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GGI INSIDER | No 73 | September 2014

1

copy 2014 - GGI Global Alliance

News andInformationfor Membersand Friendsof GGI

Issue No 73 | Sept 2014

GGIMEA Regionaland WorldConferencesin Capetown

2

Content

EditorialDear GGI Members Dear Friends

A number of GGI events will be tak-ing place over the next few months The inaugural GGI Middle East African (MEA) regional conference is to take place in Cape Town directly followed by the GGI World Conference Do not miss out on the background informa-tion and assessments provided by ex-perts as well as the diverse fringe pro-gramme

You can also read all about what to expect from the GGI EasyMeet in Bu-dapest the Italian Business Summit in Rome and the Asia-Pacific Regional Conference in Bangkok Should you have missed one of the last few con-ferences you can find an overview and short recap of events in this edition

Keep up-to-date as GGI member report on recent successes and news from their firms

Sue Lister from the UK writes on the subject of ldquoFracking proposal to

change ancient English law to facilitate extraction of shale gas and oilrdquo Having already received widespread recogni-tion after being published in ldquoAccount-ing Todayrdquo Douglas W Nakajimarsquos article entitled ldquoThe quest for US tax reform fact or fictionrdquo is republished in this edition Timothy Lynch de-scribes ldquoHow law firm compensation models do workrdquo Our Swiss members Abdullah Demir and Michael Braumlndli provide information regarding the au-tomatic exchange of information and last but not least Robert Worthington introduces the subject of trusteesrsquo ob-ligation to disclose information to ben-eficiaries

Stay informed and enjoy reading the wide-range of subjects on offer in this edition

Kind regards Your GGI Team

CONTACT | EDITORIAL | CONTENT

GGI Geneva Group International AGSchaffhauserstrasse 5508052 ZurichSwitzerlandT +41 44 256 18 18E infoggicom W wwwggicomW wwwggiforumcom

The information provided in this INSIDER came from reliable sources and was prepared from data assumed to be correct how-ever we neither accept liability for nor are we able to guarantee the content This newsletter is pro-duced solely for the internal use of GGI member firms

If you wish to be removed from the mailing list send an email to infoggicom Let us know what you think about INSIDER We wel-come your feedback

Disclaimer

Contact


3

Contents 15-16 October 2014 GGI Middle East African (MEA) Regional Conference Cape Town ndash South Africa 16-19 October 2014 GGI World Conference Cape Town ndash South Africa 07-09 November 2014 GGI EasyMeet Budapest ndash Hungary 14-16 November 2014 GGI Italian Business Summit Rome ndash Italy 11-14 December 2014 GGI Asia-Pacific Regional Conference Bangkok ndash Thailand 06-08 February 2015 GGI Practice Group Chairperson Meeting Zurich ndash Switzerland 19-22 February 2015 GGI ITPG Winter Meeting Marbella ndash Spain 06-08 March 2015 (TBC) GGI EasyMeet Bratislava ndash Slovakia 23-26 April 2015 GGI European Conference Montreux ndash Switzerland 14-16 May 2015 (TBC) GGI Best Practices amp Developing Leaders Conference Las Vegas NV ndash USA 11-14 June 2015 GGI Leadership Forum Eisenberg ndash Austria 16-18 July 2015 (TBC) GGI Latin American Regional Conference San Jose ndash Costa Rica 18-20 September 2015 GGI German Speaking Chapter Salzburg ndash Austria

Please refer to our website for actualised information and additional events wwwggicom entry ldquoEventsrdquo

Diary

TBC

= to

be

confi

rmed

EDITORIAL CONTACT DISCLAIMER 02

CONTENTS DIARY 03

UPCOMING GGI EVENTS GGI Middle-East African (MEA) Regional and World Conferences Cape Town South Africa 04 GGI EasyMeet Budapest Hungary 06 GGI Italian Business Summit Rome Italyy 07 GGI Asia-Pacific Regional Conference Bangkok Thailand 08

REVIEW GGI EVENTS GGI Latin American Regional Conference Rio de Janeiro Brazil 10 GGI Nordic Baltic Meeting Tallinn Estonia 11 GGI North American Developing Leaders and Best Practices Conferences Montreal Canadail 12 GGI German Speaking Chapter Hamburg Germany 14

GGI NEW MEMBER FIRMS 16

GGI INTERNAL NEWS Lawyer Frank ER Diem of GGI member firm Diem amp Partner chosen as one of Germanyrsquos best lawyers for 2014 for the second year 19 Prof Michel de Wolf becomes GGIrsquos delegate to EGIAN 19 GGI member firm Thomson Snell amp Passmore raises over pound10000 on grueling hike 20 Mowery amp Schoenfeld Named One of Accounting Todayrsquos 2014 Best Accounting Firms to Work For 21 7th Vibrant Gujarat Summit 2015 Ahmedabad Gujarat India 22 Memery Crystal Ranked 1 Legal Adviser for UK-Listed Natural Resources Companies 24 Wendy R Stein joins the Gibbons Intellectual Property department 25 Haines Watts wins UK Accountancy Excellence Award for the Third Year 26

COMMON INTEREST Fracking Proposal to change ancient English law to facilitate extraction of shale gas and oil 27 How Do Law Firm Compensation Models Work 29 The Quest for US Tax Reform Fact or Fiction 30

GGI PRACTICE GROUP PAGES

ITPG Automatic Exchange of Information ndash Singapore and Switzerland appear being cooperative 32 TRUST amp ESTATE PLANNING Trusteesrsquo Duties to Disclose Information to Beneficiaries 33

GGI BUSINESS TRAVEL TIP ndash Cape Town South Africa 35

BOOK REVIEW 37

FURTHER CONFERENCES EVENTS 38

4

Content

The first GGI Middle East and Afri-can (MEA) Regional Conference kindly hosted by GGI member firms Nolands SA and Heyns and Partners Inc will be opened by Bernadette Hunkeler Brown General Consul of Switzerland After a speed networking session His Excellency Chirau Ali Mwakwere will address the audience with his keynote speech ldquoDynamics in the oil trade oc-casioned by recent oil discoveries in Africa a projected viewrdquo

Chirau Ali Mwakwere was born in Kwale Kenya and is a Kenyan politi-cian and diplomat He served as the Minister of Foreign Affairs from June 2004 to December 2005 and then became Minister of Transport in De-cember 2005 when serious problems within the National Rainbow Coalition caused a cabinet reshuffle As a well-educated young man he displayed a

thirst for knowledge and commitment to his studies then entering govern-ment service in 1967 where he served as an ambassador to several countries as well as a number of domestic posi-tions including education He was a member of the Kenya African National Union even becoming deputy leader at one point before leaving the organisa-tion in 2002 to join the newly formed opposition the National Rainbow Co-alition which went on to win the 2002 elections

In the afternoon delegates will par-ticipate in various workshops

The MEA Conference focuses on bringing together GGI members from countries in the Middle East and Af-rica as well as creating a sound basis for trust and mutual business oppor-tunities

The inaugural MEA Regional Con-ference is directly followed by a wel-come dinner on Thursday evening to mark the start of GGIrsquos World Con-ference His Excellency Christian Meuwly Ambassador Extraordinary and Plenipotentiary of Switzerland to South Africa and Namibia will open the World Conference on Friday morn-ing After the welcome speeches Dr Clem Sunter will continue with his keynote speech

Dr Clem Sunter was born in Suffolk the UK in 1944 and was educated at Winchester College He went on to read Politics Philosophy and Econom-ics (PPE) at Oxford University before joining Charter Consolidated as a man-agement trainee in 1966

In 1971 he moved to Lusaka in

Zambia to work for Anglo American Corporation Central Africa In 1973 he was transferred to the Head Of-fice of Anglo American Corporation of South Africa in Johannesburg He spent most of his subsequent career in the Gold and Uranium Division serving as its Chairman and CEO from 1990 to 1996 At the time it was the largest gold producer in the world He was until recently Chairman of the An-glo American Chairmanrsquos Fund which was rated the premier corporate social responsibility fund in South Africa in a current survey

In the early 1980s Clem established a scenario planning function at Anglo with teams in London and Johannes-burg Two of the members were Pierre Wack and Ted Newland who had pre-viously headed up the scenario plan-ning department at Royal Dutch Shell

Dr Clem SunterChirau Ali Mwakwere

GGI Middle East andAfrican (MEA) Regional andWorld Conferences

UPCOMING GGI EVENTS

15-19 October 2014 ndash Cape Town South Africa


5

thereafter acting as consultants to An-glo for over a decade (after their retire-ment from Shell) Using material from these teams Clem Sunter put together a presentation entitled ldquoThe World and South Africa in the 1990srdquo which became very popular in South Africa in the mid-1980s In it two scenarios were offered for South Africa the ldquohigh roadrdquo of negotiation leading to a po-litical settlement and the ldquolow roadrdquo of confrontation leading to a civil war and a wasteland South Africa took the ldquohigh roadrdquo Two highlights for Clem were a presentation to Frederik Willem de Klerk and the Cabinet in 1986 and a visit to Nelson Mandela in prison to discuss the future just before his re-lease

He was recently awarded an Honor-ary Doctorate by the University of Cape Town for his work in the field of scenario planning Leading South African CEOs also voted him as the speaker who has made the most significant contribution to and had the greatest impact on best practice and business in South Africa He has given scenario presentations in

Australia Europe including the UK In-dia Singapore and all across Africa He has lectured at the Harvard Business School in Boston and at the Central Party School in Beijing

His Excellency Chirau Ali Mwak-were will deliver a second keynote speech on ldquoInvestment challenges in sub-Saharan Africardquo This will cover themes ranging from the internal polit-ical climate and security international relations procrastination in the imple-mentation of decisions and investment laws to infrastructure development financial markets national economic blueprints innovation and technology and manpower capacity Most exam-ples will relate to Eastern and Southern Africa At the end of his presentation HE Chirau Ali Mwakwere will propose possible solutions for overcoming the challenges outlined

In the afternoon different practice group meetings will be held allowing delegates to focus on professional top-ics in small groups

On Saturday delegates will gather for workshops to exchange views

ideas technical knowledge and expe-riences Memorable sightseeing tours have been arranged for the afternoon to discover the beauty of Cape Town and the surrounding area The con-ference will end officially with a Gala Dinner at the Mount Nelson Hotel For those who wish to extend their stay after the conference an optional day tour through the magnificent Cape Winelands has been organised

If you would like to combine your conference participation with a holiday our local event agency will be pleased to support you with further informa-tion on sightseeing options and lodge bookings You might contact South African Tourism Company Melissa de Jager ressouth-african-hotelscom GGI conference delegates qualify for additional discounts on hotel and lodge bookings

It is not too late for GGI members who have not yet registered to do so Please use the online registration tool at wwwggicom (member login gt Events) The conference programme is also available on the website

Cape Town South Africa

6

Content

UPCOMING GGI EVENTS

GGI EasyMeet The EU ndash opportunities and challenges

GGI host companies ASK Audit Ser-vice KFT and Kovaacutecs Reacuteti Szegheouml At-torneys at Law would like to extend an invitation to this yearrsquos Autumn Easy-Meet in Budapest Hungary which takes place from 7-9 November 2014 EasyMeet is a GGI event format aimed mainly at Juniors and Associates giving GGI member firms who do not normally get involved in regional and world con-ferences a platform to meet one another internationally and get to know their col-leagues from the GGI Alliance

The conference kicks off on Friday 7 November with a small reception at the hotel followed by a welcome dinner on the restaurant boat ldquoSpoonrdquo on Saturday

Alongside a varied professional pro-gramme you will not be short of oppor-

tunities to meet informally have fun and go sightseeing

Saturday morning is all about the Eu-ropean Union (EU) The EU was some-

thing totally new when it was founded after an age of nationalism national states were surrendering some of their sovereignty voluntarily for the first time in their history bringing states which had been enemies successfully together and ushering in an era of stability and peace The European Community proj-ect started out with six relatively homog-enous states but has now grown to 28 Member States which are very different from one another Today the EU has a population of more than half a billion stretching from the Atlantic to the Black Sea and from the North Cape to off the coast of Africa the notion of ongoing unity between so many people and their political representatives on the subject of what exactly the EU should be and

City of Budapest

07-09 November 2014 ndash Budapest Hungary

Phot

o fd

ecom

ite


7

GGI Italian Business SummitGGI member firm S4B - Solutions

for Business is proud to invite GGI members to the second Italian Busi-ness Summit in Rome and the Vati-can State The language of the event will be English For the past 85 years the relationship between the Catholic society and the rest of the world has been directed by the existence of a ldquocivilrdquo state the Vatican State

Although the smallest internation-ally recognized independent state in the world by both area and popula-tion this land-locked enclave within the city of Rome is of paramount im-portance with deep historical roots It plays an active role in the world we live in participating as a permanent observer in organizations such as the United Nations the European Union OSCE OAS UNHCR WHO and the World Trade Organization It has its own language (Latin--even on the ATM machines) as well as its own banking system printing press radio station and television The currency is Euro owing to a special agreement with the

European UnionGet to know this little but influential

state its secrets and opportunities

Delegates will explore current hot topics including the economic and next page

where it is heading would seem some-thing of an illusion Above all Europe is about finding a balance between nation states and the Community

That the EU has many problems to deal with comes as no surprise Howev-er since the constitutional treaty failed and the Irish rejected the reform treaty many people are saying that the EU is in a serious crisis Trust in the EUrsquos institu-tions is dwindling people are complain-ing it lacks transparency is dominated by bureaucracy and that there is a lack of openness at European level There are also disagreements as to how large the EU should be and where it should be go-ing These criticisms may well be justi-fied but focus should more often lay on

the benefits of the EUrsquos supranational policy in the context of the challenges presented by globalisation

The EU affects many aspects of our ev-eryday life now and into the future and delegates will be able to get an idea not only of the key problem areas but also the major opportunities the EU offers

Professor Attila Aacutegh will discuss op-portunities and challenges in Europe since the EU elections Zotan Kazatsay will report on European economic recov-ery growth and job creation explaining about grants and funds rules applica-tion procedures and utilisation After-wards Dr Laacuteszloacute Tunyogi will talk about how GGI is represented in the European institutions ndash GGI membersrsquo voices in

Europe In the afternoon some details of the Hungarian tax system and special auditing standards will be shared with the audience and Timon Witschi will re-count his experiences with GGIrsquos inter-national staff exchange programme to his colleagues

The conference will conclude with a wine tasting at Buda Castle followed by dinner at the St George Residence A city bus tour has been organised for those who still have time on Sunday morning

It is not too late for GGI members who have not yet registered to do so Please use the online registration tool at wwwggicom (member login gt Events) The conference programme is also avail-able on the website

14-16 November 2014 ndash Rome Italy

Rome St Peterrsquos Square

8

Content

UPCOMING GGI EVENTS

This yearrsquos Asia-Pacific Regional Con-ference will be hosted by GGI member firm Dherakupt International Law Office Ltd at the Shangri-La Hotel Bangkok Thailand from 11 to 14 December 2014 On Thursday early arrivals can enjoy a round of golf before the conference which starts with an International Taxa-tion Practice Group (ITPG) meeting in the afternoon and will be followed by a welcome cocktail reception at which new members will be introduced The

conference will be officially opened on Friday by Viktor Vavricka Deputy Head of Mission at the Swiss Embassy in Bangkok

In his keynote speech Juerg Kiener will address the subject of how the glob-al macro-economic environment is driv-ing the Asian integration model Juerg Kiener is Managing Director and Chief Investment Officer of Swiss Asia Capi-tal (Singapore) Private Limited He has more than twenty-five yearsrsquo experience

in the banking industry with extensive expertise in private banking asset man-agement and securities He has gained considerable global investment experi-ence having taken up positions with two leading Swiss banks Credit Suisse and Union Bancaire Privee working around the world in locations including Geneva Guernsey Hong Kong Johan-nesburg London Singapore and Zu-rich Juerg also has a sound knowledge of alternative asset management and

GGI Asia-PacificRegional Conference

11-14 December 2014 ndash Bangkok Thailand

juridical relationships between the Vatican State and the rest of the World Various expert speakers will provide interesting insider business and tax tips

Those who arrive early on Friday 14 November will have the unique oppor-tunity to visit the Archivum Secretum Vaticanum (Papal Archives) This doc-umentary heritage spans twelve cen-turies from the 8th to the 20th There are over 600 archives stored on over 85 linear kilometres of shelving some of which are in the Bunker a two-story un-derground vault below the Cortile della Pigna in the Vatican Museums Access to the Archivum Secretum Vaticanum is available only to qualified persons with a university degree or equivalent Admission is limited do book early as places will be allocated on a first-come first-served basis

The Italian Business Summit will officially begin with two GGI Practice Group meetings on Friday afternoon International Taxation and Interna-tional Dispute Resolution followed by dinner in a typical Roman Trattoria The Saturday session will be held at

the Palazzo Baldassini (wwwsturzoit) in the heart of Rome and the Sum-mit will end with a delicious dinner at the elegant Hosteria dellrsquoOrso (wwwhdoit)

S4B ndash Solutions for Business hopes to welcoming many GGI members in Italy For further details please see the preliminary programme on wwwggicom gt member login gt events

Rome Vatican State

GGI member firm S4B - Solutions for BusinessAdvisoryRome ItalyLucio Fumagalli Patrizia Giannini amp Ugo Girardi E infogianninistudiolegaleit W wwwesse4biit


9

as Chief Investment Officer incorpo-rates this successfully into global in-vestment products

The next keynote speech will be de-livered by Dr Supachai Panitchpakdi who was Secretary-General of the UN Conference on Trade and Development (UNCTAD) from 1 September 2005 to 31 August 2013 Prior to this he was the Director-General of the World Trade Or-ganisation from 1 September 2002 to 1 September 2005 He was succeeded by Pascal Lamy

In 1986 Supachai Panitchpakdi was appointed as Thailandrsquos Deputy Min-ister of Finance but left politics and became President of the Thai Military Bank when the Thai parliament was dis-solved in 1988 In 1992 he returned to politics and became Deputy Prime Min-ister until 1995 He was responsible for trade and economics During the Asian financial crisis in November 1997 he returned to the post of Deputy Prime Minister and also took on the role of Minister of Commerce

In September 1999 he was elected Director-General of the World Trade Organisation (WTO) sharing the post with rival Mike Moore when a consen-sus could not be reached Taking the second half of the six year term he en-tered office on 1 September 2002

In March 2005 he was appointed Secretary-General of the UN Conference

on Trade and Development (UNCTAD) following his term at the WTO a post he took up in late 2005 He was reap-pointed for a second four-year term in September 2009 Keen to reform and re-vitalise the organisation he established a Panel of Eminent Persons to oversee the start of the reform of UNCTAD

Supachai received his Masterrsquos degree in Economics Development Planning and his PhD in Economic Planning and Development at the Neth-erlands School of Economics (now known as Erasmus University in Rot-terdam) In 1973 he completed his doc-toral dissertation under the supervision

of Professor Jan Tinbergen the first No-bel laureate in economics In the same year he went to Cambridge University as a visiting fellow to conduct research on development models

At the Conference practice group meetings will also be held in the after-noon with the customary interesting choice of fringe events rounding off the programme for the weekend


Skyline of Bangkok Thailand

Juerg Kiener Dr Supachai Panitchpakdi

10

Content

REVIEW GGI EVENTS

Audience Small group meeting

Brazilrsquos second largest city was the location for this yearrsquos GGI Latin American Regional Conference Rio de Janeiro is the capital city of the state of Rio de Janeiro Rio as the city is commonly referred to is also the third largest metropolitan area in Brazil It is considered to be one of the top tour-ist destinations in the Southern Hemi-sphere and is famous for its beaches Carnival celebration and various land-marks including the statue of Christ the Redeemer

Members from across Latin Amer-ica the USA and Europe congregat-ed together at the Sheraton Hotel in Leblon on Thursday 14 August 2014

A challenging programme had been put together ensuring that business development was equally as well rep-resented as focussed practice group meetings

Two interest groups were estab-lished in order to foster the business exchange between Latin America and the USA as well as between Latin America and Europe with the aim of strengthening links between the con-tinents and developing new business opportunities

Dr Miguel Mantellirsquos regional man-agement report underlined the perpetual exchange between the different disci-plines and also between the sub-regions

across Latin America Focussed technical ses-

sions during the practice group meetings engaged delegates in a lively ex-change of information They covered a broad range of topics which included au-diting reporting and com-pliance trust and estate planning investments and international taxation

An interactive session about transfer pricing was

held on Saturday 16 August running in parallel with a lawyersrsquo meeting

All participants had an excellent time and thoroughly enjoyed a well-balanced and extraordinary conference with traditional Brazilian food Del-egates shared their great appreciation of the three Brazilian host firms from Rio GGI member firms Banco Fiscal Monteiro e Monteiro Advogados Asso-ciados and Grupo Work

GGI Latin American Regional Conference in Rio de Janeiro

Dr Miguel Mantelli gave the regional management report

Networking


11

The second GGI Nordic-Baltic Meet-ing took place in Tallinn Estonia be-tween 4 and 6 September 2014 The event was kindly hosted by the GGI member firm Sirel amp Partners Law Firm at the Nordic Hotel Forum

Early arrivals started with a game of golf at the Estonian Golf amp Country Club on Thursday morning The golfers played a Stableford competition at the fabu-lous Sea Course which has been ranked among the Top 100 Golf Courses of Eu-rope every year since 2009 Michael Da-vidson (UK) was crowned the winner of the competition scoring a magnificent 44 points followed by Antti Rantalainen (Finland) as the runner-up with 38 points

The official part of the conference kicked off on Thursday evening with a welcome dinner at the Tchaikovsky res-taurant located in the Tallinn Old Town New participants and future candidates were introduced with a prize ceremony for the golf tournament during which special trophies for ldquoGGI Nordic-Baltic Golf Cup 2014rdquo were presented to the winning golfers

The Friday morning session started with a conference at the E-Estonia Show-room introducing Estonia as the most advanced e-society in the world Innova-

tive information and com-munication technologies (ICT) used in Estonia were explained by Anna Piperal the project manager of the E-Estonia project The del-egates were introduced to concepts such as online elections e-signatures mo-bile signatures e-taxes e-banking e-court electronic company registration e-po-lice e-school e-health elec-tronic ID card mobile ID and e-residence as well as many other creative ICT solutions that are used in Estonia The topic stimulated interest-ing debates between the delegates as they analysed the opportunities together with possible strengths and weaknesses of the innovative e-solutions

After the morning session the dele-gates headed to the 314 metre Tallinn TV Tower which affords magnificent views over the whole city Following a quick lunch at the cafe located 170 metres up the programme continued with a guided sightseeing tour around Tallinn The del-egates took a walk through Kadrioru Park past the Kadriorg Presidential Palace and a visit to the Riigikogu Estonian Parlia-

ment House before exploring Tallinnrsquos Old Town The tour concluded with del-egates enjoying a cold beer in the sur-roundings of the Town Hall Square

Fridayrsquos official agenda was round-ed off with a gourmet dinner at the restaurant Bordoo where delegates were treated to a seven-course gala menu designed specifically for the event to introduce Estonian food and gastronomy For some delegates the unofficial programme continued at the local nightclubs until the early hours

On Saturday morning the conference next page

GGI Nordic-Baltic Meeting4-6 September 2014 ndash Tallinn Estonia

GGI delegates at Estonian Parliament House

The GGI Nordic Baltic Meeting took place at the Es-tonian Golf amp Country Club

12

Content

Old Montreal was the scenic au-tumn backdrop for the North Ameri-can ldquoBest Practicesrdquo amp ldquoDeveloping Leadersrdquo Conference Over 80 del-egates arrived from across the US and Canada and as far away as the Netherlands Norway Switzerland and UK to the Hotel Nelligan The confer-ence was kindly hosted by GGI mem-

ber firms Lehoux Boivin and Ravinsky Ryan Lemoine

The International Tax Practice Group meeting on Thursday was de-livered in two sessions Mr Darryl Antel of Moodys Gartner Tax Advisors presented on the subject of technolo-gy and the second covered updates to the US FACTA implementation and

was presented by Mr Greg Gartner Moodys Gartner Tax Advisors

The Welcome Reception and Dinner took place on Thursday night at the Ho-tel Nelliganrsquos Atrium and Royale Room respectively allowing delegates to meet and greet new and old friends To kick off the conference Chairman and Founder of GGI Claudio Cocca gave a welcome

GGI North AmericanDeveloping Leaders and Best Practices Conferences

Montreal Canada

Networking General assembly

ended on a high note with Marko Mihkel-son Chairman of Foreign Affairs Com-mittee of the Estonian Parliament as a guest speaker on ldquoIs Europe at warrdquo The current political situation in the Nordic-Baltic region together with the general political situation in the world was dis-cussed and analysed in connection with possible changes that could be made in the near future

The next GGI Nordic-Baltic Meeting will be held in Helsinki Finland at the beginning of September 2015 Tallinn Estonia ndash Kadriorg Park and Art Museum

REVIEW GGI EVENTS


13

address during dinner that spread good cheer and laughter throughout the ballroom CEO GGI North America Mr Adam Crow-son followed Mr Cocca in his welcome to all delegates and special introductions of new members candidate firms and host firm repre-sentatives All were warmly and openly received

Friday morningrsquos gen-eral session began with a Managing Partner panel led by Mr Brian Marita Ciuni amp Panichi Mr Ted Offit Offit Kurman and Mr Anthony Soukenik Sandberg Phoenix Von Gontard Top-ics addressed during the panel includ-ed succession planning compensa-tion and talent acquisitionretention among other prominent subjects The remaining conference took place as two separate tracks running in parallel for content while meals and network-ing opportunities were jointly held

The Best Practices conference con-sisted of managing partners and the senior-most leaders of GGI member firms Mr Tim Lynch Offit Kurman pre-sented on Managementrsquos Role in Struc-turing Marketing Plans and Allocating Resources After lunch guest speakers Phil Whitman Whitman Business Ad-visors and August Aquila Aquila Advi-sors presented on the Four Pillars of a World Class Firm and What is a Partner Partner Compensation respectively

The Developing Leaders conference addressed newer partners and young

leaders on the partner track Breakout sessions were led by John Raspante NAPLIA on the topic of Hidden Lia-bilities and Exposures August Aquila Four Phases of Marketing and Phil Whitman Firm of Our Future

Friday eveningrsquos dinner took place at a famous local establishment Gra-ziella The delegates were all in great spirits as they reviewed notes from the dayrsquos sessions and shared thoughts and opinions

On Saturday morning the Best Practices track was a roundtable dis-cussion and the Developing Leaders track featured a presentation by So-phia Moon Social Media amp Marketing Manager GGI North America on the subject of Leveraging LinkedIn which was followed by a peer panel of Devel-oping Leaders on Perspectives of Part-nership featuring future firm partners - Mr Stephen Watts Haines Watts Mr Clayton Kuhn Sandberg Phoenix Von Gontard Mr Michael Gillette

Gammage amp Burnham and Mr Louis-Alexandre Lehoux Lehoux Boivin

A special thanks to our host firms for their extra efforts in arranging spe-cial experiences for delegates who arrived earlier and stayed in Mon-treal after the conference including a Brewery Tour on Wednesday and Golf outing on Saturday among other kind attentions

Managing Partner Panel Brian Marita (Ciuni amp Panichi) The-odore Offit (Offit Kurman) and Anthony Soukenik (Sandberg Phoenix Von Gontard)

Tim Lynch from Offit Kurman

Developing Leaders Panelists Stephen Watts (Haines Watts) Clay-ton Kuhn (Sandberg Phoenix Von Gontard) Louis-Alexandre Le-houx (Lehoux-Boivin) and Michael Gillette (Gammage amp Burnham)

GGI Chairman and Founder Claudio G Coccarsquos Welcome address

14

Content

The 2014 German Speaking Chapter took place from 19-21 September in the beautiful city of Hamburg Some 75 del-egates attended the event at the Scandic Hamburg Emporio Hotel a very modern venue located in the heart of the city

The conference started on Friday eve-ning with a welcome dinner and cock-tails at the hotel restaurant during which Dr Karsten Bornholdt welcomed all the delegates on behalf of the host firm Noumlrenberg bull Schroumlder Rechtsanwaumllte Wirtschaftspruumlfer Steuerberater Partner-schaft After dinner all the guests had an enjoyable time at the hotel bar

Saturday morning featured the main conference programme with several presentations delivered by the keynote speakers The day kicked off with all the delegates and speakers being welcomed by GGIrsquos Global CEO Mr Michael Reiss von Filski and by Dr Karsten Bornholdt who announced the programme for the day He proceeded to introduce the first speaker Dr Christian Friege who was most recently CEO of LichtBlick AG and currently works as an independent man-agement consultant He started his ca-reer in 1995 at Bertelsmann AG as Execu-tive Assistant to the President and CEO in Guetersloh Subsequently he worked in marketing and business development at Doubleday DirectBookspan in New York before being appointed Chief Ex-ecutive of the British Bertelsmann sub-sidiary Book Club Associates in 2000 In 2005 Dr Friege became a member of the Executive Board at debitel AG (telecom-munication) where he was responsible for all customer-focused processes as Chief Customer Officer Dr Friege stud-ied business at Mannheim University and obtained a doctorate from the Cath-olic University Eichstaett-Ingolstadt He has published numerous papers on cus-

tomer management (most recently rsquoKun-denmanagement und Nachhaltigkeitrsquo in Marketing Review St Gallen and in co-operation with academics from Europe and the US rsquoThe Impact of New Media on Customer Relationshipsrsquo in the Jour-nal of Service Research) also on direct sales and energy where he is co-editor of a new book covering marketing strate-gies for renewable energies which will be published by Springer in 2015 His con-tribution during the German Speaking Chapter in Hamburg addressed the top-ic of how the social media has changed the current marketing perspective their influence how they help to reach more customers and the benefits or disadvan-tages that can be derived from them The presentation drew the conclusion that through social media modern market-ing exploits mostly gained from having customers market the brands directly

The second speaker of the day was Oliver Biernat from Benefitax GmbH

Steuerberatungsgesellschaft Wirtschafts-pruumlfungsgesellschaft who discussed the stumbling blocks in tax registration of companies owned by foreign investors Mr Biernat used his experience to clarify the procedures related to this kind of op-eration the additional requirements the consequences for investors and the po-sition of the tax authorities also stimu-lating an interactive discussion with the audience

Following Oliver Biernatrsquos presen-tation Dr Hariolf Wenzler (CEO of Bucerius Law School) took the floor and fronted a discussion on the market for lawyer and consulting services in times of disruption explaining the issues re-lated to the current status quo within the sector and possible solutions that firms could adopt in consideration of several examples from both Europe and North America The offer coming from the law and consulting sector is undergoing a process which should see an increasing degree of sophistication emerge which must be properly addressed as must the threat of alternative providers which should be taken into account in order to ensure success From 1988 to 1993 Dr Wenzler studied economics and politi-cal science at the University of Hohen-heim and the Albert-Ludwigs-University Freiburg Thereafter Dr Wenzler com-pleted a postgraduate internship at Ro-land Berger and Partner GmbH in Mu-nich in the field of business management and business organisation He then took up employment until his gradu-ation as a research assistant and PhD student at the Department of Finance and Monetary Economics Albert-Lud-wigs-University Freiburg In 1994 he un-dertook a research post at the EU Com-mission in Brussels where he worked in the General XX financial control In

GGI German SpeakingChapter in Hamburg

19-21 September 2014

Hamburg ndash harbour view

REVIEW GGI EVENTS


15

1996 Dr Wenzler gained his PhD with his dissertation lsquoInstitutional econom-ics and government audit - an analysis on the example of the European Unionrsquo From then on Dr Wenzler worked for the Hamburg Chamber of Commerce initially as a consultant later being ap-pointed Head of the Service until 2004 From 1997 onward Dr Wenzler was also a lecturer in accounting and accounting policy for a postgraduate course in busi-ness law at the University of Hamburg (until 2000) and a lecturer in European economic policy and political theory (in German and English) at the Albert-Lud-wigs-University Freiburg (until 2002) In March 2004 Dr Wenzler was appointed Managing Director of Hamburg Market-ing GmbH where he worked until his move to the management of the Buceri-us Law School

The final speakers of the morning session were Mr Gert Schemmann and Mr Torsten Kuumlhl from Schomerus Tax Consult GmbH Their presentation ad-

dressed the topic of customs law relat-ing interesting stories and examples from their experience with the port of Hamburg

After a lunch break at the hotel res-taurant Dr Manfred Schekulin from Prodinger amp Partner Steuerberatung GmbH amp Co KG presented the next GGI German Speaking Chapter which will take place in Salzburg (Austria) from 18-20 September 2015 announcing the eventrsquos preliminary programme and ac-tivities

Following Dr Schekulinrsquos presenta-tion Mr Michael Reiss von Filski intro-duced this yearrsquos upcoming Italian Busi-ness Summit which will take place in Vatican City Rome (Italy) from 14-16 No-vember 2014 The first Italian Business Summit took place in September 2013 in Rome with some 70 attendees

The last contribution of the day was delivered by the event Host Dr Karsten Bornholdt who talked about the law-yer as an organ of justice focusing on

specific features of the role such as in-dependence Afterwards all delegates were invited for a coffee break hosted by Noumlrenberg bull Schroumlder in their office located right next to the hotel on the 18th floor of a very modern building The venue provided a spectacular view of the city After this relaxing break delegates could enjoy a pleasant hour-long walk through the city led by local guides

The conference came to an end on a high note with a dinner at the well-known Uumlbersee-Club a beautiful venue in the centre of Hamburg The Uumlbersee-Club was founded with the purpose of acting as a coalition of business and science for the successful unified policy of eco-nomic action for the reconstruction of the international economy Another con-stitutional objective is the development of Hamburgrsquos traditional links to the markets of the world All the delegates and accompanying persons enjoyed this elegant venue as the conference came to a successful end

GGI delegates at the well-known Uumlbersee-Club

16

Content

Martini Mogg Vogt PartGmbBFerdinand-Sauerbruch-Straszlige 2856073 KoblenzGermany

T +49 2 61 88 44 66F +49 2 61 80 08 01E kanzleimmv-koblenzdeW wwwmmv-koblenzde

Company languages German EnglishContact persons Dr Ottmar Mar-tini omartinimmv-koblenzde Dr Arne Loumlser aloesermmv-koblenzdeServices Law Firm

Germany

WE WISH TO EXTEND A VERY WARM WELCOME TO OUR NEW DISTINGUISHED MEMBERS

Germany

StefanReifferscheid

Reifferscheid amp Partner SteuerberatungsgesellschaftAdamsstraszlige 1056068 KoblenzGermany

T +49 261 30 48 50F +49 261 30 48 522E inforeifferscheid-partnerde W wwwreifferscheid-partnerde

Company languages German English FrenchContact person Stefan Reiffers-cheid sreifferscheidreifferscheid-partnerdeServices Auditing amp Accounting Tax Advisory Corporate Finance

KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser

Dr Muth amp Partner GbRRangstrasse 536037 FuldaGermany

T +49 661 9736 0F +49 661 74363E infomuth-partnerdeW wwwmuth-partnerde

Company languages German English FrenchContact persons Kurt Abert kurtabertmuth-partnerde Ralf Kam-mer ralfkammermuth-partnerdeServices Auditing amp Accounting Tax Law Firm Advisory Corporate Finance

Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno

Kyowa Accounting GroupKinmei Building 3-23-2Kanda-Jimbocho Chiyoda-ku101-0051 TokyoJapan

T +81 3 6261 4171F +81 3 3237 4171E takayamacpakyowaorjpW wwwcpakyowaorjp

Company languages Japanese EnglishContact person Masashige Takayama takayamacpakyowaorjpServices Auditing amp Accounting Tax

DSA International22 Place du Geacuteneacuteral Catroux 75017 ParisFrance

T +33 1 55 65 15 55F +33 1 55 65 15 99E jlsfezdsafrW wwwdsafr

Company languages French Eng-lish Spanish ItalianContact persons Jean-Luc Sfez jlsfezdsafr Serge Gautier sgautierdasfrServices Auditing amp Accounting Tax Advisory Corporate Finance

Tokyo Consulting Group7F AM Bldg 2-5-3 Shinjuku Shinjuku-ku160-0022 TokyoJapan

T +81 3 5369 2930F +81 3 5369 2931E f-infokuno-cpacojpW wwwkuno-cpacojp

Further offices Nagoya Osa-ka Yokohama (Japan) Yangon (Myanmar) Company languages Japanese English Spanish Chinese Rus-sian Thai Vietnamese Burmese Indonesian Cambodian Filipino Hindi Bangladeshi Portuguese and TurkishContact person Yasunari Kuno f-infokuno-cpacojp Services Auditing amp Accounting Tax Advisory Corporate Finance

JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler

Peters Advisors LLC88 East Main Street Suite 129HNJ 07945 MendhamUnited States of America

T +1 973 879 2591E infopetersadvisorscomW wwwpetersadvisorscom

Company language EnglishContact person Kurt Wulfekuhler kurtwulfekuhlerpetersadvisorscom Services Tax Transfer Pricing Valuation

Boatsman Gillmore Wagner PLLC 5970 Fairview Road Suite 402 NC 28210 Charlotte United States of America

T +1 704 552 0553 F +1 704 496 2210E infotrustbgwcom W wwwboatsmangillmorewagner com

Further offices Huntersville (NC) Asheville (NC)Company language EnglishContact persons Larry Wagner lwagnerbgwtrustcom Dale Gill-more dgillmorebgwtrustcomServices Auditing amp Accounting Tax Advisory Corporate Finance


United States United States

LarryWagner

DaleGillmore

Searching for GGI member firms all over

the world

Visit ggicom


19

As part of the ldquoGermanyrsquos Best Law-yers 2014rdquo rankings compiled by the German newspaper Handelsblatt in collaboration with its renowned part-ner Best Lawyers released on 10 June 2014 Frank ER Diem of GGI member firm Diem amp Partner was chosen as one of Germanyrsquos best lawyers for 2014 for the second consecutive year

The decoration in the area ldquoCor-poraterdquo was made on the basis of re-

search from lawyers by the American publishing house ldquoBest Lawyersrdquo which the Handelsblatt commis-sioned Hereto the Handelsblatt in its issue of June 11th 2013 when Frank E R Diem had been nominated for the first time ldquoQualified and notable Ger-man experts should determine which colleagues they would choose outside their own team if they could not accept the mandate themselves for reasons of time or because of a conflict of inter-estrdquo

For the senior partner Frank ER Diem who was appointed a Special-ist in Corporate and Labour Law by the Stuttgart Bar Association in spring 2008 this distinction testifies to the sustained positive impression he made during his many negotiations with col-leagues His professional mantra is that ldquowe owe our clients advice ndash not

just informationrdquo which has pleasingly been confirmed by this nomination from his colleagues

GGI INTERNAL NEWS

Prof Michel de Wolf becomes GGIrsquos delegate to EGIAN

GGI is pleased to announce that Prof Michel de Wolf Managing Part-ner of GGI member DGST Brussels has agreed to become GGIrsquos permanent representative of GGI on EGIAN the European Group of International Ac-

counting Networks and Associations As ex-President of IRE (Institut Belge des Reacuteviseurs drsquoEntreprises or Belgian Institute of Company Auditors) and through his extensive academic work Prof de Wolf is known worldwide as an

authority in a number of fields EGIAN consists of 24 truly global or-

ganisations offering auditing account-ing and business consultancy services which have a combined turnover in next page

Frank ER Diem

Frank ER Diem one ofGermanyrsquos best lawyers for 2014 for the second year

GGI member firm Diem amp Partner

GGI member firm DIEM amp PARTNERRechtsanwaumllte mbBLaw FirmStuttgart GermanyFrank ER DiemE fdiemdiempartnerde W wwwdiempartnerde

20

Content

GGI member firm Thomson Snell amp Passmore raises over pound10000 on grueling hike

GGI INTERNAL NEWS

A 13-strong team from leading regional law firm Thomson Snell and Passmore took on the 100 km Jurassic Coast Chal-lenge over the weekend of 14 June The team has so far raised well in excess of pound10000 for their firmrsquos nominated char-ity Alzheimerrsquos Society ndash more than dou-bling their original challenging target for the event

The team which consisted of lawyers from across the firmrsquos commercial and private client teams trained hard in the months leading to the event in order to be ready for the long days of strenuous

excess of USD 40 billion between them EGIAN provides a forum for developing common positions on specific techni-cal and legislative issues and debat-ing these issues with key professional stakeholders and regulators like the European Union CESR (the Committee of European Securities Regulators) FEE (Federation of European Accountants) and IFAC (International Federation of Accountants)

Michel De Wolf is an auditor law-yer and Honorary President of the Bel-gian Institute of Company Auditors and is consulted regularly on advising restructuring negotiating and resolv-ing conflicts with financial aspects be-tween individuals and companies He is a leading specialist in tax advice fi-nancial analysis IASIFRS standards company law and mergers and acqui-sitions and has a wealth of experience in the non-commercial sector auditing and advising a number of non-profit-making organisations and public sector

organisations in particular He has au-dited and advised a significant number of NGOs based in Belgium and abroad for nearly twenty years His knowledge of grant-making authorities and his ap-proach to the organisations he audits

have led him to conduct on-the-spot audits in a number of different conti-nents He regularly publishes articles and works on topics at the interface be-tween business law and management science He speaks French English and Dutch fluently

Other activities Dean of the LSM (Louvain School of

Management) University Professor Member of Belgian Accounting Stan-

dards Commission Commercial court judge Director of the Foundation for Corpo-

rate Governance (until 2013) Chairman and member of many edi-

torial boards Ex-president of non-profit-making

organisation Les Jeunes Entreprises (lsquoYoung Enterprisersquo) (lsquomicrobusi-nessesrsquo)

Director Young Enterprise Europe and Junior Achievement Worldwide

Walk on the beach

Prof Michel de Wolf


21

cliff top walking interspersed with over-night stops in friendly youth hostels

Event organiser Chris Kirby-Turner an Associate in Thomson Snell amp Pass-morersquos Construction and Engineering team said

ldquoIt has been a privilege to work with the Alzheimerrsquos Society and to learn more about the amazing work that they do in raising awareness of and supporting those affected by Alzheimerrsquos and de-mentia

The value of their work and its impor-tance has been repeatedly underlined in conversations with our many generous sponsors many of whom have first hand experience of the condition and its im-pact

The importance of the charityrsquos work was further reinforced to us through-out the trek by the encouragement and sponsorship of passers by ndash including the remarkable generosity of Dorset-based artist Jacqui Byrne whose home and studio we passed on the route Jac-qui is creating and donating an origi-nal painting for us to auction to raise funds for the charity We are delighted that the painting has been on display and sale at the SEEART Fair in Tun-bridge Wells 9-13 July 2014 (of which Thomson Snell amp Passmore was the main sponsor)

On behalf of the Challenge Team Irsquod like to say a huge thank you to our clients contacts colleagues and their families for their generosity and support of this eventrdquo

Anna Basden-Smith of Alzheimerrsquos So-ciety who joined the Challenge Team said ldquoThe team from Thomson Snell amp Pass-more have done a fantastic job in raising so much for Alzheimerrsquos Society The trek was a real challenge and the whole team showed real dedication We look forward to working with them as their nominated charity as we continue our efforts to im-prove the lives of people living with de-

mentiardquo You can still support the teamrsquos fund-

raising efforts by visiting their team page by clicking here

Jurassic Coast Challenge for the team from Thomson Snell and Passmore

GGI member firm Thomson Snell amp PassmoreLaw FirmTunbridge Wells Dartford UKKamal AggarwalE kamalaggarwalts-pcouk W wwwts-pcouk

Mowery amp Schoenfeld Named one of The BestAccounting Firms to Work For

Mowery amp Schoenfeld was recently named as one of the 2014 Account-ing Todayrsquos Best Accounting Firms to Work for This is the fourth year in a

row Mowery amp Schoenfeld has received this honor This survey and awards program is designed to identify rec-ognize and honor the best employers

in the accounting industry benefiting the industryrsquos economy workforce and businesses The list is made up of 100 companies next page

Accounting Todayrsquos 2014

22

Content

Companies from across the United States entered the two-part survey pro-cess to determine Accounting Todayrsquos Best Accounting Firms to Work for The first part consisted of evaluating each nominated companyrsquos workplace policies practices philosophy sys-tems and demographics This part of the process was worth approximately 25 of the total evaluation The sec-ond part consisted of an employee survey to measure the employee expe-rience This part of the process was worth approximately 75 of the total evaluation The combined scores de-termined the top companies and the final ranking Best Companies Group managed the overall registration and

survey process analyzed the data and determined the final ranking

For more information on Account-ing Todayrsquos Best Accounting Firms to Work for program visit wwwBestAc-countingFirmsToWorkForcom

GGI INTERNAL NEWS

7th Vibrant Gujarat Summit 2015 in Ahmedabad India

We would like to invite all GGI mem-bers to attend the 7th Vibrant Gujarat Summit 2015 which runs over three days from 11th January 2015 to 13th January 2015 and in this way be a part of Indiarsquos biggest investor meeting exploring the efforts being undertaken in Gujarat that aim to make India one of the worldrsquos true superpowers As in previous years the 2013 Vibrant Gujarat Summit has been organised by Shri Narendra Modi as The Honrsquoble Chief Minister of Gujarat and which has created huge opportunities for investors This year Shri Narendra Modi will not only be attending the 7th Vibrant Gujarat Summit but will also inaugu-rate the event as part of his role as The Honrsquoble Prime Minister of India

This event is an opportunity to witness many members from various countries signing a major Memorandum of Un-derstanding (MoU) for a varied business opportunities These MoUs will form

the basis of the vision held by The New Honrsquoble Prime Minister of India Shri Na-rendra Modi

Opportunities forattendees of the7th Vibrant Gujarat Summit 2015

More than 100 countries participating with over 2500 foreign delegates

The 2015 Summit will be partnered by some of the most significant devel-oped nations in the world including Australia Canada Japan the Nether-lands Singapore South Africa and the United Kingdom

A great selection of national and inter-national speakers in various seminars

and discussions These include corpo-rate stalwarts renowned economists and policymakers management gurus

GGI member firm Mowery amp Schoenfeld LLCAuditing amp Accounting TaxChicago (IL) USAJeffery L MoweryE jmowerymsllccomW wwwmsllccom

11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23

and captains of industry A robust and productive environment

for business and networking with a host of interactive forums and oppor-tunities ranging from B2B meetings buyer-seller meets and networking dinners to catalogue shows and spe-cial pavilions

Highlights ofthe Vibrant GujaratSummit 2013

Partner countries Canada and Japan Partner organisations JETRO In-

do-Canada Chamber of Commerce (ICCC) US India Business Council (USIBC) UK India Business Coun-cil (UKIBC) Australia India Business Council (AIBC)

Exhibition area 104000 square me-tres

Visitors Over 16 million people vis-ited the exhibition

Events 127 events throughout the year for investment promotion activities

Participation 121 countries over 2100 foreign delegates and around 58000 Indian delegates

Investment intentions 17719 in-vestment intention documents were signed

Strategic partner 2670 strategic part-nership were forged in the area of technology transfer RampD education knowledge sharing from across the globe

Solidarity Eminent political leaders diplomats and captains of industry all displayed their solidarity with Gujarat on the dais

Gujaratrsquos contributiontowards the effortsof India to become a developed country

GDP growth rate has been contribut-ing over 10 to Indiarsquos total growth for

nearly a decade Ranked first in India for ldquoEconomics

Freedom among Statesrdquo in Economics Freedom among States of India 2013

Indiarsquos first chemical and LNG termi-nal at Dahej Gujarat

Home to some of the best educational institutions in India such as the Indian Institute of Management in Ahmed-abad and the National Institute of De-sign which is part of the Indian Insti-tute of Technology

441 vocational training institutes (In-dustrial Training Institutes (ITIs)) of-fering 87981 places for semi-skilled manpower each year

Attracted 131 foreign direct investment (FDI) proposals worth USD 37 billion over 201112 and became the state with the second highest number of FDI pro-posals

Ports handled 40 of the total Indian port cargo in 2012 to 2013

Holds a 30 share in the Indian stock market capitalisation

Accounts for 25 of Indiarsquos exports Home to 10 of Indialsquos factories The first Indian state to enter into the

Carbon Trading Agreement with the World Bank

Number of factories increased from 15576 in 2009-10 and to 22220 in 2011-12 representing a growth rate of approxi-mately 4250

Ahmedabad is the worldrsquos third-fastest growing city according to Forbes

Gujrat International Finance Tech ndash City

(GIFT) aspires to capture 8-10 of fi-nancial services and the ITITES Sector in India

Objective according to the Draft Elec-tronics Policy for the State of Gujarat (2014-19) is ldquoTo establish Gujarat as a globally-recognised hub for the ESDM industry with a turnover of USD 16 bil-lion by 2020 and an investment of USD 12 billion to create employment oppor-tunities for 5 lakh (100000) people by 2020rdquo 1)

Gujarat has already become an industrial hub for the automotive in-dustry following the commissioning of plants for Tata Motors Ford and Gen-eral Motors In addition Maruti Su-zuki Honda and Hyundai are expected to commence plans to establish their own infrastructure and facilities soon

We are inviting you to attend the 7th Vi-brant Gujarat Summit 2015 and become the part of the new revolution of investors in Gujarat Please rest assured that every effort is being made to ensure a pleasant stay in Gujarat and that conference itself will be a complete success If you have not yet registered for the 7th Vibrant Gu-jarat Summit 2015 event then it is still not too late However we would ask that you next page

1) httpwwwdstgujaratgovinImageselectronics-policy-documentpdf

In January 7th Vibrant Gujarat Summit 2015

24

Content

GGI INTERNAL NEWS

Memery Crystal Ranked 1 Legal Adviser for UK-Listed Natural Resources Companies

GGI member firm Memery Crystal LLP has earned the top spot among all law firms acting for UK-listed Natural Re-sources companies in new sector rank-ings published in the August 2014 edi-tion of the Corporate Advisers Rankings Guide

For the first time the guide has pub-lished adviser rankings based on total UK Stock Market clients both AIM and Main Market in the eight main FTSE Sec-

tors Memery Crystal ldquorules the roostrdquo among all law firms in Basic Materials with 18 clients according to the publish-ers and ranks second in Oil amp Gas with 10 clients With a combined total of 28 clients in Basic Materials and Oil amp Gas the firm ranks 1 overall for UK-listed Natural Resources clients

Nick Davis Partner and Head of Natural Resources at Memery Crystal commented ldquoWe are delighted to be rec-ognised as the leading law firm for UK-listed Natural Resources companies in these new rankings

We have always been a leading law firm for AIM and are seeing more of our natural resources clients including Petra Diamonds and Gulf Keystone Pe-troleum move up to the Main Market These new rankings reflect our strength in acting for Mining and Oil amp Gas com-panies across the board at every stage

of their growthrdquo The Corporate Advisers Rankings Guide is published by Adviser

complete registration as soon as possible so that accommodation can be arranged for your visit

We would suggest extending the trip by one day to join in the celebrations for the Patang Mahotshav (Kite Festival) on 14 January 2015 The people of Gujarat are passionate about Uttarayan and all busi-ness comes to a grinding halt for a couple of days It is also a celebration to mark the end of winter Kite flying begins at dawn and continues non-stop throughout the day Friends neighbours and total strang-ers battle one another for supremacy and cries of triumph fill the air when someone

cuts a rivalrsquos line A tremendous variety of kites can be seen and there are many different events to choose from Experts prepare the lines with which the kites are flown specially for this great day People of all ages gather on terraces or rooftops and engage in kite flying Delight in co-lourful skies with kites all around on the day of this celebration with music in the air and traditional delicacies to be enjoyed as well We therefore recommend taking advantage of this opportunity to attend one of the regionrsquos most impressive fes-tivals

For more information on the event

please visit wwwvibrantgujaratcom For any inquires or questions related to the event please contact us

Corporate Advisers Rankings Guide New Sector Rankings

GGI member firm Memery Crystal LLPLaw FirmLondon UKNick DavisE ndavismemerycrystalcomW wwwmemerycrystalcom

Memery Crystal First choice for UK-listed Natural Resources companies

GGI member firm Zinzuwadia amp Co CAAuditing amp Accounting TaxAdvisory Corporate FinanceAhmedabad Kalol Vadodara IndiaVijesh ZinzuwadiaE vijeshzinzuwadiacocomW wwwzinzuwadiacocom


25

Wendy R Stein joinsthe Gibbons IntellectualProperty department

Rankings Ltd and contains details of institutional advisers and their quoted clients All published rankings and sta-tistics are compiled from data supplied by Morningstar

Memery Crystal is a recognised leader

for its natural resources corporate fi-nance work covering MampA private equi-ty and IPOfundraising for UK and inter-national companies The firm is ranked among the upper tier of law firms for its AIM experience by both Chambers UK

and The Legal 500 UK acting for small-er to medium-sized public companies as well as for their nominated advisers and brokers The firm also has extensive experience on Main Market listings for natural resources companies

GGI member firm Gibbons PC has announced that Wendy R Stein has joined the firmrsquos Intellectual Property Department as Counsel

Ms Stein rejoins the firm after man-aging her own law firm devoted to IP and complex litigation including data privacy and security matters arising out of data incursions She brings nearly a dozen years of experience in patent enforcement litigation and liti-gation transactional and counseling experience in the fields of trademarks copyrights and trade secrets

Ms Steinrsquos patent litigation experi-ence cuts across several industries including pharmaceuticals GPS tech-

nologies packaging and data trans-mission Drawing upon her law degree and masters in public health Ms Stein has many years of Hatch-Waxman and related FDA regulatory experience She has also litigated trademark infringe-ment matters in federal courts and before the Trademark Trial and Appeal Board Ms Stein has a particular expe-rience in the area of trademark coun-terfeiting and has worked with federal agencies and law enforcement to help clients stop the sale and distribution of counterfeit goods

ldquoMs Steinrsquos return to Gibbons re-inforces the firmrsquos commitment to of-fering our clients a deep and versatile bench in all disciplines of IP litiga-tion as well as data security mattersrdquo says David E De Lorenzi Chair of the Gibbons Intellectual Property Depart-ment ldquoWe are delighted to welcome Wendy back to the firmrdquo

Ms Stein was previously an as-sociate at Gibbons and at Frommer Lawrence amp Haug in New York She earned her JD from Fordham Univer-sity School of Law where she served as Notes and Articles Editor of the Fordham Intellectual Property Media amp Entertainment Law Journal Before

law school Ms Stein obtained her MPH from Yale University School of Public Health where she focused on health policy issues and her BA magna cum laude from Brandeis Uni-versity

She is a member of the New Jersey and New York bars and is admitted to practice before the United States District Courts for the District of New Jersey and the Southern Eastern and Northern Districts of New York

GGI member firm Gibbons PCLaw Firm Newark (NJ) New York (NY) Trenton (NJ) USAWendy R SteinE WSteingibbonslawcom David De LorenziE ddelorenzigibbonslawcomW wwwgibbonslawcom

GGI member firm Gibbons PC

Wendy R Stein

26

Content

GGI INTERNAL NEWS

Haines Watts winsUK Accountancy Excellence Award for the Third Year

UK accountancy firm and GGI mem-ber Haines Watts is celebrating suc-cess again having won Accountancy Firm of the Year ndash SMEs at the an-nual FDs Excellence Awards This award follows on the back of Haines Watts winning lsquoAuditor of the Yearrsquo in the SME category for two consecutive years beating off stiff competition from other leading UK accountancy firms

The awards recognise the service providers that support Britainrsquos fi-nance community using the results of an annual survey in which Financial Directors and financial decision-mak-ers recorded their opinion

Haines Watts beat competition from other UK firms such as KPMG

Grant Thornton BDO Baker Tilly and Deloittes Andy Minifie National Managing Partner at Haines Watts commented ldquoItrsquos great to see Haines Watts win such a prestigious award for a third year running This type of award really matters to us because itrsquos voted for by business people and not by an academic panel of expertsrdquo

Andy added ldquoItrsquos fantastic that we are the first accountancy firm in the UK to have won an award in three consec-utive years We are proud of all of our staff who do an outstanding job for our clients day to day and who have contributed towards us winning this awardrdquo

The prestigious awards ceremony

was held in Grosvenor Square London and hosted by Real Business in asso-ciation with the Institute of Chartered Accountants in England and Wales (ICAEW) and supported by the Con-federation of British Industry (CBI)

GGI member firm Haines WattsChartered Accountantsand Tax AdvisorsUnited KingdomAndy MinifieE nationalhwcacomW wwwhwcacom

UK Accountancy Excellence Awards Ceremony for Haines Watts


27

Proposal to change ancient English law to facilitateextraction of shale gas and oil

By Sue Lister

The potential crisis in UK energy resources is causing the UK govern-ment to consider changing ancient law on the extent of rights and land ownership This is becoming a politi-cal hot potato as the country gears up for a general election in 2015

A relatively new source of oil and gas energy has been found in shale rock several hundred metres below the surface which requires a special technique known as hydraulic fractur-ing or lsquofrackingrsquo to extract it The hy-draulic drill will pass laterally through several hundred metres of shale rock to release oil and gas thereby poten-tially affecting many landowners

It has been a longstanding prin-ciple of English law that a landowner owns ldquoeverything reaching to the very heavens and down to the depths of the Earthrdquo directly above and below his land This normally includes min-erals lying beneath the surface of the land However when coal gas and oil industries were established it was considered too complex to allow indi-vidual landowners to have control of the nationrsquos energy supplies

So the Crown automatically retains rights to all coal gas and oil (and precious metals) which can only be removed under licence from the Gov-ernment Consequently as the law stands at present the rights to shale gas and oil vest in the Crown not the landowner

However drilling companies need rights of access to the land on which

a well head is established and also adjoining land through which lateral drilling passes To do so without consent would be a trespass a civil offence under English law This gives landowners the possibility of frustrat-ing the whole process by refusing to grant rights of access However this may soon change if proposed Govern-ment legislation is enacted

Exploratory drilling in the part of the country has brought demonstra-tions against the potential disruption caused by access and infrastructure and stories of contamination and earth tremors caused by fracking So apart from the issue of land rights the public is nervous of how this relatively new industry is going to affect them

Companies in the shale gas and oil industry will pay some consideration to secure an access licence from the landowner Even so if the parties fail

to agree the Government may inter-vene and order compensation calcu-lated according to statutory guidelines at a level which could be significantly lower then commercial rates Indeed companies are not obliged to pass on any income from fracking or pay a lev-el of compensation which would make it commercially attractive to landown-ers

Companies already have to fulfil a number of conditions before the right of underground access can be grant-ed They will require petroleum and abstraction licences planning per-mission and environmental permits Health and Safety Executive approved plans and drilling consent If they have to negotiate access rights as well they are concerned that the whole process will be too costly and time-consuming and may hinder the growth of this in-dustry

The Government is very much in favour of development of the shale gas industry It is looking to legislate to remove the threat of trespass and to simplify the procedure to allow companies to access the significant reserves of shale gas and oil without allowing landowners to frustrate ex-traction projects

The proposed changes include a right for drilling companies to subter-ranean access to extract oil and gas at a depth of at least 300 metres with-out requiring the permission of the surface landowner As a sweetener it is proposed that local communi-ties affected will receive a one-off next page

GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST

compensation payment in return for access to the ground under properties in the area for each horizontal drill over 200 metres in length andor a percentage of the revenue from oil or gas extracted It will be noted this is compensation for the community as a whole not individual landowners The Government has supported this compensation scheme and believes that as the drilling occurs far below the surface only a nominal payment is required

The proposals have been met with considerable resistance from a num-ber of environmental groups and land-owners in areas likely to be affected by the proposed changes to the law There is concern that relaxing the rules on fracking will hamper investment in renewable energy resources withdraw-ing focus from the reduction of emis-sions Others claim that fracking may cause contamination of ground and surface water from potentially carcino-genic chemicals and seismic activity although this has not yet proven (stud-ies have indicated only small scale seismic activity has occurred)

Boris Johnson the charismatic Mayor of London who has announced plans to stand for Parliament at the next election has entered the fray by suggesting that landowners should benefit financially from rights to ex-tract shale gas and oil A cynical ploy to attract votes

On the other hand advocates for the change in the law argue that relax-ing the rules on fracking would pro-vide a vital energy source and reduce our over-reliance on other fossil fuels The Institute of Directors estimates that the production of shale gas and oil in the UK could create investment of pound37 billion and maintain approxi-mately 74000 jobs

Is it really practical essentially to privatise natural resources and leave control in the hands of individual landowners Lateral mining could involve large numbers of landown-ers which would cause huge difficul-ties and delays in negotiating consent from all owners There are likely to be continuing arguments as to whether

individual landowners or communi-ties should receive payments or com-pensation for the disruption

Research is still underway to estab-lish whether fracking is economically viable depending on the location of the gas or oil If companies then have to factor in private compensation pay-ments calculated on a commercial scale such projects may never be re-alised

GGI member firm Thomson Snell amp Passmore Law FirmTunbridge Wells Dartford UKSue ListerE suelisterts-pcoukW wwwts-pcouk

A fracking rig in a farmerrsquos field


29

By Timothy Lynch Esq

How is a typical lawyer paid Trick question there is no such

thing as a typical lawyer

Accordingly there is also no true standard model for how law firms dole out compensation and rewards Numerous factors including region size structure leadership tenure billing practices and practice areas determine a firmrsquos financial struc-ture which is why practitioners ndash even those working in the same firm in the same practice area with the same size book of business mdashsometimes take home vastly different earnings

That said there are several com-monalities firms consider when estab-lishing a payment framework

SeniorityTenure and rank form perhaps the

most common basis for rewards Tra-ditionally the longer a partner stays with the firm the greater their share of the profits grows While a system that emphasizes seniority encourages long-term loyalty to the firm it can have adverse effects on veterans and

newcomers alike ndash both of whom are less motivated to perform above and beyond without an incentive to do so

PerformancePerformance-related pay can be a

contentious issue in many firms be-cause merit based pay generally focus-es on financial performance instead of longevity Firms need be careful to construct merit based pay so that the culture of the firm does not become an ldquoeat what you killrdquo system This ap-proach may stimulate hard work and increase individualsrsquo books of busi-ness but without an incentive for co-operation in place the firm may suffer overall due to resources spread too thin between competing attorneys

Subjective MeritsIn many law firms attorneys receive

bonuses with little to no information

how the bonus was determined Law-yers refer to this as the ldquoblack boxrdquo method of compensation The deci-sion generally sits with the firm lead-ership Critics of subjective systems claim unfairness in the form of prefer-ential treatment or favoritism Equally problematic are the ways in which subjective decisions undermine com-munication between management and producers the question of who gets to make the decisions and why often pits the two groups at odds

At Offit Kurman we have developed a unique model that rewards individu-al contributions and supports cooper-ative cross-selling between attorneys For every client brought into the firm compensation is split equally between the originator and the producer That means that high-capacity sellers and those whose main focus is achieving client goals can both concentrate on what they do best without spending energy negotiating or competing with fellow practitioners in-house We do not cap compensation nor do we set artificial billable hour targets for the attorneys who are focused on originat-ing clients

Offit Kurman pays its attorneys base pay (not a draw) and has a merit based bonus system that encourages (and rewards) cross selling amongst its attorneys Because of this plat-form we are able to address every clientrsquos need across a diverse array of practices Lawyers who have joined Offit Kurman have in some cases as much as tripled their profit margin thanks to reduced overhead and a net-work of specialized attorneys and ac-complished support staff

Click here to learn more about our compensation model Mr Lynch is a Business Litigation and International next page

How Do Law FirmCompensation Models Work

GGI member firm Offit Kurman Attorneys At LawLaw FirmBaltimore (MD) Frederick (MD) Maple Lawn (MD) Owings Mills (MD) Philadelphia (PA) Tysons Corner (VA) Washington (DC) USATimothy Lynch E tlynchoffitkurmancom W wwwoffitkurmancom

Timothy Lynch Esq

30

Content

GGI COMMON INTEREST

By Douglas W Nakajima

The perpetual drumbeat for tax re-form continues to echo around Capitol Hill On August 5th Senators Richard Durbin D-Ill Elizabeth Warren D-Mass and Jack Reed D-RI urged Presi-dent Obama to take independent action to stop the tax-avoidance practice com-monly known as corporate inversions Their plea was made to the deserted cor-ridors of the Capitol as Congress has left Washington DC for its August recess The Administration has suggested that executive authority might be exercised to prevent inversions albeit only as an alternative to Congress not moving for-ward with tax reform

To stem the latest strategy of US corporations employing mergers with foreign businesses to escape the high US tax rates the most effective coun-ter-measures would require a compre-hensive reform of the US tax system an overwhelming and unrealistic prospect before or after the mid-term elections and possible only slightly after the 2016 Presidential election More attainable stop-gap solutions such as cutting US corporate tax rates to 28 percent will not stop companies from moving to lower tax ldquohavensrdquo such as Ireland where the tax rate is 125 percent

During a press briefing on August 5 White House spokesman Josh Earnest told reporters that the administration is not prepared to make an announcement about any unilateral actions from the president on inversions In the absence

of tax reform the onus is on Congress to pass specific legislation that would retro-actively close current inversion (merger) strategies

Rep Sander M Levin D-Mich rank-ing member on the House Ways and Means Committee noted that ldquoCor-porate inversions as well as other tax-avoidance strategies threaten to cause long-term damage to the US tax base and increase the tax burden on ordinary Americans mdash and swift collective action is requiredrdquo Shakespearersquos Macbeth of-fered his preacutecis on life and death which unfortunately applies equally well to Congressrsquo many attempts to refashion US tax law ldquo[A] tale told by an idiot full of sound and fury signifying noth-ingrdquo Since the original 1916 tax code reformists have fought behind the famil-iar banners of fairness and simplifica-

tion as well as the prevention recovery and salvation of the American and global economy while maintaining a measured focus on collecting tax revenues suffi-cient to fund the massive federal budget However the Internal Revenue Code has become burdened with countless layers of provisions included to satisfy politi-cally correct ldquoof-the-momentrdquo social ob-jectives and entitlements or to provide some urgently required stimulus Rather than separating out these distinctly-pur-posed laws the path of least resistance has pointed to targets that have no (or lower) apparent impact on the general public In an economic and financial environment of increasing globalization the US has sought to brand all things ldquointernationalrdquo as presumptively evil (read ldquotax avoidancerdquo) and even unpa-triotic The current ldquosound and furyrdquo of Congressional and Administration calls for action are but the latest example of playing to the publicrsquos fears without ac-tually stepping forward with actual sub-stantive tax proposals

From the Kennedy-era Subpart F rules seeking to retain US tax coverage over US taxpayers investing wealth offshore to the myriad efforts to limit the move-ment of manufacturing services and the companies to lower-taxed foreign countries the clear message proclaimed by the current Administration in its two campaigns is that your life and well-being is diminished by US companies look-ing outside and not within the US The Senatersquos hearings on ldquoprofit-shiftingrdquo at-tacked structures used by multinational

The Quest for US Tax Reform Fact or Fiction

Douglas W Nakajima

Practice attorney with Offit Kurman He focusses his practice on complex civil litigation matters serves as out-side general counsel to many owner

managed businesses and entrepre-neurs and serves as a corporate ad-visor to senior level executives physi-cians and professional athletes Mr

Lynch also serves as a board member for several privately owned companies advising on growth and management issues


31

giants Microsoft Apple and others illus-trating how those companies managed their very significant US tax costs with planning available under the current tax code resulting in large cash reserves held offshore The sheer size of the tax dollars actually paid and the compara-tive numbers of what these companies could have paid under less sophisticated structures created a media event and generated calls for tax reform Again the message was that the tax savings of these US companies hurt the so-called average taxpayer No data was presented on how the companiesrsquo higher tax costs might have impacted the consumer pric-es those average taxpayers paid

With significant statutory change ap-proaching IRS has sought data to sup-port whatever changes might be imple-mented as well as to enforce any laws currently available to them Enforcement of filing requirements for information returns detailing US owned foreign fi-nancial accounts and foreign entities as well as increased scrutiny of required tax withholding from payments to for-eign recipients has increased the risks of inadequate or missing reporting Moreover the accumulated data will ef-fectively roadmap future enforcement of

new anti-deferral provisionsThis discussion is not intended to

suggest that the US is alone in its inter-national crusade for tax revenues Rath-er the Organization for Economic Co-operation and Development (ldquoOECDrdquo) has commissioned multiple studies un-der an action plan to combat the erosion of separate country taxable income and the shifting of profits between related parties (under the acronym ldquoBEPSrdquo for Base Erosion and Profit Shifting) BEPS study areas include many of the expo-sures focused on by Congress and the Administration The conclusion is ines-capable that US tax reform or at least tax change will occur at some point Changes will impact existing transfer pricing and profit shifting provisions as well as permanent establishment stan-dards extending countriesrsquo tax bases be-yond their borders Consequently multi-national businesses will be well-advised to prepare to react to these changes

Doug Nakajima Managing Director Tax Services has over 30 years of expe-rience in federal and international tax and strategic business planning serving a US and foreign client base of multi-national manufacturing service and technology businesses He has advised

clients on the tax treatment of domestic and cross-border transactions inbound and outbound business expansion strategies domestic and cross-border acquisitions dispositions and reorga-nizations intercompany transfer pric-ing analysis documentation and audit defense treaty interpretation and re-patriation planning Doug has worked extensively with tax advisors in foreign countries to develop global structures that minimize US and foreign tax expo-sures and in this role has forged effec-tive working relationships with key pro-fessionals throughout North America Europe Asia and the Pacific Rim

GGI member firm Smart DevineAuditing amp Accounting Tax AdvisoryPhiladelphia (PA)King of Prussia (PA) USADoug NakajimaE dnakajimasmartdevinecomW wwwsmartdevinecom

32

Content


Singapore and Switzerland appear being cooperative

ITPG

By Abdullah Demirand Michael Braumlndli

The issue of transparency and in-formation exchange has been on the international tax agenda for a number of years It is being driven forward with great momentum by key international standard-setting bodies such as the Organisation for Economic Co-oper-ation and Development (OECD) and the United Nations (UN) in interna-tional forums including G5 and G20 and also by the European Union (EU)

The G20 and G5 which comprises France Germany Italy Spain and the United Kingdom mandated the OECD to develop a collective reporting stan-dard for the Automatic Exchange of Information (AEOI) regarding financial account information for financial insti-tutions which was adopted in January 2014 At a meeting in Sydney Austra-lia on 2223 February 2014 the finance ministers of the G20 called on all coun-

tries and regions to implement the new AEOI standard as quickly as possible On 6 May 2014 the ministers of the OECD member states and a number of other countries issued a declaration confirming this objective Singapore and Switzerland also endorsed the declaration In June 2014 the OECDrsquos Committee on Fiscal Affairs (CFA) final-ised the new global AEOI standard

The future outlook and next steps

Third quarter of 2014 The OECD Council adopts the new global AEOI standard

2021 September 2014 Standard presented to the G20 finance minis-ters in Cairns Australia

2829 October 2014 The individual members of the Global Forum ex-pected to announce whether they will be applying the standard

Next step Implementation of the AEOI standard in participating coun-tries which will include political de-bate drafting legislation and regu-lations implementation by banks (duration in each case dependent on national legislative procedures)

2017-2018 Application of the new global AEOI standard starts (depend-ing on respective national legislative procedures)

The challenge is the implementationGlobal standards are easy to adopt

but extremely difficult to implement because they are highly complex Dif-

ferent rates of implementation can often be a reason for the retraction obstruction or withdrawal of a country Consequently the pressure that G20 finance ministers major international banking associations and countries with automatic information exchange place on financial centres must be suf-ficiently great to ensure that they sign up to the standard This is why imple-mentation by market leaders is so vi-tally important In addition the cost associated with introducing the AEOI standard appears to be not quantifi-able both in terms of administration and for the financial sector

Criticism of the AEOI and open questions

The AEOI is without a doubt a mas-sive invasion of privacy and therefore

Michael Braumlndli

Abdullah Demir

Automatic Exchange of Information


33

encroaches on the basic right of per-sonal freedom In the case of full in-formation exchange the state can look into its citizensrsquo accounts at random without initial grounds for suspicion In the early stage the AEOI will only apply in a cross-border context but it is just a matter of time before it be-comes a national standard

In taxation the Swiss principle of good faith between the state and its citizens is evidenced in the principle of self-declaration This is one of the rea-sons why Switzerland has the lowest shadow economy and tax evasion rate in Europe and also relatively healthy public finances Consequently Switzer-land is not interested in the automatic information exchange for tax reasons The motivation for introducing the AEOI is to protect the interests of the financial centre and to drive forward the fight against untaxed funds inter-nationally Switzerland must therefore demand for comparable return ser-vices and regulations from countries which call for the AEOI International standards are to be implemented when the principle of reciprocity is observed

However there are legitimate fears that some countries will not or rather cannot implement the AEOI on a com-parable standard as Switzerland can The reason for this is that the majority

of Swiss institutions know their cus-tomers much better than American or other European financial institutions do This particularly relates to the trust constructs that play a key role in the offshore finance centres of the USArsquos (Delaware and Nevada) and UKrsquos spheres of influence

Solution for the pastThe AEOI sets out rules for the fu-

ture but a solution is also required for the past Before agreement is reached between two countries to adopt the AEOI a solution must be found for legacy issues In Germany Swiss banks actively support their customers in tax compliance and honesty through the well-established tool of voluntary self-disclosure to avoid penalty

Experience from different coun-tries shows that such regulation pro-grammes are only successful if they are financially viable and not overly com-plicated as otherwise there is a greater risk that funds will flow off into dubi-ous countries Reforms of voluntary self-disclosure to avoid penalty should therefore be carried out judiciously

On the whole it can be assumed that the majority of countries with im-portant financial centres will bow to in-

ternational pressure and introduce the AEOI Taxpayers with foreign tax mat-ters which have not yet been disclosed to the domestic tax authorities would be well advised to rethink exit strate-gies for returning to full tax compliance in good time by choosing the route of voluntary self-disclosure to avoid pen-alty

We welcome the cross-border cam-paign against untaxed funds but see major challenges in the implementa-tion and introduction of a global stan-dard such as the AEOI We will con-tinue to closely monitor developments in this matter and are happy to answer any questions

By Robert Worthington

High net worth families will often use discretionary trusts for asset protection tax and estate planning and charitable purposes Maintaining privacy may also

be a desired objective in utilizing a trust Clients should be aware however that trustees have a duty to disclose informa-tion to beneficiaries Even experienced trust practitioners are often surprised to learn of the degree to which trustees

have a duty to disclose information even where the trust is fully discretionary

Some jurisdictions have codified rules regarding a trusteersquos duty to provide in-formation More commonly the duty is next page

Trusteesrsquo Duties to Disclose Information to Beneficiaries

TRUST amp ESTATE PLANNING

GGI member firm Walser amp Partner AGZurich Freienbach and Zug SwitzerlandDubai UAE Fortaleza (Brazil)Abdullah Demir E abdullahdemir walserpartnerchMichael Braendli E michaelbraendli walserpartnerchW wwwwalserpartnerch

34

Content

articulated on a case-by-case basis in the common law such as in the United King-dom Canada Australia New Zealand and other commonwealth countries Courts in those countries generally have adopted the approach taken by the UK Privy Council in the 2003 case of Schmidt v Rosewood Trust Ltd (Isle of Man 1) In that case the beneficiariesrsquo right to re-ceive information was described as an as-pect of the courtrsquos inherent jurisdiction to supervise the administration of trusts A beneficiary of a discretionary trust would not be required to prove that he or she will be entitled to receive income or capi-tal from the trust The Privy Council stated that no one beneficiary had an absolute right to access information but all benefi-ciaries had a general right to information regarding the trust

In providing information to beneficia-ries the first question a trustee might ask is this what information exactly must be disclosed The minimum piece of in-formation is that in most cases all ben-eficiaries will be entitled to know of the existence of the trust and that they are beneficiaries Trustees also have a duty to account to beneficiaries A beneficiary is entitled to view financial statements of the trust though under common law prin-ciples they need not be audited or take a particular form On the other hand infor-mation regarding the exercise of trusteesrsquo discretion is not typically required to be disclosed Absent bad faith trustees of a discretionary trust will not necessarily be required to provide information to benefi-ciaries regarding their decisions on distri-butions of income for example

It is common for trusts to include classes of beneficiaries instead of (or in addition to) specifically named ben-eficiaries For example the beneficiaries may include unnamed or even unborn children or grandchildren or any charity that is registered for tax purposes The trustee is then left with the discretion to determine to which charity income will be distributed or whether to distribute at all Arguably a trustee may be required to disclose information to a very broad class of persons or entitles For example a

class of beneficiaries might be defined as ldquoany charity registered for tax purposesrdquo Would there be a duty to disclose infor-mation to all registered charities Com-mon sense would certainly suggest such a duty to disclose to such a large number of entities would be overly burdensome for the trustee Further it could be argued that such disclosure would not be in the best interests of the beneficiaries as a whole particularly those who are specifi-cally named In such cases some courts have adopted a ldquobalancing of interestsrdquo analysis following the approach taken by the Privy Council in Schmidt in deciding whether to grant disclosure to a particular beneficiary In other words the question is whether disclosure would be in the best interests of all the beneficiaries as op-posed to the particular beneficiary seek-ing disclosure

For trustees the practical problem is that the scope of the duty to provide infor-mation is largely at the discretion of the courts A courtrsquos decision to grant disclo-sure will be very much dependent upon the particular facts Some commenta-tors have said this creates uncertainty for trustees

What are a clientrsquos or settlorrsquos options for providing some certainty in this area or for protecting a trustee from having an overly broad duty to provide information Indeed a clientrsquos concern for privacy may make it preferable to narrow the scope

of information that must be disclosed One approach might be to draft the trust instrument in a manner that limits the beneficiariesrsquo right to information How-ever the courts have not been receptive to such attempts to oust beneficiariesrsquo rights to information ndash at least in Canada and New Zealand In the 2007 Canadian de-cision in Spelay (Litigation Guardian of) v Spelay2) for example a provision that au-thorized a trustee to withhold information from beneficiaries was held to be invalid

If a client wishes to limit a beneficiaryrsquos right to access information the better ap-proach is to form the trust in a jurisdiction that has a special regime that permits it In Barbados it is possible to create a trust that does not have beneficiaries but is in-stead organized as a ldquotrust for purposesrdquo whether such purposes are charitable or otherwise The Cayman Islands is another example of a jurisdiction that has an alter-native regime for trusts Cayman ldquoSTAR trustsrdquo may be created as trusts for pur-poses whether such purposes are philan-thropic commercial estate planning or otherwise without the need for beneficia-ries In these types of trusts there is no duty to disclose information to beneficia-ries simply because there are none

Clients or trustees are occasionally dis-mayed to learn there is a duty to disclose information to beneficiaries that have a mere discretionary interest in the trust At a recent GGI meeting an example was given of a well-respected trust company that refused to disclose information to a beneficiary where that beneficiary needed the information to comply with US tax reporting obligations

Settlors and trustees should be pre-pared for disclosure of information to be made Alternatively it may be worthwhile to consider forming a trust in a jurisdic-tion with an alternative trust regime where such disclosure is not required


GGI member firm Shea Nerland Calnan LLPTax and LegalCalgary CanadaRobert WorthingtonE rworthingtonsnclawcomW wwwsnclawcom

Robert Worthington

1) Schmidt v Rosewood Trust Ltd [2003] UKPC 26 [2003] JCJ No 26 (QL)2) Spelay (Litigation Guardian of ) v Spelay 2007 SKQB 408 (CanLII)


35GGI BUSINESS TRAVEL TIP

A localrsquos guide to theideal Cape Town Weekend

By Cornelia van Heerden

Cape Town offers the international visitor a plethora of great opportunities Whether you enjoy culinary delights outdoor activity sightseeing entertain-ment or relaxation Cape Town has you covered

For the weekend visitor the options that Cape Town offers can be over-whelming What better way to get the ldquoinside scooprdquo from a ldquoCapetonianrdquo on how best to spend your time

The Atlantic Seaboard is a must see for every visitor Stretching from the fa-mous Waterfront to the ldquoBeverly Hillsrdquo of South Africa ndash Camps Bay lays a beautiful 10 kilometre (6 mile) pedes-trian stretch of road known by locals as the lsquoPromenadersquo This route will take you past Mouille Point Sea Point Bantry Bay Clifton and Camps Bay The promenade offers a bit of everything Take a leisurely stroll or rent a bicycle (httpwwwupcyclescoza) and en-joy the magnificent views on offer It is also perfect for a bit of exercise and is

a very popular route for joggers If you love beaches stop off at any of the stun-ning four beaches of Clifton The stretch along Sea Point is also a great place for whale watching and we recommend that you stop off at Winchester Man-sions (httpwwwwinchestercoza 221 Beach Road Sea Point Tel 27 21 434 2351) to enjoy a drink or something to eat and to just sit and watch the world go by You may notice the colourful parachutes in the air especially as they descend and land on the grass area abutting the promenade in Sea Point If you are a bit of an adrenaline junkie we highly recommend that you make use of this unique mode of transport This birdrsquos eye view will certainly give you the best views of Cape Town and its surrounds (httpwwwhi5paraglidingcozainformation)

Table Mountain also offers great day hikes We recommend either Platteklip Gorge or Lions Head These routes are popular offer great views and are highly rewarding (httpwwwtable-mountainnetvisitor_infoactivities

hiking) There is a great cafe on top of Table Mountain which can be accessed via the Table Mountain cable car or via the Platteklip Gorge hike Please read up before you go and ensure that you are properly prepared Hiking up Lionrsquos Head takes about 2 hours and is mildly strenuous whilst Platteklip Gorge takes about 5 hours and is slightly more stren-

uous Be assured though the views that await you at the end of your journey are well worth the effort

For the foodies out there Cape Town has several top notch restaurants and cafes For lazy afternoons good food and cold beer we rec-ommend the Radisson Blu Cape Town (httpwwwradis-sonblucomhotel-capetown 100 Beach Road Granger Bay Tel +2721 441 3000) which has magnificent views of Ta-ble Bay Right next door the Radisson is the popular Grand Beach Cafeacute This spot serves great food has an artificial next pageCape Town ndash Promenade view

Cornelia van Heerden

36

Content

GGI BUSINESS TRAVEL TIP

beach and is an ideal spot for sipping cocktails in the sun (httpwwwgran-dafricacomGrandCafeandBeachCa-peTownaspx - Granger Bay Road (off Beach Road Granger Bay TEL +2721 425 0551) For meat lovers we certainly recommend The Butcher Shop and Grill (httpwwwthebutchershopcoza 125 Beach Road Mouille Point Tel +2721 434 0813) to find your perfect South Af-rican steak Situated in Mouille Point enjoy fine South African wines in a per-fect sea-side venue

Cape Town City Centre is also host to several culinary hot spots If you enjoy tapas we recommend that the lively La Parada (http107breecozashopla-parada 107 Bree Street Cape Town Tel +2721 426 0330) Bree Street is lined with several adventurous restaurants and is a popular street with Cape Townrsquos creative affluent Situated opposite La Parada is the famous ampUnion where you can enjoy several of their craft beers in beer garden environment (wwwan-dunioncom 110 Bree Street Tel +2721 422 2770) Another famous eatery is the acclaimed and award winning Sa-voy Cabbage (wwwsavoycabbagecoza ndash 101 Hout Street Tel +2721 424 4626) For those who appreciate fine and in-novative cuisine we recommend that you try The Test Kitchen (httpwwwthetestkitchencoza ndash The Old Biscuit Mill 375 Albert Road Woodstock Tel +2721 447 2331) This restaurant has won several awards and was crowned no 48 in the Worldrsquos Best Restaurants 2014(httpwwwtheworlds50bestcom) Bookings are essential

Another day time gem is the Old Bis-cuit Mill ldquoA vibrant warm-hearted little village in the heart of Woodstock where talented people come together to share collaborate and wellhellip show off their heart-felt passion The Mill is home to day and night markets dynamic office space a range of workshops and de-signer stores delicious farm stalls dec-adent restaurants as well as an inspir-ing line-up of festivals and productions Come and explore the Mill and meet some of South Africarsquos most talented innovative designers artists photog-raphers and connoisseurs of fine taste and deacutecorrdquo (taken from the website ndash

httpwwwtheoldbiscuitmillcoza) (373-375 Albert Road Woodstock) Well worth a visit on a Saturday morning to enjoy some excellent food vibe and people

For those seeking entertainment we highly recommend Shimmy Beach Club (httpwwwshimmybeachclubcom ndash South Arm Road VampA Harbour Water-front Tel +27 21 200 7778) Located in the heart of Cape Town harbour in what is Cape Townrsquos harbour is a beautifully designed venue Mix with the beautiful people and enjoy fine cocktails live djrsquos dancing in a unique and beautiful set-ting Another popular spot with locals is Headquarters which is located in the centre of Cape Town A restaurant which evolves in a dance floor as the night progresses feature some unique musi-cal acts which gets the crowd going into the wee hours of the night (httpwwwhqrestaurantcoza 100 Shortmarket St Cape Town Tel +27 21 424 6373)

For those who want to enjoy the beauty and tranquillity of Cape Town we highly recommend a trip to Kirsten-bosch Botanical Gardens (httpwwwsanbiorggardenskirstenbosch ndash Tel +2721 799 8783) Set on the slopes of Table Mountain this botanical garden is home to thousands of species of flora indigenous to South Africa Pack a pic-nic do some hiking relax on the lawns or enjoy some local cuisine in Moyo Restaurant (located in the Gardens ndash +2721 762 9585)

We highly recommend that you make use of the City Sightseeing Tour bus

which is a hop onhop off bus tour covering all major tourist destinations in and around Cape Town (httpwwwcitysightseeingcozacompare-tours) This is a great way to get around Cape Town It is an inexpensive (and very in-formative) way to explore Cape Town It stops at all major tourist destinations (including Kirstenbosch Gardens Hout Bay harbour Constantia Vineyards Ta-ble Mountain Cable Car and VampA Water-front to name but a few) A bus arrives every 20 minutes and a single ticket al-lows you to embarkdisembark at every stop giving you the freedom to explore the city at your own pace Cape Town is also well serviced with Taxirsquos We rec-ommend that you make use of repu-table taxi operators Your hotel should recommend an appropriate service We can also recommend Rikkirsquos taxis They have served Cape Town faithfully for years and their London (Yellow) Black Cabs are well known sight in Cape Town (Tel +2721 447 3559 )

GGI member firm Heyns and Partners IncTax Law Firm Advisory Fiduciary amp Estate PlanningCape Town Goodwood Greyville (Durban) Khayelitsha Randburg South AfricaCornelia van HeerdenE corneliaheynescozaW www heynescoza

The Radisson Blu Cape Town


37

Best Practices Are Stupid40 Ways to Out-Innovatethe Competition

What if almost everything you know about creating a culture of innovation is wrong What if the way you are mea-suring innovation is choking it What if your market research is asking all of the wrong questions Itrsquos time to in-novate the way you innovate Stephen Shapiro is one of Americarsquos foremost innovation advisors whose methods have helped organizations like Staples GE Telefonica NASA the US Air Force and USAA He teaches his cli-ents that innovation isnrsquot just about generating occasional new ideas itrsquos about staying consistently one step ahead of the competition Hire people you donrsquot like Bring in the right mix of people to unleash your teams full po-tential Asking for ideas is a bad idea Define challenges more clearly If you ask better questions you will get better answers Donrsquot think outside the box find a better box Instead of giving your employees a blank slate provide them with well-defined parameters that will increase their creative output Failure is always an option Looking at innova-tion as a series of experiments allows you to redefine failure and learn from your results Shapiro shows that non-stop innovation is attainable and vital to building a high-performing team improving the bottom line and staying ahead of the pack

Stephen Shapiro is one of the fore-most authorities on innovation culture collaboration and open innovation Dur-ing the past twenty years his message to hundreds of thousands of people in over 40 countries around the world has focused on how to enable innovation by bringing together divergent points of view in an efficient manner Over the

years Stephen Shapiro has shared his innovative philosophy in books such as 247 Innovation The Little Book of BIG Innovation Ideas and Goal-Free Living He led a 20000 person process and innovation practice during his 15 year tenure with Accenture And his Person-ality Pokerregsystem has been used by more than 50000 people around the world to create high-performing innova-tion teams His work has been featured in Newsweek Entrepreneur Magazine

O-The Oprah Magazine The Wall Street Journal and The New York Times His clients include Nike Microsoft Staples GE NASA BP Johnson amp Johnson The United States Air Force Fidelity Invest-ments Pearson Education Nestleacute and Bristol-Myers Squibb

Best Practices Are Stupid 40 Ways to Out-Innovate the CompetitionHardcover 224 pagesISBN-10 1591843855

BOOL REVIEW

38

Content

FURTHER CONFERENCES amp EVENTS

Further Conferences amp EventsWhat Outsourcing 2014 Sourcing Critical Services Where New York NYWhen 27-28 October 2014

Brief Description There are new risks and new opportunities for companies sourc-ing or providing critical services includ-ing information technology finance and accounting human resources facilities management analytics and other criti-

cal non-core functions There are new technologies such as Big Data and cloud computing There are new laws and regu-lations and in more and more countries Also cloud computing and other innova-tions have created new issues under ex-isting privacy and other laws Fortunately there are also new and better approaches to negotiating agreements for critical services and achieving compliance in an increasingly complex ecosystem even

in multi-sourced and multijurisdictional transactions This conference brings to-gether legal experts from both suppliers and customers to discuss the key legal areas in todayrsquos sourcing deals and pro-vides practical guidance so that lawyers can create value in advising clients on sourcing transactions

MORE INFORMATION

What Forensic Auditing Where Amsterdam Netherlands When 3-5 November 2014

Brief Description By attending this course you will be able to Identify the red flags Use Fraud Auditing as a Tool for Fraud

Prevention Move beyond Internal Control

Secure Analyse and Present the Evi-dence

Find elusive frauds that others miss Learn how to make your organisation

resistant to all forms of unethical busi-ness

There is broad acceptance that unethical business behaviour directly or indirectly accounts for major losses (often esti-mated to be between 2 and 5 turnover)

and severely damages the reputation and morale of companies However despite being one the largest unmanaged risks in companies today many managers still re-ceive virtually no formal training in how to identify the red flags deal with them and most importantly how to become more resistant to them

MORE INFORMATION

What Tax Strategies for Corporate Acquisitions Dispositions Spin-Offs Joint Ventures Financings Reorganizations amp Restructurings 2014Where Chicago Illinois USAWhen 4-6 November 2014

Brief Description This three-day pro-gram will focus on the tax issues pre-sented by the entire spectrum of modern major coporate transactions from rela-tively simple single-buyer acquisitions of a division or subsidiary to multi-party joint ventures cross-border mergers

and complex acquisitions of public com-panies with domestic and foreign opera-tions including spin-offs and other dis-positions of unwanted operations

MORE INFORMATION

What Improving Board Effectiveness Where Johannesburg South AfricaWhen 10-13 November 2014

Brief Description This course will broaden the awareness of members of and advisors to Boards of Directors in both developing and emerging markets

of methods for improving the effective-ness of their board This course will provide an opportunity for participants to up to date their knowledge needed in successfully fulfilling their roles Taught by an internationally renowned board development expert the course will equip participants with a framework

to develop an action plan for introduc-ing changes into their own board prac-tices to raise its effectiveness and per-formance

MORE INFORMATION


39

What Company Valuation amp Financial Modelling Where SingaporeWhen 8-12 December 2014

Brief Description Company valuation is used for the purposes of investment MampA or as part of internal measures of financial control It is extensively ap-plied when companies issue new shares divest operations or acquire other com-

panies The rapidly growing private eq-uity industry is also dependent on solid analysis There are many different approaches to the analysis and valuation of companies It is important to know when and how to apply what method It is also essential to understand that company analysis is not an absolute science but also based on interpretation and judgment This highly practical course will lead you

quickly from the basics through to the more advanced valuation methodolo-gies and modelling techniques It also includes critiques of the conventional techniques and considers suitable alter-natives to be deployed in differing cir-cumstances as well as an update on the latest valuation reporting guidelines and their interpretation

MORE INFORMATION

GGI Middle East and African (MEA) Regionaland World Conferences in Cape Town South Africa | 15-19 October 2014

GGI EasyMeet The EU ndash opportunities and challenges in Budapest Hungary | 07-09 November 2014

GGI Italian Business Summitin Rome Italy | 14-16 November 2014

GGI Asia-Pacific Regional Conferencein Bangkok Thailand | 11-14 December 2014

Join theupcoming GGI Events

40

Content

ggicomggiforumcom

2

Content

EditorialDear GGI Members Dear Friends

A number of GGI events will be tak-ing place over the next few months The inaugural GGI Middle East African (MEA) regional conference is to take place in Cape Town directly followed by the GGI World Conference Do not miss out on the background informa-tion and assessments provided by ex-perts as well as the diverse fringe pro-gramme

You can also read all about what to expect from the GGI EasyMeet in Bu-dapest the Italian Business Summit in Rome and the Asia-Pacific Regional Conference in Bangkok Should you have missed one of the last few con-ferences you can find an overview and short recap of events in this edition

Keep up-to-date as GGI member report on recent successes and news from their firms

Sue Lister from the UK writes on the subject of ldquoFracking proposal to

change ancient English law to facilitate extraction of shale gas and oilrdquo Having already received widespread recogni-tion after being published in ldquoAccount-ing Todayrdquo Douglas W Nakajimarsquos article entitled ldquoThe quest for US tax reform fact or fictionrdquo is republished in this edition Timothy Lynch de-scribes ldquoHow law firm compensation models do workrdquo Our Swiss members Abdullah Demir and Michael Braumlndli provide information regarding the au-tomatic exchange of information and last but not least Robert Worthington introduces the subject of trusteesrsquo ob-ligation to disclose information to ben-eficiaries

Stay informed and enjoy reading the wide-range of subjects on offer in this edition

Kind regards Your GGI Team

CONTACT | EDITORIAL | CONTENT

GGI Geneva Group International AGSchaffhauserstrasse 5508052 ZurichSwitzerlandT +41 44 256 18 18E infoggicom W wwwggicomW wwwggiforumcom

The information provided in this INSIDER came from reliable sources and was prepared from data assumed to be correct how-ever we neither accept liability for nor are we able to guarantee the content This newsletter is pro-duced solely for the internal use of GGI member firms

If you wish to be removed from the mailing list send an email to infoggicom Let us know what you think about INSIDER We wel-come your feedback

Disclaimer

Contact


3



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be

confi

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CONTENTS DIARY 03









BOOK REVIEW 37


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UPCOMING GGI EVENTS








City of Budapest


Phot

o fd

ecom

ite


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Content

UPCOMING GGI EVENTS












Rome Vatican State



9













10

Content

REVIEW GGI EVENTS














Networking


11













12

Content







Montreal Canada




REVIEW GGI EVENTS


13














14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom


3



Diary

TBC

= to

be

confi

rmed


CONTENTS DIARY 03









BOOK REVIEW 37


4

Content













UPCOMING GGI EVENTS



5











6

Content

UPCOMING GGI EVENTS








City of Budapest


Phot

o fd

ecom

ite


7

















8

Content

UPCOMING GGI EVENTS












Rome Vatican State



9













10

Content

REVIEW GGI EVENTS














Networking


11













12

Content







Montreal Canada




REVIEW GGI EVENTS


13














14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom

4

Content













UPCOMING GGI EVENTS



5











6

Content

UPCOMING GGI EVENTS








City of Budapest


Phot

o fd

ecom

ite


7

















8

Content

UPCOMING GGI EVENTS












Rome Vatican State



9













10

Content

REVIEW GGI EVENTS














Networking


11













12

Content







Montreal Canada




REVIEW GGI EVENTS


13














14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom


5











6

Content

UPCOMING GGI EVENTS








City of Budapest


Phot

o fd

ecom

ite


7

















8

Content

UPCOMING GGI EVENTS












Rome Vatican State



9













10

Content

REVIEW GGI EVENTS














Networking


11













12

Content







Montreal Canada




REVIEW GGI EVENTS


13














14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom

6

Content

UPCOMING GGI EVENTS








City of Budapest


Phot

o fd

ecom

ite


7

















8

Content

UPCOMING GGI EVENTS












Rome Vatican State



9













10

Content

REVIEW GGI EVENTS














Networking


11













12

Content







Montreal Canada




REVIEW GGI EVENTS


13














14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom


7

















8

Content

UPCOMING GGI EVENTS












Rome Vatican State



9













10

Content

REVIEW GGI EVENTS














Networking


11













12

Content







Montreal Canada




REVIEW GGI EVENTS


13














14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom

8

Content

UPCOMING GGI EVENTS












Rome Vatican State



9













10

Content

REVIEW GGI EVENTS














Networking


11













12

Content







Montreal Canada




REVIEW GGI EVENTS


13














14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom


9













10

Content

REVIEW GGI EVENTS














Networking


11













12

Content







Montreal Canada




REVIEW GGI EVENTS


13














14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom

10

Content

REVIEW GGI EVENTS














Networking


11













12

Content







Montreal Canada




REVIEW GGI EVENTS


13














14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom


11













12

Content







Montreal Canada




REVIEW GGI EVENTS


13














14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom

12

Content







Montreal Canada




REVIEW GGI EVENTS


13














14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom


13














14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom

14

Content











REVIEW GGI EVENTS


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


the world

Visit ggicom


19






GGI INTERNAL NEWS






Frank ER Diem




20

Content


GGI INTERNAL NEWS














Walk on the beach

Prof Michel de Wolf


21

















22

Content




GGI INTERNAL NEWS











11-13 January 2015

Vijesh Zinzuwadia

Jeffery L Mowery


23


































24

Content

GGI INTERNAL NEWS


















25
















Wendy R Stein

26

Content

GGI INTERNAL NEWS












27


By Sue Lister













GGI COMMON INTEREST

Sue Lister

Fracking

28

Content

GGI COMMON INTEREST











29



















Timothy Lynch Esq

30

Content

GGI COMMON INTEREST










Douglas W Nakajima





31








32

Content



ITPG
















Michael Braumlndli

Abdullah Demir



33



















34

Content













Robert Worthington















36

Content













37







BOOL REVIEW

38

Content






MORE INFORMATION









MORE INFORMATION




MORE INFORMATION





MORE INFORMATION


39





MORE INFORMATION






40

Content

ggicomggiforumcom


15










16

Content




Germany


Germany

StefanReifferscheid




KurtAbert

Dr OttmarMartini

RalfKammer

Dr ArneLoumlser




Germany

NEW MEMBER FIRMS


17

Masashige Takayama

Jean-LucSfez

SergeGautier

YasunariKuno










JapanFrance


Japan

18

Content

NEW MEMBER FIRMS

KurtWulfekuhler









LarryWagner

DaleGillmore


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