The Institute of Directors Annual Debate.

2009-10-16T12:16:00.000-07:00

On the evening of Thursday 1st October 2009, 480 of the most dominant members of Guernsey’s corporate sector descended into the Dave Ferguson Hall at the Beau Sejour Centre for the Institute of Directors annual debate. The agenda, the discussion of our island’s future and where we will be in 2020, in order to inspire change. Not only did the evening spark debate but it also presented an opportunity for both the private and public sector to meet together and take into consideration each others point of view.

The debate began, with the Chairman of the Institute of Directors Mark Thompson introducing our moderator for the evening. This role was filled by Alastair Stewart, the well known broadcaster and television presenter who has been witness to many milestones throughout 20th century history thanks to his successful career at the forefront of world news. Charismatic, engaging and most importantly well informed, Alastair used his natural ability for public relations and masterfully regulated the evening allowing for all members of the audience to have their say, something he made clear would make or break the evening.

As moderator, Alastair first introduced the panel who would respond to questioning on each issue raised. In order to promote balanced arguments the panel of four was diverse and included Tamara Menteshvili, Chief Executive of the Channel Islands Stock Exchange, John Davey, Chief Executive of Spearpoint, Senator Philip Ozouf, Treasure and Resources Minister in Jersey and finally Peter Neville, Former Director General of the Guernsey Financial Services Commission. Following this the first topic of Guernsey’s Economy was addressed.

Now more than ever economic stability is being strived for and in the midst of economic recession it is vital for Guernsey, which some say depends too much on the banking industry, to protect its infrastructure and plan ahead for the future. The panel agreed, that although Guernsey, being a low tax jurisdiction, is facing great challenges ahead in tackling criticisms made by many high tax countries who are suspicious of off-shore financial centres, we do have opportunities to embrace and should remain positive. However this positivity should not develop into complacency, we need to ensure we understand the threat Guernsey faces and with originality of thought work together in educating, explaining and define our islands tax regulations in order to change the perception held by the many that we are just another so called ‘tax haven’.

The second topic, being the issue of Pan-Island Relations, was regarded by some to be the most contentious issue discussed that evening however it became clear that improving our relationships with Jersey will be the deciding factor of the islands business longevity. Although there were doubts on how cooperation would occur and in what form this would take, suggestions of an intermediary committee between governments was suggested, it appears the public are ready to embrace closer ties with Jersey and the success of this depends on how far the government is willing to go to improve trust and to create a collective aim both islands can work towards.

With that, the first half the evening was complete and dinner was served, followed quickly with a welcome by John Greenfield, Managing Partner, at Carey Olsen, the firm sponsoring the evening. This marked the beginning of the second half of the debate, in which Guernsey’s social agenda and government were discussed. Though heated at times, the debate progressed swiftly with each panellist giving their views on which social issues needed the most attention from the island’s government. Peter Neville stated that the islands changing demographic needed to be address, Philip Ozouf recommended that healthcare should be the islands top priority, for John Davey it was most worrying that the island had no structured plan for the future and for Tamara Menteshvili a new approach to the allocation of housing and licenses within the island must be found.

Lastly, to end what we as students felt was an invaluable insight into the professional world, we discussed the Government. That evening the islands most senior deputies were present and having been silent throughout, it was their turn to comment on what had been debated. As expected they offered many promises, in particular they assured the private sector that they would value its advice and make steps towards bridging the two departments. Something rarely achieved but which holds great promise for the future as each has knowledge and experience to offer the other. For many it seems obvious that the finance industry, forming the backbone of Guernsey’s economy, should have more say over which policies the island’s government introduce, as they will be fore most effected. If both government and private sector can work together and use events such as the Institute of Directors debate, we will be better equipped to face the uncertainty ahead.

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The Institute of Directors Annual Debate.