Firms fear GFSC wants in on finance board meetings
Monday 27th December 2010, 2:30PM GMT.
GUERNSEY’S financial regulator wants to check company directors to make sure they are doing their jobs properly.
The move is likely to spark a fresh row with the finance industry amid claims that the Guernsey Financial Services Commission is over-regulating business.
Plans for GFSC staff to meet regularly with board members of banks that it regulates have been slammed by the Guernsey International Business Association.
Giba also demanded the regulator quash industry speculation that it intends to attend board meetings of all businesses it licenses. Giba said that would constitute unnecessary regulation.
‘This is unlikely to be particularly effective and will cause yet further massive resourcing requirements at the GFSC, which the industry would end up paying for,’ said Giba chairman Paul Meader (pictured).
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A check on the NEDs is a good idea to make sure that they really understand the business they are working for, rather than just fulfilling the duty of turning up for the board meetings and taking the pay to augment retirement income. Go for it GFSC. If companies are confident in the ability of their NEDs, why worry? It may be a bit more inconvenient administration, but apart from that, what is the problem?
Most NEDs are competent, experienced people, but the GFSC proposals may weed out those who are not so suited to the role.
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This would be fine…… assuming the GFSC had the necessary skills to perform this, I dont beleive they are capable of effectively performing this though. And it would result in massive extra costs for regulation.
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I agree Ormerman. See todays Press three out of the four Directors have left – why?
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