Jersey Financial Services Commission - appointment of Commissioner

STATES OF JERSEY

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JERSEY FINANCIAL SERVICES COMMISSION: APPOINTMENT OF COMMISSIONER

Lodged au Greffe on 1st June 2006

by the Minister for Economic Development

STATES GREFFE

PROPOSITION

THE STATES are asked to decide whether they are of opinion

in p u rsuance of Article 3 of the Financial Services Commission (Jersey) Law 1998 to appoint Mr. John

Campbell Boothman as a Commissioner of the Jersey Financial Services Commission with effect from 30th June 2006 to 30th June 2009.

MINISTER FOR ECONOMIC DEVELOPMENT

REPORT

The appointment of Commissioners to the Jersey Financial Services Commission is dealt with in Articles 3 and 4 of the Financial Services Commission (Jersey) Law 1998 (the "Law").

Paragraph (1) of Article 3 reads as follows –

"(1)  The Commission shall consist of –

1. a Chairman;and
2. n ot less than 6 other Commissioners."

Paragraph (2) reads as follows –

"(2)  The States shall appoint –

1. t heCommissioners from persons nominatedbytheMinister;and
2. a Commissionernominatedbythe Minister to beChairmanof the Commission,

and the appointments shall be debated in camera."

Paragraph (3) states –

"(3)  The Commissioners shall include –

1. p ersons with experienceof the type of financial servicessupervisedby the Commission;
2. r egularuserson their own account oronbehalfof others, or representatives of those users, of financial servicesof any kind supervised bytheCommission;and
3. i ndividuals representing the public interest,

and the composition of the Commission shall be such as to secure a proper balance between the interests of persons carrying on the business of financial services, the users of such services and the interests of the public at large."

Pursuant to paragraph  (2) of Article  4, the term of appointment of a Commissioner is prescribed by Part  2 o Schedule 1 to the Law, paragraph  1(2) of which reads as follows–

"(2)  A Commissioner shall be appointed by instrument in writing for a period not exceeding 3 years and

upon expiry of such period shall be eligible for reappointment."

By virtue of Article  4(1) all Commissioners are required to take oath before the Royal Court in the form set out in Part  I of Schedule  1 to the Law before they begin to act in execution of the Law.

There are no additional financial or manpower implications for the States arising from this proposition.

The Minister for Economic Development wishes to nominate the following person  for appointment by the States –

John Campbell Boothman Age 54, born in London

Retired banker Company director

Non-Executive Chairman, Aztec Financial Services Limited (private equity fund administrator)

Non-Executive Director, Altor, Wellington and Ferd (private equity fund structures administered by Aztec)

Non-Executive Director, Lyxor Group companies (multi-class hedge fund structure)

Non-Executive Director, Acorn Income Fund Limited

(closed-ended Guernsey listed investment trust investing in equities and bonds)

Non-Executive Director, Jersey Telecom Group Limited Trustee, Gerard Le Claire Environmental Trust

Former posts held include –

1974  J oined Morgan Grenfell (Jersey) Limited as graduate trainee

1979  A ssistant Manager, Banking

(d e p o sit gathering, money-dealing and foreign exchange)

1981  T reasury Manager

(r e s p onsible for all money market, foreign exchange trading and deposit-taking activities in Jersey)

1986  B anking Director

(o v e r all responsibility for banking and treasury in Jersey including loan book and operational functions)

1989  A dded responsibility for equivalent banking business in Guernsey

1993 M anaging Director, Deutsche Morgan Grenfell (CI) Limited

(n o w   Deutsche Bank International Limited ("DBIL"))

( O v e rall responsibility for BDIL's business in Jersey comprising banking and treasury, investment

management and custody, corporate services and fund administration)

B r o ad er role in formulating business strategy of the Offshore Group

1997 C ombined Jersey regional responsibilities with specific line responsibility for investment management

and global custody in all Offshore Group locations; Chairman of Deutsche Bank Cayman Executive Committee

2000  D e facto deputy Chief Executive Deutsche Bank Offshore

2000  B ranch Manager, Bankers Trust Company Jersey (a d d i tional responsibility)

2002  R etired from Deutsche Bank Offshore

Member, States of Jersey Treasury Audit Committee 1999 to 2004 Chairman of Trustees, Children's Promise Appeal 1999 to 2000 Chairman of Trustees, Jersey Employment Trust 2000 to 2005 Commissioner, Jersey Appointments Commission 2002 to 2005

Non-Executive  Director,  Beauvallet  Investments  Limited  and  Soubiler  Investments  Limited  2002  to  2005 (subsidiaries of UK quoted multinational investing in money market instruments)

Chairman, Statistics User Group 2005 Mr. Boothman is resident in Jersey

Note:

If appointed by the States, John Boothman will increase the total number of Commissioners from nine to ten. The search for an additional Commissioner has followed an open and transparent process, which included public advertising of the vacancy. The recruitment process followed procedures agreed with, and overseen by, the Jersey Appointments  Commission  and  the  Commission  has  confirmed  that  the  recruitment  process  has  met  is requirement for openness of competition, impartiality, equality of opportunity and selection based on merit.

John Boothman currently writes a weekly column for the Jersey Evening Post, which among other things covers political  and  economic  topics.  To  avoid  any  conflicts  of  interest  and  maintain  the  Commission's  political neutrality, he has agreed with the Commission that it would be inappropriate for these columns to continue to appear following his appointment as a Commissioner, and if this proposition is passed they will therefore be discontinued before his appointment takes effect.

Other Commissioners have been appointed until the following dates – 3rd November 2006

David Carse, OBE (Director General)

31st May 2007

Colin Powell, CBE (Chairman) Richard Pirouet ( Deputy Chairman) Fredrik Musch

Jacqueline Richomme

30th November 2008

John Averty

Advocate Michael Clapham Scott Dobbie, CBE Andrew Winckler