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Month: February 2025

Workplace Pensions in Malta: What You Need to Know

Posted on by Mel Chamber

JOSEF CAMILLERI – HEAD OF PRODUCTS AND DISTRIBUTION – HSBC LIFE ASSURANCE (MALTA) LTD.

In today’s competitive job market, more employers are helping their employees save for retirement by offering workplace pension schemes. Following the 2025 Government Budget, this may soon become a requirement for many. This article explains what these pensions are, who contributes, and how recent changes in Malta’s 2025 budget effect workplace employee pensions.

What is a Workplace Employee Pension Plan?

A workplace employee pension plan is a retirement savings plan set up by an employer, which may accept contributions from both the employer and the employee. These pension plans are designed to supplement the state pension, providing employees with greater financial security in retirement.

Updates from the Malta 2025 Budget

Malta’s 2025 budget introduced new changes aimed at expanding access to workplace pensions:

  • Opportunities for All Employees: Employers must now offer employees the option to join an occupational pension plan. While employers are not obligated to contribute financially, they must provide employees with the choice to participate.
  • Government Contributions for Public Sector Employees: For government employees, the government will match employee contributions up to €100 per month. This initiative encourages and leads the way for other employers to support their employees’ retirement savings.

Who Contributes to Workplace Pensions?

Employers have the option to contribute to workplace pensions, but this is not mandatory under the recent announcement in the 2025 Government Budget. Employees, however, have the right to participate. When employers do contribute, employees’ savings can grow faster, especially when employees make contributions as well.

Tax Benefits for Employees

Similar to Personal Retirement Schemes, employees who contribute to a workplace employee pension plan can enjoy tax advantages. They may qualify for a tax credit of up to €750 annually, which is equivalent to 25% of a maximum contribution of €3,000.

Here’s how the tax credit may work, using examples:

  • For a contribution of €100 per month (€1,200 annually), an employee may receive a €300 tax credit.
  • For a contribution of €150 per month (€1,800 annually), an employee may receive a €450 tax credit.
  • For a contribution of €250 per month (€3,000 annually), an employee may receive the maximum €750 tax credit.

Employees who have both a Personal Retirement Scheme and a workplace employee pension plan have the opportunity to benefit from the tax credits offered for both plans.

Tax Benefits for Employers

Employers who support workplace pensions can also benefit from tax incentives. They may qualify for up to €750 in tax credits per employee and an additional tax deduction of up to €2,000.

How Workplace Pensions Are Invested

Workplace employee pensions are often invested in funds, which may be selected by the employee or placed in default funds designed to help savings grow over time. The level of investment risk chosen often depends on individual circumstances, including how close one is to retirement. Some may prefer higher-risk investments with greater growth potential, while others may opt for safer, lower-risk assets. Investment values can fluctuate, so the total savings available at retirement may vary.

What if an Employee Changes Jobs?

If an employee changes jobs, they can take their pension savings with them. The previous employer’s contributions will stop, but the employee has several options:

  • Transfer the pension savings to the new employer’s scheme (if available).
  • Convert the savings into a personal retirement plan.
  • Stop contributing and retain the funds in a dormant plan, though this may reduce the final amount available at retirement.

When Can an Employee Withdraw?

In Malta, employees can begin accessing their workplace pension savings no earlier than age 61 and no later than age 70. However, exceptions may apply in cases where the scheme allows for payments due to the permanent disability or death of the beneficiary.

Depending on the applicable plan’s rules, employees shall be paid in the following forms:

  • Receive regular income payments (programmed withdrawals) or Life Annuity (mandatory)
  • Take a tax-exempt lump sum of up to 30% of the plan’s value upon retirement (optional)
  • Additional cash lump sum (optional).

Workplace employee pension plans provide a valuable way for employees to save for retirement while benefiting from tax advantages. Recent changes in Malta’s 2025 budget have made these schemes more accessible, offering both employers and employees new opportunities to plan for the future.

HSBC Malta Foundation supports young minds in STEM debate on Artificial Intelligence

Posted on by Mel Chamber

HSBC Malta Foundation has reaffirmed its commitment to supporting education and innovation by sponsoring the 6th edition of the Thematic Science, Technology, Engineering and Mathematics (STEM) Debate for Primary Schools, organised by the Primary Science Team within the Directorate for STEM & VET Programmes (DSVP). The event focused on the theme of Artificial Intelligence – ‘Is Artificial Intelligence a source of opportunity or a cause for concern?’. This event saw the participation of 40 Year 6 students from primary schools across Malta and Gozo.

This edition of Thematic STEM Debate is part of the STE(A)M Learning Ecologies (SLEs) project, an EU-funded Horizon Europe initiative, in collaboration with the Department of Artificial Intelligence within the Faculty of Information & Communication Technology at the University of Malta. Designed to promote critical thinking, debate skills, and scientific literacy, the event provided students with an engaging platform to examine AI’s impact on society through a round table debate.

This year’s competition was structured into two initial debate rounds held on Wednesday 5th February at the STEM & VET Curriculum Hub in Pembroke, where students debated in groups of 20. The top eight debaters progressed to the final round which was held on Wednesday 19th February at Maria Regina College, Qawra Primary. The debates were adjudicated by professionals, including representatives from HSBC Malta Foundation.

To ensure that the student debaters were well-prepared for the event, a Public Speaking Workshop, co-ordinated by Esplora, was held on Friday 24th January at ESPLORA Interactive Science Centre. Students and their mentors participated in a hands-on workshop on public speaking strategies, argumentation, rebuttal techniques, and presentation skills.

Empowering Future Innovators

As part of its dedication to fostering STEM education, HSBC Malta Foundation contributed to the event by providing Mio the Robot kits as prizes for the Top Debater Award winners. Additionally, all finalists received a book on Artificial Intelligence, courtesy of the European Commission Representation in Malta. Certificates of participation were presented to all students who took part in the initial debate event.

Speaking about the initiative, Glenn Bugeja, Corporate Sustainability Manager at HSBC Malta, said, “Artificial Intelligence is shaping the future of industries worldwide. At HSBC Malta Foundation, we believe that empowering young minds to critically engage with technology is essential for preparing the next generation for the challenges and opportunities ahead. This debate serves as an excellent platform for students to develop communication, reasoning, and problem-solving skills that will serve them well in any career path.”

Isabel Zerafa, Education Officer for Primary Science added that “such a debate event is crucial for stimulating problem-solving and critical-thinking skills. Furthermore, early engagement with the ethics and societal impacts of AI, can cultivate more responsible creators, developers, and informed citizens. These events build essential skills for a tech-driven future, promoting early awareness of AI’s limitations and empowering students with digital and AI literacy.”

The Thematic STEM Debate has become a flagship event in Malta’s primary, middle and secondary education sector, nurturing curiosity, intellectual confidence, and a deeper understanding of STEM-related issues. By supporting initiatives like these, HSBC Malta Foundation continues to play an active role in enhancing educational opportunities and fostering innovation in the country.

MBB backs EU Clean Industrial Deal but calls for stronger support for islands

Posted on by Mel Chamber

The Malta Business Bureau (MBB) today expressed its support for the European Commission’s Clean Industrial Deal (CID), recognising its potential to balance decarbonisation goals and economic competitiveness.

While acknowledging the Deal’s ambition, the MBB emphasised the need for strategic implementation that addresses the realities of peripheral regions and islands states such as Malta.

MBB CEO Mario Xuereb stated, “the Clean Industrial Deal provides an important framework for strengthening European industry while advancing our climate goals. Its success now hinges on spurring investment and innovation and enabling businesses of all sizes to participate in the green transition.”
Xuereb also highlighted that the Commission acknowledges the persistent funding gap in driving research and innovation in clean technology.

“The CID’s commitment to strengthening EU financing mechanisms, such as the Innovation Fund and InvestEU, and simplifying state aid rules for decarbonisation projects are welcome steps.”

However, the MBB notes that the Clean Industrial Deal unfortunately falls short in recognising the specific challenges faced by islands and other territories, such as higher transportation costs that impact competitiveness.

MBB calls for a stronger commitment to ensuring that future EU environmental legislation does not place a disproportionate burden on peripheral and insular regions, particularly considering the Emission Trading System’s extension to Maritime and Aviation and the revision of the Energy Tax Directive.

The Deal is structured along several priorities, including access to affordable energy, boosting demand for green technologies, supporting private and public investment, and strengthening the circular economy.
This will be achieved through actions such as reforming the EU’s electricity market, simplifying state aid, ensuring the circularity of raw materials, public procurement reform, and further leveraging public and private financing.

For Malta, lower energy costs and increased renewable energy generation promise to enhance long-term energy resilience and reduce dependence on public subsidies to maintain electricity prices, which are expected to remain in place until at least 2027.

Despite the opportunities presented by the CID, Malta may struggle to fully benefit from some energy proposals due to its small consumer market and the presence of a single energy distributor.

For businesses, several opportunities are emerging to contribute towards decarbonisation, including the development of innovative energy and waste management solutions and creating sustainable production processes.

Adequate EU and Government incentives will be crucial to encourage large-scale adoption of green practices by businesses.

The Clean Industrial Deal comes in the backdrop of increasing pressure from EU businesses to address Europe’s degrading global competitiveness due to rising production costs and high regulatory burdens.

TradeMalta Showcases Malta’s Culinary Excellence at Gulfood 2025

Posted on by Mel Chamber

TradeMalta, the national trade promotion organisation responsible for empowering local businesses to expand internationally, successfully organised the Malta Pavilion at Gulfood 2025, held in Dubai from 17 to 21 February.

This year, Malta showcased its diverse food and beverage offerings through the participation of 11 leading companies. Visitors to the Malta Pavilion discovered an array of high-quality products, including beer, soft drinks, energy drinks, snacks, biscuits, crackers, ready-made dishes, cakes, sauces and condiments, dips, confectionery and powder mixes for cakes and custard.

This year, Maltese exhibitors benefitted from a newly designed Malta Pavilion, providing them with an enhanced platform to showcase the country’s dynamic food and beverage industry. The pavilion highlighted Malta’s commitment to quality, innovation, and international market expansion

Carmen Walls, Senior Manager at TradeMalta, who led Malta’s participation at Gulfood, commented, “Participating in Gulfood 2025 has been an incredible experience for Maltese exhibitors.  Apart from the opportunity to showcase Malta’s rich culinary heritage, we are proud to represent Malta and demonstrate the exceptional quality and creativity of our local producers. This exposure not only strengthens our international presence but also opens new opportunities for collaboration and growth in the global market.”

Gulfood 2025 marks the 30th edition of the world’s largest annual food and beverage trade exhibition. Under the theme ‘The Next Frontier in Food,’ this milestone event continued to shape global food trends while leading discussions on sustainability and food security. Organised by the Dubai World Trade Centre, Gulfood has been a key driver of international food trade by shaping the global foodscape for the past three decades.

With over 5,500 exhibitors from more than 129 exhibiting countries, Gulfood remains the largest food expo in the Middle East providing a platform for businesses looking to expand into new markets, connect with industry leaders, and explore emerging trends.

Visitors to the Malta Pavilion, located at the Trade Centre Arena, experienced firsthand the exceptional quality and creativity of Maltese producers, reinforcing Malta’s position as a key player in the international food and beverage industry.

BOV highlights innovation journey at European Digital Finance Conference 2025

Posted on by Mel Chamber

Bank of Valletta participated in the European Digital Finance Conference 2025, where Ivo Camilleri, Chief Strategy, Transformation and Data Officer, shared insights on fostering innovation within the financial services sector. The event, organised by The Banking 50, brought together financial leaders, regulators, and technology experts to discuss the evolving landscape of digital finance with over 60% of attendees representing the banking industry.

Ivo Camilleri’s presentation, Igniting Creativity for Organisational Value explored the Bank’s efforts to encourage a culture of innovation. He outlined the BOV Innovation Challenge, an initiative that was piloted within his function and is now set to be introduced more broadly across the Bank. The challenge provided employees with an opportunity to experiment with emerging technologies, including AI, and develop real-world solutions that contribute towards the Bank’s strategic goals.

“The financial sector is undergoing a period of rapid transformation, driven by new technologies and changing customer expectations,” said Ivo Camilleri. “At Bank of Valletta, we are taking steps to create an environment where our employees feel encouraged to contribute innovative ideas that can improve our services and operations. Our innovation challenge has been a valuable way to explore new approaches, foster collaboration, and generation practical solutions.”

The BOV Innovation Challenge invited employees to submit and develop proof-of-concept solutions, with flexibility in team size, technology, and subject matter, as long as proposals adhered to Bank policies and offered organisational value. The initiative attracted 25 submissions, with 10 proof-of-concepts selected for further development based on their potential impact. Many employees dedicated personal time to exploring innovative solutions, demonstrating a strong commitment to continuous improvement.

During his session, Mr Camilleri shared key lessons from the initiative, including strategies for fostering a long-term culture of innovation and ensuring that successful innovations can be scaled and integrated within the Bank’s products, services and operations. His presentation was part of a broader discussion on Open Banking and Open Finance in Europe, which examined the intersection of regulation and innovation and the opportunity they present for the financial sector.

Through initiatives like the Innovation Challenge, Bank of Valletta reaffirms its position as a thought leader in the industry by actively engaging its workforce and fostering a vibrant innovation culture. The Bank’s commitment to nurturing creative talent and empowering employees is setting a benchmark for driving transformative ideas and shaping the future of financial services.

BOV at the forefront of digital transformation and innovation with Microsoft

Posted on by Mel Chamber

Bank of Valletta is consolidating its strategic partnership with Microsoft through a series of business activities as part of its digital transformation journey, introducing a new Cloud Centre of Excellence, dedicated to accelerating cloud adoption and fostering a culture of technological innovation. The Bank will also implement AI-driven sustainability initiatives to optimise energy consumption and enhance operational efficiency, aligning with the Bank’s sustainability goals.

The new Cloud Centre of Excellence, is part of the Bank’s digital transformation journey through its strategic partnership with Microsoft, reinforcing its commitment to innovation and its focus on providing secure, efficient, and future-ready financial services. The signing of a Memorandum of Understanding (MoU) with Microsoft, which was formalised at BOV Centre in Santa Venera, represents a pivotal step in BOV’s commitment to digital excellence, modernising its operations, enhancing cybersecurity and delivering an elevated experience for its customers.

Kenneth Farrugia, the Bank’s CEO, emphasised the importance of this collaboration: “Partnering with Microsoft enables us, as a leading financial institution, to harness the power of transformative technologies to better serve our customers. By leveraging Microsoft’s cutting-edge technologies and expertise, in the fields of cloud computing, artificial intelligence (AI) and advanced security solutions, the Bank will accelerate its digital strategy and strengthen its position as a leader in the evolving financial landscape. This initiative forms part of our strategy to make banking smarter, safer and more accessible to our customers, enhancing the rate of innovation in an equally rapidly changing industry.”

Björn Ekstedt, Chief Information Officer at the Bank, highlighted the role of technology in shaping the future of financial services. “This collaboration allows us to integrate innovative solutions that will elevate our digital capabilities. Through this partnership, the Bank will modernise its infrastructure by leveraging Microsoft Azure, whilst enabling greater agility, scalability, and operational efficiency. The integration of AI in various aspects of business will enhance decision-making and help automate key administrative functions, while advanced cybersecurity tools will fortify the Bank’s defences against world of emerging threats. Our ultimate goal is to build a digitally advanced Bank that prioritises security, innovation and an exceptional customer experience.”

Microsoft was represented by Ms Yanna Andronopoulou, General Manager for Microsoft Greece, Cyprus, and Malta, and Mr Antonis Oikonomou, Enterprise Commercial Director. Both expressed enthusiasm for the partnership, reaffirming their commitment to supporting BOV’s transformation. Ms Andronopoulou stated, “We are proud to collaborate with Bank of Valletta, driving innovation and resilience in the Maltese financial services sector. Our technology and expertise will empower BOV to deliver forward-thinking financial services that meet the stringent needs of today’s digital-first customers.”

Record 2024 results for HSBC Malta

Posted on by Mel Chamber

Highest dividend in the last decade thanks to robust business performance

2024 Results – Highlights

In 2024, the bank achieved record financial results due to revenue growth, recoveries on expected credit losses and focused investments. As a result, the bank is proud to report a profit before tax of €154.5m.

The bank’s strong capital generation enables it to recommend a dividend pay-out ratio of 51% of the reported profits for the year ended 31 December 2024. The final gross dividend will be of 12.0 cents per share (7.8cents per share net of tax). This together with an interim dividend of 10.0 cents paid on 17 September 2024, brings the total dividend for 2024 to 22.0 cents (14.3 cents net of tax), representing the highest dividend in the last decade.

Financial Performance 

  • Profits before tax of €154.5m for the year ended 31 December 2024, an increase of €20.6m or 15% over 2023.
  • Increase in profits driven by revenue growth across all revenue lines mainly due to the higher interest rate environment, increase in customer activity and higher insurance subsidiary results.  The credit quality of the loan portfolio continued to improve resulting in a significant release of expected credit losses. Operating costs increased mainly driven by investment in people, technology and real estate. 
  • Recommended final gross dividend of 12.0 cents per share (7.8 cents per share net of tax) which brings the total dividend for 2024 to 22.0 cents (14.3 cents net of tax).
  • Reported profit after tax attributable to shareholders of €100.1m for the year ended 31 December 2024, resulting in earnings per share of 27.8 cents, compared to 24.1 cents in the same period in 2023.
  • Return on equity of 17.5% compared to 17.1% for 2023.
  • Customer deposits increased by €16.8m to €6,158m at 31 December 2024 while net loans and advances to customers decreased by €210.7m to €2,873m compared to 31 December 2023.
  • Strong capital and liquidity ratios well above regulatory requirements.

Financial Performance

We delivered exceptional results driven by strong revenue growth across all our businesses and revenue lines. We experienced continued improvement in the credit quality of the loan portfolio resulting in a significant release of expected credit losses. The reported profit before tax for the year ended 31 December 2024 was €154.5m. This represents an increase of €20.6m or 15% compared to prior year. The reported profits include a notable item of €6.1m relating to the re-assessment of the tax estimate of the with-profit portfolio within the insurance subsidiary. 

Reported profit attributable to shareholders was €100.1m, resulting in earnings per share of 27.8 cents compared to 24.1 cents in the same period in 2023.

Net interest income increased by 5% to €206.1m compared to prior year due to the higher interest rate environment. While the ECB started to lower rates in June 2024, the average prevailing interest rates in 2024 were still higher than 2023.  The increase in net interest income is largely driven by higher interest on placement of excess liquidity, due to higher interest rates as well as higher average deposits balances held throughout the year. 

Net fee income increased by €1.4m to €20.9m compared to 2023. This was driven by an increase in lending and commitment fees as well as higher returns from our asset management subsidiary. We have reported growth in transaction banking and higher volumes of international payments.

Net trading income increased by 27% to €9.7m. As the leading international bank in the market, we grew volume of transactions and helped more clients to manage foreign exchange and interest rate risks. 

Operating costs for the year increased by 10% and amounted to €112.8m. The increase in expenses was mainly attributable to our investment in people, the IT infrastructure and real estate.  In 2024, we signed an ambitious and ground-breaking three-year collective agreement to energise our talent on customer service excellence. During the year, we also implemented a new mortgage system, made good progress on the roll-out of new ATMs and inaugurated our new headquarters, HSBC Hub, in Qormi. 

During the year, we reported a release of expected credit losses (‘ECLs’) of €14.6m, compared to a release of €4.6m in 2023. The 2024 release is across retail and commercial banking.  It is mainly driven by the recovery on wholesale non- performing loans, a release of retail provisions held for inflationary pressures which did not materialise, general improvement in the credit quality of the book as well as improved forward economic outlook.  We also saw an increase in recoveries of amounts written off in prior years, as we progressed claims and recoveries in a diligent manner. 

The effective tax rate was 35.2%. This translated into a tax expense of €54.4m, €7.3m higher than the expense for 2023. The increase in tax expense resulted mainly from increased profits.

HSBC Life Assurance (Malta) Ltd reported a profit before tax of €14.4m compared to a profit of €6.2m in 2023. The positive variance in profitability of €8.2m is mainly attributable to a re-assessment of the tax obligation estimate on the with-profit run off portfolio, which resulted in a one-off expense release of €6.1m. 2024 profits also include a reversal of losses on onerous insurance contracts of €1.3m booked in 2023. In 2023, a proportion of insurance contracts were loss making leading to the booking of losses on onerous contracts.  These losses were reversed in 2024 as the contracts became profitable mainly as a result of positive market movements. 

Financial Position and Capital

Net loans and advances to customers decreased by €210.7m to €2,873m. We continued to improve asset quality by reducing non-performing loans by 35% while retaining a prudent credit policy.

Customer deposits increased by €16.8m to €6,158m.  The increase was predominantly driven by an increase in retail deposits. While commercial deposits as at 31 December 2024 were at the same level as those reported as at 31 December 2023, we saw an increase in the average level of commercial deposits held throughout the year. The liquidity ratios remained well in excess of regulatory requirements.

The financial investments portfolio increased by 74% to €2,291m. In 2024, the bank continued to increase the size and duration of the structural hedges to reduce the sensitivity of banking net interest income to interest rate movement and stabilise future earnings. As a result, we managed to reduce the one-year interest sensitivity relating to a 100bps negative movement in rates from €24.5m to €18.1m.

The bank’s common equity tier 1 capital was 22.6% at 31 December 2024, compared to 20.6% at the end of 2023. The total capital ratio increased to 25.6% compared to 23.5% at 31 December 2023. The improvement in the capital ratios was driven by increased profits, higher revaluation reserves on our Hold-to-Collect and Sell investment portfolio and lower capital deductions for non-performing loans as a result of the improvement in credit quality. The bank maintained a strong capital base and is well in excess of the regulatory capital requirements.

The bank is determined to continue maintaining a strong capital base, whilst at the same time recognising the importance of dividends to our shareholders. In view of the strong results, the Board has recommended a dividend pay-out ratio of 51% on reported profits. The final proposed gross dividend will be 12.0 cents per share (7.8 cents per share net of tax) which brings the total dividend for 2024 to 22.0 cents (14.3 cents net of tax).  This is the highest annual dividend paid in the last decade. The final proposed dividend will be paid on 20 May 2025 to shareholders who are on the bank’s register of shareholders on 13 April 2025, subject to approval at the Annual General Meeting scheduled for 13 May 2025.

Geoffrey Fichte, Chief Executive Officer at HSBC Bank Malta p.l.c., said:

“I’m proud to report record 2024 annual results for HSBC Bank Malta p.l.c., representing the highest levels of revenue, profit, returns, dividends and investment in over a decade.  All of our business lines reported growth in revenues and customers in 2024.

“Thanks to the collaboration across all areas of our bank, we have introduced a range of innovative solutions for our customers, including a new mortgage system, upgrades to our card offerings, the launch of group life insurance policies for company employees and improvements to our digital platforms for both individuals and companies. We are replacing our entire ATM network, with half of ATMs already replaced to-date and the remainder set for completion by the end of 2025.

“We are proud to have been recognised as the Market Leader and Best Service Provider for Trade Finance in Malta, further demonstrating our strength and competitive advantage.  This award is a testament to the dedication and professionalism of our employees.

“Looking ahead, we remain focused on growing and improving our business to support the dynamic needs of our customers and the community, while delivering strong returns to shareholders.  We continue to invest in continuous improvements to make banking easier and simpler for our customers.

“I would like to take this opportunity to thank the Board of Directors and my colleagues for their dedication, whose hard work throughout 2024 helped us deliver record results, improved customer service and generate market-leading returns for our shareholders.  It is an honour for me to lead this successful company, and I would like to thank our customers for their business, trust and confidence.”

BOV commemorates international day of women and girls in science

Posted on by Mel Chamber

Bank of Valletta proudly commemorated the International Day of Women and Girls in Science, reaffirming its commitment to fostering a diverse and inclusive workplace where professional women with diverse academic backgrounds can thrive. As the financial sector evolves, with advancements in Data Science, Artificial Intelligence (AI) and Analytics shaping the financial world, BOV is positioning itself as Employer of Choice in Malta by offering exciting career opportunities in Science, Technology, Engineering & Mathematics (STEM).

Women Leading the Way in STEM at BOV

To commemorate this international day, the Bank celebrated the achievements of a number of employees who are taking the leading role in the Bank’s transformation journey. Several colleagues shared their experience with essential insights that serve as inspiration to other women wishing to take up roles in this important field.

Annalise Azzopardi, an MSc Statistics graduate, uses her analytical skills to transform complex data into valuable business insights. “I apply my statistical expertise to help the Bank make informed decisions, enhancing processes and optimising customer experiences. Logical thinking and problem-solving are at the heart of what I do.” Meanwhile, for Marija Vella in the Bank’s Data Intelligence Hub, while her PhD in Data Science was a major milestone, it is her ability to use this background to mentor her team that fuels her passion. “One of my proudest moments was leading my team to victory in an internal challenge. Seeing a group of individuals collaborate, innovate, and achieve success reinforces my belief in the power of mentorship.”

While these employees acknowledged the progress made in gender diversity, the journey hasn’t always been easy. As Test Manager Nadette Rapinett stated, “It is challenging to be the only woman in the room in male-dominated spaces. Early on it was difficult to share ideas in large groups, however, after one of my suggestions was implemented, it gave me the confidence to speak up more and embrace my voice.”

Encouraging the Next Generation of Women in STEM

As Bank of Valletta continues its digital transformation, careers in Data, AI, and Analytics are becoming key aspects of the financial sector. Claudette Pace, Head Employer Branding at the Bank, highlights BOV’s commitment to fostering an inclusive STEM culture. “At BOV, we are proud to provide career opportunities in STEM, ensuring that women have the resources, mentorship, and support they need to succeed. We are shaping a future where diversity drives innovation and where women in science, technology and data serve as important pillars of the Bank’s transformation journey.”

Quest for Truth and Justice

Posted on by Mel Chamber

Bill No 125 should ensure nobody escapes justice, whilst respecting fundamental rights

The Malta Chamber of Commerce, Enterprise and Industry notes that Bill No 125, tabled in Parliament for first reading on 29th January 2025 by Government seeks to amend various articles of the Criminal Code regarding Inquiries relating to the “In Genere”, Inquests and “Reperti”. The Bill includes a number of positive elements, whereas there are other elements which require a whole rethink.

The ultimate scope of the proposed Bill should be to ensure that justice is done in a timely and an effective manner. It should also ensure that nobody escapes justice, whilst respecting the fundamental rights of every individual.

Positive elements include:

  1. having a pool of Magistrates dedicated solely to carrying out inquiries,
  2. giving the victims that are subjects of a Magisterial inquiry the right to be informed of the stage of the proceedings of the inquest,
  3. giving the heirs and relatives of victims of accidents that are subjects of a Magisterial inquiry the right to request an electronic copy of the proces-verbal at no cost,
  4. conveying onto the Magistrate the discretion to impose the costs of the inquest on the initiator, if in the opinion of the Magistrate it was frivolous, vexatious or abusive of the judicial process – the Bill also proposes extending this power to claims which are unfounded, this should not be so,
  5. provisions to facilitate the work of authorities who have investigative responsibilities in case of accidents.

However, the Bill also contains a number of provisions that need to be reconsidered and corrected:

  1. Quest for Truth and Justice:
    Currently a private citizen may either lodge a report, information or complaint with the Executive Police or request a Magisterial inquiry. Under the draft Bill, the right of a private citizen to request a Magisterial inquiry ab initio is being removed. Instead, a private citizen must first approach the Executive Police and can only request the opening of an inquest after six months from making the initial report, information, or complaint. In the quest for truth and justice, it is important not to restrict our citizens’ ability to request Magisterial inquiries on matters of public interest or to limit our Magistrates’ discretion in following leads. We should trust that our Magistrates will dismiss baseless claims, that they will use the Police and experts to dig deeper, and that they will strike a balance between the rights of suspects and the integrity of the investigation when deciding who to question and when, mindful of the disclosure of evidence that needs to be made when questioning suspects. Ultimately, both under the current law and the Bill, it is the Attorney General that decides whether an inquiry leads to prosecution, and no action that affects the personal and financial liberty of the suspect can be imposed before prosecution commences.
  2. Evidence:
    The Malta Chamber agrees that the person lodging the request should do so on oath and include the alleged criminal offences. However, The Malta Chamber does not agree with the increased level of burden of proof imposed on the initiator. The Bill requires the person lodging the request to submit “admissible proof as evidence before a court of criminal jurisdiction that shows on a balance of probabilities that the crime may have been committed by a suspected person”. One must keep in mind that the private citizen has limited access or no access to evidence which goes beyond prima facie. Under the current law, the inquiring Magistrate can act on prima facie evidence and the Executive Police can act on anonymous tips in a number of criminal instances. Placing the onus of providing hard evidence on private citizens who lack the means and the rights of access to pursue investigations privately is tantamount to obstructing justice. It is the role of the inquiring Magistrate to determine what evidence needs to be sought and to instruct the Police to carry out the necessary investigations if the quest for truth and justice so warrants.
  3. Experts:
    a. Keeping in mind that the nature of crimes is becoming more complex, it is of utmost importance to ensure that Magistrates are not limited to relying solely on local expertise. While a foundational understanding of criminal law principles is necessary, requiring experts to possess knowledge of Maltese criminal law and restricting them to local charge rates could potentially exclude valuable international expertise. For instance, financial crimes are highly complex and often have an international dimension – while local knowledge on investigating such crimes is growing, it may not always be enough.

    b. Additionally, there is also the point that the Bill states that an expert has to be a natural person and cannot be a juridical person. Many experts, both local and foreign, work for an entity. While engaging them in their personal capacity ensures that they can testify if the entity ceases to exist, one must keep in mind that there are a number of experts who cannot take on assignments (on which they will be personally working) without the involvement of the entity they work for.

    c. The Bill also states that “the role of the expert is limited to the determination of matters of fact relevant to the constitutive elements of the offence only, without expressing an opinion with regard to the commission or otherwise of the offence”. Experts are there to express a professional opinion based on their analysis of the available evidence. It is ultimately up to the Magistrate to determine what to make of that opinion as with all other elements of information available. The Magistrate is not bound by that opinion but can take it into consideration in determining the facts in issue.
  4. Accomplices, Facilitators and Collaborators:
    The Bill states that “An inquest upon the request of a private party on a suspected person shall only be carried out upon the suspected person…”. What about accomplices, facilitators, collaborators, and those involved in other crimes uncovered during the inquest? Whilst respecting their rights, they should also face justice.
  5. Retroactivity:
    The Bill will apply retroactively to several instances, including on current Magisterial inquiries in respect of which there is no final decision as yet on whether the inquest should have commenced or not. Justice must not only be done but it must also be seen to done. In light of this legal maxim, retroactivity should not be applicable.
    Undoubtedly, combating crime is no easy feat, primarily because of its clandestine nature and intricate networks. It is a challenging endeavour for all public authorities involved to tackle crime while simultaneously safeguarding human rights, such as the right to a fair trial and the right to privacy. This is why the legislator must ensure that every legal amendment must strengthen the process by which crime is suppressed and where those involved in criminal activities are brought to justice.

The current Bill may have been well-intentioned. However, the draft leaves much to be desired in our quest of justice.

Ultimately, it is the role of the political class to make sure that citizens understand the means of redress available to them at law and to distinguish between a Police report, a Magisterial inquiry, and libel cases. We have had libel cases that dragged on for various reasons, impacting people’s reputation in the meantime. There may be the need to expedite the judicial process in libel cases, but this has nothing to do with the process of Magisterial inquiries initiated by private citizens.

Let us be clear on what we want to achieve when proposing legal reforms, without confounding issues or without resorting to undue haste that only serves to fuel suspicion and detract from meaningful consultation on matters of national importance.