The International Banker Winter 2025

THE MAGAZINE OF THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS

The

International

Banker

The beacon of growth

CITY’S TALLEST TOWER SIGNALS RESILIENCE AND AGILITY

JANUARY 2025

INTRODUCTIONS

JANUARY 2025

From the Editor

Honing the focus on economic growth

CONTRIBUTORS

ALI MIRAJ

ALISON COTTRELL*

ANGELA KNIGHT CBE*

BURHAN ALI

CAROLE SEAWERT*

FRANK BROWN

GEORGE LITTLEJOHN*

JAGO TONER

JAMES NISBET

JEAN STEVENSON

PROFESSOR SIR JOHN KAY CBE

DAME JULIA HOGGETT

KATYA GORBATIOUK*

MADISON REAMSBOTTOM

MARK HENTHORNE

ALDERMAN PROFESSOR MICHAEL MAINELLI

NICK GARNISH*

PETER GREEN

RICK BORGES

ROBERT MERRETT*

SIMON THOMPSON

TIM SKEET*

*Editorial Panel members

THE WORSHIPFUL COMPANY

OF INTERNATIONAL BANKERS

WAX CHANDLERS’ HALL

6 GRESHAM STREET

LONDON EC2V 7AD

CLERK: CAROLE SEAWERT

DIRECT LINE: 07538 230438

EMAIL: clerk@internationalbankers.co.uk

www.internationalbankers.org.uk

Global population growth is showing

no signs of slowing, except in some of

the wealthiest countries. The basics of

survival at any reasonable standard of

living thus require substantial economic

growth, and globally. Our Lord Mayor

for 2024-25, Alistair King, is sensibly and

forcefully committed to ‘unleashing’

that growth by renewing our spirit of

ambition, ‘taking our foot off the brake.’

There are tensions between economic

growth and sustainability that

stem from several key dilemmas:

resource depletion vs. consumption,

environmental impact vs. industrial

development, short-term profits vs.

long-term sustainability, prioritisation

of short-term economic gains over

long-term sustainable practices

by businesses and governments,

inequalities, global vs. local priorities,

and more.

International bankers are uniquely

positioned both to cut through some of

these dilemmas, and to profit from the

solutions at the same time. At the often

tetchy and ultimately disappointing

latest outing of the UN’s climate

summit, COP29 in Baku, it became

clear that bankers can lead the way by

helping facilitate partnerships between

public sector organisations, private

investors, and non-governmental

organizations (NGOs). These

collaborations are vital in creating

systems that support the circular

economy, in activities such as shared

platforms for waste management,

product lifecycle tracking, and material

recovery.

One of the star WCIB attractions of

2024 was an event orchestrated by

Liveryman Madison Reamsbottom,

strategy head at the UK Sustainable

Investment and Finance Association,

featuring Alderman Alison Gowman

and Dr Gerald Podobnik, Chief Financial

Officer of the Investment Bank,

Corporate Bank & ESG at Deutsche

Bank, which addressed the essential

role of banks in bringing about this

transformation to the economy by

making more green finance available

and accessible to fund green projects.

See photo on page 3; report on page

40.

Many circular economy models (such

as product-as-a-service or take-back

schemes) challenge traditional business

financing. Bankers can help design

innovative financing solutions, such

as asset-backed financing or payper-use

models, that align with the

revenue generation models of circular

businesses, making it easier for these

companies to access capital.

By combining financial expertise with

an understanding of sustainability, and

integrating environmental, social, and

governance (ESG) criteria into their

lending and investment practices,

bankers can provide crucial capital

and innovative financial solutions

to businesses that are committed

to transitioning toward circular

economies. Blended finance structures,

in particular, can provide the risk

mitigation and incentive alignment

needed to scale these efforts.

George Littlejohn

Editor – The International Banker

george.littlejohn@btinternet.com

2 THE INTERNATIONAL BANKER / JANUARY 2025

INTRODUCTIONS

Contents

INTRODUCTIONS

Our new Master blends tradition with

evolution 4

The Installation Banquet October 2024 6

CHARITY AND EDUCATION

Hiring with conviction 32

Charity: the beating heart of the Livery 34

Dear Prime Minister... 35

LOOKING OUTWARDS

Angela Knight reflects on her year

as Master 8

Investor Consensus on Responsible AI 9

Navigating the future of global finance 12

Unleashing growth 14

Dame Julia Hoggett at the Installation

Banquet 16

Sir John Kay on the 21st century

corporation 18

Senior Warden Tim Skeet on counting

sheep in a drugs factory 20

Recognising independence, courage

and sacrifice 23

Building capacity for climate

and transition finance 24

Canada in the City 26

UK investment trusts: fuelling growth

and innovation for 156 years 28

Who’s for a duty of candour

in financial services? 30

LOOKING INWARDS

A spirited summer of ’24 at WCIB 37

Why become a Liveryman? 38

Your hard-working committees

at a glance 39

WCIB events round-up 40

Update from the Clerk’s office 41

Forthcoming 2025 events 42

Alderman Alison Gowman with Dr Gerald Podobnik and Madison

Reamsbottom debate the role of banks in green energy - see page 40

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THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS 3

INTRODUCTIONS

Our new Master blends

tradition with evolution

NICK GARNISH ON HIS MISSIONS FOR THE YEAR – EFFICIENCY, AND MEMBERSHIP GROWTH

– IN TUNE WITH THE LORD MAYOR’S “GROWTH UNLEASHED” PLANS

At my Installation Dinner at Merchant Taylors' Hall on 14

October 2024, my first duty, and my great pleasure, was

to congratulate the Past Master, Angela Knight CBE, for

everything that she had done to advance the Company

during her year. I am sure that all members will agree that

our Company is in rude health with an active, expanding and

engaged membership, as well as a growing reputation in

the City. We are what is known as one of the modern livery

companies, and Angela has worked hard to modernise our

operations and make them more efficient and cost effective

for our members. Witness our recent office move.

This was our first Banquet at Merchant Taylors' Hall, which

is renowned as one of the finest Livery Halls in the City. It

is, by legend, the site where the modern national anthem

was first performed in 1607, for a visiting King James I. The

phrase “God Save the Queen” was first used by Shakespeare

in Richard III a few years earlier. Was the bard the inspiration?

It was a turbulent time in history. Parliament had survived the

Guy Fawkes gunpowder plot of 1604, and the words of the

later verses may refer to this – “scatter our enemies, make

them fall, confound their politics, the assassins blow”. So, it

was not performed publicly for more than 100 years.


INTRODUCTIONS

The hall was devastated by the Great Fire of 1666 and then

again during the second world war. Today, it blends its

medieval origins with subsequent renovations reflecting the

city’s evolving history. We bankers are a modern livery, and

just like that marvellous hall we have history all around us and

we continue to evolve.

My background? I am a career international banker. I joined

the trading floor after university, trading derivatives and

money markets. This eventually led me to Treasury, which

I regard as the heart of any bank. True to the International

nature of the City I have worked for banks from several

countries. Two Canadian Banks, two US firms, a Nordic bank,

with significant responsibilities in Poland, as well as LCH

Clearnet. Currently, I lead Treasury across Europe, Asia &

Australia for CIBC.

New Masters often set out a vision for their year. But a year

is not a long time to achieve very much. So, I have decided to

focus on continuity, building on the success and the vision of

the Masters who went before me.

Specifically, I will continue to deliver

our strategy, which is to complete the

modernisation of how we operate, to ensure

that we are cost effective for our members.

My goal will be simple - efficiency and

membership growth, so that we can maximise

our charitable impact.

This is in step with our new Lord Mayor’s theme, “growth

unleashed” which references a revitalised and resilient City.

Our Company can start to build our membership on our

revitalised foundations. There will be the inevitable survey.

What do you like? What would you like to change?

Our Company is growing, with more than 700 members, most

of whom are active in financial services and who reflect the

diversity of our vibrant financial centre. Around a quarter

of our members are female, a third are international, with

some 50 nationalities represented. And we attract younger

members more readily than many other liveries. Perhaps

one of the reasons for our success is that we are modern,

and relevant to our industry; we enjoy ourselves, but we also

cherish our history and play a key role in the wider success of

the City of London, supporting the Lord Mayor, the Sheriffs

and all those working for the City of London Corporation.

This company and its members are generous, and our

International Bankers Charitable Trust has budgeted to

contribute almost £200,000 to charity this year. Much of that

is directed towards education and social mobility. Our eyeopening

session with “Working Chance,” a charity supporting

female prisoners to get into worthwhile employment, and

one of the first events in my calendar for the year after the

Banquet, was a shining example of our work here. See p 33.

Financial inclusion, especially for the young, is important to

me. So many smart, well-educated young people have huge

knowledge gaps, in areas like mortgages, credit cards and

saving plans. According to a recent survey, more than 20

million people in the UK do not feel confident managing their

money. That is shocking. This is a multifaceted problem which

begins with education, a problem not only about how we

grow up, but how we prepare to grow old. We need to equip

young people with the skills to reach their potential and I

hope that we in the Company may be able to help.

More broadly, the City has a strong role to play in the

economic growth that will deliver a resilient and sustainable

future. Dame Julia Hoggett, CEO of London Stock Exchange,

delivered a vibrant address at Merchant Taylors', with news

of the exciting opportunities that the exchange hopes to

develop for our City - see page xx. I am certain that with her

bravery, wisdom and drive, the future of the world’s most

international exchange is in extremely good hands, especially

when taken together with our Government’s and our Lord

Mayor’s strong commitment to sustainable growth. The City

of London is the pumping heart of that engine.

Merchant Taylors’ Hall is a metaphor for our Company,

blending tradition with the evolution of the City, remaining

relevant and successful, with one foot in the past and one

firmly in the future.

We have quite amazing opportunities, and

it is an honour to be your Master, the 25th

in our history. I will leave our members to

consider where we will be in a century’s time.


INTRODUCTIONS

The Installation Banquet

A DISTINGUISHED GATHERING OF BANKERS AND OTHER SENIOR, AND UP-AND-COMING, CITY

FIGURES WELCOME NEW MASTER NICK GARNISH AT MERCHANT TAYLORS' HALL – OCTOBER 2024


INTRODUCTIONS

The Master and senior team greet The Honourable Ralph Goodale, High Commissioner

for Canada in the United Kingdom (top left), as proceedings commence.

All photos © Sillet Photography


LOOKING OUTWARDS

Angela Knight reflects on

her year as Master

‘CONSISTENCY; COMMON SENSE; COORDINATION; COST. FOUR ESSENTIAL WORDS’

It was a pleasure at the installation

dinner for Nick Garnish as the new

Master of the WCIB, to see a ‘full

house’ of members and guests,

representing in their diversity of age,

sex and internationality, the global

financial services industry quartered

in the UK. It was a pleasure also to be

able to welcome the Canadian High

Commissioner; friends from the House

of Lords; both an immediate past City

Minister and the very current Director

General of Financial Services in HM

Treasury; plus four other Masters

namely the Master Mason, Master

Investment Manager, Master Insurer,

Master World Trader and Master Wax

Chandler.

Looking back at my year as Master,

the area that I concentrated on was

the relevance of the WCIB to those

who work in our financial services

industry. For example, it is usual

for livery companies masters to be

either retired or to take a year’s

sabbatical. In the WCIB, the Master

and Wardens are seeking to reflect the

membership and the new team are

international; working in banking and

financial services and not retired; and

multigenerational. Women have not

been forgotten, it is simply a matter of

timing.

I have found in my year that some

livery companies are thriving and

some are having a tougher time. Not

entirely surprising as many represent

industries that now no longer exist or

have radically changed and no longer

regulate their members - although

some of you might prefer the WCIB to

do that instead of the FCA or the PRA.

We are not an industry standard setter

nor a trade body either, but with over

730 members we have a voice. And as

a Livery company in the City of London

with the Lord Mayor who has a strong

role in promoting banking and financial

services both here and abroad, we can

and should use that voice. Collectively

within the Financial Services Group of

Companies and individually as required.

Use it to update and inform each Lord

Mayor of those key points that are so

important to the industry so he or she

has them at their fingertips.

Macron said recently that the current

European model regulates too much,

adds too much cost and needs to

change if Europe is to be competitive

in the world. We all know that London

is slipping in its attractiveness and

the new UK Prime Minister has talked

about ‘ripping out bureaucracy’. The

problems of financial regulation - as

well as its benefit - needs to be publicly

acknowledged by our authorities and

changes made.

The regulators have a requirement to

look the competitive consequences

of their regulation and proposals. This

now should be an imperative.

Smart regulation which is targeting

what needs to be done carefully

and then make the change or

changes, effectively, proportionally,

transparently and quickly, is essential.

Coordination across the range of

authorities who have a locus. Not just

the financial regulators; there is also

the Financial Reporting Council (and

its successor) who supervise auditors

and accounting standards - and there

is nothing quite like an audit standard

change to really mess up the numbers.

The Solicitors Regulatory Authority

has an involvement as does the

FOS. Not forgetting other legislative

requirements such as those that flow

from the Companies Act and changes

to ESG expectations.

Then there is my pet hate of the

governance groups. As I am a nonexecutive

member of the boards of

both UK and US listed companies, I

see the two main proxy voting entities

of Glass Lewis and ISS vote in favour

of remuneration, and other policies

in the US which they red top in the

UK. Those with an International

reach should abide by international

standards whoever they are. And our

own stakeholders should question

their validity if we want to continue

to attract international talent into the

international businesses in the UK and

listed on the London Stock Exchange.

In all this, what I believe is needed is

that all those who have a remit which

covers financial services is Consistency;

Common Sense; Coordination; Cost.

Four essential words.

A very big thank you to all those who

assisted me in my year and my very

best wishes to the new Master and his

team.

8

THE INTERNATIONAL BANKER / JANUARY 2025

LOOKING OUTWARDS

New "Investor Consensus

on Responsible AI" launched

INSTITUTIONS LEND THEIR WEIGHT TO CAMPAIGN

FOR ETHICAL AI IN FINANCE, BY JANE PLAYDON

Global investment heavyweights gathered at the headquarters

of the Chartered Institute of Securities & Investment in

London in October 2024 to launch a high-level consensus on

what investors expect from their investee companies in terms

of responsible development and deployment of artificial

intelligence (AI).

Lori Heinel (pictured overleaf), global chief investment

officer at State Street Global Advisors, chaired the event,

which celebrated the third in a trio of achievements under the

695 the Lord Mayor’s Ethical AI Initiative – the first two being

the broad reach of AI ethics courses, including the CISI’s

record-breaking Certificate in Ethical Artificial Intelligence,

and the Walbrook AI Accord, focusing on global AI safety.

The Investor Consensus on Responsible AI

(ICRAI) was introduced to help investors and

investees coordinate around the responsible

development and deployment of AI.

It aims to increase returns and reduce risks and is based

on input from investors with over US$30tn assets under

management or advisement – a significant proportion of the

global total – many of whom attended the launch.

Also in attendance were the then Lord Mayor, Alderman

Professor Michael Mainelli, an Honorary Freeman of the

Company and Nicholas Beale, of the Worshipful Company of

Information Technologists and chair of the Ethical AI Initiative

(both pictured with Heinel); Sir Kenneth Olisa OBE, HM

Lord-Lieutenant of Great London and chair at Restoration

Partners; Christine Chow, chair of the International Corporate

Governance Network; Professor Chris Summerfield of Oxford

University, technical director at the AI Safety Institute within

the government’s Department of Science, Innovation and

Technology; and Lydia Edmonds, senior investment partner

at the government’s Office for Investment. Tracy Vegro, CEO

of the CISI hosted, and WCIB member Michael Cole-Fontayn,

chair of the CISI and late Master Merchant Taylor, welcomed.

RESPONSIBILITIES OF RELATIVELY

FEW AI PROVIDERS

Explaining more about the need for the Consensus, Heinel –

who had flown from her Boston HQ specially for the event

– said that the relatively few AI providers have a responsibility

to deploy the tech not only “in ways that provide the right

societal benefits” but also in recognition of the “commercial

and capitalistic sensibilities” arising from their dominance

in the space today. And for businesses at different stages in

adopting AI, “it's critical that the governance and oversight

and end-to-end understanding of the upstream and

downstream implications are vetted as these technologies

are deployed”.


LOOKING OUTWARDS

Nicholas Beale, Honorary Member Alderman Michael Mainelli and Lori Heinel

SHORT AND NOT PRESCRIPTIVE

Nicholas Beale clarified that the Consensus is only two pages

long and is “not meant to be a straitjacket” that imposes a

set of values on investors. While it “doesn’t spell out every

detail”, it is “a reasonable distillation of what most investors

would like to see,” he said, and it isn’t constrained to a

particular geography.

It aligns with the core responsibilities of investment managers

in that it’s about achieving returns while understanding the

risks, “in particular, systemic risk”, which is “super difficult”

to diversify away from. The Ethical AI Initiative expects the

Consensus to “evolve in cooperation with investors and

people with deep technical insights, particularly the AI safety

institutes,” he said.

The Consensus is "not meant to be a

straitjacket". He explained that ICRAI is also

not constrained to the current Lord Mayor,

whose term finishes in November.

Instead, it is a not-for-profit entity comprising two elements:

a technical working group that liaises with AI safety institutes

and an editing group responsible for editing the Consensus.

The editing group’s next task is to create the ‘ICRAI Charter’,

which will “define the terms of reference of an Investor

Council on Responsible AI”. This council will “settle the rules”

but will hopefully remain a “very lightweight coordinator of

some very heavyweight investors”, said Beale. They hope to

present the Charter at the Paris Summit February 2025, the

chief intergovernmental AI gathering of the year.

Beale was also keen to point out that one of the principles at

ICRAI is likely to be “no sponsorship whatsoever” because it’s

going to be important to ensure the Consensus represents

the investors and is not dependent on other interests that

might be actively lobbying.

INFLUENCING DEVELOPERS TO BUILD AI

MODELS THAT ARE SAFE FOR HUMAN USE.

Professor Chris Summerfield explained that the role of the

AI Safety Institute within the government’s Department

of Science, Innovation and Technology “is to equip the

government with an empirical understanding of advanced AI”.

This includes “primary research involving machine learning

engineers … who evaluate advanced technologies as they arise

… and write reports about the differing capabilities of these

models and feed them back to developers in such a way that

the developers are informed about where the potential risks

10


LOOKING OUTWARDS

may be arising with the technologies that they're building”.

They also engage directly with sector experts, he said, to

understand what’s happening on the ground. He identified

two points of alignment between the goals of the Consensus

and the AI Safety Institute – the danger of systemic risk

referenced in the Consensus document and the “privileged

access” and, therefore, influence that the AI Safety Institute

has on developers “to encourage them to build models that

are safe for human use”.

“The other major lever is investment in these companies

themselves. The idea that the investment community can

collectively decide to allocate funds to developers who

behave and whose technologies are, as far as we can assess

them, safe and fit for use – that's a new departure and

something which, I think, is without precedent.”

ACCESS PUBLIC SUPPORT THROUGH SAFE AND

RESPONSIBLE BUSINESS.

Lydia Edmonds explained that her team, based at No 10,

works across Whitehall to engage all arms of government.

They spend increasing amounts of time “talking to AI

companies and companies that are investing in the

infrastructure to enable AI”. Reflecting Summerfield’s

comments about access, she said, “Access to capital and

access to computing are shaping this sector, and therefore,

an initiative like this, which is evidence-based and focused

on responsible deployment of capital, is very exciting and

thoughtful, and I'm really keen that we are supporting it

as best we can.” She added that effective deployment of

AI is very much contingent on consent and support from

the public, which can only be accessed through “safe and

responsible business”.The importance of ISO/IEC 42001:2023

Regulation has a part to play in this, said Michael Mainelli,

speaking of the “race to regulate” AI and drawing attention

to ISO/IEC 42001:2023, an international AI standard “that

no one seems to have noticed” for the ethical use of AI in

organisations.

“We're very conscious that the UK public has

serious misgivings about the deployment of

AI,” he said. “What we're proposing doesn't

cover some of the existentialist areas that

need to be examined in the safety summits.

It doesn't cover rogue actors. It simply

covers responsible firms who want to look at

themselves and their supply chain and see that

they've got reasonable conformity assessment

across that.”

ICRAE largely but not exclusively promotes ISO/IEC 42001,

he said, and “shows the commitment of the financial services

sector to the responsible use of AI, not just directly, but

through investee companies and the countries in which they

invest”.

He highlighted the two other elements to the Ethical AI

Initiative: the guidance on delivering ethics courses, such as

the CISI’s Certificate in Ethical Artificial Intelligence which

has now been taken by around 6,000 people, including many

global regulators, in over 60 countries; and the Walbrook AI

Accord [named after the address of Mansion House, where

the Lord Mayor lives], a collaboration aiming for safe, secure,

ethical and sustainable AI, that has to date been signed by 38

countries.

THINK IN SYSTEMS, NOT SILOS

Sir Ken Olisa, a noted tech entrepreneur, banker, and

philanthropist, concluded by drawing an analogy between

climate change and AI, pointing out that they’re both

systems. “Until climate change, we never had the chance to

get people to think properly about the system we live in, but

these things are all connected, and we should, therefore, be

thinking about them collectively,” he said. He commended the

Initiative and encouraged us all to keep the word ‘system’ at

“the forefront of our thinking”.

WE NEED A ‘CHAPTER AI’

One attendee, who invoked the Chatham House Rule, said

that while we’re pushing for board oversight, the boards

themselves are asking for help. “We investors have a duty

while we're looking at systemic stewardship to support

companies in finding ways to create the right kind of internal

structure to oversee responsible AI, connecting what we call

the top to bottom and back to front,” they said.

Michael Cole-Fontayn agreed, noting similarities with boards

regarding climate change: “We found independent directors

didn’t have the knowledge or the skillset to challenge the

executive, so a self-help group for non-executive directors

was established: Chapter Zero. Chapter Zero, founded here,

has mushroomed and spread worldwide now with various

branches. Maybe there can be a ‘Chapter AI’."

OVER US$30TN AUM/AUA SPEAKS VOLUMES

Heinel concluded the launch by acknowledging the milestone

of having drafted the Consensus, with the staggering numbers

– over US$30tn AUM/AUA – behind it speaking “volumes”.

“This is a critical thing that we want to tackle together, and

given the commitment of everybody around the table and on

the call, I have every confidence that we will move forward

with that.”

Jane Playdon is editor of the CISI Review. For further information

on the project and on the CISI certificate, please visit cisi.org/ai.

Republished by kind permission of CISI.


LOOKING OUTWARDS

The City of London: navigating

the future of global finance

PAST MASTER ROBERT MERRETT ASKS AI TO PROVIDE SOME STRATEGIC ANALYSIS

As one of the world’s most renowned financial hubs, the City of London is a core driver of the UK economy, a nexus for global

trade, and a bellwether for international finance. However, we also live in an era marked by geopolitical shifts, technological

disruptions, and evolving regulatory landscapes.

It is therefore important to assess the industry attractiveness, strategic alignment, and leadership capacity. Hence, I posed four

questions to ChapGPT, with the responses being recorded as below.

Q1. Use the model developed by Professor Michael Porter of Harvard Business School on “the structural analysis of

industries” to review the City of London as a financial centre.

Threat of new entrants: The City of London has traditionally enjoyed high entry

barriers due to stringent regulations, established infrastructure, and a concentration

of financial expertise. However, recent regulatory reforms aimed at attracting more

businesses and enhancing competitiveness may lower these barriers, potentially

increasing the threat of new entrants.

FINANCIAL TIMES “Lawyers usher in City of London’s new dawn” Sept 2024.

Bargaining power of

suppliers: In the financial

services sector, suppliers

include technology

providers, data vendors, and

specialised talent. London's

status as a global financial

hub attracts a diverse

pool of professionals and

service providers, which

can moderate suppliers'

bargaining power due to the

abundance of options.

THE GLOBAL CITY “The UK

is the world’s global financial

centre”.

Industry rivalry: Intense

competition exists among financial

institutions within London and

between London and other global

financial centres. Post-Brexit, London

has faced challenges in maintaining

its dominance, with some firms

relocating or expanding operations

elsewhere. Nonetheless, London's

deep markets, legal framework,

and cultural appeal continue to

attract businesses, though ongoing

efforts are necessary to sustain its

competitive edge.

THE TIMES “Will London’s fightback

as global financial player be a bang or

whimper?” Aug 2024.

Bargaining power

of buyers: Clients of

financial services—ranging

from corporations to

individual investors—

have significant influence

due to the availability

of alternative service

providers globally. London's

financial institutions must

offer competitive pricing,

innovative products, and

superior service to retain

clients. The City's reputation

and comprehensive range of

services help mitigate buyer

power, but continuous

innovation remains

essential.

Threat of substitute products or services: The rise of fintech and digital

currencies presents alternatives to traditional banking and financial services.

London's proactive adoption of fintech innovations and supportive regulatory

environment aim to address this threat by integrating new technologies into its

financial ecosystem. CITY OF LONDON “Our global offer to business” 4th Edition.

12


LOOKING OUTWARDS

Q2. Does the City of London’s

strategy make sense for this sector?

The City of London Corporation, the

governing body overseeing the financial

district, has focused on several key

strategies: diversification into fintech

and green finance; strengthening

international partnerships post-Brexit;

attracting foreign investment and

talent; advancing digital infrastructure

and cybersecurity.

These strategic moves align well with

current trends. Fintech and sustainable

finance are growing segments, and

attracting international capital remains

critical. The emphasis on innovation

and digitization is also timely, given the

increasing importance of blockchain

and AI in financial services. However,

some critics argue that regulatory

alignment with the EU post-Brexit

remains uncertain, which could affect

long-term competitiveness.

Verdict: The strategy is broadly

aligned with industry trends but

faces execution challenges, especially

regarding post-Brexit regulatory clarity.

Q3. Is the strategy consistent

with the sector's strengths and

weaknesses?

The City of London possesses

undeniable strengths: World-class

financial institutions; A stable and

transparent legal system; global

reputation and networks; strong

fintech ecosystem. Yet, weaknesses

remain: Talent shortages post-

Brexit; uncertainty around financial

equivalence with the EU; Increasing

competition from rival financial

centres.

The City's strategy largely leverages its

strengths—especially in green finance

and fintech—but it remains vulnerable

to external shocks, such as shifting EU

relationships and potential talent drain.

The emphasis on digital innovation

and sustainable finance plays to its

strengths, but structural weaknesses

in regulatory uncertainty and talent

mobility need urgent attention.

Verdict: The strategy aligns well with

strengths but needs more robust plans

to address critical weaknesses.

Q4. Is the City of London

management capable of and willing

to implement the strategy?

Effective leadership is essential for

executing a forward-thinking financial

strategy. The City of London's financial

sector benefits from experienced

leadership across both public

institutions, such as the Bank of

England, and private entities, including

global financial firms headquartered in

the city.

Government bodies, regulators,

and private sector leaders have

demonstrated a willingness to

collaborate on shared objectives,

including sustainable finance and

post-Brexit adaptations. Initiatives

like the Green Finance Institute and

government-backed fintech innovation

programs highlight this commitment.

However, leadership faces challenges

in balancing short-term pressures

(e.g., regulatory alignment with the

EU) with long-term goals (e.g., global

leadership in fintech and sustainable

finance). Political uncertainty also adds

complexity.

Verdict: The City of London's

leadership is largely capable and willing

to implement its strategy, though

political and external economic factors

pose ongoing risks.

CONCLUSION: A BALANCING

ACT IN A SHIFTING LANDSCAPE

The City of London remains a financial

powerhouse, operating in an attractive

yet increasingly competitive sector.

Its strategy is well-aligned with global

trends and sector strengths, but

execution will require consistent

leadership, regulatory agility, and

strategic foresight. If the City can

navigate geopolitical challenges, retain

talent, and lead in areas like sustainable

finance and fintech, it will not only

maintain its status but redefine what

it means to be a global financial hub in

the 21st century.

Robert Merrett was the Master International

Banker between 2020-22 and was elected

to the City of London Council between

2009-2022.

THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS

13

LOOKING OUTWARDS

Growth unleashed

THE LORD MAYOR’S PLANS TO BE BOLDER, THINK SMARTER, AND ‘TAKE OUR FOOT OFF THE BRAKE’

Alderman Alistair King, the 696th

Lord Mayor of the City of London,

is on a mission to promote bold

measures to unlock economic growth.

Speaking at the Lord Mayor’s Banquet

in December, in his keynote address

to the Prime Minister and political

leaders at Guildhall, he welcomed

the Government’s Industrial Strategy

and the Chancellor’s initial steps on

regulatory reform, particularly in

pensions. He reflected on whether

current efforts are sufficient to boost

investment in UK equities and support

the growth of British companies. By

highlighting proposals to incentivise

investment through ISAs and revisit

stamp duty on UK share trading, the

Lord Mayor advocated for a balanced

approach to help homegrown

businesses thrive.

He said: ‘This government has been

unequivocal that economic growth

is its central mission. The Chancellor

has started the process of regulatory

reform, particularly in pensions. Here

in the City, we strongly welcome [the

Government’s] Industrial Strategy that

recognises the critical importance of

the financial and professional services

sector in achieving growth. But we

must ask ourselves: are we going far

enough and are we going fast enough? I

believe the answer is no.

‘Take ISAs, for example. In the 10 years

to April 2023, people put £436bn

into cash ISAs but only £255bn into

stocks and shares ISAs – even though

stocks and shares ISAs have performed

better. When the forerunner of ISAs

was introduced, the deal was simple:

in return for favourable tax treatment

investors put their money into United

Kingdom equities.

‘It is time to look at that model once

again – not mandating anything, but,

offering better advice and incentives

and saying that if you want the full

tax break, you need to be investing

in United Kingdom publicly quoted

equities - which would bring us in line

with our competitors.

‘Redirecting this money from nonproductive

to productive assets would

help scale British companies, improve

returns for savers, and democratise the

market by letting many more people

benefit. It would require a change in

the rules, yes, but not a charge to the

Exchequer.

‘Pensions also offer us huge scope

for opportunity. According to the

think-tank New Financial, a mere 8%

of funds in United Kingdom defined

contribution pensions are invested

in United Kingdom equities - far

behind the levels found in analogous

economies.

‘One of my aims this year - in tandem

with our Policy Chairman, Chris

Hayward - is to engage with key

partners to continue the success of

the Mansion House Compact launched

by my predecessor Sir Nicholas Lyons

18 months ago. I am already working

with the signatories on a refresh of the

Compact, and in the meantime would

like to see much more investment in

the AIM and Aquis markets - home of

fantastic British growth companies

from AudioBoom to Shepherd Neame.

‘And with the pipeline of institutionallyowned

and founder-led companies

needing to go public over the next few

years growing, we should look again at

stamp duty imposed on trading in UK

shares. It cannot be logically correct

that, as it stands, we do not pay tax on

purchases of international vehicles such

as Tesla, but we are taxed for investing

in a British brand like Aston Martin.

‘Recalibrating that misalignment

would provide a shot in the arm for

homegrown companies looking to

scale-up… companies that are currently

all too often heavily reliant on US

funds, resulting in even more of them

listing outside the United Kingdom. The

City of London Corporation will always

be an impartial and honest broker

between industry and government. The

Government provides the platform for

growth, but it is here, in the City, where

the growth will take root.

‘Prime Minister,’ the Lord Mayor

concluded, addressing his principal

guest directly, let us find that growth

for you.’

Alderman Alistair King

Chris Hayward

14


LOOKING OUTWARDS

Mission: Boosting the City to drive growth though our renewed

spirit of ambition, innovative tech and diversse communities.

Mayoral Priorities – 2024/25

London is the number one global finance centre. However, we face strong competition from around the globe. We have the

experience and talent to succeed, but we need to create the conditions for growth, ensure people have the tools they need to

innovate, and embrace the diverse communities that make the City unique. Growth Unleashed is a commitment to be bolder,

think smarter and take our foot off the brake.

Growth Unleashed

The Mayoral Theme will be split into three pillars of activity: growth

optimisation, seizing the whit eheat of technology, and communities.

All activities will have the high-level objective of driving growth.

Growth Optimisation

Seizing the white

heat of technology

Communities – A

network of networks

Better regulation

Risk culture

Hackathon series

City Belonging

Community Networks

International promotion

of positive risk

Super trade

commissioner

Scale-up showcase

AI4C (AI for charities)

Lord Mayor's Awards

Scotland's Engagement

International engagement

The Lord Mayor serves as an international

ambassador for the UK's FPS industry,

representing both London and the UK's

regional hubs in overseas markets with annual

international visit programmes.

This year we will:

• Reset risk appetite to ensure we are seizing every great opportunity.

• Embrace the white heat of technology to keep the UK ahead of the game,

with the UK Financial and Professional Services being habitual early

adopters of dynamic new technologies.

• Amplify our diverse communities to tap into everyone's talent and skills.


LOOKING OUTWARDS

Dame Julia Hoggett at the

Installation Banquet

THE CEO OF LONDON STOCK EXCHANGE FOCUSED ON PURPOSE IN HER SPEECH

AT MERCHANT TAYLORS’

I recently reflected on the differences

between my former role as an

investment banker – and that of CEO

of the Exchange. Whilst there are a

great many differences between the

role of an investment banker and the

CEO of the Exchange, there is one I

want to call out today. The difference

between the rightful focus on the week

by week, day by day and sometimes it

can feel minute by minute changes to

market context that is critical in any

debt or equity execution, and the focus

on more secular trends that you must

have as CEO of an Exchange.

I often say that I run a 300-year-old

FinTech – by that I mean that the role

that the London Stock Exchange plays

is, in its purpose, identical to the one

that Jonathan Castaing was playing in

1698 when he first pinned commodity

prices to a Coffee House door. The way

we do it is fundamentally transformed,

but the purpose of what we do is not.

Our purpose is to bring together those

who have capital with those who need

capital in service of an objective – that

objective ultimately being to drive

growth, innovation and productivity

for the UK and those countries and

companies around the world that

rely on London for their financing.

Everything we do flows from that. It

is our job to identify how the needs

of those two groups are changing and

adapt our markets accordingly.

It is because of this that the UK is

currently undergoing what is, arguably,

the most ambitious reform agenda to

a capital market of any major global

financial centre.

Let me do a very small amount of level

setting before I explain the reform

agenda, because the UK has a superb

base to start from. The UK has the

6th largest economy in the world, but

the UK listed equity market is the 3rd

largest in the world by capital raised

this year (only behind the US and

India).

Year to date, more equity

capital has been raised on the

London Stock Exchange than

in all of 2023 but also three

times more than the next

largest European exchange.

And London rates higher than NYSE

and Nasdaq in providing issuers with

access to follow-on capital – with

53% of those companies who have

IPO’d in the UK in the last five years

having returned for more funding

compared to 27% on Nasdaq and 17%


LOOKING OUTWARDS

on NYSE respectively. The pipeline

is also growing significantly including

from both domestic and high-profile

overseas firms. And, as a former DCM

banker I am thrilled to say that we have

the fastest growing debt market of all

major financial centres – with 261%

year-on-year growth in the number

of securities on our wholesale market

alone.

But as I always say, our capital markets

are not just about basis points and bid

cover ratios and dare I say it deal fees.

It is the ultimate end economic impact

that is most important and yet it is

rarely how we talk about the capital

markets. I once said to the Treasury

Select Committee that I want every

mother in Cumbria to care that we

have a vibrant capital market in this

country because it’s the thing that

will finance a start-up, scale-up (or

indeed mature business) in her area

that will enable her daughter or son

to get a good paying job, be able to

afford to live in the area where they

grew up so that she can grow old

near her grandkids. That is not how

we talk about the City in this country,

but it is how we should talk about it –

particularly if we want a public license

to operate.

It is this principle that is driving the UK’s

capital markets reform agenda. In July

of 2022, the Capital Markets Industry

Taskforce was announced by the

then Chancellor in his Mansion House

speech. I have the privilege of chairing

that Taskforce, made up of private and

public company and buy-side leaders,

and intermediary representatives and

it operates to a very simple vision

statement:

The Master grants Dame Julia Honorary Freedom of the Company

That is what our capital markets do,

and we have looked at the entire

reform agenda through that lens. Now I

am also very aware of the global nature

of the City – I would be remiss not to

recognise that, especially at an event

for international bankers. Indeed, I did

not make a domestic call to a client

until 13 years into my banking career!

But whilst we must recognise London’s

international pedigree, we also know

that by ensuring a thriving domestic

issuer base with a large domestic pool

of investment capital behind it, we

also enhance London’s ability to serve

international clients.

To that end, the Capital Markets

Industry Taskforce has a reform

agenda that we term ‘Five Fingers and

a Glove’ with the aim of making our

capital markets more accessible, more

efficient, and more attractive than they

have ever been.

How do we create the best possible environment in this country

for great companies to start here, grow here, scale here and

stay here, and how do we make sure that our capital markets

have the best possible assets for our policy holders, our

pensioners and our savers to have enough money for life events

and old age?

(For a full description of this ‘five

fingers’ agenda, see the summer

edition of The International Banker,

available on the WCIB website.)

These are all hugely ambitious and very

well-coordinated initiatives that are

progressing at speed to support the

competitiveness of London’s markets

and their ability to both serve the

domestic economy, and our role as a

global financial centre.

So, despite not necessarily turning to

each market fluctuation, I hope you can

see that London is not standing still,

not resting on our laurels and has set in

train one of the most ambitious reform

agendas in the world. One started by

the last government and fully endorsed

by the current government, to each of

their credits, without missing a beat.

And it is for one simple reason, to

provide the best possible mechanisms

by which our capital markets can

support the needs of companies – both

private and public – and investors –

both institutional and retail – for what

they need today and tomorrow, not

what they might have needed a decade

ago.

All in service of one thing – helping

to support growth, productivity and

ultimately prosperity wherever those

ultimate users of our market operate.


17

LOOKING OUTWARDS

Sir John Kay on the 21st century

corporation

‘WHY (ALMOST) EVERYTHING WE ARE TOLD ABOUT BUSINESS IS WRONG’

And no one puts new wine into

old wineskins; or else the new

wine bursts the wineskins, the

wine is spilled, and the wineskins

are ruined. But new wine must be

put into new wineskins.

Mark 2:22, New King James

Version1

In 1901 financier J. P. Morgan

orchestrated the creation of US Steel,

then by almost any measure the

largest company in the world. Two

years earlier, John D. Rockefeller had

consolidated his activities into Standard

Oil of New Jersey, which controlled

around 90 per cent of refined oil

products in the United States. Steel

and oil were essential elements in the

rise of the automobile industry, which

would transform both everyday life

and the ways in which people thought

about business.

Business historian Alfred Chandler

documented the rise of the modern

managerial corporation in his

magisterial Strategy and Structure

(1962). The book showcased General

Motors, along with chemical giant

DuPont, retailer Sears Roebuck and

Standard Oil of New Jersey. These

companies dominated their industries

in the United States and increasingly

operated internationally. They exerted

political influence, and their turnover

exceeded the national product of many

states. Their combination of economic

and political power seemed to secure

their dominance in perpetuity.

It didn’t. In 2009 General Motors

(GM) entered Chapter 11 bankruptcy.

GM is still – just – the top-selling US

automobile supplier, but its global

production lags far behind that of

Toyota and Volkswagen. DuPont has

broken itself up, and Sears Roebuck is

more or less defunct. These failures

are not because people have ceased

to drive cars and shop or because

business no longer requires chemical

products. Incumbents lost out because

other businesses met customer needs

more effectively. Among Chandler’s

examples only Standard Oil of New

Jersey – now ExxonMobil – continues

to enjoy its former leadership status.

Somewhat quixotically, in view of the

widespread demand for a transition

from fossil fuels.

In the 1970s you might

presciently have anticipated

that information technology

would be key to the

development of twentyfirst-century

business. And

many savvy investors did;

their enthusiasm made IBM

the world’s most valuable

corporation. The leading

computer company of the age

would surely lead the race to

the new frontier. That wasn’t

how it worked out.

On Wall Street they called the upstarts

‘the FAANGs’ – Facebook (Meta),

Apple, Amazon, Netflix and Google

(Alphabet). Then the fickle fashion

of finance favoured the ‘Magnificent

Seven’, with Netflix replaced by Nvidia,

and Tesla and Microsoft added to the

list – the latter restored to fortune

after missing out on the Apple-led

shift to mobile computing in the first

decade of the new century. Microsoft

is actually the longest established of

these titans of the modern economy,

famously founded in 1975 by Harvard

dropouts Paul Allen and Bill Gates. Four

of these businesses companies began

trading only in the twenty-first century.

None of the FAANGs is a manufacturer

(I will explain Apple later.) The

employees of these companies are not

the labouring poor, victims of class

oppression; many hold degrees from

prestigious universities. (I will come

back to Amazon later.) The workers

are the means of production.

In 2023 investors believed that the

‘Magnificent Seven’ represented the

future of business. They clamoured

to buy their stock, as they had once

18


LOOKING OUTWARDS

clamoured to buy US Steel, General

Motors and IBM. And these investors

are likely to be right – for a time. But

experience suggests the dominance of

the seven is likely to be as transitory

as that of the large businesses of

earlier generations. As I write this,

negotiations are proceeding for the

rump of US Steel to be bought by

Nippon Steel of Japan, and Andrew

Carnegie and the Gilded Age have

become a footnote to history. Thus the

mighty fall – or just slowly fade away.

A central thesis of this book

is that business has evolved

but that the language that

is widely used to describe

business has not.

The world economy is not controlled

by a few multinational corporations;

such corporations have mostly failed

even to control their own industries for

long. In the nineteenth and twentieth

centuries capital was required to

build, first, textile mills and iron works,

then railways and steel mills and

subsequently automobile assembly

lines and petrochemical plants. These

‘means of production’ were industryspecific

– there is not much you can do

with a railway except run trains along it,

and if you want to be an engine driver

you need to seek employment with a

business that operates (but, as I will

explain, does not necessarily own) a

track and a train.

The leading companies of the twentyfirst

century have little need of such

equipment. The relatively modest

amounts of capital they raise are

used to cover the operating losses

of a start-up business. The physical

assets required by twenty-first-century

corporations are mostly fungible: they

are offices, shops, vehicles and data

centres which can be used in many

alternative activities. These ‘means

of production’ need not be owned by

the business that uses them and now

mostly they are not.

Thus the owners of tangible capital,

such as real estate companies and

vehicle lessors, no longer derive control

of business from that ownership.

Labour is no longer subjected to the

whims of capitalist owners of the

means of production. Often workers

do not know who the owners of the

physical means of production are, or

who the shareholders of the business

they work for are, and they don’t

know because it doesn’t matter. They

work for an organisation that has a

formal management structure but

whose hierarchy is relatively flat and

participative.

Necessarily so. In modern businesses

the ‘boss’ can’t issue peremptory

instructions to subordinates, as

Andrew Carnegie and Henry Ford did,

because modern bosses don’t know

what these instructions should be: they

need the information, the commitment

and, above all, the capabilities which

are widely distributed across the

organisation. The modern business

environment is characterised by radical

uncertainty. It can be navigated only by

assembling the collective knowledge

of many individuals and by developing

collective intelligence – a problemsolving

capability which distinguishes

the firm from its competitors, and

even its own past. Relationships

in these businesses cannot be

purely transactional: they require

groups of people working together

towards shared objectives, and such

cooperative activity necessarily has

a social as well as a commercial

dimension.

Collective knowledge is the

accumulation of the facts and

theories we can find in libraries and

on Wikipedia, augmented by insights

from our own experience and that of

others. Other animals mostly know

what they have learned for themselves.

We understand science and appreciate

art because of the endeavours of

great scientists and famous artists and

the efforts of our teachers to explain

their achievements to us. Collective

knowledge also includes what we have

learned about ourselves and each

other through our social and business

interactions. When to praise and

when to criticise, when to follow and

when to lead. Collective knowledge is

sometimes described as ‘the wisdom of

crowds’, but the wisdom of crowds lies

in the aggregate of knowledge rather

than the average of knowledge. No one

knows everything about anything or

much about everything.

The twenty-first-century corporation

is defined by these human capabilities,

not its physical capital. The successful

firm builds distinctive capabilities

and distinctive collections and

combinations of capabilities –

capabilities such as supplier or

customer relationships, technical

and business process innovations,

brands, reputations and user

networks. These things can only be

– at most – approximately replicated

by competitors. Such differentiation

among firms means that the structure

of modern industry is very different

from that of the past, which featured

an economy in which essentially similar

farms, mills and steelworks competed

in the production of essentially similar

products in capital-intensive and

purpose-specific facilities.

Excerpted with permission from ‘The

Corporation in the 21st Century’ by Sir john

Kay CBE FRS, published by Profile Books.


LOOKING OUTWARDS

Senior Warden Tim Skeet on

counting sheep in a drugs factory

MAN FOR ALL SEASONS AND CAREER BANKER TIM SKEET ON THE JOYS OF CITY TRADITIONS

Talking at a recent dinner in the City, sheep and an ancient

drug factory played a part in my comments. Only here in the

City of London might this strange combination make sense.

Above all the City is a place of history and of fellowship.

I was somewhat unexpectedly invited to address the City

Livery Club at their recent installation dinner, when Alderman

Emma Edhem assumed the club Presidency. Given my own

progression in the Livery, I thought I ought to accept. I must

confess, I had not heard of the City Livery Club, nor indeed

was I given much guidance as to what might be expected of

me for the speech. However, I was given a time to speak, an

advised length, a place to show up (Apothecaries Hall) but

I was then on my own.

After some reflection and a stiff drink, I decided simply to

share some thoughts and observations about the City, the

Livery and what makes the Square Mile so unique. My main

hope would be to get through the allotted time and end up

with an audience still awake.

TIMES GONE BY

The point of departure for my remarks was the admission

that I might be a relic from a past City and bygone time. I

had survived the long, indeed very long lunches, that time

when men always wore ties, when there was no (or very

little) regulation, Big Bang had not happened, runners still did

the ‘City Walk’ to deliver mail… a time when the Montagus,

Warburgs and Morgan Grenfell dominated the City landscape,

and before the American investment tanks rolled in from the

West.

It was a time when you could still go from post room to

board room and it was not necessary to have a PhD in nuclear

particle acceleration physics or a Harvard MBA, but a BA in

modern languages was quite enough for a graduate hire.

FELLOWSHIP IN THE MELTING POT

Much has changed, but one thing that has

not changed is the sense of fellowship that

pervades many parts of the Square Mile, an

enduring aspect of the character of the City.

Of course, when one talks about the City, there are many

communities here - the City is a remarkable melting-pot of

cultures, languages, peoples, all brought together in this

historic 2,000-year-old business district, the likes of which

cannot be found anywhere else in the world.

20

LOOKING OUTWARDS

The City brings people together, eccentric,

pragmatic, creative people, to do business.

Today, as over the centuries, there are many

challenges - the shifting tectonic plates of

world geopolitics, wars, climate change,

Brexit… but despite obstacles, past and

present, the businesses in the City have been

able to navigate all sorts of difficulties.

WOOLLY ENGAGEMENT WITH SOCIAL MEDIA

Most of us are familiar with and probably just take for granted

the quirks of City tradition. Recently I spoke to almost 200

students at a university lecture. I started by telling them how I

herded a few sheep over Southwark bridge, a statement that

was met with perplexed expressions and much confusion.

One of the students, unsurprisingly, wanted to know what

sheep had to do with anything in the City… perhaps it is just

one of those mildly eccentric British things, that has little

bearing on today’s world.

The more I have travelled abroad and the more time I have

spent in the City, the more I have come to appreciate the

traditions and fellowship of this City, its remarkable way of

mixing people, and creating a sense of belonging. It does

this in a remarkable way, by both embracing the past and its

traditions and dealing with the future.

BONKERS POLITICS AND POWER

The Livery movement is very much part of the traditions. The

ancient structure of the City and its quirkiness is certainly

something to celebrate. However much I did not know

about the 110-year-old City Livery Club, many of our fellow

City workers remain unaware of the traditions, of the Livery

movement and what it represents.

We can and should all do a much better job explaining and

‘selling’ to those who either don’t know at all, or are only

vaguely aware of this aspect of the City. I am constantly

surprised how many people know so little, beyond perhaps

hearing of the Lord Mayor and his annual ‘Show’.

A guest at our own recent installation dinner, a non-city

person who had never attended a Livery event, commented

that he thought the whole event was “wonderful…. but

completely bonkers”. Indeed, many aspects of the traditional

side of the City might well be best described as ‘bonkers’ or

perhaps the inspiration for Harry Potter or Game of Thrones,

but without the blood.

That said, over my long career, I have met many Lannisters

and Targaryens here in the City. Office politics or indeed the

politics of the City Corporation can be quite ruthless. I still

have my own scars to show for it!

Nevertheless, here across the Livery we are in a place where

the world can meet. This is a melting pot of friendships,

rivalries, partnerships and ruthless competition, but where we

can all sit down in a historic hall, lift a knife without stabbing

anyone, and listen to someone like me or even some luminary

of note ramble through a speech.


LOOKING OUTWARDS

However, although the ceremony is inspired by ancient

rights to not pay tolls, it also celebrates England’s most

important medieval commodity trade - the wool business.

This illustrates the way the City has evolved as a centre for

commodity trading and finance. One minute we trade wool

and sheep meat, the next we trade carbon credits, or perhaps

in future livestock methane emissions. In future we the

Woolmen might not just demonstrate sheep shearing and

herding, but sheep emissions hedging.… watch this space.

Interestingly the sheep were really popular online. I don’t

really do social media, but do use LinkedIn, where the sheep

turned me into some kind of ‘influencer’! I had posted a

serious article in The Banker magazine on Unicredit bidding

for Commerzbank which attracted a couple of thousand hits.

The bit on the sheep saga topped 36,000 and is still rising!

DRUGS PAST AND FUTURE

The sheep episode confirms London as being rather special -

a thought captured by Oscar Wilde, who back in 1900 made

the comment - “I love London society It is entirely composed

now of beautiful idiots and brilliant lunatics. Just what

Society should be”. Has much changed since then? The City is

certainly upholding the tradition.

Another part of the City’s history can be noted in the place

where I gave this address - the Apothecaries Hall (below).

The City is full of stories and links with the past that point

clearly to the future. Built in 1672 following the Great Fire,

the hall is one of the few survivors of the 1940s Blitz. This was

one of the world’s first drugs factories, part of the beginning

of the pharmaceutical revolution that offers us today antiobesity

and anti-ageing.

Adding here a personal word on these two topics - on antiageing

I have a horrible painting in the attic (though my name

is not Dorian Grey) and on weight control, a concern for

anyone contemplating the number of dinners on the Master’s

menu, I have a 36-year-old Welsh rugby player personal

trainer. Perhaps the new drugs might be better options!

TELLING THE STORY

The hall also was the venue for the sitting of medical exams.

Interestingly John Keats sat his exams in this hall almost

two hundred years ago. He is better remembered today as

one of Britain’s most celebrated poets (a statue has just

been erected to Keats at Moorgate) rather than a medical

practitioner.

Borrowing some of Keats’ lines:

“Nothing ever becomes real 'til it is

experienced.” And here in the City we have

so much to experience and so many stories

to tell. The City is rich in stories and

traditions but we must all learn to be better

story tellers and spread the word with our

wider communities.

If asked to summarise what four decades in finance has

taught me about the City, I would put it very simply:

• We need to be commercial, but human

• We must be diplomats and businessmen combined

• We still need to have fun and embrace the ‘bonkers’ spirit

The City is a unique melting pot of cultures and colours, an

example of pragmatism and business to the rest of the world.

The Livery movement, the WCIB in particular, is very much

part of this ancient and modern story and the embodiment

of international.

The speech given, dozing diners counted, congratulations

offered to Alderman Emma Edhem for becoming President

of the Club, the job was done.

22


LOOKING OUTWARDS

Recognising independence,

courage and sacrifice

MIDDLE WARDEN ALI MIRAJ ON HIS BRAINCHILD, THE ANNUAL CONTRARIAN PRIZE

FOR THOSE WHO STAND UP FOR WHAT THEY BELIEVE IN

Middle Warden Ali Miraj is the

founder and driving force behind

the Contrarian Prize, which seeks to

recognise individuals in British public

life who demonstrate independence,

courage and sacrifice. It aims to shine

a light on those who have made a

meaningful contribution to the public

debate through the ideas that they

have introduced or the stand they have

taken.

All nominations come directly from the

public and are considered by a diverse

panel of judges that are all highlyrespected

within their respective fields.

Ali believes strongly that ‘the

conformists are rewarded with senior

positions in government, business,

quangos and the media. But there is

nothing to acknowledge those that

stand up for what they believe in and

suffer as a result. We applaud our

military heroes but what about those

heroes of conscience whose impact

may, in time, be profound?’

When the prize was established in 2012

it was against a backdrop where the

British public had lost faith in the key

institutions in our country. Parliament,

the press, the police and bankers were

all in the dock. From the expenses

scandal, to phone-hacking, to financial

mismanagement, we had witnessed

abuse on a gargantuan scale and public

trust had broken down.

‘In recent years,’ says Ali, ‘we have

seen the rise of “cancel culture” where

individuals that changing the prevailing

consensus are hounded and in some

cases lose their jobs as a result of

merely expressing their opinion. How

can society advance if there is no

open discussion around ideas? The

only people that seem to prosper are

those that perpetuate the status quo,

conform to the party line and never

challenge the prevailing consensus.

The Prize aims to encourage people to

think about individuals in British public

life - politicians, journalists, activists,

business people, religious leaders and

others - who demonstrate authenticity,

independent thinking and boldness.

These people go against the grain, put

their head above the parapet and stand

up for what they believe.

‘History has shown us that those who

take the path of conviction as opposed

to the path of convenience do exist.

Nelson Mandela, Mary Wollstonecraft,

Millicent Fawcett, Abraham Lincoln,

Mahatma Gandhi, Rosa Parks and

Galileo are good examples.’

The former Greater Manchester Police

detective, Maggie Oliver, who resigned

her job in disgust over its neglect in

handling the grooming scandal of

young girls in Rochdale, won the

2024 Prize.

Oliver resigned from the police in

2012 having battled for 18 months to

raise her concerns internally without

success. She then established a

foundation and dedicated her life to

supporting the victims.

A report commissioned by the Mayor

of Greater Manchester published in

January 2024 covering the period

2004 to 2013 set out multiple failed

investigations by the police and

apparent indifference to the plight

of mainly white girls from poor

backgrounds. Oliver stated that young

people were still being abused in the

town and that victims were living in fear

in fear as abusers walk the streets and

a number defy court orders to return

to Pakistan.

The prize was presented by the

acclaimed political broadcaster, Adam

Boulton, who has diligently held the

powerful to account for decades.

The prize-giving ceremony which

took place at Alon Zakaim Fine Arts in

October, attracted an eclectic group of

leading individuals from multiple fields

including finance, business, law, the

media, politics, the charitable sector,

the arts, academia and dance music.

"I am delighted to have won the

Contrarian Prize in recognition for

standing up for the victims of child

grooming in Rochdale. Many of the

issues I highlighted then continue to

this day,” said Oliver.

The prize, symbolised in the form

of a stunning sculpture entitled the

‘Three Politicians’, was produced

by the renowned pop artist, Mauro

Perucchetti. Ali Miraj said: ‘The

systematic grooming of young girls

in Rochdale over a period of years

revealed multiple failures by the

authorities to accept and deal with the

situation. Maggie Oliver had the guts to

stand up, sacrificing her career in the

process and has committed her life to

doing what she can to help them.

The Contrarian Prize is not backed by

any large corporates or foundations. It

is funded by a small number of private

individuals who believe that recognising

those that stand up for their beliefs

and change the terms of the public

discourse is of huge importance.

www.contrarianprize.com

@contrarianprize #cprize


23

LOOKING OUTWARDS

Building capacity for climate

and transition finance

FREEMAN SIMON THOMPSON REPORTS FROM COP29 IN BAKU

ON EMPOWERING EMDES FROM THE GROUND UP

As the year draws to a close following the conclusion of

COP29, the global spotlight remains fixed on climate finance,

the energy transition and emission reductions. International

climate financing continues to generate discussion, with

general consensus around the urgent need for greater

funding and support from developed nations to support

emerging markets and developing economies (EMDEs) in

their pursuit of a just energy transition. EMDEs account for

roughly two-thirds of global emissions, and climate finance is

urgently needed to reduce their carbon footprint. Without

transition finance, coal plants in Asia alone will exhaust the

remaining carbon budget if they are not transitioned out

early. However, debates persist: How much funding is enough

and where should it come from?

While closing the global climate-finance gap is imperative

to stave off the worst effects of climate change, achieving

this goal requires more than financial flows from developed

nations. EMDEs should be empowered at regional and

national levels to fully realize the opportunities presented by

the energy transition, including economic growth, support

for green industries, job creation, and more. And while

more access to financing is needed, funding from developed

nations for EMDEs is not the only avenue available for

developing countries to engage in the net-zero transition. The

role of domestic financial institutions cannot be overlooked

in EMDEs’ paths to reduce emissions. While EMDEs will

require $2.4 trillion in annual climate finance by 2030

(Stern-Songwe) to build resilient, sustainable economies and

enable the global transition to net zero, around half of this is

expected to come from domestic financiers.

THE CHALLENGE: A CAPACITY GAP IN EMDE

FINANCIAL INSTITUTIONS

EMDE financial institutions have immense potential to drive

the shift to clean energy, but many are in the early stages of

their climate journeys – lacking the human capital, established

infrastructure, or the technical expertise needed to navigate

the complexities of climate finance. A 2024 Global Capacity

Building Coalition (GCBC) survey revealed that 75% of

financial institutions in EMDEs face significant barriers to

accessing resources needed to transition to net zero.

Without the technical capacity and resources to navigate

climate disclosure, target setting, transition planning,

and tracking and reporting, EMDEs risk falling behind the

ambitious timelines demanded by the climate crisis. The

GCBC is committed to tackling this challenge head-on by

providing the tools and expertise these institutions need to

succeed.

THE GCBC: SCALING CLIMATE FINANCE

CAPACITY

Launched at COP28 in November 2023, the GCBC is

an unprecedented alliance of UN agencies, multilateral

development banks (MDBs), private finance initiatives, and

philanthropic organizations to scale up climate and transition

finance capacity-building in EMDEs. By simplifying the

landscape of climate finance capacity-building, GCBC aims to

build institutional capabilities and individuals’ competence to

help financial institutions unlock and channel investment that

drives the energy transition while supporting local economies

and communities.

Since its inception, GCBC has secured the support of more

than 50 members, who collectively work with over 5,000

public and private financial institutions, 160 financial centres

and exchanges, 130 central banks and financial regulators,

and millions of finance professionals. The coalition spans

continents, with members headquartered across Asia, Africa,

Europe, and North America, reflecting the global support

and recognized importance of coming together to promote

economic growth and environmental resilience in EMDEs.

A DIGITAL PLATFORM FOR THE FUTURE

The GCBC’s first deliverable is its GCBC Digital Platform,

which serves as a central hub for capacity-building resources

tailored to financial institutions in EMDEs. Launched during

New York Climate Week 2024, a beta version of the Platform

provides a preview of what the live version will look like. Users

can provide feedback throughout the consultation period,

which is open until the 31st December 2024.

Through the Platform, the GCBC aims to both reduce

unnecessary fragmentation and duplication of resources, as

well as remove barriers to accessing critical information. The

Platform is a global hub for climate finance capacity-building

and technical assistance resources – increasing the availability

and effectiveness of climate finance technical assistance

programs for financial institutions in EMDEs to support the

net-zero transition. And while many existing resources for

capacity building are inaccessible and can be costly for users,

the GCBC’s Platform is freely available, removing barriers

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LOOKING OUTWARDS

to critical information. The Platform consolidates vital

tools, case studies, events, and live learning opportunities.

It provides free and multilingual access (all UN languages,

plus Portuguese and Indonesian) to support inclusivity and

engagement.

Ultimately, the GCBC Platform will support the global

climate agenda of the UN and the G20 through enhanced

collaboration and responding to requests for capacitybuilding

support from financial institutions in EMDEs to meet

the aims of the UN and the G20 Sustainable Finance Working

Group (SFWG).

GLOBAL ACTION FROM THE GROUND UP

The stakes are too high for inaction. While discussions

about collective climate finance targets continue, the GCBC

offers a tangible solution for financial institutions to act

now, supporting financial institutions in strengthening their

capacity to finance climate solutions, integrating sustainability

into their operations, and championing the transition.

Climate and transition finance are not just top-down

processes; they must also be driven from the ground up.

Through initiatives like the GCBC, EMDEs can seize the

opportunities presented by the energy transition, creating

a future that is not only sustainable but also inclusive and

prosperous. The time to act is now.

Simon Thompson FCBI is Managing Director of the Global Capacity

Building Coalition

BLENDED FINANCE COMES OF AGE

In the wide and fast-expanding world of sustainable

finance, blended finance was the buzz phrase of the

latter half of 2024. Bankers have a pivotal role in

creating sustainable, resilient circular economies – like

recycling infrastructure, waste-to-resource technologies,

and sustainable manufacturing - by leveraging new

techniques combining public, private, and philanthropic

capital to de-risk investments in such initiatives.

Circular economy developments often need upfront

investment with long-term returns, which can be risky.

Bankers can facilitate the flow of capital by structuring

blended deals that combine concessional financing (from

governments or development finance institutions) with

private capital (from banks, impact investors, or private

equity). This reduces the perceived risk and encourages

private-sector involvement in projects.

Blended finance also enables the creation of hybrid

financial instruments (such as subordinated debt or firstloss

capital) that can help overcome barriers to entry

for circular economy investments. Bankers can structure

these products to attract private investors by offering

them a first right to return on investment while mitigating

their risk, thus unlocking the funding needed for circular

economy innovations.

Our colleagues can help in developing impact metrics to

track the effectiveness of circular economy investments.

This is critical for gaining investor confidence and

ensuring accountability. By measuring how well projects

reduce waste, minimize resource consumption,

and promote reusability or recycling, bankers can

demonstrate the financial viability and environmental

impact of circular economy initiatives, attracting more

investment.

Banks can collaborate with governments and multilateral

organisations to create policy frameworks that incentivise

the adoption of circular economy models. They can

advocate for favourable regulations and standards that

facilitate blended finance structures for these projects,

ensuring alignment between public policy, corporate

strategies, and financial incentives.

Blended finance can de-risk circular economy

investments by providing guarantees or insurance

products that protect investors against certain types of

risk (such as market or technological risks). Bankers can

use these instruments to reduce the financial barriers

to entry for private investors and accelerate the flow of

capital into circular projects like green energy, sustainable

agriculture, or waste management. George Littlejohn


LOOKING OUTWARDS

Canada in the City

LIVERYMAN MADISON REAMSBOTTOM ON HER FELLOW COUNTRY FOLKS IN LONDON

The City of London stands as a global financial hub, attracting

talent from around the world. Canadians have converged

on the City and many have settled into influential careers in

finance, law and consulting. The appeal of the City is obvious:

fast moving opportunities in financial services, a vibrant

social scene, and a competitive atmosphere sees ambitious

international jockeying for opportunity.

The City’s reputation as a financial powerhouse draws the

best from abroad; with an international stock exchange,

multinational banks and asset management houses, cutting

edge alternatives firms and enough data provision to knock

your socks off; there is something for everyone. Canadians

find themselves among the crème de la crème of the

international talent pool, showcasing work across sectors and

skillsets. If you want to meet the world, come to London.

A recent briefing with the Lord Mayor, Alderman Alastair King,

has highlighted the opportunity to capitalise on the City's

diversity to turbocharge the UK economy. Growth will be a

focus of the Lord Mayor's tenure, and we are in the privileged

position of having a wealth of experience from Canadians in

the City. With our new master, Nick Garnish of Canadian bank

CIBC, in place, we are poised for a year that sees the great

white north’s transplants leverage their know-how in service

of their adopted homeland.

How does the City, often rather wet and

grey, draw individuals from one of the most

beautiful natural landscapes in the world?

It is true that Canada has the ideal blend of

wilderness, high standard of living, and a

robust healthcare system.

Perhaps by virtue of these benefits, Canadians could be

accused of insularity. Canada’s youth and geographic

remoteness may create a barrier to opportunity for some

who have wider ambitions. Having come here to study from

Canada’s maritime province of Nova Scotia and subsequently

landing a first job at The Economist, Johanna Conil-Lacoste

was drawn to London as a city of opportunities that are

hard to match elsewhere. ‘I [feel] at home in London. I have

always found London a rewarding city in terms of career

progression and as a financial hub. There is also a good lifework

balance, and we have a lot of green space, so all in all, it

feels like a calmer city compared to other financial centres.’

Having worked in roles across Bloomberg and covering Equity

26


LOOKING OUTWARDS

Strategy Research at Mirabaud Group, Conil-Lacoste has seen

a cross-section of life in the City; she notes that ‘Londoners

are outgoing, open-minded, and have a great sense of

humour!’

Armed with wit and an ability to weather storms, are

Londoners worried about volatility, geopolitical crises, and

the risks these pose to the UK’s growth agenda? When asked

about the rapidly shifting political landscape dulling the shine

on the City of London, Hans Bathija of the WCIB says the

continuum is what is important. He suggests that we not

let short term issues distract from the long-term integrity

and stability brought by the City’s traditions. We are at a

crucial inflection point in the UK. The cost-of-living crisis,

polarised communities, and rampant climate change threaten

rocky years ahead, rife with challenges and risk. In balance

with these trials, hope shines. A new government in the

UK bringing change and opportunity could provide the jolt

needed to inspire growth. Highlighting our diverse nation can

shed light on how best to capitalise on this opportunity.

Shared language, history, and cultural ties foster a sense

of community. Following a recent visit to Quebec House,

the home of General James Wolfe and national trust site

commemorating a shaping force in the founding of Canada,

the connection and close ties between our countries was

driven home. Socially astute groups of locals and expatriates

allow newcomers to connect, providing both personal and

professional support. Conil-Lacoste agrees: ‘Coworkers invest

in getting to know their colleagues - so beyond the career

prospects it is a great place to [be] socially.’

prospects but also contribute to the vibrant and diverse

landscape of London’s workforce. It is, however, key to keep

an eye on the prize: lifestyle.

WCIB Freeman Bailey jokes that the UK has the highest rating

in his personal index: ‘just like the CPI measures inflation

with 50 representative products, I have something I call the

MHI (Marsh Happiness Index). In this index are wine lists

and cheese trolleys and languages spoken on the street, all

of which have a much greater variety than anywhere else.

Imagine finding cheddar cheese on a trolley in France, or an

Australian wine on the card in Italy. It simply doesn’t happen.

Here it does. I celebrate that diversity. London has it all.’

The bond between Canada and the City

of London remains strong, fostering

opportunities for collaboration and growth in

the years to come.

When signing off work at the end of this week, take a moment

to marvel; raise a glass, grab a bite, drink in a vista. This is the

cultural capital of the world; we are the lucky handful who

embody this spirit.

London’s multiculturalism and deep history appeal to expats.

Whether indulging one’s weakness for Punjabi cuisine,

penchant for analogue photography, or enjoying the ingenuity

expressed in the City’s post war architecture, there is

something for everyone to grab hold of and, at least in part,

claim as their own. Marshall Bailey OBE, Chair of the Board

for both MUFG Securities and the CFA Institute, articulates it

well: ‘Both Paris and Prague were spared the destruction of

bombing during the Second World War, but so many other

cities were destroyed. It was a close friend of mine from Essex

who pointed out to me that a 1950s or 1970s construction

was on the site of a destroyed building, and that this pockmarked

heritage of courageous survival was on display.

This remarkable reflection is one daily reminder of the past,

and of a bright future.’ One never tires of looking up at the

City’s sparkling skyline showcasing the best of contemporary

architecture blended with the reminders of this history.

With the initial pitfalls of navigating the housing market,

sorting through visa paperwork, and scouting the local pub

in the past, Canadian expats settle here and contribute to the

UK’s growth agenda. As the City of London continues to drive

forward this growth, the inflow of Canadian professionals

plays a vital role in its ongoing success. With their intrepid

heritage, adaptability, and strong sense of community,

Canadians in the City not only enhance their own career


LOOKING OUTWARDS

UK investment trusts: fuelling

growth and innovation for 156 years

FREEMAN KATYA GORBATIOUK ON A STRUCTURE THAT HAS STOOD THE TEST OF TIME

At the time when the UK is

united in its quest to restart

economic growth, upgrade

critical infrastructure,

stimulate investment in

innovation and improve

retirement pots, are we

deploying the full power of

our capital markets to get us

there faster?

The listed investment company

structure - often referred to as

an investment trust - is a UK-born

innovation that has stood the test

of time. 156 years and counting!

Rooted in the entrepreneurial genes

of those who sought to deliver unique

investments to the masses, investment

trusts were born with the vision of

the founder of F&C Investment Trust

of “bringing stock market investing to

those of moderate means”.

156 years later, this purpose lives on,

with institutional and retail following

seeking to reap the benefits of

actively managed portfolios shaped by

managers with specialist expertise.

Whilst at the end of the 19th century

those portfolios invested in breweries,

diamond mines and insurance

companies, today the strategies have

evolved to infrastructure, renewables,

and high-growth sectors such as

tech and life sciences. The market

for investment trusts has thus been

moving in sync with the needs of our

times, delivering capital into the areas

where long-term investment is required

through different economic cycles.

The same market can take us into the

future we want, serving our ambitions

to accelerate energy independence,

jumpstart regional growth, fuel

innovative scaleups and upgrade critical

infrastructure.

A listed investment trust has become

a perfect wrapper for delivering

capital at scale to areas of growth and

innovation, especially opportunities in

productive assets and private markets.

What is the formula? Put simply, the

investment trust structure matches up

the long-term nature of the investing

entity with the long-term capital needs

in the underlying areas of investment,

such as infrastructure and life sciences.

Enabled by the UK’s regulatory

framework, which does not place

limits on portfolio allocations to

illiquid assets within listed closed-end

funds, today over half of portfolios

offer exposure to assets that would

otherwise be difficult to reach.

Take private equity as an example of an

asset class that is accessible with large

institutional commitments of $50-100

million locking up that capital for 7-10

years. Listed private equity investment

companies expand access to this asset

class and the underlying sources of

returns to a broader range of retail and

institutional investors, along with the

benefits of daily liquidity, governance

and transparency that public markets

stand for.

The fixed-capital structure is an

important factor in the ability of

portfolio managers to deliver returns,

especially when it comes to alternative

assets.

As distinct from open-ended or

semi-liquid funds, where investors are

entitled to withdraw capital, the listed

nature of investment trusts enables

investors to exit their investments

by selling shares in the open market

without reducing the capital pool. This

avoids the need to maintain a liquidity

buffer – an inevitable drag on returns –

as well as the risk of forced liquidation

of assets at the wrong time. As distinct

from traditional private equity, the

fixed-capital structure enables the fund

manager to invest in the underlying

companies in perpetuity without having

to time the investments with the

limited life of the private equity fund.

Whilst London continues to compete

for the role of a leading global

financial centre, our investment trust

market is head-and-shoulders above

its counterparts. Over 300 listed

investment trusts are managing circa

£270 billion in assets and constituting

more than a third of the FTSE 250

universe, with several in the FTSE 100.

They draw some of the best asset

management talent, bringing forth a

spectrum of areas of today’s growth

and innovation, with an eye on new

opportunities ahead.

The prospects for further growth are

just as compelling as the rich history of

this market. As UK’s large capital pools

such as pension and insurance, adding

up to over £4 trillion of capital, are on

the way to review their risk and return

appetite, listed investment trusts stand

to deliver a well-tested pathway for

diversifying sources of returns and

accessing private markets - in a way

that addresses the liquidity riddle.

Investing this long-term capital in areas

of growth and innovation is imperative

for building better retirement

outcomes and fuelling the economy.

To enable the investment trust

market to be one of the engines of

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LOOKING OUTWARDS

UK economic revival, the Government

is reforming the relevant legacy EU

PRIIP and MiFID regulations. The twoyear

road to these reforms has been

paved by a group of dedicated market

participants and parliamentarians,

led by Baroness Bowles and Baroness

Altmann. The measures announced in

September 2024 could not be timelier,

given the natural alignment between

the economic outcomes all of us are

seeking with the capabilities of this area

of capital markets.

Investing in progress has

been the golden thread of

London’s listed investment

trust market over its 156-

year history. Today this

market continues to serve

this distinct purpose.

I like to think about it as the secondbest

manmade creation (the first one

is a symphony orchestra). It is then

our job to continuously test that the

orchestra of this industry is tuned, so

that many more of its great melodies

play on.

Katya Gorbatiouk is Head of Investment

Funds in Primary Capital Markets at the

London Stock Exchange. She serves on the

Stakeholder Insight Group of the Financial

Reporting Council and the Best Practice

Committee of the IR Society. Most recently,

she has been appointed Chair of the UCL

School of Slavonic and Eastern European

Studies. She is a member of the Advisory

Council of the London Symphony Orchestra

and Trustee of the London Music Fund.

SPECIAL TRIBUTE

The Investment Company Cost

Disclosure Campaign mentioned by

Katya was awarded a special tribute

in November at Investment Week’s

Investment Company of the Year

Awards 2024, in association with

the AIC.

The Jackie Beard Award for

Outstanding Contribution to

the Industry was awarded to the

Campaign, and accepted on behalf

of the group by William MacLeod

of Gravis Capital and Baroness

Sharon Bowles, respectively centre

left (with tartan trews) and centre

right below.

The judges wanted to “honour

the efforts of a dedicated group

of individuals” who have, said the

judging panel, “worked tirelessly

and done a fantastic job tackling

the biggest challenge for the

sector on cost disclosures, pushing

for change with the government

and regulators”.

Alan Brierley (Investec), Christian Pittard (abrdn), Tom Harris (Jefferies), Richard Parfect (Momentum Global

Investment Management), William MacLeod (Gravis Capital), Baroness Sharon Bowles, James de Bunsen (Janus

Henderson), John Baron (Baron & Grant Investment Management; former MP), David Appleton (Brooks MacDonald),

Katya Gorbatiouk (London Stock Exchange), Nigel Farr (Herbert Smith Freehills), and those missing from the picture -

Baroness Ros Altmann, Ben Conway (Hawksmoor Investment Management), Minesh Shah (InfraRed Capital Partners)

and Tom Poynton (Baron & Grant Investment Management).

29

LOOKING OUTWARDS

Who’s for a duty of candour

in financial services?

LIVERYMAN FRANK BROWN ON AN INITIATIVE DEVELOPED IN HIGH-RELIABILITY

ORGANISATIONS LIKE AEROSPACE AND THE NHS

Boards and senior management are

ultimately responsible for the risks,

yet they often receive insufficient

information about how effectively

these risks are being controlled, within

the business. The Duty of Candour

framework applies an “internal

Principle 11” expectation, which

requires that management and staff

are proactive in raising issues and

voicing concerns, without the need for

questioning or prompting.

The Duty of Candour (DoC) approach

is commonplace in High-Reliability

Organisations (HROs) like healthcare,

aerospace and petrochemicals –

sectors with high risks and also high

levels of information asymmetry. But

the approach can be equally beneficial

in sectors like financial services.

THE EXPECTATIONS OF THE

REGULATORS

The financial services regulators are

clear that senior management within

firms should be suitably informed

about the risks and issues within their

organisations. And that they will also

be proactive with risk avoidance and

preventative actions.

There is an explicit ‘duty of candour’

expectation within the FCA’s Principle

11/SUP15 and COCON (with the PRA

having equivalent requirements).

Principle 11 puts an expectation on the

firm; COCON flows that expectation

down to the individual SMF. And if an

issue arises, the FCA can challenge

SMFs on the ‘reasonable steps’ they

took in controlling their areas of

responsibility, as well as the extent to

which they were ‘knowingly concerned’

about wider regulatory breaches in the

firm.

Given these risks, it is surprising that

firms (and senior managers within

firms) have not been much more

proactive in ensuring they receive the

necessary information about risks and

issues.

HOW TO IMPLEMENT A DUTY

OF CANDOUR

There are a range of Push and Pull

factors that can be used to embed the

Duty of Candor framework. However,

firms should note that the underlying

culture of the organisation is a key

determinant of success. It is important

to implement the DoC framework in

tandem with a clear-eyed assessment

of any cultural barriers which may need

to be addressed.

PUSH FACTORS

The push factors create Candour by

Design. By structuring the approach

correctly, firms can establish a

framework with notification, disclosure

and transparency as the default

options. This can be facilitated, using

the following elements:

Job descriptions, employment

contracts and Statements of

Responsibility

Job descriptions and employment

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LOOKING OUTWARDS

contracts should have clear

expectations that employees will

operate under the Duty of Candour

requirements and that they will

volunteer necessary information in a

timely manner.

For senior management, these

requirements should be clearly linked

to their SMF/Certified role, and the

expectation that they will operate in

line with COCON and the firm’s internal

application of those requirements –

e.g. a Manager must disclose anything

relating to their area of responsibility

of which Exco/Board would reasonably

expect notice.

Roles, responsibilities and

information flows

An environment of candour will not

flourish in an organisation which has

ambiguities in roles and responsibilities,

and bottlenecks in information flows.

Senior management should ensure

effective structures are in place. With

clear responsibilities mapping, and

the right people in the room when

decisions are made.

Meeting pack structure

The composition and structure of

meeting packs in most organisations

leave a lot to be desired. In Board and

Exco packs downwards, people are

presented with data, not information.

Days are wasted wading through flatpack

reports – where the recipient is

expected to assemble the conclusion

themselves.

In the DOC framework, the meeting

packs should be structured to

encourage (compel…) candour – with

greater use of open questions, free

text and narrative, qualitative metrics,

and space for the contributor to

describe: What happened, Why did it

happen, What are you doing about it,

Why are you confident in the expected

outcome?

PULL FACTORS

The pull factors build and reinforce

the Culture of Candor, embedding

the requirements into the norms and

values of the firm:

Meeting format and outputs

Boards, Excos, and management

should create an environment that

encourages (and requires) the free

flow of information. Committee

members should be prepared to

challenge and investigate further if

sufficient candour is not forthcoming.

With the right people in the room to

answer questions, and sufficient time

for discussion.

And, most importantly, capture the

details in the minutes and action

logs. It is not just about the who,

what, and when of plans but also

about the confidence people have in

the initiatives and their assurances

regarding the likelihood of outcomes.

Positive reinforcement

The ‘soft power’ of positive

reinforcement cannot

be overstated. If staff see

openness and honesty

being rewarded, they will

participate.

CONCLUSION

Conversely, if the warm words

displayed on the intranet and in the

Speak Up Policy starkly contrast the

observed behaviours, the DoC initiative

will fail.

But this environment has to be created,

nurtured and maintained, and senior

management need to ‘live the values’ by

providing open and candid downstream

communication to staff about the

company’s performance, decisions, and

challenges.

Performance and talent

management

With the carrot comes the stick.

Alongside the ‘soft power’ of positive

reinforcement comes the need for

challenge, sanctions and cost. Staff

(and senior management) should be

very clear that they will not progress

or prosper within the organisation if

they do not demonstrate the right

behaviours.

This should be reflected in the annual

performance management framework

but also in ongoing 1:1s updates and

team meetings – the formal: “You said…

You didn’t say…You knew…” and the

informal “What do you need to tell me

about…How do you know…What gives

you the level of confidence on…”

The Push and Pull factors outlined above will make it far easier for firms to

improve their information flows and gain greater confidence that senior

management is being kept informed of risks and issues.

But it is important to note that Implementing a Duty of Candour is not a shortterm

initiative. It will require a consistent and joined-up approach from senior

management, and the implementation of the range of building blocks and

controls. The implementation will flounder if it does not come with the cultural

alignment, and the clear articulation to staff of the ‘why’ it is important. And

even then, firms should expect some pushback and challenge.

However, continuing to operate without a clear

understanding of what is going on in the firm is surely the

greater risk.


CHARITY & EDUCATION

Hiring with conviction

ALISON COTTRELL AND RICK BORGES ON ENSURING THAT PEOPLE WHO ARE READY AND MOTIVATED

TO WORK ARE NOT HELD BACK BY THEIR PAST

More than 12 million people in England and Wales have a

criminal record. Some will have spent time in prison; other

may have received a community sentence, a suspended

sentence or a caution. Some will be highly qualified with

considerable work experience. Others may have gained

qualifications while serving a sentence, or have no work

experience. They will be drawn from all age groups, ethnicities

and genders, and their offences may be relatively recent or

from decades earlier in their lives. What they will all share,

however, is first-hand experience of the significant barrier

that a criminal record poses to subsequent employment, and

the misconceptions and stigma that often accompany it.

The UK financial and professional services sector is a large

employer, and firms invest time and effort in promoting

diverse and inclusive workplaces.

While businesses are keen to hire the variety

of experience that can help them identify

opportunities, manage risk and build resilience,

possession of a criminal record all too often

precludes consideration of the other qualities

that an individual might bring to a role.

An increasing number of employers are however beginning to

pay attention to this large group of potential employees. This

has been particularly evident in retail and hospitality. Financial

and professional services have tended to be less engaged;

a cautious approach reflecting in part, perhaps, the highly

regulated nature of the sector.

Given the Company’s focus on making a positive difference

to the community – and recognising also the breadth of our

membership – we wanted to foster a more active discussion

of this topic within the sector and learn more about the

practicalities of hiring people with convictions.

We began this conversation at an event on 21st October

hosted by the Chartered Institute for Securities and

Investment, where we heard from people with direct

experience of the issue from a range of different perspectives.

Working Chance is a charity that since 2009 has helped

women with criminal convictions find employment. Its CEO,

Natasha Finlayson, spoke about the charity’s work with both

the women themselves and with employers, as well as about

the myths and preconceptions relating to hiring people with

convictions.

Master Nick Garnish with Working Chance CEO Natasha Finlayson

OBE, KPMG’s Nicholas Fox, Katherine from the charity and Alison

Cottrell and Senior Warden Tim Skeet from WCIB

32


CHARITY & EDUCATION

Natasha also noted a range of resources available to help

employers, including Working Chance’s own and very wellregarded

guide for employers, Hiring with Convistion (a title

that we unashamedly adopted for our own event!). The slides

that Natasha used in her presentation are available here.

We were then privileged to hear from

Katherine, one of the many women who have

benefited from Working Chance’s support.

She talked powerfully about the experience of serving a

prison sentence that halted a professional career, and the

personal and external challenges involved in subsequently

finding a new role and career path – something she has

successfully achieved. This was, for many of us in the room,

a perspective that we rarely have the chance to hear, and an

insight into the barriers to employment that firms may have in

place without even realising it.

KPMG is a professional services firm that has been taking

active steps to reduce these barriers. This has included

piloting the opening up permanent job opportunities to

prison leavers, both men and women; an initiative that has

now been running for two years. Nicholas Fox, a partner at

KPMG, joined us to speak about how the firm had approached

this pilot, and the practicalities and benefits involved.

This was a hugely valuable discussion, and the recording and

slides are now available on the WCIB website. It was also

the start of a conversation that – as a Company, and with

partners such as CISI – we want to continue. It is

in everybody’s interest to ensure that people who are

motivated and ready to work aren’t held back by their past

but are able to shape and support their own futures. The

financial and professional services sector has an important

role to play in this.

USEFUL SOURCES OF INFORMATION

• A recording of our event with Working Chance and

KPMG: tinyurl.com/cs36uuvu

• Working Chance https://workingchance.org/

• The New Futures Network https://newfuturesnetwork.

gov.uk/

• NACRO Advice for Employers https://www.nacro.org.

uk/nacro-services/criminal-record-support/advice-foremployers/

• Recruit (part of Unlock) https://recruit.unlock.org.uk/

• Clean Sheet https://www.cleansheet.org.uk/

• The Forward Trust https://www.forwardtrust.org.uk/

OPENING THE DOORS

People with convictions can often go overlooked when

employers are thinking about attracting talent, or

enhancing their organisation’s diversity, or achieving ESG

goals, but that’s starting to change. Forward-thinking

organisations understand that staff who come from a

broad range of backgrounds make an organisation more

vibrant and bring in a useful range of perspectives and life

experiences.

Recruitment practices that prioritise diversity and foster

an inclusive work environment deliver multiple benefits

for an employer. They help to attract the strongest

applicants for a role, boost productivity and staff morale,

and strengthen a company’s external reputation through

a commitment to corporate social responsibility and

inclusivity.

Employers who assume that every one of the 12.5 million

adults in England and Wales who have a conviction are

an inherent risk to their business are losing out by failing

to tap into this under-utilised talent pool. Employers

who proactively target people with convictions in their

recruitment understand that when someone has served

their sentence, they need a chance to prove themselves

and build a different life.

Employment reduces reoffending because it offers not

only an income but also an opportunity for someone

to show what they’re good at and be valued, to have a

shared purpose with others, and to have structure in

their life. A person who starts to believe that their life is

worth something and that they have something to give is

far less likely to return to crime.

Hiring people with convictions makes sense on so many

levels. It’s good for the individual, it’s good for their

family, it’s good for society, it’s good for the economy

and it’s good for business.

Natasha Finlayson OBE

Chief Executive, Working Chance


CHARITY & EDUCATION

Charity: the beating heart

of the Livery

OVERALL, THE LIVERY MOVEMENT DONATES AROUND £80 MILLION

PER YEAR TO CHARITABLE CAUSES. WHO PAYS?

‘Why join a livery company?’ – as

WCIB members, you will all have

your personal reasons, but the

most common answers we hear are

‘networking’ and ‘charitable activities’.

Each year, members are encouraged

to support our charitable activities

through a donation to the International

Bankers Charitable Trust alongside the

membership fee. The majority do, and

a heartfelt thank you to these. Read on

if you need a little nudge to join this

majority or want to understand how

your donation makes a difference to

individual lives.

Overall, the livery movement donates

around £80 million per year to

charitable causes. Of this, 74% comes

from legacies or the livery company

funds. As a modern livery company

we do not have the luxury of historic

generous benefactors. Our charitable

donations derive from income from

our investments (12%), one industry

legacy received in 2023 (16%), an

industry fund raising ball organized

predominantly by WCIB members

(17%), and, critically, members annual

donations (54%).

‘Why is philanthropy so important to

the livery companies?’ A little historical

perspective. The livery companies were

formed to protect standards in their

industry. The oldest known charter was

granted to the Weavers in 1155. Other

companies followed and by 1515 there

were 48 companies. These companies

oversaw their trades within the square

mile, monitoring standards and training

apprentices. They often supported

the workers in their industry, through

provisions such as almshouses.

With competition from outside the

City of London, the relevance and

influence of the livery companies

diminished after the 17th century. It

was in the mid 19th century that the

livery movement rebuilt its force for

good, continuing the focus on industry

standards and education but with

an increased emphasis on charitable

activities relevant to their profession.

All livery companies have an obligation

of philanthropy and are required to set

up a charitable trust.

‘How does your contribution make

a difference?’ IBCT, the International

Bankers Charitable Trust, will distribute

over £195k this year. We support six

relationship charities, selected by the

Charity and Education Committee, that

closely meet the IBCT focus: social

mobility, younger generation and

financial awareness.

The website has more details Our

Relationship Charities | Supporting

Disadvantaged Youth in the City of

London. We also support specific

charities within the City of London and

our affiliated armed forces connections

– traditional areas of support for all

livery companies.

We appreciate that household budgets

are tight, but for the cost of a couple

of cups of coffee each week, you

can have a life-changing impact for a

talented individual who may not have

the opportunities that most of us take

for granted.

Peter Green, Chair,

Education and Charity Committee

BENEFITS

Your individual recommended

donation, equivalent to the annual

membership, will make a difference

to individuals. A few examples:

Help two school children who are

persistently absent improve their

attendance by 22 days per year

Contribute around a third of a

Child Trust Fund for a youngster

in care who completes a formal

literacy, numeracy and financial

numeracy program

• Double the chances of obtaining

an internship for a school leaver

from socially disadvantaged

group through a skills training

program

• Reward the winners of two of

our flagship ‘financial excellence’

prizes for business schools

(WCIB Prize) and schools (the

Schools Essay Prize)

The IBCT costs are fixed, so every

extra pound raised supports our

charitable distributions. Your

donations are eligible for Gift Aid

with the associated tax benefits for

IBCT and you.

A salutary quote from a person

with lived prison experience on a

rehabilitation program – ‘you say I

should be given a second chance. I

never had a first chance’.

Please help IBCT give more

individuals that first chance.

34


CHARITY & EDUCATION

Dear Prime Minister...

IN OUR LATEST SCHOOLS ESSAY COMPETITION, WE SOUGHT OUT THE NEXT GEN’S

TAKE ON SOCIAL MEDIA

In the 2024 WCIB schools essay

competition, organised in conjunction

with The Brokerage, a charity we have

supported for many years, students

were asked to write an essay in the

form of a letter to the Secretary

of State for Digital, Culture Media

and Sport comparing the costs and

benefits of social media for individuals

and society. Huge congratulations

to the overall winner, Rida Ali, from

Chadwell Academy. Second place

went to Masroor Amjad from Ashcroft

Technology; third place to Maimuna

Bashar from London Academy of

Excellence, Stratford and fourth place

to Vinishan Kamalraj from Logic Studio

School – all pictured here with the

Master.

A grand total of 168 students

from Years 12 and 13 entered the

competition from 64 schools across

London. Many thanks to ING who were

our hosts for the awards evening, to

members of the WCIB who judged

the essays, and to Jean Stevenson,

Raj Rabheru and Tayler Kirk who

organised the competition. In the end,

the Committee decided that, as in the

previous year, the letter merited being

sent straight to the Prime Minister …

DEAR PRIME MINISTER

I hope this letter finds you well. I am

writing to share my thoughts on the

benefits and costs of social media for

both individuals and society, a topic that

has become central to our digital age.

Having experienced both the positives

and negatives of social media during

my GCSE studies, I believe achieving

a better balance between the two is

essential. I would also like to explore

who should take action and what

measures can be put in place to ensure

that social media remains beneficial

without becoming detrimental to our

well-being.

THE BENEFITS OF SOCIAL

MEDIA

Social media platforms like X/

Twitter, Facebook, and Instagram

have transformed the way we

communicate, offering individuals the

ability to connect across geographical

boundaries. For individuals, this means

staying in touch with family and friends

or even making new connections.

These platforms have fostered a

sense of community and emotional

support, which is vital in an increasingly

disconnected world.

My own experience during GCSEs

reflects the double-edged nature of

social media. I often found myself

distracted by platforms like Instagram

when I should have been studying. It

was easy to get caught up in scrolling

through my feed, watching short

videos, or following the latest trends.

This sometimes took hours away

from my revision schedule, leading

to feelings of frustration. However,

in the same period, I discovered that

social media could also be a powerful

tool for education. On one occasion,

I was struggling with a particular

maths problem and couldn’t find

help from my textbooks or online

sources. Surprisingly, I stumbled

across a discussion on Reddit where

users were explaining the exact type

of question I was dealing with. Their

detailed explanations helped me

understand the concept, something I

hadn’t been able to achieve through

traditional resources. This made me

realise the potential of social media

as an educational tool when used

thoughtfully.

Beyond personal connections and

academic support, social media has

been a powerful platform for raising

awareness about important social

issues. Campaigns such as #MeToo

and #BlackLivesMatter have gained

international momentum through

social media, giving individuals a voice

in discussions that might otherwise

have been inaccessible to them. Social

media has allowed people to organise,


CHARITY & EDUCATION

protest, and share their stories, creating

real-world impact and challenging

power structures. For businesses and

entrepreneurs, social media offers a

cost-effective way to market products

and reach global audiences. This has

allowed small businesses, startups,

and freelancers to compete in ways

that would have been unimaginable

before the digital age. By democratizing

the marketplace, social media fosters

innovation and growth, benefiting both

individuals and the economy at large.

THE COSTS OF SOCIAL MEDIA

Despite its advantages, social media

has significant downsides, many

of which I experienced during my

GCSE preparation. One of the most

concerning aspects is its impact on

mental health. Social media creates

environments where users constantly

compare themselves to the curated,

often idealised, lives of others.

For young people, this can lead to

feelings of inadequacy, anxiety, and

depression. Cyberbullying, harassment,

and body shaming are also prevalent,

exacerbating the issue.

Furthermore, the widespread

dissemination of misinformation

and disinformation has become a

critical societal concern. Social media

platforms have enabled the rapid

spread of fake news, conspiracy

theories, and extremist content, which

undermines public trust in institutions

like the media, government, and

science. We saw this issue escalate

during the Covid-19 pandemic, where

misleading information about the virus

and vaccines caused confusion and

even cost lives.

Social media algorithms often promote

content that keeps users engaged,

which can create echo chambers.

These algorithms push content aligned

with users’ pre-existing views, leading

to polarization and limiting exposure

to differing perspectives. This has a

corrosive effect on public discourse,

particularly in democratic societies

where open debate and shared facts are

essential.

Moreover, while social media has

created new business opportunities, it

has also contributed to monopolistic

practices. A small number of large

platforms dominate the digital

advertising market, making it difficult

for smaller companies and traditional

media outlets to compete. This can

reduce consumer choice and stifle

innovation.

ACHIEVING A BETTER BALANCE

To strike a better balance between

the benefits and harms of social

media, a multi-faceted approach is

required. Below are several actions that

could help create a healthier digital

environment.

1. Government regulation:

Governments should implement and

enforce robust regulatory frameworks

that hold social media companies

accountable for the content on their

platforms. This includes expanding data

protection laws, enforcing transparency

in content moderation, and regulating

algorithms that prioritize harmful or

divisive content. The UK’s Online Safety

Bill is a step in the right direction, but

further measures may be necessary

to ensure that platforms cannot avoid

responsibility for the harms they

facilitate.

2. Platform responsibility:

Social media companies must take

greater responsibility for the content

and environments they create. By

promoting transparency around their

algorithms and content moderation

policies, they can foster greater

accountability. Moreover, companies

should implement features that

promote healthier usage habits,

such as reminders for users to take

breaks, and invest in stronger anticyberbullying

measures. Platforms must

also work harder to limit the spread

of misinformation by partnering with

fact-checking organizations and offering

users more accurate information.

3. Media literacy education:

One of the most effective long-term

solutions is improving digital literacy

across all age groups, particularly in

schools. Teaching young people to

critically evaluate the content they

encounter online and to be aware of

the risks associated with social media

use will help equip them with the

skills they need to navigate the digital

world responsibly. Governments and

educational institutions should work

together to integrate media literacy into

curricula.

4. Individual responsibility:

Ultimately, individuals must take

responsibility for their own social media

use. Users need to be mindful of how

much time they spend online and how it

affects their mental health. Encouraging

personal responsibility, such as critically

assessing the content they consume

and share, can reduce some of the

negative impacts of social media.

5. Collaborative solutions:

Public-private partnerships between

governments, social media platforms,

and civil society organizations can

help develop solutions that balance

innovation with public safety.

Collaborative efforts to design better

technology, promote transparency, and

protect users' well-being are essential

for the future of digital communication.

In conclusion, social media presents

both opportunities and challenges

for individuals and society. My own

experience with social media during

my GCSEs reflects the dual nature of

these platforms—they can distract and

overwhelm, but also offer invaluable

resources and connections when used

wisely. To achieve a better balance,

coordinated efforts are needed from

governments, social media companies,

educational institutions, and individuals.

By working together, we can create a

safer, healthier digital environment that

maximises the benefits of social media

while mitigating its harms.

Thank you for considering my views. I

hope that action can be taken to ensure

a more balanced and responsible use of

social media.

Yours sincerely,

Rida Ali

36


LOOKING INWARDS

A spirited summer of ’24 at WCIB

FREEMAN SIMON EEDLE, COUNTRY MANAGER OF NATIXIS, ON RIGHT OF TOP ROW BELOW,

WELCOMES US TO HIS THAMES-SIDE ROOF GARDEN

All photos © Sillet Photography


LOOKING INWARDS

Why become a Liveryman?

COMMITTEE CHAIR JAMES NISBET ON THE CASE FOR PROGRESSION

Joining a Livery Company can be a bit bewildering to begin

with, particularly when it comes to the traditions and

terminology. As Chair of the Liveryman’s Committee I often get

asked about what being a Liveryman is all about. So this short

article aims to do just that and hopefully clear up some of the

mystery surrounding this important step in your civic path.

A Liveryman is a full member of his or her respective company

– in our case the Worshipful Company of International

Bankers. When a Freeman becomes a Liveryman, the

candidate is said to be ‘Clothed’: indeed, a clothing gown is

placed on him/her at the Court ceremony. Thereafter only the

master, wardens and assistants in companies are seen wearing

these at company events. Liverymen no longer have any

local authority franchise in the City but retain the exclusive

right of voting in the election of the Lord Mayor of the City

of London (‘Common Hall’ in September) and for the two

elected Sheriffs (Mid-Summer ‘Common Hall’ in June) held in

Guildhall as a ceremonial occasion.

Liverymen (this term is applied to all genders) are expected

to support their company with their attendance, participation

and charitable endeavour. In return they enjoy fellowship with

their fellow members, an opportunity to support their trade,

craft or profession and enjoy the culture and heritage of the

City of London.

We encourage all our Freemen who have been in the

Company for 2yrs+ to progress to becoming Liverymen and

take an active part in the running of our Company. This might

include joining a committee or helping to organize events as

well as attending the various social engagements during the

year. There is also the opportunity to progress to becoming a

member of the Court and ultimately Master of the Company.

The Livery Hall in Guildhall

Becoming a Liveryman is a commitment, not just to the

Company but also to the wider civic community in the City

of London. Once you become a Liveryman in any Livery

Company, it is seen as a long term commitment. Many

Liverymen aspire to become Common Councillors, Aldermen

and even Lord Mayor so there is a wealth of opportunities to

serve in this unique part of our City. So if you are interested in

becoming a Liveryman please visit our website or feel free to

contact me.

James Nisbet, Chair, Livery Committee

Rajiv Vyas, Mark Berman, Simon Eedle, Szilard Farkasdi

at the latest Clothing Ceremony with WCIB officers

38


LOOKING INWARDS

Your hard-working

committees at a glance

The WCIB is a dynamic and vibrant livery company, bringing

together professionals from across the financial services

industry. We offer exceptional opportunities for networking

and connection through a variety of engaging events and

activities. Members are also encouraged to play an active role

in shaping the company by participating in the one of our

many committees.

The livery company is governed in a similar way to a business.

The Master acts as the Chair and the Clerk the CEO. The

Company is run by the Master’s Committee, which acts as an

executive committee, making policy recommendations to the

Court. The Master’s Committee usually consists of the Master

and Wardens, Immediate Past Master, three or four Past

Masters and the seven Chairmen of the Standing Committees.

COMMITTEES:

Associates Committee

Chair: Jago Toner

Partner, Mariana UFP

Charity and Education Committee

Chair: Peter Green

Director, Transaction Banking

Communications Committee

Chair: Mark Henthorne

VP, Marsh

Events Committee

Chair: Mark Berman

CEO, CompliGlobe

Finance Committee

Chair: Nick Grant

Investment Director, Cannacord Wealth

Livery Committee

Chair: James Nisbet

London Area Officer - Marine Society & Sea Cadets

at Royal Navy

Membership Committee

Chair: Liz Field

CEO, PIMFA

The role of the

Communications Committee

Overall the Communications & PR Committee oversees

and advises on all aspects of communications for the

Company, including the website, LinkedIn content, the

International Banker magazine, the monthly E-Update,

and video content. The Communications Committee also

supports the Events Committee to promote events, and

it is the brand custodian for the WCIB brand assets.

With thanks to my predecessor, Ali Griffiths MP, we have

recently launched the new website which I hope you have

all seen and like, but I’m of course very happy to receive

any feedback and suggestions. The website will remain

a dynamic resource for the WCIB and will be updated

frequently.

As well as the website, the Communications & PR

Committee is responsible for managing the LinkedIn

content and we will be asking for more contributions to

this in the future, for example thought leadership pieces

from our membership.

We have recently completed the first stage of a

Membership Survey to help guide the future strategy

and direction of the WCIB, and many thanks to those

who completed it and contributed further to our

research. We will be publishing the results in due course.

Mark Henthorne, Chair, Membership Committee


LOOKING INWARDS

WCIB Events

PAST MASTER ROBERT MERRETT REVIEWS THE WIDE RANGE OF MEMBER ACTIVITIES

SEPTEMBER

ESG IN PRACTICE – WHAT ARE

BANKS DOING TO MAKE GREEN

ENERGY HAPPEN?

This talk and discussion took a broad

international look at some of the

issues. Our main speaker was Dr Gerald

Podobnik, Chief Financial Officer of

the Investment Bank, Corporate Bank

& ESG at Deutsche Bank, based in

Frankfurt. He addressed the essential

role of banks in bringing about this

transformation to the economy by

making more green finance available

and accessible to fund green projects.

He stressed the importance of

monitoring how performance is

progressing. Banks will not get away

with ticking boxes. Regulators and

society are watching closely to see how

the industry makes sense of the thicket

of evolving rules, changing guidance

and growing aspirations. Reputational

damage is an issue faced by all decision

makers in the sector and a close

eye needs to be kept on unfolding

greenwashing rules and rhetoric.

We were also joined by Alderman Alison

Gowman CBE, who talked about how

the livery supports the City of London

and wider community on ESG related

matters, and the importance of working

across borders. Madison Reamsbottom,

strategy head at the UK Sustainable

Investment and Finance Association,

acted as moderator.

BRIEFING WITH THE PRESUMPTIVE

LORD MAYOR

Alderman Alastair King DL, Lord

Mayor for 2024-25, shared his hopes

for London’s financial services at a

time of governmental change. He also

addressed some of the key challenges

the City faces and explained how he

sees the livery movement evolving to

better face the future. WCIB members

had an engaging discussion hosted by

Master Angela Knight CBE. Further

information about the Lord Mayor’s

plans and priorities can be found on

page 14.

ELECTION OF LORD MAYOR

AND LUNCH

WCIB Liverymen attended Common

Hall at Guildhall, alongside fellow

Liverymen from the other Livery

Companies, to vote on the election of

the new Lord Mayor. Alderman Alistair

King DL was duly elected. As usual, it

was a morning full of colour, pomp and

pageantry. Our Liverymen then enjoyed

a lunch at Barber Surgeons’ Hall.

OCTOBER

ROUND TABLE DISCUSSION WITH

JOHN OWEN

The WCIB was delighted to host a

round table discussion with John

Owen, Director of Financial Services

in HM Treasury. John gave a summary

of the financial services issues from

the perspective of the Treasury and

emphasised that they were listing to

practitioners. Members comments

highlighted the importance of

maintaining the competitiveness

of the City of London and amongst

other matters, were keen to see early

implementation of the proposals in

the Mansion House agreement on

liberalising pension fund investment

and on the capital markets reforms

proposed by the LSE and the Capital

Markets Industry Task Force.

HIRING WITH CONVICTION

Speakers Natasha Finlayson, CEO

Working Chance, and Nicholas Fox,

Partner KPMG, provided WCIB

members with valuable perspectives

on the benefits, challenges and

practicalities of hiring employees with

a criminal record. It is important that

those ready and motivated to work

are not held back by their past but are

empowered to shape their futures, and

the financial and professional services

sector has a vital role to play in this. See

full article on page 32.

WCIB NETWORKING DRINKS

The Events Committee organised

another enjoyable networking event for

members at The Banker pub near the

River Thames.

NOVEMBER

LORD MAYOR’S SHOW

WCIB was proud to be part of the

Modern Liveries’ float in the Lord

Mayor’s Show. Three people from each

company can participate, and this year

they were (left to right) Liveryman

Christiane Wuillaumie OBE, the Master

Nick Garnish and Freeman Aneesa

Hussain.

DECEMBER

CHRISTMAS CELEBRATIONS

The WCIB carol service took place at

St Mary-le-Bow on December 12. As

in previous years, this was held jointly

with the Worshipful Companies of

Arbitrators, City of London Solicitors

and Scriveners. Following the service,

there was an informal reception with

champagne and mince pies at the back

of the church. And members also had

the chance to have festive drinks at our

new offices.

40


LOOKING INWARDS

Update from the Clerk’s office

NEW ASSISTANT CLERK

There are two pieces of news from the Clerk’s office. Firstly,

we welcomed Alison Evans to the WCIB at the end of

October. Alison is the new Assistant Clerk and is helping with

membership and events, among other things. She spent

14 years working for the Worshipful Company of Glaziers, so

brings a great deal of livery knowledge and experience.

You can reach Alison on admin@internationalbankers.co.uk

NEW OFFICE

The second bit of news is that, in early November, we moved

to our new office in Wax Chandlers’ Hall. Our new home is on

Gresham Street where it meets the corner with Gutter Lane.

The Wax Chandlers have had a hall on this site since 1501 –

the current building is their sixth. They lost the others to ‘the

Great Fire of 1666, to town planning and to general disrepair’.

The current hall was completed in 1958, following the virtual

destruction of the previous building during World War II.

Since then, it has been refurbished and modernised twice

– in 2003 and during Covid.

It was great to welcome members for an initial viewing when

attending our Christmas party on 3rd December.

Carole and Alison ready to set off from Furniture Makers’

Hall to the new office in Wax Chandlers’ Hall.

FREEDOM OF THE CITY

If you are looking to apply for your Freedom of the City, I

have booked four dates in 2025 with the Chamberlain’s Clerk

for joint WCIB ceremonies. If you would like to take part in a

group ceremony, the dates are:

20 January at 3pm

14 April at 3pm

21 July at 3pm

20 October at 3pm

When someone from the Chamberlain’s Court contacts you

to let you know your application has been approved, just let

them know you would like to join a WCIB Freedom ceremony

and you will skip the three-month waiting list.

We look forward to seeing you at a WCIB social event soon

– check out the Events section of the website to book tickets

and watch out for ‘Save the date’ announcements in the next

email newsletter.


LOOKING INWARDS

Forthcoming events

WE CONTINUE TO OFFER A FULL PROGRAMME OF INTERESTING AND THOUGHT-PROVOKING EVENTS.

KEEP AN EYE ON THE WEBSITE FOR FRESH NEW EVENTS, AND BOOK TICKETS THERE

AI INNOVATION

TUESDAY 28 TH JANUARY 2025

WCIB Freeman Vivienne Artz OBE, CEO of the FTSE Women

Leaders Review, will give a presentation on the current UK

approach to AI Innovation followed by a discussion and Q&A.

Her talk will focus on: Different types of AI; What are the

policy drivers for AI regulation in the UK and internationally?

Which countries are leading in AI and why? What does AI

mean for business? Should AI be regulated and if so by whom?

Why should we care about AI? Is AI a help or a hindrance?

The event will be held at Guildhall. Afterwards there will be

informal drinks at The Anthologist on Gresham Street.

MASTERCLASS: GROWING ROLE OF INDEXING

IN THE FINANCIAL ECOSYSTEM

WEDNESDAY 12 TH FEBRUARY 2025

Fiona Bassett, CEO of FTSE Russell (an LSEG company) will present a Masterclass,

with an introduction from WCIB Master, Nick Garnish. Indices and index methodologies

across all asset classes have evolved significantly over recent years, aided by the

rise of index-based investment, and shifting investor preferences. Fiona will share

her deep knowledge of the subject. From FTSE 100 to Digital Assets, from World

Government Bonds and Sustainable Investment practices to reference indexing for

ever growing and evolving ETF markets.

Join Fiona at the iconic London Stock Exchange for this unique Masterclass.

ANNUAL BANQUET AT THE MANSION HOUSE

THURSDAY 27 TH FEB 2025

The Master & Wardens are pleased to invite you and your guests to our annual

event in the splendour of the Mansion House in the City of London.

The Principal Guest Speaker will be Marshall Bailey OBE, International banker and

insurance company leader, and recently appointed global chair of CFA Institute.

42


CHARITY & EDUCATION

The Worshipful Company of International Bankers

is proud to present its Coat of Arms

The shield is divided vertically with one half black, the other red (credit and debit) with a white

dragon rampant (the City of London Dragon) as the principal charge, within an orle (circle) of

bezants (gold coins that were first minted in Byzantium and England for use by merchants).

The Supporters are Griffins, the “guardians of

treasure” and to make them unique, each holds

a 13th century “pyx” chest (treasure chest).

The crest shows a Bermuda Sloop and was taken

from the badge of the Overseas Bankers Club (OBC)

and slightly modified. The reason for using the ship

was to continue the historical traditions passed down

from the OBC to the Company and to represent the

internationalism of the Company. The ship sits on 5

gold bezants representing the 5 major continents.

The motto chosen literally translates as “Nation to Nation” to

represent the internationalism of the Company.

The WCIB quiz – can you solve the mystery?

We know that the five bezants (gold coins) on which the ship sits represent the five major continents, but the ten round the

shield are a mystery. For the best suggestion received by 31st January 2025 the Clerk has a special bottle of gin as a prize.

Please make your suggestion on the Company’s Linkedin page in the appropriate section.


The International Banker Winter 2025

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