Gibraltar Business Podcast
S6. E5. Stephen Reyes, Chairman Gibraltar International Bank
David Revagliatte meets Stephen Reyes, Chairman of Gibraltar International Bank. Stephen has been a non-executive director at Gibraltar International Bank since 1 September 2014. An accountant by trade, we learn about Stephen’s career journey before joining the bank, his motivations, and his advice for those starting out in finance.
We gain an insider's perspective on Gibraltar's banking industry's transformation and discuss the crucial balance of trust and risk management. Learn how Gibraltar International Bank secures client confidence through rigorous staff training and stringent risk management protocols and how it nurtures local talent for the financial sector's growth.
Later in the episode, we meet Georgie Weeks, an ex-GFSB team member who pops in to tell us how GFSB members can benefit from her new role at the Infinity Group.
Thanks for listening to the Gibraltar Business Podcast by the GFSB! Follow us on Twitter, Linkedin and Facebook!
David Revagliatte meets Stephen Reyes, Chairman of Gibraltar International Bank. Stephen has been a non-executive director at Gibraltar International Bank since 1 September 2014. An accountant by trade, we learn about Stephen’s career journey before joining the bank, his motivations, and his advice for those starting out in finance.
We gain an insider's perspective on Gibraltar's banking industry's transformation and discuss the crucial balance of trust and risk management. Learn how Gibraltar International Bank secures client confidence through rigorous staff training and stringent risk management protocols and how it nurtures local talent for the financial sector's growth.
Later in the episode, we meet Georgie Weeks, an ex-GFSB team member who pops in to tell us how GFSB members can benefit from her new role at the Infinity Group.
Thanks for listening to the Gibraltar Business Podcast by the GFSB! Follow us on Twitter, Linkedin and Facebook!
Hello and welcome to the Gibraltar Business Podcast. I'm your host, David Rogliate. Each episode, I am joined by a different guest and we discuss themes like leadership, running a business and explore some of the global issues that might affect us right here in Gibraltar. If you already know the show, welcome back. If you're just discovering the podcast, hello and welcome, and thanks for tuning in. The Gibraltar Business Podcast is brought to you by the GFSB and is sponsored by the Gibraltar International Bank, an institution that shares our passion for business.
Speaker 1:Chances are you know today's guest and if you don't, you'll know him much better. By the time the episode ends, we're welcomed by Stephen Redis. Stephen has been a non-executive director at Gibraltar International Bank since September 2014 and was appointed chairman in September last year. As a non-executive director of the bank, Stephen has sat on most boards and has been with the bank from the very start and accounted by trade. We learn about Stephen's career journey before joining the bank. We learn about his motivations and he shares his advice for those starting out in finance. Later in the episode, we meet ex-GFSB team member Georgie Weeks, who pops back into the GFSB HQ to tell us how GFSB members can benefit from her new role at the Infinity Group. Mr Herges, thank you for joining me today on the podcast.
Speaker 2:It's a pleasure, david. I mean, I'm a big fan of what you're doing here with the podcast and I'm very pleased to be here.
Speaker 1:Thank you from you. That's a real compliment. So thank you, stephen. I know who you are. You know many of our listeners will know who you are, but for the benefit of maybe those who don't, can you tell me a bit about your background to date?
Speaker 2:Yeah, happy to. I mean I'm a chartered accountant. I qualified back in 1987, came back back to Gibb after that. I mean you might be surprised to learn that when I came back there were probably a dozen accountants in Gibraltar. I'm the I think I'm the eighth Gibraltarian chartered accountant and I probably named the other seven ahead of me. So you know, coming back to Gibraltar at that time, you know, when there's not that many accountants I suppose it's a lot easier to shine. So I think I've probably been lucky in having chosen a career that was starting off in Gibraltar at the same time that I was starting off. So I came back to Gib in 1987.
Speaker 2:I studied in the UK. In those days you could only qualify the chartered accountant in the UK. I mean, I think now you can do it here and I'm pleased to say that I think Deloitte was one of the first firms when I was leading it that was able to qualify chartered accountants in Gibraltar. But in those days you had to qualify in the UK. So I joined Spicer and Pegler in the UK because Spicer and Pegler were the only international firm in Gibraltar at the time and my thinking was you know if I learn how their audit approach and how they work. When I come back I'll be able to just slot in by the time I finished. There were other firms in Gibraltar and I actually joined KPMG for a year. But then after a year I was headhunted back into Spicer and Pegler to lead a department and set up an accounting department there. So I did pretty well there and I was on path to be a partner at Spicer and Pegler.
Speaker 2:But just before that happened, spicer's merged with Deloitte in the UK and therefore the Gibraltar operation of Spicers was left without a head office in the UK. Essentially, and because they were so big in Gibraltar, all the firms really wanted to have them. So they went through a beauty parade. In the end they chose Coopers and Libran to merge with. So they became Coopers Libran in Gibraltar and my path to partnership was slowed down because new people came in. So I left them and I joined Pepe Caruana, who had, six months before, had set up as a sole practitioner, and we became a firm. So Pepe and I started Caruana. Well, he started Caruana Co and I joined him and we were the only firm of chartered accountants in Gibraltar that wasn't linked to a big four firm.
Speaker 2:So when Deloitte looked at Gibraltar and thought that they wanted to be part of Gibraltar's growing finance centre. They looked around to see which firms were available to join their network and because we were the only chartered accountancy firm in Gibraltar at the time, they came to see us. We had just started, so there were no skeletons in the cupboard. We had quite an easy due diligence process and we joined them in 1994. So it was just Pep and myself and a secretary at the time.
Speaker 2:But I always believed in growth. I've always wanted to grow businesses, grow the firm and you know, over the years we grew to become probably, if not the leading firm in Gibraltar, certainly in the top two, I think you know. One of the milestones in my career, I suppose, is when I was asked to join the executive of the Gibraltar Society of Accountants. So I joined that executive and then became its president, and one of my key achievements in that role is really redrafting the constitution of the society. At the time it was called the Gibraltar Society of Chartered and Certified Accountancy Bodies, which is almost a mouthful that you can't even say without breathing.
Speaker 1:The change was high on your list. One question, and maybe it's complete ignorance from me I'm not an accountant or have the knowledge of the sector so much. I'm not an accountant or have the knowledge of the sector so much Caruana Co. Did it become part of Deloitte?
Speaker 2:Or when they came and worked with you. How did that work? Well, essentially, we changed our name from Caruana Co to Deloitte Right and we became a member firm. So at the time, we were independent, an independent firm, but we were a member of the global… Similar to maybe HLBb, but on a smaller thing.
Speaker 1:So you could have a named uh partnership or an independent member, right similar to that.
Speaker 2:Yeah, almost like a partnership, I suppose.
Speaker 1:Yeah so, steven, looking back at your time in auditing and advisory, what's that? One of the toughest challenges you faced? Because it's a big history there already. Is there one thing that stands out?
Speaker 2:he said oh wow well, I mean I I think the big change has been when we started off. I mean I was lucky again because we were general practitioners. You know there's two of us so we got involved in auditing, in tax, in advisory work, strategic advice. You know the whole works. I think you know nowadays it's more difficult to be a general practitioner. Nowadays you really have to specialize quite early on in your career.
Speaker 2:I think at the time, you know auditing was essentially principles-based. You know they relied on your expertise as an auditor to determine what are the key areas that you wanted to look at and what tests you devised. I mean these days, I mean, I think, probably following regulation and standardization, you know, I think audit approaches became much more rigid and therefore nowadays you have to actually follow quite a rigid auditing approach, whereas when we started, you know we had principles which we applied and you chose. You know what tests to do, what areas to look at, what were the key areas that you felt the key risks in the business. So I think the biggest change has been that you know the change from a principles-based approach to more of you know, standardization of the audit process and I think nowadays you know there's no stopping that process, no, stopping that process. And really the advice is to become proficient in the process, learn it well and apply it well, because I think you know you will be looked at both by your internal auditors, your internal processes, your external regulators, absolutely, you know.
Speaker 1:One of the things that stood out there is that you were one of. You're the eighth chartered accountant in in gibbons. How many, how many firms are in the space in the top of your head? I?
Speaker 2:mean at the moment there are essentially four major firms, probably about five second-tier firms, and then there's a handful of sole practitioners that work for the smaller companies. The smaller businesses in Gibraltar, but in terms I mean, when I was studying it was the big eight.
Speaker 1:Now it's the big four. Yes, it's definitely a sector with loads of mergers and kind of you know.
Speaker 2:I think it's the way of the world really. I mean I think you know, because regulation has pushed you to have to do things in a particular way, you need to have the development process, the research behind it to develop these processes and systems, and you just can't survive if you're small because you have to subscribe to somebody else's support for that. And I think what it's obviously economies of scale means that if you merge and you join together, then it becomes more effective and more efficient. I mean I think you also asked advisory. I mean on the advisory side. I mean that's quite interesting because that's a lot wider than auditing. And I think you know one of the challenges is the sheer breadth of skills and services that you need to provide advice in strategy, corporate governance, risk, cash flows. I mean there's quite a wide spectrum of services. So I mean I think when you're a general practitioner you can do a bit of everything.
Speaker 1:Nowadays you probably have to become experts in one or two and proficient in the others and then work in conjunction with specialists from your head office or your UK firm and bring those in when you need them, the advisory bit in Gibraltar when you're looking at maybe for example, if I look at my practice marketing and communications it pays sometimes in Gibraltar to be a generalist right because you're working with lots and lots of different sectors. Is it the same if you're in an advisory role for an accountancy firm here?
Speaker 2:I mean it is. It is the same in the sense that the more skills that you have, the more that you can bring to the table for a client and I mean a client in Gibraltar. Unless they're of a particular size, they can't afford to have a specialist in each area, so really what they're looking for is a general practitioner. Now, from the firm's perspective, the quality of the work is important. So you can't have people who just have a bit of knowledge. They have to have enough knowledge to know what they don't know so that they can bring in the specialists when that happens. So I mean, from the firm's perspective, they are very reluctant to let people provide services in areas where they're not experts. But from the client's perspective, they want somebody that that does a bit of everything. So you have, you have to marry, you have to somehow yeah, balance them all and know when to outsource and stuff.
Speaker 2:It's a similar challenge, different sector, right, but I think one of the things I wanted to say is to any student out there that accounting is a great career. I mean there are a lot of misconceptions that people think an accountant is just a number cruncher sitting behind a desk. But when you look at the range of services that you can provide as an accountant, it becomes really interesting. I mean you can vary the industry in which you operate. You can vary the area in which you operate within finance. So I mean I think really the sky's the limit and because accountancy is an international language, you can practice it anywhere in the world. You're not restricted. So once you're an accountant, you sort of have guaranteed a minimum standard of living wherever you go in the world. It's a great career and I I mean you don't have to study accountancy to be an accountant, because we we've always wanted people with different backgrounds, because when you come to advise a client you want to bring different things to the table.
Speaker 1:I I think you know that that is a great pitch for um, choosing a kind of accountancy as a career, and actually one of my previous guests, Angelique from EY, was saying the same thing. I think there are so many people, young people, in Gibraltar going to study law, for example, or going to teaching or other different practices. Marketing is popular too. Accountancy seems to have a bit more of a lagging behind. Why do you think that is?
Speaker 2:I think because of the misconceptions, that people think that accountants are boring. I mean, the reality is they're really not.
Speaker 1:I know a few accountants and they're definitely not boring.
Speaker 2:I think, when I think back on my time with Deloitte, some of the most successful people there they studied geography, chemistry, chemistry, biochemistry, um, you know economics, maths. I mean there really is a quite, quite a wide range of people, because really what you want is people who can learn and people who have common sense and and apply their skills to, to whatever tasks they're working on. So I mean, you know we will, you know the firms will teach you accounting. You know the professional qualification will teach you accounting.
Speaker 1:This is the thing, and I think that's a lot of the misconception is that if you join an accountancy firm, they will train you. They will teach you. There's another educational route alongside college, university, going into work or any other.
Speaker 2:It's amazing to see David. I mean I think, to be honest, now that I'm out of the firm, what I miss most is seeing people develop. You know, they come in as a raw graduate and three years later they're a qualified accountant and people are paying to hear what they have to say. You know, I mean, the reality is that accountancy firms have a very clear path. You know, year one you're a first year. Year two you're a second year and there's a first year under you already year or first year. Year two you're a second year and there's a first year under you already. Year three there are two years under you and you start leading audits at clients. You're talking with directors, you're talking with finance directors and you're only three years into your career.
Speaker 2:It's amazing what you can learn as an accountant.
Speaker 1:And it does seem to be like there's jobs to it as well. Guys, if you're listening, if you're not an accountant already, maybe you should. It's time to change, I mean, I think, I think none of the other end, you know.
Speaker 2:So I've stopped essentially being an accountant in practice and now I mean all I do is I sit on a couple of boards, but what I realize is that the skills that I bring to the table at the boards are very much in demand. You know. I mean I, you know the skills that I've learned in finance, in risk management, in corporate governance, in controls, in strategy. I mean that's exactly what you do as a board member, you know. So I mean accountants are very much in demand in boards. And I think you know you realize when you come at the other end that really what you've learned and the experience you've had is actually very useful to business.
Speaker 1:Again, it's that wider view, I guess, of a sector you brought me really nicely into the next question, which was around Board roles, right? So what sparked your interest? What sparked your interest in joining various boards? Did you get asked what is it about being on a board that you enjoy? You know all of that.
Speaker 2:I think as an advisor, you're constantly attending board meetings and you're constantly interacting with directors and you're part of I mean you're not a board member, but you're part of the management process of a company and you're helping the company develop. And I think when you come on the other side, you join the board, you can actually, you know, almost do the same thing but actually have decision-making capabilities which you don't have as an advisor. As an advisor, you advise and the decision is then made by the boards, but once you become a board member, you're part of the decision-making process and I but once you become a board member, you're part of the decision making process. And I think the skills that you bring to the table, that you've learned as an advisor, are very useful in the board and obviously they're paying for you as a board member, so they're already getting that advice. They don't have to pay again for it.
Speaker 2:So it becomes really interesting and I think you understand what is. Because you've been in your career, you've interacted with so many different companies and you've looked at how different companies operate, you can sort of come up with, you know the best in class, what's good practices. You can interact with other consultants because you know how they work and where they come from. So you become useful not just to your company but to the consultants that come in and help the company develop, and you can then point the company in the right way to get the right advice at the right time.
Speaker 1:So it's like a governance role, I guess, for lots of corporations.
Speaker 2:Absolutely.
Speaker 1:You're in a business, but you're removed slightly right Since stepping in as chairman for the Gibraltar International Bank board. What's your vision for it?
Speaker 2:Well, I mean, I think my position as chairman is an interesting one because basically I've already done nine years on the board as a non-executive director and then I was asked to stay on one more year as a chairman I suppose because of the elections, rather than change to chairman just before the election. The political election.
Speaker 1:You're too modest, are you? There's two things here luck this, the elections, rather than change the chairman just before the election, the political election.
Speaker 2:Well, I always feel that you know, luck is when preparation meets opportunity. You know, and really you know, all you can do is prepare and then you know, when the opportunity comes along, take it up. Um, but I think you know for the bank, what we worked on as a board and really it I mean I think one of one of the best things the government did for the bank is put up a really strong board from day one. You know, we had, we had a 10 member board, which is big by Gibraltar standards. But it does mean that we had a very wide range of experiences on the board and we were because we all know each other, because we were, all you know, professionals working in Gibraltar and we were able to start working as a collegiate group very early on. And I think for the whole of the time that I've been there, the board has worked very, very well and we always recommend having a big board in a regulated entity because there are so many committees and so many things that you have to do, that it allows you to spread the responsibilities and workload.
Speaker 2:But I think you know when we set up the board and the bank. Initially it was all about credibility, you know, setting up an institute that people would trust with their money and that people would have confidence in. So for the first few years it was all about building the right processes, having the right systems, trading the stuff in a different way, because the stuff all came from different banks. So we have NatWest, we have Barclays Bank, we have Gibraltar and Abian, ambro and quite a few banks. So basically we were able to tap into banking expertise that people had developed from other banks, but we had to create our own culture in the Gibraltar International Bank.
Speaker 1:And a financial institution that with so much regulation, it was kind of a big challenge.
Speaker 2:And again it's Absolutely, I mean, I think people need to understand that in a bank in Gibraltar, which is a standalone bank, there's no head office to have initiatives and projects and develop projects, do research and development. You know the people in the ground have to do everything. They have to do business as usual at the same time that they have to develop new projects, you know, and and bring in new things. So it is quite demanding on staff and I think we'd be lucky that we have fantastic staff at the Gibraltar National Bank. You know the commitment to the work. You know whenever things need to be done, people will do them. You know work weekends, work long hours, because it's the same people. We don't have, you know, a head office that comes in and says this is a new banking procedure we're going to implement.
Speaker 1:We have to decide what that procedure is going to be and implement exactly, and I think this is it. I remember I think it was in the second season or the first one I spoke to david bruce and again he really opened my eyes to that to just go, look, when you haven't got the support of an international bank behind you, then you do have to then put these processes in, like cybersecurity apps, all of that kind of stuff as well. So it's a huge ask what is one of the biggest like? If you had to one thing, what would be the biggest change or challenge that the bank has had since you've been on the board?
Speaker 2:Well, I mean, I think the biggest challenge is always the technology and the systems. You know, as a small bank, you know you are trying to access big companies that provide banking platforms that are used to dealing with big players, not small banks, you know. So it's very difficult to get the attention and the expertise in there. I think what you will find in these days is that, as technology has moved on, we no longer have these big platforms that do everything. You now sort of work on the cloud with specialist providers that you partner together and it's almost like picking best on class in each area and putting them together.
Speaker 2:Technology will change and what that does is for small banks like ours. It will allow us to do things that in the past we could only dream of doing, because you couldn't really compete with the likes of. You know NatWest Barclays, you know HSBC with their access to resources and development. So you know people would say they compare the NatWest app to our app and say why can't you be like that? And you know we haven't got the resources to develop that In the old days. I think what you find now is that it's a lot easier to develop and you will see over the next few years you will see the bank develop in a way which I mean we could only dream of five years ago. As short as five years ago.
Speaker 1:I think if you look at banks and the non-banks as well that are in that space, there's more competition in it as well. Stephen, recent events have brought banking standards, I guess, into focus, definitely here in Gibraltar anyway. I think, now more than ever, trust, I guess, is crucial in banking. Following these recent issues, for want of a better word, how does Gibraltar International Bank work to earn and keep its clients' trust?
Speaker 2:Well, I mean, you know banking is no different to many businesses. It's all about people, you know. I mean, you're only as good as your people and really what is important is that you train your people well, that you invest in them, that you have a culture within the business where people enjoy coming to work and want to do their best work. I think what we try and create at the bank is we develop a culture that's totally client-focused, so that people know that they're here to serve the clients and they enjoy doing that because they are well-trained and they have a purpose in what they're doing. I think you know we've always had a very strong risk department and risk culture in the bank. You know, while you're setting up and your main focus is ensuring credibility and a good reputation, then you have to have you know you're setting up and your your, your main focus is ensuring credibility and a good reputation. Then you have to have, you know, a good process in place. So we've always had very strong risk, risk team and risk procedures. We've strengthened that even further now. You know we've we've developed a new risk framework, um, and we are training people to make sure that. You know. I think.
Speaker 2:I think you know the staff understand that every member of staff is the first line of defense against, you know, attacks at the bank, whether internal or external. You know, and if the first line of defense understands its responsibility in risk management, it makes things a lot easier. You know what we call the second line, which is the risk department, internal audit processes. All that essentially reviews and guides what the first line does. But you've got to stop things when they start rather than after they've happened. And I think you know, we understand that We've developed very strong risk processes, risk procedures. We invest in training, we invest in the people and we're trying to create a culture where people are proud to work for the bank, because it is a Gibraltar institution, you know, and it's something that we've created in Gibraltar and serves the whole of Gibraltar. You know, I think one of I mean it's a relatively new bank but we've got over 20,000 clients.
Speaker 1:You know we took over. It's 10 years old. I think you know, if you look at some of the institutions.
Speaker 2:Essentially, we took over the clients of the bank that was here for 100 years. I mean, I think you know most of the Barclays customers came to Gibraltar International Bank. So you know, in 10 years, with 20,000 clients, you know I think we've done very well and I think you know, when you speak on the streets to people what they feel about the bank. I mean, everybody's proud that Gibraltar has actually established its own bank. People who work with us are very proud of working for the bank, you know, and they're very proud of helping Gibraltar develop as a finance centre. And I think what you'll find is that, you know, as we are able to invest more and more in our people and create our own culture, you'll find that that will improve.
Speaker 2:I mean, I think one of the you probably had in the people that you've interviewed heard before that recruitment is a big challenge in Gibraltar because there are not enough people to go around. It's even worse for banking now because in the past we were able to tap into buckless people. Those have run out essentially now. So now we have to create our own bankers. So it's all about bringing in graduates, training them and making them understand you know what banking is all about in the different facets of banking, not just. You come into one department, it's a job and that's it. You know you, you develop as a banker. It's a career. Banking becomes a career one.
Speaker 1:Just one last thing on the specific actions. I guess you mentioned internal audits, all of that kind of stuff, the regulatory framework that you work with, yes, how does that ensure more trust in Gibraltar International Bank, that it avoids anything that's been happening in the news recently?
Speaker 2:Well, I mean, I think one of the things that happens in the bank is we get audited on an annual basis by an external auditor, so it's independent of the bank. They come in, they look at our system, look at our processes and actually will give an audit opinion on our financial statements and they will look at everything to the bank. So I think that's the ultimate at the end of the day. During the year, we have internal audit, which essentially focuses on different areas of the bank that we feel are of a higher risk or we want to make sure that they're working well. So we will develop an internal audit program that, over a period of three years, will touch all aspects of the bank. The higher, the more risk ones will touch it on a more regular basis. The lower risk ones maybe once every three years.
Speaker 2:That's the. The idea of an internal audit is not to to, it's not to catch people out, it's to constantly improve systems. So so I mean the idea of internalities is that they come in, they look at the risks that we have, they look at the controls that we've put to mitigate those risks, to make sure they're working well. If they find that we could do better, they will advise us that we can do better, and we will then implement those recommendations and change them.
Speaker 1:So it's a process of self-improvement that's constantly happening and accountability, I guess, is the important bit there.
Speaker 2:Absolutely. I mean we have people within the department. There's a hierarchy, you know the head of department, deputy head. I mean they will be responsible for the running of the department and checking what people are doing within the department. You then have the risk team that will be looking at the controls, making sure they're operating and they're working well. You then have the internal auditors looking at what's being done, make sure it's as we think it is, and you then have the external auditors coming and looking at everything in total.
Speaker 1:With all of that, how do you even run a?
Speaker 2:bank Precisely. I mean, this is why you need so many staff in the bank. I mean, in the bank, systems are key. You need to have good systems. You need to have good systems. You need to have people who understand the systems and implement it well.
Speaker 1:You know, and and at the end of the day, we're talking about, you know, people's hard-earned money being safe in the bank, and I think that's what that's what the bank tries to to do very well you've mentioned kind of young people going into accountancy, into the bank, um, and personal growth and learning seems to be really, really important to you, I think, through your career and even just talking to you as part of this interview. How does your this passion for development and learning impact your role at the bank and any other boards that you you're on?
Speaker 2:well, I always feel, I mean I think I've been lucky again. You know, being part of part of a process a firm like Deloitte, where I mentioned before you know you see graduates come in and you train them and you develop them and you know, five years later these guys are running audits and they are providing advice to companies and companies are willing to pay, you know, a lot of money to have that advice and you see that growth happen. You know, and you can see that. You know, when people are provided with the opportunities and they have the good, the appetite and the motivation, they will develop.
Speaker 2:You know, and I think that's what we try and do, I mean I'm very dedicated to training and growing people because I've seen firsthand how that improves businesses and how that develops people. But remember, remember, training is not just technical. I mean you need to be proficient technically, but really, when you want to be lead, there's a lot of personal skills that you need, which you know might not necessarily come naturally to you. And then what you have to ensure is that you provide people with the tools and techniques that they can use when dealing with people. You, you know, I mean I think you know the best courses I've been to are things like difficult conversations, improving confidence.
Speaker 2:The softer skills, the softer skills, you know, and I think training the higher up you go, the more of the training becomes softer skills and personal development than technical, because technical is the first thing you need to learn, because you've got to become proficient technically before you can lead in businesses. But you've, you do, and don't get me wrong, technical training never stops, you know, I mean things change and you keep on training technically, but more of your training becomes personal development, softer skills as you lead, because those are then are always going to. You know, help you develop the business. You need to talk to clients. You need to understand clients. You need to talk to clients. You need to understand clients. You need to understand your people. You need to motivate your people. If you don't have good stuff, well-motivated stuff, the clients will see that I think.
Speaker 1:obviously, as part of this podcast, I talk to lots of people. We talk about leadership in specific. It's nice, refreshing to hear someone talk about the softer skills that sometimes get sidelined.
Speaker 2:Absolutely refreshing to hear someone talk about the softer skills that sometimes get sidelined, absolutely, absolutely. And I mean I think you know, when you do learn about the softer skills, you can then identify them in in successful people. You know, and you I mean some people are lucky and it comes naturally to them. You know, and I think you know, when you see that happening after you've learned it and you see it happen naturally in certain people, you know you're in awe because I mean you can say well, that's the lucky guy that's had his. Definitely, he's already people.
Speaker 1:You know you're in awe Because I mean you can say, well, that's a lucky guy that's had his. Definitely he's already learned that. We could all relate to that. You know, there's always people who go le viene, natural they just be able to kind of really really switch it on. For me it's always been a bit more of a struggle.
Speaker 2:Well, but it can be learned.
Speaker 1:I think it can be learned.
Speaker 2:I I mean, I think the idea is that you do a lot of self-evaluation, you know what are the areas that you feel weakest in and find a course for that. I mean nowadays, in the old days, you had to pay for those courses. I mean nowadays, there are online courses and there are so many things that you can access for free. You know I mean. And then you know people are willing to give up their time. You know Gibraltar is. I mean, we've talked about community in Gibraltar, but Gibraltar is a small community and people are very willing to discuss things. You have a lot of opportunities outside work, over a coffee or in an association or in a sport or anything to interact with people who are good at things and you can learn off them Absolutely.
Speaker 1:I think the GFSB, for example, is a huge network locally that represents lots of different businesses, so there's always people to meet as part of the events that they run. But El Café and being able to kind of bounce ideas off definitely happens in Jib. Two more questions and I'll let you go. One of the theories is looking back on your career and all the different roles and different hats and being full-time working, then retired in boards. What motivates you? What motivates you in your career?
Speaker 2:Well, I think I think what I've always liked to change things, you know, make a help entities develop and grow, establish themselves professionally, you know, do things properly and improve things. I mean, whenever I've gone into a position of leadership in any entity, I've always looked at how things are done and can they be done better. I mean, for example, I mentioned when we were talking offline before, when I became president of the Accountants Society, I looked at the constitution and changed it. So, first of all, we changed the name, which was very complex before, from the Gibraltar Society of Chartered and Certified Accountancy Bodies to Gibraltar Society of Accountants, so it makes it a lot easier.
Speaker 2:We then introduced as well the concept of faculties within the society. So we now have a society that has four different faculties. You have the audit, the accounting, the advisory, the tax and the insolvency. So accountants can then specialise in those areas that are of interest to them and like-minded accountants can join together under the faculty. We can have specialist training in those areas and those areas are available for, you know, government or advisory, advising the development of Gibraltar. So I mean, I think you know, when you go in, step back, have a look at how things are done. Can they be done better, I mean? And that's the sort of thing that motivates me.
Speaker 1:So maybe it sounds like things like change motivates you being able to improve things. Improvement does.
Speaker 2:Improvement I mean change for change's sake is not ideal Improvement If we can improve, do things simpler. I mean make people happy doing what they're doing, because I think at the end of the day you've got to enjoy yourself in whatever you do and if you can have that environment, then people will shine.
Speaker 1:That brings me really really nicely to the last question, and it's one that I ask all my guests, and some of them cringe and they don't know what to say. But what advice do you have for someone who is maybe starting out their career or wants to become a leader in business, like you are? What's that one piece of advice you would give them?
Speaker 2:I think the most important thing to bear in mind generally is that it's all about people. It's all about interacting with people and developing people and developing yourself. I think when you start off, a lot of the focus is on the technical side of things. You need to become proficient technically. You need to understand the industry that you're in and become very proficient in it and these days in finance, even more so because most of finance is regulated. To understand the industry that you're in and become very proficient in it, and these days in finance, even more so because most of finance is regulated and within a regulated environment you can't afford to not understand how things are done. So initially, you concentrate on your technical training. Again, it's not something that stops you constantly train, but you need to really understand that it's all about people.
Speaker 2:If you're in a leadership position, you need to train people well. It's all about people. If you're in a leadership position, you need to train people well, both on the job and with specialist training, and create an environment in which people can thrive. You know they look after them, treat them fairly and and make sure they have the right tools that they can use, so their job becomes easier and they don't have to focus on you know what they're doing, but rather they can focus on why they're doing it and who they're doing it for. And I think if you to focus on what they're doing, but rather they can focus on why they're doing it and who they're doing it for. And I think if you can focus on clients rather than internal administration, it's all about developing the people so that they can see that, have a purpose, be happy at what you're doing and be technically proficient. I think, at the end of the day, it's the happy, motivated people that make clients keep coming back, and that can only be good for your bottom line.
Speaker 1:So happiness is good for business and people definitely are good for business. Stephen, thank you for your time and finally get you on the podcast.
Speaker 2:It's been a pleasure, david. Thank you very much for asking me. Gfsb Member Spotlight.
Speaker 1:So, georgie, welcome back to the GFSB HQ. Is it weird being back?
Speaker 3:Oh, my God. Thank you so much, david. Do you know what? It's not weird? Actually, it feels really homely, but there's been so many changes here, just walking in through the front door. There's been so many changes, it's fantastic.
Speaker 1:There really, really is Loads of changes going ahead and for the benefit of our listeners. Georgie used to work here at the GFSB was the kind of the power at the HQ and you left recently. Where have you gone to?
Speaker 3:Yeah, absolutely so. I actually started a new position on the 19th of April.
Speaker 1:Congratulations.
Speaker 3:Thank you very much. With the Infinity Group. So I'm actually now based down at Neptune House in Ocean Village.
Speaker 1:What's the Infinity Group?
Speaker 3:now based down at Neptune House in Ocean Village. What's the Infinity Group? Ah, everybody says that to me. You'll probably recognize us more for the fact of the health clubs Atlantic Suites, ocean Village, e1 Spa. We also have interests in Freshker Monix. In fact, there's 11 businesses that fall under the Infinity umbrella.
Speaker 1:Wow, so that brand name is quite good, right? How can our listeners benefit from the Infinity Group?
Speaker 3:Well, there's several ways actually, because, firstly, since we're in the GFSB, let's talk about our GFSB members we can actually offer them a discounted rate to health club memberships, very much similar to the corporate memberships which is my kind of main role within the infinity group. So, talking with organizations to set up technically I suppose you could call them employee benefits, but where an organization will offer discounted rates of health club memberships to their employees as a bit of a perk, as a bit of a kind of incentive for a Absolutely so.
Speaker 1:listeners, if you are a GFSB member, get in touch. And how do people do that?
Speaker 3:So easiest way is to drop me an email. That's very simple, georgina. At infinitygroupgi.
Speaker 1:Thank you. Any final parting message for our listeners?
Speaker 3:No, not really. Just to say that I'm always open to having a conversation. In reference to the membership side of things for the health clubs, we actually work with over 80 businesses, both in the public and private sector, offering corporate memberships. So if you've got any questions, any queries, if you want to explore the benefits to your business, please reach out to me.
Speaker 1:Brilliant, and that's Georgie at infinity group.
Speaker 3:Groupgi.
Speaker 1:Georgie, it's been amazing to see you again and thanks for coming.
Speaker 3:Thank you for inviting me. I've had fun. Thank you, David.
Speaker 1:So that's it for this episode of the Gibraltar Business Podcast. Thank you to our guests Stephen Reyes and Georgie Weeks, thank you to the team at the GFSB, our sponsor, the Gibraltar International Bank, and for everyone who contributes to this project and keeps the podcast going from strength to strength. I just wanted to add a little note in there for Matthew Davies, who does the editing. He's a DJ as well, and his track has been signed, so congratulations to you too. That's it for me. I hope you've enjoyed listening. Catch up on any episodes you've missed anytime you like. So for now, it's goodbye from me until next week. Until then, keep focused on your journey and reach for your goals. See you very, very soon.