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Month: March 2020

Digital documents have equal status

by: Stephanie Horsman
03/03/2020

Since December 2019, digital and paper documents have had the same legal value under a new law. The government is now using this law to entice businesses and stimulate economic activity.

At a recent press lunch on the topic, Frédéric Genta, Delegate in charge of the Digital Transition, and Julien Dejanovic, Director of Digital Administration, unveiled the government’s thoughts on how this new law will benefit the Principality.

By granting digital documents probative value equal to that of paper ones, Monaco has set a standard and created the model of what it will look like in a completely digital world.

Local companies will be able to issue electronic payslips for employees, file documents online without being obligated to retain paper copies, send registered letters and return receipt acknowledgements by electronic means and formalise contracts via online methods that are as legally binding as paper ones.

These laws have put Monaco in accord with European eIDAS standards currently in place to facilitate digital exchanges. The state has already made clear how private companies and public sector employers can transition to using electronic pay methods, and is now in the process of defining the additional elements of the law through sovereign ordinances of application due out before the end of April this year.  

Official Monegasque signature certificates and an electronic seal created by the Monegasque Agency for Digital Security are also being created. 

Companies are being encouraged to not delay in their implementation of dematerialising pay slips. The government is encouraging them to start their work internally so the switch can be made seamlessly and quickly.

In addition to the paper savings, which are not insignificant at approximately 3.4 tonnes per year, the elimination of the need for paper back-up files will free up an extraordinary amount of physical space. Estimates hover at around 15,000m2 – 6,000 of which is in the financial sector alone. In a country where space is at a premium, this is a huge bonus.  

The government has vowed that all internal exchanges and pay slips will be digital no later than the start of 2021, though it may be that this happens sooner.

 
 

Promoting women in the wine world

by: Stephanie Horsman
03/03/2020

To celebrate International Women’s Day, the Meridien Beach Plaza will be hosting a special event focused on women in the world of wine.
The theme of ‘Women and Wine-Making Around the World’ will be explored in the Salon Atlantique of the Meridien Beach Plaza Hotel in Monaco on Sunday 8th March, as visitors have the chance to meet with and speak to wine and spirits experts from around the world.
Additionally, there will be the opportunity to get to know some of the preeminent women oenologists, sommeliers, buyers and journalists from the wine press, all whilst sampling some of this year’s most celebrated or award-winning wine and spirits, and tasting Chef Laurent Colin’s specially-prepared treats.
Cultural activities have been organised along with a prize draw in which proceeds will benefit Princess Stephanie’s association Fight AIDS Monaco. The charity works to help women who suffer with or have been affected by AIDS.
The association Le Grand Cordon d’Or de la Cuisine Française à Monaco, represented by President Gilles Brunner, will be present at the event. To mark the occasion, a number of international tasters, all women, will be inducted into this prestigious organisation.
Also expected are the Association Monégasque des Sommeliers represented by its President Dominique Milardi, and the Associazione Maestri Italiana Ristoranti ed Alberghi (AMIRA) of Monaco with its President Antonio Fochi, as well as members of the groups Femmes et Vins du Monde, Inter Concours du Monde, the Club de la Presse 83, professional and amateur artists, and international tasters and partner students.
The goals set out by the organisers are to help producers and distributors promote their products, give new consumers a chance to try different wines and spirits, and to promote the role of women who make their livings in the wine world.
Tickets for the event are €50 and available by reservation only. Included in the price are entry, a finger lunch and tastings. For more information go online to www.openwinetastings.com or call +33 6 98 37 72 72.
 
 

New small cinema in Monaco

by: Stephanie Horsman
03/03/2020

A new 35-seat ‘Petite salle’ has been incorporated into the Institut Audiovisuelle for students and the general public to enjoy.
People in Monaco now have access to a screening room that can offer insight in many topics relevant to the Principality and beyond. Students can learn about topics ranging from the technical and sociological history of cinema to the creation of the railway and Monte Carlo.
The ‘Petite salle’ has been applauded as a welcome addition to the Institute, as it offers a forum to show their collections.
The first screening will be this Saturday, 7th March at 4pm and is entitled Couleurs & formes, ombres & lumières: une autre expérience du cinéma d’animation dans les années 1920 en Allemagne. 
As a special treat, Hervé Joubert-Laurencin from the University of Paris-Nanterre film department will be in attendance and commenting on the nuances of the film. These movies are not readily accessible to the public, so to be able to view them is considered a once-in-a-lifetime event.
The program will be based on the Institute’s own selections, and screenings will be scheduled based on the movies and the collection of associated film libraries. The Institut Audiovisuelle makes exchanges with the Federation nationale des films d’archives, Inedits, l’association des films amateurs et la Cinémathèque française.
Tickets are only three euros per screening, but space is limited, so booking ahead is recommended.
 
 

Preparing for future leaders

by: Mark Estcourt
03/03/2020

After looking at succession planning in our previous article in February, this month I focus on the future leaders of families and their businesses.
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As a reminder, the current research concludes:

  • 43% of family offices have a succession plan in place.
  • Of these, only one quarter (24%) have a formally agreed written plan
  • 9% have an informally agreed written plan
  • 10% have a verbally agreed plan
  • 17% of family offices have no plans whatsoever
  • In preparation for succession nearly a third (29%) reported that the next generation of family members currently hold management or executive roles within the family office
  • 23% remarked that they sit on the board
  • 26% reported that they have no involvement in the family office whatsoever
  • In terms of how the next generation will influence family offices’ investment strategies once they assume control, 39% of respondents reported that their future leaders will likely increase their allocation to impact and / or environmental, social and governance (ESG) investing
  • 22% also expected them to embrace a more illiquid investment strategy, favouring asset classes like private equity

I would say based on this evidence that the future leaders of family groups are going to be a lot more ready than the previous generation.
This journey is ongoing, so we spend a lot of time with the next cohort in group settings with the family as well as a lot of time with individual one-on-one’s as well.

  • 44% of future leaders train in the family office

In terms of how the future leaders are being prepared for their forthcoming careers, the most common forms of training are work experience at external firms, for example investment banks (45%), in family offices (44%), or participation in educational projects (44%).
Involving future leaders in philanthropic or impact investing projects is also common.
The biggest thing that we try to push for from a governor’s perspective is to use the philanthropic structures as a way to engage the next generation, to help educate them on investment opportunities, allocation building, how to actually vet a charity, and how to actually make a grant. It’s a way to bring the next generation up to speed.
Is any family member from our client group prepared to manage the family’s wealth when the time comes?
In our case, only a very small minority are capable of doing that. This creates frustration for the other members of the family. That’s why having a charter and discussing all of these kinds of topics, and why we need to prepare, is very important.
By heeding this advice, other families can benefit from taking a precautionary and preparatory approach to ensure that the next generation is sufficiently equipped to assume the large responsibility of being good stewards of wealth.

  • 23% of next generations sit on the board

In terms of the professional roles ‘next gens’ play within the family office, nearly a third (29%) of respondents noted that they hold management or executive positions, while a quarter (23%) reported that they sit on the board.

  • Only 26% of respondents noted that they have no involvement in the family office whatsoever

This suggests that many families are focused on absorbing their children in the investment practices and other responsibilities that come under the family office remit as a means to prepare them for the future.
Do get in touch if you’d like to know more.
 
Mark Estcourt is the Founder and CEO of Cavendish Family Office 
 
Photo: Pixabay
 
 
Read also:
Planning for family succession
 
 
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Monaco Telecom launches on-demand television service

by: Cassandra Tanti
03/03/2020

Monaco can now boast a personalised, digital television service combining traditional free tv channels with on-demand streaming, placing it in a unique position globally. 
HSH Prince Albert II, representatives of the Principality’s institutions and more than 200 residents gathered at the Grimaldi Forum on Tuesday 2nd March for the launch of MonacoTelecomTV.
In partnership Apple TV 4K, the new app enables residents to enjoy their favourite series, films, photos, games and applications on the largest screen in the house.
The MonacoTelecomTV app is a new type of service designed to respond to the habits that consumers have of watching television today and falls in line with Monaco’s Extended Monaco aims.

Frédéric Genta © Edwrightimages

“In our world, and especially in a country which has 139 nationalities over 2km2, the richness of the cultural offer is essential,” said Frédéric Genta, Delegate for Digital Affairs in Monaco, at the launch. “Access to the best standards made possible by Monaco Telecom is key in a country that builds its attractiveness on excellence, and this ambitious strategic partnership with Apple is fully in line with the Extended Monaco philosophy.”
The Monaco Telecom-Apple TV 4K partnership means that the Principality is now one of only a few innovative countries that is able to offer a replay service, which allows for more than 80 free channels and 130 pay channels to be played for seven days after their live broadcast.
The new service adheres to the ‘Replay Law’ that was adopted by the National Council last July as a key stage in Extended Monaco.
Programs or series can also be recorded and kept without time limit.
Martin Peronnet © Edwrightimages

“It was by listening to the evolution of audio-visual uses in the Principality that we designed MonacoTelecomTV,” said Martin Péronnet, Managing Director of Monaco Telecom. “Today, everyone wants to be able to watch the program of their choice when they want and where they want. This launch is the result of a determined investment in innovation and services. We are particularly proud to have been able to partner with Apple to create this brand-new experience and put the Principality in pole position.”
Included in the new Monaco Telecom deal is a one-year subscription to other Apple TV services, such as original Apple programs, Apple Music and Apple Arcade – a subscription game service. 
Apple TV 4K is also available on smartphone, tablet or computer and can be accessed on any of these devises throughout Europe. 
 
Top photo: Jai Chulani, Apple Director, Worldwide Product Marketing with HSH Prince Albert II of Monaco © Edwrightimages
 
 

Monaco takes 20% stake Cap d’Ail Port

by: Stephanie Horsman
02/03/2020

In a highly strategic move, Monaco has acquired 20% of the capital of the Société du Port de Cap d’Ail, putting the country in a position to be part of the management of the harbour and it’s infrastructure in coming years.

Perched just on the border between France and Monaco and just a stone’s throw from Fontvieille sits the 300 slip Port of Cap d’Ail. The prime position is useful for the Monegasque economy and the authorities of Cap d’Ail, and Monaco have comfortably rumbled along for years with a concession contract benefitting both parties.

This contract is due to end in 2027 though, and in an effort to secure the best possible scenario when it does, Monaco has purchased a stake in the port. This is mainly to ensure the government has some say in what happens next, especially as other European tenders will be applying for access at the same time.    

This procurement does not entitle Monaco to decision-making capabilities or give it a special management role, but it does give it a stronger presence and relationship. Additionally, it gives the country a right to assert itself on certain points as well as have a voice.

The Port of Cap d’Ail is just one harbour in the past year to have a Monaco connection. A concession was also bought for Cala Del Forte in Ventimiglia last summer and administrators from the Port of Beaulieu-sur-Mer and Monaco have also been in rapprochement talks for the same reasons. The Beaulieu plan fell through in the end as the two sides were unable to come to mutually advantageous terms.