Gibraltar Assists African Financial Services Regulators

by Jason Gorringe, Tax-News.com, London

23 September 2011

The Deputy Chief Executive Officer of the Gibraltar Financial Services Commission (FSC), David Parody, has recently returned from Mombasa, Kenya, where he delivered a workshop for the Board of the Kenyan Insurance Regulatory Authority (IRA) funded by the Authority itself.

The workshop set out to identify the strategic objectives for the IRA as part of strengthening the corporate governance of the Authority in line with the Kenyan government's requirements for greater accountability of the public sector.

Parody's involvement in this workshop follows a similar contribution he made as part of the Commonwealth Secretariat's workshop in Kampala, Uganda, earlier this year. At this workshop, he was the key speaker at a three-day conference on the same topic, which brought together regulators from Kenya, Malawi, Rwanda, Tanzania, Uganda and Zambia.

The FSC says that its experience in developing corporate governance structures in Gibraltar places it in an ideal position to offer advice on key issues such as boardroom proceedings, corporate governance principles, accountability, strategic planning, assessing performance tools and the roles needed to operate effectively within a regulatory framework.

Upon his return from Kenya, Parody stated: "The workshop has been a very rewarding experience due, primarily, to the commitment and interaction by Board Members of the IRA in applying international best practices of corporate governance in the context of a regulatory body."

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