Financial Services Commission: Extension of the terms of Commissioners Appointments

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A decision made on 28 July 2011:

Decision Reference: MD-E-2011-0118
Decision Summary Title:	Extending the appointment of certain Commissioners of the Jersey Financial Services Commission		Date of Decision Summary:	25 July 2011
Decision Summary Author:	Assistant, Finance Industry Development		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Biographies of existing first term Commissioners of the Jersey Financial Services Commission		Date of Written Report:	25 July 2011
Written Report Author:	Assistant, Finance Industry Development		Written Report : Public or Exempt?	Public
Subject: To extend from 3 to 5 years the appointment term of those Commissioners of the Jersey Financial Services Commission (named below) who are currently serving the first term of their appointment.
Decision(s): The Minister agreed to lodge the proposition and directed that the documents be lodged au Greffe so as to allow the proposition to be debated in camera by the States at the earliest opportunity.
Reason(s) for Decision: Sub-paragraph (2A) to paragraph 1 of Part 2 of Schedule 1 to the Financial Services Commission (Jersey) Law 1998, allows the States to extend the appointment, from 3 to 5 years, of any Commissioner who was appointed (or reappointed) for a period of less than 5 years. All of the Commissioners listed below are currently still in their first term and were appointed for 3 years. The list also shows the date of termination of their current appointment and what this would be if their terms were extended from 3 years to 5 years in accordance with the proposal. Name Current termination dateProposed termination date Advocate Deborah Jane Lang née Nance 29 Nov 2011 29 Nov 2013 Mr John Frederick Mills, CBE 22 Oct 2012 20 Oct 2014 Mr Louis Philip Chetwynd Taylor 22 Oct 2012 20 Oct 2014 Lord Eatwell of Stratton St Margaret 20 Apr 2013 20 Apr 2015 Advocate Cyril Edward Whelan 27 May 2013 27 May 2015 Mr Markus Hardy Ruetimann 14 Sep 2013 14 Sep 2015 The Commission has recommended to the Minister that the terms of the identified Commissioners be extended to allow a more orderly approach to the continuity of experience within the Board, whilst being consistent with the JAC’s Code of Practice in relation to the length of appointments. In accordance with the provisions in sub-paragraph (2B) to paragraph 1 of Part 2 of Schedule 1 to the Financial Services Commission (Jersey) Law 1998, the States shall debate the extension of the Commissioners’ terms in camera.
Resource Implications: The proposition will not have any effect on the financial or manpower resources of the States of Jersey.
Action required: To make the proposition and for the documents to be lodged au Greffe so as to allow the proposition to be debated by the States in camera at the earliest opportunity.
Signature: Senator AJH Maclean		Position: Minister for Economic Development
Date Signed:		Date of Decision: