The Commission has today published its 2017 annual report and financial statements.
Amongst the key themes explored in the report is a focus on ‘Green Finance’ with a regulatory initiative expected to be launched by the Commission in June to be known as the Guernsey Green Fund. It will be open to all types of funds and compliance with green criteria will be required.
In addition to the Guernsey Green Fund, the Commission has also announced its intention to work with the global insurance industry on an initiative which aims to make it easier for insurance companies to invest in long-term Green assets. By widening the pool of purchasers for green investments this, in turn, will make it easier for insurance companies to offer sustainable long-term returns to policyholders.
With regard to its financial position at the end of 2017, the Commission is reporting that it has moved from a negative net assets position at the end of 2016 of approximately £2.3million, to a rather healthier position at the end of 2017 with an operating surplus before exceptional items of £579,000. In commenting about the outturn for 2017, Director General, William Mason, said: “The most noticeable change from previous years is the elimination of the Commission’s liability for employees who were historically members of the States of Guernsey’s Public Sector Pension Scheme (PSPS). During 2017, an agreement was reached which saw the States of Guernsey formally adopting the Commission’s liabilities in relation to members of the PSPS on the basis of a realistic valuation of the liabilities. This has resulted in a large, albeit technical, surplus on the Commission’s Statement of Comprehensive Income.”
The Commission will be taking into consideration its improved financial position when deciding later this year whether or not to seek any increase in the current level of fees which it charges licensees.
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