The European Classical Music Culture Club
On an ordinary Saturday in September ( 28th) 2024, the Wigmore Hall in London was the stage of a divine performance of European classical ( and some more modern) music by the duo of Russian British violinist, Alina Ibragimova, and French pianist, Cedric Tiberghien, which included works by Czech composer, Leos Janacek, Romanian composer, George Enescu, Irish composer, Gerald Barry and the master himself, German-born Ludwig van Beethoven.
This performance took place at a time when there were acclaimed classical art exhibitions in London dedicated to the works of French painter, Claude Monet, and Dutch painter, Vincent van Gogh.
The fact that London was the setting for such a display of diverse European talent tells one something about the UK’s determination to be part of Europe’s cultural mainstream, something which Brexit has not broken and arguably was never intended to sever. The bureaucratic difficulties which artists from both the UK and the EU have faced in travelling to each other’s domain need to be resolved once and for all, something which is increasingly understood.
There is much to value and proclaim in the UK’s promotion of European art and culture!
Brexit and Greece
The sacred “Omphalos” (navel) stone of Delphi put Delphi at the centre of the ancient Greek world and even in the present age inspires both Greeks and others as to the limitless possibilities of human achievement. Delphi, a place of huge significance to all who study Civilisation and its origins, can be physically difficult to access because of its mountainous location but is nevertheless a very powerful magnet for both Greeks and for many other people from around the World.
Epidauros was an ancient centre of medical healing in the Greece of classical times and Mycenae was the home of Agamemnon and other Greek kings. The ancient city of Olympia ,birthplace of the original Olympic Games, has given its name to the Olympics of modern times. These are but examples and Greece is a country of many firsts.
With all this in mind, one can but observe that Greece appears to have made a remarkable recovery in recent years from its economic travails. How has this impacted on the UK-Greece trade and investment relationship?
It may be instructive in this regard to look at recent trade and investment figures published by the UK Department for Business & Trade (“DBT”). In its factsheet released on 20th September 2024,the DBT stated that total trade in goods and services ( exports plus imports) between the UK and Greece was £11.8 billion in the four quarters to the end of Q1 ( Quarter 1) 2024, an increase of 6.5% or £713 million in current prices from the four quarters to the end of Q1 2023. Of this £11.8 billion:
- Total UK exports to Greece amounted to £3.8 billion in the four quarters to the end of Q1 2024 ( an increase of 9.5% or £329 million in current prices, compared to the four quarters to the end of Q1 2023);and
- Total UK imports from Greece amounted to £8.0 billion in the four quarters to the end of Q1 2024 ( an increase of 5.1% or £384 million in current prices, compared to the four quarters to the end of Q1 2023).
According to the DBT factsheet, Greece was the UK’s 27th largest trading partner in the four quarters to the end of Q1 2024 , accounting for 0.7% of total UK trade.
The factsheet also showed that, in 2021, the outward stock of foreign direct investment (FDI) from the UK in Greece was £1.8 billion, accounting for 0.1% of the total UK outward FDI stock. ( There was, however, no information available for the inward stock of FDI in the UK from Greece in the same period.)
It will be interesting to see how the bilateral trade and investment relationship between the UK and Greece develops in the coming years.
… Or to quote the early Greek philosopher, Heraclitus, “ There is nothing permanent except change”.
Brexit and Corporate Re-Domiciliation
On 14th October 2024, the UK’s Department for Business and Trade issued a letter to those who had engaged on its Consultation on corporate re-domiciliation, confirming that on that day the UK Government had published the Report of the UK Independent Expert Panel on Corporate Re-domiciliation.
According to the letter, “ the report suggests how various components of a regime could work, including which organisations would be eligible for re-domicile, what companies would need to do, and how a re-domiciled company would be treated. It covers not only company law, but also legislation relating to tax, accounting and insolvency. The Panel has also considered how a regime for UK companies to re-domicile outside the UK could work and how the interests of members, creditors and national security could be protected.”.
In conclusion, the letter said that the UK Government welcomed the Panel’s report and intended to consult in due course on the details of a proposed corporate re-domiciliation regime.
Reportedly, the independent panel’s report, amongst other things :
- Strongly supports the introduction of a two-way re-domiciliation regime allowing non-UK registered corporate bodies to become UK companies, and UK companies to re-domicile overseas;
- Recommends making UK-re-domiciliation available to solvent bodies corporate that intend to carry on business as a going concern in the UK after re-domiciliation; and
- Considers how a regime for outward re-domiciliation by UK companies could work and how the interests of members, creditors and national security could be protected.
An important development!
A new Code of Conduct for Directors
On 23rd October 2024, the UK’s Institute of Directors launched the final version of its new Code of Conduct for Directors.
The Code, though voluntary, is intended to be standard-setting and focuses on ethical behaviour. It contains six Principles and related “undertakings” from committing Directors to uphold those Principles. It is not intended to add to Directors’ general legal duties under the UK’s Companies Act 2006 or elsewhere nor does it have any formal enforcement mechanism. “Rather”, according to its own Introduction, “it sets a bar for director conduct beyond the legal baseline as a means of enhancing the legitimacy and reputation of directorship in the eyes of society and stakeholders”.
The six Principles are:
- “Leading by example: Demonstrating exemplary standards of behaviour in personal conduct and decision-making.”
- “ Integrity: Acting with honesty, adhering to strong ethical values, and doing the right thing.”
- “Transparency: Communicating, acting and making decisions openly, honestly and clearly.”
- “Accountability: Taking personal responsibility for actions and their consequences.”
- “Fairness: Treating people equitably, without discrimination or bias.”
- “Responsible business: Integrating ethical and sustainable practices into business decisions, taking into account societal and environmental impacts”.
These Principles are said in the Code to have been inspired by the Seven Principles of Public Life ( formerly known as the Nolan Principles), first published in 1995 by the Committee on Standards in Public Life, but have a broader reach insofar as the Code is stated to be applicable to directors of organisations of all sizes in the private, public and not-for-profit sectors.
In the current era where ESG ( Environmental, Social and Governance) issues are so prominent, the new Code appears particularly timely!
