Guernsey hopes to be at the “leading edge” of the sustainable and social investment agenda, affirmed Gillian Browning, director of the Guernsey Financial Services Commission’s investment, fiduciary and pension division at the 2022 Guernsey Funds Forum yesterday (12 May).
Browning made the comment at the event's first panel debate, “Endless Opportunities in Sustainability” (pictured), alongside Dylan Cox of Pitchbook, Lorraine Johnston of Ashurst and Sona Stadtelmeyer-Petru of J.P. Morgan Asset Management.
The panel discussed what the definition of sustainability is, with Johnston outlining the differing regulatory environments that exist in the UK and Europe.
Stadtelmeyer-Petru highlighted the challenges presented by a lack of data, which, she said, makes it difficult to be confident about the impact sustainable investment is having.
The scene for the afternoon’s events was set by author, economist and event keynote speaker Dharshini David, who said that although current times are “particularly troubled”, there are many opportunities.
She referenced the COVID-19 pandemic, the war in Ukraine – which has exacerbated the energy crisis – and commodity price hikes which have contributed to the creation of an unstable global picture.
The second panel session, “Endless Opportunities in Technology”, included panellists Clara Durodie of Cognitive Finance, deputy Sasha Kazantseva-Miller of the States of Guernsey, Jeet Singh of EY, and Wim Ritz of ZEDRA.
Durodie said artificial intelligence is the basic enabler for emerging technologies, and if its deployment can be understood, it will be possible to create more technological advances.
Kazantseva-Miller discussed how to give value to digital assets. From a government perspective, she said: “Because we are an independent government, we can regulate and legislate and make sure the right controls are in place to protect investors and meet global standards, anti-money laundering, anti-bribery, corruption and follow principles of good investment.”
Kazantseva-Miller also outlined her predictions for Guernsey’s technological developments.
"We are tiny, but we are mighty,” she said. “When you look at the regulatory approach, what the government is doing, and the close cooperation with industry, we can be nimble and agile. We need to continue providing innovative products, we have a healthy risk appetite but we take it seriously and we do it well."
The panel concluded that the intersection of ESG and technology requires focus due to the potential unintended consequences of technology.
Image: Guernsey Finance 