The following address was delivered by GFSB Chairperson, Owen Smith at yesterday’s GFSB AGM.

Dear Members,

It is a pleasure to welcome you once again to the Gibraltar Federation of Small Businesses’ Annual General Meeting 2026.

A great deal has happened at the GFSB and in Gibraltar over the past 12 months. I would like to take this opportunity to briefly summarise some of the work undertaken by the GFSB and, perhaps more importantly, to reflect on the significant developments in relation to the treaty, and how we as an organisation are responding to those developments and addressing the concerns of our membership.

Looking first at developments within the GFSB over the past year,

FAREWELL MARIANNE

As you will all know, around this time last year we said goodbye to our former Business Manager, Phoebe Kelly, and welcomed Mr Kim Chang to the organisation as our new business manager.

I am, however, sorry to report that this year we must also say a very sad farewell to Marianne, who will be leaving the GFSB next week to further her career within the Treasury Department of His Majesty’s Government of Gibraltar.

Marianne has been with the GFSB for 13 long, productive, and immensely valuable years. She has been a consistent and reliable presence, helping to steer both the GFSB office and the organisation as a whole through periods of significant change and challenge — including Brexit in 2016, the early development of the BID before it became an independent operation, the COVID-19 pandemic, and most recently, the treaty negotiations and announcement.

Quite simply, Marianne has been central to the day-to-day running of the GFSB. She is an extremely important part of our organisation and will be very greatly missed. That said, we are equally delighted for her as she takes this next step in her career, and we wish her every success in the future.

If you do not mind, I would like to take this opportunity to invite you all to join me in giving Marianne a well-deserved round of applause for her enormous contribution to this organisation.

MY ROLE

I would also like to note that this marks the end of my third year as Chair of the GFSB, and I have decided to put my name forward for re-election.

When I first took on this role three years ago, it was not my intention to serve beyond that period. However, I have recently reconsidered that position in light of developments outside the GFSB, particularly in relation to the treaty announcement and its implementation.

I believe it is important for the organisation to maintain continuity in its leadership during what is clearly a challenging and time-intensive period for businesses. I would also like to recognise the significant efforts of our Board members, all of whom continue to dedicate considerable time and energy to supporting both the organisation and, most importantly, our members through this transition.

FIRST TWO YEARS

During the first two years of my tenure, we focused heavily on external matters — how the GFSB presents itself to the wider community. This included work on our branding, the quality, frequency, and clarity of our communications, and improvements to our physical premises, culminating in the light refurbishment completed around this time last year.

At the same time, we undertook substantial work on our internal structure — including Board composition and roles, as well as the systems we use to operate effectively. This included the introduction of a new membership platform and the adoption of internal communication tools such as Slack.

With much of that work completed by this time last year, we have since been able to turn our full attention to the core functions of the GFSB — representing our members’ interests through advocacy and lobbying, as well as supporting them through education, training, and related initiatives. There remains, of course, a great deal more to be done in all of these areas.

LAST 12 MONTHS

Throughout the past 12 months, we have continued to deliver a range of events aimed both at celebrating business achievement and, importantly, at making it easier for our members to do business. This has included opportunities for networking, training, and events.

We launched the GFSB’s Self-Employed Group with the co-option of John Segui. That initiative has since been taken forward by MARION X X X, and has developed into an important forum for self-employed members to meet, network, exchange views, and contribute directly to shaping how the GFSB can better support this vital sector.

We have also continued to run competitions that celebrate business achievement, including our Business Innovation Awards, as well as partnering with OTWO Magazine on their shop window competition, and with the Nautilus Project on the GIBRALTAR SUSTAINABLE Business Awards.

We have placed a strong emphasis on wellbeing at work, delivering a Health and Wellbeing Series over the course of the year in association with our sponsors and affinity group.

Women in Enterprise has been extremely active — not only around International Women’s Day, but throughout the year — providing valuable networking, education, and training opportunities. I would like to pay particular tribute not only to the work being carried out by Women in Enterprise, but also to the model itself within the GFSB, which I will return to later.

In June, we held our Annual Dinner, where we were joined by BRITISH winter Olympics Gold Medalist  Amy Williams MBE, who delivered an engaging, entertaining, and inspiring speech.

We have also remained active internationally through our membership of the European Small Business Association (ESBA). Board member Eran Shay currently serves as Senior Vice-President of ESBA, and at ESBA’s AGM in September he explored opportunities for cross-border funding — an area we are now actively considering for future development.

In October, we attended London Business Week alongside a number of Gibraltar businesses. This marked the first time Gibraltar has participated in a non-financial services-focused event of this kind outside the jurisdiction, and it provided an excellent opportunity to showcase a different side of Gibraltar to our counterparts in London.

Whilst in London, we also progressed a long-term GFSB objective — namely, to fund and carry out an independent impact assessment of the Gibraltar treaty. This remains an ongoing project, particularly in relation to securing the necessary funding.  WE think this is a very important initiative

In addition, we have continued to host a wide range of social and networking events, including our summer party, Christmas drinks, and other informal gatherings. Most recently, this has included our inaugural cross-border networking event, as well as the launch of our Executive Leadership Series, which commenced this week and continues in April.

OTHER ADVOCACY

Before turning to Brexit, I would also like to briefly touch on some of the broader advocacy work we have undertaken over the past 12 months.

This has included lobbying on the development of Gibraltar’s tourism strategy, representations in relation to additional tobacco legislation, and advocacy concerning the residency regime announced in October 2025. We have also raised issues around access to the Supreme Court’s small claims process, represented retailers in respect of the enforcement of street displays, members in the wedding sector, continuous pressure on the OFT to implement a fair enforcement regime against unlicensed businesses.

Alongside this, we have continued to ensure that our members’ voices are heard — both directly through our regular communications and by actively amplifying the views and concerns of the business community through our communications channels.  I would urge all members to leverage the GFSB to amplify the voice of business, as well as your own business views. 

BREXIT

All of this brings me to what has undoubtedly been the most significant area of our work this year — Brexit.

This is, of course, a seminal moment for Gibraltar — something that is widely recognised and understood.

We have worked hard to represent our members’ interests in relation to the treaty, while also ensuring that we remain closely attuned to their concerns and priorities.

Following the announcement of the political agreement, we convened a Town Hall in June last year, providing members with an opportunity to discuss and debate the key issues likely to arise.

We also joined the Brexit Advisory Transition Group (BTAG), established by Government to represent stakeholders and to assist in shaping policy in relation to treaty implementation. To date, that group has met on three occasions.

We have also taken significant steps to ensure that our members have access to accurate and reliable information drawn from the public domain.

In December, we launched our Brexit Q&A, powered by artificial intelligence, which compiled and synthesised official information as it became available. We believe this proved to be one of the most reliable and accessible sources of information for our members at that time and continuous to be so today as it is continuously updated with all official information in the public domain.  It continues to receive hundreds of enquiries per week.

Shortly after its Q+A publication, on 12 December 2025, Government announced that treaty negotiations had concluded and that the text was essentially ready for publication, subject to legal review and finalisation by the signatories.

It was not, however, until Friday 30 January 2026 that the GFSB itself first reported that the intended implementation date would be 10 April 2026. This left just ten weeks until the proposed implementation date.

Since that point, there has been a significant increase in Brexit-related activity. The GFSB has worked diligently to provide members with the best available information and guidance as quickly as possible, while also seeking to understand members’ needs, particularly in relation to mitigating measures.

In that context, the GFSB has played a leading role in bringing together a number of representative bodies, including the Chamber of Commerce, to prepare and submit detailed representations to Government. These submissions have focused on the financial support measures we believe are necessary to assist businesses through what is a rapid and challenging transition.

On 3 March 2026, Government announced a raft of business support measures in Parliament.

It is clear to us that these measures do not go far enough in addressing the needs of our members. Furthermore, the promised Brexit Business Manual has yet to be published, despite the fact that we are now just days away from the proposed implementation date.

Whilst Government has held Town Hall meetings and engaged directly with businesses and sectors, the volume and quality of written guidance remains insufficient to address the legitimate concerns of businesses.

Indeed, in the last 24 hours alone, we have seen further uncertainty arising in relation to EORI / NIF requirements and the provision of security deposits for goods transiting from Spain into Gibraltar — measures which raise both financial concerns and practical uncertainty.

Despite this, we have taken proactive steps to engage with the relevant authorities, reaching out earlier this week to the Chief Secretary, the Collector of Customs, and the head of the Office of Fair Trading to seek a focused meeting on key issues. That meeting has not materialised.

Members in the retail sector have also had to contend with public statements suggesting that businesses may be engaging in fraudulent practices. Such language is unhelpful, inaccurate, and unfair. It risks undermining trust in Gibraltar businesses and damaging Gibraltar’s wider reputation.

The only sliver of good news this week — and it is only a sliver — is the Chief Minister’s indication that the 10 April implementation date is now very likely to be missed. What that means in practical terms is unclear – does it mean the border will continue as is (this is we think the most likely outcome) – or is there a risk of EES being implemented – we think this is not likely, but we do not have a firm answers. 

However, many members will understandably find this frustrating, particularly given the steps already taken — including stockpiling — and the continued lack of clarity as to both timing and process.

The GFSB Board is acutely aware that this situation is unsatisfactory, and that many members are feeling frustrated and, understandably, angry.

It may offer limited comfort that individuals within Government, both political and civil, are themselves working extremely hard under significant pressure and within an evolving information landscape.

It is essential that all stakeholders — businesses, the civil service, and Government — work together to make a success of this treaty, rather than pulling apart to our mutual detriment.

Many businesses currently have questions to which there are no clear answers. I remain hopeful that, if implementation is delayed, this will provide the necessary breathing space for clarity, support mechanisms, and proper preparation.

That said, there should be no doubt that the role of the GFSB is to represent its members, and we will do so in accordance with your views and expectations.

I therefore extend an open invitation to all members to become more involved in shaping the work of the GFSB. Your views and input are not only welcome, but essential.

For those with the time and willingness, I would also encourage you to consider joining the Board. Whilst it may be too late to be formally appointed at this stage, it is not too late to be co-opted and to play an active role in shaping the organisation’s direction.

That concludes my address.