The United Kingdom has welcomed the Isle of Man’s recognition by the Organisation for Economic Co-operation and Development (OECD) as a jurisdiction that has substantially implemented the internationally agreed standard on exchange of information in tax matters and on its ongoing progress in signing Tax Information Exchange Agreements (TIEAs).
Financial Secretary to the Treasury, Stephen Timms, said:
[private]“I warmly welcome the Isle of Man’s progress in agreeing Tax Information Exchange Agreements, with 14 signed so far. The Isle of Man’s firm commitment to enhanced transparency and exchange of information in tax matters is very encouraging, and I call on others to heed their example”.
The United Kingdom also recognises that the Isle of Man is committed to international standards of anti-money laundering legislation and practice, counter terrorist financing legislation and financial regulation, and that the Isle of Man participates in international efforts to combat financial crimes.
Notes
1. The Isle of Man has signed Tax Information Exchange Agreements with the following jurisdictions: Australia, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Netherlands, Norway, Sweden, United Kingdom and the United States.
2. Tax Information Exchange Agreements allow governments to enforce their domestic tax laws by exchanging, on request, information relevant for tax assessment and compliance purposes. They are based on principles of transparency and exchange of information developed by the OECD and endorsed by the G20.
3. In its progress report on the implementation of the internationally agreed tax standard, issued in conjunction with the G20 London Summit of 2 April 2009 , the OECD listed the Isle of Man as a jurisdiction that has substantially implemented the internationally agreed standard.[/private]
[private]International law firm Freshfields Bruckhaus Deringer has announced the appointment of 10 new tax counsel, effective 1 May 2009.
This list includes tax lawyer Eschi Rahimi-Laridjani who is based in New York.
[/private]
The role of counsel is the most senior legal role in the firm below that of partner. The key requirements for the role are that a candidate should have the requisite seniority to be considered for partnership in the jurisdiction in which he/she works; is considered to have exceptional legal expertise and excels in providing legal and non-legal contributions to the continued development of the firm.
TAX adviser Tony Woolley, who recently took over at the helm of Manchester accountants and business advisers Campbell Woolley, has won a top award.
Tony, 28, was named Young Entrepreneur in Professional Services at the Insider Magazine Young Professional Awards held at the Lowry Hotel in Manchester.
He scooped the prestigious accolade after joining Andrew Campbell at the helm of the firm and becoming an equity partner following the demerger from Ford Campbell.
Tony joined the firm in 1999 as a tax assistant after beginning his career as a 17-year-old trainee at Styles & George in Stockport.
After passing the Association of Taxation Technicians exams in only six months and qualifying as a chartered taxation adviser, Tony began to climb the ladder, first as a tax senior, then manager and within a few years became a director.
In 2007, he was promoted to partner at the age of 26, and is now the youngest head of a firm of accountants in Manchester.
Tony says: “I am delighted to have won the Young Entrepreneur Award. We specialise in advising high-growth and dynamic companies and this award is testament to the entrepreneurial spirit that is at the heart of Campbell Woolley.”
Campbell Woolley LLP is a multi-disciplined practice offering the full spectrum of accountancy and business advisory services, including tax, audit and management accounting. In addition, its strategic finance team has vast experience of transactions ranging from £2m to £25m.
Campbell Woolley LLP is based at City Wharf, New Bailey Street, Manchester, and employs around 50 people.
[private]Towry Law, the Private and Corporate Wealth Advisers, today announced the appointment of Paul Wright to the role of Finance Director.
Paul, a Fellow of the Institute of Chartered Accountants in England & Wales, has been Towry Law’s interim Finance Director since January 2009. He brings extensive experience to the company having previously been Finance Director for Man Investments, the hedge fund company, and Coutts Group, the private bank. He has also held senior finance roles with Standard Chartered Bank and Hambros. His most recent role was Chief Financial Officer for a company advising the Singapore Government on part of their investment portfolio.
Andrew Fisher, Chief Executive, Towry Law, said:
“We are delighted to welcome Paul to the board of Towry Law. His considerable experience and expertise in the financial services industry will benefit the company greatly as we aim to become the leading provider of Private and Corporate Wealth Advice in the UK.”
Paul Wright, Finance Director, Towry Law, said:
“I am excited about joining Towry Law and contributing to the next stages of the company’s development. Our industry is going through considerable change and I am convinced that Towry Law is uniquely placed for significant growth.”[/private]
[private]International law firm Freshfields Bruckhaus Deringer has appointed Cologne-based tax partner Stephan Eilers to succeed Murray Clayson as the head of the firm’s global tax practice. The appointment will take effect from 1 May 2009.
Stephan, who previously co-led the practice with former partner Roger Berner between 2002 and 2005, will hold the post for four years while also continuing to practise. He specialises in the structuring and financing of national and international M&A transactions, reorganisations, leveraged buyouts and private equity transactions. He also advises on national and international tax law relating to capital markets (see profile below).
Commenting on the appointment, Guy Morton, joint senior partner at Freshfields, said: ‘Our thanks go to Murray Clayson who has done a sterling job in leading the tax practice over the past few years. Stephan’s unsurpassed knowledge of tax law and his experience and success in having previously led the tax group make him an outstanding candidate for the role’.
Commenting on his new role, Stephan said: ‘I am very excited to have the opportunity to lead the firm’s international tax group once more. In these challenging times, I am confident that we will continue to use our vast expertise and experience to deliver innovative work of the highest quality for our clients, and re-affirm our reputation as market leaders.’
Profile:
Stephan Eilers
Stephan Eilers was born in 1959. He completed his legal education at the universities of Bonn, Geneva and New York. Stephan joined Freshfields Bruckhaus Deringer in 1992, becoming a partner in 1994, and is based in the firm’s Cologne office.
Stephan specialises in the structuring and financing of national and international M&A transactions, in reorganisations, leveraged buyouts, private equity transactions and in national and international tax law relating to capital markets. He is a member of the International tax group at Freshfields, having previously co-led the team from 2002 to 2005.
Stephan is a member of the Fachinstitut der Steuerberater (Institute of Tax Advisors in Germany) and of the tax committee of the DAV (German Bar Association). He is the author of numerous publications relating to international and national tax issues and the editor of two recent benchmark publications on Private equity and Corporate financing (both in German).[/private]
[private]The Board of Prudential plc (“Prudential”) is pleased to announce the appointment of Nicolaos (“Nic”) Nicandrou as Chief Financial Officer and Group Board Director as successor to Tidjane Thiam who, as previously announced, will become Group Chief Executive on 1st October 2009.
Nic joins Prudential from Aviva, where he has worked for eleven years in a number of senior finance roles, including Norwich Union Life Finance Director and Board Member, Aviva Group Financial Control Director, Aviva Group Financial Management and Reporting Director and CGNU Group Financial Reporting Director. Nic started his career at PriceWaterhouse Coopers, where he worked for ten years in both London and Paris, specialising in insurance and more general financial services.
Commenting on the appointment, Mark Tucker, Group Chief Executive said:
“I am pleased to welcome Nic Nicandrou to the Group. His technical depth and experience combined with the quality of his leadership makes him the ideal person to succeed Tidjane when he steps up to be Group Chief Executive”.
Commenting, Tidjane Thiam, Chief Financial Officer and Group Chief Executive designate, said:
“I am delighted that Nic has taken the decision to join Prudential and I know he will significantly enhance our already strong management team and continue our commitment to best in class disclosure and market communication. I greatly look forward to working with him”.
Commenting, Nic Nicandrou said:
“I am delighted to be joining Prudential as Chief Financial Officer and look forward to working with Tidjane. Prudential is ideally placed in terms of its unique geographic exposure, capital strength and leadership capability, to continue its outperformance over the cycle”.
A starting date for Nic Nicandrou has yet to be confirmed.
[/private]
Prudential plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute one of the world’s leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 160 years and has £249 billion in assets under management (as at 31 December 2008). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
[private] Grant Thornton International has announced the appointment of a new member firm in mainland China, Grant Thornton Zhonghua, which is headquartered in Shanghai. Grant Thornton Zhonghua has 22 partners and 350 staff and will be led by Mr. Sun Yong. The firm was until recently part of the BDO International network.
Alongside this appointment, Grant Thornton China CPA Limited, the current representative firm for Grant Thornton International in China, will merge with Grant Thornton Zhonghua. The merger will create a firm with a Shanghai office of 34 partners and 590 staff with branch offices in Beijing, Guangzhou, Shenzhen, Chengdu and Qingdao. The total combined headcount for our mainland China firm and our Hong Kong member firm will be 72 partners and 1,578 staff.
David McDonnell, chief executive officer of Grant Thornton International, said, “We have been very impressed by the quality of Grant Thornton Zhonghua, which has an excellent reputation in the domestic marketplace, and by its people. This is a major step forward in our plans to build a significant and robust independent national Chinese member firm with strong international capabilities. We anticipate further integration with additional high quality Chinese accounting firms during the next 12 months to strengthen our critical mass in other key locations in mainland China.”
Mr. Sun Yong explains, “I am pleased to join the highly respected Grant Thornton International organisation. Our focus has always been on quality and building a firm of professionals who understand the social responsibilities of our profession. I believe we will be able to pursue this strategy more successfully with Grant Thornton International.”[/private]
[private]Cayman Islands law firm Conyers Dill & Pearman (“Conyers”) announced the promotion of Helen Cooper to partner in the Trust & Private Client Department of the firm’s Bermuda practice.
Helen practices all aspects of trust law, and has specialist expertise in international and local estate planning arrangements, advising on commercial transactions involving trusts, and trust litigation. She joined the Trust & Private Client department in 2001, having previously spent two years working for the firm’s Litigation department where she specialised in corporate litigation.
Helen graduated from Columbia University in New York in 1989 and the Inns of Court School of Law in 1994. She was called to the Bar of England and Wales in 1994, and subsequently to the Bermuda Bar in 1997. Helen is a member of Lincoln’s Inn London, the International Bar Association and the Bermuda Bar Association.
Alec Anderson, Head of Trust & Private Client at Conyers, commented: “Our clients are looking for legal advisors that they know will deliver a high degree of skill and understanding. Helen’s election to the partnership is a mark of endorsement of her contribution and dedication to the Firm as well as her excellent level of client service. We congratulate Helen and are pleased to welcome her to this position.”
Commenting on her appointment, Helen said: “I am proud of the depth of Conyers’ client base and the firm’s ethos of ensuring responsive, timely and thorough advice to our clients. Conyers’ organizational structure enables us, as offshore lawyers, to provide our onshore referrers the exacting standards that their clients expect.”
The growth of the Bermuda office complements Conyers’ continued growth globally. Last year, the firm opened new offices in Moscow, Mauritius and São Paulo and made several key hires. Today, Conyers comprises of over 550 staff in 11 jurisdictions with more than 150 lawyers.[/private]
