A CODE of corporate governance for Guernsey’s financial sector will reinforce the message that it conducts itself in a professional manner, according to GuernseyFinance chief executive Peter Niven.
The Guernsey Financial Services Commission and the working party behind the consultation paper are currently welcoming the thoughts of industry on the draft code, released at the end of last month, before publishing its final version.
It is planned that levels one and two of the code will be issued on 1 March and be fully implemented by the end of the year.
Level three, which comprises guidance on how to comply with the outcomes and best practice elements that make up levels one and two, is also planned to become effective by the end of 2010.
When complete the code aims to have set out what is expected of directors and senior managers within the finance sector.
It provides a set of ‘outcomes’, but is not intended to be fully prescriptive. Instead it is intended to be a formal expression of the components of good practice and to provide direction and guidance.
Mr Niven (pictured) believes its introduction will aid his work in promoting and marketing the island to new business.
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Article posted on 3rd February, 2010 - 2.30pm
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