Stephen Everard has been appointed as Managing Director of international tax solutions and software company GOAL (Global Operations and Administration Limited).
Everard takes up the position following over twenty years’ experience with Mercury Asset Management, Standard Chartered Bank, Bank of America and Citigroup. GOAL says his career has focused on turning securities-focused businesses into strategic successes – apparently increasing the global custody business of one institution from small beginnings to some $8 billion under management in six years.
Everard will now be applying his entrepreneurial flair to GOAL’s business, both to extend its core markets, and to develop new related lines of business. He comments, “This is a most stimulating opportunity for someone with my background. GOAL leads the automated tax reclamation market, but this market is ripe for further growth. As more and more factors seem to point towards a return to the dividends culture – not least the collapse of stock capital values and President Bush’s recent initiatives – Fund Managers and investors are becoming increasingly concerned about whether their rightful overseas income is being efficiently and effectively reclaimed from foreign tax authorities. Our most recent research reveals that some $6bn lies unreclaimed by investors each year. In addition, there are a number of emerging ways in which GOAL can quite naturally extend its expertise into new software and service solutions, not simply with custodian banks, but also with the wider range of players in the investment market. I aim to take this company into an exciting new phase of development.”
Established in 1989, GOAL is a privately owned software company developing and delivering software applications, which automate the complex, labour intensive processes based on the interpretation of international cross-border treaty law. Its GTRS (Global Tax Reclamation System) helps custodians reclaim tax on income from cross-border securities that has been overwithheld by foreign governments based on international Double Taxation treaties. The company’s client base includes 5 of the world’s top 10 global custodian banks.