Under the High Patronage of HSH Prince Albert, the magic of Venice will be recreated in Monaco again from February 14 to February 18, 2018.
Reflecting the glamour of the masked ball held at the Rezzonico Palace in Venice in 1967, at which Princess Grace dazzled the world, this second edition will honour the city of Venice, its culture and its traditions, and is designed for those who love glamour, costumes, and a festive carnival atmosphere. Some 70 artists and extras will arrive from Venice for the occasion.
Wednesday, February 14, Valentine’s Day, will mark the beginning of the festivities, while on Saturday, February 17, the sumptuous Grand Masked Ball in period costumes at the Sporting Monte Carlo will undoubtedly be the highlight of the week.
On Sunday, February 18, the public will be invited by the Principality to share Venetian splendour and excitement on the Place du Casino and at the Café de Paris, where flag throwers and artists will perform, and the traditional and delicious hot chocolate of the Café de Paris will be available to all, and offered to children from Monaco’s schools.
The event is being organised by its Founding Director, opera artist and UNICEF Ambassador Delia-Grace Noble, with the support of the Mayor of Monaco, Georges Marsan and the Italian Ambassador in Monaco, HE Cristiano Gallo.
No Finish Line founder Philippe Verdier with Paula Radcliffe
Philippe Verdier, Founder No Finish Line
ML: Could you give a little of your background and your passion for running? PV: I arrived in Monaco in July to integrate and develop Gramaglia Assurances. From ten people in 1995, we are now 34 who specialise in corporate risk.
I have been running high-level ultras since 2000, especially 100 km, 100 or 200 miles around the world, in the mountains or in the deserts, most often ranking in the top 20 or even top 10 UTMB (6th), Grand Raid Reunion (14th), Badwater (4th), Raid Ventoux (1st), Tour du Lac Léman (1st) or the Hardrock (12th). I am currently ranked 7th on the French challenge of trails over 100 km, the Ultra Mountain National Tour.
ML: Can you tell us about the history of the Children & Future association? PV: The week of November 20 to 28, 1999 was the launch of No Finish Line, by the Junior Chamber of Economy of Monaco, to celebrate and promote the Universal Children’s Day and to raise public awareness of the Rights of the Child.
The creation of the association came later, in March 2001, and so a humanitarian association, No Finish Line, was born. Its sole aim is to promote the protection and respect of children’s rights throughout the world and in Monaco, and to finance projects that improve their condition, education, health and lifestyle.
ML: So how is Children & Future structured? PV: Children & Future is, above all, a team that shows solidarity and is active throughout the year. The office is made up of five people: Ariane (President), Hélène (Vice-President), Stéphane (Vice-President), Sylvia (Secretary General) and Genevieve (Treasurer).
The other members are divided into different centres. There’s logistics, which tends to the design of the circuit, course safety, refuelling stations, the computer system and timing chips, technical files for administrative entities, setting up infrastructures, and realisation of logistics schedules.
Then registration puts together online newsletters for the runners over 8 days, 24 hours a day, designs the registration flyer, creates BIBs, runs registration management and provides information to the teams.
The communication department works on website animation, social networks, press-book production, activity reports, press releases and press relations, creates posters and all media, and deals with circuit signage.
The organisation and management of musical and various events on the circuit, sound and the awards ceremony is the responsibility of our animations department.
The project centre determines rules and conditions for projects, study and selection of projects to be financed and their monitoring while the sponsorship department looks for financial partners and arranges their visibility on the circuit.
Finally, there’s the administrative and accounting follow-up.
ML: Could you give us some facts and figures about the association? PV: The concept of No Finish Line is very simple: just come running or walking on a circuit closed to traffic and open 24 hours a day for 8 days.
Participants can come on the circuit if they wish, 8 consecutive days, several times a day, at night, entre chien et loup (twilight) … whenever.
The uniqueness is that this event is truly open to everyone and you decide when you want to participate. Plus, you can come by yourself or with your family, a pet, in a team, in a competition, with your school …
Entertainment is planned throughout the week to give NFL a touch of cheerfulness for its participants: musical bands, Zumba, yoga, tai chi, pancake party, popcorn, dancers.
As for figures, in 2013, at Quai Antoine 1er, we had 10,469 people register, 271,251 kms were completed and we raised €299,692. The following edition numbers surged to 12,524 participants raising €393,671 with 71,072 more kilometres than 2013.
In 2015, 13,459 people moved to Fontvieille Chapiteau and the Rose Garden and we raised €383,109 (€1 per km) while for this year’s new route, 13,297 people signed up and €392,516 was raised.
ML: The funds go to which projects for children? PV: There are several projects. First, the Cardio-Thoracic Centre Monaco (CCM) (€112,499). Since 2004, we have been working closely with the CCM to mobilise its teams to save children with severe heart defects.
Since its creation, the CCM has taken care of children in the framework of humanitarian actions by providing them with medical skills and technical platforms.
The children who receive operations benefit from the most recent and least aggressive protocols possible (interventions without surgical opening, opening of narrowed valves, etc.).
Cardiac diagnosis, urgent medical procedures and paediatric resuscitation are provided by the Centre’s permanent team, while the most complex cases are given to international specialists.
Beyond the surgical and medical acts, the whole team warmly embrace the children who are far away from their family environment.
These projects can be created through the cooperation of several associations:
Aviation sans frontières, which is in charge of the African Rencontres, the Chaîne de l’espoir and the Monegasque Red Cross, which carry out the necessary administrative formalities to receive children and allow them to be welcomed into host families throughout their stay.
Philippe Verdier, founder of No Finish Line, Ariane Favaloro, President of Children & Future, Dr François Bourlon of Cardio-Thoracic Centre and Francesco Grosoli, CEO Barclays Wealth & Investment Management EMEA. Photo: CCM/PALOMBA
The Directorate of National Education for Youth and Sports (€ 37,013). Children & Future contributes to the implementation of numerous educational and pedagogical projects in the Principality concerning children with severe school difficulties or with disabilities.
Children & Future finances the purchase of tablets, specific software or other necessary materials, as identified and listed by relevant professionals, which will be used, as needed, by kindergarten, primary, secondary or specialised classes.
Moana diving club (€16,300). Children & Future supports the Moana diving club in Cagnes-sur-mer. Diving equipment adapted to disabled youth has been funded, including wetsuits and facial masks. We are also involved in the purchase of a 9-seat adapted transport vehicle to facilitate the transportation of children with disabilities.
Street children of Madagascar (€30,000). We support jointly with the Directorate of International Cooperation of Monaco and the Apprentis Auteuil Foundation the economic and social reintegration of children and young people in the streets of Antananarivo.
The Malagasy capital has 3000 to 4000 children living on the streets, who suffer from food deficiency, health problems, hygiene, lack of education, protection and access to information.
This long-term development program, in conjunction with local associations, improves their living conditions and contributes to making them a key player in their future. It provides housing, and educates and trains about 900 children per year.
Maison de vie Carpentras (€7500). Since the opening of this maison de vie in June 2010 by HSH Princess Stephanie (the sponsor of our association), we participate in the running of the home for single people or families with HIV. It is a safe and resourceful environment, a place of listening, exchanges and sharing that allows those carrying the HIV virus to regain confidence in themselves and the future.
Construction of school in Bamougoum, Cameroon (€45,000). We are funding the construction of an elementary school through the Walking for Kids Association.
We’ll be responsible for the entire construction of the building, which will consist of three classes. The purpose of this school is to educate and accommodate all children in the surrounding villages, including children with minor disabilities.
Academy of Dance Monaco (€15,000). We give a scholarship to a young Brazilian student to provide an opportunity to fulfill the dream of becoming a lead dancer one day. This scholarship supports training at the Monte Carlo ballet dance academy.
Construction and development of a multi-sports ground for halfway-house in Trinité, Nice (€75,000). Children and teens on social assistance, as well as the children of the Foundation’s institutions, will be able to benefit. There’ll be a variety of physical activities (football, handball, basketball, tennis, badminton …) for children and young people out of school and/or families.
Playing sports will promote diversity, combat disparities and inequalities for girls but also contribute to the socialisation of not-in-school youth with others their age.
It will be a way to develop self-esteem, self-confidence and respect for others, respect for rules and tolerance, and a healthy lifestyle. An educational program will be set up and a schedule of activities will be developed in association with young people.
In addition, animations will be organised according to the sporting events (Rolland Garros, world football …)
Educational project FANB Monaco, construction of a water machine (€5,040). This educational project aims to make students work on concrete humanitarian projects.
Students will make a machine during school hours to purify contaminated water. Several subjects taught during the year in the college will be incorporated in this project: technology, geography …
The water station will be sent to a school in Burundi through Amade Mondiale, and will allow schoolchildren to have access to safe, non-chlorinated drinking water. This station will even be able to provide drinking water to the inhabitants in the area at competitive costs, resulting in a positive health impact.
Construction of a catheterisation room, Bamako Mali (€30,000). In partnership with the DCI and Share, a catheterisation room will be built within the mother-child hospital in Luxembourg.
In order for this centre to become autonomous, as was the case a few years ago when we co-financed the sterilisation and catheterisation room in Nouakchott, Share will be responsible for the training of cardiologists and the nursing staff in Mali and Monaco.
ML: What are the main fundraising events of the association? PV: The JCI (Young International Chamber) in 1995 decided that promotion of the rights of the child was an international project. One of the goals was to promote a Universal Day of the Rights of the Child (JUDE) every November 20. This entails submitting a motion to the UN, with a minimum of 20 signatures from member states being mandatory. HSH Prince Albert offered to ask for 100 signatures. At the end of 4 years, only 23 member states supported this motion. For political and diplomatic reasons, this project has been, for the moment, set aside.
The JCEM (Junior Chamber of Economy of Monaco) in 1998 decided to support the JCI action by organising demonstrations around November 20, The Monegasque Day of the Rights of the Child was instituted the following year.
I launched an idea in August 1998: to run (or walk) 24 hours a day on a circuit in the Principality over several days to promote the protection of children’s rights and to raise funds. A team of 6 people at JCEM set to work with Karine Morel and Philippe Verdier. During 9 days and 8 nights, 750 participants raised 100,000 francs, which was distributed to five local and international associations.
The No Finish Line is also a dance contest, “NFL Danse”. Organised with FAME and MAD, the spirit of this event is the same as the race: get dance schools involved with young dancers of all levels for a shared activity. Children and teens who love to dance help improve the lives of other less fortunate children. It is a genuine sense of solidarity. At the end of this competition one or two trophies for each level (beginner, intermediate, advanced) are awarded by a jury.
The participation of the many schools makes the event a success and all the benefits are donated to Children & Future.
ML: Could you talk about plans for No Finish Line in the future? PV: Our dream is to see 52 NFL, one a week, in different countries, so that the NFL is continued throughout the year in the world, and therefore becomes concretely a true “no finish line”.
This is why the NFL international association was created on July 1, 2014.
After filing the NFL name and concept, NFL International could then grant a temporary license to foreign organisers who are keen to support the event and help finance even more projects for children.
Each NFL project sponsor will have to apply the “1 currency/1 km travelled” policy and support programs for children in their country. Then, after a few years, each international NFL will return part of the funds raised to the NFL international association to finance a joint world project, chosen by all the organisers.
We did Paris in 2015 and 2016, Oslo in 2016 and soon Athens in 2017, these are the first cities to organise a No Finish Line.
Other projects are in progress, notably in Brussels, Mauritius, Rio or Sao Paulo …
ML: How does membership work? PV: Membership is €20/year, a token gesture! Each new entrant will be sponsored by a member, who will follow the new volunteer to explain the function, role and purpose of the association, and to answer any questions. Also, people can make a donation without becoming a member.
ML: Are you always in need of volunteers? PV: We always need volunteers, in general they are people who come to see us on the circuit and begin to give a little help with refuelling stations, for example. Then the volunteers sometimes want to commit to more time by coming to support us across the year.
Nazanine Matin, Licensee and Curator TEDxMonteCarlo. Photo: Flickr TEDxMonteCarlo
Nazanine Matin first brought TEDx, the non-profit “Technology, Entertainment and Design” conference, x = independently organised TED event – to Monaco with the university TEDxIUM in June 2014. Then last year, she hosted TEDxMonteCarlo at the Grimaldi Forum, where the day long independently-organised event captivated a sold-out audience of four hundred.
The Licensee and Curator’s ambition for TEDxMonteCarlo has always been about inspiring the community. “I hope to connect people and start new conversations. I hope to bring together CEOs and students who share the same passion. I hope new friendships will develop. I hope to drive change if an idea inspires the attendees,” Nazanine told Monaco Life.
The second edition of the event, “License to Know”, takes place next Saturday, November 11. Here are 10 Top Ten Things to Take Away from TEDxMonteCarlo.
1. Giving back to the community. Axel Hoppenot, SBM’s Director of Sales & Marketing and long-time supporter of the TED movement, has volunteered his time to sit on the Board for two years now.
2. Learning from others. One of the TEDxMonteCarlo 2016 participants was so moved to tears by the other speakers that she was one of the first people to buy a ticket this year.
3. Making new friends. 2016 TEDxMonteCarlo Advisory Board member Andrew Gallagher of Moore Stephens and a Norwegian entrepreneur that met at Nazanine’s TEDxIUM event on June 2014 and have been friends and riding their bikes since then. Since then, the Norwegian achieved the dream he had written on his TEDx badge.
4. Connecting with local companies. Making an impact. MOBEE, Monaco’s car-sharing service, partnered with TEDx last year and were blown away by the “how big a deal” the event was in terms of networking. They were the first to email TEDxMonteCarlo about collaborating again in 2017.
Photo: Flickr TEDxMonteCarlo
5. Getting the younger community involved. One of the youngest volunteers from last year’s TEDx, a pre-teen whose father was a speaker at TEDxIUM in 2014, stayed the latest to help and worked non-stop. She and her friend were also the first to sign-up again for this year.
6. Working with other non-profits. Christiane Cane of the Princess Charlene of Monaco Foundation attended in 2016, and the Foundation has been very supportive this year with their Ambassador Pierre Frolla agreeing to speak.
7. Meeting business leaders. Alejandro Agag, Formula E CEO, a speaker at TEDxMonteCarlo 2016, helped to create a new window for people in the outside world to see Monaco in a fresh and innovative way.
8. Reaching students. One Advisory Board Member received a text message from a 2016 TEDxMonteCarlo volunteer whose young son, a Monaco student, was completely blown away by what he had seen across the day and felt compelled to share this.
9. Bringing in new faces. The stage designer, whom Nazanine discovered at TEDxLausanneWomen and brought to Monte-Carlo, not only designed the TEDxMonteCarlo stage last year and again this year, but is also collaborating with some of the team members on their projects.
10. Bringing Monaco together. The social media campaign – #SnapASelfieTEDxMonteCarlo, #LicenseToKnow and #TEDxMonteCarlo – connected “a Monaco friend of a Monaco friend”, furthering the chain of six degrees of TEDxation.
“Sparking new conversations, connecting with your community, and becoming a part of the TEDx family … come and see for yourself what TEDxMonteCarlo is all about,” Nazanine Matin said. “You might take a step closer to achieving one of your dreams.”
There are a limited number of tickets, €88, or €50 for students, available online. Contact Nazanine Matin about sponsorship packages. Article first published November 4, 2017.
Q&A with Irina Peterson, Senior BD Manager at Maitland Group, who explains lifestyle asset administration
Irina Peterson joined Maitland in the Monaco office in 2014, having been based in the Principality for over 18 years. She is responsible for Maitland’s further growth in the private client, family office and corporate services sectors, where the group has a strong reputation for complex cross-border and multi jurisdictional advisory and administration services, with a particular focus on Monaco.
Prior to joining Maitland, the International University of Monaco alumna, who graduated in the top three of her class, worked for Monaco Asset Management and Merrill Lynch to grow their private client and wealth management businesses. Most recently, she was a senior executive manager of Eurocape New Energy.
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ML: The Maitland Group is celebrating its 40th anniversary this year. Can you share a few company milestones?
IP: Maitland was founded in Luxembourg in 1976 as a niche legal advisory firm to corporates. Soon enough, as client demand grew, the areas of expertise evolved into family office, corporate and investment services, as well as fund administration. We now have 16 offices worldwide, with 1,200 staff and administer over $280 billion of assets.
We opened an office in Monaco in 2008 to be closer to our clients who owned residences or had business activities in the Principality. In recognition of the importance of Monaco to our firm, Michael Solomon, Maitland’s Chairman, relocated from London to Monaco. Our team has now grown to 11 full-time professionals and Maitland Monaco SAM is well positioned to respond to a full spectrum of family office and private client services.
ML: Maitland Monaco deals in lifestyle asset administration. What exactly is this service, and what advantages does it offer clients?
IP: Through our lifestyle asset administration we take away the burden of administration so that our clients can get the maximum enjoyment of their lifestyle assets, whether residences and holiday homes, yachts, aircrafts or art collections. Maitland offers the full range of private client corporate and fiduciary services, from advising clients on the most applicable structure in the most appropriate jurisdiction for estate or tax planning to will drafting and estate administration.
For example, our services relating to yachts encompass a full range of corporate services including directors, officers, statutory filing and accounting services as well as multi-jurisdictional corporate ownership structures and structuring and administrative support for the sale and purchase of these luxury assets. From yacht registration to yacht accounting frameworks, and from administrative support for restructuring and refinancing to integration of offshore structures in accordance with corporate and personal tax advice, we take care of the business side of owning a yacht.
ML: Buying a yacht is more complicated than the simple transaction of payment. What are some financial and administrative points that would-be yacht owners need to consider before signing on the dotted line?
IP: A yacht purchase is a complicated investment. It is the ultimate luxury, a wealthy person’s private five-star hotel that can move around the world. It is an investment into someone’s personal time and also often used as a business tool, the ultimate sanctuary for privacy and an opportunity to spend quality time with family and friends.
The ever-changing requirements and regulations of the industry continue to affect yacht and aviation ownership, which means carefully structured planning remains of utmost importance. A future yacht owner needs to negotiate with much attention to detail the purchase and sale agreement, the list of delivery documents, investigate the legal status of the seller, as well as the registration of the yacht and any recorded encumbrances. A marine survey should be carried out as well as a sea trial. The buyer of a yacht should certainly seek advice in matters such as: passing of risk and title, suitable ownership structure and choice of flag (taking in account the buyer’s circumstances and intended use of the yacht), advice in connection with European VAT and other taxes, issues relating to safety, classification and placement of insurance cover.
ML: What can a potential client expect from Maitland Monaco in terms of service?
IP: Maitland’s services in Monaco are high-touch and exceedingly personalised. Through our Monaco office, clients can also expect an entry into the services of the wider Maitland group, benefiting from an end-to-end solution to meet the full range of our client’s business and family office requirements.
In addition to marine and aviation assets, our lifestyle offering includes property and art.
Maitland has several decades of experience in administering real estate structures in all classes of real estate. Our team comprises lawyers, accountants, company secretaries and trust professionals with property experience. This combined skills set ensures entities are managed with the requisite level of corporate governance and client satisfaction.
Our lawyers and trustees have been deeply involved in working with art over the past 40 years. We have been involved in the establishment of significant art museums including the Thyssen-Bornemisza Museum in Madrid, which is part of the “Golden Triangle of Art.” We currently administer several valuable international art collections.
ML: What is the current market trend between UHNWI’s and the super-yacht sector? IP: Industry experts have confirmed continued growth in the super-yacht sector (boats over 24 metres), a fact supported by a 40% increase in sales during 2015 compared to 2014. (Source: Boat International Media)
With respect to real estate, as a sign of its exclusiveness, Monaco residential real estate remains the most expensive in the world for the ninth consecutive year. According to the Knight Frank Wealth Report 2016, $1 million will buy you 17m2.
We see a global trend of ultra-wealthy individuals purchasing luxury homes around the world to further diversify their holdings.
Maitland Monaco team at MYS 2015
ML: What does being a Partner of the Monaco Yacht Show signify for Maitland Monaco? IP: Many of our clients own yachts and so it is exceedingly relevant for Maitland to be a Partner of the Monaco Yacht Show. We appreciate the prestige and networking opportunities that come with it, as well as the chance to educate the market about the importance of proper planning when it comes to lifestyle assets administration.
ML: Give us a scoop on the Monaco Yacht Show? IP: There are as many if not more yachts anchored in the bay of Monaco (approximately 140 yachts) than in the harbour (approximately 120 yachts on display). Collectively the value of the yachts exceeds $4bn and the yachts on display are some of the most lavish in existence.
ML: What’s the best – and worst – part of the Monaco yacht show? IP: To me, one of the best things is the effervescence of Monaco during the 4 days of the yacht show, clients and professionals from anywhere in the world being present here. Also, I can’t imagine life without boats, sailing and being by the sea!
The worst thing? Hard to find something negative … maybe the lack of sleep? Meetings and events go around the clock during the yacht show, so it’s an intense time for me and the team. We need to be ready to accommodate our guests, respond to meetings requests and in general to manage the busy calendar of events during this week.
Louise Simpson sails the skies over lunch with easyJet founder, Sir Stelios Haji-Ioannou, and gets the lowdown on his latest aviation project, fastjet
“Aviation and Africa are both risky places to do business,” says Sir Stelios Haji-Ioannou, “so fastjet is twice as risky.”
I’m spearing Burgundy snails into my mouth as one of the world’s best-known businessmen tells me about his latest venture over lunch at the Quai des Artistes restaurant. It’s the typical Monaco tale where friends of friends end up creating multi-million-euro businesses together. The friend of a friend in question is fellow Monaco resident David Lenigas. Their collaboration started in 2011 when Lenigas chaired Lonrho – a British-colonial conglomerate with a small, unsuccessful airline. Lenigas turned to Stelios for help.
“We need to change the aircraft, we need to change the name, we need to change the business model,” Stelios replied…
Their brainchild is Africa’s first low-cost airline. To date, the airline has six aircraft and is expanding slowly across the African continent. Stelios remains cautiously optimistic about its future. Although his name launched the brand, he isn’t running the show.
“I’m not on the board. I have only a 10% shareholding so it’s an interesting bet on what happens in Africa.”
This hands-off approach to business is visible in his private investment company easyGroup that owns the easy brand (Stelios had the prescience to form this when he set up easyJet). With more than a dozen travel and leisure businesses currently licensed under the easy name and paying royalties to easyGroup, Stelios doesn’t actually run any of them.
“It’s about putting the right people in the right place at the right time and giving them the right tools. Easy is not a lifestyle brand. It stands for value for money. In a way, I got the brand-licensing and franchising idea from Richard Branson.”
This is neither the first nor last time during our lunch that Stelios shocks me. To give credit to a rival businessman requires exceptional modesty. As a travel journalist accustomed to hearing self-promotional flannel and corporate jargon, I find his plain speaking refreshing. The billionaire businessman exudes the calm confidence of a born entrepreneur. At an age when most of us are cutting our teeth on our photocopying skills, Stelios had already set up his own shipping company, Stelmar Shipping that he later floated on the New York Stock exchange and sold. He went on to set up easyJet in 1995 at the age of 28. The low-cost airline challenged the traditional aviation model doing away with free onboard meals, allocated seating and travel-agent commissions. Two decades later, his no-frills approach has weathered the test of time. EasyJet now outstrips British Airways as Britain’s biggest airline with almost 70 million passengers per year. His success on the profit-margin tightrope of low-cost travel is highlighted when set against the backdrop of countless failures. Who remembers defunct low-cost airlines such as Jetstream Express, Zoom Airlines or Debonair?
While passengers have voted with their customer loyalty, the British press has proved harder to please. The Independent has described him sneeringly as “Travel’s Agent Orange”, while other newspapers attacked his recent easyJet campaign against outrageous pay packages for key executives and for a healthier dividend stream for shareholders (Stelios remains the largest single shareholder with 33%). When his activism paid literal dividends in his negotiation of 40% profits for shareholders and in his restoration of a cordial relationship with the easyJet board, the press remained silent.
“The interesting thing about the press is that they focus on conflict rather than peace,” he observes.
Stelios has been quoted erroneously as author of the aviation adage: the way to become a millionaire is to start as a billionaire and then set up a low-cost airline. Several newspapers point to his wealthy parentage as if that diminishes his success. I disagree. After a decade in Monaco watching gilded youths searching for the meaning of existence at the bottom of a glass of Crystal champagne, the challenge of living up to a successful parent is evident. When I ask him what advice he can give to the principality’s youthful heirs apparent, Stelios chooses his words:
“Not everybody is predisposed to entrepreneurship and starting a business. It’s very risky so I admire equally [those] who invest it in a conservative manner [rather than losing] it. But I also believe there’s a case for giving some of it back which I think is very respectable. If you’ve inherited a lot of money, why not help others?”
Stelios puts his money where his mouth is through his own charity. The Stelios Philanthropic Foundation funds projects in the UK, Greece, Cyprus and Monaco. As well as his ongoing funding of academic scholarships in London and Athens, the foundation’s current focus is Food from the Heart. This foundation programme distributes around 15,000 pre-packaged snacks daily to people in need in Greece and Cyprus via numerous outlets from the foundation’s own premises to churches and even kebab kiosks. His eyes soften and mist over as he describes the misfortunes of high-school classmates who made their fortunes and then lost them as the Greek economy collapsed in 2011.
“I almost feel guilty for my affluence,” he whispers.
Over our main course of tender lamb shanks and veal chops, we turn to the subject of aviation technology. In July 2015, a solar-powered plane managed a record-breaking 7,200km flight across the Pacific. The plane lasted five nights and five days without fuel through the use of 17,000 photovoltaic cells and on-board rechargeable lithium-ion batteries to enable nighttime flying. Given that the pilot had to breathe through an oxygen mask, suffer huge temperature swings and pee into a bottle, I venture to ask Stelios whether such technology will ever become practical for use on passenger planes.
Stelios remains cautious: “Let’s get some cars moving on solar energy before we move to planes. I’m not technically minded. I have a very simple philosophy in business: I like tried-and-tested technology. I don’t want to be the airline that flies the first ever of anything. There is something very reassuring about flying on an Airbus A320 – they’ve made 6000 of them. Let others try and take the risks themselves.”
His risk adversity is understandable given that he weathered a manslaughter charge in his early 20s when his father’s ship tanker sank in the Mediterranean. He and his father were cleared of any charges after a lengthy Italian court case following the accident. Gradually Stelios has found safe harbors in business as in life. One of these is Monaco. He describes the principality as an “acquired taste” that he fell in love with as he sought to spend less time on an airplane. He was drawn by the principality’s multi-cultural edge.
“Everybody is welcome in Monaco. There are no foreigners because we’re all foreigners.”
So the aviation billionaire has settled in Monaco, while safeguarding his globetrotting nature with cold winter months spent in the Caribbean, business trips in London and family gatherings in his beloved Athens. His cosmopolitan spirit is visible even in his palate as he admits to being “equally happy” with French, Italian, Japanese and of course Greek cuisine.
Stelios works a little every day of the year, but does allow himself one hobby. Aptly for the son of a shipping magnate and for the man who has made his name in travel, his hobby is sailing. Stelios likes to go out for an afternoon sail in his “little boat” (a modest way to describe his 36-metre sailing yacht moored in front of the Monaco Yacht Club).
“I usually stand at the helm,” he muses.
At play as at work, the transport king is at the helm.
Article first published August 26, 2016.
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The Charities of Monaco Life: Les Enfants de Frankie
ML: Can you give us some background about Les Enfants de Frankie? JS: The association was created in 1997 to help children from in and around Monaco suffering from severe illnesses, and various disabilities. Frankie is a clown who comforts to children in need.
ML: Can you give us some key facts and figures? JS: The association receives requests from about 20,000 children per year via more than 200 structures (Social Services, Medical Education Institutes, Hospitals …) and relies on more than 100 volunteers and over 350 members per year.
Every year, the association organises Frankie’s Christmas for thousands of children, about 50 outings and workshops, some 20 specific projects and around ten residential group trips.
ML: What activities do you organize for children during the year? JS: We visit hospitals in the region. Our volunteers read to bedridden children, play games or arrange small creative workshops.
We have more or less the same annual program, focusing on the events of the Principality, such as the Circus Festival, New Generation, Rolex Tennis Masters, Formula 1 Grand Prix, Football Matches, the Film Festival. We also try to innovate, for example, through sports events like tennis, volleyball, rugby, or through educational outings – visits to the Lerins islands, outings with themed workshops (say, the protection of the environment), on sail boats, or to botanical gardens …
ML: What are the association’s main fundraising events? JS: Our annual Charity Night – “Kids Nite” – invites families in Monaco and the region to take part in a gala evening specially organised for their children. This year, this takes place December 16.
Monaco Red Nose Day (which was December 6) encourages the townspeople and workers in our Principality and neighboring towns to buy a Red Nose to show their support for children in need in our region. These are both held under the High Patronage of HSH Prince Albert.
Generous benefactors also make occasional donations or become partners by actively participating in one of our events.
ML: I read that the association bought a minibus for the psychiatry and autism service at the Antibes-Juan-Les-Pins hospital. How are funds spent? JS: The funds raised during donations or our annual Gala Evening help cover the costs of our different events and activities, such as:
– Frankie’s Christmas, an annual show with gifts and a tea party for thousands of children.
– Specific projects, like bathroom renovations for children with severe disabilities.
– Playground facilities for children placed in a home for their protection.
– Equestrian therapy activity for children with autism.
– A vegetable garden for sick and disabled children.
– Tickets for outings to the Monte-Carlo International Circus Festival, for example, or a helicopter flight, Farm Day, etc.
– Workshops on biodiversity, respect for the environment and recycling as part of the United Nations Programme on sustainable development.
ML: Can you tell us a little more about the creation and implantation of the Child’s Rights Fountain in the Principality? JS: The Universal Child’s Rights Fountain, which is set in the landscaped grounds of Fontvieille, was inaugurated on November 20, 2000, by Prince Albert II as part of the Second Day of Human Rights of the Child. Made of travertine marble by Italian sculptor Franco Maschio, it was offered to Monaco by the Association Les Enfants de Frankie. The clown character is the ideal metaphor to address both children and adults as it is apolitical and does not distinguish between races and religions. The clown is surrounded by five children, a symbol of the five continents, and the water, the ultimate symbol of life, flows over a plaque on which the Rights of the Child are engraved, and stones signed by 40 of Monaco’s celebrities.
ML: There’s also something called a Dream Mission? JS: This magnificent project took the team and sponsors a whole year to make the dreams of 56 hospitalised children come true. The dreams of these children, from the simplest to the most extravagant, ranged from a wish for a box of paints or a football to meeting a Formula 1 driver or football player in Brazil, and from meeting the Sovereign Prince in his Palace to simply seeing Santa Claus’ reindeer in Iceland. Some were even able to the other side of the world on a safari or watch the shooting of the film “Dinotopia”.
ML: Frankie also has 12 renowned Ambassadors, one for every month of the year? JS: Frankie has appealed to the generosity of twelve illustrious women known around the world, with their 12 foundations in 12 different countries, to help him carry out a major project for chldren. For example, a circus in Africa, a magical day in a Princess’ Palace, or videoed school courses for bedridden children.
ML: Can you tell us about the association’s structure membership? JS: The association has been recognised as an NGO since 2008 and has the Consultative Status of the Economic and Social Council of the United Nations. It is made up of a team of five people, our Founding President and volunteer, Mrs Francien Giraudi, our volunteer accountant and three full-time employees. We also have some 50 volunteers in the field. Members, who share the values of the association, are the soul of the association and with their annual subscription and their commitment we can continue our actions and regularly offer children new outings. And, of course, people can make a donation without becoming a member, either through our website or by post.
ML: Does the association need volunteers? JS: As we are offering more and more activities, we are always looking for new volunteers, either for our weekly outings, or for the organisation of our major humanitarian events such as Frankie’s Noel, which requires more than 80 volunteers. To become a volunteer, you do not need to be a member, it can be done by contacting the office or by filling out the registration form on our website, under “volunteering”.
I launched an idea in August 1998: to run (or walk) 24 hours a day on a circuit in the Principality over several days to promote the protection of children’s rights and to raise funds. A team of 6 people at JCEM set to work with Karine Morel and Philippe Verdier. During 9 days and 8 nights, 750 participants raised 100,000 francs, which was distributed to five local and international associations.
Irina Peterson joined Maitland in the Monaco office in 2014, having been based in the Principality for over 18 years. She is responsible for Maitland’s further growth in the private client, family office and corporate services sectors, where the group has a strong reputation for complex cross-border and multi jurisdictional advisory and administration services, with a particular focus on Monaco.
Jessica Sapia, Association Secretary
