Thursday, 27 March 2014 at 2:00PM
Barnard's Inn Hall

Saving Havens: Off Shore, Onshore, Midshore: International Financial Centres

Presented by Stuart Trought

THE LONG FINANCE SPRING CONFERENCE

With three nearby Crown Dependencies and six overseas territories promoting themselves as 'international financial centres', the UK seems to value offshore centres. Yet during current financial crises these havens are easy scapegoats. At the 2011 G20 Summit in Cannes, President Nicolas Sarkozy stated, "We don't want any more tax havens. Our message is clear, countries that remain tax havens … will be shunned by the international community". But do these centres add value? And what of onshore havens such as Delaware, Monaco, Luxembourg ... London? This symposium will explore the good, the bad and the ugly – savings, crimes and tax. We will look at how offshore centres do add value, their dangers and how things might evolve to something, perhaps "mid-shore".

Conference speakers
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Stuart Trought is President of the States of Alderney.

Stuart Trought spent over thirty years in the shipping and oil industry, working for both national and international companies. Much of that time was spent in foreign jurisdictions, including the Middle East and east Africa.

Since retiring from the oil and shipping sector in 2000 he has been a director and chairman of several companies, most recently of Alderney Renewable Energy, a company devoted to developing sustainable marine energy in the Channel Islands.

In 2011 he entered politics and is currently serving his second term as President of the States of Alderney. He has been involved in several new financial initiatives within the Crown Dependencies.

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Head of Financial Markets International and Deputy CEO of the Swiss Bankers Association, Jakob Schaad was born in 1964 and his professional career includes wide-ranging experience of international monetary and economic policy issues. In his previous post at the Ministry of Economic Affairs he advised Swiss President Doris Leuthard on all aspects of economic, financial and monetary policy. In 1996 he joined the Swiss National Bank in Zurich and held various posts in the area of international affairs. He also worked for Switzerland’s Executive Director at the International Monetary Fund in Washington DC (USA). Since the beginning of March 2011 he has been head of the International Financial Markets department at the Swiss Bankers Association. Jakob Schaad graduated in economics from the University of Zurich in 1991 and obtained his doctorate in 1996.

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Mark Field was elected as the MP for the Cities of London and Westminster constituency in 2001, and was re-elected with an increased majority in 2005. In the 2010 General Election he was returned to parliament once more having been re-elected in the revised constituency (bearing the same name) with a further increased majority of 11,076. This result took Mark’s share of the vote locally to over 50% for the first time.He takes a special interest in economic matters, foreign trade and international development, and is currently Chairman of the All-Party Parliamentary Groups on Venture Capital and Private Equity. He is also Vice Chairman of the All Party Parliamentary Groups on Bangladesh and Football.

In September 2010 Mark was appointed by the Prime Minister to the prestigious Intelligence and Security Committee, chaired by Sir Malcolm Rifkind. He is the youngest MP serving on the Committee which oversees and scrutinises the work of Britain’s intelligence services.

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Richard Hay has practised in London for 25 years as the tax partner and head of the private banking practice at Stikeman Elliott, Canadian and International lawyers.  Prior to entering practice, Richard was a tax law professor lecturing in international taxation and securities law in Canada and at the National University of Singapore.

Richard advises on international taxation and financial regulation policy, including the initiatives pursued by the G-20, the OECD, the EU, the FATF and the IMF.  Richard acts for the IFC Forum (www.ifcforum.org) which represents the major professional firms in the British offshore centres in international policy dialogues on financial regulation.

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Nicholas Shaxson is a British writer, journalist and investigator. He is author of the 2007 book Poisoned Wells: The Dirty Politics of African Oil, and, following completion of Treasure Islands in 2010, a journalist and part-time writer and researcher for the Tax Justice Network, an expert-led group focused on tax and tax havens. In 2012 the International Tax Review named him as one of its “Global Tax 50” most influential people in international tax.

Since 1993 he has written extensively on global business and politics for the Financial Times, Vanity Fair, the Economist and its sister publication the Economist Intelligence Unit, Reuters, International Affairs, Foreign Affairs, the American Interest, the BBC, Africa Confidential, African Energy, and many others.

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Alderman Professor Michael Mainelli is Emeritus Mercers' School Memorial Professor of Commerce at Gresham College, having held the chair from 2005 to 2009. His first degree was in Government from Harvard, followed by mathematics and engineering studies at Trinity College Dublin and a PhD from the London School of Economics in chaotic systems, where he was also a Visiting Professor.

Professor Mainelli is Executive Chairman of Z/Yen, the City of London’s leading commercial think-tank and venture firm, which he co-founded in 1994 to promote societal advance through better finance and technology. A qualified accountant (FCCA), securities professional (FCSI), computer specialist (FBCS) and management consultant (FIC), Michael began his career as a research scientist in aerospace (rockets) and computing (architecture & mapping). He later became a senior partner with accountants BDO Binder Hamlyn directing global consulting projects. During the 1990s he worked for the UK Ministry of Defence as Corporate Development Director for Europe’s then largest R&D firm, the Defence Evaluation & Research Agency leading to two privatisations. Career highlights include directing Z/Yen’s Long Finance initiative with Gresham College and the City of London Corporation asking “when would we know our financial system is working?” as well as creating the Global Financial Centres Index, Global Intellectual Property Index, London Accord and Farsight Award. Michael also conceived and produced the first complete digital map of the world in 1983, Mundocart (a 1980’s Google Earth), and the $20 million Geodat consortium cartography project.

Michael is non-executive Director of the United Kingdom Accreditation Service (UK’s national body for standards and laboratories), AIM-listed Sirius Minerals plc (potash mining), AIM-listed Wishbone Gold Plc; Alderman for Broad Street Ward (elected) at the City of London Corporation; Almoner for Christ’s Hospital School; Trustee of International Fund for Animal Welfare. Michael has held numerous advisory posts, for example with Hitachi UK, City University and HM Treasury. Michael won a 1996 UK Foresight Challenge award for the Financial Laboratory, 2003 UK Smart Award for prediction software, 2005 British Computer Society Director of the Year, 2011 Technology Strategy Board Challenge Award for financial avatars, and was awarded Gentiluomo of the Associazione Cavalieri di San Silvestro in 2011. Michael is a Liveryman, Worshipful Company of World Traders, Freeman, Watermen & Lightermen, and represents the Financial Services Group of Livery Companies.

Michael has published over 40 journal articles, 150 commercial articles and four books. Michael’s humorous risk/reward management novel, Clean Business Cuisine: Now and Z/Yen, written with Ian Harris, was a Sunday Times Book of the Week in 2000; Accountancy Age described it as “surprisingly funny considering it is written by a couple of accountants”. Their third co-authored book, The Price of Fish: A New Approach to Wicked Economics and Better Decisions, based on his Gresham lectures, won the 2012 Independent Publisher Book Awards Finance, Investment & Economics Gold Prize. Michael plays bagpipes, loves skiing and sailing and, with his wife, Elisabeth, he races and restores the 1923 Thames Sailing Barge Lady Daphne and sits on the world’s oldest sailing racing body, the Thames Match Committee. With an international family, Michael speaks English, German, French and Italian poorly, but even worse Spanish and Chinese.

To access all of Professor Mainelli's previous Gresham College lectures, please click here.

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Conference lectures
WATCHED
Part of a conference

Why a Competitive Tax System is a Bad Tax System

Nicholas Shaxson
Thursday, 27 March 2014 - 2:15PM
WATCHED
Part of a conference

Offshore, Onshore, Midshore: An Introduction

Alderman Professor Michael Mainelli
Thursday, 27 March 2014 - 2:15PM
WATCHED
Part of a conference

Offshore, Onshore, Midshore: Closing Remarks

Alderman Professor Michael Mainelli
Thursday, 27 March 2014 - 2:30PM
WATCHED
Part of a conference

The Future of International Financial Centres

Richard J Hay
Thursday, 27 March 2014 - 3:00PM
WATCHED
Part of a conference

Offshore, Onshore, Midshore: A Panel Discussion

Alderman Professor Michael Mainelli
Thursday, 27 March 2014 - 3:15PM
WATCHED
Part of a conference

How Fares Fair Offshore?: A Panel Discussion

Alderman Professor Michael Mainelli
Thursday, 27 March 2014 - 5:30PM