Issue link: https://maltatoday.uberflip.com/i/1306837
2 NEWS 05.11.2020 The advantages of gender diversity in the boardroom THE Institute of Directors Malta Branch (IoD) has an- nounced a webinar to take place on ursday, November 26th with a talented panel of local and international speak- ers to discover the greatest hid- den asset for the Boardroom. A well-constituted diverse board can help owners trans- form their business from a family business to a business ready for accelerated growth and external capital. Businesses with effective gov- ernance generally have access to cheaper capital and financ- ing and the value of the compa- ny increases. Without a core governance structure in place, family businesses often mix up two things: e dividends that fam- ily shareholders get as owners and the job prospects and sal- aries for family members who are working in the business. A board experienced in family enterprises can mediate and optimise both, and help imple- ment the systems that ensure the sustainability of their busi- ness across generations. Charlotte Valeur has over 35 years of experience in finance, primarily as an investment banker. She has an extensive portfolio career with a number of Non-Executive Director- ships and Chair roles, as well as delivering training globally in governance best practice and advising boards on corpo- rate governance through her company Global Governance Group. Dr. Elona Prroj is Vice Presi- dent of the Evangelical Alliance of Albania. Elona's person- al and corporate experience brings a new range of insights to Boardrooms, including the value of gender diversity, toler- ance for differing opinions, and consensus-building. Caroline Buhagiar Klass, is a non-executive Director of Tigne Mall plc. and a member of the Audit and Remunera- tion Committees. Caroline is a seasoned business profes- sional who has worked with STMicroelectronics in Malta, France, Italy and the USA. Car- oline is now the Head of Hu- man Resources and Corporate Sustainability at HSBC Bank Malta plc. IoD's moderator Edwin Ward is Chair of WX2 Group, an international advertising and PR company representing and advising clients in regulated entities, and Chair of subsidi- ary WX2 Business Hubs, a net- work of private office spaces. rough this webinar on ursday, 26 November at 2pm, participants will gain in- sight and access into one of the most underutilised resources available to Boards that can help to drive value-added in the business, contribute to growth and enhance business performance. For more info and registration, send an email to: mtc@iodmalta.com. PAUL COCKS A new scheme launched yesterday will help small- and medium-sized busi- nesses identify ways to adapt their op- erations to modern standards, making them more competitive and profita- ble. The 'Re-engineering and Trans- forming' scheme for businesses was launched by Minister for the Econo- my, Investment and Small Businesses, Silvio Schembri, who said government would be allocating €2.5 million for this scheme. "We have ascertained that a substan- tial and strong amount is allocated, to ensure that the scheme reaches as many businesses as possible," he said. "As a Government we are working to support you in ensuring that you continue with your operations, while adjusting and adapting in preparation for a new kind of future brought about by the pandemic. A scenario which despite the challenges, served as an opportunity because it accelerated our preparations for the future." Schembri said the scheme was open to small and medium-sized companies employing between 10 and 250 peo- ple. The aid is provided in the form of a grant, covering up to 50 percent of consultation costs and up to a maxi- mum of €5,000. Companies can avail themselves of this scheme once every 18 months. "This scheme highlights the two key points for remaining competitive - efficiency and sustainability, - which can only be achieved through tech- nology, and definitely not by reducing costs, at the expense of the service or product offered," he said. "This is an opportunity to be innova- tive, creative and a better protect your businesses to keep up with your op- erations and the continuance of your activities." Businesses will be provided with a report which offers suggestions for the improvement of their operations and their business model itself, in line with current trends and demands. This will be effected through a collab- oration between Malta Enterprise and the Chamber of Commerce. The report will focus on key issues: Digitisation of business processes including the deployment of digital technologies, such as IoT, artificial intelligence, machine learning and predictive analytics. Improve operational performance, reduce errors and improve accounta- bility following a review processes to identify inefficient use of resources. Improvements to the flow of goods, materials and/or information follow- ing a review of the interaction be- tween functions. Improve environmental perfor- mance by identifying waste streams and resource usage. Support the implementation of qual- ity systems and the attainment of product process certifications. Review customer handling proce- dures and propose solutions to enable excellent customer service. Assess market dynamics, fluctuation in demand and changes in consumer behaviour to reposition product and service offering as may be required. Market analysis and changes in con- sumer behaviour in order to re-posi- tion product in the market and retain its accessibility to the customer/s. "While some tech-savvy businesses might have a better understanding of all or most of the key areas identified, some businesses have been running their operations for years without re- structuring and I want them in par- ticular to understand the crux of the scheme," Schembri said. "Through this scheme we are en- couraging businesses to improve their operations by looking at more inno- vation and digitisation in operations," Malta Enterprise CEO Kurt Farrugia said. "And we will not stop there. After this exercise we want to help the busi- nesses carry out this transformation in their business." Malta Enterprise and the Chamber of Commerce, who signed a collabora- tion agreement at the conference, will be working closely together to imple- ment this scheme. More information on the scheme is available at https://covid19.maltaen- terprise.com/business-re-engineer- ing-consultancy/ Attaining efficiency and sustainability in business Economy Minister Silvio Schembri