to renewables than meets the eye - Channel Islands Stock Exchange

18 BULLETIN BOARD ISSUE 21 SPRING 2012
IMaGe rIGhtS
Guernsey leads the way in new
intellectual property rights.
all companies, whether listed on an exchange or not, will
own or use some form of intellectual property rights (or Iprs).
MIChaeL JordaN
$90m
$750m
all figures are in us Dollars
IMAGE RIGHTS
totaL SaLary IN
aCtIVe Career
FroM SpoNSorS
uSING hIS IMaGe
From the formula for Coca-Cola
protected by strict confidentiality,
to the McDonald’s golden arches
registered as a trade mark around the
globe, these rights often form a large
part of a company’s assets and may,
through licensing or other means, provide
an additional and important stream
of income. Many of these IPRs will be
familiar concepts, such as copyright, trade
marks and patents. However, there are
a large number of IPRs available across
the world’s jurisdictions, and Guernsey
is about to lead the way in developing a
newly emerging IPR: image rights.
An ‘image right’ can be described as a
right intended to protect the use of an
individual’s name, image, likeness or
other aspect of his or her distinctiveness
or personality. Some jurisdictions do
recognise the existence, or potential
existence, of such a right. For example,
the ‘right of publicity’ in certain US
states, which prevents the unauthorised
commercial use of a person’s name,
likeness, or other recognisable aspects
of their persona. However, many do not
specifically recognise image rights on a
statutory basis and none allow for the
actual registration of an image right.
Guernsey is about to change this.
On 30 September 2011, the States of
Guernsey approved the drafting of a
new law that will protect image rights
and see the introduction of registrable
image rights in time for London’s Olympic
Games and the 2012/13 football transfer
season. Celebrities, sports stars and
other recognisable figures will be able
to obtain a registered Guernsey image
right protecting certain definable aspects
(such as their name), as well as those less
easily defined (like gestures, distinctive
expressions, characteristics or attributes).
Although often not protected by
statute, or registrable in a similar way
to a trade mark, image rights are a
widely recognised intangible asset
in the commercial sphere. Contracts
dealing with the commercial exploitation
of a person’s image are extremely
commonplace. For example, various sports
stars may allow their image to be used
to promote a certain brand of shaver.
The value of these contracts can often
exceed a celebrity’s earnings from their
actual trade. Michael Jordan is said to
have earned approximately US$90 million
in total salary during his active career as
a player. However, he earned another
US$750 million from sponsors for the use
of his image. As with other IPRs, it is clear
that an image right has the potential to
become an enormously valuable asset.