Jersey financial services firms were reminded of the need to regularly review all aspects of corporate governance arrangements, particularly at the board level, at Duff & Phelps’ Board Effectiveness event recently.
Duff & Phelps, the global advisor that protects, restores and maximizes value for clients, hosted more than 120 professionals to hear about the importance of periodic self-assessment, or external assessment, of board effectiveness, following recent updates to the Jersey Financial Services Commission’s (JFSC) Code of Practice.
Duff & Phelps also launched their Board Evaluation assessment offering during the breakfast seminar, where invited speakers from the industry shared their experiences.
Simon Gould and Sarah Huelin from law firm Mourant Ozannes 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.
Charlotte Valeur, Non-executive Director and Founder of the Board Apprentice programme, walked through case studies of “boards behaving badly,” with anecdotes and powerful reminders of best practice. Her talk highlighted the importance of the tone set by a board and of balanced board composition, demonstrating how these aspects, if managed appropriately, can help prevent serious company failures.
Finally, Barry Faudemer, Director of Enforcement, JFSC, further emphasised that a firm’s culture starts in the board room. A common message from all four speakers was the importance the board plays in the success of a firm, both commercially and in setting the culture.
Malin Nilsson, Managing Director, Duff & Phelps, says: “We are delighted with the turnout for this event and, clearly, the topic is of interest to all who work in financial services, regardless of seniority. All four speakers brought a unique element to the discussion and certainly provided food for thought, sparking intelligent debate with the questions. We, at Duff & Phelps, are very grateful for their time and insights, which they so eloquently shared.”