For Corporate Ethics you Can’t fill Boards’ meeting just with Compliance

For Corporate Ethics you Can’t fill Boards’ meeting just with Compliance

maltaway alberto balatti corporate board ethics

As Aristotle famously said, “We are what we repeatedly do. Excellence, therefore, is not an act, but a habit.” Virtues in turn permeate the broader organizational culture and define “the way things are done around here.” That’s a force that’s a lot stronger than a narrow focus on following the rules.

MALTAway is your way for a better Corporate and Assets Governance

At companies across the globe, the layers of compliance mechanisms are growing. At first blush this seems to make sense: Perhaps the most obviously straightforward method of preventing unethical or damaging behavior is increasing the number of rules designed to curtail it. However, one of the more unsettling and unintended consequences of a singular focus on ethics-as-compliance is a checkbox mentality that gives the illusion of reducing risk without really doing so. Moreover, unless an organization is careful, a compliance-focused approach to eliminating unethical behavior can stunt a company’s efforts to innovate and to take intelligent risks.

So what can a company do to excel ethically? Instead of focusing on the poor choices you want employees to avoid, focus on the positive virtues you want them to exhibit.

Plato emphasized a virtue-based system of ethics 2,400 years ago in his Academy. The philosopher believed that virtues were best encouraged through questions and discussions rather than through statements and proclamations. In other words, we learn ethics in conversation with others.

So rather than getting together with senior managers to craft a “values statement,” corporate leaders should instead foster a series of structured conversations between leaders at all levels and their teams. The goal of these conversations should be to develop a common language to help frame examples of how people live out the organization’s values or classical virtues. This is inherently a social process — virtue is learned, not inherited. Leaders are already teachers of their culture, whether they are aware of it or not, so they should ask themselves how they can teach it better.

Here are questions for each of the seven classical virtues that companies can use to shape these conversations and shift their focus from complying with the rules to excelling ethically.

Trust: confidence in one another.

  • When has trust made us faster and more agile?
  • How can we restore trust?
  • At our best, how do we earn and deepen trust?

Compassion: an understanding of another’s challenges.

  • How does compassion support our business goals?
  • How does compassion increase engagement?
  • When have acts of compassion improved our business results?

Courage: strength in the face of adversity.

  • When have you witnessed courage in our company?
  • Who is effective at encouraging people to be courageous?
  • How can we help people to be more courageous?

Justice: a concern for fairness.

  • As a company, when did we go out of your way to help a coworker?
  • How can we further empower our people so they are more engaged in setting their own performance criteria?
  • When have we been our best in serving the needs of each of our stakeholders?

Wisdom: having good, sound judgment.

  • What have been our wisest decisions?
  • When faced with our most difficult decisions, when did we choose the best course and have strength to endure?
  • How can we be more intentional about integrating wisdom into decision making?

Temperance: having self-restraint.

  • How can we balance two competing rights, such as concern for the company and concern for the individual, or compassion and justice?
  • How can we help people practice self-control?
  • When have we been our best at encouraging life-work balance?

Hope: a positive, optimistic expectation of future events.

  • What are the parts of working for our company for which you are grateful?
  • What do we do well, and how could we do more of it?
  • When was our culture at its best?

Leaders can assess how well they’re modeling virtue-based ethics by asking employees five questions about how the company is exercising its moral muscle:

  • How well are we teaching character in our company?
  • How might character development benefit our company?
  • What is being done to encourage or discourage character development in our company?
  • How does character development reduce risk?
  • How does character development promote growth?

The goal isn’t perfection; organizations are neither completely virtuous nor completely free of virtue. The goal is for companies to be better than they have been and for leaders to teach virtuous behavior by example.

We suggest that it is strategically smart for an organization to make sure that stories about the practice of virtue are actively and intentionally shared throughout the organization. Character is the result of daily actions — planning meetings, quarterly reports, RFPs, customer interactions, and so on.

As Aristotle famously said, “We are what we repeatedly do. Excellence, therefore, is not an act, but a habit.” Virtues in turn permeate the broader organizational culture and define “the way things are done around here.” That’s a force that’s a lot stronger than a narrow focus on following the rules.

https://hbr.org/2016/04/corporate-ethics-cant-be-reduced-to-compliance

MALTAWAY BOARD GOVERNANCE AND NON EXECUTIVE DIRECTOR (NED)

Even here in Malta this issue arises with relevant importance and validity , partly because the high number of foreign companies present in Malta, in order to be compliant with international standards for tax purposes (see the case of dummy company and tax inversion) , must have a board of directors with directors and NON EXECUTIVE DIRECTOR , residents in Malta, supporting and providing clear and convincing evidence that the foreign company is effectively managed from Malta.

Furthermore having a NED with international experience in the BOARD, reinforce widely the diversity, independence and compliance requirements for a better Corporate Governance, Leadership and Business results

30+ years Board, Governance, Investment’s  experience and practice for YOUR BOARD needs and solutions

BOARD MEMBER SEARCH

  • President
  • Board Member
  • CeO
  • Executive Director
  • NON-Executive Director
  • Independent NON-Executive Director
  • Committee’s Chair

BOARD ADVISORY

  • Analysis
  • Methodology
  • Benchmark
  • Assessment
  • Coaching
  • Compliance

For Corporate Ethics you Can’t fill Boards’ meeting just with Compliance

At companies across the globe, the layers of compliance mechanisms are growing. At first blush this seems to make sense: Perhaps the most obviously straightforward method of preventing unethical or damaging behaviour is increasing the number of rules designed to curtail it. However, one of the more unsettling and unintended consequences of a singular focus on ethics-as-compliance is a checkbox mentality that gives the illusion of reducing risk without really doing so. Moreover, unless an organization is careful, a compliance-focused approach to eliminating unethical behaviour can stunt a company’s efforts to innovate and to take intelligent risks.
So what can a company do to excel ethically? Instead of focusing on the poor choices you want employees to avoid, focus on the positive virtues you want them to exhibit.

Share how MALTAway think different on https://albertobalatti.wordpress.com/ as well

Hire an INDEPENDENT NON Executive Director (NED)

Su Malta il sole non tramonta mai, come sul populismo economico in Italia

La lettura della splendida sintesi pubblicata su lavoce.info che trovate qui sotto, stimola 4 riflessioni/azioni comparative tra lo stato dell’Italia e di Malta, a voi le azioni conseguenti

  1. Il debito lo pagheranno in vario modo, dal default alle tasse i cittadini italiani residenti con il loro reddito e patrimonio…
  2. vi aspetto a malta con i vostri asset e la vostra impresa o pensione, in un paese stabile, sicuro in grande crescita e un sistema bancario forte e sicuro,
  3. Malta ha un deficit verso 1% e debito sotto il 60%, dove ogni anno tagliano le tasse e la spesa pubblica diminuisce ogni anno….
  4. é un paradiso per il clima, il mare,la storia….per l’economia é il migliore esempio di come debba essere l’Europa

maltaway malta tasse investire

Sul populismo economico non tramonta mai il sole

Nei momenti di crisi è facile che la politica sbandi verso proposte populiste. Anche in economia. Ma non è prospettando irrealistiche soluzioni win-win (botte piena e moglie ubriaca) che si rilancia la crescita. Perché poi il conto da pagare arriva. Anche più salato.

È nei momenti di crisi che le idee populiste attecchiscono meglio. Vale anche in economia. Già nel 1990 Dornbusch e Edwards, avendo in mente l’esperienza del Cile dei primi anni ’70 e del Perù della metà degli anni ’80, avevano scritto un saggio “Macroeconomic Populism” che sarebbe  diventato il punto di partenza di un libro uscito nell’anno seguente. Non esiste una definizione univoca di populismo e, a maggior ragione, di politiche macroeconomiche populiste. Tra le caratteristiche identificate da Dornbusch e Edwards ci sono il tentativo di evitare ogni tipo di conflitto sociale e il rifiuto delle teorie economiche tradizionali (o ortodosse). Riassumendo forse in modo troppo sintetico, un elemento essenziale delle politiche populiste è quello di negare l’esistenza, o quantomeno di attenuare la rilevanza, dei trade-off, cioè del fatto che le azioni di politica economica hanno sia costi che benefici e di prospettare ricette economiche che sembrano win-win, cioè con soli benefici e senza costi o, alla peggio, che svantaggiano solo qualche “cattivo”. Di solito queste politiche si limitano a rinviare il momento in cui la realtà presenta il conto, spesso più salato.

Ridurre le tasse ma non la spesa

Le pagine di Dornbusch e Edward non sono d’aiuto per interpretare la nostra attualità economica. Solo per fare un esempio, Cile e Perù lottavano contro un’elevata inflazione mentre noi abbiamo il problema opposto, quello della deflazione. Questo è un altro tempo, un’altra vita. Oggi i governi sentono la pressione di rilanciare la crescita, ma si trovano ad agire sotto il fardello di uno squilibrio nei conti pubblici e con debiti accresciuti dalla risposta a una crisi enorme per ampiezza e durata. Non è sorprendente allora che germoglino soluzioni win-win, come la riduzione delle tasse di qualche decina di miliardi senza alcuna revisione della spesa pubblica o di clausole di salvaguardia superate con “maggiore flessibilità”. Se la riduzione delle aliquote fiscali – o una maggiore spesa pubblica – generasse una crescita così forte da non far peggiorare i conti pubblici, chi potrebbe mai obiettare? Populismo non è certo perseguire oggi politiche economiche che stimolino l’economia. Quello, come ci ricorda costantemente il presidente della Banca centrale europea, Mario Draghi, è un dovere dei governi europei. Populismo è cercare di farlo avendo in mente solamente il consenso elettorale.

Malta Trust

Malta Trust

MALTAWAY offers legal advisory and an open access to a wide set of legal vehicles to protect your wealth and your asset

Means of establishment

A trust may be created unilaterally or bilaterally, by oral declaration or in writing. A unit trust must always be created in writing.

The Settlor

The settlor is the person who sets up the trust. The settlor must be of age, have full capacity to contract and a free disposition of the assets settled on trust. While imposing fiduciary obligations upon the trustee in favour of the beneficiaries, trusts do not leave the settlor with any rights in relation to the trust property – except as specifically provided for in the Trusts and Trustees Act. The Trusts and Trustees Act lists the settlor’s rights (which may be supplemented by the trust deed) as follows:

  • The settlor has the power to seek court directives as to trust validity
  • The settlor has the right to a variation of terms and revocable trusts where the Trust Deed so provides
  • In cases of trust termination, interest lapses or no existing or possible beneficiary, the trustee holds the trust property for the settlor (or his or her heirs)
  • It is the trustee’s duty to provide the settlor with information, subject to the terms of the Trust Deed.

NEW: The settlor may reserve or grant himself:

  • Any beneficial interest in the trust property
  • Any power to appoint, add or remove trustees, protectors or beneficiaries
  • Any power to appoint an investment adviser or investment manager

The Protector

The protector is typically a person who is in a trustworthy position (e.g. the family lawyer). The protector may also act as investment advisor. Subject to the trust terms, the protector typically has the power to:

  • Appoint new and/or additional trustees
  • Remove trustees
  • Require trustees to obtain the protector’s discretion (including approval) in relation to particular matters e.g. purchase /sale of trust property.

The Beneficiary

The beneficiary is the person who may benefit from the assets of the trust. All beneficiaries have to be mentioned by name or are ascertainable by class or by relationship to a person alive or dead. For instance, children not yet born or conceived may be potential beneficiaries. The rights of the beneficiary are personal and are regarded as movable property. Subject to the trust deed, the beneficiary may sell, charge or deal with his or her interest in any manner, provided that this is done in writing.

The beneficiary has the right to information from the trustee and may seek court directives regarding the validity of the trust. The beneficiary may also disclaim his or her interest, or part thereof.

NEW: all the beneficiaries who are in existence and have been ascertained, provided that none of them is interdicted or a minor, may request the trustee to terminate the trust and distribute the trust property. The new amendments preclude this rule from applying in the case of protective trusts.

Trust Deed

The Trust Deed is the instrument whereby the trust is created and includes the terms of the trust and may also be in the form of a unilateral declaration of trust. For example, a Trust Deed may provide for the addition of new beneficiaries (e.g. for unborn children) or the exclusion of a specific benefit to certain beneficiaries under conditions clearly stated in the Trust Deed.

Letter of Wishes

The settlor can guide the trustee in a separate letter of wishes on how the trustee should exercise his discretion. Depending on the relationship between the settlor and the beneficiaries, the settlor can inform the beneficiaries of this letter, however, he/she may also choose not to disclose this letter to the beneficiaries. A letter of wishes is not legally binding on the trustee, but rather constitutes general guidance on a settlor’s wishes.

Legal Form

A trust does not have its own legal personality. Trusts are not registered anywhere and there are no formalities for the annual maintenance of trusts other than statutory obligations that are imposed on trustees in the administration of trusts (for example the duty to prepare accounts).

Set-up time

There are no statutory restrictions that could delay the setting up of a trust in Malta. Therefore, the time required depends on the particular circumstances and mainly relates to the drafting of the Trust Deed.

Termination

The Malta trust has been amended to extend the permitted duration to 125 years (formerly maximum duration was 100 years), however, it can be terminated earlier if all beneficiaries acting in unison demand termination, which the trustees must accept under the conditions outlined in the Trusts and Trustees Act. With most trust deeds it is usual for the trustees also to be able to bring the trust to an end during the trust period.

Ensuring trustees’ performance

Professional trustees are licensed by the MFSA, which has also issued a code of conduct to provide guidance to trustees as to the standards required under the Trusts and Trustees Act and other financial services legislation, as well as to the best practice in the industry. Trustees must exercise their fiduciary duties prudently and competently and, subject to the terms of the trust and the provisions of the Trusts and Trustees Act, consider the rights of all beneficiaries when making decisions affecting the administration of the trust.

If a trustee fails to administer a trust in accordance with the law and the respective trust deed, the trustee is liable for such a breach and can be sued for it.

NEW: the amendments include:

  • trustees have the duty to avoid any conflicts of interests
  • upon accepting appointment, trustees are duty-bound to draw up a written inventory of the trust assets and declare it includes all the trust property of which the trustees are aware
  • trustees are obliged to keep accounts and records of their trusteeship for at least 10 years from the date of termination of the trust/trusteeship

(Excerpt from the FinanceMalta Wealth Management Sector Guide 2015-2016)

EUROPA: Germania e Malta con il record della più bassa disoccupazione giovanile

EUROPA: Germania e Malta con il record della più bassa disoccupazione giovanile

woman

Mentre l’Italia fa segnare il nuovo record assoluto negativo da quando sono disponibili le serie storiche ISTAT con un tasso di disoccupazione al 44,2%, in aumento di 1,9 punti percentuali rispetto al mese precedente, a MALTA si vede il livello storico più basso mai avuto con il 10% di disoccupazione tra i giovani e il 5,5% sul totale della popolazione

Nonostante le riforme, in Italia manca chiaramente l’offerta di lavoro e il bel paese va a fare compagnia ai peggiori d’Europa

MALTA continua a mostrare dati macro economici ecclatanti, non tutta l’Europa è uguale, venite a visitare MALTA con MALTAway viaggi, sarà il primo passo di un percorso in cui potremo guidarvi per la protezione del vostro lavoro, della vostra famiglia, del vostro business, dei vostri asset

Maltaway è il vostro accesso a MALTA il meglio d’Europa in mezzo al mediterraneo  a 90 min di volo dal Nord Italia

Eurostat figures show that youth unemployment in Malta is among the lowest rates observed in the EU, with a 10% rate.

Figures show that in June 2015, 4.724 million young persons under 25 were unemployed in the European Union member states, with 3.181 million of these residing in the euro area.

Youth unemployment decreased by 386,000 in the EU and by 225,000 in the euro area when compared to June 2014.

According to statistics, in June 2015, the youth unemployment rate was 20.7% in the EU and 22.5% in the euro area, compared with 22.1% and 23.6% respectively in June 2014.

Statistics show that the lowest rates were observed in Germany with 7.1%, followed by Malta with 10.0%, Estonia with 10.1% in May 2015, Denmark and Austria with 10.3% each.

The highest rates were observed in Greece with 53.2% in April 2015, Spain with 49.2%, Italy with 44.2% and Croatia with 43.1% in the second quarter of 2015.

A reduction in youth unemployment was the main cause behind a drop in national unemployment figures, the government said in a press statement.

In June, unemployment in Malta was at 5.5%, the lowest since Eurostat began collecting data on Malta.

In 2012, youth unemployment in Malta was at 14%, dropping to 10% currently, making it the second lowest rate in the EU, after Germany.

“This is the result of measures implemented in the past years, including the Youth Guarantee, which the Opposition dubbed ‘one big menace for the economy’,” the statement reads.

“If the government had followed the Opposition’s advice, thousands of youths would today be receiving relief, instead of having thousands of new workers contributing to a reduction in the deficit, better investment of taxes and an improvement in pensions”.

In the coming months, the government will announce new measures to further improve the opportunities available to youth.

http://www.maltatoday.com.mt/business/business_news/55669/malta_among_lowest_youth_unemployment_rates_in_eu

La reputazione Internazionale dell’ITALIA sempre più simile a quella della Grecia e per alcune questioni (mafia,debito,burocrazia) anche peggio

La reputazione Internazionale dell’ITALIA sempre più simile a quella della Grecia e per alcune questioni (mafia,debito,burocrazia) anche peggio

Italia è ormai da tempo un paese dove è diventato istituzionale fottere il prossimo, non aspettare a lungo perchè (più) prima (che) poi toccherà anche a te

I flussi di capitali e di teste in uscita dall’Italia sono davvero spaventosi, distribuite il vostro rischio come persone,famiglia,asset, impresa, competenze su altri paesi…ma non seguite il gregge

Maltaway vi offre soluzioni pratiche che potete valutare ed iniziare ad implementare in pochi giorni

Italy’s organised crime groups have demonstrated devious ingenuity in everything from drug trafficking and prostitution to extortion and counterfeiting.
Now they have found a new source of illicit profits: the migration crisis that has seen thousands of asylum-seekers land on Italian shores after crossing the Mediterranean Sea from north Africa.

The care and feeding of such migrants may end up costing the Italian government as much as €800m per year, with it offering private individuals, companies and non-profit organisations up to €35 a day per person to host them. That includes a daily pocket money allowance of €2.50 that hosts are supposed to pay directly to the refugees.
Those funds have proven irresistible to the Mafia, according to Italian prosecutors and watchdog groups, who say criminal groups have succeeded at rigging the awarding of the contracts for the management of migrant reception centres in several high-profile cases.
“This is a very widespread problem. Welcoming migrants has become a big business,” says Gabriella Stramaccioni, who is charge of social policy at Libera, an anti-Mafia organisation. “We believe many centres are involved, in several cities,” she adds.
In one intercepted phone call released by Italian police last year, Salvatore Buzzi, a leftwing social activist who served time in jail for murder in the 1980s, remarked: “Do you have any idea how much I earn on immigrants? Drugs are less profitable.” Mr Buzzi, who was arrested, denies any wrongdoing.
This week brought a grim reminder of the human toll of the refugee crisis, after as many as 40 people drowned about 30 miles off the north African coast when their inflatable dinghy flooded.
Those who reach land safely face huge obstacles to rebuild their lives in Europe. Criminal involvement in their lodging and care has only darkened their plight since it can often lead to reduced services for the refugees.
It has also provided fodder for anti-immigrant groups seeking to block any form of public assistance to the new arrivals. “We must stop the departures and the landings, and block all the contracts,” Matteo Salvini, leader of the anti-immigrant Northern League, wrote last month on Facebook.
According to Italian officials, the criminal enterprise that has come to dominate the business of lodging asylum seekers is a group based in Rome — known as Mafia Capitale — that has made public corruption one of its main sources of revenue.
Traditional Mafia groups such as Sicily’s Cosa Nostra, the Calabrian ‘Ndrangheta or the Neapolitan Camorra — have also been linked to the migrant trade, but have so far been less active.

The Roman organisation was unearthed by Italian prosecutors last December. Its top brass allegedly colluded with local politicians and government officials to have the migrant centres run by “co-operatives”, or charity groups, that could serve their interests. Mr Buzzi is alleged to have had close ties to such groups.
Giovanni Salvi, the former chief prosecutor of Catania, in Sicily, the first Italian destination for many migrants, says organised crime gained a foothold in the migrant business because the flood of arrivals — some 170,000 people last year and as many expected this year — have left public officials scrambling each day to find accommodations, often with little oversight.
But Mr Salvi, who became prosecutor-general of Rome this month, says the “new element that shook the Italian political tissue and public opinion” was that some NGOs were involved in the “exploitation”.
“Government officials had people who seemed full of values as their interlocutors and it lowered their defences,” he said. “But then it emerged that this network was simply a way of making money.”
Ignazio Marino, the mayor of Rome, this week highlighted the criminal infiltration at a Vatican event on climate change and slavery attended by many of his counterparts from around the world.
“We’re working to restore legality and transparency. In recent years corrupt politicians and officials have taken advantage of the migrant drama,” Mr Marino said. “Instead of serving the poor, these officials made use of the poor.”

http://www.ft.com/intl/cms/s/0/0d0371d0-31f4-11e5-8873-775ba7c2ea3d.html#axzz3h12RZJ4u

 

23% delle imprese greche ha dichiarato di trasferirsi all’estero, alla fine del QE toccherà ai PIGS, Italia in testa

23% delle imprese greche ha dichiarato di trasferirsi all’estero, alla fine del QE toccherà ai PIGS, Italia in testa

Questo è quello che accade e accadrà in Italia, se fossi un professionista, una piccola media impresa o un global corporation mi muoverei rapidamente, portare fuori dall’Italia le cose più importanti, le proprie competenze, la propria impresa, i propri asset e patrimoni, la propria famiglia….inizierei a partire dalla tesoreria per evitare di trovarmi come un greco di oggi

Dopo anni vissuti in diversi paesi abbiamo scelto MALTA e maltaway è la vostra via di accesso alle opportunità di Malta e in poco tempo vi possiamo spiegare il perchè….e il sapere e la consapevolezza sono la base di azioni di successo

Unimprese, “prendiamo atto con stupore delle promesse del premier. Il presidente del consiglio parla di un taglio delle tasse da 45 miliardi di euro. I numeri ufficiali dello stesso governo vanno nella direzione opposta. Col Documento di economia e finanza già approvato è stato certificato, per i prossimi 5 anni, l’aumento della pressione fiscale oltre il 44% e si va incontro a una stangata fiscale da oltre 100 miliardi. Dal 2015 al 2019, le entrate tributarie dello Stato cresceranno costantemente e arriveranno fino agli 881 miliardi del 2019. Complessivamente nel prossimo quinquennio i contribuenti italiani dovranno versare nelle casse pubbliche 104,1 miliardi in più rispetto allo scorso anno (+13%). Sulle imposte dirette e indirette – principalmente Irpef, Ires e Iva – ci sarà una stretta da quasi 80 miliardi. Il bilancio statale non sarà sforbiciato: le uscite cresceranno di quasi 38 miliardi(+4%) e sono stati sterilizzati gli investimenti pubblici, che resteranno stabili attorno ai 60 miliardi l’anno.”

Capital controls imposed by the Greek government are taking a heavy toll on Greek businesses,according to a new report from Endeavour Greece. With over two-thirds of respondents reporting a “significant drop in revenues,” and 1 in 9 firms forced to suspend production due to shortages of raw materials (unable to buy due to capital controls), the problems created by The Greek government’s action seem asymmetric as almost a quarter (23%) of firms are now “planning to transfer their headquarters abroad for security, cashflow, and stability reasons.”

http://www.zerohedge.com/news/2015-07-20/greek-economy-finished-quarter-firms-shifting-abroad

Is it Asset Location As Important As Asset Allocation ???

Choosing the location of where your investments are located can add significantly to your after tax returns. Most people understand that modern portfolio theory and asset allocation are major factors in determining investment returns but individuals are not as well versed in techniques of asset location

Focusing on after tax rates of returns, liquidity needs, and efficient allocation of your investment assets will allow investors to build a larger investment portfolio, reduce taxes, and earn higher after tax rates of returns.

http://investorsolutions.com/knowledge-center/investment-articles/asset-location-is-as-important-as-asset-allocation-3/

maltaway_balatti_boardmember_asset location