Spring 2021 Introductions
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THE MAGAZINE OF THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS The International Banker The City springs back to life RESILIENCE, RENEWAL, RESPONSIBILITY… SPRING 2021 INTRODUCTIONS SPRING 2021 The Worshipful Company Of International Bankers EDITORIAL PANEL Max Asmelash From the Editor John Bennett MBE (Senior Warden) Paola Bergamaschi Broyd Spring is here and it feels great to have Nigel Brigden the prospect of a return to a more Moorad Choudhry normal life. We are all adapting to a Angela Greenough constantly changing world and have Alison Griffiths many opportunities in banking for Simon Hills making it more sustainable. This edition Tim Jones of our magazine therefore focuses on Robert Merrett (Master) “Resilience, Renewal, Responsibility”. Ali Miraj Jason Van Praagh (Middle Warden) We have opening articles on some of Karina Robinson (Immediate the current challenges and the response Past Master) by the City of London - see pages 6 Alexander Rottenburg and 7. We have a view from the USA, John Ryan “2021: the year of the squeeze”, as Jean Stevenson described by Freeman Mary Jo Jacobi. John Thirlwell (Deputy Editor) We then look at Environmental, Social, Kathleen Tyson Governance (ESG) from different Looking inwards, we also find an Pinar Yetgin angles, asking how banks and funds abundance of new activities and new are helping to meet the United Nations faces. The use of online platforms for Sustainable Development Goals, and the recent events - see pages 36 to 38 - has THE WORSHIPFUL COMPANY challenges of using and measuring ESG. been truly transformational during the OF INTERNATIONAL BANKERS Liveryman Professor Atula Abeysekera current pandemic. The Company has 12 AUSTIN FRIARS, LONDON EC2N 2HE provides us with his approach to been able to connect with members keeping risks in perspective through in a totally different way. We now look CLERK: NICHOLAS WESTGARTH learning to manage Black Swan risks. forward to meeting again in person DIRECT LINE: 020 7374 0212 as the City springs back to life. FAX: 020 7374 0207 The breadth of the engagement EMAIL: [email protected] and support that the Company I am very grateful to everyone who has provides to others is very evident contributed so much to the articles. from page 20 onwards. This includes They are a fascinating reflection of an article on how Freeman Brenda how we view the current and future Trenowden CBE has shown support world of international banking. in banking and diversity. We also highlight how the Company supports George Littlejohn 306 Hospital Support Regiment Editor – The International Banker and a wide range of charities. [email protected] CBP004599 2 THE INTERNATIONAL BANKER / SPRING 2021 INTRODUCTIONS Contents From the Master: the WCIB vision and strategy 04 LOOKING OUTWARDS CHARITY AND EDUCATION Resilience and renewal for the City The great charity pitch 26 of London 06 The power of an hour 27 Keeping the Square Mile competitive 07 Helping the young advance 28 2021: the year of the squeeze 08 Financial education at the forefront 29 Bankers and sustainable development 10 Patient capital and the energy transition 11 Measuring and managing ESG 12 LOOKING INWARDS ESG-compliant investment 13 Enhancing the Livery experience 30 Modern Monetary Theory: Membership thrives, even in the pandemic 31 not so modern? 14 The first year of the Diversity Central banks and digital currencies 15 & Inclusion Sub-committee 32 A cashless economy? 16 New Freemen 33 Financial fraud: ever with us 17 A fresh face at the Associates 34 Keeping risk in perspective 18 The growing role of communications 35 Brenda Trenowden: the Lockdown events 36 “accidental banker” 20 From the Clerk 39 Leadership lessons from the Army 22 Forthcoming events 40 Two scholars give their view on the year 25 THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS 3 INTRODUCTIONS The WCIB vision and strategy for the next five years THE MASTER OUTLINES THE COURT’S THINKING ON THE WAY AHEAD FOR THE COMPANY AS IT APPROACHES ITS 20TH ANNIVERSARY At the WCIB Court meeting in January, WHAT THE WCIB IS ALL ABOUT online world; we actively engage in we discussed the objectives of our important charity and education work, Company, noted all the achievements in (a) To create and accumulate funds with key prize-winning activities and our first 20 years, considered a SWOT for the benefit of Members of the support in financial services education; analysis, and then reset the 2020 vision Company and to apply the same and we continue to provide new ways via a strategy for the next five years. for the purposes of advancement to communicate our wide-ranging So I wanted to provide everyone with a of the interests of the Company activities. brief summary outcome. and its Members the relief of existing Members retired Members The first step is to remind everyone of or Members suffering hardship what the WCIB is all about, hence I have and other necessities persons We also identified the included several quotes from the Royal engaged or having engaged in the retention and growth of the Charter: Industry or dependent upon any such person and for education in membership as a key ongoing THE COMPANY’S PURPOSE matters relating to the Industry and necessity of everything we do. for scholarships prizes and research ‘To promote the development and in connection therewith, and for Importantly, we need to rely advancement of the science art and charitable objects; on all of our members to help. practice of the international banking and financial services industry (“the (b) To promote, support and Industry”) for the benefit of the public encourage standards of excellence, and to afford means of professional and integrity and honourable practice You all know what a wonderful social intercourse and the exchange in conduct of the Industry and to pleasure it is to socialise with like- of information between members of uphold the established traditions minded bankers and financial services the Company, those who practice in of the Industry; to aid Societies professionals at magnificent venues the Industry and those who benefit and Institutions connected with such as Mansion House; together with therefrom …’ such Industry and to award prizes, the importance of giving back via all the scholarships or exhibitions to charity and education work and grants There is also additional wording which persons engaged in the Industry that all of you so magnificently support. reminds us of the need… or elsewhere in industry and But unless all of you spread the good commerce generally; word, other potential members, in particular females and those from (c) To further interest within the overseas, simply will not get to hear Worshipful Company of the history, about us and will miss out on joining traditions and customs of the City this wonderful Company. So please of London to support the Lord introduce us to new members. Mayor, Aldermen and Corporation of the City of London in all matters relevant to the life and dignity of the City of London. The good news is that we have been actively pursuing all of these. We have built a very good reputation as a successful modern livery company; we have over 600 members and representation from over 50 nationalities; we have a very active programme of events which has been successfully adapted to the current 4 THE INTERNATIONAL BANKER / SPRING 2021 INTRODUCTIONS As the table below shows, I also wanted promote the progression of members We will also continue with our active to highlight the key Committees, the to being Liverymen, and support those events programme, important military Chairs and Deputies, and the various who want to join the Court and aim to affiliations, and other programmes working groups, that play a vital role be the Master. such as mentoring the Mansion House in thinking about and executing our Scholars. vision. Each Committee has some key We will also continue to run a aims and will now seek to deliver these. successful company aided by our Clerk. All of this work will be supported The column on the right shows some Our finances and £1m investment by ongoing enhancement of our key targets running through the next portfolio continue to be well managed. communications via our magazine and few years. We are also reviewing our activities to digital channels. make sure we adopt the latest advice This also ties in with my theme of on ESG. I hope you have found this summary “Freeman, Liveryman, Master”. We useful. Please contact me, the Wardens, will actively promote succession We will continue to provide over Committee Chairmen or our Clerk if planning at all levels, seek to strengthen £100,000 of charitable grants each you would like to play a more active the Buddying and Journeyman year and have decided to set up a new part in this vision and strategy for our programs, encourage more female Fundraising Committee to co-ordinate ongoing success. and international members, actively our fundraising and legacy initiatives. WCIB COMMITTEES AND VISION CHAIR AND KEY WORKING TARGETS OVER COMMITTEES DEPUTY GROUPS / PROJECTS NEXT FIVE YEARS Robert Merrett, Refresh all Terms of Reference Master’s Nominations, ESG John Bennett Succession Planning FME 500+ Tim Skeet, Membership Diversity & Inclusion, Buddying female >30%, Mary Foster international > 30% Jordan Buck, Minimum 1 event per month Events Chris Sanders New committee volunteers Wide range of charities, Charity & Education Ali Miraj, Grants £100,000+ pa Schools Working Group, Tom Newman New committee volunteers Educational Awards Group Jason