The newly elected Lord Mayor of the City of London, Alderman the Lord Mountevans commended the City’s reputation for fairness, transparency and predictability in an address delivered at the Baltic Exchange this week.
Addressing the Baltic Exchange’s board of directors and guests at a lunch hosted by the Exchange, the Lord Mayor, a Baltic member himself, emphasised the way in which the principles of fairness and transparency are encapsulated in the Baltic’s motto ‘Our word our bond’ and their galvanising effect on the UK shipping industry.
The Lord Mayor said: “This is something to be promoted and it is something to be protected. The high ethical standards that you set for our industry are of crucial importance in all industries. Fair dealing is what makes London a successful financial hub.”
He noted that during his time as Lord Mayor a key priority would be to help implement the recommendations of the Maritime Growth Study to maintain the UK’s position as a world-leading maritime centre, including a more commercial and responsive UK maritime administration within government and an industry-led promotional body.
Published in September, the government funded study sought to ascertain the best ways in which to keep the UK competitive in the global maritime market. Currently the UK maritime sector employs 113,000 people and generates at least £11 billion as a contribution to the UK economy.
The Lord Mayor, who worked for London shipbroking firm Clarksons Platou for over 40 years, recognised the role the Baltic Exchange has to play in this process. He said: “The Baltic is pivotal in realising the Study’s recommendations – particularly the formation of a single, well-funded, industry led promotional body for shipping.”
Promising support for the Study’s recommendations, Baltic Chairman Guy Campbell said: “We have appreciated the progress made in recent years and very much hope this report will provide the fresh impetus for round table discussions across government. There are roles to play on both sides and we are committed to playing our part in supporting those initiatives.”