BAB Network Magazine 2014 Volume III NY by BritishAmerican_Business

2014, VOL. III

NETWORK NEW YORK LONDON

Effective Corporate Governance

Featuring an interview with Peter Hancock President & CEO, AIG

CONTENTS 2014, VOL. III

NETWORK NEW YORK LONDON

Effective Corporate Governance

2 A Message from Wendy Mendenhall, Managing Director 3

TRANSATLANTIC COUNCIL MEMBER LISTING

MEET THE NEW MEMBERS

EFFECTIVE GLOBAL GOVERNANCE

An Interview with Peter Hancock, President & CEO, AIG

Featuring an interview with Peter Hancock President & CEO, AIG

BRITISHAMERICAN BUSINESS New York 52 Vanderbilt Avenue, 20th Floor New York, NY 10017 Tel: +1 212 661 4060 Fax: +1 212 661 4074 E-mail: nyinfo@babinc.org @BABNewYork London 75 Brook Street London W1K 4AD Tel: +44 (0)20 7290 9888 Fax: +44 (0)20 7491 9172 E-mail: ukinfo@babinc.org @BABLondon

Governance in the Digital Age by Chief Solutions Partner, IT Infrastructure and Managed Security Services, Tata Consultancy Services

A NEW YORK MINUTE

Interview with Duncan Edwards, President & CEO, Hearst Magazines International 11

AUTHOR SPOTLIGHT INDUSTRY INSIGHTS

12 If You Can’t Communicate, You Can’t Lead Jen Prosek, Prosek Partners

Website: www.babinc.org EDITOR Andrew Boyd aboyd@babinc.org

Fine Art Collection Management: An Art Insurance Prospective Sam Cargill, Aon Private Risk Management

13 US Companies Expect Rise in International Business Activity Sanjiv Sanghvi, Wells Fargo & Company

Behavioral Economics and Regulation on Both Sides of the Atlantic Stuart King and Paula-Rose Stark, Promontory

14 A Snapshot of the US Infrastructure Sector Michael E. Pikiel, Jr.,Norton Rose Fulbright Is Your Brand Telling an Authentic Story? Ken Wincko, PR Newswire 15 Realizing the Promise of Global Enterprise Communications Chuck Pol, Vodafone

Activist Influence in US M&A Deals Marios Maratheftis, Standard Chartered

16 4 Observations From My First Trip to China Adam Ostrow, Mashable 17 POLICY UPDATE

PROGRAM HIGHLIGHTS

18 New York Program Highlights 22 London Program Highlights

Photos by Elsa Ruiz and Jerry Speier

BritishAmerican Business NETWORK 2014, VOL. III

Wendy Mendenhall Managing Director BritishAmerican Business wmendenhall@babinc.org

n case you missed it, we had a fully packed house this year for our Transatlantic Business Awards Dinner on October 8th – even Sir Jackie Stewart’s tartan trousers made an appearance. We honored Sir Jackie for his incredible F-1 career and his role in promoting safety in the sport, alongside business honorees William H. Swanson, Chairman, Raytheon Company; Antony Jenkins, Group Chief Executive, Barclays; James C. Smith, President & CEO, Thomson Reuters; and Karen B. Peetz, President, BNY Mellon. These distinguished leaders were joined by over 700 executives and dignitaries from the transatlantic community. We thank all of our honorees and guests for their support and participation. Check out pages 18 and 19 for highlights and pictures. Our other programming this fall has been diverse and innovative. We launched our policymaker roundtable series (see page 20) with Lord Livingston, UK Minister of State for Trade and Investment, who led a high-level discussion on “The UK’s Business Strategy and the Evolving Transatlantic Marketplace.” Also for the first time, we held an exclusive event for chief information and security officers from financial and insurance companies to discuss what corporate boards need to know about cyber threats. Other topics and themes included healthcare, workplace diversity, the midterm elections, taxation, corporate social responsibility, “speed networking,” and even wine tasting! Many thanks to all our sponsors, hosts, and speakers this fall. See page 21 for a full list of sponsors.

In this issue of Network, we’re delighted to feature an interview with Peter Hancock, the new President & CEO of AIG. In his interview, Peter focuses on the challenges of governing a global institution and the importance of workforce culture at AIG. We’re also excited to introduce a new feature: “A New York Minute with…”. In these short interviews, we’ll present off-the-cuff conversations with member executives. Many thanks to Duncan Edwards, President & CEO of Hearst Magazines International, a member of our International Advisory Board, for volunteering to be our first subject! Find out what he keeps in his briefcase on page 9. We are delighted to welcome several new members this fall. At the Transatlantic Council level, we’ve added Cognizant, an IT and BPO consultancy, thebigword, a global language-solution provider, and Monitise, a leader in mobile banking. A full list of all our new members can be found on page 5. Next year will mark our 15th Anniversary as BritishAmerican Business, and it promises to be an exciting year indeed. Check out our website or follow us on twitter (@babnewyork) for the latest news updates, programs, and news from you, our members. We are always delighted to hear from you with ideas, questions, news, and feedback. You can reach me at wmendenhall@babinc.org. Thank you for your support in 2014 and we look forward to working with you in 2015. Happy reading… n

Fo l l ow @ BA B N ew Yo r k

BritishAmerican Business NETWORK 2014, VOL. III

Tr a n s a t l a n t i c C o u n c i l M e m b e r s

T RA N SAT L A N T I C CO U N C I L M E M B E R S Transatlantic Council Membership is reserved for a select group of BritishAmerican Business’ leading companies, and offers them a customized program of exclusive networking, promotional, and business opportunities, in addition to the regular benefits associated with membership in BritishAmerican Business.

A.T. Kearney Inc.

Hearst Corporation

Mercer

Siemens Financial Services

Aberdeen Asset Management, Inc.

CB Richard Ellis Inc.

Heidrick & Struggles

Merrill Corporation

Standard Chartered Bank

Chadbourne & Parke LLP

Hill+Knowlton Strategies

Mintz Group; The

Starr Companies

Chubb & Son

HSBC Bank USA

Moelis & Company

State Street Corporation

CIT

IBM Corporation

Monitise Group

Sullivan & Cromwell LLP

Citi

InterContinental New York Barclay

Morgan Lewis & Bockius LLP

Tata Consultancy Services

Mountbatten Institute

The Williams Capital Group, LP

National Grid

thebigword

News Corporation

Thomson Reuters

NFL

Tilman & Company

Norton Rose Fulbright

Tradeweb

NYSE

Travel Leaders Corporate

Ace Group Ltd. AIG Akin Gump Strauss Hauer & Feld LLP AlixPartners LLP

Cognizant

Ally Financial Inc.

Coller Capital

Alston & Bird LLP

Colliers International

American Airlines Inc.

Corsair Capital

Aon Hewitt

Cushman & Wakefield

Aon Risk Solutions

Debevoise & Plimpton LLP

Joele Frank, Wilkinson Brimmer Katcher

Aquiline Capital Partners LLC

Deloitte.

JPMorgan Chase & Co.

NYU Stern School of Business

Turner & Townsend

Arup

Delta Air Lines, Inc.

Just Marketing International

Oliver Wyman

UBS

Aspen Insurance Holdings Limited

Dentons

JWT

PA Consulting Group

UK Trade & Investment

Deutsche Bank

Kingstree Group U.S., The

Pfizer Inc

United Airlines

DLA Piper

Korn Ferry

PR Newswire Association LLC

Verizon

Bank of America Merrill Lynch

Economist Group

KPMG LLP

Virgin Atlantic Airways

Barclays

EHS Partners LLC

Latham & Watkins

Promontory Financial Group, LLC

Exxon Mobil Corporation

Legg Mason

LexisNexis

BAE Systems Applied Intelligence

BBC Worldwide North America Beazley Group BGD Holdings, LLC BLJ Worldwide

Finsbury

Invest Northern Ireland IPSA International Inc. Jaguar Land Rover JetBlue Airways

Linklaters LLP Lloyd’s America Inc.

Prosek Partners PwC Risona Inc. Royal Bank of Scotland, The

VisitBritain Vodafone Global Enterprise WeiserMazars LLP Wells Fargo & Company Willis Group Holdings

Bloomberg LP

Fragomen Del Rey Bernsen & Loewy LLP

BNY Mellon

FTI Consulting, Inc.

LSG (US) LLC

Boots Retail USA, Inc.

FTSE

Marsh & McLennan Companies

Said Business School, University of Oxford

Boston Consulting Group

Galileo Global Advisors LLC

Marsh Inc.

Santander

WL Ross & Co. LLC

Schindler Elevator Corporation

WPP

Lloyds Bank plc

BP America

General Atlantic LLC

Mashable

British Airways plc

Gibney Anthony & Flaherty LLP

MasterCard Worldwide

Broadhaven Capital Partners Brookfield Office Properties Brunswick Group LLC

Goldman Sachs & Co. Hakluyt & Company (North America)

BritishAmerican Business NETWORK 2014, VOL. III

McGraw Hill Financial McKinney Rogers McKinsey & Company

Russell Reynolds Associates Inc.

Schroders Investment Management North America Inc. Sheppard Mullin Richter & Hampton LLP

Winchester Capital Withers Bergman Witt/Kieffer

Xerox Corporation Young & Rubicam Group Zurich Insurance Company Ltd.

MEET THE NEW MEMBERS

N ew B o a rd a n d I A B M e m b e rs BAB is governed by a transatlantic Board of Directors, led by our Chairman, Nicholas Walsh, Senior Advisor, AIG and our Deputy Chairman/President, Christopher Perry, President Global Sales, Marketing & Client Solutions, Broadridge Financial Solutions. The Board’s active support and commitment to BAB and its objectives are important to ensuring our continued success as an organization. We also enjoy strong support from our International Advisory Board, consisting of chairmen and CEOs from more than 100 major, multinational companies. We are delighted to announce that the following new members have recently joined our Board of Directors and International Advisory Board.

NEW BOARD MEMBERS MICHAEL INSERRA Vice Chair and Regional Managing Partner EY DANIEL WACHTLER President & CEO IPSA International Inc.

NEW INTERNATIONAL ADVISORY BOARD MEMBER:

DAVID RIVKIN Partner Debevoise & Plimpton LLP

JENNIFER PROSEK Managing Partner Prosek Partners

SHARON PIERCE Regional Sales Director United Airlines

PATRICK BURKE President and CEO HSBC USA

BRIDGET WALSH Partner EY

MICHAEL A SCHMITTLEIN EVP – Head of Global Banking, EMEA Wells Fargo

ALASTAIR LUKIES CEO Monitise Group Ltd.

BA B E l e c t s N ew B o a rd Le a d e rs h i p At our Board Meeting immediately following our Annual General Meeting in London in October, BritishAmerican Business’s Board of Directors unanimously elected Nicholas Walsh, Senior Advisor to AIG, to succeed Irene Dorner, former President and CEO, HSBC USA and Group Managing Director, HSBC Holdings, as Chairman of BritishAmerican Business; and Chris Perry, President, Global Sales, Marketing & Client Solutions, Broadridge Financial Solutions, to succeed Nicholas Walsh as President and Deputy Chairman of BritishAmerican Business. Nic commented: “BritishAmerican Business is an outstanding organization that consistently delivers exceptional value to its members. Along with our fellowDirectors, we are proud to be associated with it, and its continuing success.”

RIGHT: Nic Walsh, new Chairman of BritishAmerican Business, welcomes Rt. Hon. Nick Clegg MP, UK Deputy Prime Minister to our London Gala Dinner.

BritishAmerican Business NETWORK 2014, VOL. III

Tra n s a t l a n t i c Co u n c i l M e m b e rs COGNIZANT

THEBIGWORD

MONITISE

www.cognizant.com Cognizant is a leading provider of information technology, consulting, and business process outsourcing services. Headquartered in Teaneck, New Jersey, Cognizant is ranked on Fortune’s lists of the “World’s Most Admired” and “Fastest Growing Companies.”

www.thebigword.com thebigword is a global technology-enabled language solution provider delivering translation and interpreting services. We employ 500 people within 13 cities across 11 countries, working with 12,000 linguists to make the global communication process smooth for 2,500 Public and Private sector clients.

www.monitise.com Monitise is a world leader in Mobile Money — banking, paying and buying with a mobile device. Leading banks, payments companies, retailers, mobile networks and media owners use Monitise's technology platforms and services to securely connect people with their money in developed and emerging markets.

Co r p o ra te M e m b e rs

Co n ta c t

Capalino+Company CDS Comdata Inc. Karya Capital Management LP Laura Devine Attorneys LLC

To access the online directory of member companies and contacts, please contact Cynthia Xavier for your unique member key and password on 212 338 9462 or cxavier@babinc.org.

ME London Hotel The Folio Society The New York International School (BSF New York Inc.)

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The New York International School opens on NY’s museum mile, opposite Central Park. The school is now accepting applications for admission for ages 2 to 10. It combines the highest academic standards and a dual language immersion program in either Spanish or Chinese. It integrates the American and British curriculums, ensuring that students can progress to top schools and universities in the US, the UK and anywhere in the world. NYIS is established by The British Schools Foundation, a leading international school organization with a global network of schools in Europe, Asia and America. Contact us now for more information. 4 East 90th Street, New York, NY BritishAmerican Business NETWORK 2014, VOL. III

www.nyis.org Tel: +1 212 641 0260 5

C O R P O R AT E G OV E R N A N C E

Effective Global Governance As the new CEO of AIG, a massive, “systemically important” global institution, what priorities do you have in terms of AIG’s corporate governance and ensuring the ethical, productive, and creative behavior of your employees? A key priority for me really builds off an ongoing initiative at AIG: employee participation. In every important respect, risk management in our business is much too important a task to be left to the Risk Management Department alone. AIG’s 64,000 employees must all feel empowered and take individual responsibility for risk and for corporate governance. We want all AIG employees to understand that we believe in our business and the work we do. AIG helps more than 18 million Americans plan for retirement. We serve 98% of Fortune 500 companies. We paid more than $100 million in property casualty claims each business day in 2013 alone. The work we do matters greatly to the individuals, families, and businesses we serve, and we strive to stick to our ethical true north under any circumstances. That said, in a company of 64,000 employees, there will be mistakes from time to time, but our goal is to have an open management architecture — one that empowers people to make decisions wisely, to learn from our mistakes and to raise issues. Every single employee at AIG — from the newest hire to me — we are all in this together, we are all part of the team and we are all empowered to get it right. How can governance activities be executed efficiently across a global institution the size of AIG? Governance is not exclusively a top-down exercise. Governance that doesn’t empower people to be responsible for their actions is governance that will always be a few steps behind. An important initiative internally has been rallying employees around our core mission and our collective power. “One AIG” speaks to the incredible work we can accomplish when our 64,000 employees across the globe collaborate and come together to focus on our customers. We also consider our diversity an enormous source of strength. We have people who are deep experts in every part of our business – underwriting, loss control engineers, actuaries, finance, marketing, customer service, sales professionals, and service center personnel.

Risk mitigation is a large part of both the insurance business and good corporate governance. In what ways is AIG innovating to tackle the challenges of systemic risk? Remember, we are really a new AIG. Since 2008, we have dramatically reshaped AIG’s balance sheet and activities, and we are truly focused on our core insurance businesses. We have dramatically reduced our activity in derivatives, we are much less interconnected, and our capitalization is very robust at this point. We have industry-leading leverage ratios. In addition, we are now in a productive relationship with the Federal Reserve, who acts as our consolidated supervisor. This relationship has made us a stronger company and brought better discipline to our processes. Moreover, our financial strength and business model has actually helped to reduce systemic risk overall. AIG is a long-term infrastructure investor. Most of our assets are bought and held for very

BritishAmerican Business NETWORK 2014, VOL. III

AN INTERVIEW WITH PETER HANCOCK, PRESIDENT & CEO, AIG How does talent management, recruitment, and retention play into how the larger company is governed? Our people are in every way central to our overall success. Attracting, retaining, and promoting the best employees in the industry are key business practices for AIG. We want to create the type of workplace where people want to come to work and people want to work with us. We want employees to start their careers here and feel challenged and valued, growing at our organization, and staying with us over the longterm. Insurance is a business of financial and human capital and we think of both always. What role does forward-thinking and strategic direction play in effective corporate governance? While our executive team and the board really develop the strategic direction of our organization, it’s only a part of the overall success of AIG. The strength of “One AIG” is not measured in financial metrics, rather in the ability of our 64,000 employees to bring their talent, creativity, hard work, and ethical behavior to our customers. That’s done at the employee level, and imbuing our employees with a sense of responsibility for our overall results and empowering them to focus on our customers enables us to succeed.

long periods of time. We can provide long-term protection to families, individuals, and businesses — protection that reduces their vulnerability to risk. In focusing on our core insurance businesses and building out a strong risk management plan, we also contribute to greater financial stability overall.

How will governance change as technology continues to evolve? Technology plays a fundamental role in the way we think about our business, the way we make our underwriting decisions, the way we manage our reserves, the way we manage our financial reporting, and the way we think about the outside world and what our customers’ needs will be today, tomorrow, and well into the future. In the long run, big data is going to transform the insurance industry, and we want to be at the forefront of this transformation in ways that benefit our customers and policyholders.

What is the relationship between fostering a culture of innovation and one of compliance? Are they inherently opposed? Absolutely not! The culture of innovation and compliance in fact go hand in hand. I believe that when you foster a culture of employee participation and empowerment — with a determination to act lawfully, ethically, and in the best interest of our customers – then the innovations we develop will serve our customers’ needs and provide true value to those who rely on AIG.

How does your personal leadership philosophy shape corporate governance at AIG? I really believe in the importance of the rule of reason, in the scientific method, and in keeping a healthy skepticism about every unexamined premise. These philosophical beliefs, coupled with the knowledge that our people are our best resource, really shape the way we look at governance at AIG. n

BritishAmerican Business NETWORK 2014, VOL. III

C O R P O R AT E G OV E R N A N C E

GOVERNANCE IN THE DIGITAL AGE What is the relationship between corporate governance and cyber security? How does cyber security become a firm-wide business concern and not merely an IT risk?

Brian Cummings Chief Solutions Partner, IT Infrastructure and Managed Security Services Tata Consultancy Services

Corporate governance encompasses a wide range of corporate activities that include IT governance, which itself includes IT Security. In many cases, IT Security and cyber security are used to mean the same thing, but cyber security can also be more focused on the threat of external attack, and the measures taken by an enterprise to mitigate such attacks and manage successful external security breaches. Cyber security and effective controls for protection require a significant investment by the business, with IT protocols having a significant impact on the enterprise and how it operates. And considering the significant impact and cost of a security breach — and more recently the threat to executives’ jobs — cyber security is more than ever one of the primary business risks.

What responsibilities do IT teams have in terms of educating the whole workforce to compute safely? How can the board and c-suite assist in that education? The IT team is the cyber security expert in an enterprise. As such, it should own the responsibility to educate both IT and broader personnel across the extended enterprise. However, the challenge arises with the question of what authority such teams have to educate the business organization, and the correct level of detail required so employees can understand and act upon core directives. Best practices involve a key IT team receiving clear support from senior leadership and working closely with HR and, in many cases, corporate communications, to implement and run an enterprise-wide security education program.

When an attack happens, what is required of the whole firm in terms of acting quickly towards resolution and resiliency? What global policies and procedures should be in place to ensure this happens? In advance of a breach, there should be specifically defined participation, responsibilities, plans, and prepared communications. Every enterprise should have a security breach response plan and awareness program. This program should include communications to the employees and the extended organization not to discuss the event with anyone, nor offer any opinions. Communications with the media, regulators and law enforcement is the sole responsibility of executive management and authorized channels of communication. The plan itself should enable quick reaction, assessment and response refinement based on the nature of

the breach. If the enterprise has contributed to the breach through error, oversight or neglect, such issues should be identified early and considered in communications on the event, and discussions with law enforcement and regulators.

In cyber security, how are the firm’s people both an asset and a threat? What corporate governance activities can empower front-line employees to defend the entire firm? In the past, we always said that security is the business and responsibility of everyone in the enterprise. This concept is now expanded to making “risk” everyone’s responsibility. An enterprise needs to encourage and empower everyone to report risk, providing an easy online reporting mechanism that allows and ensures anonymity. Reported risks should be taken into a risk management program, managed by the chief risk officer or equivalent executive, and evaluated and resolved with an appropriate risk mitigation decision. Users who follow the rules and report risks can greatly help an enterprise.

What questions should the c-suite and boards be asking of their IT and IS departments to ensure that comprehensive and evolving security exists? Very simply, ask the question, “What assurance do we have that our cyber security controls are effective? Have we proven it, or are we just feeling lucky?” Red Team testing is one of the SANS Top 20 Critical Controls, but few engage such testing to validate their controls. Proactive forensic examinations can help determine whether systems have already been compromised, undermining all good efforts to optimize cyber security. Even fewer have implemented a proactive forensics examination program.

How can executives foster an atmosphere of constant vigilance throughout their firms? Executives first need to recognize that cyber security has reached the level of an enterprise problem and needs to be raised to the level of a core business process requiring corresponding focus and investment. It is no longer just another control mechanism. Cyber security risk needs to be a primary, critical and mandatory consideration in everything an enterprise undertakes. Executives should set this as policy; validate practices and results through internal and independent audit and testing; incorporate security into performance goals and evaluations; and frequently deliver the message of cyber security criticality and responsibility across the extended enterprise. The goal is not just business success. It is now “secure business success.” n

BritishAmerican Business NETWORK 2014, VOL. III

A NEW YORK MINUTE WITH… … D u n c a n Ed wa rd s, P res i d e n t & C EO, H e a rst M a g a z i n es I n te r n a t i o n a l We sat down recently with Duncan, who also serves on our International Advisory Board, for a quick NEW YORK MINUTE: When you’re in London for business, what’s your “go to” spot for relaxing? Running in Hyde Park or Hampstead Heath, a pint in the Red Lion and Sun in Highgate Village with some mates. Your favorite novel is? A Dance to the Music of Time by Anthony Powell. Your favorite cocktail is? Hhmm, I usually drink Macallan on the rocks; if pushed for a cocktail, a Whiskey Sour please. Your most memorable vacation was? Well, not too many of those recently…skiing with the family is always my favorite. What’s your most prized possession? I’ve got a pretty nice mountain bike! Tea or coffee? Both, frequently.

Your briefcase always contains… an umbrella and a passport. You don’t have fun when… I’m stuck in traffic on the way from the airport to Moscow city center. As a expat, what do you still find surprising about New York City? The absurd bureaucracy. What’s the most rewarding part of running a global business? Getting to know countries and their cultures in a way you never can on vacation. Which one of the Hearst magazines would you recommend most to BAB members? We have something for everyone… Esquire is always excellent and I suspect that this is a Town and Country crowd too.

Duncan attending our Transatlantic Business Awards Dinner

uncan Edwards is president and CEO of Hearst Magazines International, a unit of Hearst Corporation. Edwards is also executive vice president of Hearst Magazines and vice chairman of Hearst Magazines UK, Hearst’s publishing business in the UK, and a member of the Board of Directors of Hearst Corporation. From 2005 to 2009, Edwards was chief executive of NatMag, which is now Hearst Magazines UK. He joined NatMag in 1989 and served in various executive roles since then, including publisher of Company magazine, director of business development and managing director. During Edwards’ time at NatMag, the company grew from publishing nine magazines in 2000 to 20 in 2009, through a mix of launches, acquisitions and joint ventures. Its digital business expanded to include not only online versions of its major magazines but also the UK’s leading women’s interest portal, handbag.com, and the leading consumer health website, netdoctor.co.uk. Edwards spent the early part of his career at Media Week Ltd. and holds a dual honors degree in geography and politics from Sheffield University.

BritishAmerican Business NETWORK 2014, VOL. III

BAB Members network beneath Hearst’s iconic New York Headquarters

J-1 VISA PROGRAM:

Facilitating Global Talent BritishAmerican Business’s J-1 visa program provides member companies the opportunity to bring qualified employees of any nationality and from anywhere in the world into the United States. Alongside BAB’s established Trainee- exchange visitor designation, we also began offering an Intern exchange visitor designation in 2012. The Intern designation allows firms to employ both eligible students and recent graduates for up to twelve months. Whether your company is in the early stages of becoming more international in scope, or has been facilitating foreign employees for years, we encourage you to find our more about our J-1 visa program and where we may bring value to your exchange efforts. “ BritishAmerican Business’s J-1 visa program enables us to bring foreign colleagues to the US for training allowing us to fulfill our global talent objectives. With a dedicated program manager to guide you through the application process, BAB’s program is a cost-effective reliable service which is why they have processed our J-1 visas for the last 12 years.” – Alastair Sturgis, International Rewards Advisor, British Airways THINKING OF HOSTING A FOREIGN EMPLOYEE?

Please contact Tamra Eker at teker@babinc.org or 212.983.3728 for more information.

WHY USE THE J-1 VISA?

• Provide US work experience/training to employees. • Overcome cross-cultural differences and improve communication between US and overseas offices. • Enhance employee recruitment/retention by offering US assignments.

ADVANTAGES OF USING BAB’S J-1 VISA PROGRAM

• Quick: can process completed applications within 5 business days. • Reliable: authorized by the US Department of State since 1986. • User-Friendly: all administration/logistics handled by Program Administrator at BAB.

J-1 VISA CONDITIONS

• Open to all nationalities, and to employees based anywhere in the world. • Period of up to 18 months for trainees and 12 months for interns. • Company must have business relationship with UK. • Business Sectors: Management, Business, Commerce, Finance, Law, Industry, Sciences, Engineering, Architecture, Information Media & Communications.

Perk Up!

Member Perks from BritishAmerican Business

Many of our members provide exclusive offers or discounts on their services and products to fellow members of BritishAmerican Business, and the wider BABC network of 21 chapters, either through an online or in-store redemption. BritishAmerican Business Member Perks are reserved exclusively for our members. To view the details of our current offers listed in Business Services, Travel & Accommodation and Retail & Leisure, please visit: http://babinc.org/whatweoffer/memberperks If you would like to promote any of your own services/products in this way to your fellow BritishAmerican Business members, please contact Danny Girton Jr. at: dgirton@babinc.org or 212.661.4057 For more information on the BABC network, please visit: www.babc.org/chapters

BritishAmerican Business NETWORK 2014, VOL. III

AUTHOR SPOTLIGHT NO EXCUSES: HOW YOU CAN TURN ANY WORKPLACE INTO A GREAT ONE

THE PERSONAL EXPERIENCE EFFECT If there is a person who can teach you how to define and create your personal brand, that person is master marketer Jim Joseph. The bestselling author of The Experience Effect has now turned his attention to building that most precious of all brands — you. In an economy where so many people are struggling, trying to recreate themselves and build new skillsets, the value of a personal brand becomes paramount. As we market ourselves for new careers or take ourselves in new directions, we need to think of ourselves as a brand. What are we projecting? How do those qualities, traits or experiences that we project create a brand that works for us? In other words, how do we create a Personal Experience Effect? Peppered with relevant examples, the book defines what it means to be a brand. The choices we make, their rational and emotional components, the energy we expend towards their projection...all these and more go into creating our personal brands. How do we keep it all conscious and consistent? A personal brand, like any good brand, needs to be consciously managed and controlled. Occasionally, as with corporate brands, a measure of fire-fighting may Jim Joseph be required. This book shows us the what, the President, N.A. why and the how. n Cohn & Wolfe

Every organization deserves to have a healthy workplace culture that drives performance and engagement. In this follow-up guide to The Great Workplace, Drs. Jennifer Robin and Michael Burchell reveal the most common excuses managers use for why they can't create a great workplace. Robin and Burchell poke holes in every single excuse. Whether the reasons involve the organization's leadership, employees, environment, or any other factor, the authors explain that if managers lead people properly, they can create a great workplace. The authors explore how managers can interrupt their own negative thought patterns and instead create lasting change, and they describe how great workplaces have surmounted very real difficulties with aplomb. Filled with case studies, stories, tips, and tools for managers who want to transform their organizations, No Excuses shows that managers in any organization can transform their workplace — if they'll only get out of their own way first. Michael Burchell, Ed.D. is Client Services Lead, North America for McKinsey & Company’s Organizational Health Index. n Michael Burchell Read an Excerpt: http://www.wiley.com/WileyClient Services Lead McKinsey & Co. CDA/WileyTitle/productCd-1118352424.html

THE POWER OF HABIT

In our fast-changing world, leaders are increasingly confronted by messy, multifaceted challenges that require collaboration to resolve. But the standard methods for tackling these challenges — meetings packed with datadrenched presentations or brainstorming sessions that circle back to nowhere — just don’t deliver.    Great strategic conversations generate breakthrough insights by combining the best ideas of people with different backgrounds and perspectives. In Moments of Impact, Chris Ertel and Lisa Kay Solomon “crack the code” on what it takes to design creative, collaborative problem-solving sessions that soar rather than sink.   Drawing on decades of experience as innovation strategists — and supported by cutting-edge social science research, dozens of real-life examples, and interviews with well over 100 thought leaders, executives, and fellow practitioners — they unveil a simple, creative process that leaders and their teams can use to unlock solutions to their most vexing issues. Moments of Impact also includes a “Starter Kit” full of tools Lisa Kay Solomon and tips for putting the book’s Chris Ertel Innovation Director, Strategy core principles into practice. n Strategist & Operations, Deloitte

BritishAmerican Business NETWORK 2014, VOL. III

PHOTO: ELIZABETH ALTER

MOMENTS OF IMPACT: HOW TO DESIGN STRATEGIC CONVERSATIONS THAT ACCELERATE CHANGE

In The Power of Habit, which has spent over 90 weeks on the New York Times’ various bestseller lists, has been translated into 40 languages, and was named one of the best books of 2012 by the Wall Street Journal and the Financial Times, Pulitzer Prize-winning New York Times reporter Charles Duhigg takes us to the thrilling edge of scientific discoveries that explain why habits exist and how they can be changed. We go inside Target superstores, Rick Warren’s Saddleback Church, NFL locker rooms, top 40 radio stations, and the nation’s largest hospitals to see how implementing so-called keystone habits can earn billions and mean the difference between failure and success, even life and death. At its core, The Power of Habit, now available in paperback, contains an exhilarating argument: the key to exercising regularly, losing weight, being more productive, and achieving success is understanding how habits work. As Duhigg shows, by harnessing this new science, we can transform our businesses, our communities, and our lives. n Charles Duhigg Reporter The New York Times

I N D U S T RY I N S I G H T S

If You Can’t Communicate, You Can’t Lead

Jen Prosek Founder, CEO, and Managing Partner Prosek Partners

recent piece in The Economist discussed how getting to the top has as much to do with how you look as what you achieve. The article cited height, voice quality, physical fitness and good posture as precursors to landing the top job. Not surprising. But I’d add another x-factor: the ability to communicate. Great communicators inspire, motivate and move people. Bad communicators typically don’t succeed in today’s corporate world. One awkward quote in a major publication can mean billions of dollars of lost market cap, never mind the end to an illustrious career. Corporate executives know that shareholders, media, employees and competitors scrutinize their words and actions. They understand the bottom-line value of a good reputation; research shows that reputation can account for almost a third of a company’s stock value. Unfortunately for most executives, there is little training or education to prepare them for their roles. In a white paper from the Arthur W. Page Society, CEOs shared their thoughts on how communication impacted their companies and their careers. Tellingly, all but one said they had to learn communication strategies and skills on the job. Very few business schools teach these skills. The sentiment across the

board from the CEOs, most of whom have MBAs, was clear — “We wish we’d learned these skills in business school!” It’s impossible to overvalue great communication skills. “It’s about how we get 40,000 people moving in the same direction and how we position ourselves to clients, the public and other stakeholders,” said Ronald P. O’Hanley, president, Asset Management and Corporate Services, Fidelity Investments. CEOs want — and need — more strategic communications training and the Page Society is making progress in convincing business school deans that they need to expand their curricula. But that progress is not fast enough for the executives already in top roles. Businesses need to support these executives, especially the newly minted ones. How they communicate will not only determine their individual career paths, but also the fate of their companies. Michael W. Lamach, chairman and CEO, Ingersoll Rand, is unequivocal about the importance of communication. “If you reach the C-Suite and can’t communicate with various stakeholders effectively, you may not be there long.” n

Fine Art Collection Management: An Art Insurance Prospective

he global art market has seen soaring prices in recent years. From record auction sales to bustling international art fairs, it can be suggested that art is currently one of the fastest growing asset classes. While assembling a collection large or small it is important to have a comprehensive plan for properly caring for your artwork. Outlined below are preventative steps to take and implement as a part of this pre-mitigation plan, to help protect the longevity of your artwork and the carefully acquired collection as a whole: • Documentation: Keep well-organized documentation for each work with a backup electronic file or collection management system. Be sure to include catalogue descriptions, sales records, condition reports, provenance research, exhibition and conservation history, as well as high resolution images of the front and of the back of each work. •O ptimal Conditions: In general, the optimum temperature for most materials is 20°C/68°F with 45-50% relative humidity. Artworks should avoid direct sunlight, vents, radiators, fireplaces, candles and moisture sources. Utilize museum quality framing materials, including UV-protected glass and glazing, and archival backing. •A rt Handlers and Shipping: The majority of art insurance claims result from damage in transit.

It’s important to hire an accredited art handling and shipping company. Always obtain a Certificate of Insurance from all vendors involved and ask if background checks are completed on employees. Confirm shipper’s trucks have temperature/humidity controls, air-ride and are manned at all times. Always open packing/crates upon delivery to inspect for damage and refer to condition records. • I nsurance and Appraisals: Most policies include terms for settlement of a total loss up to 150% of the scheduled value. Fine art should be appraised every 3-5 years, to make certain that the collection is insured at its most current Retail Replacement Value and to reduce financial loss in the event of a claim. • Disaster Recovery Plan: Create and update your Disaster Recovery Plan yearly. All family and staff members should be instructed on how to safeguard art in the case of a natural catastrophe. Have a list of contacts, including local art shipper, conservator, and insurance broker, who may assist in emergency situations. Aon’s Global Fine Art Practice has a vetted list of recommended art professionals who can help in the coordination and risk mitigation planning. Please contact the department with any questions. n

Sam Cargill CEO Aon Private Risk Management

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US Companies Expect Rise in International Business Activity

Sanjiv Sanghvi Executive Vice President, Business Head Global Banking Wells Fargo & Company

S companies are optimistic about the future of their international business, according to Wells Fargo's inaugural International Business Indicator survey. Nearly seven in 10 (69%) of the companies surveyed expect international business activity to increase in the next year while more than half anticipate international business will be more important to their company's overall financial success, both in terms of revenue and profit contributions. Wells Fargo developed the International Business Indicator to help US business leaders better understand and assess the global business environment. The report gauged the international business outlook of US companies with annual revenues of $50 million or more conducting business across borders. Latin America, including Mexico, was cited as the top region to experience greater US business activity in the coming year. About half of the companies surveyed also project business growth in Canada and the Asia-Pacific region. Although Latin America is the top focus for increasing business, Canada and China rank higher in terms of the business importance of the region, followed by Asia-Pacific. Perhaps due to political tensions and a relative lack of exposure, the Middle East and Africa, along with Central and Eastern Europe, received the least

optimism and focus among the companies surveyed. US companies cited the competitive environment followed by economic conditions both outside of and within the US as drivers for international expansion. Conversely, the regulatory environments in the US and other countries, along with labor costs and political stability, lead the list of factors hindering US companies' ability to do business internationally. When faced with these challenges to doing business globally, US companies rely most heavily on feedback from their international customers and suppliers for guidance. Through these relationships, companies benefit from the practical insights from customers and suppliers for navigating a particular country's business environment. This feedback ranks, by a wide margin, ahead of other information sources such as government agencies, industry or trade resources, consultants, or the news media. Overall, the International Business Indicator survey revealed that despite the challenges of operating in different countries and cultures, US companies view international expansion as essential to achieving long-term growth. For complete information on Wells Fargo’s Indicator survey, including the full results, visit www.wellsfargo. com/indicator n

Behavioral Economics and Regulation on Both Sides of the Atlantic

wo major goals of financial regulators on both sides of the Atlantic are to protect the consumer and ensure market integrity. One component of this new regulatory approach is the use of behavioral economics. This field of study contemplates a model of economic behavior in which humans rely on shortcuts (known as biases) to make what appear to be irrational financial decisions. By embracing this worldview, regulators now have an eye toward writing rules and designing disclosures that recognize how consumers actually behave, rather than how they might like them to behave. These provisions would complement, not replace, existing consumer protections. In the United Kingdom, the Financial Conduct Authority has published commissioned studies on behavioral economics. Parts of that research focused on the insurance industry. For example, the FCA found that companies offering add-ons took advantage of common customer behavior to charge higher prices than they charged if the product had been sold separately. The FCA concluded that the structure of these transactions has a significant effect on the consumer. As a result, it is already developing proposals intended to change the way insurance products are sold.

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The Consumer Financial Protection Bureau in the United States has also taken strides in this direction. The bureau has already investigated the six largest credit card issuers regarding the sale of credit card add-on products, including those related to identity theft and debt protection — products that were often cross-sold in ways reminiscent of the UK sales practices under review by the FCA. The CFPB’s integration of required mortgage disclosures also relied on another behavioralist tool: applied consumer research. The bureau conducted interviews and focus groups to determine what information was relevant to consumers’ consideration of a mortgage offer and how best to present it. For financial institutions in both the UK and the US, this regulatory shift informed by behavioral economics could be significant. Firms may be called out for relying on practices or markets that appear to take advantage of consumer biases, even where they are compliant with individual technical consumer protection rules. Those firms that prepare earlier for these potential changes will have a clear business advantage over their competitors. n

Stuart King Managing Director Promontory

Paula-Rose Stark Senior Principal Promontory

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A Snapshot of the US Infrastructure Sector

Michael E. Pikiel, Jr. Partner Norton Rose Fulbright

he World Economic Forum’s Global Competitiveness Report 2013-2014 ranks US infrastructure 15th and the American Society of Civil Engineer, in its 2013 Report Card for America’s Infrastructure, gives America’s infrastructure a grade of D-, and estimates that approximately $4 trillion of investment is needed by 2020. American infrastructure is in desperate need of investment. While there is increased talk in Washington about improving infrastructure investment, there is still uncertainty as to the role of the federal government and whether the federal government will be able to provide stable, long-term funding. As a result, state, local and regional governments are taking the lead, which is creating investment opportunities for the private sector as many governments are looking to public-private partnership (PPP) models as one alternative approach for delivering infrastructure. While the US is behind the UK, Australia and Canada in the use of PPPs, according to Moody’s in its September 2014 Global Landscape, the “US has the potential to become the largest P3 market in the world, given the sheer size of its infrastructure and its growing urban populations.” While many states have yet to use PPP models to deliver critical infrastructure, momentum is growing. Over the past five years, 33 states and Puerto

Rico have adopted legislation enabling PPP models for transportation projects, and 39 states have some form of PPP enabling legislation. Additionally, five years ago, the PPP market in the US was largely focused on Texas, Virginia and Florida. Today, the market has grown to include Indiana, Pennsylvania, Colorado, Ohio, Puerto Rico, Maryland and California, to name a few of the jurisdictions procuring PPP projects. Over the last five years, a number of trends have emerged in the US PPP market as well. For instance: • t here has been a decrease in the number of privatizations or monetizations of existing assets and the number greenfield projects has been on the rise; • there has been a decrease in the number of demand risk transactions in the market and a dramatic increase in the number of availability payment based projects; and • while the US PPP market continues to be driven by the transportation sector, there are increased opportunities in the social infrastructure and water and wastewater sectors, highlighting the diversification of the market. It appears that PPPs are in the US to stay; PPP models provide an important alternative to the traditional methods of delivering critically needed infrastructure in the US and the risk profiles of the projects are and will continue to be attractive for investors. n

Is Your Brand Telling an Authentic Story?

oday’s crowded media and information marketplace presents organizations both challenges and opportunities. Opportunities in the sense that is easier than ever before to communicate directly and deeply with their audiences, but challenging in the fact that is harder than ever to stand out and gain attention in a world of media fragmentation. So what works? In order to be effective, brands must develop authentic voices. Brand authenticity sets the stage for earning familiarity, developing trust and building ongoing relationships within the marketplace, setting the stage for sales, referrals and long-lasting customer loyalty. That authenticity must be more than skin deep, however, and it’s more than a story. A scratch on the brand surface must not reveal truths about the company that are inconsistent with the external story. To build the authentic story, the C-suite needs to make sure the entire experience with the brand — from the product or service, to the front line employees and campaigns — are consistent and genuine. Make the brand the “north star” for your company — the unifying idea about who you are as a business and what you stand for. Far more than just a visual identity or tag line, this is your commitment to the marketplace. Through your brand architecture, all of your capabilities roll up to this unifying idea, along

with cohesive messaging aligned with clearly stated corporate values. Empower your people with the right direction, structure and processes built on buyer insight. Don’t silo the brand. Rather, instill the values of the brand across all business functions and levels, from the C-suite to brand ambassadors on the front lines of sales and customer service. And make sure you arm them with consistent messages to create a buyercentric engagement hub across channels. Make sure your marketing and public relations efforts are integrated as well — these functions should be working together on earned, paid and owned media, establishing “connected communications” — an integrated approach across digital, social and offline channels such as events and print media. One final suggestion: Keep the branding strategy on track with proactive planning based on potential scenarios. Branding is not an 11th hour exercise as you go to market or face a crisis situation. n

Ken Wincko Senior Vice President of Marketing PR Newswire

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Realizing the Promise of Global Enterprise Communications

Chuck Pol President, Americas Vodafone

or many CIOs, enterprise communications has become a complex web of services, devices and applications and a balancing act between the needs of the business and its employees. As tech-savvy employees continue entering the workforce and the use of emerging technologies including cloud, machine-to-machine and data analytics become more pervasive, enterprise communications will become more complicated. From April 2015 the UK Government is proposing that those with UK defined contribution pensions should not be forced into buying annuities at retirement. Those in such occupational (and personal) pensions will be able to access their pensions in full from age 55, subject to applicable taxation. Factor in the elements that come with being a multinational organization such as opening new offices, expanding into new markets and managing a range of vendors across multiple countries, and maintaining a total communications infrastructure can seem unattainable. The promise of a total enterprise communications strategy — comprised of fixed line, fixed data, mobile voice, mobile data and broadband, as well as cloud and managed services — can be realized. To begin this journey, the first thing to consider is consolidating the number of providers in play. Shifting from a patchwork approach to an integrated model across offices and markets will help to alleviate challenges associated with vendor sprawl. It

results in one bill, one single global contract that serves as a master services agreement and one global point of contact. This makes costs more predictable and reduces integration issues. For example, a business that is expanding into a new market and looking to control network and ICT costs can establish one single Wide Area Network across all of the countries it operates in. By simplifying the management of its network, the business has greater visibility of cost and can create a standardized operating model to support faster, more efficient deployment of critical business applications. By moving to a total communications model, it’s possible to improve internal processes, address employee preferences such as flexible working arrangements, and leverage a range of collaborative tools including video conferencing and enterprise social media apps on any device. From a customer standpoint, unifying communications enables the organization to become easier to do business with while focusing on the delivery of innovations to the marketplace. There is a huge opportunity for those that embrace the potential of fully managed total communications, those that persist with patchwork solutions may always be behind the curve. n

Activist Influence in US M&A Deals

emember the popular view earlier this year? That the emerging market party was over and 2014 would be all about the recovery in the West? The reality has been somewhat different, with recovery in the West disappointingly sluggish. This year we expect the US economy to grow by only 2.2 per cent – no more than the average since 2009. While 2014 is likely to be a better year for the global economy than 2013, once again it is emerging markets that are driving the growth.Transition has been a main theme for 2014, and this still holds true for both China and the US. The old model of growth, which was dependent on investment and exports, is unlikely to drive China through the next stage of its development from a middle-income to a high-income country. Consumption will have to gain more importance in the economy compared to investment, and the services sector needs boosting relative to construction and manufacturing. With rebalancing comes a slowdown, and China is slowing. Authorities will be keen to ensure that the economic slowdown remains controlled, especially for the labour market and income growth. The official Chinese growth target for this year is 7.5 per cent. Given the weak performance in the past three months, further policy easing will be required to

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achieve China’s growth targets. But if we only focus on headline growth, we could miss China’s significant structural progress. In the first half of this year, services accounted for half of China’s growth. Meanwhile, disposable household income rose to 61 per cent of GDP and should continue to trend higher. China is accepting some short-term pain in the form of lower growth for long-term gains and more sustainable growth. The highly anticipated rebound in the US economy is at least another year way. Yet, the Fed is ending its QE programme and it is preparing the market for interest rate hikes in 2015. Clearly, the Fed expects growth, but the US economy has seen many false dawns over the past seven years, and there is still a lot of slack in the US labor market. The hike in policy rates will have to be very gradual. Hiking interest rates too much too soon in the US could end the fragile economic recovery in the US, with negative consequences for the rest of the world. n

Marios Maratheftis Global Head of Macro Research Standard Chartered

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4 Observations From My First Trip to China

Adam Ostrow Chief Strategy Officer Mashable

t Mashable, about half of our audience resides outside the United States. Part of my role is to drive growth in those places, and 2014 has seen us open our first international offices in London and Sydney. I also recently had the opportunity to spend about 10 days in China, where the digital market is vast, complex and led by a completely different group of technology giants. Here are a few observations from my trip about China’s digital landscape and potential opportunities for Western firms: 1: Although Google, Facebook and a host of others remain largely blocked in China, that doesn’t mean China is closed to business for US companies. The large players like Xiaomi, Baidu, Alibaba, Lenovo and Tencent view themselves as global companies and reaching audiences outside of China is a priority for them. Chinese companies are already leveraging Facebook advertising to reach potential customers globally. 2: While doing business in China for US firms can be a complex undertaking, and most of the large social sites remain blocked, there are a number of digital media companies making inroads, notably Flipboard and LinkedIn. Among publishers, TechCrunch translates

their content into Chinese through a partnership with the Chinese tech blog Technode, while Business Insider and The Next Web have their content translated by Tencent and distributed on QQ, one of the large portals. 3: China’s massive population of nearly 1.4 billion people is frequently cited as a reason it can’t be ignored by Western companies. And while the scale of China and many of its giant companies is indeed massive, we were frequently reminded that those 1.4 billion people are a diverse group, with different cultures, languages, education, income, internet accessibility, etc. “Think of China like Europe,” is how one local Chinese investor put it to us. Still, the fact that nearly half of that population is now online does represent an audience opportunity that simply doesn’t exist in any other market 4: While many industry people in China speak English, if you want to reach the masses, you need a product that is distinctively Chinese. As a digital media company, there’s really no choice given your main sources of traffic in other parts of the world — namely Google, Facebook and other social networks — are largely blocked. That means publishing content in Chinese as well as developing a presence on the Chinese social networks like WeChat and Weibo. n

Promotional Opportunities through Network Magazine The New York edition of Network is sent directly to more than 3,600 leading , transatlantic executives in our member companies and highlights the latest in transatlantic news, policy, and events. Produced three times a year, Network features interviews with business leaders and policymakers, covers BAB policy initiatives, and highlights our events program. It also brings readers the latest information from member companies on important topics such as regulatory changes, marketing trends, technological solutions, and talent management. BAB offers bespoke marketing packages to companies looking to promote their thought leadership, products, or services through Network. Take advantage of this opportunity to:  P osition your company as a market leader directly to BAB’s unique audience of executives  Reinforce your company’s brand image and strength.  Market new initiatives, showcase expertise

To take advantage of Network’s promotional opportunities and develop a bespoke marketing package, please contact Andrew Boyd at 212. 983.3727 or aboyd@babinc.org.

BritishAmerican Business NETWORK 2014, VOL. III

P O L I C Y U P DAT E

AB offers an influential platform to advocate for specific policy issues with government on behalf of our membership. Our credibility and influence on policy issues are enhanced by the fact that we speak for a substantial, high level and broad based cross-section of the transatlantic business community, including more than 2,000 member companies of the British-American Business Council (BABC), as well as our own membership in London and New York.

Policy Initiatives We responded to the UK Department of Health (DOH) open consultation on the introduction of regulations for standardizing packaging of tobacco products to express our concerns about the possible implications of the proposed regulation on business, in particular around the protection of intellectual property rights (IPR). In addition to that, we joined almost one-hundred other business and trade organisations, including more than thirty American Chambers worldwide, in a joint business association statement on trademark destruction. We sent a letter to the Chancellor of the Exchequer, the Rt Hon George Osborne MP, to re-emphasise our concern about the substantial damaging consequences of the “enhanced cooperation” Member States adopting the European Commission’s proposal for a Financial Transaction Tax (FTT) for businesses and citizens in the UK. We also published a statement in which we welcomed joint efforts made by EU-US financial services industry in support of the inclusion of financial services regulatory cooperation in a comprehensive EU-US trade agreement.

Transatlantic Trade and Investment Partnership (TTIP) TTIP remains one of the key policy topics for our membership. BAB continued to further strengthen its leadership role in promoting a comprehensive agreement between the EU and the US as we strive to

seek out practical points of cooperation with government and business stakeholders, helping us to show the benefits an agreement can bring to business and our economies. As part of its comprehensive policy approach in support of the negotiations, BAB has been widely recognised for its efforts to explore the local, specific and tangible benefits that an agreement could have for everyday business. In recent months, we continued our UK Road Show on TTIP with events in Edinburgh, Sheffield and Bristol. We also sent a letter to the Rt Hon Vince Cable, Secretary of State for Business, Innovation and Skills (BIS) to share with him some initial observations from this important initiative. One major conclusion we draw is that there is a strong ‘bottom-up’ business case for TTIP, based on removing barriers like regulatory duplication and customs complexity, which hit smaller business disproportionately. Such duplication of testing is burdensome for even the largest of companies, but it can make the difference between there being a strong business case or no business case at all for many small and medium sized enterprises. In the context of trade and investment between the UK and the US overall, the hope is that these smaller companies will be enabled to step up their exports and drive growth and job creation across the economy. In order to discuss some of the major concerns that have come up in the public debate on TTIP, the All-Party Parliamentary Group on EU-US Trade & Investment, for which BAB provides the Secretariat, hosted briefings on TTIP and investment protection and TTIP’s impact on public services, with EU Chief Negotiator, Ignacio Garcia Bercero, as a panellist, among others. We look forward to engaging with our membership around long-term policy objectives, using in particular the expertise of our Member Forums, and efficiently respond to particular policy interests of our membership. We are currently working on a set of policy priorities for 2015. n

Participants at our TTIP Roadshow in Edinburgh share their views on the proposed free trade agreement

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T R A N S AT L A N T I C B U S I N E S S AWA R D S D I N N E R BAB Presents Annual Awards We were delighted to welcome a record number (over 600!) of senior executives to the 2014 Transatlantic Business Awards on October 8th at The Pierre Hotel in New York. BritishAmerican Business presented its 2014 Transatlantic Business Awards to William H. Swanson, Former CEO & Chairman, Raytheon Company, and Antony Jenkins,

Group Chief Executive, Barclays. James C. Smith, President & CEO, Thomson Reuters, was presented with our Innovation Award and Karen B. Peetz, President, BNY Mellon, with our Corporate Social Responsibility Award. We also honored Sir Jackie Stewart OBE, 3 Times F1 World Champion, and Founder and CEO of Stewart Grand Prix with our inaugural Sports Leadership Award.

2014 Awards Dinner Supporters Benefactors  Barclays  BNY Mellon  EMC Corporation  Raytheon Company

 Hewlett-Packard Company

 Northrop Grumman Corp.

 M arsh & McLennan Companies

 New York Stock Exchange

 McKinsey & Company  Monitise plc  Mountbatten Institute

 MasterCard

 Royal Bank of Scotland  United Airlines

 Maxus and Ogilvy & Mather

 Zurich

 NextEra Energy, Inc.

rrick, Herrington &  O Sutcliffe LLP

ricewaterhouseCoopers  P International Limited

 Pfizer Inc.  RR Donnelley

 Aspen Insurance

 AIG Property Casualty

 P romontory Financial Group, LLC

 Shearman & Sterling LLP

 British American Household Staffing

 ACE Overseas General

 Raytheon International, Inc.

 Aon Risk Solutions

 Sullivan & Cromwell LLP

 Barclays

 SunGard

 Bloomberg

 Tata Consultancy Services

 BNY Mellon

 Thomson Reuters

Co-Chairs

 Boies, Schiller & Flexner LLP  Broadridge

 KPMG LLP  Mayer Brown LLP

Vice-Chairs

rascent Management  T Consulting LLC

Contributors

 Burberry  Carlson Wagonlit Travel

 TSYS

 Cisco

Patrons

 Colliers

 BBC Worldwide

 Delta Air Lines

 BNP Paribas

 General Atlantic

 Dell Inc.

 Hakluyt & Company

 Cognizant

 Arup

 DLA Piper

 Intel Corporation

 EY

 Booz Allen Hamilton

 EPAM Systems

 Interbrand

 Hearst

 Boston Consulting Group

 General Dynamics

 JMI

 HSBC

 CBRE, Inc.

 IBM

 JWT

 IPSA International

 Deloitte

 KPMG LLP

 The Kingstree Group

 Jones Lang LaSalle

 FICO

 Merck

 Lloyd’s

 Kelley Drye & Warren LLP

 Heidrick & Struggles

 Morgan Stanley

 Neil Smith

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William Swanson of Raytheon accepts his award

Sir Jackie Stewart accepts his award with Sir Martin Sorrell, Chair of our International Advisory Board, and Irene Dorner, then BAB Chairman

Antony Jenkins of Barclays with Lord Livingston of Parkhead, UK Minister of Trade Jim Smith of Thomson Reuters describes their history of innovation.

Karen Peetz, of BNY Mellon with Gene Ludwig of Promontory Financial and then BAB Chairman, Irene Dorner Sir Jackie Stewart delights the audience

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P R O G R A M H I G H L I G H T S : N E W YO R K

Launch of Policymaker Roundtable Series Expanding on the success of our London office’s Policymaker Roundtable series, New York has launched a similar program aimed at bringing senior executives in contact with governmental leaders in an exclusive setting. In October, we hosted Lord Livingston of Parkhead, UK Minister of State for Trade and Investment and former CEO of the BT Group, who led a discussion on “The UK’s Business Strategy and the Evolving Transatlantic Marketplace.” Thanks to KPMG and Zurich Insurance for sponsoring this event (along with our Ambassadorial Briefing Series) and Hearst Corporation for hosting.

Young Professionals Speed Networking

Network in Style at Karen Millen

Young professionals from our member companies came together at Young & Rubicam’s offices overlooking Columbus Circle and Central Park for a summer evening of speed networking, making new connections and building new business.

Member company Karen Millen launched their new global flagship store on fashionable 5th Avenue with a reception for our members featuring cocktails, networking, and designer clothes and accessories.

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Additional New York Programs >> SME Forum: “Making Healthcare Reform Work for Your

Recent Business Leaders at our New York Programs

Company”

CEO Roundtable with William Swanson, Former Chairman and CEO, Raytheon Company: “The Cyber Challenge: What to Expect and How to Meet (and Beat) It”

>> Networking Reception at the British Consul General’s

Residence

>> E uropean-American Chamber of Commerce Fall Networking

Cruise

>> A nnual US/UK Tax Forum: “When Taxes Impact Talent”

CEO Roundtable with Clarke Murphy, CEO, Russell Reynolds: “The Increasing Importance of Succession Planning”

Jim Anderson leads a discussion with leaders in information security from member financial services firms.

Exclusive Roundtable led by Jim Anderson, President, Americas, BAE Systems Applied Intelligence “Cyber Security: What Your Board Needs to Know”

SPECIAL THANKS TO OUR RECENT PROGRAM SPONSORS AND HOSTS

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