Experts invited by Duff & Phelps, the global advisor on governance issues, told more than 120 local professionals that it was important to conduct periodic self-assessment or external assessment of board effectiveness, particularly following the recent updates to the Jersey Financial Services Commission’s Code of Practice.
At the event, Duff & Phelps launched their Board Evaluation assessment offering, and Charlotte Valeur, non-executive director and founder of the Board Apprentice programme, presented case studies of ‘boards behaving badly’. Her anecdotes and examples of best practice highlighted the importance of the tone set by a board and the need for a balanced board composition. These aspects, if managed appropriately, can help prevent serious company failures, she said.
Simon Gould and Sarah Huelin from law firm Mourant Ozannes also shared examples of good practice, including tips on how to manage multiple boards and corporate directors, and how culture fills the gap between policies and procedures and what is actually done in practice.
All the speakers emphasised the importance the board plays in the success of a firm, both commercially and in setting the culture. Indeed, Barry Faudemer, director of enforcement at the JFSC, emphasised that a firm’s culture starts in the board room.
Malin Nilsson, managing director, Duff & Phelps, said she was delighted with the turnout for the event which covered a topic that was clearly of interest to all who work in financial services, regardless of seniority. Malin was recently promoted to managing director within Duff & Phelps Compliance and Regulatory Consulting practice in the Channel Islands. Based in Jersey since 2012, Malin has been pivotal since 2012 in establishing Duff & Phelps’ Jersey office, which has grown to service some of the Island’s most highly respected firms locally, as well as globally.
Also within the Jersey office, Sarah Bentley has been promoted to vice-president after a successful three years with the firm, and Ed Shorrock celebrates over a year as director. Malin said that this clearly underlines Duff & Phelps’ commitment to the Channel Islands which comes off the back of exceptional growth locally.
