Regulatory scrutiny worries Steam Packet

Senior managers at the Steam Packet Company say they are worried that questions about the User Agreement could discourage investors.

Chairman Robert Quayle and Chief Executive Mark Woodward appeared before a Tynwald Select Committee today.

They were joined by Dyson Bogg and Gordon Parsons, directors of a Macquarie company called MIOM Ltd.

All four answered questions about the Steam Packet’s finances after the company’s accounts were given to the five-strong committee.

Jason Roberts reports (text, below, from attached audio file):

All four men faced questions about management fees paid to related companies, the fuel surcharge on fares, and the Manannan fast craft.

But central to this morning’s evidence was the User Agreement, signed with government and forming a mainstay of the Steam Packet.

Mr Bogg explained any regulatory questioning of the agreement, such as the select committee itself, made investors nervous.

He added: "we think it's an excellent agreement, but regulatory scrutiny makes things difficult".