Month: March 2022

The EU Council today adopted the proposal for a Directive on Gender Balance among Directors on Listed Companies. This important development takes place 10 years after the Directive had
been originally proposed by the European Commission and after several years during which negotiations had stalled.

MBB President, Alison Mizzi commented, “The participation of women in higher education and the labour market has substantially increased in the past years. This is an important achievement
but should not be considered an accomplishment by itself. There should be no glass ceilings imposed on career progression. Women have shown they are capable of being in leadership positions.”

“A voluntary approach is always preferable, but despite political rhetoric favouring gender balance at the highest level of corporate structures, statistics on the percentage of women on Boards of listed companies to date show that this is far from materialising. Perhaps it is time to adopt a stronger approach. This EU Directive will shake company cultures and require recruitment processes to look closer for talent from all genders. It is a call to identify qualified and experienced women and give them the space to lead and succeed,” Ms. Mizzi said.

Ms. Mizzi also stated, “Diversity at all levels of company structures increases competitiveness and ultimately contributes to economic growth. We need to ensure that human resources allocation is optimised by using all talents, including at Board level. But this cannot happen overnight. It is positive that the Directive provides a renewed timeline until December 2027 that will allow listed companies to plan a gradual transition to achieve the requirements without creating major disruptions to their governance structures. Furthermore, the Directive will cease to apply after 2038, by which time gender balance on Boards is expected to become the norm and there will no longer be a need for a legal requirement.”

The EU Directive proposes that a minimum of 40% non-executive members or 33% of all Director positions, including both executive and non-executive Directors are occupied by persons of the under-represented sex on company boards in listed European companies. Listed companies will be required to either comply or otherwise explain the procedural rules on selection. The Directive also proposes infringements that go as far as annulling nominations if proven that they are made contrary to the requirements of the Directive.

Today’s Council agreement will pave way for further negotiations with the European Parliament to eventually introduce the legislation across the EU.

The Malta Chamber organised a conference titled Diversity Pays, showcasing the science which states that when men and women work together, the results are far greater. Ms Catherine Calleja, representing Atlas Insurance as well as The Malta Chamber’s Health & Wellness committee, was joined by President Marisa Xuereb and Ms Rachel Attard in opening the event.

Dr Roberta Metsola gave a digital intervention on video in support of the event, promoting the message that women can lead.

A presentation was given by Dr Anna Borg on gender balance & decision-making at the workplace, illustrating the science that shows how the participation of women in business and on boards leads to improved decision-making.

This was followed by a panel discussion including Dr Maryanne Caruana, a consultant cardiologist providing a different perspective on the conversation, as well as Natalie Briffa Farrugia, Chair of Vassallo Group. They were joined by two men on the panel; Mark Azzopardi of Working Town and psychotherapist Matthew Bartolo of Willingness Malta, to showcase that diversity is not just about women, but is about men and women working together as equals.

Dr Marthese Portelli provided concluding remarks, referencing statistics by McKinsey which demonstrate that female management leads to employees being better able to establish a work-life balance, confide in managers and receive more support.

The Malta Chamber of Commerce, Enterprise and Industry welcomes the news that the FATF February 2022 Plenary made the initial determination that Malta has substantially completed its action plan and warrants an on-site visit.

The Malta Chamber urges the relevant authorities and all private sector stakeholders to remain committed to the process so that Malta will exit the greylist in the coming months. The Malta Chamber will continue to facilitate dialogue and collaboration between all parties concerned so that systems and procedures are optimised, and high standards and good practices can be sustainably maintained. This is imperative for Malta’s reputation as a financial jurisdiction to be restored.

The Malta Chamber is pleased to announce that it will be hosting a debate between Prime Minister Robert Abela and Leader of the Opposition Bernard Grech. This debate will be live on Facebook on Wednesday 16th March 2022 at 11:00am. Members of the business community will be invited to attend for this discussion.

REGISTER HERE

This week The Malta Chamber published it Pre Election document, ‘Time to Step Up`, featuring 100 recommendations addressing; Economic Recovery, Resilience & Growth, Good Governance, Human Capital & Education, Infrastructure & Digitalisation and Sustainability.

The Malta Chamber expressed its full support with the Ukrainian people, agreeing to concrete actions to stand up against the violent stance adopted by the Russian Government. The present humanitarian situation and the right of every country to protect its sovereignty goes beyond purely commercial interests. The circumstances warrant the imposition of effective sanctions.

The Malta Chamber of Commerce, Enterprise and Industry will not be issuing Certificates of Origin for fuel oil originating in Russia or Belarus with immediate effect. As the entity responsible for issuing Certificates of Origin, the Malta Chamber of Commerce, Enterprise and Industry will not be issuing Certificates of Origin for fuel oil originating in Russia or Belarus with immediate effect. The Malta Chamber is monitoring the issue of sanctions and will communicate relevant developments with its members as they arise.

While it is a fact that such sanctions will also hurt third-party business interests as well as Russians who may not necessarily agree with the war being waged against the Ukraine, the invasion of an independent, sovereign country is first degree warfare that calls for firm, consolidated international action. The Malta Chamber appealed to Government to ensure that appropriate actions are taken against any holders of a Maltese passport connected to the Russian Government. This will ensure and safeguard the national interest at EU level and Malta’s international credibility in terms of our commitment to support the international community in responding decisively and collectively to what is a clear threat the security and stability of Europe. The decision to suspend new applications for citizenship from Russian and Belarusian passport holders is hence a step in the right direction.

The Russian Government is destroying the lives of millions, from those being killed in the Ukraine to those being rendered poor overnight in Russia due to the direct consequences of war. Mindful of the gravity of the situation, the European Union is taking unprecedented actions, which the Malta Chamber urges the Maltese Government to support in the most unequivocal of ways. It is only through decisive collective action that we can hope to dissuade the Russian Government from pursuing a protracted course of action that will bring nothing but devastation and threats of mass destruction on European soil.

The Malta Chamber commended Government’s pledge to provide oncology treatment to patients who are fleeing the war and appealed to Government to facilitate the entry into Malta of Ukrainian refugees, particularly those who may already have relatives living and working in Malta. The offer by a number of leading hotels to host refugees while they quarantine is a noble act of solidarity. Businesses operating in other sectors have offered assistance in other forms, and The Malta Chamber is currently assessing how best to channel this assistance, mindful of the fact that many refugees could be arriving in Malta in the coming weeks and will need substantial help.

The President of The Malta Chamber, Marisa Xuereb, met with the resident Ambassador of Poland, H.E. Tomasz Czyszek, to discuss the situation at the Polish border with the Ukraine. On behalf of the Maltese business community, Ms Xuereb strongly condemned the brutal attack on the sovereignty of Ukraine and expressed solidarity with the Ukrainian people who are bravely defending their country in the face of the most menacing threat to European stability since the end of the Cold War. She also expressed appreciation for Poland’s efforts in welcoming many thousands of refugees, mostly women with children and elderly, through several reception centres that Poland has set up along its border with the Ukraine. In the spirit of solidarity, she extended the business community’s wish to actively help these refugees.