Corporate Governance For Guernsey’s Funds Industry – The New Code

Originally published in HFM Week Guernsey Special Report, June 2011

Richard Bray of Active Group, shares his views on the eminent review of Guernsey's corporate governance principles and urges companies to review whether the corporate governance they have in place is fit for purpose.

HFMWEEK (HFM): There has been a revision of the Guidance on Corporate Governance in Guernsey on the cards for a while – what are the latest developments?

Richard Bray (RB): In 2004, The Guernsey Financial Services Commission (GFSC) issued a 'Guidance on Corporate Governance in the Finance Sector in Guernsey', which, after the introduction, essentially amounted to one page of guidance. The GFSC have been looking to revise this for the last few years and after an unpopular revision, the GFSC has now issued a new 'Code of Corporate Governance' consultation paper, which they are looking to bring into force on 1 January 2012.