Of a much brOader business empire. James filleul went tO meet him. services sectOr (but if yOu are please cOntact editOr bailiwicKeXpress.cOm ) - hOwever if yOu scratch the o Words By James Filleul T o Pictures By Gary Grimshaw he man who connects the prince of pop art Sir Peter Blake with Damien Hirst and...petrol stations...is sitting at his desk in Jersey. Leaning against the walls are stacks of exhibits ready to go on the walls downstairs. In fact if we couldn t see the States Chamber just a couple of canvas lengths away through the windows we might be sitting in a cool artist s studio in New York or London. But this is a man who brings together disparate worlds. An early career banker who now owns a group of companies in property fuel and art a grammar school boy from the Forest of Dean who became Finance Director to Gerald Ronson through the period of the Guinness share trading scandal of the 1980 s a tough businessman who cradled his mother as she died from a heart attack and so became a major fundraiser for the British Heart Foundation. He is Lance Trevellyan. As you walk south along Hill Street in St Helier the industries that have nurtured a thousand conventional careers lie behind most of the doors. Financial services firms alternate with lawyers investment managers mingle with the new kids from the digital block. And across the road the 56 April 2015 www.bailiwickexpress.com jsy CONNECT NO ORDINARY DAY JOB BIO name lance trevellyan title Owner cOmpany cca galleries that we are all working together in a partnership to create these beautiful images. The business essentially has three angles taking an original body of work from an artist hanging it in the gallery and then taking a commission from any sales secondly choosing which piece of work is going to work best as a print and sell many time over finally supporting artists to actually produce their work of art in the first place. On the last point the Trevellyan Group bought the old film studios at Isleworth to provide etching 3D imagery fine art printing and lithographs The aim is to have artists come into this giant sweet shop and they can pick and mix techniques and use facilities all under one roof. So the business isn t just about selling art Lance Trevellyan has pushed their involvement further into the creative process as well to help artists give a physical reality to the fruits of their imagination and to guide the younger ones in what the audience wants and so what might eventually sell ...if they are prepared to accept a little bit of guidance then that will make a huge difference. Lets step back for a second. Sitting in the loft office at the top of CCA Galleries we have a trained accountant a man who learned business in the 70 s and 80 s with international merchant banks and who worked for one of the biggest (and infamous) names in twentieth century British corporate history. And now he is talking about helping young artists sell more canvasses. Why It s the challenge of making it work. It s a hard business to fit into a traditional business model. Dealing with creative people is very stimulating the end process is something people admire. For young artists our business provides a great opportunity to promote and develop their work. Artists are usually very good at creating things but very rarely are they good at selling what they have created. We have to operate it within a commercial framework but we don t have profit targets in this business we look upon it as a business that is part of the Group s ethos of being part of the community helping young artists we have internships which we give freely to young students. Our main strategy is to be part of the arts and culture of the community scene in every way to be a commercial hub to offer up-and-coming artists a professional space in which to exhibit their work. It has to be run on commercial grounds but we see art as www.bailiwickexpress.com jsy CONNECT APRIL 2015 57 the aim is tO have artists cOme intO this giant sweet shOp and they can picK and miX techniQues and use facilities all under One rOOf. heart of the Islands public administration...sits. CCA Galleries is different. Inside you ll find work from some of the most creative people in the country. Opened by Sir Peter Blake it exhibits art by top names like Sir Terry Frost and Sandra Blow combined with local artists and charity exhibitions. And upstairs is the man who exhibits those champions of the British abstract art movement all on the strength of a handshake We bought it as a business which needed restructuring and I was pretty confident I could achieve that and truthfully I had no real ambitions about hanging onto it. Then I sort of fell in love with it with the products with the artists you build wonderful business relationships which go way beyond the product which you work with. That recognition NO ORDINARY DAY JOB it s abOut pushing the business thrOugh bOundaries intO new areas yOu find that if yOu step bacK fOr One minute yOu are nO lOnger inspiratiOnal tO peOple yOu need tO be cOnstantly lOOKing fOrward and lOOKing at tech changes new trends in buying habits the impact Of internet and sOcial media telecOms what peOple dO with apps yOu have tO be On the pulse Of all these things. a great way of networking our charitable objectives into the community. So just as artists look for boundaries simply to break through them and explore the virgin ground on the other side here we have a man who has taken the basic model of running a gallery (taking a commission from sales) forwards into providing cutting-edge artistic services to the creators themselves. The perception of a barrier as just something to climb on in order to get to the other side unites both the entrepreneur and the artist It s about pushing the business through boundaries into new areas you find that if you step back for one minute you are no longer inspirational to people you need to be constantly looking forward and looking at tech changes new trends in buying habits the impact of internet and social media telecoms what people do with apps you have to be on the pulse of all these things. The CCA business is the most visible to passers-by in Jersey but it is actually just one part of the eponymous group of companies. At first glance the others form an odd mix covering property investment and development petrol retailing and recyclable wood fuels. But their difference is also the key to their successful interaction as part of the Trevellyan Group. In fact Jersey might take lessons in diversification from its owner who has deliberately brought together businesses that shine at different stages of the economic cycle. From the ultimate distress purchase in the retail sector (petrol) building and operating a chain of petrol forecourts in partnership with Shell and BP through solid London property developments protecting against the pernicious effects of inflation to experimentation with potentially high income recycled wood fuel and then to CCA galleries in a sector where the main product is in some ways a luxury item. As well as performing well at different times the different sectors also give the Group vital intelligence on the market I ve studied business cycles and different types of products in those cycles and its quite interesting that www.bailiwickexpress.com jsy CONNECT April 2015 59 NO ORDINARY DAY JOB various businesses are counter-cyclical and have different lead times before they begin to accelerate or decline and I believe if you are in these four different types of business you have a perfect window to know what is going on in the economy. You can argue that art at certain times in the cycle is a luxury and I like the challenge. If I m in these businesses you can see when things start to pick up if you re outside of it you can just hear about it and its too late. I can choose which pedal to press hardest at the right time of the cycle. Yes it is an odd mix of businesses but actually if you study business cycles they make a lot of sense. Property and Petrol retailing are the bedrock with the former being stable and the latter essential even at a time when the market is very slowly declining as hybrid cars and fuel-efficient engines reduce demand. In 1966 there were 66 000 petrol stations in the UK today there are just 8 000. They also very expensive to build even once the real estate is acquired the construction cost is between 1.5m to 2m mainly because of the safety technology which is necessary such as vapour dispersal systems double skinned tanks and leak detection equipment. But for most people petrol is still an essential purchase and so provides cash-flow for the Group. It is all about customer service no one wants to stop and fill up and so when they do the Group tries to make the experience as positive as possible. Whenever we talk to the staff about how we remunerate come to me to talk about problems they know when to come to me to own up to any mistakes that have been made. The greatest thing we look for is openness. We all make mistakes in business I make them I expect the staff to make them. As soon as we realise there s a problem we work out as a team how to get out of it. He describes his management style as direct hands-on which people either like and stay for thirty years or don t like and leave after three months. But even with substantial delegated authority such a style is demanding particularly when his focus is necessarily split across a variety of disparate projects in any given week. For someone who has already achieved substantial success in business why keep doing it Debt and adrenalin I owe money to the banks but it s all controlled. It s all in a measured risk analysis. Our gearing is very low compared to other companies. I m never comfortable with borrowing but I know it s a measured risk. Seriously I love running successful businesses. I love running customer focused businesses. I love the staff customer interactions. I love the business challenge. I love how businesses interact with communities. It is compelling. It s a strange word to use in this context compelling. It suggests he has little choice in the matter that he has no alternative but to keep challenging himself to keep pushing his businesses further across the previously accepted boundaries to continue to have an effect. To have an effect. There s a connection here to his whenever we talK tO the staff abOut hOw we remunerate them i say lOOK dOn t lOOK at me the custOmers pay yOur wages never fOrget the custOmer pays yOur wages. at sOme pOint the gOOdwill yOu give tO peOple nOw will cOme bacK yOu must believe that tO be in business. them I say look don t look at me the customers pay your wages never forget the customer pays your wages. At some point the goodwill you give to people now will come back you must believe that to be in business. On the property side the advantage is all in the knowledge of the local market spotting the opportunities to work with the Planning system to maximize the potential in the investment The main growth in property is really to be had in planning gain. There s no question that change of use the development aspects of planning gain the most valuable piece of paper is a planning consent if you know your way around the development market. If you are able to give the planners and the community what they want then you are satisfying a need. The Group now employs more than 160 people split over five companies with each one led by what Lance Trevellyan jokingly describes as one of his generals someone he has a trusting relationship with Once the trust is established they have a great deal of delegated power but the key thing is they know when to description of the death of his mother who he says died in his arms from a heart attack. The word he uses in that context is helplessness I said to myself if I could do one thing along the way however insignificant if that one thing would lead to one person avoiding the situation that I was being put in I would do it. I love all aspects of humanity we are all stakeholders in humanity if we ve got good health and we ve been successful in business we have a duty to give what we can to these charities money and time. And that s why he is a director and trustee of the British Heart Foundation using the considerable resources he has at his disposal to raise funds and awareness for what he describes as a phenomenal organisation and one that is itself enabling medicine to push back the boundaries of the successful treatment which can be provided. He is compelled to have an effect in this area just as much as he is in business to make sure that helplessness is not something he has to feel again. END www.bailiwickexpress.com jsy CONNECT April 2015 59 Would you work with this business TWITTER FACEBOOK LINKEDIN Put a face to your business. We all know the importance of creating a good first impression. At Photoreportage we bring fresh photography to the world of advertising and PR. Working with many of the Channel Islands top corporate companies to produce high quality images that not only support their communication and creative teams but enhance the perception of their business. If you re looking to raise your profile... Contact Gary Grimshaw on info photoreportage.co.uk or call 01534 858 571 CO RPORATE C OMM ER C IAL WEDDING JOURNALISTIC TRAVEL Business Intelligence in Travel Management GET IN TOUCH... If you ve got a travel question you would like to put to Fred please email corporate travelsolutions.uk.com T he buzzwords business intelligence and big data are being referred to as the latest innovation in the running of any business. Apply them to the travel industry and you have something that will become one of the most important areas of service of a good travel management company and its relationships with clients. Business intelligence (data reporting) in travel is not new. For the last 20 years travel agents have been able to provide their corporate clients with simple and easy to read statistics on where and when they travel their annual spend and their travel policy compliance. However now it is possible to go further and provide clients with instant access to reports specifically designed for them and their corporate needs. Tailor-made reporting including spend analysis carbon footprint and destination information will all be just a click away. The interpretation of these reports and what a travel agency is able do with them is of great importance. In an ideal world a travel management company would be able to analyse a client s travel patterns and identify the areas in which they have the scope to undertake contract negotiations with the supplier that suits their organisation s needs in any specific area. Although many companies do this themselves they can often miss some of the finer points that lead to achieving the best deals. In addition a knowledgeable travel management company will usually have a better picture of the whole market than a client possibly can making it harder for an airline for example to provide misinformation. This is where big data comes to the fore. What makes big data such a powerful idea It can provide insights that help deliver a more intelligent travel experience than has ever been possible before. Harnessing both unstructured and structured data promises a more integrated view of our industry. w It gives travel companies the opportunity to enhance current industry processes push innovation and build better relationships with their customers. Negotiations with suppliers have for example always gone down the road of promising a specific number of travellers on a specific route and receiving some form of discount whether this is an upfront fare reduction or a rebate paid on the hitting of certain targets. With the advent of big data and utilising the full knowledge of the trends across the whole travelling community it is now possible to identify the importance of any one air route to an airline or a hotel to a chain and to identify the percentage of business (and thus importance) that any company has to an individual supplier. New reporting software will allow travel managers to Access on-demand reporting including daily updates to online and agent-assisted bookings. Quickly and opportunities. easily uncover savings Travel o Columnist FRED EULENKAMP TravelSolutions Leverage comprehensive reports that provide a detailed analysis of one particular aspect of a company s travel spend and identify where this puts that company in order of their spend with a particular supplier e.g. airline. Look at broader travel trends across the organisation. Big data helps deliver answers to complicated questions and answers questions businesses didn t know they wanted answers to thus helping to them make faster and better commercial decisions. It helps companies not only sense the present but to see the future and proactively shape it to their advantage. www.bailiwickexpress.com jsy CONNECT April 2015 63 Here s Here s the Thing Picture a beautiful island in the middle of the Channel that is beset by crisis on all fronts. There s a big population problem the once mighty tourism industry slipping slowly off a cliff the industry that s being propping up the economy for years is under threat like never before from regulation and increased competition and lifeline air links are threatened because airlines just aren t sure they see the point in operating there. Here s the thing. On the upside we re talking about Alderney. On the downside Alderney today is pretty much what Jersey will look like in 20 years if things go wrong. Listing all of the problems besetting our northern cousins is a bit of a challenge not just because there are so many but because it s a bit difficult to know which to put first. But we ll start with age. The most recent census calmly noted that ...there is an ever-decreasing number of younger people... well yep the average age in Alderney is 51 which is about ten years older than the UK. However in some ways it might actually be good to say that Alderney is full of experienced (ahem) people the real problem is that it s not full of anyone at all. The overall population in the island dropped by 7.9% in the five years from 2008 the working population dropped by about 11%. So not just fewer people but fewer people working. There have been declines in jobs in three key sectors from 2009 to 2012 with the hostelry sector dropping 21.5% construction dropping by 25.7% and the professional finance sector dropping by 28.1%. Average earnings in the island are at roughly the same level as they are in Greece. Yes that Greece. But people and jobs are not the only things that Alderney isn t full of. Among the other things not clogging the streets of St Anne s are tourists. Although the figures are partly down to the declining population the total number of air passengers recorded dropped 40% from a peak of 105 458 to 63 694 in 2012. All this points to a picture that has gone past gloomy past dire through catastrophic and plummeted straight down to pretty much unrecoverable and that s the key bit. It s not just going to be hard to dig the island out of that hole it ll be close to impossible. But what does all this mean for us Well potentially it could mean quite a lot. If you want a case study for how things would look if they went wrong here you don t need a crystal ball or a team of expensive economists you just have to look about 36 miles north. A declining economy a declining population diminishing services (the vet has skipped the island and air routes are under threat) it s not a pretty picture and for all the local doom-mongering it s a far cry from how things are here. But if you think that some magical economic forcefield insulates Jersey from these threats then you re not just part of the problem you are the problem. The warning posed by Alderney should be the antidote to the sense of complacency that dogs 64 April 2015 www.bailiwickexpress.com jsy CONNECT thinking by some mainly political types in this Island. There s any number of things that could have been done to protect Alderney from all of this the problem in the here-andnow is that they all had to happen 20 years ago and no-one would have liked any of them at the time. And they re things that we should be considering here too. The first and most obvious is economic diversification. The broadening of the e-gaming market has sucked business out of Alderney some of which has flowed to the other Channel Islands. The problem with economic diversification in the Jersey context is that ministers have managed to persuade themselves that because the finance industry includes sub-sectors such as trust accountancy banking and funds that it is of itself economic diversification . That s nonsense. But it s easy. An authentic effort at diversifying the economy with the aim of making us less reliant on finance (currently a whopping 42% of our GVA) and into a broader picture taking in digital creative agricultural and tourist sectors will cost a lot of money deliver limited results at first and take years to develop. And that s more difficult. The better news is that in terms of population ministers give all the signs that they re starting to address the issue. Last year they got away somehow with an Interim Population Policy to kick the issue into touch until after the election. That population policy you might remember sets a target of limiting population growth through immigration to around 325 per year about half of what the numbers say is actually happening year on year. But while the numbers are pretty fundamental to the question of population they re not the end of it. What ministers also have to consider here is the extent to which talented and skilled newcomers see a potential future here in the way that they clearly haven t in Alderney. A lot of that comes down to access to housing both in terms of standards and the right to purchase. So investment for limited initial return and rethinking immigration rules. If you were a politician in Jersey right now the two things you probably wouldn t want to be thinking about would be a) piling cash into new sectors where things are inevitably going to go wrong from time to time and where returns are some way off and b) having a serious think about the impacts of our population policy which is the one issue you can completely expect the public to go mental about immediately. You wouldn t want to talk about those things. But what s going on in Alderney tells you that you probably should. Have your say... Connect s political columnist Ben Qu r e spent far far too long covering the States during his 13 years as a noted news reporter and commentator. In Here s The Thing... he takes on a key subject each month drawing on his experience knowledge and contacts to lift the lid and stir things up If you want to contact Ben Qu r e please email ben bailiwickexpress.com It s all online at www.bailiwickexpress.com Boosh Used to express awesomeness 14 April States s basically on hold for the It s a funny old time in the political calendar. Every thing ties for the next few years and Strategic Plan debate that s going to shape policy priori limits on States spending and the Medium Term Financial Policy which will set the in the mean time... well there s the broad plan for taxation changes afterwards. And this one with States Members not so much going on. That s why you get sittings like a criminal injuries compensation debating lofty matters of state including changes to a law on the appointment of Crown scheme health and safety on fishing boats and House of Cards-style drama Advocates. Put it this way no one s going to write a g in an early call for Benedict about this kind of stuff (but if they did DD is puttin DD would never go so far as to Cumberbatch to play the Gorstmeister). Of course be fair to call this one eminently say that a States sitting would be dull but it would missable. 15 April Labour Market December 2014 hs to figure out the actual Now this is more like it. It takes something like 18 mont ce so the employment GVA figures that measure Jersey s economic performan up-to -date and practical gauge of what s numbers are what people look to for a more sector employment was up going on. The last data for June 2014 showed that public meaning that there were 8 350 2.9% compared to a private sector increase of 0.9% sector world. sector and 49 980 out there in the big bad private jobs in the public the credit if the work to take Expec t lots of political types coming out of the wood growing also a stony silence on why the public sector is still figures look good. Expec t quicker than the private sector. 16 April Deadly Diary will be flicKing carefully thrOugh the future calendar Of pOlitical and business events ...and chewing Over what it finds there. Steve Luce Chamber of Commerce lunch Environment Minister il of Minis ters which means By DD s reckoning Steve Luce is the talles t of the Counc beard he s also not completely he s probably the best. Although he does possess a for someone in his position. The best bit off his rocker which makes a lovely change every mOnth cOnnect 66 April 2015 www.bailiwickexpress.com jsy CONNECT ts will be the Environment about this lunch at the Radisson Blu DD humbly predic for St Helier while trying to hide Minis ter talking to business types about his big plans n and very little actual influence. the fact that he has no budget to make them happe long-term decisions with longExpec t to hear that Planning is a long-term gig about an amazing plan for a bridge to term impac ts. Do not expec t talk about how he s got in lodgers to keep warm or France how old people should wear jumpers and take . how we should be turning seaweed into toothpaste 24 April RPI on was at 1.3% for the 12 More stats news the last RPI which measures inflati increases in housing and months leading to December. The change was led by fuel and light charges and the household services although there were drops in since the start of 2013. costs of leisure goods. The figure has been under 2% 28 April The States gic Plan debate reflec ts two The complete absence of excitement around the Strate even States Members can be things one it doesn t have anything in it and two not ting though about the bonkers bothered to pretend that they care. It s worth reflec er minis ters picked in November process that we go through here election in Octob Wrong way round no The and then the big plan for the government is set in April. minis ters plan doesn t say anything position is made even odder by the fact that the mic growth impor tant good beyond the bleeding obvious education good econo to see how anyone benefits from health is pretty vital and town should be nicer. Hard all this to be hones t. Want more read taKe five On page 06 www.bailiwickexpress.com jsy CONNECT April 2015 67 Will I or Won t I I t is not uncommon for a lawyer to be asked to draft mirror wills for spouses and partners. Mirror wills are two sets of wills which reflect each other in reverse. A very simple example is a wife who leaves everything to her husband but if he should predecease to their children and a husband who leaves everything to his wife but if she should predecease to their children. I use this example purely as an example because under Jersey Law there are certain requirements about leaving movable estate to spouses children. However people must recognise that wills can be changed at any time during the life of the testator while they are of sound mind. Accordingly it means that while Mr Jones may execute a will in mirror to the will made by Mrs Jones it does not mean that after Mrs Jones s death Mr Jones will not change his will. This is very important to bear in mind. A perfect example of a change of heart often occurs in situations in marriages that bring into the family circle the respective spouse s children from a previous marriage (step children). Mr Jones and Mrs Jones sit before their lawyer and explain how they want to leave each other the family fortune but also want to ensure that their respective children are looked after when they both die. They explain that they have come up with a solution each one will leave the other everything but when the last remaining of them also dies they leave everything to both sets of children. I have heard this solution more times than I care to remember. I remind my clients that while that is a perfectly good solution it is only good for so long as the remaining spouse doesn t then change their mind and accordingly their will. The question whether everything will be left to both sets of children then becomes an exercise in trust Will I or Won t I That is the question. In fact on occasions when I have broached the subject of a possible change of heart after a beloved has passed away I have witnessed squinting eyes between spouses and looks of mistrust between them. I have also witnessed full-scale fallout You ll do exactly that won t you Once I m gone you ll just change your will won t you Don t be so ridiculous of course I won t How do I know that for sure You just do. I promise you I hear this on a regular basis. So what do you do if those cracks of doubt start appearing through the veneer of your marital bliss You need to deal with them sooner rather than later. Since I don t offer relationship counselling I m going to limit my advice to legal solutions. You can leave your property to trust. When you die your assets are settled into a trust under which your spouse partner and children stepchildren can be beneficiaries. The trustee of the trust can then administer its underlying assets according to your previously declared wishes. This will prevent Mr Jones at the age of 86 failing in love with his 24 year old nurse in her crisp white cotton uniform and leaving the family estate to her at the exclusion of your children . Alternatively you can simply leave your spouse and children assets when you die rather than your children having to wait and their entitlement being dependent upon the surviving spouse s mood at the time. This is the simplest method (and in many cases something that the children can insist upon by challenging the will after your death if they are excluded). You can also leave your estate to a company whose shares are owned in differing proportions between persons you wish to benefit and some clever legal organisation of the company to ensure your desires are maintained and actioned. This is complicated and very situation specific. There is also a possibility of trying to execute a contract under which any change to a will can be actioned in damages. I feel a real unease about this solution. I can predict stormy waters and furthermore it means having to engage in litigation or threaten to do so. Did you ever really want to send your loved ones across that battlefield If so may I recommend an excellent litigator..... Additionally still you can give away some of your assets now rather than wait. I particularly like this option because as a lawyer I like certainty and this has a real solid certainty to it. Unfortunately it is often not practical in some situations to adopt this method. The point I wanted to make is this while some things may appear simple they are often much more complex and it is always wise to ask for advice on matters which are important to you and dear to your heart. There will be solutions but unless you know and are aware of a possible problem you won t have the need for a solution. So if you think you may have a similar issue after reading this get some advice. It will be relatively inexpensive and will give you peace of mind. The Advisor Olaf Blakeley is an Advocate specialising in litigation and commercial law If you have a legal question you would like to put to Advocate Blakeley please email editor bailiwickexpress.com 68 April 2015 www.bailiwickexpress.com jsy CONNECT jerseyboatshow.com Sat 2 - Mon 4 May 20 15 FR EE ENT RY shore hip to 0am-5pm s from pm Mon 1 thing n 10am-6 Every Su Sat & arina ier M St Hel