Mecca of LC World: Banking Commission Meeting - The Best Learning Alternative

LC VIEWS, 26 May 2006

Disclaimer

The names of the parties, as well as the data and information in the cases stated below, have been sanitized in order to protect the identity of the parties involved. The complexities of the cases have also been simplified to facilitate easy understanding of the key issues involved.
Our expert's opinions do not necessarily reflect the views of the ICC or the ICC Commission on Banking Technique and Practice. No legal imputation should be attached to any of the contents of the cases and no legal responsibility is accepted for any errors, omissions or misleading statements or opinions caused by negligence or otherwise. Our expert's opinions are given for your reference only and you should not rely upon or act on our opinions, of which we are not held liable. You should consult your legal counsel or other experts for their opinions in your specific cases.
No article, opinion, or comment can be reproduced in whole or in part without our express written permission.

Banking Commission: A Mecca for LC Specialists
The ICC Banking Commission is the Mecca of LC World that every LC specialist dreams to visit, at least once in lifetime. A meeting of the Commission is the place where LC experts from different countries and from different sectors of economy gather to learn and share. The ICC meeting is the best learning alternative than any ICC publication.
If you get an opportunity to attend a Banking Commission meeting of the ICC, you must attend it. You must visit it at least once in your lifetime if you get an opportunity. The meeting is the right place where you can hone your LC management expertise. It is the best source of the latest information. It is the best opportunity for understanding LC world beyond your workplace. Here you get food for your beautiful thinking mind. The meeting is NOT "much ado about nothing". About the Banking Commission meeting: never say never useful; never say something better than nothing. It is much ado about everything necessary. The meeting is very purposeful. The meeting is very useful, hence very valuable. The meeting costs but it pays. Its value is more important than its costs in terms of time and money. The meeting is no doubt a welcome change from your desk routine. But remember, the meeting is not a pleasure time, not a paid holiday, not a stress-free event. It is hectic leaning and sharing experience. You come home with your briefcase full of new ideas. You go back to work with reenergized and refilled mind, with enthusiasm, to review and re-plan your daily routine. To conclude, make the most of the meeting to make the most of your specialization.
In this issue, we are going to present the views of a world-famous LC specialist - T.O. Lee, who has participated in the Commission meetings, about the importance of the ICC meetings. He encourages you to participate in the ICC meetings, saying the meetings offer the advantages that the books don't and can't, for learning.

Interview on Banking Commission with the World-Famous LC Specialist T. O. Lee
Member of Banking Commission and Consulting Group, ICC
Technical Adviser, LC VIEWS

Q1: Is the Banking Commission meeting considered Mecca of LC world that every LC specialist dreams to visit?
Yes. The ICC Banking Commission has changed its old practice of holding meetings only in Paris and now holds it in different countries to make it possible for a banker to attend at least once in a lifetime. The ICC also started asking local banks to sponsor the meeting venue, the lunches and dinners to lighten the ICC financial burden since admission is free.
Q2: Is the Banking Commission meeting a status symbol, a desire or a necessity for the LC specialist?
All are true.
Q3: Is the Banking Commission meeting considered "paid holiday" or "business trip"?
Those who are paid by the employers have to return immediately after the meeting. That is why, during the afternoon of the last day of the meeting some participants have to leave early to catch the train or plane. Some may apply for a holiday and spend two or three days more for sight seeing and of course on their own expenses. Some Canadian representatives would arrange their spouses to fly in later and join them after the meeting for sight seeing holidays. I always take the advantage to stay behind for one or two days, or even for two weeks for sight seeing tours, not only after ICC meetings but also for lecture tours as well.
Q4: Is the Banking Commission meeting a part of the LC specialist's specialization upgrading attempt or welcome relief from the stress of hectic desk routine?
If you see the heavy programme topics, you would understand that it is not the right place for stress relief. In fact, it (the Banking Commission meeting) is the ONLY place where you can meet ALL the world class experts on L/C, transport, cargo insurance, etc. ALL AT ONE TIME and argue with them for controversial issues and can also attend FREE OF CHARGE. For other programs like, for instance, the IIBLP Annual Survey of Letter of Credit Law and Practice, you have to pay a very high entry fee and I have heard comments that heavy weight L/C experts like Gary Collyer, Dan Taylor, Don Smith, etc. do not appear any more as they did frequently in the past. I have also heard that some advertised experts may not appear at the end. From the ICC meeting you can hear different opinions in different perspectives free of charge and can see all heavy weight L/C experts and other experts in transport, cargo insurance, Incoterms, etc. all at one time, free of charge Then you end up understanding the issues more in-depth. This is what one cannot get from the books. For these reasons, if you have a limited budget, I would strongly encourage you to attend the ICC meetings, particularly those held near your place of domicile, although you do not get a certificate but you can gain PDU for extending your CDCS title without a re-examination.
Q5: What's the usual menu of topics for discussion in the meeting? Is the menu static or adaptive?
The menu is highly adaptive, covering the current hot issues, such as the impacts from the Glencore and Santander cases, the problems from the Maersk bill of lading, and the like.
Q6: Is the meeting "much ado about nothing" or ''something better than nothing"?
These are unfair comments. For example, it is the ONLY place where you may hear the official ICC National Committee comments and opinions on the UCP 600 and other new rules from ICC. You also come know of what are the problems in other countries.
Q7: What is the importance of being Banking Commission member? What "Great Expectations" the LC specialists have from the membership and meetings?
You can vote for the adoption of the new ICC rules, such as the forthcoming UCP 600. You can also vote for contents of certain new articles and choose the alternatives provided by the Drafting Group. In this sense, you also get involved in shaping the new rules, which you cannot do in any other functions.
Q8: Are most of the participants 'Silent Lambs" in the meeting? How the new generation of LC specialists feels vis-à-vis the old generation of vocal LC specialists who always dominate the dais and mike?
Of course, in most meetings, you would find some long winded speakers, dominating speakers and the silent majority. But the control of the chair for each topic in ICC meeting is quite efficient. For example, Gary Collyer would give priority to those who have not yet spoken. So the impact of dominating speaker is there but it is not so serious. I was a frequent speaker before but now I have behaved and only speak for those subjects that bankers do not know too much about, for example on transport and cargo insurance. I would remain silent and leave to the banker members to deal with the banking issues. I also encourage participants from Asia to speak up to show their presence. Now I am glad to see that participants form India, Pakistan, Bangladesh, Sri Lanka, Hong Kong and China are more out-spoken in the meetings.
Q9: What's the usual menu of food at a Banking Commission meeting? What food and drink you like most?
As all the lunches and dinners are sponsored by the hosting local bank, you cannot have unreasonable demand. As a member of the gourmet clubs "La Chaine de Rotisserie" and "Gordon Bleu" of France, I find the food standard OK for meeting purpose. We come for the meeting and not for the food and drinks anyway particularly that they are all free.
Q10: Do you consider a lunch break an occasion for social networking for yourself or for business networking for the business you represent?
Yes, it is an occasion for people networking. That is why, the ICC Vienna that hosted the ICC Meeting in May 2006 used the terms like "contact lunch", "contact dinner" for participants to make more contacts with strangers from other countries.

(416) 298-5881

(416) 292-5535