18.12.2012 Chairman: Francis J. Vassallo, B.A. (Hons) Econ, FCIB, KM, MOM President FRANCIS J. VASSALLO & ASSOCIATES, Malta Keynote Address: Key Jurisdiction Criteria to the Set-up of a USD 3+bn Multi-Family Office Project DK Matai Chairman, mi2g, London Co-founder, PHILANTHROPIA & ATCA Dr. Konstantin Mettenheimer, MBA (Wharton) Partner FRESHFIELDS BRUCKHAUS DERINGER LLP, Frankfurt Michael Biermann Private Investor Adviser SWITZERLAND Prof. Dr. Francesco A. Schurr Chair Company, Foundation & Trust Law UNIVERSITY OF LIECHTENSTEIN, Vaduz John C. Bailey Founder & CEO SPRUCE PRIVATE INVESTORS LLC, Stamford Dr. Angelo Venardos Founder & CEO HERITAGE TRUST GROUP, Singapore Philippe Carrel Executive Vice President THOMSON REUTERS, Geneva Thomas J Handler J.D., P.C. Partner HANDLER THAYER, LLP, Chicago Thibaut Partsch Partner LOYENS & LOEFF, Luxembourg (Name to be confirmed) OLIVER WYMAN, Zurich Jean-Luc Calisti Partner HERBERT SMITH LLP, Paris Dr. Gero M. Bauknecht President BAUKNECHT CAPITAL AG, Glarus Christian Chéruy Tax Partner LOYENS & LOEFF, Brussels Organised by: In Partnership With: Media Partner: The 12 th Annual Global Family Office Conference THE FUTURE OF THE EUROPEAN FAMILY OFFICE INDUSTRY January 31 st , 2013 – Credit Suisse Forum – Geneva
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18.12.2012
Chairman: Francis J. Vassallo, B.A. (Hons) Econ, FCIB, KM, MOM President FRANCIS J. VASSALLO & ASSOCIATES, Malta
Keynote Address: Key Jurisdiction Criteria to the Set-up of a USD 3+bn Multi-Family Office Project DK Matai Chairman, mi2g, London Co-founder, PHILANTHROPIA & ATCA
Dr. Konstantin Mettenheimer, MBA (Wharton) Partner FRESHFIELDS BRUCKHAUS DERINGER LLP, Frankfurt
Michael Biermann Private Investor Adviser SWITZERLAND
Prof. Dr. Francesco A. Schurr Chair Company, Foundation & Trust Law UNIVERSITY OF LIECHTENSTEIN, Vaduz
John C. Bailey Founder & CEO SPRUCE PRIVATE INVESTORS LLC, Stamford
Dr. Angelo Venardos Founder & CEO HERITAGE TRUST GROUP, Singapore
Philippe Carrel Executive Vice President THOMSON REUTERS, Geneva
Thomas J Handler J.D., P.C. Partner HANDLER THAYER, LLP, Chicago
We take the opportunity of the Luxembourg initiative and proposed bill of law to label Multi - Family Office Services to review and discuss regulatory developments that are affecting t family offices and the wealth management industry.
The US, leading the way in Family Office matters has taken the views that Family Offices through the Dodd-Frank Act require registration. This is the spirit of the new rules to clearly in most instances require registration, except for the narrowly crafted exemptions. A perfect consequence is that Dodd- Frank has significantly changed the Commodity Exchange Act (the “CEA”). As a result of these changes, Family Offices that trade in commodities and derivatives should review their compliance with applicable law. Likewise FATCA is for Europe and Switzerland a nightmare for wealth managers.
In Europe, the euro crisis has raised concern to family offices that have investment denominated in euros. Behind investment risks, high tax jurisdictions are equally a threat for them as far as tax and estate planning is concerned.
This environment does raise the question of where to set-up or relocate its family office structure and triggers to consider re-structuring its legal framework and reviewing tax and estate planning arrangements in light of Stalinian style tax policies prevailing.
The management of risks has never been so crucial to family offices – investment risk is obviously still a key concern but a full array of others should be taken into consideration and are linked to government‟s strengths & weaknesses in harnessing their indebtedness and addressing fierce fiscal competition.
Including in Switzerland, policy makers should demonstrate there is someone in the driving seat to ensure the soundness and the future of the financial place.
Fiscal foreign attacks need to be counter fight, miss behavior of some industry participants needs to be slashed and last but not least poor drafting of foreign legislation to avoid systemic risks need not to be transposed as such if considered inappropriate.
It is therefore crucial to give some thoughts to the future of the family office industry from a regulatory perspective in the US, Europe and Switzerland as family offices are global and need to ensure their survivorship in adverse economic and fiscal conditions.
We strongly encourage you to participate to adapt your own strategy to current and foreseeable environment, exchange best practices with peers and get your voice fully heard in this context. Yours Sincerely, François Golbery Chairman ESAFON
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The 12th Annual Global Family Office Conference
THE FUTURE OF THE EUROPEAN FAMILY OFFICE INDUSTRY
January 31st, 2013 – Credit Suisse Forum – Geneva
ESAFON – A non-profit Association – N° Féd CH-550.1.107.500-6 – Avenue de Belmont 7, CH-1820 Montreux
NOTE: Speakers names provided are provisional. Unless otherwise indicated their acceptance is not yet confirmed. This program is sent as a guideline for possible speakers and remains in draft format. This agenda is confidential.
08.30 am
Welcome Coffee and Registration
09.00 am Opening Remarks by François Golbery and the Chairman
Francis J. Vassallo President FRANCIS J. VASSALLO & ASSOCIATES, Malta
WHERE TO SET-UP AS A FAMILY OFFICE?
09.15 am
Keynote Address: Key Jurisdiction Criteria to the Set-up of a USD 3+bn Multi-Family Office Project
DK Matai Chairman mi2g, London Co-founder Philanthropia & ATCA
10.00 am
Holding Assets in Eurozone: How to mitigate risks?
Dr. Konstantin Mettenheimer, MBA (Wharton) Partner FRESHFIELDS BRUCKHAUS DERINGER LLP, Frankfurt
10.45 am
Coffee – break
11.15 am
How to Define a Family Office Safe Harbor?
What Makes a Friendly FO Jurisdiction?
How to Split Custody Function from Trustee Relationship?
Impact of Dodd Frank Act on Family Office Set-up
How should Wealth Managers React to FATCA in Europe?
Prof. Dr. Francesco A. Schurr Chair of Company, Foundation & Trust Law UNIVERSITY OF LIECHTENSTEIN, Vaduz
Dr. Angelo Venardos (asked) Founder & CEO HERITAGE TRUST GROUP, Singapore
Thomas J Handler J.D., P.C. Partner HANDLER THAYER, LLP, Chicago
(Name to be confirmed) OLIVER WYMAN, Zurich
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The 12th Annual Global Family Office Conference
THE FUTURE OF THE EUROPEAN FAMILY OFFICE INDUSTRY
January 31st, 2013 – Credit Suisse Forum – Geneva
ESAFON – A non-profit Association – N° Féd CH-550.1.107.500-6 – Avenue de Belmont 7, CH-1820 Montreux
John C. Bailey, Founder & CEO, SPRUCE PRIVATE INVESTORS LLC, Stamford, USA As the Founder and CEO of Spruce Private Investors, John leads the portfolio management process of Spruce‟s
investment partnerships across both public and private asset classes. Leveraging his years of experience in
research and asset management, John works to identify global growth opportunities for clients and to maintain a
proactive and aggressive focus on risk management. Through his work over the years with high net worth
individuals, family offices and endowments, John identified the need to provide investors with access to global
investment opportunities, greater transparency into the investment process, and independence of research – all
of which became hallmarks in the foundation of Spruce.
Prior to founding Spruce, John was CEO of Family Office Services for a multi-client family office where he was
responsible for asset allocation and manager selection. During this time John emerged as an advocate for the
expansion of resources and information to the capacity constrained family office community through the creation
of the Family Office Network. This private and confidential networking group was created to help leverage
knowledge, contacts and resources among wealthy families.
Over the years John also worked with wealthy families and charities in an asset management capacity at
Columbus Circle, then owned by PIMCO, and in the Capital Management Group of what is today Wells Fargo.
John began his career as a sell-side equity research analyst at Oppenheimer & Company covering insurance
company and gaming & lodging stocks. He has an MBA from NYU‟s Stern School of Business and is an avid sailor.
Philippe Carrel, Executive Vice President, THOMSON REUTERS, Geneva, Switzerland
Philippe Carrel is Executive Vice President at Thomson Reuters, specializing in aspects of risk management and
regulatory compliance with key financial institutions and regulators around the world, through a new concept he
identifies as “Risk Intelligence”. Through an additional assignment in research and development, he supports the
development of new data, benchmarks and risk intelligent information for the finance industry. Specialist of
financial derivatives, valuations and regulatory compliance, he was previously Head of Alternative Investments
Strategies at Reuters in New York, Director of Risk and Trade Management at Reuters in London and Principal
Consultant Risk Management at Reuters in Singapore.
Until joining Reuters, Philippe directed advisory services on hedging and trading strategies for banks, fund
managers and private investors across Asia, which followed a career dealing securities and derivatives in Paris
and Singapore. Philippe also advised regulatory authorities, professional associations and exchanges across Asia
and directed a financial training institute for many years.
A strong advocate of change in risk management methodologies, he had publicly warned about systemic risk
since 2005 and authored the Handbook of Risk Management, published in 2010, to lay out a detailed
methodology for firms and regulators to redefine risk information workflows. Philippe is member of the Global
Association of Risk Professionals (GARP), of which he co-directs the Geneva Chapter in Switzerland. He also
contributed to a project of the World Economic Forum on risk management in 2010 and to a panel of the
Financial Stability Board in 2012.
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The 12th Annual Global Family Office Conference
THE FUTURE OF THE EUROPEAN FAMILY OFFICE INDUSTRY
January 31st, 2013 – Credit Suisse Forum – Geneva
ESAFON – A non-profit Association – N° Féd CH-550.1.107.500-6 – Avenue de Belmont 7, CH-1820 Montreux
Thibaut Partsch, Partner, LOYENS & LOEFF, Luxembourg Thibaut Partsch, attorney-at-law, is a Partner at the Investment Management practice of Loyens & Loeff,
Luxembourg. He advises international clients on fund structuring and alternative funds. In addition, Thibaut is a
member of the board of directors of the Luxembourg Private Equity and Venture Capital Association (LPEA) and is
an active member of several working groups within the Association of the Luxembourg Fund Industry (ALFI). He
regularly speaks at conferences and publishes on the subject of private equity funds.
Prior to joining Loyens & Loeff Luxembourg, he practiced as an attorney in Brussels and New York. Thibaut co-
authored "Le rachat d'actions propres" (Share buybacks), Brussels, Kluwer, 2001 and assisted Professor Hal Scott
(Harvard Law School) in the writing of "International finance: Law and Regulation", London, Sweet & Maxwell,
2004. He is a member of the Luxembourg and New York Bars.
Jean-Luc Calisti, Partner, HERBERT SMITH LLP, Paris
Jean-Luc is a member of Herbert Smith Freehills‟ Paris Tax group. He has nearly 20 years of experience as a
corporate tax lawyer, specialising in domestic, cross-border and international structuring for clients in the UK,
France and other jurisdictions. He works with French and international clients in mergers and acquisitions and
private equity, and has considerable tax litigation experience.
Jean-Luc has received accolades from the International Tax Review for Best European Court of Justice Firm of
the Year (2009 ITR European Tax Awards) and European Tax Team of the Year (2010 ITR European Tax
Awards). In legal guides, clients have praised his „creative, international approach‟ and skill at „bridging the gap
between law and finance‟.
He speaks English, Italian and French fluently.
Christian Chéruy, Tax Partner, LOYENS & LOEFF, Brussels
Christian is a member of Loyens & Loeff‟s General Tax Practice Group in Brussels. He is the former Head of Tax
and Country Managing partner.
Christian's practice covers on a broad range of international and domestic corporate tax issues. These issues
include inward investments, holding and financing structures (including the notional interest deduction),
corporate restructurings (including cross-border reorganisations), transfer pricing and thin capitalisation rules,
withholding tax requirements, double tax treaty matters, corporate and structured finance projects, mergers and
acquisitions, real estate and private equity partnerships. He advises on the taxation of intellectual property and
the availability of tax relief in respect of R&D. He also advises individuals on wealth optimisation techniques.
Christian also heads the Belgian Tax Controversy and Litigation Team. Christian provides assistance at every
stage of the resolution process from audit examination to tax appeals and, where necessary, tax litigation. He
frequently acts on behalf of taxpayers in negotiations with the Belgian Revenue Services, and particularly with the
Special Tax Investigation Brigade. He also has considerable experience in handling Alternative Dispute Resolution
processes, i.e. ruling requests and advance pricing agreements.
He is consistently ranked as one of the leading tax lawyers in Belgium by Chambers Europe and Legal 500.
Christian is a regular speaker at conferences on a wide range of (international) tax issues and tax controversy
topics He has also written extensively on tax-related subjects and is the principal author of a leading treatise
analysing the legal, accounting and tax aspects of Belgian holding companies.
Christian is a member of the Brussels bar. He holds a Law Degree from the Université Libre de Bruxelles (1985),
a Degree in tax from La Chambre belge des Comptables (1989) and a Degree in Business Management and
Administration from the Université Catholique de Louvain-la-Neuve (1990).
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The 12th Annual Global Family Office Conference
THE FUTURE OF THE EUROPEAN FAMILY OFFICE INDUSTRY
January 31st, 2013 – Credit Suisse Forum – Geneva
ESAFON – A non-profit Association – N° Féd CH-550.1.107.500-6 – Avenue de Belmont 7, CH-1820 Montreux
ESAFON, The European & Swiss Network of Asset and Fund Managers, Family Offices and Strategic
Advisers
If you are an Asset Manager, a Fund Manager, the Head of a Family Office or a Strategic Adviser,
Join ESAFON, The European & Swiss Network of Asset and Fund Managers, Family Offices and Strategic Advisers
ESAFON is a non-profit Association located in Montreux; the ESAFON objectives are to promote the cooperation between Switzerland and Europe and to facilitate the exchanges between professionals in the area of Asset Management & Family Wealth Management, to allow its members to discuss together and to implement the new regulations and the best management practices, with an objective geared towards harmonisation and transparency. ESAFON members network with major international leaders through think tank meeting and social events as private luncheon, dinners, workshops, conferences and forums.
- Their details are added to the ESAFON DIRECTORY which is updated on a monthly basis. - They receive a personal ESAFON Membership Card and benefit from a 50% discount on their
registration fee for all ESAFON Conferences during one year.
- They have access to the ESAFON website: www.esafon.com
- The Association supports the interests of its members to Regulatory Bodies in Switzerland as well as in various European countries
- The Annual Membership Fee 2013 is 500 CHF.
For more information or to apply for your Membership to ESAFON, please contact:
Dr Anne Golbery, Managing Director, ESAFON e-mail: [email protected], direct phone: 00 41 22 319 69 04
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The 12th Annual Global Family Office Conference
THE FUTURE OF THE EUROPEAN FAMILY OFFICE INDUSTRY
January 31st, 2013 – Credit Suisse Forum – Geneva
ESAFON – A non-profit Association – N° Féd CH-550.1.107.500-6 – Avenue de Belmont 7, CH-1820 Montreux
François Golbery, Chairman, ESAFON, Montreux François Golbery is the Chairman of ESAFON, a non-profit independent association registered in the Registrar of
the Federal Office in Bern with the objective of promoting and facilitating best practices amongst professionals
from the asset, fund and wealth management industries across Switzerland and Europe.
ESAFON is committed through the set-up of independent expert working committees to make proposals that will
help contribute as much as possible over regulation applying to the global finance industry and thus promote
workable best practices for industry participants.
François, through its long-term involvement at MGI in organizing high-level expert – driven conferences
addressing the strategic consequences of EU principle-led directives within the Lamfalussy procedure in Europe
has been at the forefront of interactive developments towards the best practices within the financial industry
across Europe.
Established in Switzerland since 1997, he contributes and helps financial centres to formulate their strategic
positioning and train market participants to implement change in day-to-day business practices. He has built –up
a personal network of high calibre experts that are instrumental to forge the future and do participate in high
level think tanks.
Prior to MGI, François Golbery has served in various senior positions in Marketing and Finance within
multinational companies. In 1988, he started-up and grew the French subsidiary of IIR in Paris as the most
profitable entity of the group. He was elected Manager of the Year in 1992 / 1993 and received his prize from
Edward de Bono, the originator of the lateral thinking concept. He took over the responsibility of the Portuguese
office as well.
He holds an MBA in Finance from the University of Hartford (Connecticut), under the patronage of Michel Barnier,
currently the Commissioner of the Internal Market Division of the European Commission in Brussels.
François Golbery is a member of the Royal Ocean Racing Club in London.
Anne Walhain Golbery, Managing Director, ESAFON, Montreux Anne Walhain Golbery is Managing Director and Company Secretary of ESAFON, a non-profit independent
association registered by the Trade Register of Canton de Vaud last June 2012, with the objective of promoting
and facilitating best practices amongst professionals from the asset, fund and wealth management industries
across Switzerland and Europe.
At the Association ESAFON, Anne is in charge of the global operations including RP, Partnership, Customer
Service, Marketing, IT, Finance, and Human Resources.
Prior to ESAFON, Anne Walhain Golbery has been with François Golbery, her partner in life and in business, the
co-founder and co-owner of MGI Management Global Information SA, managing the global operations of MGI for
15 years.
Previously, as IT Program Manager, Anne has been designing and implementing Technical Information Systems
for the Space Electronic Equipments at EADS, France, for 12 years.
She holds a Doctorate in Atomic Physics-1979, University of Caen, France.
Two from among her five children are running their own Family Business in the 3rd generation.
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The 12th Annual Global Family Office Conference
THE FUTURE OF THE EUROPEAN FAMILY OFFICE INDUSTRY
January 31st, 2013 – Credit Suisse Forum – Geneva
ESAFON – A non-profit Association – N° Féd CH-550.1.107.500-6 – Avenue de Belmont 7, CH-1820 Montreux
To benefit from our Partnership Opportunities, please contact Dr Anne Golbery at [email protected]
ESAFON Partnership Packages 2012 – 2013
“EXHIBITOR PARTNER”: Euro 2’450 partner logo inserted in the conference brochure
an exhibition space in the conference foyer for the duration of the conference
a personalised invitation to send to your contacts with a 30% discount for any registration for your employees or your contacts
your Corporate Profile inserted on our web site with a link to your web site
3 free conference passes for your colleagues present on your stand
the complete mailing list of the conference participants
“FIRST CLASS PARTNER”: Euro 4’970 a 30 minute non-commercial presentation as a speaker
a personalised invitation to send to your contacts with a 30% discount for any registration for your employees or your contacts
your Corporate Profile distributed to the participants
1 free conference invitation for your colleagues or clients
the complete mailing list of the conference participants
“SILVER PARTNER”: Euro 6’480 partner logo on front page of the conference brochure
a 30 minute non-commercial presentation as a guest speaker with a formal introduction from the conference chairman
your Corporate Profile inserted on our web site with a link to your web site and distributed to all the participants
a personalised invitation to send to your contacts with a 50% discount for any registration for your employees or your contacts
3 free conference invitations for your colleagues or clients
the complete mailing list of the conference participants
PLATINUM PARTNER”: Euro 7’900 all the conditions applying to SILVER partnership, plus:
lunch or cocktail offered by the company (luncheon costs included in the total package of Euro 7’900)
a partner's logo appears on the schedule in participant folders
“GOLD PARTNER”: Euro 9’790 all the conditions applying to EXHIBITOR partnership, plus:
partner logo on front page of the conference brochure
lunch or cocktail offered by the company (lunch included in the total package of Euro 9’790
a partner's logo appears on the schedule in participant folders
a 30 minute non-commercial presentation as a guest speaker with a formal introduction from the conference chairman
3 free conference invitations for your colleagues or clients
“LEAD PARTNER”: Euro 13’320 all the conditions applying to GOLD partnership, plus:
exclusivity of partnership to company's market sector
The ESAFON Partners take in charge their travel and accommodation expenses A 20% discount is granted on the second Partner Contract signed in 2012 & 2013.
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The 12th Annual Global Family Office Conference
THE FUTURE OF THE EUROPEAN FAMILY OFFICE INDUSTRY
January 31st, 2013 – Credit Suisse Forum – Geneva
ESAFON – A non-profit Association – N° Féd CH-550.1.107.500-6 – Avenue de Belmont 7, CH-1820 Montreux
Title: The Future of the European Family Office Industry Date: January 31st, 2013 Conference Code: C1318 Location: Credit Suisse Forum - Geneva
REGISTRATION:
Name .................................................................................... First Name ..............................................
Position .................................................................................................................................................
Company ...............................................................................................................................................
Tel ........................................................................................ Fax .........................................................
January 31st
, 2013 (Code C1318) Registration Fee includes Refreshments, Buffet Lunch, a Full
Documentation Package and a CD Rom of the Final Presentations
Yes, I wish to register*:
Standard Registration Fee EUR 2’100
Early Registration and Payment before January 3, 2013
EUR 1’590
SPECIAL OFFERS AVAILABLE FOR A BOOKING & PAYMENT:
Before January 3, 2013 After January 3, 2013
ASG , LAFO, AFFO, Luxembourg for Family Offices, MGI Club Members ESAFON Club Members Multi Family Offices Strategic Advisors
EURO 1’150 EURO 1'350
Additional Registration from the same company (at the same address)
EURO 850 EURO 1’050
Group Participation (3 Delegates or more) EURO 700 per delegate EURO 800 per delegate
Single Family Offices Family Owned Businesses ESAFON Members
EURO 500 EURO 600
Date:
Signature:
*Please tick the applicable box
I wish to pay by wiring transfer upon the receipt of my invoice*
o You registration is valid for one delegate only. o Confirmation and Payment: (NOT APPLICABLE TO PARTNERS' GUESTS)
Conference fees must be paid prior to the event. Payment has to be received before entering in the conference room.
o Conference Participant List: Registrations received 6 open days before the conference will be listed on the ESAFON Booklet list given to all participants.
o Participants’ substitutions:
Please kindly send a written notice to [email protected] before 6 open days in order to have the correct name appear on the ESAFON Booklet.
One registration is valid for one specific delegate. Splitting the conference days between two participants will be subject to a charge of 400 EUR.
Part time substitution is not possible o Cancellations: must be made sending an email to [email protected]. If the cancellation is received
one month prior the conference, a credit note will be issue minus 10 % of handling charge. For cancellations received less than one month prior the conference, the full cost is due. Cancellation up to one month by writing before the conference will support an administrative charge of 10% of the fee. Prior to the one month the full fee is due but a substitute delegate may attend in your place if required.
o Late Registrations: Registrations made after 6 open days are welcome, but will not be listed on the ESAFON Booklet.
Conference Venue Information/Opening hours of the welcome desk Venue: Credit Suisse Forum – Rue de Lausanne 19, Ch-1211, Geneva
Tel: +41 22 393 45 67 – Catherine Peiry
Opening Hours of the welcome desk: 8.30 – 17.30 hours
The Credit Suisse Forum is a perfect venue for the conference, business oriented, and located close to Cornavin Train Station.
ESAFON can book a room for you at Warwick Hotel, which is close to the conference’s venue.
ESAFON COMMITMENT
This programme has been specially designed in compliance with the quality criteria set by ESAFON. The topics covered are issued from our research and the panel of speakers has been carefully selected on the basis of their credentials and relevant experience. Therefore, this programme is the sole property of ESAFON and cannot be copied under any circumstances.
About ESAFON, your Strategic Partner to Global Ethical & Sustainable Finance:
ESAFON is dedicated to provide with strategic education and advisory for Global, Ethical & Sustainable Finance. Over the last 16 years, ESAFON has been developing 300 highly focused and in-depth conferences addressing emerging trends and regulatory development affecting the Fund and Wealth Management Industry always from a long term and global perspective, in EUROPE, US, LATAM and ASIA. In Europe, ESAFON is at the forefront to highlight European initiatives within the Lamfalussy procedure. Its total independence and ingoing privileged relationship with best talented global leaders and experts ensure a strategic approach to address the most relevant issues through its conferences. The ESAFON values: customer centric, innovative, global vision, scope and quality oriented, rigorous code of ethics, socially responsible.