Iod west midlands winter 2013 14

West Midlands www.iod.com

January 2014

An economic rebirth for the Black Country Director of the Year Awards - it’s time to get your nominations in

Reboot for Young IoD

Prime time for older business leaders SMEs in automatic enrolment spotlight Combating business fraud: forum is there to help you

A rise Sir Richard?

We’ve frozen our Anytime Return fare, unlike Virgin Trains.

Anytime Return to London now 42% cheaper than Virgin.* *£164 Anytime Return fare applies on Virgin Trains from Birmingham New Street or Birmingham International to London Euston vs £95 Anytime Return fare from Chiltern Railways from Birmingham Moor Street, Snow Hill, Solihull or Warwick Parkway to London Marylebone.

chilternrailways.co.uk/mainline

Regional Chairman

2014 kicks off with a shot in the arm for business

I

t is such a pleasure to begin my first column in IoD West Midlands for 2014 on a positive note. In our autumn issue of 2013 I commented that there was a growing sense of optimism around the region, and that I had high hopes this would hold and become the basis for a real, sustained and strong period of economic growth.

Well, while we cannot get too excited just yet, it appears these early signs of recovery are taking hold. In a survey conducted by the IoD to coincide with the return to work after the Christmas break, nearly nine in ten members (87 per cent) say they expect UK GDP growth to be higher in 2014 than in 2013, with 74 per cent predicting higher revenue in 2014, 58 per cent more profitability, 41 per cent a higher level of business investment and 41 per cent higher employment in their organisations. To underline the change in mood, when the same questions were asked of members at the end of 2012, just 51 per cent were expecting a GDP rise in 2013. On all the key measures of performance (business revenue, profitability, investment and employment) directors are more confident about the outlook now than they were 12 months ago.

There is a caveat: generally speaking, the proportion of directors feeling confident for their own organisation has consistently been higher than the proportion expressing confidence in the wider economy. This suggests we can all see signs of improvement in our own businesses but are concerned that the overall negativity often reported in the media means everyone else is doing less well than you – a rare case, perhaps, of people thinking the grass is greener in their own patch!

However, confidence in the wider economy increased at a much faster rate over the course of 2013, and that’s a really positive note to open what I think will be a crucial year for the business community. It was particularly pleasing to see this confidence permeate into all sectors, too – from manufacturing to service industries.

When the survey results were announced our new Chief

Economist, James Sproule, made some interesting points. He said: “Our survey is another sign that the economy is indeed recovering. While the view of the IoD is that economic expansion remains too dependent upon consumer spending, funded in large part by shrinkage in the savings rate, the fact that 74 per cent of businesses are anticipating higher revenue does point to a welcome broadening of economic growth.

“It is the broadening of the base of the recovery that is going to be the best guarantor of continued economic expansion. In line with this desire for a more widely based recovery, the Government is clearly eager for business to start spending its accumulated reserves.

“British businesses have worked hard to repair the financial excesses of the last few years and, despite encouraging signs of economic growth, 59% of IoD members are not anticipating an increase in business investment this year. The key to encouraging longer term business investment remains a positive business climate, including low taxes, light regulation and a positive outlook on profit and entrepreneurism.”

James added that the fate of interest rates was crucial. Where the rates go will be an interesting indicator of the Bank of England’s Monetary Policy Committee’s view on the economy.

One of Mark Carney’s first decisions on taking up his new post as Governor of the Bank of England was to suggest that interest rates would be kept at the current historically low level until unemployment fell to 7%. With that rate now around 7.4%, and all signs showing it will continue to fall, it is assumed that an interest rate rise is likely.

Continued on page 4

CONTACTS Chairman: Jason Wouhra e: jason.iod@eastendfoods.com t: 0121 359 2199

The Institute of Directors West Midlands membership magazine is published on behalf of the IoD by:

Regional Director/Editor: John Phillips e: John.phillips@iod.com; t: 0121 643 7801

Chamber Media Services, 4 West Park Road, Bramhall, Stockport, Cheshire SK7 3JX.

Regional Administrator: Sue Hurrell e: sue.hurrell@iod.com; t: 0121 643 1868 Press officer: James Holden e: james.holden@leader.co.uk t: 07767 321086

Advertising sales: Colin Regan t: 01925 292002 e: colinregan001@yahoo.co.uk Production enquiries: Rob Beswick, t: 0161 426 7957 e: rob@chambermediaservices.co.uk

IoD West Midlands: Eleven Brindleyplace, 2 Brunswick Square, Birmingham B1 2LP t: 0121 643 1868

Please note...

Although every effort is made to ensure the accuracy of material contained within this magazine, neither the IoD nor Chamber Media Services can accept any responsibility for omissions or inaccuracies in its editorial or advertising content.

The views expressed in this publication are not necessarily those of the IoD. The carriage of adverts in this publication does not constitute an endorsement of the products or services advertised.

All articles within this publication are copyright IoD West Midlands.

Editorial consent must be obtained before any are reproduced either in printed form or electronically.

Cover picture: Ready for action - that’s Jaguar’s state-of-the-art engine manaufacturing plant on the i54 Business Park. Here more about the company’s plans for the plant at our Black Country dinner, March 12. See page 10

IoD West Midlands January 2014 | 03

News Continued from page 3 Certainly, 46% of our members surveyed thought it likely or very likely that the MPC would raise interest rates. However, a Bank spokesman has been at pains to state that unemployment hitting 7% is not an automatic trigger for a rise.

It will be a key decision, and one that I hope is taken with a view on long-term stability and continued growth.

Turning morE directly to this IoD region, 2014 will see us continue our plans to extend our range of activities and organise more events that enhance your knowledge, improve your network and offer new insights into how excellent business leaders operate.

I have been delighted to see our local membership has grown over the past 12 months – with an obvious connection to improvements in the economy. We are putting in place several measures to strengthen this growth over the next year and I look forward to reporting on further growth in the coming months.

On the events front I’m particularly excited by our Black Country dinner on March 12, at which we’ll have three prominent speakers drawn from that area to talk about how their organisations are helping re-build the local economy.

The event is timely as one of the three speakers will be Trevor Leeks, operations director at Jaguar’s state-of-theart engine manufacturing plant on the i54 business park, which sits on the edge of Wolverhampton. This plant is a seal of approval for both the local workforce and the region’s supply chain, as well as an endorsement of the efforts of the local councils to create a powerful business case for inward investment. With the first of what is hoped to be a 1,400-strong workforce being taken on as I

write this, our event on March 12 will be a fascinating insight into how the plant operates, the plans for its development and the role it can play in the Black Country’s wider economy.

Another event I would urge you to consider is our Director of the Year Awards. The awards themselves are on June 5 but the deadline for entries is considerably sooner – February 28.

I had the good fortune to be nominated for these awards myself, and I know how enjoyable and rewarding an experience it is. It will raise your profile, give you a chance to ‘benchmark’ your ability against that of your peers and offer a unique opportunity to reflect on how your career is progressing. There are more details of how to enter on page 8. Remember, you can nominate a fellow director – or enter yourself. Don’t be shy: our independent judging panel is waiting to hear from you!

Finally, on page 12, we report on the relaunch event we held for the Young IoD, our special sub-group for younger business leaders. It was through its predecessor, the YDF, that I got involved with the IoD, and I think it is a great way for younger directors to meet, network and learn from others. Under its new committee, led by James Villarreal, I know it will go from strength to strength, with some exciting plans in the pipeline, including events with the Army that will really test your strengths – both of your leadership and physical fitness!

Every time I met with my fellow YDF members it was like a mentoring session, and one I would recommend it to any members under the age of 42.

Thanks for reading. Good luck with the new year, and I hope our confidence in a stronger economy is rewarded.

Dinner has big target on menu for Philippines On February 22 I am organising a special charity dinner at the ICC in Birmingham in aid of the DEC Philippines Typhoon Appeal, writes Jason Wourha.

We’ve set the ambitious target of raising £100,000 on the night – a lofty goal but one that I hope the local business community will view as a challenge and help us to meet.

It is a very worthy cause.

The devastation the Philippines suffered in December when the typhoon ripped through it was horrifying, with over 6,000 killed and millions left homeless.

If you would like to help, attend the event, donate a prize for the raffle or get involved in any other way, please get in touch. I can be reached on 0121 359 2199 or via disastercharity@ eastendfoods.co.uk

Torquil Clark sets Gold Standard for financial advice Torquil Clark has been awarded the prestigious Gold Standard Award for Independent Financial Advice for a record 10th consecutive year.

John Chapman, the company’s chief executive, received the award on behalf of the Wolverhampton-based company from MP Jonathan Evans at the House of Commons.

Now in their 11th year, the Gold Standard Awards are one of the toughest awards to achieve in financial services, with Torquil Clark being the only IFA to win the award for a record ten consecutive years. The awards not only take into account standards of service but financial strength, capability to conduct business as well as fair value. This year’s judging process particularly saw an increased focus on areas of

governance and social responsibility.

With the landscape of financial services in the UK and overseas changing rapidly, an assessment of a wide range of factors can give a true picture of whether a company is going above and beyond standard business practices to promote consumer trust in the financial sector.

Torquil Clark, Corporate Chartered Financial Planners have been providing independent financial advice on a local and national level since 1989. Based in iconic offices within Wolverhampton, Torquil Clark recognises that to deliver the best ongoing advice it is essential to form firm, long-term relationships so that they fully understand the individual needs of both their personal and

04 | IoD West Midlands January 2014

corporate clients.

Commenting on this outstanding achievement John Chapman, Chief Executive of Torquil Clark says, “This award is based on the company’s service, capability to conduct business, fair value, trust and financial strength. In essence it’s about us providing our clients with good advice and conducting our business in an honest and honourable manner. To have received this award for ten consecutive years is a huge endorsement for the company and particularly to all the staff at Torquil Clark who have the customer at the heart of everything that they do. We are delighted to have been rewarded for our efforts by receiving what we consider to be the premier award for our industry.”

John Chapman with the award

• Torquil Clark is an affiliated partner of the IoD as providers of IoD financial protection insurances services – see www.iod.com/kp

Focus on Hereford and Worcester The IoD Hereford and Worcester Branch Committee is pictured left at their recent committee meeting, which was hosted by IoD Member Warwick Partington at the MTM Centre for Leadership and Management Development.

It is a specialist coaching, mentoring and leadership development consultancy with a particular expertise in handling reputational issues that may be politically or market sensitive, and are trusted for their discretion and integrity.

The H&W committee are pictured in a specialist state-of-the-art studio which is extensively used by business internationally for media training purposes. The centre is located in Broadway, close to the home of the Ashmolean Museum and both venues will be visited by IoD members at our event on January 29 (see page 20).

Richard Forrest, Francis Christie, Robbie Hazlehurst, Warwick Partington, Mark Richardson and Rev Peter Tibke at the meeting

Thanks, Francis, as branch hunts for new chairman IoD Regional Director John Phillips has paid tribute to Francis Christie after he announced that he will be standing down as Chairman of the IoD Hereford and Worcester Branch in 2014.

John said: “Francis joined the committee in 2006 and for a long time was the ‘mastermind’ behind local events for the Branch.

“His speciality was arranging visits to interesting businesses that were thriving in the recession.

“Thanks to Francis, IoD members were treated to memorable visits to companies as diverse as Morgan Cars, Tyrrells Chips, Bosch Thermotechnology and Yamazaki Mazak.”

However, his forté wasn’t just organising

member visits, John pointed out. His depth of knowledge of both the business world and the local business scene meant he was the perfect man to lead the Hereford and Worcester response to the demise of the West Midlands’ Regional Development Agency.

“Francis led the successful bid team and was the Acting Chairman for the Worcester Local Enterprise Partnership (LEP) while it was established and the Executive Board, Business Board and the Chairman were recruited. He was instrumental in the successful creation of the LEP. “We have much to thank him for and he will be a hard act to follow.”

The IoD invites applications from any

members who would be interested in becoming our new chairman for this Branch. If you are interested in the chairman’s role, please send your CV with a covering letter to john. phillips@iod.com by 5pm, Friday 24th January.

You will be supported by an effective branch committee that works tirelessly to support local members, arrange local events, welcome new members and contribute to shaping the business agenda in the community.

For further details please feel free to chat to John or Francis before applying.

• John Phillips 0121 643 7801 – 07703 355891 • Francis Christie 07770 348978 - francis@ francischristie.co.uk

IoD’s chief economist moves to international thinktank As many members will be aware, Graeme Leach, the IoD’s hugely respected chief economist, left the institute at the start of the New Year to take up a new role as director of global economics for an international thinktank.

Graeme has been a huge influence on the IoD for the past decade and a regular speaker at our events here in the West Midlands.

Indeed, one of his last IoD speaking engagements was when he shared the platform with Business Secretary Vince Cable at our Coventry and Warwickshire Annual Dinner in November. We know that he will remain a friend and policy collaborator with the IoD well into the future.

We look forward to welcoming

his successor, James Sproule, to the region this year.

James joins the IoD from Accenture where for the past seven years he has headed UK and global capital markets research and Accenture’s “Thought Leadership” programme.

He was previously director of research for Augusta Finance plc and chief economist at the Association of British Insurers.

He has been a visiting fellow at the London School of Economics Institute of Management and is currently visiting Professor at Gresham College.

James has a wide range of sectoral interests, including demographics, economic trends, productivity and retail, IT and financial services. He has published more than 70 papers and written extensively for the media.

IoD West Midlands January 2014 | 05

IoD news/CSR Update

IoD takes the Mainline IoD regional director John Phillips and IoD Honorary Fellow John Goodman were guests at a special event hosted by Chiltern Railways to celebrate the success of its Mainline service from Birmingham Moor Street Station to Marylebone in the heart of London. They are pictured right with Chiltern’s marketing manager for the Mainline service, Joanna Seabright.

John commented: “Chiltern is a strong supporter of the IoD in the West Midlands so I was delighted to represent our members at this event. Chiltern’s service to the capital from our region is excellent and is clearly designed with directors’ busy schedules in mind, with frequent services, the Business Zone and free Wi-Fi.”

East End Foods works with Enabling Enterprise to welcome Birmingham primary school students to its Aston Cross store.

East End Foods – the family owned business which includes IoD West Midlands regional chairman Jason Wourha among its directors – recently hosted a group of nine and ten-year-old pupils from Wychall Primary School for a half-day competitive challenge.

The project was a partnership with Enabling Enterprise (EE), a social enterprise working with schools to integrate practical learning and development of enterprise skills in the curriculum.

The students received a grand tour of one of the largest cash-and-carry branches in the country from Jason.

Having witnessed the scale of the business by the towering aisles and the variety of products they stocked, the students were set their own challenge by Enabling Enterprise. Their brief was to create a brand new Snack Stop for busy East End Foods’ employees and customers so they could consider the challenges faced by small businesses. This involved conducting market research to see what snacks people wanted, deciding how to stock the Snack Stop shelves and designing their brand identity. The day culminated with each team presenting their ideas to Jason and his wife, Daali, in a professional team pitch. As a special treat, students got to pick three boxes of their favourite chocolates to celebrate their success.

Enabling Enterprise has been working with Birmingham schools like Wychall Primary School since 2011. The social enterprise was set up in East London in 2009 by a group of teachers who wanted to do more to prepare their students for the ‘real world’ on leaving school. Alongside organising student trips to top businesses, Enabling Enterprise helps teachers to run enterprise projects in lesson-time. This could involve setting up and running a school postal service at the age of six, creating a radio show in Year 5 or publishing a magazine at secondary school. Founding director Tom Ravenscroft comments: “Our projects help schools to develop students’ core skills, creativity and resilience through real-life projects. By working together with top businesses we are able to show students why these skills are so important and broaden their aspirations”.

Why did East End Foods get involved?

Jason commented: We wanted to put something back

06 | IoD West Midlands January 2014

Talking to the next generation into the community and were taken by the Enabling Enterprise goal of helping prepare students for the ‘real world’.

We wanted to share our knowledge, experience and enthusiasm with the children visiting East End Foods – in particular raising their aspirations about the world of work.

Business leaders can get a great deal out of becoming involved. By volunteering and using your own skills to help EE students reflect on and develop these themselves, you can relate your business with the community it serves. It also helped raise awareness not only of your industry but also of your business and the range of career options you offer.

Enabling Enterprise is very flexible. It works with businesses to complement their existing work and programmes, for example by adding value to other relationships with schools.

It also enhances your reputation. The charity is regularly told that working with EE is good for business as it underlines the position of your business as a forward-thinking employer, and one at the forefront of investing in tomorrow’s workforce.

Enabling Enterprise works with ten major Birmingham businesses including Wragge & Co, PwC and IBM to organise termly student visits to help inspire the next generation of Birmingham talent. Speaking about the future plan for Birmingham, senior associate Mike Zatyka said: “We are very excited to be opening our Birmingham office in January 2014, our first outside of London. This presents the opportunity to scale up our support for Birmingham schools and work with many new business partners.”

Want to know more?

To find out more about how your business can get involved please contact mike@enabling enterprise.org.

Financial advice

NHS Trust seeking experienced NXD Birmingham Women’s Hospital is seeking to appoint a very special person to join their team of directors in taking the Trust confidently forward. Among the skills that they are looking for are: • Being able to contribute effectively to the team dynamic in Board meetings, not being afraid to hold to account but ensuring that criticism is constructive and focused on the aims of the Trust • Ability to analyse, understand and critically assess significant amounts of data and qualitative information; and use that both to challenge and set direction • Engagement with a range of stakeholders, and in a variety of settings, both explaining the Trust’s position and listening/ learning from other’s experience and opinions • Having recent high-level financial experience would be a significant advantage • Recent experience of significant capital projects, or from the construction sector, would be welcomed The successful candidate is likely to be appointed as the Chair of the Audit Committee.

The basic fee for Non-Executive Directors at the Trust is £11,882 per annum. An additional fee is payable to reflect the additional responsibilities of the Chair of the Audit Committee.

The successful candidate will need to comply (and continue to comply) with the regulatory requirements of Monitor and the Care Quality Commission in terms of a ‘fit and proper person’ test. Information on this will be sought from those who submit expressions of interest.

If you would like an informal discussion about the role, please contact their Chairman, Elisabeth Buggins, at Elisabeth.Buggins@bwhct.nhs.uk.

Formal expressions of interest should be sent to Steve Parsons, Trust Secretary, at Steve.Parsons@nhs.net, for inclusion in the application process.

Chief executive wanted Birmingham Sport and Physical Activity Partnership is looking for a Chief Executive The position reports to: Board of Trustees of Birmingham Sport and Physical Activity Partnership (Charitable Trust) Based: Birmingham Job Purpose: The CEO is required to lead the partnership to maximise the development of sport in Birmingham working both strategically and through programme delivery with a range of partners to grow participation in sport across the city.

Previous experience of running a charity at this level would be an advantage Interested parties please send a CV to John Rider at johnrider211@gmail.com

with

Multi tasking with your pension contributions Caroline Castle of Torquil Clark discusses the impact and changes to the annual allowance The preservation of Child Allowance and the Personal Allowance tax relief for higher rate tax payers can be seen as real incentives for making additional pension contributions though salary sacrifice.

Anyone earning in excess of £50,000 will have seen their child allowance eroded and those earning in excess of £100,000 could also have seen their personal allowance removed. A significant pension contribution could ensure either is reinstated, providing it is the right amount at the right time.

The freedom days of pension contributions capped at 100% of your earnings or £255,000 per annum have long gone for higher earners. These were the ‘hay days’ when, in most cases, any employee could pay across contributions and enjoy tax relief on as much as they wanted. However, the first capping of contributions for higher earners was introduced on 22 April 2009. Originally it was for those earning £150,000 but by 9 December 2009, the restrictions applied to anyone earning £130,000. The following year the current restriction to an annual allowance of £50,000 and subsequently £40,000 was announced.

Anyone following a three-year business plan where they had scheduled 2014 as the year in which to make a sizeable pension contribution to put their pension funding back on track, could well be frustrated.

However, all may not be lost. The Government has brought back the former option of ‘carry forward’ of any unused annual allowance. This allows you to maximise the current year’s contributions and also revisit and include those years when you may have been restricted by the special annual allowance charge which capped contributions to £20,000, for those earning over £130,000.

Extreme care needs to be taken with this planning. Forget tax years; you have to work with PIP periods (Pension Input Periods) and you could easily have more than one running in any one tax year, all ending on different dates. This would be determined by your employment record and your ongoing pension arrangements.

Any increase in benefits within a final salary scheme could also have an impact, as could any single premium employer contribution which can be paid through a bonus sacrifice arrangement.

With careful planning and working with both your accountant and your financial adviser, you may be able to invest sizeable contributions. You would need to ensure that you can fully complete the current tax year’s allowance before the carry forward option is an option.

Advice and planning will result in the best opportunities for maximising pension contributions, but do not delay in taking advantage of this opening. In the current financial environment, these sorts of pension tax breaks may not be around forever.

The increase in your pension fund may not be the only benefit you derive from these additional contributions.

The restoration of your personal allowance and your child benefit could also be your just reward for your multi tasking.

How can we help?

If you would like more information please contact us on 0800 294 7199 or email caroline.castle@ torquilclark.com.

• The value of investments can go down as well as up and you may get back less than you originally invested. Salary Sacrifice may not be suitable for everyone and you should seek independent advice.

Pension and tax rules are subject to change and dependent upon individual circumstances.

• Torquil Clark is a trading name of PS Employee Benefits Ltd which is authorised and regulated by the Financial Conduct Authority.

IoD West Midlands January 2014 | 07

Director of the Year Awards

IoD on the hunt for region’s top directors IoD West Midlands Director of the Year Awards 2014

T

ime is running out if you are thinking of nominating a fellow director for the IoD West Midlands Director of the Year Awards.

We’ve had entries from high-profile business leaders of the region’s biggest organisations, from people leading smaller and emerging businesses to new heights, and from young directors, owners of family businesses and those leading the way in CSR. But though the entries have flowed in, we’re hungry for more.

You have until

Friday, February 28

to get your entries to us.

So get thinking: do you know a director or other business leader who has driven his or her organisation to new heights during the past 12 months? Someone who has developed a new strategy that is delivering results, has transformed their workforce’s morale, raised productivity or simply shown exceptional leadership in what has been a very challenging economic time?

If so, nominate them for the IoD West Midlands Director of the Year Awards.

The awards will be presented on Thursday, June 5, 2014 at a special gala breakfast event. This is a repeat of the very successful event we held at Warwickshire County Cricket Club earlier this year.

And we’re delighted to announce that last year’s host, former TV presenter and director of Fleet Street Consulting Arti Halai, will be our compere again.

We will be looking for nominations in the following categories: n Large category (over 500 employees) n SME n Family Business n Not for Profit n Corporate Social Responsibility n Young Director (under 42) In addition, there will be an overall Director of the Year award, which goes to the nominee who has shone brightest within the business community.

Our awards are actively supported by some of the region’s largest organisations. Our main sponsor is once again the University of

08 | IoD West Midlands January 2014

Main sponsor:

Nominate now. Tell us about a director whose efforts deserve our recognition.

Go to www.iod.com/connecting/local-networks/ west-midlands/director-of-the-year-awards Wolverhampton, which actively supports our drive to reward and recognise directorial excellence and good governance, and celebrates business success.

In addition, the awards are also being supported by UKTI, Jaguar and Chiltern Railways, with other high-profile backers to be revealed nearer the awards themselves.

Success at our regional awards are a platform for national success. The six awards categories link in with the national IoD awards, and our winners will be nominated to the national finals, which take place in the autumn of 2014.

If you have any queries about your entry, we’ve placed some FAQs on the facing page, or

ring the regional office.

In previous years West Midlands directors have done very well in the national competition, with Craig Errington, CEO of the Wesleyan Assurance Society, being named the UK’s Director of the Year in 2011, while last year Dean Walton of Alumet was named UK National Director of the Year for Leadership in Corporate Social Responsibility.

This year’s overall winner was Chris Li, who epitomises the new breed of exciting entrepreneurs making their mark on the West Midlands’ business scene.

Chris has a real ‘rags to riches’ story. He came to the UK from his native Hong Kong at the age of 17 with just £500 in his pocket, but

Join us at our awards

ceremony: A Champagne breakfast event at Warwickshire CCC, Edgbaston, Thursday,

June 5

just 12 years later he is running a multi-million pound homeware business, Luxury for Less.

IoD West Midlands’ chairman Jason Wouhra, himself a previous nominee in the awards and who was highly commended as national Young Director of the Year in 2010, said that Chris’ success blew away forever any misconceptions people had as to who wins the IoD awards. “You don’t have to run a big corporation, or come from a specific sector to come to the attention of our judges.

“Our awards are open to all businesses. Some of the region’s brightest businesses are running SMEs that don’t usually come to the public’s attention, and we want to change that and shine a spotlight on the people running them.”

Jason pointed out that not only is there a great deal of personal satisfaction to be gained from winning the awards, they can play a major role in raising the company’s profile too.

“Our award winners will receive a huge amount of publicity, both through the IoD and the regional media. It is a title you can use to demonstrate your expertise and showcase the growth and development of your business, and how you apply the strictest forms of corporate governance to your operations.”

Do you know someone who matches those qualities?

If so, start thinking about your nomination – and make a date in your diary for the awards breakfast itself in June 2014!

Chris Li, Luxury for Less, receives his award from Dr Anthea Gregory, Dean of the University of Wolverhampton Business School

FAQs

Who is eligible for these awards?

These awards are open to all directors or those of a similar status.

This includes LLPs, partners, appropriate sole traders, public sector employees, etc. You do not need to be a member of the IoD to enter, and can either nominate a fellow director or enter yourself.

Who judges the nominations?

Winner: Peter Suddock at last year’s awards, with event host Arti Halai and Craig Errington

We compile an independent panel of business leaders and experts to run the rule over all nominees. The panel will be headed by a high-profile member of the region’s business community.

When do entries have to be in by?

The last date for entries is Friday, February 28, 2014. However, while that is a long time off, we know that every year we are inundated by entries around the closing date, so this year we are encouraging members to get their entries in as early as possible.

Can I enter myself or do I have to get another director to do it on my behalf?

You are very welcome to enter yourself if you would like to be considered for the awards. Alternatively, you may enter a colleague or fellow director – but please ensure you have their permission to do so.

Do the regional awards link in with the national IoD awards?

Yes. In the past many of our regional winners have gone on to be nominated for the IoD’s national awards. Our regional winner from 2011, Craig Errington of the Wesleyan Assurance Society, was named UK national winner later that year.

IoD West Midlands January 2014 | 09

Black Country dinner

Putting the Black Country back on track

Date: 12 March, 2014 Time: 7.30-10.30pm Venue: Queen Mary Ballroom,

Dudley Zoological Gardens,

Dudley, DY1 4QF Cost: £40+VAT (£48) members

and their guests

£55+VAT (£66) non-members

Early bird booking offer

available till February 10th

for tables of 10:

£360+VAT (£432)

Kellie from Dudley Zoo, with one of its more fearsome-looking feathered friends

10 | IoD West Midlands January 2014

Speaking trio to outline how they are helping to grow local economy

I

oD West Midlands is holding a unique dinner event at which three local business leaders will outline how they are helping reinvigorate the economy in the Black Country – and their plans to create even more growth in the future The three experts come from manufacturing, tourism and the public sector: Peter Suddock, CEO, Dudley Zoological Gardens, which is hosting the event; Simon Warren, Chief Executive, Wolverhampton City Council; and Trevor Leeks, operations director at Jaguar Cars’

new engine manufacturing centre on the i54 Business Park. The event is being held in association with UKTI, who will also be on hand to talk to members and guests about the kind of export markets that Jaguar is so effectively exploiting.

Peter Suddock will explain how he galvanised a fading attraction and turned Dudley Zoo into a leading tourist destination, with a host of exhibits that make the most of the zoo’s stunning location at the foot of Dudley Castle. Awards galore have showered down on the zoo since his arrival, with praise for its breeding and conservation work and its research and outreach programmes with overseas zoos and experts in its animals’ natural habitats. Key

News

Irwin Mitchell makes double dealmaker appointment

Simon Warren, Wolverhampton City Council to its success has been an innovative marketing campaign that has really grabbed social media and exploited it to the full.

Jaguar Cars’ renaissance in recent years has been breathtaking, and we’ll hear TREVOR LEEKS outline the next stage of its transformation into a world leader in the auto world – its new £500 million engine plant on the i54 Business Park.

The plant, which began recruiting the first of what is hoped will be as many as 1,400 new jobs at the start of the year, will build the company’s new state-of-the-art family of power units to drive its best-selling range of executive cars.

Simon Warren will talk about how public sector bodies have had to embrace considerable change since the recession and the spending cuts which have followed, while at the same time maintaining services, boosting economic performance within the town and reaching out to attract businesses into the borough.

His council has been widely praised for its innovative strategies towards inward investment, including the huge efforts made to ensure that the new Jaguar plant was built in our region.

This ia a truly unique opportunity to hear from three business leaders operating in three very different business sectors, about their successes and their hopes for the future.

The event is being held in a unique venue, that of the hospitality suite at Dudley Zoo. Ticket prices includes a three-course dinner with a glass of wine. Dress code is lounge suit. An early bird ticket offer is available for bookings taken before February 10.

To book: www.iod.com/WMidlandsevents or contact Sue.hurrell@iod.com

The Birmingham office of national law firm Irwin Mitchell has announced the appointment of a corporate partner and a senior corporate associate into its fastgrowing Business Legal Services (BLS) team.

New partner Nick Dawson, who moves from DWF where he was a director, has more than 10 years of experience acting on mergers, acquisitions and disposals. A former winner of the Birmingham Young Professional of the Year legal category, Nick’s specialist expertise includes private equity-led and cross-border transactions.

He is the 20th Partner to join Irwin Mitchell’s business team in the last two years and follows other recent lateral hires including new head of commercial litigation, Nigel Kissack, contentious tax expert Phil Berwick, and intellectual property specialists Alex Newman and Georgie Collins.

Nick is joined by senior corporate associate Rob Laugharne, who moves to Irwin Mitchell from the Birmingham office of Shoosmiths.

He advises organisations within the private and public sectors on a wider range of corporate matters including mergers and acquisitions, corporate restructurings and joint ventures.

Rob specialises in providing support for venture capital investors and investee companies in relation to corporate finance transactions.

These latest strategic appointments are part of Irwin Mitchell’s ongoing investment in building a first-class, full service commercial practice. Last year, Irwin Mitchell appointed Chris Rawstron to head up its BLS division across the West Midlands.

In addition to Chris Rawstron, the Birmingham office also launched a banking and finance advisory unit last year following the appointment of partner and asset-based lending specialist, Jon Bew, from Squire Sanders. Jon was joined by solicitors, Natalie Barnes and Nicola Raine. Chris Rawstron said: “We are delighted to announce the appointments of Nick and Rob. They are significant hires for Irwin Mitchell’s business division in Birmingham and clearly demonstrate our commitment to developing a leading client-focussed commercial practice within the city.

“Nick and Rob add a wealth of expertise and experience to our existing commercial offering, but they also dovetail extremely well with our existing team and range of services.”

Niall Baker, Partner and Chief Executive Officer at Irwin Mitchell’s Business Legal Services division, said: “These are exciting appointments in what will undoubtedly be an exciting year at Irwin Mitchell.

“Last year, Irwin Mitchell’s turnover exceeded £200m for the first time and our BLS division played a hugely important role in this success.”

Safari Park’s Ivan is fitting winner of the ‘Pride of Worcestershire’ Ivan Knezovich, managing director of West Midland Safari Park, has been presented with the prestigious Michael Brinton Pride of Worcestershire Award in recognition of his outstanding contribution to the Worcestershire community and life.

The award ceremony, organised by the Worcestershire Ambassadors, a group formed in 2000 to mark their passion for the county and to promote it as a place to work and live, took place in the safari park’s Tree Tops Pavilion and comes at a time when the park is celebrating its 40th anniversary.

Ivan was delighted with the group’s recognition: “It was an enormous honour to receive the Pride of Worcestershire Award.”

Ivan’s roots are in South Africa but he first arrived in Worcestershire in the 1970s, where he continues to reside.

The safari park is one of the leading visitor attractions in the region, with over 750,000 visitors annually. It includes a four-mile safari drive, a walk-through Discovery Trail, an African village and a large amusement park.

IoD West Midlands January 2014 | 11

IoD Coventry and Warwickshire Annual Dinner

Cable delivers an honest but upbeat - assessment on the state of ‘UK plc’

B

usiness Secretary Vince Cable told an audience of IoD West Midlands members and their guests that recent economic figures proved the UK economy was on the right track to a sustained recovery – and that the manufacturing heart of the country, our region, would remain at the centre of this recovery.

His comments were made during his keynote address to the IoD Coventry and Warwickshire Annual Dinner, held at the National Motorcycle Museum in Solihull. However, Mr Cable emphasised that for the recovery to succeed, further investment in the UK’s infrastructure was required, and he voiced concern over the continuing skills shortages that many businesses were experiencing.

He opened his address by saying how much he always looked forward to visiting the region – “I always get the chance to ride in a nice car, for one thing ”, in a joking reference to the quality British car manufacturing plants located in the region – and stressed that, in his view, the country had turned an economic corner since the darkest days of 2008-9.

But there was no complacency in Government. Highly-skilled jobs and a world-class manufacturing base were the only ways to ensure the UK remained at the top table of the world’s economic powers, he said, and he urged business leaders to dedicate cash reserves

to training and investing in hi-tech equipment and processes. His Government “would always support and encourage businesses to take on more apprentices, particularly in engineering,” – and he highlighted the need to ensure this training group included more females: “Only one-in-20 engineering apprentices in the UK were female – that’s one of the worst gender ratios in Europe in what will be a pivotal sector in the future.”

Worldwide, there had been a surge in confidence in 2013, and rising demand for UK exports in emerging markets such as Brazil, India, China, Turkey and Russia were helping rebalance our economy, with a greater emphasis on manufacturing. He praised the West Midlands business community for leading the way on exports, particularly from the automotive industry.

This region was, he said, home to some of our most inventive minds, and we continue to be world leaders in industrial development.

However, the UK often lacked long-term strategies to capitalise on its most innovative

businesses, a situation the Government was determined to put right.

Investment in infrastructure would continue, he added, citing the recent opening of the new port, London Gateway, on the Thames as an example of how Government and business should work together in the future. Further major investment announcements would be made targeting the energy sector, particularly nuclear, gas and wind, while funds had been made available to the aerospace and automotive sectors to aid new products and inbed growth.

During a question and answer session the Business Secretary was asked if more could be done to ease access to finance for businesses.

The Government Enterprise Finance Scheme was helping but the arrival of new sources of lending – both from alternative sources and new banks – were recommended for anyone struggling to raise capital.

IoD regional chairman Jason Wouhra said the evening had been a tremendous success: “It was marvellous to hear such a respected figure as Mr Cable speak at this dinner. He is an honest, straight-forward and concise speaker, and it is easy to see why he remains one of the UK’s most respected politicians.

“People appreciate his honesty and his no-nonsense style. His career in business, particularly the oil sector, has given him the experience to understand businesses’ needs that some of his colleagues sometimes lack.”

Also speaking at the dinner was the then chief economist of the IoD Graeme Leach, in what was his last engagement in the region before he took up his new post at the start of this year (see page 5). Graeme gave a trademark authoritative speech in which he called for further reductions in public spending while highlighting the more positive position of the UK economy over the past 12 months.

The dinner, which was sponsored by Artemis Executive Consulting, was held in support of Cancer Research. A raffle on the evening and other fundraising saw £2,085 raised on behalf of the charity by members and guests.

Sparkling luck: IoD Member Bill McGawley celebrates winning the raffle prize of a bottle of Champagne with IoD chairman Jason Wouhra

12 | IoD West Midlands January 2014

Business Secretary Vince Cable makes a point during his keynote address at the dinner

Flying high: Above, John Goodman, Cancer Research UK and Honorary Fellow of the IoD, watches on as Sarah Blackwell from Artemis Executive Consulting receives the star raffle prize drawn on the evening, two return flights to any Flybe destination, courtesy of the airline’s regional manager, Paul Willoughby. The Coventry and Warwickshire Dinner was held in conjunction with Cancer Research and raised £2,085 for this very worthwhile cause.

Right, Vince Cable is pictured with Michelle Williams, managing director of event sponsor Artemis Executive Consulting, IoD regional director John Phillips and regional chairman Jason Wouhra.

IoD West Midlands January 20 14 | 13

Anna Plotnek and Charlotte Bell

Young IoD

Storme Durose with Omar Budeiri and Christine Rouse

Region’s Young IoD enjoys a reboot

Y

New Young IoD vice-chairman Paul Morgan tries on one of the Mask-arade products with regional director John Phillips (above) Right, Mark Petty, Robert Bloxham and Susie Branch

14 | IoD West Midlands January 2014

oung IoD – under the chairmanship of James Villarreal – was recently relaunched in style for the West Midlands at an informal and very wellattended party at the Red Lion in Birmingham’s Jewellery Quarter.

James, together with his vice chairman, Paul Morgan, used the event to present the group’s exciting plans for 2014. This will include a full programme of events, with one of the highlights a joint event with the Army based on the ‘Seven Questions’ which form the basis for UK military strategy. This follows on from a very successful day held in Solihull back in 2011. In addition, there will Above, be a dedicated series of Young IoD breakfast events with Rob some high-profile speakers.

Pollard Regional Director, John Phillips said: I have been very and Kelly impressed with the way James has set about re-building Ruston Young IoD. He has put together a very enthusiastic committee comprising of some very bright and entrepreneurial young directors. The IoD in the West Midlands was the first to have a separate grouping for its younger members and we continue to be very proud of All pictures our diversity.” courtesy of At the relaunch event IoD member and recent national John Hipkiss winner of our Director of the Year competition in the environmental category Dean Walton, managing director of the Alumet Group, gave a highly informative and humorous presentation about his role as a founder director of Mask-arade. Dean explained how the business, created by three friends for fun, had grown into a multi-million pound enterprise in a short space of time, with its celebrity masks sold on line and in major department stores, including Harrods. Initially the directors tried to secure a modest investment from TV’s Dragon’s Den but were refused. However, a later invitation to appear on the follow-up show The One That Got Away was an admission by the five famous Dragons that this was a brilliant idea which had slipped through their claws.

If you would like to know more about Young IoD in the West Midlands please contact the Regional Office.

Financial advice with

April deadline threatens your pension protection Avoiding a Lifetime Allowance Charge on your pension is crucial if you wish to have financial security – and avoid paying punitive tax rates, says Zane Hunter, Chartered Financial Planner, Broadstone

Mask-arade’s Dean Walton shows off a couple of his company’s most popular lines to Young IoD chairman James Villarreal Network: Chris Pyatt, Sandeep Krishan and Jonathan Tierman

Jeremy Cornwall, Nigel Lloyd and Greg White

Keele students join IoD ranks The IoD West Midlands region has welcomed 75 students from Keele University in a new category of student membership.

IoD Student Members are able to access business information from our website to support them with their studies. Additionally regional director John Phillips, ably supported by John Rider, our former IoD regional chairman and a highly experienced director, will be running a number of individual seminars at the university on all matters concerning employability for those young people entering the job market for the first time.

From time to time a selected number of these young people may be attending our local events and members will have the pleasure of meeting our students.

IoD Regional Director John Phillips said: “I am absolutely delighted that these young people have joined our numbers. They represent the next generation of company directors and it is my hope that in time they will become full members of IoD. “Their arrival as members also complements very well the work being done by my colleague James Villarreal in launching our new look Young IoD, as you can see on this page.”

An individual’s Lifetime Allowance (LTA) is key to their wealth and tax planning, especially when benefits in excess of the LTA could be taxed at 55%.

Avoiding a potential LTA charge (LTAC) must be managed by employers and employees alike – as inactivity could result in the loss of Pension Protection.

It is important to plan carefully: three major legislative peculiarities could result in someone losing their Enhanced Protection or Fixed Protection – and all three need to be addressed before 6 April 2014.

Failure to do so could have a major impact on your future financial security.

The three items to pay particular attention to are: n Reduction in LTA to £1.25 million – More individuals need to decide whether to apply for Pension Protection and need to understand how their Employee Benefit arrangements impact on that decision. n Auto-Enrolment - All eligible jobholders must be enrolled automatically into a qualifying workplace pension. If they fail to “opt out” within 30 days, Pension Protection might be lost. n Group Death in Service (GDIS) - It is generally understood that lump sum death-in-service benefits are tax-free, but DIS payments can

count towards the LTA. Thus, if Pension Protection is lost, a 55% LTAC may be charged. This could happen if one scheme is replaced by another; simply changing insurer may represent “benefit accrual”. n Example An individual with a ‘Protected’ pension fund of £1m dies in service with a lump sum payment of 4 x salary = £1m. The amount tested against the LTA is £2m, thus the potential LTAC is (£2m - £1.5m) x 55% = £275,000, or £412,500 without Protection. n Options not subject to LTA rules.

One solution frequently overlooked is for alternative death benefits to be provided which are free from NI and Income Tax. These don’t count towards an individual’s LTA, and will not increase the employee’s P11D expenses. Thus, an employer can ensure their employee benefits remain tax neutral. n What should Employers and Employees do?

Before 6 April 2014, you should review your employment contracts, death in service and Auto Enrolment arrangements to understand the impact they may have on overall tax and retirement planning; especially when recruiting.

It might be possible to avoid an unnecessary surprise.

Want to know more?

Zane Hunter, Private Client Partner, is a Chartered Financial Planner for Broadstone.

He can be contacted on 0141 249 8484 or 07766 760366 E: zane.hunter@broadstoneltd.co.uk or see www.broadstoneltd.co.uk The above is for information only. The views expressed herein do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of BROADSTONE and no assurances are made as to their accuracy.

Where BROADSTONE obtains data from a third party, it accepts no responsibility or liability for the accuracy of data sourced from such third party providers.

IoD West Midlands January 2014 | 15

Events reports

Our ‘war for talent’ is hotting up, says Neil

T

here’s a war going on in the West Midlands business community right now – but it is, thankfully, a bloodless conflict, albeit an important one for all that.

It’s one that sets business against business in a ceaseless war for talent.

That was Neil Holloway’s view as he hosted a special IoD seminar on the issue of recruitment with Artemis Executive Consulting.

Held at the IoD hub, the event offered a guide to the best ways to recruit high-fliers – and how to market yourself for your own next role.

Neil identified the key issues that every director needed to consider. Top of this list was a simple question: why should people want to work for your company? it was important that you could attract the right people – hence the employee-value proposition is important.

There were a host of ways to recruit people – either directly and via various recruitment strategies – and while some may appear at first glance to be low-cost, low-risk options, you needed to step back from the issues for a moment and consider how much time and effort is required in the recruitment process. Can your senior people afford to spend that much time away from their normal roles?

Hence, would it be better to pay a recruitment fee?

Every business leader will have heard scare stories but Neil stressed that not all recruitment consultancies are the same, and not all are bad!

One of the biggest challenges facing modern recruiters was gaining access to the complete ‘candidate universe’.

Put another way, the problem with traditional recruitment processes is that they usually only attract those candidates who are actively seeking a new role, and these may not be the best for you. Artemis Executive

Consulting has the ability to offer you candidates who suit your profile but who may not have even been considering a new role.

Neil also turned his attention to those looking for their next role. He highlighted the importance of career management – something that he accepted was difficult to do when life is so busy. Be visible, he said, and network when possible. It can be beneficial from a business perspective as well as career development.

Social media is a fantastic way of achieving this, and he reserved particular praise for LinkedIn which was, he said, a great tool. Be warned, though: check your privacy settings on all social media.

Your CV is a marketing document, said Neil. It has to be honest but it’s also got to tell a compelling story. Your achievements are important and these are the career landmarks that will ensure you get invited for interview.

Finally, keep an open mind he said, whether recruiting or looking for your next role. Opportunities often arise when you least expect them.

Neil was thanked for his thought-provoking presentation by IoD regional director John Phillips, who went on to outline how the IoD can help members clinch non-executive directorships.

Lee De Souza and Neil Holloway from Artemis Executive Consulting.

Neil stressed how the competition for real business talent was hotting up and all employers needed to think carefully about their own employeevalue proposition

Want to know more?

To speak to Neil Holloway at Artemis Executive Consulting, email him at Neil.Holloway@artemisexecutive.co.uk

Jo warns over growth-for-growth’s sake IoD West Midlands’ regular seminars held in conjunction with Higgs & Sons in the Black Country were a tremendous success throughout 2013, offering a series of interesting and thought-provoking presentations by senior business leaders – all over a rewarding breakfast!

The final event of 2013 was no exception, with Jo Ferri, director of Business Performance Innovation

16 | IoD West Midlands January 2014

Ltd, explaining how business performance can become ingrained in business culture and part of a day-to-day process.

He warned against taking your eye off performance targets at the expense of achieving growth. Both are important, he stressed, but finding the right balance is critical!

Jo can be contacted on j.ferri@bpi-corp.com

Student mentoring

IoD members urged to take lead in backing next generation of business leaders IoD West Midlands has been pioneering a student mentoring programme, with our members linking up with final year students at the University of Wolverhampton.

Mentor Craig Holden explains why he became involved with the scheme – and the benefits of doing so

I

t was in October of last year that I first heard about the IoD’s student mentoring programme with the University of Wolverhampton. Perhaps it was the fact that my eldest daughter will be starting university next autumn that got me interested in finding out more.

Whatever the reason, after an initial chat with our Regional Director, John Phillips, and the scheme’s co-ordinator, Jenni Jones from the University’s Business School, I signed up to be a student mentor. So, what exactly is the student mentoring programme?

As Jenni says, “the purpose of the programme is to match final year students with experienced business people – IoD members – to help our students increase their self-awareness and self confidence and develop an understanding of what they need to do to improve their chances of getting a job over and above their academic qualifications.”

It was these aims that attracted me to the scheme. I’m sure we’ve all heard how hard it has become for students to find a job after university. Indeed, many of us, perhaps all, will have employed at some stage students fresh from, or not long out of, university. This means we have a lot of experience we can pass on as mentors, to help our students towards getting a job. We’ve been through the process

ourselves and we know what employers are looking for. Importantly, though, the time commitment required to be a student mentor is not excessive.

Each year, the scheme lasts from October to June and aside from a briefing session and a couple of group meetings, the minimum time commitment is one hour-long meeting per month. The aim is to become a ‘critical friend’ of your student, so that they can benefit from your experience as they start the job application process.

Each student has different needs, so finding out what help they need and then guiding and advising them to do things for themselves is what being a mentor is about. Some want advice on CV writing, on what career to choose, what qualities employers are looking for and insights into the world of work.

Others are keen to learn how to improve their presentation skills and their interview techniques. But whatever help they need, it is clear that the scheme is working.

This is the third year that the scheme has been running and the numbers of students and mentors involved has increased year on year, with 23 mentors having mentored 40 students in the first two years. Importantly, over 80% of these students are now in employment, with most of the remaining 20% going on to study for a further degree. The statistics are positive, and here’s what the student class of 2012/13 had to say: “We have gained so much from the

“We have gained so much from the scheme. The mentors have helped us revisit our strengths and development needs... and encouraged us to consider what job we REALLY want”

experience. The mentors have helped us revisit our strengths and development needs, showed us how to work on some of these, encouraged us to consider what job we REALLY want and introduced us to some additional networks that can help support and guide us towards our career goals.”

Equally important is what the mentors have got out of it. John Rider, immediate past chairman of IoD West Midlands, says: “I have recruited hundreds of graduates throughout my career and having the opportunity to give something back is really rewarding.

“People that I have mentored from many nationalities keep in touch and let me know how their careers are going. More directors should become mentors – no matter how busy you are it keeps you grounded.”

Another mentor, Stuart Laight of Aspray 24, points out that the scheme has gained momentum and highlights why: “Such programmes are vital for professional business people to give back to society and assist students from a diverse background. I wish that I had had such a scheme available to me when I was doing my own degree all those years ago!”

As for myself, I can thoroughly recommend becoming a student mentor to any IoD member. As the scheme grows, we need more directors to come forward and volunteer, so if you’re interested, just get in touch with Jenni Jones (jenni.jones@wlv.ac.uk) or John Phillips (john.phillips@iod.com), who will be delighted to hear from you.

• Craig Holden is an IoD member and managing director of C H Marketing. He can be contacted on craig@c-h-m.co.uk

IoD West Midlands January 2014 | 17

Events diary

Managing health and safety: what businesses need to know Date: Wednesday, February 12 Time: 07:30-09:00 Venue: Higgs & Sons, 3 Waterfront Business Park,

Brierley Hill DY5 1LX Cost: Free of Charge This event constitutes 30 mins CPD Many organisations find safety management extremely confusing due to the range of issues that have to be covered in order to be compliant, to look after staff and to ensure their business stays safe.

To help you plot a course through what can be a potential minefield, we have invited expert speaker Steve Menzler, co-founder and co-director of STK Fire and Risk Management Ltd, to explain the key issues

and show you how to manage health and safety. He firmly believes that the complexity should be removed from health and safety, leaving the ‘duty holder’ with a simple system for managing and mitigating the risks within their organisation. The system should protect the safety of the staff, the continuity of the business and the reputation and sanity of the management.

Steve believes passionately that companies deserve peace of mind when it comes to these compliance issues.

Steve was employed for 30 years as an officer with the West Midlands Fire and Rescue Service, rising to head of operational preparedness before he founded his own company in 2006. He has seen nearly every type of emergency incident (many resulting from safety management failures) and is keen to play his part in ensuring that people are aware of how simple it is to get it right.

Steve will outline what companies should have in place to ensure full compliance, while keeping things simple and manageable.

Three ways to rebuild the Black Country economy Date: 12 March, 2014 Time: 7.30-10.30pm Venue: Queen Mary Ballroom, Dudley Zoological Gardens, Dudley, DY1 4QF Cost: £40+VAT (£48) members and their guests

£55+VAT (£66) non-members

Early bird booking offer available till February 10th for tables of 10:

£360+VAT (£432) This event constitutes one hour’s CPD Join us at this unique dinner event where you will have the chance to hear experts in three areas outline their plans to rebuild the economy in the Black Country.

The three experts come from manufacturing, tourism and the public sector. Peter Suddock, CEO, Dudley Zoological Gardens, will speak about tourism and leisure opportunities, Simon Warren, Chief Executive, Wolverhampton City Council, will address the re-energising of the public sector, and Trevor Leeks, operations director at Jaguar’s new engine plant, will talk about the importance of manufacturing.

The three-course dinner includes a glass of wine and dress code is lounge suit.

To book: www.iod.com/WMidlandsevents or contact Sue.hurrell@iod.com See page 6 for more on this event

18 | IoD West Midlands January 2014

To book: online at http://www.iod.com/ WMidlandsevents or contact Sue.hurrell@iod.com

What’s the forecast for local economy?

A discussion on the importance of manufacturing, with Paul Forrest Date: Wednesday, April 2 Time: 07:30-09:00 Venue: Higgs & Sons, 3 Waterfront

Business Park, Brierley Hill DY5 1LX Cost: Free of Charge This event constitutes 30 mins CPD Paul Forrest will talk about the manufacturing dynamic within the region, and explain how the Black Country and the West Midlands contribute to the UK economy.

To book: online www.iod.com/ WMidlandsevents or contact Sue.hurrell@iod.com

Two for the price of one:

Tour Worcester’s Ashmolean Museum and learn more about MTM Centre for Leadership Development Date: Time: Venue:

Cost:

Wednesday, January 29 17.30 - 20:30 Ashmolean Museum & MTM Centre, 65 High Street, Broadway, Worcestershire, WR12 7DP £20+VAT members (£24) £30+VAT (£36) non-members

Join us for this special event at MTM Centre for Leadership and Management Development and the Broadway Ashmolean Museum.

Victoria McGuiness will explain the business and financial challenges the Ashmolean Museum had to overcome and the future plans for sustainability.

In addition, Warwick Partington (MTM) will discuss the importance of good communication strategies, their implementation and benefits. The MTM Centre for Leadership and Management Development delivers leading-edge accelerated coaching and training in every area of personal and team communications, as well as consultancy and support services to assist clients in a wide range of communications planning and implementation.

The schedule for this special event will be: n 5.30 pm Arrival and refreshments at the MTM Centre for Leadership Development n 6.00 pm - Welcome by Francis Christie, Chair, Hereford & Worcester Branch n 6.10 pm - Presentations by Victoria McGuiness Ashmolean Museum and Warwick Partington, Managing Director MTM Skills Training Ltd.

n 7.00 pm Tour of the Ashmolean Museum and the MTM Centre for Leadership Development. The tour of the Centre for Leadership Development will give members the opportunity to ‘play’ with the media studios within the centre. n 8.30pm Departure To book: online at www.iod.com/WMidlandsevents or contact Sue.hurrell@iod.com

A healthy behaviour strategy can bring financial rewards Date: Thursday, March 27 Time: 07:30-09:00 Venue: IoD Hub, 11 Brindleyplace,

2 Brunswick Square, Birmingham

B1 2LP Cost: £10+VAT (£12) members

£20+VAT (£24) non-members This event constitutes 30 mins CPD

Melvin, Chartered Institute of Payroll Professionals (CIPP) and Brian Hall (BHSF).

To book: online at www.iod.com/ WMidlandsevents or contact Sue.hurrell@iod.com

We will be looking at good health practices which improve personal effectiveness, reduce absenteeism and ultimately bring financial benefits. The seminar will be led by Lindsay

IoD West Midlands January 2014 | 19

Events Diary

IoD West Midlands Director of the Year Awards 2014 Date: Thursday, June 5 Time: 07:30-10:00 am Venue: Edgbaston Stadium Cost: £35 + VAT (£42) Tables of 10 £315 + VAT (£378) To book: Contact: Sue.hurrell@iod.com Join the celebration of the best of business in the region at the IoD West Midlands Director of the Year Awards. Who will follow in the footsteps of last year’s winner Chris Li, the entrepreneur behind Luxury for Less, and take our overall accolade?

See page 8 for full details.

Well done: The 2013 Director of the Year Chris Li, being congratulated by IoD regional chairman Jason Wouhra at last year‘s awards presentation

Free seminar highlights best way to sell your business Date: Tuesday May 20 Time: 07:30-11:00 Venue: IoD Hub, 11 Brindleyplace, 2 Brunswick Square, Birmingham B1 2LP Cost: Free of Charge This event constitutes three hours CPD Are you planning to sell your business now or in the future? If the answer is yes, then you must attend this free half-day seminar to learn how to sell your business for its maximum value and take away a substantial and exclusive exit planning pack.

This event is designed to give you all the advice you need to sell your business for maximum value, whether you are looking to sell now, or at some point in the future. You may simply wish to explore all available options and this seminar is an ideal first step.

BCMS is the UK market leader, by deal volume, in the sale of privately-owned businesses. The seminar draws on experience from over 500 completed deals in the last decade, and covers the following key topics: n Why most companies undersell n Why traditional valuation is fundamentally flawed n The essential 2.5X rule n How to find overseas buyers n Competition: how to identify a choice

20 | IoD West Midlands January 2014

of buyers and use that choice to maximise value n Getting ready to sell n Five essential steps to selling About the speakers David Rebbettes FRSA is a founding director of BCMS Corporate, a UK market leader in its chosen area of expertise. BCMS now sells more companies than any other comparable advisor in the UK, and has offices across five continents.

BCMS is a UK-based family business, and a past winner of the ‘Coutts Bank Family Business of the Year award’. Over the past two decades, David’s company has challenged – and changed – traditional assumptions about the sale of privately owned businesses. Drawing on his vast commercial experience, David’s thinking has inspired business owners and shareholders at industry events across the globe.

David Oliver, MCIM, is a renowned author and speaker. David has written 11 acclaimed books, including The Sunday Times publication How To Negotiate Effectively. His most recent work, I Sold Up, examines the issues that face business owners and shareholders during the sale process. David has personal experience of selling a business, having undergone two company sales of his own.

BCMS takes confidentiality very seriously.

There are no name badges and no delegate lists on the day.

To book: online at http://www.iod.com/ WMidlandsevents or contact Sue.hurrell@iod.com

David Rebbettes

David Oliver

The right way to handle a crisis Date: Thursday March 20 Time: 07:30-09:00 Venue: Lanyon Bowdler Solicitors,

Chapter House North,

Abbey Lawn,

Abbey Foregate, Shrewsbury

Shropshire SY2 5DE Cost: Free of Charge This event constitutes 30 mins CPD

Innovative centre opens its doors to IoD members Members’ tour of Warwick Manufacturing Group’s world-class innovation centre Date: Thursday, April 10 Time: 7.30am-9.30am Venue: WMG, University of Warwick , Coventry, CV4 7AL Cost: £10+VAT (£12) members; £20+VAT (£24) non-members Don’t miss this opportunity to join our visit to Warwick Manufacturing Group (WMG).

This event will be held at WMG’S International Institute for Product and Service Innovation, which is a dedicated facility for SMEs in the West Midlands at the forefront of innovative technologies. We will be given an overview of the support available at WMG for SMEs and find out how new technology can work for your business.

To book: online at www.iod.com/WMidlandsevents or contact Sue.hurrell@iod.com

In a digital world of non-stop communications a crisis can break in seconds. The reputation that an organisation has built up over many years can be damaged before senior managers are even aware of the issue.

The popularity of sharing across social media means that the truth can often have little to do with the crisis. What is believed to be the truth, or a rumour that excites, can tarnish the good name of a brand well before anyone even bothers to check the facts of the story.

One year on from the horsemeat scandal, crisis comms expert and former BBC journalist Keith Beech looks at the importance of preparing for a crisis.

He looks at lessons learnt and explains how intelligent listening plays a major part in safeguarding a reputation.

To book: See www.iod.com/ WMidlandsevents or contact Sue.hurrell@iod.com

Enjoy an exclusive behind-thescenes tour of this fascinating university-backed centre that is helping win back the West Midlands’ reputation for world-class engineering and product innovation

Young IoD applies a little military strategy Date: Friday/Saturday 20/21 June Venue and price: To be confirmed Young IoD will be running a very special, top level and unique strategy course in June, in conjunction with the Army.

It is an event that is very much still in the planning stage, with venue and costings to be decided, but its definitely a date for your diary. If you would like to know more, please don’t hesitate to contact the IoD office so we can keep you posted as more details are released, and to confirm your place.

IoD West Midlands January 2014 | 21

CSR update

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he mood music from the banks is very much that we are open for business, but the reality is that it is still immensely difficult for small businesses to get finance.

The risk appetite in banks is very low. I have seen two cases recently where even though they would have been lending modest amounts, with good security, to millionaires (full personal recourse), certain banks have told me the “risk is too high”.

On the flip side there is still a reticence to approach banks for funding. Is this a consequence of lack of optimism among business owners, or a fear of being declined, or a general mistrust of the banks? Probably a mixture of all three.

Certainly bankers’ reputations remain in the gutter and the Tomlinson Report, which has shone a spotlight into more murky dealings, has done nothing to enhance their damaged public standing. The on-going issues with LIBOR fixing, PPI and interest rate swaps all add to the general distrust and banks must now make massive efforts to clean up their acts and rebuild trust. This constant drip-drip of bad news and criminal behaviour is having a toxic effect on the economy and delaying the recovery.

We recently saw a return to the high street of the TSB brand, which I have a great deal of affection for having been employed by TSB both pre and post the Lloyds merger. However, despite the much advertised “return to local banking” CEO Paul Pester told the Mail on Sunday that “lending decisions were best left to the central computers”.

Don’t get me wrong, the last thing we need is bankers returning to the good old, bad old days of easy credit supported by rising property prices, but for now the pendulum has swung too far the other way.

There are a number of reasons why the pendulum is still stuck at caution. The primary one remains that banks need to rebuild their balance sheets following the financial crisis which saw billions of bad debts and billions more wiped off property values that are still giving bankers nightmares.

The new rules on bank capital, designed very sensibly to make sure banks can survive future shocks, are a further depressant on their ability to lend, and as a consequence also make borrowing inherently more expensive. This potential increase in costs is partially being hidden by the Funding for Lending scheme. The changes to the capital requirements are also likely to fuel a drive by banks to switch away from overdrafts to some form of invoice finance to support working capital.

Invoice finance sounds simple and straight forward but the reality is it is a very complex product. Invoice finance can help the right businesses grow but it can equally be a nightmare for the wrong businesses. If Invoice finance is suggested – get advice.

One other major hindrance to small business lending is the lack of knowledge and experience

22 | IoD West Midlands January 2014

The banks are open for business (or are they?)

on the front line. Lord Green, former CEO and Chairman of HSBC and now Minister of State for Trade and Investment, admitted at a conference in Birmingham last year that “the banks have spent the last 20 years deskilling”.

Many bankers now are trained in sales techniques and not in the traditional banking skills espoused by the now vanished Institute of Bankers exams which rigorously tested a young bankers skills on law, economics, accountancy, international trade, credit risk assessment and taking security.

Most bankers will openly admit they are under huge time pressures. It is not a 9-5 job, more likely 8-6 plus evenings and weekends, just to keep on top of the day-to-day demands for returns and progress reports that epitomise the management-by-results culture. This time pressure coupled with the deskilling means many proposals get turned down as “not one for us” when they may not have been properly considered.

To have the best chance of getting your proposal considered properly you need to; • Be fully prepared.

• Understand your market and the external influences on that market.

• Understand your own strengths and

weaknesses and how you can capitalise on the strengths and minimise the weaknesses.

Demonstrate that you have the skills to run and develop the business.

• Have realistic projections that are stress tested.

• Be able to demonstrate that you can meet the repayments even if interest rates rise or your sales fall.

Remember, at all times banks are not lending you their own money, it is depositor’s money, and they have to be able to safeguard those deposits. Banks should only lend if they are satisfied that you can afford the repayments and that it is safe – that they can get the money back.

If you don’t have the in-house skills to put a full proposal to a bank then please seek some professional help. You only get one shot because once a bank has reached a decision it is extremely hard to get them to changes their minds.

• Ian Priest was a banker for 31 years before joining Independent Banking Consultants.

IBC uses its extensive inside knowledge of banks and banking to help businesses raise finance and, importantly, help them to keep that finance, on the right terms. Ian can be reached on 07917 355751.

Stay out of jail!

Today’s health and safety legislation contains a number of potential problems that could trap the unwary director. Here hotshot legal expert David Egan, health and safety and environmental partner at Irwin Mitchell LLP, offers eight steps to avoiding prosecution

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ET’S get one thing straight from the start: the top of this article might describe me, flatteringly, as a hotshot legal expert but I can’t guarantee to protect you from prosecution. What I will say is that if you follow the advice on these pages and make it part of your everyday operations, you stand a good chance of keeping your staff safe and healthy and your company out of court.

But the responsibilities are yours.

I’ll start by reminding you of something you already know. Under the Health and Safety at Work Act 1974, all employers owe their employees and other people who enter or are affected by their premises a duty to do everything that is reasonably practicable to make the workplace safe and prevent risks to the health, safety and welfare of employees and others.

The Act and the Regulations made under it are enforced by the Health and Safety Executive (HSE) and local authorities (depending on the relevant industry). As well as providing advice and enforcement notices, the HSE or local authority can also undertake criminal prosecutions against companies or individuals.

In addition to companies, directors or senior managers can also be prosecuted as individuals for health and safety failings. The stakes were raised in the Health and Safety (Offenders) Act 2008. Individuals can now receive prison sentences for health and safety offences.

All employers must comply with health and safety obligations, regardless of the size of the organisation. If a company is prosecuted and convicted for health and safety failings, a fine will be imposed and extensive media reporting may follow. The negative publicity can be extremely damaging to your business reputation.

I’ve drawn up eight steps that all responsible businesses should take to help reduce their exposure to risk and failing in their duty of care.

n Provide employees with information and training Providing employees with health and safety training is vital when it comes to ensuring that they understand their obligations. Investigations after an accident has occurred will often focus on the information and training employees were given prior to the accident. It is critical that employees are properly trained and that documentary records exist to provide evidence of the training undertaken. n Create a positive health and safety culture

It can be a time-consuming process to change the culture of a business. However, a consistent focus on health and safety risk assessment by senior management will eventually embed a culture of good health and safety management at all levels within the business. n Be aware of absolute obligations

or reduced. A review date should be put in the diary, to revisit the risk in the future. n Work with employees, contractors and the supply chain A weakness in your supply chain may leave you exposed. You will need to work with employees to ensure that they are carrying out relevant supervision. If you use contractors, even where they are carrying out the work, you will still have obligations and health and safety duties. n Document your actions!

The first step in improving the health and safety within your business is to identify the risks to it. This may be carried out by employees taking a walk around and inspecting the business premises and operations.

Always ensure that a precise and accurate written risk assessment is produced. The first question that an investigator will ask if an investigation is started will be, “Where is the risk assessment?” If an employer has no risk assessment, they leave the business open to criminal prosecution. As well as producing a written risk assessment, employers must ensure that the risk assessment is provided to relevant employees and reviewed on a regular basis.

n Actively manage risks

n Keep your policies and procedures updated

n Identify risks

Following the walk around and inspection of the business premises, employers must ensure that risks that are identified are actively controlled and managed. Consideration should be given as to whether the risk can be eliminated

Having policies and procedures that comply with current legislation is vital. A legal health and safety audit will ensure that all references to legislation are up to date, and any required changes in policies and procedures implemented.

Sometimes, doing as much as is reasonably practicable is not enough. Employers should be aware of relevant legislation that places an absolute obligation upon them without the need for a prosecutor to prove negligence or intention to commit an offence, which is usually known as ‘strict liability’. This includes a great deal of current and recently introduced environmental legislation including offences of causing pollution to an inland waterway such as a river, stream or lake. n Conclusion

Good health and safety management can help to prevent injuries to employees and the public.

It will also assist employers in avoiding prosecution, heavy fines and imprisonment, should an incident happen. Being able to demonstrate that you did everything within your means to prevent that incident and protect your workforce and visitors gives you the best chance of staying out of jail.

And remember, the safest operations are the most efficient operations, so good health and safety makes good business sense! n David Egan is a specialist Health and Safety and Environmental Partner at law firm Irwin Mitchell LLP. He is based at the firm’s Birmingham office and has a nationwide practice and client base.

To discuss issues arising from this article, contact him on 0121 214 5254, email him at david.egan@irwin mitchell.com or see www.irwin mitchell.co.uk

IoD West Midlands January 2014 | 23

Employee benefits: BHSF

Bypass the set menu: it’s time our OH was delivered à la carte

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ccupational health – or OH for short – is concerned with the impact of work on health and of health on work. It is designed to support businesses in the management of health issues at work by providing impartial, specialist support.

Access to the support and guidance of an OH professional is often the only difference between companies that successfully manage health issues in the workplace, and those that do not.

The International Labour Organisation and the World Health Organisation state: “Occupational health should aim at: the promotion and maintenance of the highest degree of physical, mental and social well-being of workers in all occupations.

To summarise, the adaptation of work to man and of each man to his job.”

The provision of a well-resourced yet focused approach can help maintain a healthy workforce, mitigate the risk of health issues at work, manage sickness absence and assist an organisation in meeting its duty of care and health and safety obligations.

Paul Robinson, Managing Director, BHSF Occupational Health Limited – BHSF OH -says: “A physically and mentally healthy workforce can assist in the growth and prosperity of the organisation. A healthy workforce is generally a happy and productive workforce.”

In trying to establish the best possible OH delivery, BHSF OH believes strongly in a consultative approach, working closely with clients to support healthmanagement practices. Through consultation and communication, OH programmes can be individually designed to meet differing organisational requirements.

In order to bespoke a programme for each client, the undertaking at the outset of an OH needs analysis is essential. The ‘a la carte’ approach to OH delivered by a focused provider far outweighs the alternative ‘set menu’, which can often lead to limited flexibility.

Honest communication and a thorough understanding of client needs are essential ingredients, while the building of personal relationships and adaptation to the evolving needs of an organisation are the icing on the cake.

In terms of improving delivery, setting meaningful KPIs, analysing trends and listening to client feedback are major ingredients in delivering a quality OH service.

24 | IoD West Midlands January 2014

BHSF OH gives employers and employees alike the chance to consistently work with the same reliable professionals. This leads to the building of a trusting relationship, which can allow for greater openness in discussing health history and finding solutions for work-related health issues.

With its wide experience, BHSF OH can deliver quality solutions based on: n Qualified and experienced OH professionals underpinned by quality systems providing comprehensive planning, implementation and management of contracts. n Support from an experienced clinical management team. n Service delivery based upon a business model driven by its Quality Management Systems. n A range of services that can be combined and tailored to meet the needs of each client.

The ultimate aim is for the OH provider to become integrated as part of your business team, and recognised as a positive influence that enhances wellbeing and back-to-work practice.

“A physically and mentally healthy workforce can assist in the growth and prosperity of the organisation. A healthy workforce is generally a happy and productive workforce.”

Paul Robinson, Managing Director, BHSF Occupational Health Limited

Midlands Fraud Forum is working to help combat growing threat of fraud

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he Midlands Fraud Forum aims to promote awareness of fraud issues and educate both individuals and businesses on effective fraud prevention measures. Fraud occurs in both the private and public sectors and has become an escalating problem for the commercial world.

The National Fraud Authority’s Annual Fraud Indicator 2012 estimated that £73 billion is lost to fraud annually which, if accurate, sets fraud as the most expensive crime to UK business. In particular there is an escalation of “cybercrime” (the use of the internet and other technology to perpetrate age-old deceptions) and despite Government reviews and strategies in recent years, the problem seems to be growing.

Effective fraud prevention requires us to be open about our experiences and share our knowledge. Recent changes in the Government’s approach to fraud have started a culture change, particularly with regards to private individuals but much work is still required in the corporate sector. In common with the other fraud forums across the country, a key aim of the Midlands Fraud Forum is to encourage and participate in this knowledge sharing.

Our Purpose The Midlands Fraud Forum has five key objectives: 1. To bring the public and private sectors together to fight fraud and financial crime and to protect the economy of the Midlands region.

2. To promote fraud awareness amongst its membership and organisations throughout the region.

3. To create good practice anti-fraud cultures by encouraging and developing anti-fraud strategies for its membership to utilise.

4. To establish a best practice between its members for fraud prevention, investigation and detection.

5. To help protect, stimulate and encourage business growth in the region.

In recent years the Midlands Fraud Forum has run masterclasses for our membership on some key and topical issues, such as civil recovery, procurement fraud, bribery and corruption, employee fraud, investigation and prosecution, fraud in the public sector and insolvency fraud.

Why is this relevant to me?

All types and sizes of businesses can fall victim to fraud – from the smallest enterprise to the largest multi-national organisation. Not only can it significantly impact on the financial health of any organisation, but it can also have a considerable adverse effect on its image and reputation.

Keeping your business safe and secure from fraud The Companies Act 2006 sets out a number of general duties of company directors, including the duty to promote the success of the company for the benefit of its members and to exercise reasonable care, skill and diligence.

Directors of a listed company are also expected to comply with the UK Corporate Governance Code, under which the board is responsible for maintaining sound risk management and internal control systems to safeguard shareholders and assets.

As directors, therefore, you are responsible for managing your businesses with a view to minimising the risk of fraud. A leaflet, A Guide to keeping you Safe and Secure from Fraud contains guidance on how you can protect your organisations (and yourself) from the threat of fraud.

David Kearns, MD of Expert Investigations Ltd, has been a member of the IoD for over 10 years and a Midlands Fraud Forum member for five years, and he believes that it is imperative for IoD members to become more

aware of fraud and the impact on business.

David says “We deal with investigating fraud in businesses on a daily basis and we continue to support the MFF. The forum will really benefit IoD members as they can learn how to prevent, detect and disrupt fraud. There is also the opportunity to learn the correct procedures, disposals and prosecution methods to follow by joining and attending master classes.

“In addition, attendance at the MFF annual conference in February automatically provides your annual membership so you can attend all the events throughout 2014 for FREE!”

“£73 billion is lost to fraud annually which, if accurate, sets fraud as the most expensive crime to UK business..”

Want to know more?

If you are interested in learning more about the Midlands Fraud Forum, visit our website at www.midlandsfraudforum.co.uk or come along to our conference or one of our Masterclasses, details of which can be found on the website or contact David or Anoushka, details below.

Anoushka Akins, Head of Fraud Risk Management Services, KPMG LLP and Midlands Fraud Forum Director and Steering Committee Member t: 0115 935 3417 e: anoushka.akins@kpmg.co.uk w: www.kpmg.co.uk David Kearns, Managing Director, Expert Investigations Ltd and Midlands Fraud Forum Steering Committee Member t: 02476 630498 e: davidkearns@expert-investigations.co.uk w: www.expert-investigations.co.uk

Advertising Feature: Financial advice

Seeking wealth management advice – a growing need

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ncreasingly there are more of us who have either created or acquired capital, or who earn higher incomes than average, and whose circumstances are sometimes more complicated than usual.

But being wealthier also brings with it the associated problems of how to preserve that wealth and how to shelter it from the burden of higher taxes – Inheritance Tax is a good example because it has become a regime that now affects many, many people, not just the super-rich.

Wealth management is about taking care of all your financial needs together with those of your family, but the reality is that very few of us manage our finances as best we might. This is hardly surprising – the financial world is complex and fast changing, with a myriad of choices available. Achieving a successful outcome means spending huge amounts of time researching those choices and options.

And yet most of us have neither the time nor, it has to be said, the inclination to make the most of what is on offer.

The simple way out of this dilemma is, of course, to seek financial advice and sensibly many of us do just that. The problem is that much financial advice is too narrow, addressing the question you have raised but failing to see the bigger picture.

For example, if you ask for advice on investing tax-efficiently in an ISA you will probably get it. What you don’t get, however, is a view on whether you would be better off putting the money into your pension plan or reducing your mortgage borrowings.

If you own or manage a business, you should expect advice that extends seamlessly from your personal finances to your business interests. This means, for example, advice on the best approach to realising the value of your ownership, both over the years and when you come to implementing your exit strategy.

Aligned with your interests are those of your employees so you will need someone who can also provide a tailored package of group benefits – ranging from pensions to healthcare plans.

Your financial situation is unique so the core of wealth management should be a personal service and a long-term relationship with a chosen adviser combining ongoing regular and comprehensive reviews of your personal finances. Wealth management should provide a co-ordinated or holistic plan of all aspects of your affairs. Rather than sell you a financial product and never see you again, a wealth manager should be on hand throughout your life. For a successful relationship you have to trust your wealth manager implicitly and there has to be empathy with your aspirations because only in this way can you create a successful strategy for your financial affairs.

S

o the first step is to choose a wealth manager. They come in different forms – private banking services, financial advisers, discretionary fund managers, lawyers, tax planners and accountants all offer facets of wealth management. In making a choice the real test is whether your wealth manager has the necessary skills and experience to understand your needs, create a bespoke solution and provide a high-level of advice and specialist services either from within or outside their practice.

As part of your selection criteria it is worth reviewing the size and financial strength of the wealth manager. Larger institutions can often provide a greater depth of expertise and resource, ideally coupled with a comprehensive personal service. Additional reassurance might come from the fact that advice being given by the wealth manager in respect of the products and services on offer is guaranteed.

Whatever criteria you apply in making your choice is, of course, subjective, but the key issue is ultimately whether you feel confident that your chosen adviser will help manage your wealth in a proactive, professional manner.

“Rather than sell you a financial product and never see you again, a wealth manager should be on hand throughout your life. For a successful relationship you have to trust your wealth manager implicitly and there has to be empathy with your aspirations” 26 | IoD West Midlands January 2014

To receive a complimentary guide covering wealth management, retirement planning or inheritance tax planning, produced by St. James’s Place Wealth Management, contact Paul Morgan of PRM Wealth Management Ltd on 01926 499279, by email paul.morgan@sjpp.co.uk or visit www.prmwealth.co.uk PRM Wealth Management Ltd represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

The levels and basis of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.

n Ready to help: PRM Wealth Management Ltd’s Paul Morgan

Travel matters with Chiltern Railways

Chiltern Railways top for 2013 when it comes to right time punctuality

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hiltern Railways has been named top franchised rail operator for right time train punctuality for an entire year, according to the latest research released by Network Rail.

The official rail industry figures, which are based on the percentage of services that arrive within a minute of their scheduled time, revealed that 87 per cent of Chiltern Railways trains were on time, against a national average of 67 per cent, placing the train operator miles ahead of companies such as Virgin and London Midland.

Rob Brighouse, Managing Director at Chiltern Railways said: “We are delighted to be best in class for 2013. We and our customers take punctuality very seriously and these statistics reinforce our commitment to delivering an excellent level of service. This would not have been possible without the commitment, enthusiasm and hard work of our staff from across the business and our partners at Network Rail.”

One of the new ‘inspiration stations’ – or onboard toilets – to be found in Chiltern’s This news comes after Chiltern Railways recently unveiled the first of its new-look trains fleet of upgraded trains operating on its fast Birmingham to London route as part of a £5.3 million train investment programme this autumn. The train operator confirmed that they are updating the entire fleet century, a pier table from southern Italy and a announced the news on the second anniversary of Clubman trains by 2016. painting of Compton Verney as it is today. of Mainline, their fast service between As part of the upgrade of their Birmingham This is the latest in a long history of Birmingham and London. to London trains, Chiltern has also transformed investments that the company has made. The The trains have been designed to emulate the bog-standard onboard toilets into ‘inspiration launch of Mainline involved a £250 million style of the company’s silver inter-city trains. stations’ that provide a window into a different investment and they are about to start Kitted out with new carpets, seat covers and world. They have installed floor to ceiling vinyl construction of a new rail route between Oxford tables, they have all the accoutrements of the images in the smallest room for those seeking and London Marylebone, which is the first new popular silver trains. The revitalised trains offer inspiration. rail route between London and a major city for an even more comfortable space for passengers The first inspiration station has been 100 years. travelling along the route and the project has designed to resemble Compton Verney, an With improvements like this, there are even been delivered without recourse to taxpayer eighteenth century country mansion turned art more reasons to travel with Chiltern, especially funds. gallery in Warwickshire. It depicts a Rococo for travellers looking for a fast, reliable and Furthermore, the train company has Revival chimneypiece from the mid-eighteenth value for money travel option to the capital.

This ain’t no bog standard...

To find out more and book tickets, see

www.chilternrailways.co.uk

IoD West Midlands January 2014 | 27

Charity spotlight: Prime

Lend a helping hand to over 50s entrepreneurs A charity dedicated to helping unemployed over-50s set-up their own businesses is on the look-out for experienced business professionals in the West Midlands to support aspiring mature entrepreneurs.

The Prince’s Initiative for Mature Enterprise (PRIME) is the only national charity that supports people over the age of 50, who are unemployed, facing the threat of redundancy or not in full-time work, explore selfemployment as an alternative avenue into sustained and fulfilling work.

The charity achieves this through a mix of services such as online resources, workshops, business training courses and networking events.

Another key service the charity offers is mentoring schemes, where PRIME pairs a mature entrepreneur in the early stages of developing their own business with an experienced professional to provide guidance, advice and support. The first few months of any new businesses can often be difficult and mentors are there to reduce the number of pitfalls a new entrepreneur can experience.

PRIME mentors would need to have done some coaching qualifications previously and donate approximately four hours per month

over a six month period. If you haven’t received training before and still interested in helping the charity’s clients, PRIME can help signpost you to programmes that offer mentoring coaching.

PRIME is also looking for volunteers that can offer their time in other ways, such as providing venue space for PRIME to facilitate their business training courses and networking events, helping to promote the work of PRIME in the region, as well as helping the charity’s clients have greater access to the West Midlands business community.

Nicky Templeton, PRIME’s Midlands development manager, said that there are around 35,000 unemployed 50-to-64-year-olds in the region, an increase of 5% in the past 12 months, and around 3,000 over 50s in the West Midlands have asked PRIME for assistance in exploring self-employment.

Sue Shackleton, from Malvern in Worcestershire, had built-up a career working for large companies in health and safety management before being made redundant, aged 53. Unsure of what route to take next, Susan began working with her brother in Australia, who had designed a special clock that helped teach children the time.

Together they decided to go into business

Prime... in numbers The number of unemployed over 50-64 year olds in the West Midlands sourced from the ONS: http://ons.gov.uk/ons/rel/subnational-labour/ regional-labour-market-statistics/july-2013/ rft-lm-table-hi05-west-midlands-july-2013.xls The Prince’s Initiative for Mature Enterprise (PRIME) is the only national organisation dedicated to supporting business creation by the over 50 entrepreneur.

The charity was founded by HRH The Prince of Wales in response to the letters he was receiving from mature people desperate to find work, but unable to find anyone to employ them - because of their age.

The Prince’s Initiative for Mature Enterprise (PRIME) is a registered charity (No.1138233) and a company registered in England and Wales (No. 4184314).

Registered address: Tavis House, 1-6 Tavistock Square, London, WC1H 9NA. President: HRH The Prince of Wales.

Go to www.prime.org.uk for more information.

28 | IoD West Midlands January 2014

despite the distance and Susan also attended a PRIME business training course where she learnt the business basics.

Following the course, Susan received additional support from a PRIME mentor, and has since launched the family’s clock business, Easy Read Time Teacher.

Following the success of her first business, Susan has gone on to establish a second enterprise, Move Shack, offering relocation services to local businesses and residential customers.

Nicky said: “Young people are not the only ones finding it tough to secure employment.

Over 50s are struggling too and this can only get worse when you consider that people are living longer and will need to continue working, all in the context of a tough-job market.

“We strongly believe that older people have a wealth of skills and experience and if they are provided with the right tools to set-up a business, such as mentoring, this could bring considerable benefits to the local economy, as well as job opportunities for other people.”

For more information on volunteering opportunities with PRIME: www.prime.org. uk/volunteer-with-us/ or follow us: @charityPRIME.

Expert Investigations is on track for more success after a prosperous 2013 E xpert Investigations, a commercial detective investigation agency, process servers and tracing agents, had a very prosperous 2013, with the opening of a new office in Leeds to expand its national reach and complement the work of its existing offices in Coventry, Birmingham, Warwick and London.

The company continues to grow successfully year on year, and where other companies may be cutting costs Expert Investigations is thriving, increasing profits by 52 per cent last year.

This continued growth has led to an expansion of the team, with the recent addition of Tamara Reidford as PR and marketing manager. Her appointment will enable the company to build on its success and progress new opportunities so that Expert Investigations can keep this successful momentum going.

Managing director David Kearns, a former Warwickshire Police intelligence officer, set-up Expert Investigations over 13 years ago to specialise in providing proactive confidential investigations into issues such as theft, fraud, false absenteeism, and employment issues including breach of contracts and restricted

covenants, among others. The lawful investigative methods used vary and are tailored depending on the case in hand, using methods such as surveillance and observations, covert camera systems, vehicle tracking and computer data forensics to get lawful results which enable evidence to be used within any court of law.

It’s estimated that £9.1billion is lost each year to SMEs through fraud, which averages at £4,000 per company, per year, (Source: Federation of Small Businesses [FSB 2013]). Many businesses take no action at all to combat this. There are many reasons why such fraud is allowed to go unchallenged: it is time consuming, there are many other pressures to contend with, and in addition there is the uncertainty of how to tackle such a sensitive issue, and the fact that the police have no appetite to follow up investigations of this type.

This is why Expert Investigations’ services are so valuable to organisations. The company can focus on preventing and tackling these issues confidentially and quickly. It has worked with many large, medium and small organisations across the UK, in many industry sectors, including financial, construction, manufacturing, automotive, retail, legal and housing. In bringing about so many successful conclusions, Expert Investigations has built a great reputation throughout the country, both within its own industry sector and further afield among its clients. Its experienced teams of investigators, who have a police and military background, have extensive knowledge and are well-versed in the law and how best to tackle an investigation legally and in the strictest of confidentiality. Just as importantly, the teams

“There is a fear that if something untoward happens that there is little a company can do about it.

However, we are proof that there are proactive steps you can take to tackle these issues...”

David Kearns (left)

work in a very customer-focused fashion, ensuring you receive the results you want in the most cost-effective manner.

David Kearns has been delighted with the response to the company’s work: “This has been an incredibly successful year for us and we are looking forward to what 2014 will bring. Over the years we have seen a steady growth in organisations understanding the options available to them when a sensitive issue arises within their organisation. There is a fear that if something untoward happens there is little a company can do about it. However, we are proof that there are proactive steps you can take to tackle these issues.

“We save organisations money plus help instil staff morale. It’s always better to know exactly what is happening within your organisation than not. If you receive a tip-off that an employee maybe doing something unlawful that has a detrimental effect on the business, this should be investigated not ignored, and this is where we are called upon as we will investigate the claims in the strictest of confidence to find out if there is any truth behind an allegation and if so, gather lawful evidence to make a case.”

Such has been the company’s success that David has been asked to present a host of seminars on the issues raised by the company’s work to organisations such as CIPD, the Welsh and Yorkshire Fraud Forums and CIFAS, as well as hosting and delivering free in-house seminars throughout the West Midlands on theft, fraud and dishonest employees. Expert Investigations is also sponsoring the Birmingham Law Society and has joined the committee for the Midlands Fraud Forum.

Expert Investigations’ free in-house seminars will continue throughout 2014, with an event schedule expanded to include new presentations on such issues as private prosecutions, bribery and corruption as well as offering courses on how to conduct effective interviews.

Want to know more?

To find out more how Expert Investigations can help your business, or to enquire about the new 2014 seminars see www.expert-investigations.co.uk or call for a confidential chat on 02476 630498, or email info@expert-investigations.co.uk.

Follow us on Twitter @ExpertDave.

IoD West Midlands January 2014 | 29

Pensions matters, with the Chartered Institute of Payroll Professionals

SMEs: It’s your turn to get ready for automatic enrolment It is well over a year since the beginning of automatic enrolment, and it’s now SMEs’ turn to prepare for the challenges this major change in pensions brings. But while it may seem complex, as Diana Bruce MCIPP, Senior Policy Liaison Officer for the Chartered Institute of Payroll Professionals outlines here, SMEs have the advantage of learning from the largest organisations that have already been through the process.

Staging date

An obvious start may be – but an important one as to plan for an event you need to know when it starts.

The Pensions Regulator (TPR) has stated in the past that automatic enrolment requires 12 to 18 months of planning.

If you don’t know when your staging date is check TPR’s website (www.thepensionsregulator. gov.uk) as they have a useful tool that will determine your date when you enter your PAYE reference.

Planning

TPR has an excellent project planning tool which will give you a timeline chart with all the key actions that need to be completed and by when, according to your staging date.

An example is shown in the panel below, which gives a lead time of 18 months.

The CIPP also has a self-assessment exercise

which can be used as part of your planning process. This online assessment will highlight the areas that you need to be aware of and prepare for your staging date.

Understanding the whole automatic enrolment process is fundamental as controls are required, although ideally you want to automate your processes as much as possible.

As for earnings, these must be ‘qualifying earnings’ which is a reference to earnings of between £5,668 and £41,450 made up of any of the following components of pay that are due to be paid to the worker: n salary n wages n commission n bonuses n overtime n statutory sick pay n statutory maternity pay n ordinary or additional statutory paternity pay

Automatic enrolment 18-month timeline:

n statutory adoption pay; and n any pay element which could be considered

as any of the above.

These items could well be different to your employees’ current pensionable earnings but all of these items must be used when determining whether qualifying earnings are payable. See the panel on the facing page for an explanation.

Capacity crunch

There is widespread concern that there is going to be a capacity issue when it comes to processing new pension scheme applications.

To put this into perspective, 25,000 employers each with between 50 and 249 employees reach their staging dates between April 2014 and May 2015, (a further million-plus employers between June 2015 and October 2017). In late spring demand is expected to peak and it is predicted that 12,000 new pension schemes will be required per month.

That’s 12,000 per month compared to 6,000 per year!

With that level of potential new business, are all pension companies going to be able to do everything for their new clients and are they still going to want existing business in delivering an automatic enrolment compliant solution? Some pension providers are already closing their doors to new business.

If you already have a qualifying pension scheme in place you must check that your provider will take your entire workforce.

The National Employment Savings Trust (NEST) is obliged to accept any employer that wants to use it to fulfil its automatic enrolment obligations. It was set up because other providers can refuse to accept employers into their schemes and this is where some businesses could find themselves in a position where choice is not an option.

Finance

One of the biggest costs is employer contributions and by 1 October 2018 the minimum employer contribution will be 3%.

When talking finance you also can’t ignore the risk of penalties for non-compliance. TPR will initially issue a warning notice, followed by a fixed penalty of £400. Persistent offenders could pay up to £10,000 per day in penalties if they are a large employer.

Organisations who employ 250-499 employees would be £5,000, 50-249 employees £2,500, 5-49 employees £500 and a mere £50 per day for those employing between 1 and 5.

30 | IoD West Midlands January 2014

New members:

Automatic enrolment: Categories relative to age and earnings Age (inclusive) Earnings

16-21

22-SPA

SPA-74

Under lower earnings threshold (£5,668)

Entitled worker

Between £5,668 and £9,440

Non-eligible job holder

Over earnings trigger for automatic Non- enrolment (£9,440 - eligible £41,450) jobholder

Eligible jobholder

Non-eligible jobholder

These figures are for the 2013-14 tax year. They will be reviewed every year by the government

What the categories mean

Eligible jobholder - an employer must automatically enrol them into a workplace pension scheme, make and deduct pension contributions, process opt-outs and then re-enrol every 3 years and keep records of the automatic enrolment process. Earnings must be more than £9,440 Non-eligible jobholder - has the right to opt-in and then all eligible jobholder conditions and processes apply.

Employers must provide communication of the right to opt-in and keep records of the process. So for those earning between £5,668 and £9,440, automatic enrolment doesn’t apply but these workers can ask to join a qualifying scheme and are entitled to receive employer contributions.

Entitled worker - has the right to join a pension scheme but it does not need to be a qualifying scheme and employers must provide communication of the right to join. If workers earning less than £5,668 ask to join a scheme their employers are required to enrol them but won’t be required to make a contribution.

Changes in age and earnings may see a worker move between the different categories so you will need to put procedures in place to monitor this as the employer duties in relation to that worker will change.

The following business leaders have joined the IoD since our last issue.

Mark Adams, Partner, PortalTech Reply Ltd Simon Barnes, Regional Director, Community Health Partnerships Ltd David Beebee, MD adi Interiors Ltd Michael Bradley, Director, MB Interim Ltd Andrew Boyes-Varley, MD, New Dawn Associates Steve Cosgrove, COO, adept4 Ltd Mike Dawson, MD, Move Management Ltd Jonathan Dempsey, Divisional Director, Youth Hostel Association Simon Dickinson, Chief Exec, Working on Wellbeing Ian Donaldson, MD, Autonet Insurance Services Ltd Mark Draisey, Finance Director, G4S Police Support Services Jamie Dunn, Director, Spark Global Business Ltd Marven Gabula, Director, Rodor Housing & Support Ltd Mark Grinonneau, Regional Director, Community Health Partnerships Ltd Jon Grove, Director, GIL Management Ltd Royston Guest, Chief Executive, PTI Worldwide Jane Hatton, Director, Evenbreak Craig Hooper, Commercial Director, DWCC Ltd Jim Kelly, Director, St Francis Group Ltd Antonia McAlindon, COO, Neutrino Concepts Ltd Joe McCarthy, Director, Littlefish (UK) Ltd David Moss, MD, JLL Leach & Co Ltd Lyndon Paul Chandler, General Manager, FSS Technologies UK Ltd Richard Parnell, Director, BHJ Ingredients (UK) Ltd Richard Pennells, Director, Eon UK Plc Julian Peyser, MD, Julian Peyser Ltd Paul Prior, Director, x9000.com Consulting Services Rebecca Saunders, MD, Generative Concepts Ltd Paul Sefton, MD, IngePro Ltd Nigel Shanahan, MD, Rapide Communications Alistair Shortland, Chief Executive, Txtlocal Ltd Melap Singh, MD, Complete Building Control Ltd Paul Solomon, Chief Exec, Edenhouse Solutions, Ltd Dr Kevin Stenson, CEO, The Smallpiece Trust Louise Trevatt, MD, Simply Changing Ltd Ilias Vazaios, Partner, Ecuity Consulting LLP Rachel Watson, Director, Opteva Ltd Pam Wilde, Marketing Director, SSP Ltd Johanne Young, Director, Opteva

Remember, your IoD membership brings: n Access to the IoD hub in Brindleyplace, Birmingham, plus similar facilities in London, Manchester, Edinburgh, Glasgow, Leeds, Newcastle, Cardiff and more... n Discounts on key products and services, including business insurance and car hire... n Free legal and finance support through our dedicated phone service... n Exclusive access to top events, hosted by leading figures from the worlds of business, politics and civic leadership... n plus much more

IoD West Midlands January 2014 | 31

Health cash plans • Salary sacrifice schemes • Occupational health Flexible benefits platforms • Benefits Booklets • Online employee discounts Employee assistance programmes • Group Life Assurance • Absence management systems

- engage your employees with a range of employee benefits and HR solutions

For further information call BHSF today:

0121 629 1266 (quote IOD_1213)

visit www.bhsf.co.uk or email sales@bhsf.co.uk