Isle of Man, 15 May 2015 – Laurence Skelly, Minister for the Department of Economic Development highlighted the importance of transparency within the Isle of Man’s financial sector at the Institute of Chartered Secretaries and Administrators’ annual Isle of Man Conference yesterday.
Speaking at the Best Western Palace Hotel & Casino in Douglas, the Minister told delegates that the government is committed to ensuring that the Isle of Man continues to be a jurisdiction that is able to operate globally with no fear of penalty. He praised the Isle of Man for being a leader among offshore centres in signing up to tax and transparency agreements with trade partners, and stressed that countries wanting to operate in global markets need to operate within the global rules.
Company director Bob Semple called for more attention to be paid to board behaviour and for board members to receive proper psychological assessment in order to improve performance. Mr Semple said that psychological ‘blindspots’ are a serious impediment to good decision-making. He encouraged directors to be made aware of their own psychological make-up and that of their fellow directors as this enables better challenge and debate.
‘It is striking that research identifies that of many director attributes, humility is the one that declines most precipitously as individuals climb the corporate ladder to the boardroom. What we need is more humility to address boardroom behaviours. Otherwise all the corporate governance laws, regulations and policies will count for nothing,’ said Bob.
Delegates also heard from industry experts and peers about the following issues facing governance, risk and compliance professionals in the Isle of Man:
- Best practice in anti-money laundering
- The Bribery Act – best practice and the role of the company secretary
- Conflicts of interest
- EU Data Protection Directive update
- Strategic risk
- Transparency and competitive advantage
Christine Clucas, ICSA Isle of Man Vice Chair said, ‘This year’s conference was a huge success and provided the island’s professionals with the perfect forum to brush up their knowledge and network. The conference is a great way for businesses to meet the challenge of keeping up to date with the latest regulatory and legal changes and it also means that they are up to speed with the latest thinking in corporate governance, risk and compliance.’
- Ends -
For further information, please contact Adrian Tinkler, ICSA Isle of Man Branch Chair
icsa@manx.net
+44 (0)7467 441223
or
Martin Norbury, Isle of Man Advertising:
martin@isleofmanadvertising.com
+44 (0)1624 620440
Notes to Editors:
- ICSA (Institute of Chartered Secretaries and Administrators) is the chartered membership and qualifying body for professionals working in governance, risk and compliance, including company secretaries. Our members work in all sectors and at every level of seniority. With over 120 years of experience, we champion high governance standards by providing qualifications, training, high-quality guidance and support (including technical resources, publications and software), and through our work with regulators and policy makers.
Website: www.icsa.org.uk - ICSA Isle of Man Branch was established in the early 1980s and represents the interests of approximately 450 members and students. Members are qualified as Chartered Secretaries who have completed the Institute’s rigorous examinations and work as administration, governance, risk, and compliance professionals. Students study towards the Certificate and Diploma in Offshore Finance and Administration before completing the Chartered Secretaries Qualifying Scheme, with modules including accounting, law, investments, business management, and governance.
Website: www.icsaiom.org
