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Gibraltar FSC Member Resigns

by Jason Gorringe,, London

02 February 2011

The Gibraltar Financial Services Commission has announced the resignation of Robert Vasquez, a Commission Member, following debate on the introduction of rules to prevent those with political involvement from holding policymaking roles within the Commission.

Robert Vasquez, who was appointed to serve as a Commission Member on August 1, 2006, tendered his resignation as a Member of the Financial Services Commission (FSC) on January 18, 2011, the FSC said in a later statement.

According to the Commission, non-executive Commission Members have been considering a policy concerning public statements and political involvement of Commission Members to ensure that FSC continues to be, and is seen to be, independent and abiding by the principles of good corporate governance.

A draft policy has been produced, and is expected to be finalised at the Commission’s Board meeting in March.

The Commission’s statement said:

“The Chairman and his fellow Commission Members regret Vasquez’s decision to leave the FSC and would like to publicly thank Vasquez for his significant contribution to the Commission’s work during his time as an FSC Board Member.”

“Vasquez has stated that his reasons for resigning from the FSC stem from this proposed policy and he has made it clear that he wishes to continue being actively involved in providing public commentary and views on matters without the restrictions he feels would be imposed by the proposed policy, if adopted. The other Members of the Commission do not share Vasquez's view that the draft policy imposes undue restrictions, but respect Vasquez’s position on this matter and therefore understand the reasons for his decision."

TAGS: compliance | Gibraltar | law | international financial centres (IFC) | offshore | corporate governance | standards | regulation

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