Annual Report Networking
2013 Knowledge-Sharing
Advocacy
Published March 2014
Table of Contents
Introduction
2013: Year in Review
Committee Reports
1
2
4
Financial Reports
Annex 1: Calendar of Events
Annex 2: Board of Directors
12
22
24
AmCham Belgium Officers Scott Beardsley, President
Joost Van Roost, Vice-President
Ludo Deklerck, Secretary
John Largent, Treasurer
The American Chamber of Commerce in Belgium (AmCham Belgium) is a dynamic non-profit organization dedicated to improving business and investment opportunities for the US-Belgian business community. With approximately 900 US groups in Belgium, AmCham Belgium plays a pivotal role in an evolving business environment by focusing on three key areas: policy shaping, knowledge sharing and networking. Pictured on cover: Denise Campbell Bauer, Scott Beardsley, Monica De Coninck with Marcel Claes, Rudy Demotte, Bart De Wever (Courtesy of the Antwerp Port Authority), Howard Gutman, Didier Reynders, Peter Spiegel, Johan Vande Lanotte
Introduction
March 2014
It is with great pleasure that I share with you our 2013 Annual Report. Our growing membership figures and strong financial results are a good indicator that the Chamber has, over the past year, increased the value we deliver to member companies through our advocacy, networking and knowledge-sharing activities. Our Committees are the heart of the Chamber, and 2013 was a year of renewal as we held elections for leadership positions in October. I would like to thank all of the candidates who stood for election, as well as those who decided to pass the torch, for the important work they are doing for the Chamber and to welcome the newly elected and re-elected Committee Chairs and Vice-Chairs. I encourage all of our members to get involved in our Committees. On the advocacy front, 2013 was a busy year. We were vocal as the first steps were finally taken toward the harmonization of blue and white collar workers. We defended the notional interest deduction against criticism from the media and politicians. The Chamber also raised questions about Belgium’s support of the EU Financial Transaction Tax and the newly introduced Fairness Tax. Looking ahead, all eyes are now on the May 2014 Belgian federal and regional elections. We see these elections as a window of opportunity for Belgium to re-affirm its place on the world stage as an attractive location to invest and do business. The Chamber stands ready to work together with the political parties and next governments on this path. Our new Government Relations Forum (GRF), created in May 2013, will play an important role in this context. The GRF is a forum for the regular exchange of viewpoints between our Patron members and federal and regional officials, and I invite you to read more about their activities in this report. In July 2013, the United States and European Union launched negotiations for an ambitious Transatlantic Trade and Investment Partnership (TTIP). Although it is still early days, TTIP is a growing area of interest for the Chamber, as Belgium stands to reap the benefits of a comprehensive agreement. We will continue to monitor developments closely and work towards gathering the necessary support in Belgium, from politicians and the local community, in order to ensure a successful outcome. While the Chamber is committed to improving the business and investment climate in Belgium, the bilateral trade and investment relationship with the US is a twoway street. In 2014, we are launching a new series of ‘Doing Business in the USA’ roundtables – the first of which was already held in early February – to more actively engage Belgian companies with activities in the US. Once again, I would like to thank all of our members for their continued support of the Chamber, our Strategic Sponsors for their long-term commitment, individual event hosts and sponsors for making our events possible, our Committee members for volunteering their time and expertise, and the professional staff in our Secretariat for their dedication and hard work.
Marcel Claes, Chief Executive 2013 Annual Report | 1
2013: Year in Review Advocacy 2013 was a pivotal year in the development of AmCham Belgium’s advocacy efforts. Following the successful launch of our 2013 Priorities for a Prosperous Belgium in May, the Board approved the establishment of a new body – the Government Relations Forum (GRF) – and hired a full-time Policy Coordinator in the Secretariat. Both developments have enabled the Chamber to more effectively and systematically represent the interests of our members at the federal and regional levels. The GRF is charged with carrying forward the Chamber’s policy messages into the May 2014 elections and developing long-term relationships with all political parties. The GRF draws support from AmCham Belgium’s existing policy-focused Committees. Our Committees, and their associated subcommittees and taskforces, helped to keep AmCham Belgium at the forefront of the public debate on key policy issues throughout the year. The Chamber was able to respond swiftly to new developments, and the large number of meetings we had with policymakers gives reason to believe that our message is being heard. In addition to regular blog posts and policy updates sent by email, the Chamber released a new publication in March, The Importance of US Companies in Belgium, which incorporated and provided more context for our annual US Top 50 listing.
Networking AmCham Belgium is committed to providing our members with plenty of networking opportunities. All of our events feature a networking component, so members can interact with each other as well as our guest speakers. Prominent speakers in 2013 included Monica De Coninck, Minister of Employment; Johan Vande Lanotte, Deputy Prime Minister & Minister of Economy; Rudy Demotte, Minister-President of Wallonia; and Didier Reynders, Deputy Prime Minister & Minister of Foreign Affairs. Our program of open events was complemented by exclusive events for the CEOs of our Patron members and Strategic Sponsors, such as an informal meet & greet with the new US Ambassador to Belgium Denise Campbell Bauer shortly after her arrival in the country. The Joint Gala Dinner in October, the Ambassador’s first official
Launch of The Importance of US Companies in Belgium, a new publication which incorporates the US Top 50 listing
New Year Reception with keynote address by Minister of Employment Monica De Coninck
February January
Publication of the 2013 Priorities for a Prosperous Belgium. Separately, a delegation met with Alexander De Croo, Minister of Pensions.
April May
March First cross-chamber Young Professionals Networking Night with six local and international chambers of commerce
2 | 2013 Annual Report
June
Our first TTIP-related event was a debate between Baron Frans van Daele and Bill Drozdiak in Leuven
Transatlantic Conference in Washington, DC and New York and the Belgian economic mission to California
appearance after presenting her credentials to the king, attracted more than 230 guests. In order to offer our members more opportunities to expand their business networks, AmCham Belgium stepped up collaboration with other local and foreign chambers of commerce during the course of 2013. Our young professionals led the way with the first cross-chamber networking night in February. This was followed later in the year by a joint event with the Brazilian and Chinese Chambers of Commerce. After a successful 20 year run, the last Business After Hours networking reception was held in June 2013. This series is being phased out in favor of new event formats, like the Future Trends reception, launched in September with Peter Spiegel of the Financial Times, and the Best Practices Competition, coming in 2014. In its first full year, our Antwerp Chapter put on three events which helped to bring together the US-Belgian business community in that region.
Knowledge-Sharing AmCham Belgium is also a learning community, where our members can share their knowledge and expertise with each other and hear from outside experts. Our Committee meetings are important forums in this regard, and we also partner with our members to organize topical events and company visits. To keep our members informed of developments at the EU level which may have an impact on their business, AmCham Belgium organized two EU Briefings in 2013, one on the REACH Regulation and another on the Transatlantic Trade and Investment Partnership (TTIP). Our monthly newsletter, AmCham Connect, is an important communications tool not only to let our members know what’s happening at the Chamber, but also for our members to share their insight on given topics. In our increasingly digital world, online platforms, including our website and social media channels, are important avenues to convey information. We significantly increased our activity on Facebook, LinkedIn and Twitter, and also started to use new tools, such as Storify, during the year.
AmCham delegations met with Koen Geens, Minister of Finance, and Karel Tobback, Chief of Staff of the Flemish Minister-President
CEO Thanksgiving Walking Dinner at the US Ambassador’s Residence for Sponsors, Patron and Sustaining Members, and Board members
A delegation met with the Cabinet of the Prime Minister to discuss the EU’s proposed Financial Transaction Tax
August
October September
July Corporate history going back to 1898 published on AmCham Belgium’s Facebook Timeline
December November
Joint Gala Dinner with the new US Ambassador to Belgium Denise Campbell Bauer
The first delegation of the Government Relations Forum met with the Institut Emile Vandervelde (PS)
2013 Annual Report | 3
Committee Reports Antwerp Chapter Steering Group
Chair Joost Van Roost ExxonMobil Benelux Coordinator Anneliese Daelemans ExxonMobil Petroleum & Chemical
Mission The Antwerp Chapter’s aim is to improve business and investment opportunities for the large US-Belgian business community in the Antwerp region and develop an active program of local/regional activities in this region.
T
he Antwerp Chapter was set up in June 2012 in order to increase the Chamber’s reach among the many US and international businesses in the Antwerp area and to provide these companies with a regular and varied program of networking and knowledge-sharing opportunities. The Antwerp Chapter Steering Group, chaired by Joost Van Roost of ExxonMobil, is composed of senior business leaders from the region and supported by the AmCham Belgium Secretariat. During its first full year, the Antwerp Chapter organized three successful events in the Antwerp region. In May, we visited the Port of Antwerp. Guest speaker Mayor Bart De Wever highlighted the strategic importance of the region. This was followed by a presentation by the Port Authority and a guided tour of the harbor by boat and bus. In June, US Ambassador Howard Gutman visited top companies in the Herentals region; this was followed by a luncheon with the international business community in the area. In October, we held an exclusive nocturne at the Red Star Line Museum. Philip Heylen, Deputy Mayor for Culture and Economy, welcomed AmCham participants with a moving speech on the history and meaning of the museum. A guided tour and walking dinner rounded off the evening. Events in the pipeline for 2014 include an event with new US Ambassador Denise Campbell Bauer. Two or three company visits to major US companies in the region are in the planning. We will also support the Belgian-American Night at the Longines Global Jumping Tour in Antwerp.
4 | 2013 Annual Report
Mission The Communications Committee aims to position AmCham Belgium as the authoritative voice of US businesses in Belgium.
T
he Communications Committee advises on all aspects of AmCham Belgium’s internal and external communications, in liaison with the other Committees.
115
media mentions
Thanks in part to the Committee’s efforts to position the Chamber as a reliable source of information and commentary for the press, media coverage increased significantly last year, from 65 mentions in 2012 to 115 in 2013.
The Communications Committee provides input into the production and dissemination of the Chamber’s publications. After guiding the transition from print to digital in 2009, when AmCham Connect replaced the AmCham Business Journal, and helping to establish a solid editorial framework for this new electronic publication, the Communications Committee decided in March 2013 to disband the Editorial Subcommittee and take sole responsibility for the Chamber’s monthly newsletter.
Communications Committee
Chair Kara Condon FTI Consulting Vice-Chairs Chloé Dungelhoeff Interel Jeroen Langerock Coca-Cola Services
In defining the communications plan for the 2013 Priorities for a Prosperous Belgium, the Committee identified a need to engage the Belgian political parties at all levels in the lead-up to the next elections. This, in turn, fed into the creation of the Government Relations Forum (GRF), which was formally established under the auspices of the Communications Committee in May 2013. Executing on the social media strategy developed together with the Communications Committee, the Chamber witnessed exceptional growth across all social media channels in 2013, particularly gaining traction on Twitter and attracting members to its LinkedIn group. Subcommittees and Taskforces World War I Joint Taskforce 263 fans ▲ 132.7% • 1158 followers ▲ 80.4% • 1149 group members ▲ 123.5%
2013 Annual Report | 5
Government Relations Forum
Mission The Government Relations Forum aims to promote the regular exchange of viewpoints and constructive dialogue between Belgium-based international companies and federal and regional policymakers.
A
pproved by the Board of Directors in May 2013, the Government Relations Forum (GRF), AmCham Belgium’s newest initiative, was officially launched in September.
Chair Stefaan Fiers Bristol-Myers Squibb Belgium Vice-CHairs Anneliese Daelemans ExxonMobil Petroleum & Chemical Jeroen Langerock, Coca-Cola Services
6 | 2013 Annual Report
Embarking on an ambitious plan to meet with all the main political parties and their policy advisors in the run up to the elections in May 2014, the GRF is off to an impressive start, having already met with representatives from PS in December 2013 and set meetings with Groen!, N-VA, CD&V, Open Vld and cdH for early 2014. Under Chatham House Rules, these meetings create a window of opportunity to openly exchange the views and concerns of international companies in Belgium with key decision-makers. In return, the parties are able to gain concrete examples and insights on how certain policies affect business in Belgium, across a wide variety of sectors. As the Forum gains momentum, it will continue building on these strategic relationships though further discussion upon the release of our 2014 Priorities for a Prosperous Belgium, which contains the Chamber’s annual policy recommendations. The GRF also intends to play an active role throughout the government formation, to ensure that the voice of the international business community is heard. Through these initiatives, the GRF hopes to help improve Belgium’s competitiveness.
Mission The Human Resources Committee’s role is to promote a human resources environment in Belgium which attracts and develops American business and its employees and contributes to their success.
I
n 2013, the HR Committee’s labor market-related priorities remained the main concern of our member companies and received significant coverage in our policy articles and the media. The Committee has been working on a proposal to significantly lower the employer’s social security charges and thus tackle the high cost of labor in Belgium. The Committee also undertook important work on immigration as well as the harmonization of blue and white collar worker regimes. To address labor market challenges, the Committee also organized a conference on the talent gap in Belgium with Fons Leroy, Managing Director, VDAB, as a guest speaker. This event addressed talent gap related policy issues, including matching education to labor market demand, and received significant media attention. The Committee strengthened its contacts with the Belgian Government by delegating its Pensions Taskforce to meet with the Minister of Pensions, Alexander de Croo, in May 2013. The delegation discussed the activation of older workers, harmonization of the status of blue and white collar workers and pan-European pension funds.
Human Resources Committee
Chair Lisa Salas Aon Hewitt Vice-CHairs Stefan Nerinckx Field Fisher Waterhouse Sofie Van Huffel, ON Semiconductor Belgium
Finally, under the newly elected leadership, the Committee aims to achieve significant progress on its policy priorities, to enhance the communication of its views, positions and activities via AmCham events and publications, to focus on valuable best practice sharing (in an international context) and to actively collaborate with other AmCham groups and Committees. The HR Committee is open to welcome HR executives from leading operational AmCham member companies. Subcommittees and Taskforces Harmonized Status Taskforce • Immigration Taskforce • Labor Cost Taskforce • Pensions Taskforce
2013 Annual Report | 7
Legal & Taxation Committee
Chair Howard Liebman Jones Day Vice-CHairs Luc Dhont Procter & Gamble Distribution Co. (Europe) Roel Van Werde
Mission The Legal and Taxation Committee is responsible for monitoring significant tax and legal developments in Belgium (and, subsidiarily, in the EU) and attempting to influence, in a constructive fashion, legislative and administrative decisions in such fashion as to promote the best interests of the American and international business community in Belgium.
T
he Leadership team was re-elected for a further two-year term. Membership of the Committee continues to grow, with five new members in 2013, four from corporations. The Committee sponsored one reception and two luncheon seminars in addition to holding its regular monthly meetings. Highlights included the presentation by Minister of Employment, Monica De Coninck, as the guest speaker at the 2013 New Year Officials Reception, which was attended by 160 participants. The Committee also held its traditional holiday luncheon with the top officials of the Belgian Tax Administration, another popular and highly successful event. Finally, a luncheon conference focusing on US expatriation laws and dual nationality took place in May 2013. The event was supported by the American Club of Brussels and was also considered a success by one and all. Speakers at the regular meetings covered a wide range of topics such as EU lobbying, anti-abuse measures and the expected impact of the US FATCA legislation, keeping members abreast of recent developments in various fields. In a new initiative, there was also one meeting devoted solely to an open discussion with the Director-General of the Agency for Administrative Simplification, with members taking the opportunity to present issues of particular concern. The Committee continues to receive kudos for its lobbying activities, responding quickly to the introduction of the new ‘Fairness Tax’ by establishing a new Taskforce chaired by Thierry Denayer. That Taskforce has already met with officials from two Cabinets and obtained support to clarify the key areas in which greater clarity is required. The Notional Interest Deduction (‘NID’) Taskforce, chaired by Werner Heyvaert, also responded rapidly once the European Court of Justice issued its decision in the Argenta Spaarbank case. The outcome was successful insofar as the retention of the NID is concerned. The R&D and Innovation Taskforce, chaired by Brent Springael, completed work on a comprehensive Position Paper, released early in 2014. Last but not least, a Transatlantic Trade & Investment Partnership (TTIP) Taskforce, chaired by Bart Van Vooren, has been created to ensure better communication of the benefits of the TTIP to Belgium and for business in general as well as monitoring the negotiations to ensure members’ views are taken into account. All in all, 2013 was a busy and successful year! Subcommittees and Taskforces Corporate Tax Subcommittee • Legal Subcommittee • Fairness Tax Taskforce • NID Taskforce • R&D and Innovation Taskforce • TTIP Taskforce
8 | 2013 Annual Report
Mission The Membership Committee’s overall mission is to help recruit and retain members for AmCham Belgium.
T
he priorities of the Membership Committee are to understand and serve the needs and requirements of the Chamber’s total membership; to identify new membership services and benefits; to recruit new members; and to retain existing members.
530
AmCham Belgium ended 2013 with 530 members, of which 56 were new members. This is a good indicator of the Chamber’s continued ability to attract new member companies.
members Above all, the main goals of the Membership Committee are to create interactivity between the members and all of the Chamber’s stakeholders and to provide the most added value to member companies. We are always carefully assessing our members’ needs and communicate with the other Committees, finally reporting back to the Executive Committee and the Board of Directors. We take the time to approach each member individually, whether through a direct phone call or tailored mailing.
Membership Committee
Chair Dave Deruytter ING Belgium Vice-chairs Sandrine Agie Whyte Corporate Affairs Matteo Pederzoli MCI Benelux SA
In an effort to deliver more value to our Patron members, the Committee thought of creating an exclusive forum for interaction between large companies and Belgium’s governments and administrations. This led to the eventual creation of the Government Relations Forum. As a result of this and other initiatives, we have seen a strong inflow of new Patron members. In order to enhance the US-Belgian business relations, the Committee not only focuses on recruiting US companies in Belgium, but also Belgian companies with an interest in the US. Year-on-Year Membership Changes
Group Patron Patron Sustaining Regular Grand Total*
2013 9 48 122 265 530
2012 7 46 119 266 503
2011 8 49 109 257 496
*includes Honorary and Group Members
Field of Activity 9%
Company Size 12%
19% 72%
38%
Nationality 15%
50%
30%
55%
Service facility
Large companies
US companies
Sales office
Small companies
Belgian companies
Manufacturing
Medium companies
Other nationalities
2013 Annual Report | 9
Nominations Committee
Chair Ludo Deklerck Koan Legal Strategies
T
his Committee is constituted every year by the Board of Directors when it meets after the Annual General Meeting and is normally composed of five members. Chaired by Ludo Deklerck, current members are Joost Maes, Olivier Chapelle and Tom Hawkins. It is responsible for presenting candidates to join the Board of Directors for election by the membership at the Annual General Meeting. It also proposes the officers for election by the Board. The Articles of Association state that the majority of members of the Board of Directors shall comprise US citizens and/or persons representing US-controlled companies. It follows that the Nominations Committee will, among others, propose US citizens heading businesses active in Belgium to ensure credibility of its advocacy initiatives. It also aims for high quality top executives who have skills or competencies that can benefit the Chamber and does not recommend re-election of members who have not contributed during their term. The Committee also takes into account the need for diversity among the Board members. During the year, candidates put forward by the Nominations Committee can be approved to join the Board as Advisors. Such Advisors may be invited to attend any Board meeting but will not have the right to vote until their election to the Board is voted on by the membership at the Annual General Meeting. Four Advisors were appointed during 2013. At the 2013 Annual General Meeting, the following Board composition was approved: the resignation of four Board members during term, the election of eight new members, the re-election of four members and the non-renewal of the mandates of nine members (end of term). During 2013, the Board of Directors comprised 20 Directors and four Advisors.
2013 Board Nominees
Wim Hautekiet CEO, The Bank of New York Mellon NV/SA
Patricia Massetti Managing Director, MSD Belgium BVBA/SPRL
John Porter CEO & General Manager, Telenet
Pascale Van Damme Managing Director Belux & Head Sales Transformation and Ops EMEA Public, Dell NV
10 | 2013 Annual Report
Mission The Committee’s role is to stimulate and optimize the dialogue between the younger professionals (~18-35) and the American/Belgian business community in Belgium.
T
he Young Professionals (YP) Committee is actively involved in increasing the dialogue between young professionals and the US-Belgian business community in Belgium. Numerous creative, entertaining and impactful events were organized in 2013, notably: Five CEO luncheons with the heads of influential companies took place in 2013 at Ingersoll Rand International, Interel, Cofinimmo, Brussels Airlines and Skechers. 82 young professionals took part in these select gatherings to network and benefit from the experience of today’s top leaders. Secondly, the Committee successfully organized the second edition of its “Leaders of Today and Tomorrow Speed Networking Event”. Around 20 CEOs individually met with 20 young professionals in four minute rounds in a highly energetic and fruitful evening.
Young Professionals Committee
Chair Jim Cheng Fuxi Development LLC Vice-CHairs Tom Swinnen Van Bael & Bellis Benoit Willems 3M Belgium
Moreover, the first YP networking night – jointly organized with BECI, Jong Voka, the Belgian-Chinese Chamber of Commerce and the Belgium-Japan Association & Chamber of Commerce – took place on February 20, 2013 and gathered 200 participants. This event had a simple agenda, which it successfully accomplished: to expand participants’ network base by uniting young professionals from a variety of different nationalities and industries. Last but not least, the YP Committee closed the first edition of its mentorship program in October. The launch of its second class is officially planned for January 2, 2014. The YP Committee looks forward to a very successful, exciting, fun, and dynamic 2014. Subcommittees and Taskforces World War I Joint Taskforce
2013 Annual Report | 11
Financial Statements The American Chamber of Commerce in Belgium ASBL Audited financial statements for the years ended December 31, 2013 and 2012 BALANCE SHEETS (Currency – EUR) ASSETS
December 31, 2013
December 31, 2012
Cash and cash equivalents
630.324
480.713
Marketable securities
851.002
895.207
Accounts receivable
622.617
650.876
40.197
22.619
2.144.140
2.049.415
86.953
82.985
(68.922)
(49.077)
Fixed assets (net)
18.031
33.908
Intangible assets (net)
3.651
7.509
Other non current assets
1.175
1.175
Total Non Current Assets
22.857
42.592
2.166.997
2.092.007
Current Assets
Prepaid expenses Total Current Assets
Non-Current Assets Office furniture, fixtures and equipment Less: accumulated depreciation
Total assets
The accompanying notes are an integral part of these financial statements.
The American Chamber of Commerce in Belgium ASBL Statutory auditor's report for the year ended 31 December 2013 4
12 | 2013 Annual Report
The American Chamber of Commerce in Belgium ASBL Audited financial statements for the years ended December 31, 2013 and 2012 BALANCE SHEETS (Currency – EUR) LIABILITIES AND FUND BALANCE
December 31, 2013
December 31, 2012
88.305
38.762
VAT payable
115.004
127.170
Accrued expenses
124.558
154.055
Deferred revenue
896.987
875.925
Total current liabilities
1.224.854
1.195.912
Fund Balance (Note 3)
942.143
896.095
2.166.997
2.092.007
Current Liabilities Accounts payable
Total liabilities and fund balance
The accompanying notes are an integral part of these financial statements.
The American Chamber of Commerce in Belgium ASBL Statutory auditor's report for the year ended 31 December 2013 5
2013 Annual Report | 13
The American Chamber of Commerce in Belgium ASBL Audited financial statements for the years ended December 31, 2013 and 2012 STATEMENTS OF INCOME AND EXPENSES (Currency – EUR) December 31, 2013
December 31, 2012
757.050
773.525
Income
Membership dues
Income from publications
32.959
3.348
Income from sponsorships
133.000
145.000
Income from functions
61.821
52.329
984.830
974.202
Other income:
Net gain on marketable securities
2.696
39.952
Interest earned on bank accounts
14.465
9.111
Miscellaneous income
8.520
7.140
25.681
56.203
1.010.511
1.030.405
Total income
The American Chamber of Commerce in Belgium ASBL Statutory auditor's report for the year ended 31 December 2013 6
14 | 2013 Annual Report
Expenses General and administrative expenses:
Salaries and related expenses
571.653
525.789
Social security
81.970
64.698
Office expenses
231.449
233.819
Sundry expenses
18.025
55.075
Expenses - functions
61.366
42.247
Total Expenses
964.463
921.628
Excess of income over expenses
46.048
108.777
The accompanying notes are an integral part of these financial statements.
The American Chamber of Commerce in Belgium ASBL Statutory auditor's report for the year ended 31 December 2013 7
2013 Annual Report | 15
The American Chamber of Commerce in Belgium ASBL Audited financial statements for the years ended December 31, 2013 and 2012 STATEMENTS OF CASH FLOWS (Currency – EUR) December 31, 2013
December 31, 2012
46.048
108.777
23.704
22.360
(12.480)
8.000
(2.696)
(39.952)
28.259
(28.861)
Cash flows from operating activities: Excess of income over expenses Adjustments to reconcile excess/(shortfall) of income over expenses to net cash provided by operating activities: Depreciation and amortization (Reversal of) Allowance for bad debt Unrealized gain on marketable securities Changes in operating assets and liabilities:
Accounts receivables
Prepaid expenses
(17.578)
(17.532)
Accrued expenses
(29.497)
66.234
Accounts payable and VAT payable
37.377
32.509
Deferred revenue
21.062
32.183
94.198
183.718
Investments in marketable securities
(83.122)
(434.445)
Proceeds from the sale of marketable securities
142.504
186.733
(3.969)
(45.361)
55.413
(293.073)
Net increase (decrease) in cash and cash equivalents
149.611
(109.355)
Cash and cash equivalents at the beginning of the year
480.713
590.068
Cash and cash equivalents at the end of the year
630.324
480.713
Net cash provided by operating activities Cash flows from investing activities:
Capital expenditures Net cash provided by/(used in) investing activities
The accompanying notes are an integral part of these financial statements.
The American Chamber of Commerce in Belgium ASBL Statutory auditor's report for the year ended 31 December 2013 8
16 | 2013 Annual Report
The American Chamber of Commerce in Belgium ASBL Audited financial statements for the years ended December 31, 2013 and 2012 NOTES TO THE FINANCIAL STATEMENTS 1.
Activities of the Chamber and Significant Reorganizations The American Chamber of Commerce in Belgium ASBL ("AmCham Belgium" or the "Organization") was formed as a not-for-profit organization (referred to as an ASBL) to promote the harmonious development of Belgo-American relations in the economic and business field, aiding the growth of trade and investment between the two countries.
2.
Summary of Significant Accounting Policies The operations are financed primarily through membership dues, event income, sponsorship income, and subscription income from its magazines and publications. Income and expenses of the Organization are accounted for in the period in which such income and expenses are incurred (accrual accounting). The Organization classifies as cash equivalents all highly liquid investments with maturities of three months or less. The Organization capitalizes its furniture, fixtures and equipment at cost and depreciates them over the estimated useful lives of the assets, usually 3 to 5 years, using the straight-line method. Betterments, renewals and extraordinary repairs that extend the life of the asset are capitalized; other repairs and maintenance charges are expensed as incurred. The cost and related accumulated depreciation applicable to assets retired are removed from the accounts and the related gain or loss on disposition is recognized in income. The Organization expenses costs related to development of databases and websites as incurred, except when the development results in probable future economic benefits. Capitalized costs related to such development are included within Intangible Assets on the balance sheet and amortized over the estimated period in which the future economic benefits will flow to the Organization, usually 3 to 5 years. The Organization’s marketable securities are accounted for at the lower of their cost or their fair market value.
The American Chamber of Commerce in Belgium ASBL Statutory auditor's report for the year ended 31 December 2013 9
2013 Annual Report | 17
The American Chamber of Commerce in Belgium ASBL Audited financial statements for the years ended December 31, 2013 and 2012 NOTES TO THE FINANCIAL STATEMENTS
3.
Fund Balance Activity in the Fund Balance account during the two last years is as follows: EUR Balance as of December 31, 2011
787.319
Excess of income over expenses for the year ended December 31, 2012
108.777
Balance as of December 31, 2012
896.095
Excess of income over expenses for the year ended December 31, 2013 Balance as of December 31, 2013
4.
46.048 942.143
Operating Leases The Organization is committed under an operating lease arrangement for office space. A new lease agreement was entered into in 2012, for a period of nine years. The lease agreement for the office space provides for a base annual rent of 54.030 EUR, subject to an annual indexation adjustment.
The American Chamber of Commerce in Belgium ASBL Statutory auditor's report for the year ended 31 December 2013 10
18 | 2013 Annual Report
Belgium Tel. + 32 2 800 20 00 Fax + 32 2 800 20 01 www.deloitte.be
The American Chamber of Commerce in Belgium ASBL Statutory auditor's report for the year ended 31 December 2013 Ladies & Gentlemen In accordance with the statutes of the American Chamber of Commerce in Belgium, we are pleased to report to you on the audit assignment which you have entrusted to us. This report includes our opinion on the financial statements together with the required additional comments and information.
Unqualified audit opinion on the financial statements We have audited the financial statements of the American Chamber of Commerce in Belgium ASBL for the year ended 31 December 2013, prepared in accordance with the accounting principles applicable in Belgium, which show total assets of 2.166.997 EUR and an excess of income over expenses for the year of 46.048 EUR. The board of directors of the organization is responsible for the preparation of the financial statements. This responsibility includes among other things: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with legal requirements and auditing standards applicable in Belgium, as issued by the “Institut des Reviseurs d’Entreprises/Instituut van de Bedrijfsrevisoren”. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. In accordance with these standards, we have performed procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we have considered internal control relevant to the organization’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the organization’s internal control. We have assessed the basis of the accounting policies used, the reasonableness of accounting estimates made by the organization and the presentation of the financial statements, taken as a whole. Finally, the board of directors and responsible officers of the organization have replied to all our requests for explanations and information. We believe that the audit evidence we have obtained provides a reasonable basis for our opinion. In our opinion, the financial statements as of 31 December 2013 give a true and fair view of the organization’s assets, liabilities, financial position and results in accordance with the accounting principles applicable in Belgium.
Deloitte Bedrijfsrevisoren / Reviseurs d’Entreprises Burgerlijke vennootschap onder de vorm van een coöperatieve vennootschap met beperkte aansprakelijkheid / Société civile sous forme d’une société coopérative à responsabilité limitée Registered Office: Berkenlaan 8b, B-1831 Diegem VAT BE 0429.053.863 - RPR Brussel/RPM Bruxelles - IBAN BE 17 2300 0465 6121 - BIC GEBABEBB
Member of Deloitte Touche Tohmatsu
2013 Annual Report | 19
Additional comments and information The organization’s compliance with the requirements of the law of 27 June 1921 regarding non-profit organizations, international non-profit organizations and foundations and its articles of organization are the responsibility of the board of directors. Our responsibility is to include in our report the following additional comments and information which do not change the scope of our audit opinion on the financial statements:
Without prejudice to certain formal aspects of minor importance, the accounting records are maintained in accordance with the legal and regulatory requirements applicable in Belgium.
No transactions have been undertaken or decisions taken in violation of the company’s articles or the law of 27 June 1921 regarding non-profit organizations, international non-profit organizations and foundations.
Due to the limited size of the organization and the impact of this size on the administrative organization and internal control (e.g. segregation of duties), we adapted our audit approach in accordance with the auditing standards of the IRE / IBR and performed substantive audit procedures on the financial statements.
Diegem, 24 February 2014 The statutory auditor
DELOITTE Bedrijfsrevisoren / Reviseurs d’Entreprises BV o.v.v.e. CVBA / SC s.f.d. SCRL Represented by Michel Denayer
The American Chamber of Commerce in Belgium ASBL Statutory auditor's report for the year ended 31 December 2013 3
20 | 2013 Annual Report
This page intentionally left blank.
2013 Annual Report | 21
Annex 1: 2013 Calendar of Events January
February
16 New Year Reception with Belgian Officials, sponsored by BNP Paribas Fortis 23 Lunch Briefing: “The Do’s and Don’ts of Dealing with Company Corruption and Fraud”, sponsored by Control Risks 29 EU Briefing on REACH, sponsored by Regus 31 Young Professionals @ Noon – Ingersoll Rand International
19 “Synergy is Not for Free – Managing Diversity for Organizational Success”, sponsored by the Center for Creative Leadership 20 Young Professionals Networking Night 25 “The Ten Most Common Mistakes of ICT Outsourcing”, sponsored by Cornerstone Business Transformation Services
May
June
14 Visit to the Port of Antwerp, sponsored by the Antwerp Port Authority and ExxonMobil 16 CEO Dinner on “New Ways of Working – the Working Environment of the Future”, sponsored by SWIFT 22 “America – Love it, Leave it or Share Your Loyalty – US Expatriation Law and Dual Nationality” 23 Lunch conference on “Burnout: What Is It and How to Avoid It”, sponsored by Cofinimmo 29 CEO Breakfast on the Release of our 2013 Priorities for a Prosperous Belgium
4 6 11 13 18 20 25 27
Spring Business After Hours, sponsored by Steigenberger Grandhotel Joint American-Brazilian-Chinese Conference: “Bridging Business Barriers”, sponsored by BNP Annual Dinner with Deputy Prime Minister Johan Vande Lanotte Young Professionals @ Noon – Cofinimmo Business Migration of Highly Skilled Workers, sponsored by Fragomen “The Role of Social Media in Crisis Situations”, sponsored by Regus and Ketchum Invest in Wallonia Lunch with Minister-President Rudy Demotte, sponsored by AWEX Lunch in the Herentals Region with US Ambassador Howard Gutman
September
October
10 CEO Reception on “How Changes in Banking Will Affect the Corporate World” followed by Meet & Greet with new US Ambassador to Belgium, sponsored by Febelfin 13 AmCham Belgium and Golf Château de la Tournette InterCorporate Ryder Cup 16 Young Professionals VIP Reception with Didier Reynders, sponsored by KBC 18 Future Trends Reception with Peter Spiegel, sponsored by FTI Consulting 20 Young Professionals @ Noon – Brussels Airlines
2 9 14 17 24 30
22 | 2013 Annual Report
Joint Gala Dinner for Ambassador Bauer with the American Club of Brussels Business Luncheon with Patricia Lanssiers, Eli Lilly Young Professionals: “Leaders of Today and Tomorrow Speed Networking Event”, sponsored by the Center for Creative Leadership Exclusive Nocturne at the Red Star Line Museum, sponsored by United Airlines, Antwerp World Diamond Centre and Antwerp International School Author Presentation: Cold Case Kennedy, A New Investigation into the Assassination of JFK, sponsored by Moore Stephens Halloween Party with the American Club of Brussels
March
April
4
18 Young Professionals @ Noon – Interel
New Members Showcasing Reception, sponsored by Xerox 14 Annual General Meeting and Release of The Importance of US Companies in Belgium, sponsored by Accenture 25 “Secrets of Successful Mergers, Acquisitions and Carve-Outs – Selling to Private Equity”, sponsored by Riverside
2013 by the numbers
August
41
61
Committee meetings
27 Lunch Conference on Talent Gap, sponsored by ManpowerGroup Belgium
events
2247
event participants
November
December
18 Optimizing Company Pensions in Belgium, sponsored by Conac and Linklaters 19 “Globalize Your Virtual Business – Launching StartUps that Compete on a Global Scale”, sponsored by McKinsey Solutions 21 CEO Thanksgiving Walking Dinner 28 Young Professionals @ Noon – Skechers
10 EU Briefing on TTIP, sponsored by Cleary Gottlieb Steen & Hamilton LLP
2013 Annual Report | 23
Annex 2: Board of Directors Frank Aranzana CEO, Allnex Belgium SA/NV
John Largent Chairman, Magic Monkey
Scott Beardsley Director, McKinsey & Company, Inc. Belgium
Gottfried Leibbrandt CEO, SWIFT
Eddy Bonne President, Abra VZW
Eric Lonbois Managing Director Health and Public Service Benelux, Accenture NV/SA
Olivier Chapelle CEO, Recticel NV Marcel Claes Chief Executive, AmCham Belgium Karel De Baere Chairman, PwC Ludo Deklerck Partner, Koan Legal Strategies Jean Eylenbosch Vice President European Government Relations, CocaCola Enterprises Belgium Luc Gijsens CEO Merchant Banking Business Unit, KBC Group NV Ingrid Gonnissen Country General Manager Belux, Xerox NV
Joost Maes Managing Partner, Egon Zehnder Philippe Rogge General Manager, Microsoft NV/SA Roland Teixeira de Mattos Country Executive Benelux, GE - General Electric Cis Van Doninck CFO Europe, General Manager Belgium, Cargill Europe BVBA Paul Van Hooghten Head of Corporate Mergers & Acquisitions, Linklaters LLP Joost Van Roost President, ExxonMobil Benelux
Tom Hawkins Head of School, St. John’s International School FCJ ASBL
Board Advisors
Wim Hautekiet CEO, The Bank of New York Mellon NV/SA
John Porter CEO & General Manager, Telenet
Patricia Massetti Managing Director, MSD Belgium BVBA/SPRL
Pascale Van Damme Managing Director Belux & Head Sales Transformation and Ops EMEA Public, Dell NV
Honorary Directors Denise Campbell Bauer US Ambassador to Belgium Douglas E. Lute US Ambassador to NATO
24 | 2013 Annual Report
Anthony Luzzatto Gardner US Ambassador to the European Union
AmCham Belgium Secretariat Marcel Claes
Chief Executive
Sheila Rosseau
Senior Director
Sue Wheeler Jean-Baptiste Deroulez Daniel Pyster Dawn Smith
Policy, Finance and Administration Director Office Coordinator Communications Manager Events Manager
Nefeli Van Hege
Communications & Marketing Coordinator
Gwen Wackwitz
Policy Coordinator
Matthieu Woodhouse
Membership & Business Development Coordinator
#AmCham Photo Credits: Cover, pp. 2-3: ŠiStockphoto.com/RENGraphic; p. 4: ŠiStockphoto.com/OlegAlbinsky; p. 5: flickr / Jason A. Howie (CC BY 2.0)
Connect with us on: @AmChamBE facebook.com/AmChamBelgium linkedin.com/company/amcham-belgium
Managing Editor (e.r./v.u.): Sheila Rosseau
rue du Trône 60 Troonstraat – 1050 Brussels Tel. +32 (0)2 513 67 70 | Fax +32(0)2 513 35 90 gchamber@amcham.be | www.amcham.be