I N F O the magazine for anglo-french business french chamber of commerce in great britain
may / june 2013 www.ccfgb.co.uk
women in business Carolyn McCall on women and work
Baroness BlaCkstone on Franco-British co-operation ‘A difficult job for a woman’
Hélène Darroze talks about being a top chef & mother
e! lif g n ti por a s
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Arnaud Vaissié President, French Chamber of Commerce in Great Britain, and Chairman & CEO, International SOS
editorial
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his issue of INFO focuses on women in business. The business case for increasing the number of women not only in senior management roles but also throughout organisations has been clearly documented. McKinsey & Company’s Women Matter studies, published every year since 2007, have established the link between gender diversity in the top management positions of a company and its performance, and show that companies with the highest share of women significantly outperform companies with no women: by 41% in terms of return on equity and by 56% in terms of operating results.* This is partly attributed to the way women exercise leadership, with the complementarity and diversity that it brings, but it also has much to do with having a pool of the very best minds, whether women’s or men’s, to draw upon. A majority of companies take the issue extremely seriously and devote considerable resources to redressing the gender imbalance – several of the articles in the Focus section of this issue demonstrate some of the initiatives that have been undertaken by our member companies. But progress is slow, and while the UK has opted for a soft approach, setting an objective of achieving 25% female representation on corporate boards by 2015, France has taken a more decisive stance by legislating quotas. In this issue the two different approaches are compared and numerous interviews with women in business provide insights into the real issues, barriers and challenges that they have encountered in their own careers. Britain has recently paused to remember one particular woman, one of the most influential leaders of her time and the country’s only female prime minister, Margaret Thatcher, who passed away on 8 April. Strong in her convictions and decisive in her policies, the ‘Iron Lady’ was both revered and reviled, but there is no doubt that she completely transformed Britain’s economic and political landscape, and her reforms created the powerhouse that is the UK financial sector. Recent activities at the Chamber include the Business Club Cocktail, which was enjoyed immensely by all those who came, despite the weather throwing into disarray the travel plans of the Locate Jersey delegation, who were due to make a presentation on Jersey as a business location. We also hosted a very successful Saint Emilion Wine Master Class at Harrod’s Wine Shop and the annual Member to Member Cocktail and Exhibition, which were attended by a wide cross-section of Chamber members. Sessions of the various Forums and Clubs have continued to have presentations and roundtable discussions of the highest calibre – the reports at the back of the magazine give a flavour of the issues under discussion. As the days get longer and Spring finally puts in an appearance, there is much to look forward to in the Chamber’s calendar of events, and we hope you will join us for many of them. I * McKinsey & Company (2010). Women Matter 2010. Women at the top of corporations: Making it happen
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Contents issue 206 / May - June 2013
11 55
24
Carolyn McCall on women and work
Bilateral
Franco-British Council
12 Estelle Brachlianoff
News in the City
15 An embattled Budget for Britain 16 City Profile: Elisabeth Markart
News
18 Saint-Gobain opens inspirational new innovation centre
19 Total resumes production in the Elgin/ Franklin area of the North Sea
20 British Airways orders 18 A350-1000
aircraft from Airbus Asendia acquires Pitney Bowes in the UK
21 VINCI Construction UK awarded £8.4m Royal College of Art development
23 International SOS announces strategic
partnership with London’s Air Ambulance
24 Relais & Châteaux Grand Chefs create culinary theatre in London
76
Getting acquainted with the ‘King of wines’
Relais & Châteaux Grand Chefs create culinary theatre in London
56
A word with Hélène Darroze
Spotlight on SMEs and Startups
9 Baroness Blackstone, new chair of the
5 minutes with...
‘Yes to Europe’ conference: Europe and public opinion
30 Briefs 33 Profiles
Success Story 36 Delahaye Moving
Focus
38 Women in Business 39 Women in Business timeline 40 The absence of women on boards – a
‘wicked’ problem: comparisons between France and the UK
43 The 30% Club: chairmen for change 44 Balanced boardrooms are only one side of the coin
45 Current hot spots for women in business 46 It’s time to think, act and report on inclusion
47 Between the glass ceiling and the sticky floor: subtle barriers
48 Gender diversity is an integral part of modernity
26 French Chamber members among Top 50
49 The power of sponsorship in business 50 The world needs science and science needs
27 Hello, goodbye... 28 Schools News
51 Supporting female entrepreneurs 52 The men behind great women
Employers for Women 2013
Managing Director: Florence Gomez Editor-in-Chief: Keri Fuller Communications Co-ordinator: Hannah Medioni Graphic Designer: Prima Hevawitharane Advertising & Sales: Lorraine Germaix Publications Assistant: Melonie Gault Subscription: INFO is published every 2 months Printed by: Headley Brothers Ltd
women
Contributors: Ama Afrifa-Kyei, Christine Borgoltz Halff, Kresse Wressling, Louise Brett, Mark Bomer, Philippe Chalon, Eric Charriaux, Katy Gandon, Robin Jeffcott, Claudia Jonczyk-Sédès, Savita Kumra, Thibault Lavergne, Julia Massies, Myriam O’Carroll, Joanna Powis, Emmanuelle Ries, Monique Valcour Cover: © CCFGB
53 54 55 56 58
Success secrets of dual-career couples The Women’s Forum: an insider’s view Carolyn McCall on women and work A word with Hélène Darroze Women in business: performing the balancing act
60 Creating company cultures where women flourish
Culture
63 Royal Academy Summer Exhibition 64 What’s on 69 Wine Press
News @ the Chamber
71 New members 72 Chamber Shorties 75 The show goes on... 76 Getting acquainted with the ‘King of wines’ 77 Connections and discoveries 78 Logistical and operational challenges 79 Corporate volunteering 80 Export trade with emerging markets: risks and trends
81 Building green 82 Forthcoming Forums & Clubs / Events 84 Forthcoming Patron Events Distribution: French Chamber members, FrancoBritish decision makers, Business Class lounges of Eurostar, Eurotunnel and Air France in London, Paris and Manchester Editorial and Publishing Office: French Chamber of Commerce in Great Britain Lincoln House, 300 High Holborn London WC1V 7JH Tel: (020) 7092 6600; Fax: (020) 7092 6601 www.ccfgb.co.uk
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Patron Members of the French Chamber of Commerce in Great Britain
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Baroness Blackstone, new chair of the Franco-British Council A Labour life peer in the House of Lords, Baroness Blackstone is a former Minister of State in Education and Employment & Culture, and was Vice Chancellor of Greenwich University and Master of Birkbeck College. She spoke to INFO about her new role and Franco-British co-operation
FBC has also been excellent at talent spotting! David Cameron, I was Opposition Spokeswoman Nick Clegg and David Miliband all on Foreign Affairs in the House of contributed to a New Generations Lords from 1992 to 1997, and I’ve had debate in 2004 before reaching high a longstanding interest in foreign office in government. We have also policy generally, but especially in attracted highly influential leaders our relationship with Europe. I’m from France including Jean-Pierre also a great Francophile and it’s Landau, Elisabeth Guigou and on an honour to lead an organisation the sporting side, Thierry Henry. At like the FBC which does so much our 40th Anniversary reception later to enhance bilateral relations. Our this year, Europe Minister David strength comes from the breadth of Lidington MP will give the keynote our network. And of course this is speech. It will be an opportunity an important time given the debate to address the current debate on Baroness Blackstone about the UK’s future role in Europe. UK membership in Europe with an It will be an exciting challenge and I look forward to audience of business leaders and policy makers. adding to the foundation built by the FBC staff and my predecessor, Baroness Quin. What are the most challenging areas of co-operation? Some of the big common challenges relate to immigration As it marks its 40th anniversary this year, what have been the pressures, the future of the European economy and FBC’s achievements? how we reduce unemployment amongst young people. The FBC has established itself as a soft but powerful Defence and Security are also important issues that cover influence in decision making in the UK and France. One of promoting peace and security globally, and particularly its main achievements is getting people talking! We have in Africa, where we were both former colonial powers. If devised a range of bilateral events bringing key people I were to pick something specific it would be terrorism together to debate common issues, and identify solutions in the Sahel region of Africa. We have economic interests which we hope will influence government policy. Defence in Nigeria, as does France in the Francophone areas of is a prime example where the two countries have strong Africa. The fact that we are working together at present is mutual interests and our Annual Defence Conference important; there are some major underlying issues about and dedicated website have played a part in taking these longer-term prevention of the spread of terrorism in poor interests forward. nomadic communities that we should share. Energy I‘ve always been opposed to people having a narrow and climate change are also long-term issues, and what and parochial view of events, policies and issues. I think we each do has an effect on the other. The CEO of EDF we should be outward looking and try to find out what Energy, Vincent de Rivaz, spoke at our recent Financial our nearest neighbour is doing. I am not pretending that Crisis seminar and this is the sort of co-operation that I the FBC can bring about a sudden change of direction; personally want to see. I want to link with organisations it is about chipping away and mutual understanding. For like the French Chamber of Commerce and host high example, we held a series of seminars on Diversity which level topical events for many more French companies brought together an eclectic mix of people from different working in the UK. The FBC’s raison d’être is to encourage multicultural backgrounds. The then prime minister, co-operation and extend bilateral networks. And my Gordon Brown, added his voice to the conference. The vision is to galvanise that further. I KF What convinced you to become Chair of the Franco-British Council (FBC)?
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Cercle d’outre-Manche calls for targeted immigration and diversity in the workplace London-based French think-tank Cercle d’outre-Manche has published a book about immigration and work in France that calls for a measured debate on the issues, and proposes practical policies to manage immigration in a way that would benefit the economy
I
n its latest book, Immigration et travail: quelques bonnes pratiques à intégrer (Studyrama Editions, March 2013), the Cercle d’outre-Manche wishes for a less dogmatic and more constructive debate around immigration issues in France. It suggests new policy initiatives for a better understanding of France’s immigration influx through impact studies and a better targeting of integration policies for migrants. The study also looks at how the concept of ethnic diversity should be encouraged in the workplace. The fact that ageing countries need immigration is highlighted in the book. Recent EU reports suggest that the EU economy will need between 400,000 and 700,000 IT workers by 2015, and between 1 and 2 million healthcare workers by 2020. The Cercle
d’outre-Manche explains that France welcomes two times fewer skilled immigrants than the UK and three times fewer than Germany. One of the key suggestions made by the French London-based think-tank is to set up an economic commission for immigration in France. Similar to the French Low Pay Commission, which was able to make headway on the minimum wage issue, an ad hoc structure could be set up to study the economic consequences of immigration in France. This structure would be composed of representatives of trade unions, employers and qualified experts who would put forward measures that favour immigration management based on the needs of each sector of activity. These recommendations would then be followed by the government. Such co-operation would yield a triple advantage: employers would get an immigration policy in line with what companies actually need. Trade unions would benefit from regulated labour immigration that would not contribute an excess supply of labour in sectors already suffering from unemployment. Finally, the government could spur a more balanced debate on immigration. Le Cercle d’outre-Manche advocates for a calm and meaningful debate on these issues, especially in times of economic crisis. I Philippe Chalon The executive summary of the book can be downloaded on: www.cercledoutremanche.com Created in 2004 the Cercle d’outre-Manche (CoM) is a group of French business leaders operating in the UK and France. The CoM is organised as a think tank and its purpose is to compare the social and economic conditions of the two countries. In particular, its members favour a benchmarking approach in order to depict the best practices in both France and the UK.
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‘Yes to Europe’ conference: Europe and public opinion Margaret Thatcher first used the words ‘Yes to Europe’ in her speech launching the Conservative campaign to keep Britain in Europe in 1975. In 2013 they have been adopted as the title of a cycle of conferences organised by the French Embassy in partnership with the European Commission Representation and the Financial Times, the first of which took place on 26 March
eorge Parker, Political Editor of the Financial Times, chaired a panel of speakers, comprising Lord Mandelson, Chairman of the Global Counsel, former European Trade Commissioner and British First Secretary of State, Lord Howard, former leader of the Conservative Party and cabinet member, Noëlle Lenoir, former French Europe Minister, and Peter Kellner, President of YouGov. All the panelists agreed that there was a crisis of public opinion with regard to the EU, but each had a different perspective on it. Pro-European Peter Mandelson admitted that the EU and the Eurozone could not thrive ‘unless its governance is able to secure greater public consent and legitimacy.’ He noted that ‘at the core of the current crisis is the extent to which politics and economics are out of sync. The EU has the currency but not the fiscal institutions and framework to manage it because this was too difficult to do at the time. The crisis has confronted this but to survive, the Eurozone will need to operate more as a single political entity, which has big implications for public opinion and politics.’ Noëlle Lenoir saw populism as the EU’s main challenge. She stressed the very hard lessons France had learned from its 2005 referendum and sounded a warning that referendums give opportunities for extremism to thrive. For something as complex as the EU, she said, a referendum is ‘a bold initiative but very reckless, and not the best way to ask a clear question’. Later in response to a question about why 70% of French people want Britain to leave the EU, she quoted Churchill who had said that ‘Britain is with Europe but not of it’. But she did admit that it has been the most influential country in the EU and has best modelled the European market. Michael Howard said he wanted the EU to be successful and Britain to be part of it, but the EU had to change. ‘The EU is not working properly. It is bureaucratic, inflexible and cumbersome, and its one size fits all approach for countries as different as Finland to Cyprus is less than ideal for both and many others. We need a more flexible EU with room to breathe,’ he stated. ‘A better balance of
© Jacques Podmore - French Embassy UK
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The illustrious panel, L to R: Lord Howard, Noëlle Lenoir, George Parker, Lord Mandelson and Peter Kellner
competence between member states and the EU would be a prescription for more public support.’ The point was made that Britain had joined an economic community, but that everything was now being dominated by an EU that no-one in Britain had consented to be part of. Michael Howard agreed but Peter Mandelson rounded on him: ‘When you talk about flexibility you are actually talking about fluidity and flux. That is not what people see the point of the EU being.’ He accused Michael Howard of predicating his politics on the failure of the EU, ‘because it might actually succeed’. Peter Kellner lamented the fact that what the EU does well was largely overlooked. ‘Pro-Europeans have not been candid enough about the failings and skeptics have ignored the positive,’ he said. Asked whether there had been a ‘spectacular failure on the part of EU leaders to talk about the longer term vision and convey the positive benefits of Europe’, Peter Kellner agreed, but said the question should be how to do it better rather than abolishing it. Peter Mandelson acknowledged the credibility gap – ‘European politicians have failed to understand the extent to which the public feels there is a lack of public control and accountability.’ He hoped for common ground discussions on a reform agenda between Britain and the EU. Michael Howard concluded by asserting – somewhat controversially by his own admission – that European leaders had hidden their longterm vision of Europe from the electorate because they knew it would not have support. I KF info - may / june - 11
5 m i n u te s w ith ...
Some of the barriers affect not just women but also minorities, so it is more about diversity than specifically gender.
Estelle Brachlianoff The new Chief Executive of Veolia Environmental Services UK, a Patron member of the Chamber, speaks about being a woman leader in a male-dominated industry, differences and similarities between the UK and France and the company’s massive investment in recycling and energy recovery
You took over as Chief Executive of Veolia Environmental Services UK last July, an appointment that necessitated a move from France. Have you found the UK to be different from your expectations?
Professionally speaking, I was presented with a great opportunity to run a company that is one of the jewels in the crown of Veolia. On a personal note, my family and I were very excited to start a new life in London. My husband resigned his position in France to join me here, and I’ve sent my children to an English school so that they can become bilingual. I was always interested in what was happening on the other side of the Channel. I thought the UK would be quite different from France and it is possibly even more different than I expected. But I’m glad it is – you don’t move to another country to see exactly what you are used to. It is really impressive to see how two countries that are so close geographically can be so far apart in many aspects, and yet very much alike in others. Managing British people has some really big dissimilarities to managing French people. But you should also ask my team – I think the change and the challenge goes both ways. Waste management is a traditionally male-dominated industry, and you are Veolia’s first female chief executive. Is there any difference between France and the UK in that respect?
Waste management is a male-dominated industry in both France and the UK. There is a perception that France is perhaps more advanced in bringing women into this ‘male-type business’, but in reality there is little difference between the two countries. Things are maybe more hidden in the UK – I don’t think people would admit as easily that there is an issue, whereas in France they would know there is one. There are more men in the waste industry, but it depends on whether you are talking about blue collar or white collar roles 12 - info - may / june
as there are different proportions in those. As a woman, has it been difficult to get where you are?
Yes it has, and not only because I am a woman but also because it’s a desirable position. It is not getting into this industry that is difficult but getting promoted. I have had to overcome some hurdles, but I believe that where there is a will there is a way, and I’ve kept on moving. Some of the barriers affect not just women but also minorities, so it is more about diversity than specifically gender. But women in particular do not have as easy access to informal networks as men, which can hinder their progress. Women try to achieve things with less networking, and tend to be more direct and blunt – which can be challenging for their teams and bosses. But I don’t want to generalise too much as all women are different. I think appointing someone like me is a sign that things are changing – I am not your traditional waste guy. I am also helping things to change by putting diversity at the top of my agenda. We have to change from within. We still need people who are experienced in the industry – usually male and white – but we also need those who can think out of the box and bring new ideas, and I try to achieve a balance and a mixture. In my experience you have to first show all women that it is possible and second be open to promoting different kinds of people, even though they may not have typical CVs – you have to take risks. You previously worked in waste management in Greater Paris, and now you are in London. Do they have similar problems as capital cities, or their own unique challenges?
Despite their different histories, London and Paris have many similar problems to do with urbanisation and high density. Our main challenges are how to handle collections and promote recycling or recovery in these urbanised areas. Logistics are also an issue
5 m i n u t e s w i t h E s t e l l e B r ach l i a nof f
Is the UK waste industry different from that in France, and in what ways?
It used to be very different but the UK has been through tremendous, positive change over the past 10 years. Back then, 80% of waste was going to landfills, but this has come down to 49% through initiatives like landfill tax and PFIs (Private Finance Initiatives) to build new facilities for recovery and recycling. It is incredible that this has been achieved in such a short period of time. France has reduced its landfill waste from 41% to 28% in the same period so the trend has been a lot slower. Nevertheless there is still room for improvement, especially in the commercial and manufacturing sectors. PFIs are slowing down for many reasons, one being the difficulty in getting planning permission in this country. A lot of projects ultimately fail for this reason. It is democracy but I think it is legitimate to ask whether the balance is right. Another reason is that the risk balance is weighted against the private sector and a lot of companies have withdrawn from the process because it became too risky for too little reward. It is one thing to win a PFI, but quite another to build and operate it. What is Veolia’s agenda for sustainability and contributing to the green economy?
Estelle Brachlianoff
because of the density. However, there are wonderful opportunities too. I had never experienced anything like the Olympics. It was a tremendous experience to see dedicated, fully engaged people under my management, not only doing their jobs of cleaning streets and collecting dustbins wonderfully but also doing more, like answering tourists’ questions and giving directions.
We are investing £1 billion in the next six years in facilities for recycling and recovery such as waste plants, new recycling plants, and new in-vessel composting plants. This investment will avoid landfill, create 28,000 more jobs and give back to the local community. I’m very proud that we have been given the platinum award by Business In The Community Corporate Responsibility Index for what we do in employing local people, training people and volunteering. Driving Veolia towards more energy recovery and recycling is one of my main priorities, and we are spending a lot of money in research & development and innovation to this end. What keeps you awake at night?
What did you do before Veolia and how did you rise to the top in waste management?
Before I joined Veolia in 2005, I spent eight years as a civil servant building highways, mainly in the outskirts of Paris, and designing tramways that are being built now, 15 years later. I also worked as an advisor in the cabinet office. The common thread is that I am really passionate about people, and about the realisation of things that you can see or touch physically. I found that in the construction sector and now in Veolia. I am also a big city lady. It took me two seconds to say yes to the proposal to move to London – a small city would have been a lot more difficult for me.
Health and safety – I have 12,000 employees under my stewardship and my responsibility is to keep them safe. Being a CEO of a company such as Veolia, the only thing you fear is accidents that could have been avoided. We are among the best in class in terms of our health and safety performance, but that is not good enough for me. I won’t be satisfied until we have zero accidents in this country. What is the best aspect of your job?
The ability to drive the agenda and deliver new ideas, new business and new initiatives for Veolia and the market. I KF info - may / june - 13
Still guiding the way for global business. ft.com/125
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n e ws i n t h e ci t y
An embattled Budget for Britain The UK Chancellor of the Exchequer has set out his spending plans for the next year, but with limited change in the public purse and few new ideas for fostering growth, it remains to be seen whether this budget will make any difference at all to GDP
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© flcikr/HM Treasury
ranted, Chancellor George Osborne had little room to manoeuvre when setting the 2013 Budget for the UK. With national debt continuing to climb, the deficit barely budging at £120.9 billion, and growth forecasts slashed to 0.6% by the Office for Budget Responsibility (OBR), there is broad consensus that he had to negotiate a precarious path along a narrow escarpment. But the question remains whether it is a Budget that will make any difference at all to Britain’s flatlining economy. For business there were some fillips, among them a further 1 percentage point reduction in corporation tax to 20% from April 2015, which will give Britain the lowest main rate of corporation tax in the G20, alongside Russia, Saudi Arabia and Turkey; a cut in employer’s national insurance tax The Chancellor with the world famous Gladstone Budget Box that will help small businesses and start-ups; and encouragement for innovation in shocks. While the fiscal impact of the Budget was enhanced R&D tax credit relief. The downside is that essentially neutral, with ‘giveaways’ almost exactly most of these measures take effect at least 12 months offsetting ‘takeaways’, some economists see potential down the line. And any hopes for radical supply-side changes announced to the Bank of England’s remit on reform were disappointed. Infrastructure spend is monetary policy as positive because more flexibility being increased by a mere £3 billion per annum from may encourage growth. Ernst & Young’s ITEM Club 2015, paid for by a squeeze in public spending, and foresees a boost to consumer spending when housing with no details provided on how the money would be and personal tax measures feed through to disposable spent, the future of many projects remains on hold. incomes, supported by rising employment numbers, Most worrying is public sector debt, which is now but is gloomy about an export-led recovery, or any projected to be £100 billion higher by 2017-18 than imminent rebalancing of the economy. Others are the £1.5 trillion laid down in the Autumn Statement, sceptical that this Budget will deliver growth in any and at 85% of GDP, dangerously close to becoming a shape or form, most notably the OBR, whose chairman millstone that throttles economic growth. Robert Chote wrote that none of the budgetary GDP growth remains elusive, with the government measures gave it cause to revise its forecasts: ‘we still aiming to achieve this through tight fiscal policy assume that they will have ... no impact on the level and loose monetary policy, barring any euro crisis of GDP at the end of the forecasting horizon’. I KF info - may / june - 15
news in the cit y
Profile
Elisabeth Markart Elisabeth Markart is the General Manager of the London Branch of Banque Transatlantique, one of France’s oldest private banks with a strong focus on serving expatriates, diplomats and international civil servants, and a Patron member of the French Chamber
“T
hink and walk out of the box” was and still is my philosophy’, says Elisabeth Markart, who at the age of 18 left her native Austria to study abroad. True to form she chose an unconventional and demanding path, opting for a ‘Hypokhâgne’ in Paris only two years after starting to learn French. ‘I am very fond of history, literature, Latin, philosophy and foreign languages and there I was, among the young French elite,’ she recalls. ‘I later added Economics and Finance which are still my field of competence and professional activity.’ She then switched to the Institut d’Etudes Politiques de Paris (Sciences Po), which she describes as ‘a very open, challenging and interesting institution’. This was by no means the only atypical route taken by Elisabeth. She also attended IHEDN (Institut des Hautes Etudes de Défense Nationale, Session Nationale (SN) 62), which runs courses on security, defence and geopolitical issues for high level civil servants, MPs and executives from various professional backgrounds, together with high military officers of the CHEM (Centre des Hautes Etudes Militaires). ‘This is selective and highly regarded training for people interested in defence issues – it is an unforgettable year and you make relationships that last for the rest of your life,’ comments Elisabeth. Years later, having worked in both Europe and the US, she ‘deemed it necessary to discover Asia’ and, while working for HSBC, opted to study for an MBA in Singapore where INSEAD offers a joint degree with Qinghua School of Economics Elisabeth Markart and Management (the Beijing-based top-ranked business school at Qinghua University). Elisabeth’s diverse international experience was honed working in various senior advisor and executive roles at Merrill Lynch, HSBC, UBS and Deutsche Bank, and has been very valuable to her current role at 16 - info - may / june
Banque Transatlantique in London, which was a newly created position. ‘I am a passionate Private Banker,’ she explains. ‘The essence of my role is to understand our clients’ needs. I draw on these experiences to build a unique service offer for our private clients.’ For nearly a century Banque Transatlantique has been the bank of French diplomats, and its services were extended to French expatriates in the 1990s. It is a subsidiary of CM-CIC, the French mutualist group which has one of the best credit ratings worldwide. Now the bank is moving into International Private Wealth Management, which requires a global presence and a higher level of international integration. Hence Elisabeth’s appointment and move to London in June 2012. ‘Many of our clients have chosen to live and work out of London – you need to be close to your clients to understand their concerns and help them realise their projects,’ she says. One of the projects Banque Transatlantique has been involved in is the new French school in Wembley, for which it has provided a £40 million loan. ‘This is a very good example of our support for the French and francophone community worldwide and how Banque Transatlantique implements its expertise and is able to achieve outstanding results through cross country teams,’ Elisabeth points out. Elisabeth is presiding over some very ambitious plans for the London Branch of the bank. ‘We are going to set up an offer to service private clients locally and give them access to the whole range of services offered throughout the group in various jurisdictions and locations,’ she says. As she leads the London team in building a High Net Worth and Ultra High Net Worth franchise for Banque Transatlantique, there is no doubt that Elisabeth Markart will adhere to her maxim of thinking – and working – out of the box. I KF
news in the cit y
Britain goes to court over proposed financial transactions tax
© NASA/Bill Ingalls
tax, which levies 0.1% on stock and bond trades and 0.01% on derivative deals in the tax area, but will also apply to transactions outside the tax area when they are issued by one of the 11 participating countries, thereby stinging London where many trades take place. It is this extraterritorial aspect of the proposal that the UK is concerned about, and it is challenging the authorising decision at the European Court of Justice on grounds that the tax would be unfair to countries unwilling to take part. Increasing the cost of such deals would be detrimental to the value of business carried out in Britain’s financial sector and George Osborne has criticised it as ‘a tax on pensioners and people with savings and investments’ rather than a tax on banks or bankers. Proponents of the tax believe it will discourage speculative trading while raising public funds. I KF
The European Court of Justice
||| The UK government has launched a legal challenge against plans for a European financial transactions tax amidst fears it could have a devastating impact on the City of London. Eleven out of 27 EU states – among them France and Germany – plan to implement the
Another downgrade for the UK’s credit rating ||| Citing weak growth and a disappointing outcome of austerity policies, Fitch has downgraded its rating for the UK to AA+, becoming the second credit ratings agency to do so after Moody’s reduced the UK’s sovereign debt rating in February. Fitch did, however, leave its outlook for the
new rating as ‘stable’ because of Chancellor George Osborne’s ongoing policy commitment to reducing the budget deficit. Now out of the three credit ratings agencies, only Standard & Poor’s retains a triple-A rating for the UK, a position it reaffirmed in early April. I KF
Russian tinge to Britain’s Rich List ||| Russian tycoon Alisher Usmanov is the richest person in Britain, according to the Sunday Times Rich List, an annual ranking of the wealthiest people in Britain and Ireland. Worth £13.3 billion, the owner of iron ore producer Metalloinvest also has a 30% stake in Arsenal football club. He is one of three Russians to dominate the top five places, the others being media mogul Len Blavatnik, whose £11 billion fortune puts him in second place, and fifth-placed Roman Abramovich, owner of Chelsea football club who made his money in the oil industry and is now worth £9.3 billion. Only one person has made the top 10 every year since the List was first published in 1989 and he is also
the highest placed British-born person – the Duke of Westminster. He comes in at eighth with his £7.8 billion property fortune. Her Majesty the Queen headed the first ever list, but her then wealth of £5.2 billion included the Crown Estates and royal art collection, which since 1993 have been excluded from the value of her personal worth, and now she does not even make the top 200. She was one of only nine billionaires in the first list; the latest counts 88, up from last year’s 77. Pooling the fortunes of the 1,000 richest people in Britain and Ireland would amass £450 billion, but very little of that has actually been earned in Britain. I KF info - may / june - 17