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The Lord Mountevans’ Reflections as 688th Lord of

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Your Excellency, Minister, Deputy Master, Aldermen, Masters, Ladies and Gentlemen

May I begin by first extending my own warm personal welcome to you all to Trinity House, one of THE most important maritime organisations here in this maritime country. Thank you, Deputy Master, for the opportu- nity to dine in this glorious and his- toric setting.

The , who holds office for just one year, heads the Corporation, and is primarily the chief spokesman and ambassador for London and the UK’s world-leading Financial and Professional Services (FPS).

Because the City’s role is so wide and given that there are numerous stakeholders to represent and engage with, there are many who contribute to the very busy programme, including the Government. For example, the overseas visits programme is developed in conjunction with the FCO and business. National and International events as well as important anniversaries also play a role. What I am trying to indicate is that the Lord Mayor does not have as much “rudder” over his or her programme as might be imagined. However, Lord each have their own individual character and their own individual . They also have their own individual business backgrounds. The one year of office is, I believe, an advantage as it brings renewed energy and freshness and enables a spot- light to be shone on a different sector each year in line with the individual’s background.

As many of you know, my background is very maritime. I had as a teenager planned a career in the Royal Navy. In the event, my eyesight wasn’t quite good enough to meet the high standards required for my intended specialisation. I quickly switched my interest to the superb but managed to smash myself up playing rugby! Disappointed, I decided that I had better focus on preparing myself for a career in ‘civvy street’, rather than a life in the Services. But maritime is a very strong gene, and after Cambridge I realized that – still - what I really wanted to do was something related to ships. I was lucky enough to join a great firm of international shipbrokers, today the world leader. The following 45 years of broking – the business of seeking agreement – in an industry at the heart of world trade, where 85% of trade moves by sea, gave me exposure to many industries and specialisations and, I would like to think, fostered a degree of diplomatic skill.

Like all Lord Mayors, I wanted the City to contribute to the greatest effect, where possi- ble, to the welfare of London and of the nation, whilst very specifically doing all I could to promote the Financial and Professional Services (FPS) of London and the UK, nation- ally and internationally.

The Lord Mountevans’ Reflections as 688th Lord 2 In the years 2013 - 2015 when I was preparing myself hopefully to be elected Lord Mayor, I was much struck by the strong strand of innovation increasingly evident and at work in Britain, so that I chose as my theme for the year “Innovate here – Succeed Anywhere”, which resonated strongly through the year, and not least after the Referendum, as Brit- ain began to shape a future outside the EU.

I had been warned that what most surprises people when they first take office as Lord Mayor is the sheer pace. Despite having served as Sheriff in 2013, supporting and work- ing closely with the then Lord Mayor, Sir , and though having made every effort to prepare myself, I was no exception. A typical day in the Mansion House starts with a breakfast meeting at 8 and includes an average of 8 – 10 appointments (it can be up to 15), including meetings with international as well as business leaders, ambassa- dors, etc, almost invariably finishing with a dinner, to complete the day around 11. On top of this intense Mansion House programme, the Lord Mayor spends around 100 days on overseas visits, often leaving Mansion House very early to catch short-haul flights, or late – and often on a Friday night or Saturday morning - for long-haul destinations. Similarly, on returning, it was typically to go straight back into the programme.

How can this pace be achieved and maintained, you might very well ask. Well that brings me to my first Reflections point – the high calibre and amazing dedication of the Cor- poration’s officers and staff, not least in the Mansion House, backed up with excellent support from the Civic team and fellow elected members. I am delighted to see one of my brilliant Sheriffs – Christine Rigden here tonight, and of course I am always very grateful for the support and wise counsel of my wonderful wife, Juliet. But, returning to Corporation staff, there isn’t time to go into detail – the standard is universally high – however I would like to take this opportunity to highlight one related group who you might not immediately think of – the Police. They keep the City safe and undertake daily many specialisations that we may not see – including cyber security and fraud investigation and prevention. But I was particularly reminded of their wide role when I was privileged to represent the Lord Mayor just last Friday in Mansion House at a ceremony to award Commendations to a large number of and staff who were first responders and then heavily engaged - indeed directing - the whole follow-up operation to the terrorist incident at London and Borough Market, working seamlessly with the and the British Transport Police. When these awful events happen, ordinary people want to run away. These people without ex- ception go towards the danger. It was a very humbling experience and brought back to me the first 24 hours of my Mayoralty when the atrocity in Paris took place on the eve- ning of the Silent Ceremony. The question was put – rightly – during the night whether the Show should go ahead, if that was appropriate, and if we could be sure the citizens of London, and all those taking part, would be safe. The decision was taken that it was right for the Show to go ahead – we would not give in to terrorism – and importantly, the City of London Police assured those involved in the decision that they would have

The Lord Mountevans’ Reflections as 688th 3 a safe Show. I think between all involved, we got it right. At an appropriate a moment in the Show, the Sinn Fein Lord Mayor of Dublin, who was taking part in the magnificent State Coach of the Lord Mayor of Dublin, stood side by side with me on the Mansion House Balcony for the two minute silence to show support for Paris. It was a powerful moment and a powerful state- ment against terrorism.

Well let’s get on to brighter things. My foreign travel itinerary took me to 26 countries. My second Reflection point is that we Brits are far more positively regarded abroad than we see ourselves. This is particularly true of the media! Time does not permit a full report, but I hope to give at least a flavour. Given the width, depth and quality of London and the UK’s offer in FPS, and don’t forget that two thirds of the 2.2 mil- lion jobs are outside London, as Lord Mayor you have so many services and specialisations to promote which could be mutually beneficial in different world markets. I hope you will indulge me if I present a few impressions in addition to my Reflections.

My very first trip, in the second week of my Mayoralty, was to Malta for the Commonwealth Business Forum, the first time the Lord Mayor or indeed the Corporation had attended this event. I was joined by the Chairman of Policy. The principal objective was to familiarize Com- monwealth business leaders with the financial and professional services and international ad- visory expertise available in London, and ways in which the City could support infrastructure growth. Interestingly, prior to the Referendum being called, the Corporation already sought to engage better with the Commonwealth, sup- porting the Commonwealth Enterprise and In- vestment Council from its early days, and we were of course a major sponsor of the Com- monwealth Business Forum hosted principally in Guildhall just two weeks ago.

The Lord Mountevans’ Reflections as 688th Lord Mayor of London 4 The important visit to Kuwait, Saudi Arabia and the UAE, together with a later visit to Bahrain to mark 200 years of UK/Bahraini relations and to Oman served principally to reinforce the strong bonds with the region, not least at a time then of low energy pric- es. As an Honorary Captain in the Royal Naval Reserve, I was delighted to visit the new Royal Navy supply base HMS Jufair in Bahrain, formally opened last month by the Duke of , which gives the Navy a base in the Gulf and indeed east of Suez.

Next was Africa, and three countries broadly in similar latitudes but facing completely different challenges. Angola, at that time hit by low energy and commodity prices and ranked the 181st country out of 189 in the World Bank Ease of Doing Business Index. Then Zambia, where our shared Commonwealth heritage ensured a very warm welcome. Among many people I met on that trip, I especially remember the Finance Minister, Mr Chikwande, who had studied in in the early 60’s. I addressed him in Swedish, asking if he had learnt to speak the language. Whereupon he answered – in Swedish - and we had quite a conversation, much to everyone’s surprise. Jokingly, I asked, in English, how was his French, whereupon he answered fluently, and we had a brief con- versation in that language. Everybody present was surprised and amused. A Russian speaking member of the Business Delegation jokingly addressed him, to which the sep- tuagenarian Minister responded in Russian!

India followed, obviously a key market. Discussions there covered a host of topics, in- cluding insurance (where Lloyds were awaiting a licence), Green Finance, the interna- tionalisation of the Rupee, Fintech as well as education, training and qualifications. I raised the question of access to the Indian reinsurance market for Lloyds and received some reassuring words from the Finance Minister, Mr Jaitley; I was pleased to learn soon after my return that Lloyds market regulations had been issued.

For me, born in Sweden and 25% Norwegian, the visit to Sweden, Norway and was a particular pleasure. The visit took place against universal concern there that the UK might leave the EU. I had the pleasure of visiting Gothenburg, the City of my birth, and the first LM ever to go there. Sweden of course is very advanced in the use and development of Green Finance, where I had assisted at the launch of the City’s Green Finance Initiative at the Mansion House in January. For those among you who are mar- itime enthusiasts, I had the very special pleasure of a large private dinner in my honour hosted by Mr Dan Olsson, the principal of Stena Line. On the day I arrived in Oslo, the main TV channel broadcast an interview with me in Mansion House some of which, for some peculiar reason, I agreed to undertake in Norwegian. One of my Norwegian cous- ins, listening whilst doing something else, was somewhat dismayed to look up at the screen and see me! In Finland the principal interest was Fintech and I also spoke at a conference on Arctic shipping.

The Lord Mountevans’ Reflections as 688th Lord Mayor of London 5 In Latin America I visited Chile, Brazil, and Cuba! In Chile and Brazil an objective was to promote London as an alternative to Miami and New York, as well as promoting the potential of Green Finance, not least for the huge mining industries in these countries. In Chile I attended the vast and important EXPOMIN mining exhibition, where I was hugely impressed by the large number of British innovators and SME’s selling green technolo- gies to the mining industry which, of course, is much preoccupied with the challenge of cleaning up the industry. Fintech, where Britain is a world leader, also featured heavily in the programme both in Chile and Brazil.

Cuba was fascinating. Given the country’s improving relations with Obama’s USA, I was the first Lord Mayor ever to visit Havana. I followed hot on the heels of the then Chan- cellor, Philip Hammond, and perhaps more dramatically, the Rolling Stones, who had performed a huge open air concert the previous weekend. The Cubans certainly were getting some intense British interaction! The people, as some of you who may have holidayed there will know, are delightful, and the old 1950s and 60’s American cars pure delight. My presentation centred on Britain’s ability to help build capacity and the quality of advice from London. Cuba has two rates of exchange, which in turn has fos- tered a number of other unofficial rates. The challenge of dismantling these in Socialist Cuba is immense. I offered to put them in touch with the to discuss exchange rate management and was delighted when some weeks later, I received in Mansion House a delegation on their way to visit the Bank.

The Lord Mountevans’ Reflections as 688th Lord Mayor of London 6 The next two visits had very maritime themes. To attend the world’s most important bi- ennial shipping event, Posidonia, in Athens is always a special pleasure but never more so than as Lord Mayor. In the UK we have a very successful maritime partnership be- tween government and industry and this was demonstrated by the attendance of the then Shipping Minister Robert Goodwill MP, and by holding some meetings on board the Royal Fleet Auxiliary ‘Cardigan Bay’ in Piraeus, the Royal Navy very kindly having locat- ed the vessel there to support our visit.

The North American trip followed days after the Referendum. In Panama, everyone was more concerned about the opening of the enlarged Panama Canal. I was honoured to represent the British government at the event. The intense rivalry between the com- peting large container lines was wonderfully demonstrated when a huge COSCO vessel transited the lock gates as part of the ceremony. Meanwhile another large vessel of the AP Moller Maersk group was prominently anchored in full view just a few hundred yards away. You somehow knew it was intentional! Many of you will know of the very success- ful Mansion House Scholarship Scheme – I had the great pleasure of awarding the first Maritime scholarship, appropriately, in Panama. As a footnote to the visit, the Lord May- or being overseas, I will have the honour of hosting the President in the Mansion House in two weeks’ time.

Moving on to Costa Rica, where I was once more the first Lord Mayor to visit, I met with President Solis who I had had the pleasure of hosting in Mansion House in May, and re- ceived a very warm welcome. Conversation topics included Green Finance and helping Costa Rica to gain OECD membership.

We were greatly delayed taking off from San Jose airport and wondered constantly if we would have to cancel the first event in Dallas – an interview with the Governor of the Dal- las Federal Reserve Bank in front of a large invited audience. But the lady at the British Consulate who had arranged the event was made of stern stuff and refused to throw in the towel. We arrived heavily delayed but with the aid of the Dallas Police I was whisked across town at break-neck speed, blue lights flashing and sirens wailing. The interview went ahead only marginally delayed. This was the first interview I had given overseas since the Referendum and the priority became to reassure markets and friends across the globe that this wasn’t falling off a cliff edge and that London was very much Open for Business, was adaptable, very innovative and very good at coping with the unexpect- ed, with an innate ability to reinvent itself, as demonstrated down the centuries, and not least in the year when we were celebrating the 350th anniversary of the Fire of London.

Moving on to Chicago, the priorities were, once again to reassure, and to strengthen links with the futures markets, and the vibrant investment manager community there, as well as individual investors and public US pension funds. I was delighted when the Chicago Board Options Exchange announced while I was there, the opening of an office in London, their first outside the US.

The Lord Mountevans’ Reflections as 688th Lord Mayor of London 7 There remained two big trips, both to the Far East. First came Japan and Korea. In Tokyo there was huge interest in the Brexit decision. Japan has been a major investor in the UK and Japanese companies employ 140,000 here. There was considerable concern about future access of UK exports to the EU. I had to give major reassurance to the Europe Committee of the Keidanren, the Japanese equivalent of the CBI. There was also empha- sis on maritime and fund management. In Korea I visited the so-called ‘southern pow- erhouse city’ of Busan, where I visited the world’s largest floating structure, a floating LNG plant named ‘Prelude’, then under construction for Shell at the Samsung shipyard. It was pleasing to note that the structure, which will be employed processing natural gas off the coast of , contains a significant amount of equipment made in the UK. Busan Maritime University very kindly awarded me an Honorary doctorate in Maritime Sciences. Respectability at last!

And finally, China, specifically , and Hong Kong, accompanied by a strong business delegation. The Belt and Road Initiative was a frequent topic, and the awaited Hinkley Point decision was also the focus of much interest (it was resolved on the day we returned to the UK). I gained an overwhelming sense that China sees the opportunities emanating from the result of the Referendum, with both officials and private sector stakeholders expressing faith in the future of ongoing Chinese and UK financial and other partnerships. My visit followed closely behind that of the Prime Min- ister attending the G20 Leaders Summit in Hangzhou. China put Green Finance at the heart of its G20 Presidency and it features prominently in its 13th 5-Year Plan. Maritime

The Lord Mountevans’ Reflections as 688th Lord Mayor of London 8 was a prominent element in the trip and there was also considerable interest to discuss Fintech, and Insurance was seen as an area for cooperation. In a memorable phrase the Assistant Chairman of China Banking Regulatory Commission said “Today we see the UK as part of the EU; tomorrow it is the UK as part of the world.”

Thank you for staying with me on that lengthy part of my Reflections! But let me just complete with a few words on the Regional Visits. I mentioned that 2/3 of FPS jobs are outside London. The relationship with the regions is therefore very important, we are complementary and it’s essential that the Corporation is aware of the strengths of, and the challenges faced by, the regions. It is also important for the City to communicate to the wider nation the value and contribution of FPS to the community, the economy and the exchequer. I made visits to , , the Northern Powerhouse, and Bristol & – a total of 12 leading cities – a record, I am pleased to say! I was very impressed by much that I saw and really the one thing that – if I may be honest - shocked me was the very poor connectivity between the great cities of the North. I am very pleased, two years on, to see the Corporation’s engagement with regional cities gaining additional resources.

My fourth Reflection Point is to note that the Corporation has undoubtedly been chang- ing gear, a process which I think probably began in 2015, but the process has been marked and is gathering pace. In a whole host of areas, we are seeking to up our contri- bution to London and the nation.

The Lord Mountevans’ Reflections as 688th Lord Mayor of London 9 In housing, just before I took office, the Corporation committed to build an additional 3700 new homes by 2025, its biggest house-building programme for 40 years.

In education, the Corporation has extended its scale significantly over the last 3 – 4 years. We now have four secondary academies, three primary academies and one sixth form centre, and work closely with the one maintained primary school, two co-sponsored academies and three independent schools the City of London Corporation supports.

In culture, you will, I think, be aware of the exciting plans for The Culture Mile, which will benefit from the amazing connectivity afforded by the new Elizabeth line and will involve a new site for the London Museum, a new world-class Concert Hall, and more.

I also note that additional resources have been committed in two important areas – the Economic Development Office, which works to enhance the competitiveness of the City, informing policy and promoting export and investment around the world, and the Communications department which is focussed on getting Corporation policy out and understood and ensuring the City’s contribution to London and the nation is properly and transparently communicated.

The Corporation is also making considerable efforts to ensure that its elected members reflect the diversity of the City workforce and stakeholders. In another important devel- opment which I would like to think dates from my year, there is growing awareness of mental health issues and what the Corporation can do to ensure that City workers with mental health concerns are properly supported.

The Lord Mayor’s Appeal, under the banner ‘A Better City for All’, has developed into a three-year appeal which will benefit three charities, the Samaritans, Place2Be and On Side Youth Zones, each of which has different priorities in mental health and youth wel- fare.

In addition, the Continuum, a group, consisting of the current Lord Mayor and his or her likely successors, a concept which began some four years ago, continues to develop, resulting in increased coordination between successors and down the years to boost the effectiveness of successive Lord Mayors’ themes and initiatives.

As I draw towards the conclusion, my fifth Reflection, which is to highlight the unique value and contribution of the Livery. The presence of the Livery in the City, and its close if informal links to the Corporation, puts philanthropy at the heart of the City. Each new Liveryman is enjoined to leave the world a better place than when they entered it – what better precept to live by? Meantime its financial contribution, commitment to education, support for the armed forces and Cadets, and time given, all continue to increase. And

The Lord Mountevans’ Reflections as 688th Lord Mayor of London 10 many hundreds of years after the first Companies were founded, new guilds are being formed – how very positive. How very British.

My sixth and final Reflection is the importance of the City’s connections with the Armed Forces and Reserves. As an Honorary Reserve officer, myself, I am constantly struck by the professionalism and dedication of our forces, and not forgetting, by the way, the crucial role played by Reservists as Marshalls in the LM’s Show. At a time when many of us feel more needs to be spent on our defence, it is vital that those serving in the forces know they are valued and held in the highest esteem. One of the highpoints of my year was presenting ‘City Privileged Regiment’ status to HMS President, the headquarters of the Royal Naval Reserve in London, at a ceremony in Mansion House. This is the high- est honour that the City can award to a Services establishment and confers the right to march through the City with bayonets fixed. We should all be proud that the City of London is officially affiliated to HMS Queen Elizabeth, the largest ship ever built for the Royal Navy. And on a personal note, I am so delighted that Commander Simon Kelly RN, Commanding Officer of HMS Westminster, my own affiliated RN ship, could be with us tonight.

Finally - some very big thank-you’s. Firstly to our headline sponsor, Azad Ayub Limit- ed and Gold Sponsor, Howard de Walden Estates, both of whom have supported this event now for two years – long may this continue; and of course our Registration Area Sponsor: P&O Cruises. Thank you all so much. Without you, this evening would not be possible.

The Lord Mountevans’ Reflections as 688th Lord Mayor of London 11 I also want to thank pHure Liquors and Professor Andy Whiting, the Technical Director, here with us this evening, for providing a bottle of the company’s flagship pHure Gin as a prize for the Business Card Draw, as well as the 50ml miniature each of us received at this evening’s event.

And I want to give special thanks to the talented young musicians from the Royal Col- lege of Music Junior Department and Miranda Francis. And thank you to The Worshipful Company of Glaziers and Painters of Glass for their continuing support. Thank you to our Diversity Speaker Cyrus Todiwala OBE DL and to the budding chefs from Colchester Institute – a winning team from Cyrus’s Zest Quest Asia Competition, who created the delicious canapes. The student chefs and their tutor Chef Ian Perkins are here tonight. And thank you to some members of The Shellfish Association of Great Britain as well as Truly Traceable Wild Suffolk Venison, and Asparagus from St John’s Farm Norfolk Aspar- agus, who provided the sensational ingredients.

Special, special thanks to Reflections Founder and Organiser Chris Seow who puts everything into organizing this special evening. Chris well done and warmest thanks.

And finally – finally! - thank you – all - for coming and supporting the Sea Cadets, whose wonderful City of London unit, of which I am the proud President, provided the very smart Carpet Guard. The Marine Society and Sea Cadets continues to work hard to be available to ever more young people, but funds are needed to support the life changing opportunity it gives them. You can help through becoming a Benefactor of their vital work or supporting corporately. Members from the charity are here tonight and I’d be delighted to introduce you.

Thank you. STOP / END

Statutory Information Contact Information Reflections of The Lord Mayor is a not-for-profit company Christopher Seow limited by guarantee, incorporated on 23rd December 2016 Founder and Director (Company Number: 10538798). Its registered office is in England E-mail: [email protected] and Wales, at 66 Prescot Street, London E1 8NN. www.LordMayorReflects.London