The Value of Independent External Support in Corporate Governance

Across the financial services industry, the role of independence within governance frameworks has become increasingly significant. As regulatory expectations evolve, boards and governance teams are placing greater importance on objective oversight, well-documented decision-making, and the ability to demonstrate accountability.

In Jersey and the wider Channel Islands, the use of independent external professionals has become a key element in supporting good governance. Their input offers a practical and credible means of enhancing board effectiveness, maintaining transparency, and managing growing regulatory and operational demands.

Independence as a foundation for sound governance

The principles of transparency, accountability, and independence are embedded in every well-governed organisation. Regulators such as the Jersey Financial Services Commission (JFSC) continue to reinforce the importance of these values, not only in board composition but in the way decisions are supported, recorded, and reviewed.

Engaging external professionals helps organisations strengthen internal frameworks while maintaining a clear separation between oversight and management. Whether assisting with a complex regulatory matter, recording the minutes of a sensitive board discussion, or providing guidance on best practice, independent support offers reassurance that governance records are balanced, objective, and of a consistently high standard.

Meeting higher expectations within regulated environments

Boards in regulated firms are under increased scrutiny. The focus on record-keeping, evidence of robust challenge, and a demonstrable culture of accountability continues to intensify. Internal teams, though highly capable, often face time constraints or may be too closely aligned with operational functions to maintain full independence in every area of governance.

By engaging independent professionals, boards can access objective expertise and demonstrate compliance with both local and international governance standards. This approach not only strengthens transparency but also builds trust with regulators, shareholders, and other stakeholders.

Flexibility, experience, and confidentiality

The use of external support brings agility, experience, and confidentiality. Many Jersey-based firms are now adopting flexible governance support models, which allow them to respond to peaks in workload, regulatory developments, and increased reporting obligations without additional permanent hires.

Independent support is particularly valuable in maintaining the quality and integrity of board processes. External professionals bring an objective perspective to governance documentation, ensuring that discussions and decisions are captured with precision and neutrality. This approach not only strengthens the reliability of governance records but also reinforces confidence in the organisation’s overall governance framework.

How Virteffic supports independence and excellence

Independence is a key part of Virteffic’s ethos. The team includes qualified chartered secretaries and experienced governance professionals who provide confidential, flexible, and high-quality support tailored to each client’s needs.

Virteffic assists by providing:

• Board and committee minute writing
• Company secretarial support
• Governance consultancy
• Independent board effectiveness reviews
• Flexible secondment arrangements to enhance internal teams

Through impartial expertise and deep local understanding, Virteffic enables boards to maintain efficiency, uphold regulatory standards, and strengthen confidence in their governance structures.

Supporting the future of governance in Jersey

As Jersey continues to position itself as a leading international finance centre, the expectations placed on boards and governance professionals will only increase. Independent external support provides a valuable mechanism for meeting these expectations, balancing operational demands with robust oversight and integrity.

Firms that embrace independent governance support demonstrate a forward-thinking approach to regulation, accountability, and professionalism.

To discuss how independent support can enhance your board or governance framework, contact Virteffic for a confidential conversation or to request a fee proposal.

About Tess and Virteffic

Tess Price is the Managing Director and founder of Virteffic Limited, a Jersey and Guernsey-based professional support firm serving boards, committees, and regulated businesses across the Channel Islands and beyond. Tess is a qualified chartered secretary with more than 20 years’ experience in corporate governance, company secretarial practice, and board management within the offshore financial services industry.

Before establishing Virteffic in 2020, Tess held senior roles at several leading institutions, including regulated director roles. Her background has given her a deep understanding of the regulatory and operational frameworks that govern Jersey and Guernsey’s corporate and fiduciary sectors.

Under her leadership, Virteffic has grown into a trusted provider of governance, secretarial, and administrative support. The firm’s services include board and committee minute writing, company secretarial support, governance consultancy, independent board effectiveness reviews, training, and administrative secondments. Virteffic’s experienced team of chartered secretaries and skilled professionals are known for their diligence, confidentiality, and flexible approach to client needs.

Tess is passionate about promoting good governance and professional excellence within the financial services industry. She regularly collaborates with boards, governance professionals, and regulators to share insights on minute-taking standards, board efficiency, and practical governance implementation.

Virteffic Limited (Virteffic) is not regulated or licensed under the Financial Services (Jersey) Law 1998, as amended (the Financial Services Law). Accordingly, Virteffic does not provide any regulated services and does not engage in any regulated activities that would necessitate us to be a “registered person” as defined under the Financial Services Law. In cases where a regulated activity is required, you will need to engage the services of a firm that is registered under the Financial Services Law to provide such services. Virteffic may offer certain secretarial support and administration services as a virtual assistant, however, the services are of an administrative nature only. Your appointed company secretary and/or the directors of your company have full responsibility to ensure the accuracy of the work that Virteffic does for you, to have the final sign-off and to check the work before it is released, published and/or executed.