The IoD Guernsey’s February breakfast, sponsored by Butterfield, explored the opportunities of public/ private partnerships (PPP) and the creation of a development agency. More than 70 business leaders, industry experts and States of Guernsey deputies were in attendance.
Specialist alternative asset manager, Gresham House, opened the event by identifying a number of successful PPPs in the UK and the associated risks they faced. The sustainable investing focused managers highlighted how PPPs should be identified because of the needs of a project and not the want of the organisers.
The breakfast event also hosted a panel with David Warr from Vive La Vallette, Rupert Dorey utilising his 35 years of finance services experience, and John Hollis from St John to identify PPP opportunities in the Bailiwick.
The event included moderated questions from the audience. Here are the top eight takeaways:
- PPP projects should be designed to support social infrastructure such as: hospitals, schools, community initiatives, and economic infrastructure including: roads, ports and telecoms.
- A joint venture needs to clearly outline its impact on Guernsey’s social and economic infrastructures. A plan must consider the impact on both areas and can’t go ahead solely for one purpose. Economic gain isn’t worth the detriment of social infrastructure, or vise versa.
- Guernsey already has successful PPP ventures including La Vallette, Herm Island and The Slaughterhouse. Learnings should be taken from these examples on how both parties can benefit from thoroughly planned projects.
- David Warr suggested the creation of a development agency would ensure responsibility is taken for infrastructure developments in the Bailiwick.
- There are a number of existing local issues that can be solved with PPP, including: east coast flooding, the transport and storage of hydrocarbons and St Peter Port’s harbour.
- PPP is not a one stop shop. Not every infrastructure development can be solved using this method. A successful PPP project needs serious milestones, a strong relationship and the promise of long-term funding.
- PPP is in no way a new thought. Guernsey and surrounding jurisdictions have attempted projects before. We must learn from their successes but more so from their mistakes. London Docklands and Jersey’s approach needs to be studied locally.
- Guernsey needs to consider the UN’s guidelines for sustainable neighbourhood designs. Any infrastructure development needs to consider our present needs and future wants.
The IoD in Guernsey would like to thank Butterfield for their continued support and this month’s speakers and panel for their participation. Our next event is March’s Mid-Term event which focuses on Guernsey’s demographic dilemma. You can find more information and book tickets here.