BAB Network Magazine 2014 Vol II New York

2014, VOL. II

NETWORK NEW YORK LONDON

Cyber Security: Protecting Your Firm With insights from BAE Systems Applied Intelligence, National Grid and Alston & Bird

FEATURING BAE SYSTEMS‘

Jim Anderson President, Americas Region BAE Systems Applied Intelligence

CONTENTS

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

2 A Message from Wendy Mendenhall, Managing Director

13 Growing Your Business Responsibly Ian McDougall, LexisNexis

New Board and IAB Members

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TRANSATLANTIC COUNCIL MEMBER LISTING

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MEET THE NEW MEMBERS

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PROTECTION FROM CYBER THREATS: WHAT YOUR BOARD NEEDS TO KNOW

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14 The Carrot and the Stick Approach to Anti-Corruption Compliance Martin T. Biegelman, IPSA International

Don’t Neglect Established Markets When Pursuing High Growth Christopher Rodrigues, VisitBritain

Interview with Jim Anderson, President, Americas Region, BAE Systems Applied Intelligence

15 Making Big Data Work on the Front Line Sean Doyle, British Airways

Case Study: Working Together to Create the Next Generation of Secure US Energy Networks

by Ken Daly, President, National Grid New York

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Responding to Cyber Threats Interview with Kimberly Peretti, Co-Chair, Security Incident Management & Response Team, Alston & Bird

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AUTHOR SPOTLIGHT INDUSTRY INSIGHTS

12 UK Firms Turn to Leasing to Drive Growth Rich Green, CIT

Your Company’s Travel Spend — More than Just a Line Item David Holyoke, Travel Leaders

Planning a Successful IPO Michael Gross, RLM Finsbury

Activist Influence in US M&A Deals Melissa Sawyer, Sullivan & Cromwell

16 The Evolving Business Model: Just Simplify Edmond Cunningham, PA Consulting

UK Government Proposes Ban on Final Salary Pension Transfers John Tunstall, Florin Pensions

17 POLICY UPDATE

PROGRAM HIGHLIGHTS

19 New York Program Highlights 22 London Program Highlights

Photos by Elsa Ruiz and Jerry Speier

BritishAmerican Business NETWORK 2014, VOL. II

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Wendy Mendenhall Managing Director BritishAmerican Business wmendenhall@babinc.org

hat sound does the Queen wake up to every morning? You should have been at the launch of our inaugural Pub Quiz in April to find out! If you missed it, don’t worry: our next Pub Quiz is planned for November. Sign up your foursome now!

On a business note: This issue of Network focuses on the pressing issue of cyber security — ssomething that concerns many of our members. Threats continue to grow from both individual and state-actors as legal protections and technology race to keep up. We’ve gathered insights here from member companies BAE Systems Applied Intelligence, National Grid, and Alston & Bird with tips for protecting your employees, customers, and assets from cyber threats. Read on for thought leadership, too, from nearly a dozen other member companies on topics such as big data, responsible business growth, crossborder acquisitions, and planning for IPOs.

In addition to our next Pub Quiz, we are planning a spectacular fall season of programming with unique networking events, timely panel discussions, and more.

We will also gather over 550 executives at The Pierre on October 8th for our prestigious Transatlantic Business Awards Dinner. Save the date, too, for our Annual Christmas Luncheon on December 12th and join the festive fun as we recreate London's Covent Garden.

I look forward to seeing you at our upcoming programs. You can stay up-to-date on the latest BAB news and events by following us on twitter (@babnewyork) or on our facebook page (facebook.com/babnewyork).

We are always delighted to hear from you. Please do reach out to us with ideas, questions, news and feedback. Happy reading…

N EW B OA R D A N D I A B M E M B E R S BAB is governed by a transatlantic Board of Directors, led by our Chairman, Irene Dorner, Group Managing Director HSBC Holdings plc, and President and CEO of HSBC USA, and our Deputy Chairmen/Presidents, Nicholas Walsh, Vice Chairman, AIG Property Casualty, AIG and Christopher Perry, Global Managing Director, Risk Segment, Financial & Risk Division, Thomson Reuters.

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 join our Board of Directors and International Advisory Board.

NEW BOARD MEMBERS JAMES BARDRICK Citi Country Officer Vice Chairman Corporate & Investment Banking Citi BARBARA BYRNE Vice Chairman Investment Banking Barclays

SIMON BROCKLEBANKFOWLER Managing Partner Cubitt Consulting Limited VIVIAN HUNT Managing Partner McKinsey & Company

DANIEL T. RYAN Partner in Charge- New York Office & Regional Managing Partner for the Financial Services Practice in the Americas Heidrick & Struggles

JESSICA IRSCHICK Global Head of Equities Sales Strategy Bank of America Merrill Lynch

INTERNATIONAL ADVISORY BOARD MEMBERS GREG HODKINSON Global Chairman Arup DOMINIC JERMEY Chief Executive UK Trade & Investment

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

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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.

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BritishAmerican Business NETWORK 2014, VOL. II

UBS

Young & Rubicam Group

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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 +1 212.661.4057 For more information on the BABC network, please visit: www.babc.org/chapters

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JOELE FRANK, WILKINSON BRIMMER KATCHER Aon Hewitt is the world's pre-eminent human resources consulting and outsourcing firm with the resources, expertise and global reach to solve the most pressing and complex people challenges that organizations face today. We employ the strongest team of professionals in the industry, who have access to the widest breath and depth of research, platforms, and services in more locations and for more industry segments than any other human capital firm.

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www.joelefrank.com Joele Frank provides effective and disciplined communications counsel and support to help our clients take control in advancing their business and strategic objectives. Our clients include both large, global public corporations and smaller, private enterprises in a wide range of industries. Our professionals have been recognized by our peers, journalists and the financial community for their quality work, strategic acumen and creative approach to challenging issues. Joele Frank consistently ranks among the top PR firms in announced M&A transactions, defense against activist investors, and restructurings.

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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.

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BritishAmerican Business NETWORK 2014, VOL. II

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C Y B E R S EC U R I T Y

Protection from

Cyber Threats: WHAT YOUR BOARD NEEDS TO KNOW

An interview with Jim Anderson, President, Americas Region, BAE Systems Applied Intelligence

What are some helpful tips for executives still trying to convince the “board room” of the cyber security imperative?

Business growth will increasingly depend on the digitally interconnected and highly mobile nature of modern organizations. It is therefore essential that boards understand the true nature and extent of the increasing risks associated with “bad actors” adapting to current security environments and infiltrating data. While many Boards authorize significant spend on IT security, it is often misplaced due to an outdated understanding of the threats and their potential business impacts.

A worrying observation is that even though many organizations are becoming increasingly aware of the risk, it often takes an emotional experience before real action is taken. In fact, according to our most recent Cyber Security Monitor research, 50 per cent of respondents said it would take clear understanding of vulnerabilities for their Board to take the risk of cyber attacks more seriously.

We typically find that attacks can be felt very personally by Board members after an event, because the impact can be very immediate to business performance and often will directly affect a company’s repu-

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tation. In my opinion, any company that doesn’t invest in security will undoubtedly face repercussions associated with some sort of data breach.

It is important to be informed and prepared to proactively manage this risk. There needs to be clear ownership of the risk at the Board level. Constant vigilance is essential through effective monitoring of networks and information assets for signs of attack so that actions are taken ahead of any harm being done. Robust plans should also be put in place to ensure a swift response to any successful attack, which can dramatically minimize any impact.

Clearly, there is a need to convey the urgency of what is not a well understood and technical subject to Board members. A better understanding will enable them to both mitigate a very significant company risk while also recognizing the financial benefits of protecting customer data.

Is cyber crime the same in every sector?

In our hyper connected world, rarely a week goes by without the news of a prominent organization, such as Target, eBay, or even Dominos becoming the victim of a cyber attack. For example, financial institutions are consistently targeted because of the financial assets they hold. For

BritishAmerican Business NETWORK 2014, VOL. II

many years, security experts in this sector have been dealing with the threat of cyber crime and this has put them ahead of other organizations in terms of preparedness. Conversely, the retail sector has recently become a target for attackers.

Different sectors have different vulnerabilities. As was seen with the attack on Target, Point of Sales (POS) devices are vulnerable and can be exploited to steal sensitive data. On the other hand, the oil and gas sector doesn’t have POS devices. Instead it has networks for Operational Technology (OT) such as industrial control systems or SCADA systems.

OT provides unique opportunities to would-be attackers, driving the cyber related crimes like the one reported by the US Department of Homeland Security in May which revealed that the industrial control system of a public utility had been hacked by a sophisticated threat actor.

After an initial assessment of the threat, we then recommend companies look at what enduring capability they need to be able to collect, manage and exploit this intelligence. It is essential to get the right teams in place, and give them the tools they need so that they can focus on the interpretation and production of intelligence for the business. This intelligence-led approach to security helps organizations stay current and connect what they’ve learned about the threat with their operational security teams.

What are some of the key differences you’ve seen in cyber attacks from one country to another?

What are some of the ways different industry sectors are responding to threats?

Similar techniques are used globally in cyber attacks. Some of the main categories are: Spear Phishing, Water Hole Attacks, Distributed Denial of Service (DDoS), Malware and Trojans. Some attacks are designed to be just a nuisance; however, many “bad actors” are determined to reach financial gain or to access critical assets such as intellectual property.

Today, attackers are leveraging social engineering to be familiar with their targets. This means language, culture and familiarity are all factors that are now employed by “bad actors.” For example, the “Putter Panda” cyber attacks used popular productivity applications such as Adobe Reader and Microsoft to target golf-playing conference attendees. This was used to gather intelligence on US government organizations as well as satellite, aerospace and communication companies.

In another example, Shylock attackers used drive-by downloads from legitimate websites to install malware – often leveraging behind the scenes social engineering techniques to direct victims to compromised websites.

This particular type of malware was also capable of altering the helpline phone number on the websites to prevent victims from getting support.

As threat levels continue to rise and new threats emerge, what can firms do to be proactive instead of reactive in their security planning?

The majority of cyber attacks we see are not entirely new, they are variations on a theme - whether it is an email based spear phishing, delivery of malware via a compromised website, or direct attacks against internet facing systems. Increasingly, we see a number of attacks derived from “cyber kit” that can be purchased on the open market. Unfortunately, there is no silver bullet which can address the variety of security threats that today’s businesses face. Therefore, strong defenses need to be built on the foundations of threat intelligence, predictive analytics, smart processes, and cyber forensics.

Many businesses realize that their existing approaches, which are often heavily reliant on legacy products, are neither efficient nor are effective in managing risk. When clients engage us to help enhance their security, we will often commence with an assessment of the threat landscape – looking into the threats which are most pertinent to their business, and how those can be mitigated. Such an approach is not a one-off exercise. The assessment needs to be continually updated as the landscape evolves, using threat intelligence received from vendors, the security community, and open-source to keep up with known attack groups and techniques.

BritishAmerican Business NETWORK 2014, VOL. II

Jim Anderson President, Americas Region BAE Systems Applied Intelligence

There is actually quite a lot of commonality between sectors – differences are more a question of spend on security and how far along the “security journey” companies have travelled.

The legacy security offerings like anti-virus and firewalls are deployed in most if not all sectors. However, newer techniques like behavioral based analytics used to detect Advanced Persistent Threats (APTs) are increasingly being used. Security maturity is closely correlated with how much attention a certain sector has received from attackers.

Companies that form national infrastructures have been battling sophisticated cyber criminals for years. The same can be said for top tier financial institutions that have been faced with the ever increasing sophistication of cyber criminals for many years. However, businesses in the professional services sector, which have not been traditionally targeted, are now becoming more aware of the risk they face and are looking to build defenses.

That said there are factors that lead to different security postures between industry sectors. For example, DDoS attacks have been a big issue for banks and online retailers, driving them to implement security controls to handle this threat. Manufacturing companies are less likely to be subject to a DDoS attack and therefore are unlikely to spend money on this type of defense.

The oil and gas industry also have unique challenges, requiring specialized approaches. The OT that is central to this sector is not the same technology deployed in a bank or supermarket. The systems and environments are different and the attack surfaces vary.

In summary, the key takeaways regarding cyber security are: first, today’s cyber security defenses are not about a strong perimeter. To ensure success, the strategy has to be based on the understanding that “bad actors” will get in. The objective is to block the infiltration of data.

Second, Board members must take an aggressive approach to managing threat intelligence. It’s crucial that you know and act on the threats targeting your business assets as well as those aimed at your network technologies. Finally, no one strategy or tool can fully guard an organization against digital criminality. It’s the unification of smart processes, cyber forensics, and predictive analytics with threat intelligence that ensures full situational awareness. n

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C Y B E R S EC U R I T Y

CASE STUDY: WORKING TOGETHER TO CREATE THE NEXT GENERATION OF SECURE US ENERGY NETWORKS

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rotecting our energy networks to make them more safe, reliable and resilient is a top priority of National Grid. As an international electricity and gas company, we know the consequences severe weather can have on our networks, customers and communities. Just as real is the growing threat of cyber attacks on IT systems and related infrastructure.

To protect our systems, we are investing in people, resources and equipment to lower risk to customers.

While I can only sum up our cyberKen Daly security efforts due to the sensitive President nature of the topic, we are aligned National Grid New York with industry best practice and are regularly reviewed by government and regulatory agencies. We want to always meet, and preferably exceed, their stringent requirements, and advance a strategic dialogue with our employees, other stakeholders and members of the intelligence community.

But beyond our cybersecurity efforts, there is much we can do to modernize our electric and natural gas networks. And we want to be out in front of this change. At the same time, customers want more choice, better reliability, fast, seamless delivery and high-quality energy — all at affordable prices. The time is right for a new way to plan, design, operate and regulate our infrastructure.

We believe an integrated approach that links customer needs and policy goals with technology and market solutions is the way to create the future. We call this approach Connect21 and it has three major functions:

>> B uild a resilient energy backbone that provides reliable, flexible electric and gas service to all customers.

>> Provide customers with more energy choices. >> O ffer customized solutions to customers who want different levels of service.

To make Connect21 a reality, we need to do three things: Redefine industry regulation. There should be more utility accountability — rewards for meeting public policy goals and penalties for failures. In New York, we’re working very closely with the State Department of Public

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Service’s Reforming the Energy Vision proposal to look at how we can better work together to align long-term energy policy objectives with utility and customer interests.

Embrace technology partners. We need to open up our network to high-tech partners focused on innovation. We are already using a predictive storm damage model developed with MIT that incorporates advanced analytics to better predict storm damage; and we are piloting a program to equip field employees with advanced iPad technology to better respond to customer needs. New Remote Terminal Units in our electric substations also provide improved real-time communication. These advances allow us to better deploy resources and restore service to customers quicker.

Engage community partners. Building public-private partnerships is also key. In Buffalo, we are the energy anchor for the development of the Buffalo Niagara Medical Campus. When complete, the campus will be a global standard of not only health care, but energy efficiency, grid modernization, alternative transportation and renewable energy.

On the other side of the state, we are integrating a microgrid in partnership with Clarkson University, GE and Nova Energy Specialists to help storm harden service areas in remote locations. This innovative design will support an entire set of critical community infrastructure during severe storms — like hospitals, schools, and providers of fuel, food and other essential commodities and services.

In downstate New York, we are building the Brooklyn-Queens Interconnect — the first new major pipeline in metropolitan New York in 50 years. This pipeline enables us to convert thousands of customers to clean natural gas, resulting in lower energy bills and cleaner air. We are also building a first-of-its-kind renewable gas plant, which will convert waste to energy and heat thousands of homes and businesses.

In Worcester, Massachusetts, we are providing 15,000 customers with smart meters, and the right tools and information to be more efficient and reduce costs. And in the UK, we are leading the way to a clean energy economy by modernizing our energy networks and integrating record levels of renewable energy into our system.

In short, Connect21 advances the nation’s natural gas and electricity infrastructure to make it more customer-centric, resilient, secure, efficient and environmentally sound. By embracing policy and technological innovation, we can drive improved energy productivity, create jobs and strengthen local economies. A modernized energy grid will help us better prepare for the many challenges we face, whether brought on by severe weather, cyber attacks or the changing energy landscape: all goals and challenges we at National Grid are already rolling up our sleeves and addressing. n

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RESPONDING TO CYBER THREATS An Interview with Kimberly Peretti, Co-Chair of Alston & Bird’s Security Incident Management & Response Team

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hat legal recourse do firms have that are victims of cyber-attacks? Have there been successful examples of restitution?

Unfortunately, victims of cyber-attacks have few avenues of legal recourse. If the attackers are ever identified, they are often outside of the country with few means for law enforcement to bring them to justice in the United States. And, if they are arrested and prosecuted in the US, they often have few if any assets (in the US at least) to seize in the hopes of any restitution. Even more problematic for victims of cyber-attacks, however, is that they are often aggressively pursued by regulators and class action plaintiffs inquiring into whether the very fact of the breach is an indication of the failure to implement reasonable security practices.

Are firms ever found negligent for data breaches as a result of cyber-attacks? How can firms prevent or mitigate this?

Companies experiencing a data breach can expect plaintiffs to sue under a myriad of legal theories, including negligence, breach of express or implied contract, state deceptive trade practices act violations, state data breach notification violations, among other claims. The good news, however, is that many data breach lawsuits fail early on because plaintiffs cannot establish that they have standing to sue, or they cannot establish the harm necessary to pursue and prevail on their substantive claims.

Companies can mitigate the risk of a breach by ensuring they implement an enterprise security program that is benchmarked against existing industry security standards and conduct a security risk assessment to determine whether they have adequate controls in place both from an IT security and legal (regulatory) perspective. It is also imperative that senior management and directors educate and inform themselves on the risks the company may face related to cybersecurity, as well as involve themselves in the company’s cybersecurity strategy before and after a data breach. Cyber security is no longer merely an IT issue.

Are our laws and law enforcement agencies able to keep up with quickly-evolving cyber-threats? In what ways can firms be proactive in protecting against new and innovative threats?

Over the years, law enforcement has shown growing (and indeed remarkable) success in catching ringleaders of the cybercrime underground (even those outside the US, particularly in Eastern Europe), as well as taking down the cybercriminal infrastructure (servers and infected computers) used to perpetrate so many of the crimes. In addition, while there could be some revisions to existing laws to aid law enforcement in their pursuit of cybercriminals, a lack of federal criminal laws addressing cybercrimes is not a primary obstacle to cybercriminal prosecutions. The primary obstacles are the sophisticated tools and techniques available to cybercriminals to commit these crimes without being detected or leaving any trace behind, and the massive collaboration that takes place among tens of thousands, if not hundreds or thousands, of criminals globally

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whether in organized criminal groups or merely underground forums where they can exchange information.

Information sharing of cyber threat data (technical data that an organization’s information security team can use to prevent, detect, or block an attack) among companies within an industry and with the government is a necessary arrow in the quiver to fight against the new and evolving threats. The receipt of critical threat data can — and has been shown to — prevent potential cyber-attacks and mitigate ongoing Kimberly Peretti attacks. Indeed, criminals collaborate Co-Chair of Alston & to perpetrate cybercrimes, and so Bird’s Security Incident should companies and the government Management & Response to reduce the overall effectiveness Team of the criminals’ far too successful pursuits. In addition, the government has taken certain steps to remove obstacles to public-private sector information sharing, however, it is generally felt that Congress must act to provide liability protections before government and business are in a position to engage in information sharing to the extent necessary to realize its potential benefits.

Is the trend more towards individuals or groups leading attacks on corporations? How does that trend change how firms prepare and respond?

In the past decade, we have seen a dramatic shift in the cybercrime landscape from solo hackers motivated from intellectual curiosity to organized criminal groups and state-sponsored actors motivated by financial fraud and cyber espionage, among others. These groups commit targeted attacks on companies and, instead of their activity involving a smash-and-grab impacting one or two systems, it involves the compromise hundreds of systems allowing them unfettered and prolonged access to the company’s environment for weeks, months, and even years.

This fundamental shift in the cyber landscape means that companies need to be prepared to be attacked — if targeted, these groups will successfully penetrate the company’s environment. As a result, companies need to ensure they can effectively respond to a security incident as they would any other crisis with a significant legal and risk exposure to their company. Having a data breach response plan in place that is tested and re-tested to ensure its effectiveness is a critical first step in this preparation. n

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AUTHOR SPOTLIGHT INTERNATIONAL FINANCE REGULATION: THE QUEST FOR FINANCIAL STABILITY Effective financial regulation inspires market confidence, stability, consumer protection, and a reduction in financial misconduct and crime.

International finance expert Georges Ugeux explains that while individual nations have reformed domestic regulations, these combined measures are still insufficient to prevent future financial crises. His new book, “International Finance Regulation: The Quest for Financial Stability” WILEY; 2014), demonstrates that global financial stability is managed in a fragmented and incoherent manner, and offers a model for strategic international regulation.

Finance consistently operates within an expanding global paradigm, and an overarching regulation scheme is becoming increasingly necessary for sustainable growth. “International Finance Regulation” focuses on the inspirations behind regulation and examines the global risks and consequences of fragmentation. With three decades of experience in the legal and economic aspects of international business, author Georges Ugeux is uniquely positioned to provide counsel from the perspective of a top global authority. Ugeux offers insights into the lessons learned from the recent financial crises, and Georges Ugeux shows why the current financial laws, rules, and CEO Galileo Global risks are often seemingly overbearing.

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VALUABLE GUIDANCE FROM 51 OF THE MOST ACTIVE MIDDLE MARKET M&A PRACTITIONERS

A data-driven approach to HR can help companies make smarter decisions about their most important asset: their people. In the wake of the greatest shock to the labor market since the Great Depression, companies are faced with looming skill shortages, retention concerns, and questions regarding the effective composition of their workforce.

Along with co-authors Matt Ferguson (Careerbuilder) and Lorin Hitt (Wharton School), Prasanna Tambe (NYU’s Stern School) commissioned a landmark big data study of more than 2,700 employers and 33 million resumes to find the relationship between market performance, education attainment, and employee tenure. The Talent Equation explores: • The ROI of increased education levels and retention rates • The benefits of continuous recruitment and talent pipelines • The growth of the recruitment technology market and how workforce analytic tools are changing talent acquisition • The importance of reducing long-term unemployment through training and reskilling Smart and timely, “The Talent Equation” also incorporates case studies from leading brands — Prasanna Tambe both global and domestic—that further illustrate Associate Professor staffing issues facing executives today. n NYU Stern

What are the most important elements of successful dealmaking? Is it education, experience, or instinct? What strategies are tried and true? What tactics are working most effectively in the current dealmaking climate?

Merrill Datasite together with The M&A Advisor presents ‘The Best Practices of the Best Dealmakers series — Complete First Edition’. Building it’s foundations on the principle that there is no “one size fits all” in M&A strategy it delivers key industry insight from over 50 leading dealmakers including buyers, sellers, attorneys, accountants, investment bankers, and consultants who have mastered the mechanics and the more subtle human aspects of making a deal happen.

Featuring video interviews, the contents of the electronic version of this book follow the progression of the M&A life cycle, from the definition of the M&A acquisition strategy through target identification, due diligence, negotiation and integration, and features a special section on Distressed Investing, Restructuring and Turnarounds.

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

UK Firms Turn to Leasing to Drive Growth As the UK economy shows signs of improvement many SMEs are turning to leasing to support their growth plans.

C Rich Green President CIT Europe

onfidence amongst the UK’s small and medium enterprises (SMEs) has grown since the beginning of 2014. According to the Federation of Small Businesses, a trade body representing UK SMEs, confidence increased to its highest level of 35.7 in February, breaking the record score for last year of 33.5. Firms expressed a renewed desire to hire both new people and invest in their company ‘infrastructure’.

At a macroeconomic level, UK GDP growth is projected to remain strong throughout 2014 — the UK is predicted to become the best performing G7 economy this year. The latest forecasts suggest that the British economy will grow by more than three per cent in 2014. Plans unveiled by the UK’s Chancellor of the Exchequer, George Osborne, to considerably increase the annual investment allowance limit from £250,000 to £500,000, have also increased the likelihood of smaller firms upping their investment expenditure. All signs point to this being the year of the SME in the UK.

Of course, in order to fund their growth aspirations firms need finance and an increasing number are turning away from traditional retail bank lending to other forms of finance such as leasing. According to the Finance and Leasing Association, a trade body representing the UK leasing industry, new business in the asset finance sector grew 17% more this March vs. 2013 and was 13% higher in the first quarter of 2014 vs. Q1 2013. This underlines the increase in demand for alternative financing by UK companies.

Companies are increasingly attracted to leasing because of the flexibility of the product and SMEs are using leasing to enable them to upgrade office technology. 2014 looks set fair to be an exciting year for the British SME — the backbone of the economy.

CIT Equipment Finance UK looks forward to partnering with an increasing number of these firms in 2014 to help support their investment in technology to fuel their growth plans. n

Planning a Successful IPO

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n many ways, an Initial Public Offering (IPO) is like a big wedding, with all its pomp, glamour and weight of expectation. And like any big wedding, an IPO’s success hinges on how much planning goes into it. In our experience, the most successful IPOs are the culmination of a deliberate courtship with investors, the media and employees that kicks off many months before the big day.

There are a couple of important reasons why.

The first is practical. When a company registers to be listed, particularly in the United States, it faces restrictions on what it can say publicly. Under SEC rules, a company can continue “business as usual” communications, but it can’t release any information that might condition the market by hyping the company’s offering. This enforced “quiet period” during the run-up to an IPO can create serious challenges for a company, especially if it faces any doubts about its investment potential. The best strategy for avoiding such pitfalls is to develop a full, detailed picture of the company and build relationships with key reporters and members of the financial community well in advance of the offering.

The second reason why early, ample communication is important comes down to confidence. Investors want to understand who they’re committing to. And the surest way to create that confidence among

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potential investors is to act like a “blue chip” as soon as possible. This means regularly disclosing information well beyond the requirements of a private company, establishing a clear narrative about what the company stands for, where it has come from, and where it is heading and positioning executives as industry leaders. And it means being prepared to issue timely, informative quarterly and annual reports that not only provide a review of trading but advance the company’s narrative.

Of course, communication doesn’t end on the big day.

Like a wedding, an IPO marks a shift in responsibility: management must now look out for the interests of all stockowners. Only a thoughtful communications program that continues to support the company and promote its business strategy will ensure a happy marriage. So yes, break out the bubbly on IPO day, but understand that the real work has just begun. n

Michael Gross CEO RLM Finsbury

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Growing Your Business Responsibly

A Ian McDougall Executive Vice President & General Counsel LexisNexis Legal & Professional

round the world, the rule of law is crucial for businesses to compete fairly, while protecting property and employees. The topic of global standards for the rule of law, and how to grow your business responsibly in challenging markets, was discussed by a panel of leading experts at a recent BAB Business Briefing. The immediate response from the leading New York law firms and global corporations at the event, and following, was a hugely enthusiastic and unanimous message of support.

This month, I am proud to announce that LexisNexis has been named a United Nations Steering Group member of the “Business for the Rule of Law (“B4ROL”)” project, an exciting new global initiative to engage the business community in mobilizing support for the rule of law. In collaboration with the UN, LexisNexis launched an international initiative that asks companies to embrace universal principles. The B4ROL initiative was initially introduced in September 2013 by United Nations Secretary-General Ban Ki-moon at the “Rule of Law Now” event hosted by LexisNexis and the Atlantic Council.

Where rule of law is absent, the damaging commercial ramifications are significant in terms of lack of respect for intellectual property, poor means of contract enforcement

and regulatory compliance, legal transparency, corruption and reliable mechanisms of arbitration. Each of these factors stifles entrepreneurial creativity and works to the great detriment of worldwide business and commercial stability. B4ROL will seek to provide businesses with a practical and useful guide for actions they can take toward advancing the rule of law. We hope to raise awareness of the impact that businesses can have in helping to promote this universal construct.

The Steering Group will provide guidance, leverage their networks, and facilitate consultation sessions to arrive at a formal framework. This Framework will include suggested actions, practical examples and an interactive technology hub. These tools will help to inform, encourage and show how companies from diverse regions and sectors can take action to actively support the rule of law in their business operations and relationships in ways that complement but do not substitute government action.

Let’s be clear — not only is advancing the rule of law a good thing to do, it also a good thing for business, and we’re privileged to have the BAB membership continue to be a part of our story and support our commitment to the rule of law. n

Your Company’s Travel Spend – More Than Just a Line Item

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ravel is one of the largest commercial industries globally, and for most companies, the second highest controllable annual expense. But what most executives fail to understand is that travel is more than just a line item on their P&L. A company’s travel spend can drive top-line growth and lead to the success of the company’s strategic vision. A business needs its Travel Management Company (TMC) to escalate their service offering to provide more than just travel management. If they can’t do that, it’s time to find one that can.

Many organizations look to save on travel costs solely through cost reduction strategies — slashing budgets across-the-board. Although this is effective in driving short-term results, it’s not effective in the long-term because it doesn’t take into consideration whether the dollars are being taken from revenue generating or non-revenue generating expenditures.

Rather than reduction techniques, companies should look at travel from a cost management perspective.

Cost management is a strategic approach that ensures one’s travel spend acts as an investment.

Cost management begins with taking a critical look at data to validate where an organization stands as compared to the industry. For example, according to a study performed by ACTE and Advito, for every

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dollar spent on travel, a company should see a $2.90 increase in profit and a $9.50 increase in revenue. This is a good benchmark to determine if one’s corporate travel program is efficient and financially sound. By measuring the “right” data, an organization will be better equipped to identify trends, control and reduce spend from the appropriate expenditures, and design a sustainable travel program that aligns with the organization’s overall business objectives.

Gaining access to data is the first step in leveraging a travel program to promote cost management and revenue generation.

Managing travel proactively and innovatively with your TMC can drive the greatest combined ROI; in other words, making your travel dollars work better for you. Don’t settle for mere travel management when your company can easily upgrade to a level of travel technology, knowledge and customized service that will bring you travel enrichment. n

David Holyoke President Travel Leaders Corporate

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

The Carrot and Stick Approach to Anti-Corruption Compliance

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Martin T. Biegelman Executive Vice President, US Operations Practice Chair, Litigation Support IPSA International, Inc.

usiness leaders have questioned whether a best-in-class compliance program will actually limit litigation, financial and reputational risk from potential violations of the US Foreign Corrupt Practices Act (“FCPA”) and the UK Bribery Act. The resounding answer is yes, especially with the carrot and stick enforcement approach to anti-corruption compliance that we have seen from US authorities and what we can expect from UK authorities as they make corporate prosecutions a priority.

While reactive investigations and prosecutions of bribery and corruption are the punishing stick, proactive prevention and detection are the rewarding carrot component of the enforcement approach. The US Federal Sentencing Guidelines for Organizations promote an “effective” compliance and ethics program to support the government’s carrot aspect. The seven step compliance program elements include 1) established standards and procedures; 2)program oversight and governance; 3) reasonable efforts to exclude prohibited persons through due diligence; 4) training and communication; 5) monitoring, auditing and evaluating program effectiveness; 6) performance incentives and disciplinary actions; and 7) response to misconduct and remedial action.

The Resource Guide to the Foreign Corrupt Practices Act reinforces the implementation of these seven steps by

stating that “A well-constructed, finely implemented, and consistently enforced compliance and ethics program helps prevent, detect, remediate, and report misconduct, including FCPA violations.” Both the Department of Justice and the Securities and Exchange Commission will consider the effectiveness of an organization’s compliance program when deciding possible enforcement actions.

Unlike the FCPA, the UK Bribery Act includes a corporate offense for the failure of organizations to prevent bribery. But the Act includes a defense to liability if “adequate procedures” to detect and deter corruption have been instituted. These adequate procedures would allow an organization to defend itself against bribery and corruption allegations by demonstrating that these procedures are appropriately in place. In March 2011, the UK Ministry of Justice issued guidance in the form of Six Principles to support the adequate procedures and reduce the risk of bribery. These Six Principles are similar to the US seven steps for an effective compliance and ethics program.

Some of the best anti-corruption compliance programs can be found at companies that suffered significant compliance failures and the resulting government prosecutions. Organizations need not experience these damaging and costly events before designing and implementing robust compliance programs. The carrot beats the stick every time. n

Don’t Neglect Established Markets When Pursuing High Growth

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or any and every business, the rule is the same: keeping loyal customers happy is just as important as attracting new ones. This applies to airlines, banks and mobile phone operators, and it’s no different for holiday destinations. The only distinction is that a destination’s customers are the tourists it welcomes.

There is an inclination for multi-national organizations — tourist boards included — to focus on high growth markets. Within the tourism industry, relative growth in value over the last five years shows the rapid rise in importance of emerging markets such as China and Mexico. While focusing on these high growth markets is undoubtedly important, it is crucial not to neglect your lifeblood. Even in mature markets that organizations feel they understand well, there is a constant need to invest time, money and energy into innovation — or you can be sure that someone else will.

Despite growth in visits and tourism expenditure slowing from the US compared to the emerging markets, it is still far and away Britain’s most valuable tourism source market. In 2013, the overall amount spent on inbound visits from the US to Britain was £2.5 billion. That’s over £1 billion more than expenditure by Britain’s second most valuable tourism market, Germany.

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If you exclude neighbouring Canada and Mexico, Britain is the third most visited destination by Americans after France and Italy. So, most US visitors are familiar with Britain and research shows their perceptions are consistently positive. This may explain why over 54% of US holiday visitors to Britain within the past 10 years have been repeat visitors. However, traditional European competitor destinations and emerging destinations in Asia are increasingly competing with the UK’s share of the American market. Despite the US still being Britain’s most valuable tourism market, ensuring it stays that way is a priority in itself for the British tourism industry.

So, Britain needs to take a fresh look at how it promotes itself in the US. This will require spot-on customer segmentation, understanding what motivates a new generation of Americans, talking to them about experiences they value, and finally, mapping out what connections need to be built to really shift the market. Tourism is a fiercely competitive business, but Britain is a great country and has a relationship with the US that still feels special. n

Christopher Rodrigues Chairman VisitBritain

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Making Big Data Work on the Front Line

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Sean Doyle Executive Vice President, Americas British Airways

he future success of any company will be defined by the quality of understanding of its customers. That understanding comes not only from the ability to analyze proprietary and secondary data effectively but also the ability to apply emotional intelligence to deliver personalized experiences.

We are seeing companies move from a discussion about the merits of Big Data to the practical application of using that data to drive new efficiencies. Companies that have heavily invested in combining legacy systems and consolidating data warehouses are attempting to understand and act upon signals in the data. Being willing to test and learn based on those signals is critical if a business wants to differentiate and maintain a competitive advantage. At British Airways we are translating this into simple technology platforms such as enterprise applications loaded onto iPads to allow real time message delivery and instant feedback by front facing staff.

Most large companies understand the theoretical advantages of investing in Big Data but unfortunately moving from theory to practice can be a real challenge as many of these businesses are inherently risk adverse.

An important first step is to ensure data analytics and innovation are seen as horizontal functions across the

business and not vertical silos. A second important step is to develop a strategy for stakeholder management.

The CFO, CMO and COO will all have very different concerns, anticipating these can vastly reduce time to market.

A possible approach is to look at how data can be used to benefit the enterprise in three different ways.

The first is pure cost efficiency achieved by being able to see an end-to-end view of a single customer, allowing for faster service recovery and reduced duplication of communication efforts. The second is product and service development: smart use of data allows the company to solicit feedback to improve existing products and better predict what they may want in the future. The third is marketing and loyalty: developing highly tailored messages delivered at the right time, in the right way to the right audience increases the likelihood of a customer responding to an offer, seeking you out in the future and recommending you to a friend. n

Activist Influence in US M&A Deals

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hareholder activists have a powerful influence on US M&A deals. This is a brief summary of four ways in which activists have influenced US dealmaking.

1. Activists Can Put a Company “In Play.” Recently, activists have agitated to cause companies to hive off underperforming assets or initiate “strategic alternatives” processes. Activists themselves rarely intend to buy or operate the assets, but it is not unusual for them to take an almost 10% equity stake in a target to push for a sale.

2. Activists Can Vote Against the Deal. Activists that have meaningful stakes in a target sometimes overtly threaten not to vote in favor of a transaction unless their demands — usually for a higher price — are met.

The scope of their influence ultimately depends on the size of their stake and the extent to which they can persuade other shareholders to follow their lead.

3. Activists Can Seek Appraisal Rights. Many US companies are incorporated in states that grant “appraisal” rights in a merger to the target’s shareholders. In other words, a shareholder who is dissatisfied with the deal price can vote against the transaction and ask a court to value its shares. The appraised value is payable entirely in cash (even if the merger consideration was non-cash and the

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cash payments would upset the tax treatment of the deal), and appraisal payments for Delaware targets benefit from a hefty statutory interest rate.

The appraisal process is lengthy and sometimes costly, but activists that have large stakes can credibly threaten to seek appraisal as a form of leverage to seek a higher price in the deal.

4. Activists Can Initiate Litigation to Block the Deal. Shareholder class action litigation is common in US deals, with approximately 97% of US public company acquisitions triggering one or more lawsuits. Some activists aggressively use litigation strategies to gain leverage in their efforts to block transactions that they do not view as value maximizing.

Non-US acquirers should consider not just the risks of activist intervention in US deals, but also the opportunities presented by activists initiating deals or supporting unsolicited transactions. n

Melissa Sawyer Partner Sullivan & Cromwell LLP

Sullivan & Cromwell LLP

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The Evolving Business Model: Just Simplify

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Edmond Cunningham Business Design Expert PA Consulting Group

ith organizations facing a tsunami of information, markets are becoming more complex and segmented as customers move from groups — to tribes — to one; companies seem to be responding by increasing complexity, resulting in confusion within or a measurable slowing of their ability to respond to change. More than ever, it is critical for companies to alleviate this complexity and simplify their business to meet more demanding market needs and uncover new opportunities for growth.

The best way to do this is by fully embracing and understanding the complexity of your environment and market based on a comprehensive model and data. Determining your focus and prioritizing your approach to addressing market changes using an appropriate business model, enables a company to better determine their priorities and focus.

A shared detailed business model should reflect the current and future ecosystems and enable collaboration and a common language to permeate through the cadre of colleagues and stakeholders. The model should show the inter-relationship between all markets, customers, resources and financials, outlining the values and drivers. This will help organizations

develop a solid frame of reference through which they can get alignment.

This frame of reference allows an organization to be more agile in responding to market changes. They can quickly flex the model with potential market changes and use it to address growth. Scenarios can be derived from it and tested. If you look at how organizations fail to respond – oftentimes it is due to lack of preparedness.

We have a unique perspective on developing business models, which couples design and architecture to give a balanced view of the ecosystem. This is refined by demonstrating the inter-relations between all of these factors and their implications on each other.

This concept is known as business design.

Today’s speed of change, and the permanence of the rate of change, puts increased pressure on senior management to be more proactive in preparing their organizations to deal with inevitable market changes and evolving their business models along the way.

Simplicity allows organizations to react quickly to market changes and create new opportunities. n

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UK Government Proposes Ban on Final Salary Pension Transfers

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n the 2014 Budget, the UK Government has proposed some radical changes to the way people will be able to access their defined contribution and personal pensions from the age of 55. While people in such plans will enjoy much more flexibility, for those with UK final salary pensions this is unlikely to be the case.

From April 2015 the 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.

While the Government sees the benefit of extending more flexibility to savers, it is concerned that people in public and private sector final salary schemes will also want to take advantage of this increased flexibility by transferring their pensions out into things like personal pensions.

Given that the majority of public sector schemes operate on an unfunded basis out of general UK taxation, if more people were to take their pension pots in full, this could expose the UK Treasury to significantly higher annual costs. Initial Government estimates suggest that if 1% of public sector workers transferred their final salary schemes each year, this would cost the Government about £200MM extra per year. As a

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result, the Government intends to introduce legislation banning people from transferring their public sector pensions in the future.

The Government is equally concerned that large transfer outs from private sector final salary pensions could have a detrimental impact on the wider UK economy. For this reason, Ministers are also consulting on whether to ban private sector final salary pension transfers.

If you left behind a UK public or private sector final salary pension and want to know what your options are, it is important that you do a review of your pension soon — well before April 2015. When doing so, make sure you consult with an adviser who understands the complexities faced by expatriates and considers the benefits offered by your existing scheme and your overall retirement objectives.

The Government consultation on these changes closes on 11 June 2014 with a response expected soon thereafter. n

John Tunstall Investment Advisory Representative Florin Pensions

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P O L I C Y U P DAT E

The Latest on the Transatlantic Trade and Investment Partnership A year after negotiations for a Transatlantic Trade and Investment Partnership (TTIP) were launched, we are receiving continued interest in the prospective agreement from BAB members and also members of the BABC. We have therefore continued to take a leadership role in promoting the TTIP, which could bring potentially massive benefits not only to our members but also to the UK, US and EU economies at large.

Public Briefing on Investment in TTIP with EU Commissionner Karel De Gucht In June, we convened a public briefing in London on the investment dimension in TTIP in conjunction with partners such as Thomson Reuters. We were joined by the EU Trade Commissioner, Karel de Gucht, and a panel of experts from Herbert Smith Freehills LLP, BASF Group, Northrop Grumman Corporation, The Dow Chemical Company, and Thomson Reuters.

Investment protection was described by the Commissioner in his keynote remarks as “a basic principle of the law”, ensuring protection against discrimination and expropriation and providing for fair and equitable treatment of investors. The event was endorsed by the UK Trade Minister, Lord Livingston, who noted that the Commission consultation on Investor State Dispute Settlement (ISDS) was an excellent opportunity for public debate on an important issue.

Continuing TTIP Road Shows Our TTIP Road Shows around the UK have continued to build momentum, highlighting to companies how they can benefit from a successful trade and investment deal between the EU and the US. In recent months, we have visited Cardiff, Glasgow (with a keynote speech from the Rt Hon Ken Clarke MP), Birmingham and Liverpool, with Edinburgh and Sheffield already scheduled for the Autumn. Our expert panel of speakers has included SMEs, MPs and members of Government, and continues to address issues such as: >> Current status of the negotiations and what companies can gain from an agreement; >> Success stories showcasing investment between the UK and the US; >> Current government trade promotion initiatives and support relevant to US markets.

Update from the UK Government On 11 July, 2014, the UK government published its official response to the House of Lords EU Committee’s report on TTIP to which BritishAmerican Business has actively contributed by providing substantive written evidence to the House of Lords in October 2013. The Government response sets out the case for TTIP and the importance of the deal to the UK; addresses some of the myths and misconceptions about the deal; and covers the specific recommendations and observations made by the Committee.

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BritishAmerican Business NETWORK 2014, VOL. II

Call 212-966-2248 Email enquiries@bahs.com Visit www.bahs.com

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888-99-MOBILE truphone.com/babny © 2014 Truphone, Inc. All Rights Reserved.

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

Business Briefing: New Energy Prospects — Shaping the Future of Commerce Sponsored by National Grid and hosted by McGraw Hill Financial, our panel of experts led a discussion on the future of the US energy market, alternative fuels, and creative solutions to fuel demands. The panel included Ken Daly, President of National Grid New York, Chuck Imhof, Staff VicePresident, Delta Airlines, John Kingston, Director of News, Platts, and Eric Roston, Sustainability Editor, Bloomberg.

Ambassadorial Briefing with Sir Peter Westmacott, KCMG, LVO, British Ambassador the United States

Rooftop Networking Reception

BritishAmerican Business was delighted to host, together with the British Consul General in New York, Sir Peter for a briefing on the outlook for global affairs, sponsored by KPMG. Sir Peter touched on a number of regional and global issues, while responding to member questions and outlining current foreign policy goals.

We welcomed members to TOWN Residential’s rooftop space in Chelsea over-looking The High Line for a spring networking reception. Guests were treated to a special exhibit of jewelry from “Downton Abbey” as they networking with new and existing members.

Inaugural Pub Quiz Members Gathered at The Churchill for a raucous night of trivia, networking and camaraderie. Congratulations to our first-place team from CIT, our second-place team from PwC, and to Standard Chartered for best team name (“Fish & Chicks”).

Next quiz is in November!

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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 World Cup Networking Reception In June, BAB caught World Cup Fever and partnered with BBC Worldwide North America to deliver a unique networking opportunity to our members. Members gathered at their midtown office to cheer on the USA vs Ghana with fellow football fans.

Business Briefing: Global Rule of Law — Growing Your Business Responsibly LexisNexis sponsored and Debevoise & Plimpton hosted a business briefing outlining the challenges that rule of law issues bring to responsible business growth in emerging markets. Joining them on the panel were representatives from Pfizer and BBC.com Capital. Ian McDougall, EVP and General Counsel for LexisNexis, challenged members to insist on tight internal controls and strong, local and global respect for the rule of law.

Exclusive Art Exhibition and Networking Reception Chairman’s Reception We closed our spring program season with a reception hosted by Irene Dorner of HSBC, BAB Chairman, as a “thank you” to our incredibly supportive and engaged members.

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Members gathered in the Meatpacking District for an exclusive art exhibit and networking reception hosted by Jaguar Land Rover and Wallpaper* Handmade. Amidst the unique design installations and artwork, members grew their business relationships.

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Recent Business Leaders at our New York Programs CEO Roundtable with Dan Glaser, CEO and President, Marsh & McLennan Companies: “Managing Risk, Resilience, and Return in a Transforming Landscape”

CEO Roundtable with Stephen Schwarzman, Chairman and CEO, Blackstone Group: “The Future of Finance”

Additional New York Programs >> Networking Reception and Exclusive Photography Exhibit

at Paul Stuart

>> Women’s Forum: “The Balanced Board: The Future of

Corporate Leadership”

>> E uropean-American Chamber of Commerce Annual Spring

Social at The Central Park Boathouse

>> B ABC Annual Transatlantic Business Conference 2014 —

Building Platforms for Growth & Success: Key Trends, Game-changers and Opportunities in the Transatlantic Marketplace

>> Forum: Competing Effectively in a Globalized Economy

CEO Roundtable with Peter Grauer, Chairman, Bloomberg: “Embracing Contradiction in the Development of Next Generation Leadership”

A full house for our Women’s Forum at HSBC.

SPECIAL THANKS TO OUR RECENT PROGRAM SPONSORS AND HOSTS Hosts >> >> >> >> >> >> >> >> >> >> >>

Sponsors

aker & McKenzie B B BC Worldwide North America Bloomberg B ritish Consul General New York D ebevoise & Plimpton HSBC Jaguar LandRover McGraw Hill Marsh & McLennan Companies Paul Stuart TOWN Residential

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PROGRAM HIGHLIGHTS: LONDON Spring Conference 2014: “Innovation & Disruptive Technology: Transforming our Business World” On Wednesday 14th May 2014, BAB held its annual Spring Conference at the BT Centre. The conference featured keynote addresses from Ed Vaizey MP, Under Secretary of State for Culture, Communications and Creative Industries, and Gerard Grech, CEO, Tech City UK. Also showcased were companies which have helped to shape innovation and disruptive technology, including: Songkick, McKinsey Global Institute, iMakr, BAE Systems Applied Intelligence, Shell International Petrolium Co Ltd, Baker Botts, BT Global Services, Open Data Institute, Dow Jones and ARM.

ABOVE: LtoR: Nicholas

Guests network while enjoying a tea, coffee and breakfast ahead of the first panel.

Gerard Grech, CEO, Tech City gives his keynote address on “The case for Britain as an innovation centre.”

C. Walsh, BAB President & Vice Chairman, AIG Property Casualty Senior Vice President, AIG; Ed Vaizey MP, and Jeffries Briginshaw, Managing Director of BAB in London.

Panel 2 on “Managing disruption: Responding effectively to disruptive changes”. LtoR: Alex Mason, Special Counsel, Baker Botts; Thijs Jurgens, Vice President of Innovation, Shell; David Bailey, Chief Technical Officer, BAE Systems Applied Intelligence Cyber Security Business; Dr Nicola J. Millard, Customer Experience Futurologist, BT Global Services.

A SPECIAL THANKS TO OUR CONFERENCE SPONSORS:

>> BAB Conferences are outstanding in terms of content, organisation and high level participation. I have never failed to be impressed by the calibre of the speakers and have found the whole experience very worthwhile.

– C hristopher Fraser OBE — Strategic Counsel, BNY Mellon

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Annual Corporate Citizenship Awards Dinner, at Merchant Taylors’ Hall, honouring Peter Hancock, CEO, AIG and Peter Sands, Group CEO, Standard Chartered PLC

BritishAmerican Business brought together 250 business leaders from both sides of the Atlantic at its Annual Corporate Citizenship Awards Dinner at the Merchant Taylor’s Hall in London on 12th June. Dominic Jermey, the recently appointed Chief Executive of UK Trade and Investment, presented BritishAmerican Business’ corporate citizenship awards for 2014 to Peter Hancock, CEO, AIG Property Casualty, and Peter Sands, Group CEO, Standard Chartered PLC. As part of the core executive team that led the turnaround of AIG, Peter Hancock is committed to making AIG the most valued insurer in the world in the eyes of its many constituents, and to using AIG’s long-standing risk expertise to enable greater security and prosperity across all levels of society. As Group Chief Executive, Peter Sands led Standard Chartered Bank through the financial crisis, maintaining a focus as a bank which fulfils its brand promise — Here for Good — and which is committed to society through sustainable finance, community initiatives and financial inclusion.

Guests networking in the beautiful courtyard of the Merchant Taylors’ Hall.

>> I am pleased to accept the

Corporate Citizenship award from BritishAmerican Business. At AIG, we have benefitted greatly from our close engagement with BAB, and from the excellent foundation it provides for building relationships among members on both sides of the Atlantic.

LtoR: Dominic

Jermey, Peter Hancock, and Nicholas C Walsh, President of BAB and Vice Chairman, AIG Property Casualty, Senior Vice President, AIG

—P eter Hancock, CEO of AIG Property Casualty

Peter Sands gives his acceptance speech >> We strongly support the

WITH THANKS TO OUR SPONSORS PLATINUM SPONSORS AIG Property Casualty AON PLC Ascot Underwriting LTD Deloitte LLP Goldman Sachs Marsh UK Ltd Standard Chartered PLC Willis Group Holdings PLC

GOLD SPONSORS Evercore Lockton Companies LLP EY McKinsey & Company Norton Rose Fullbright LLP Sullivan & Cromwell LLP

BritishAmerican Business NETWORK 2014, VOL. II

SILVER SPONSORS AlixPartners Citi Deutsche Bank Philip Morris Limited Wells Fargo

work done by British American Business in promoting free markets, a level playing field and business-friendly government policies for international business. I am therefore delighted to accept this award on behalf of my colleagues at Standard Chartered.

–P eter Sands,Group CEO, Standard Chartered PLC

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BritishAmerican Business invites you to

Covent Christmas GARDEN

December 12, 2014 The Pierre

Reception from 11:30AM

Luncheon starts at 12:30PM

Tickets on sale now at www.babinc.org/events In charitable support of: The British American Business Foundation, Inc.

BritishAmerican Business invites you to attend the

Transatlantic Business Awards Dinner 2014

OCTOBER 8 6:30-9:30PM THE PIERRE - NEW YORK

HONORING

William H. Swanson Chairman Raytheon Company

Antony Jenkins Group Chief Executive Barclays

James C. Smith President and CEO Thomson Reuters

Karen B. Peetz President BNY Mellon

Sir Jackie Stewart OBE

3 Times F1 World Champion Founder and CEO, Stewart Grand Prix

FOR MORE INFORMATION AND TO RSVP PLEASE CONTACT (212) 661-4066 OR VISIT OUR WEBSITE AT WWW.BABINC.ORG/EVENTS

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