Annual Report 2010
A
ccess—to the right connections, markets, influence and intelligence—is key to business success. And high-quality access is at the heart of the business
advantage we offer. Delivering high-caliber networking and targeted marketing platforms, as well as top-quality business intelligence and regulatory advice and influence, we provide our members with access to practical, measurable business expansion opportunities. BritishAmerican Business has grown to become the leading transatlantic business organization, dedicated to helping companies connect and build their business on both sides of the Atlantic. Our long-term membership includes the world’s leading multinationals and middle-market companies—including most of the major American and European players in banking, pharmaceuticals, energy, aerospace/defense, insurance, accountancy, law, real estate, telecoms,
“ BritishAmerican Business has clearly established itself as the preeminent transatlantic business organization, and does a great job of helping companies build their business on both sides of the Atlantic. That’s why, as a member of its Advisory Board, I am committed to supporting it. And since there are 100 other Chairmen and CEOs of leading multinational companies on the same board, it would seem I am not alone.”
management/business consultancies, airlines and
Sir Martin Sorrell
the media.
Group Chief Executive WPP Group
Key to our rapid growth is the quality of our membership and our services. We are committed to continuing to grow, and continuing to represent “The Company to Keep.”
BritishAmerican Business incorporates the American Chamber of Commerce (UK) and the British-American Chamber of Commerce, which we merged in 2000 to create a single, preeminent transatlantic business organization to serve its member companies on both sides of the Atlantic. We are based in New York and London, with networks covering 60 other major European and US business centers.
Chairman BritishAmerican Business International Advisory Board
ANOTHER STRONG YEAR
A N N U AL REPORT 2010
Dear Member,
W
e are pleased to report that, thanks to the active engagement of our members, BritishAmerican Business had another strong
year in FY’10. We continued to expand our service offering, our membership among large multinational companies, our policy work, and member participation in our programming. While discretionary corporate budgets remained under intense pressure, companies continued to display a strong
Aidan St. P. Walsh OBE Partner in Charge International KMPG LLP Chairman BritishAmerican Business
appetite for the high-quality, personalized opportunities to acquire timely business intelligence and build productive business relationships that BritishAmerican Business provides. We welcomed more than 9,000 participants (an increase of more than 10% over FY’09) to more than 100 programs, and many leading global companies and institutions joined as new members of our organization, ranging from Hearst, Verizon and Xerox to Deutsche Bank, INSEAD and the Olayan Group. Throughout the year, your suggestions and input enabled us to refine and enhance our offerings to meet your needs and interests.
Richard Fursland OBE Chief Executive Officer BritishAmerican Business
We doubled the number of C-Suite occasions that we offer for high-level relationship building and intelligence sharing as well as significantly increasing the targeted networking opportunities offered to our membership at large. We expanded our thought leadership programming, focusing on speakers and topics that related directly to the demands of the changing business environment. Our speakers and discussion leaders included 200 leading Chairmen/CEOs, government decision makers and opinion formers, covering topics that ranged from global issues such as climate change, health care reform and financial regulation to immediate business priorities such as talent retention, tax optimization and leveraging social media.
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ANOTHER STRONG YEAR
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In the policy field, we expanded our work with governments to advance our members’ interests on major issues that impact them such as immigration, taxation, aviation and defense. This included the launch of a broad-based initiative in the UK to resist the increasing trend toward the introduction of unexpected and unwelcome fiscal and regulatory changes that impact negatively on the business community as well as on the UK as an investment location. Meanwhile, we maintained our long-term strategies of strengthening our Transatlantic Council, our Board of Directors and our International Advisory Board, which now includes the Chairmen and CEOs of more than 100 leading international companies. We also continued to offer our members access to our marketing, business intelligence, visa, event management and other targeted services. Our success over the past year has been a direct result of our members’ active participation in both our programs and our planning, enabling us to continue to meet your changing needs. It is also thanks to this engagement, together with the strength of our membership base and of our membership proposition, that we face the future with confidence as we prepare to celebrate our 10th Anniversary. Sincerely,
Aidan St. P. Walsh OBE Chairman
Richard Fursland OBE Chief Executive Officer
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“ Thanks to the engagement of our members, together with the strength of our membership base and of our membership proposition, we face the future with confidence as we prepare to celebrate our 10th Anniversary.”
TREASURER’S REPORT
A N N U AL REPORT 2010
Fiscal Year 2010 BritishAmerican Business reported a small net operating profit for FY’10 (July ’09-June ’10), as it has done for each of the past nine years since its establishment. Gross revenues were $4 million, about the same as in FY’09; and membership and sponsorship again each represented about 40% of revenues respectively, with the balance of 20% being derived from fees for participation in events and other services. Sean Trotman Principal Deloitte Tax LLP Treasurer BritishAmerican Business
This was a commendable outcome, as companies on both sides of the Atlantic continued to exercise tight controls on their budgets for memberships and sponsorships which represent BritishAmerican Business’s principal sources of revenue. It is attributable particularly to BritishAmerican Business’s success in continuing to increase its membership among large multinational companies and to sustain the costreductions implemented in the Fall of 2008, as well as the ongoing success of its Annual Transatlantic Business Awards Dinner. Having weathered the past two difficult years so successfully, and given its growing membership base among large multinationals and expanding high quality programming, BritishAmerican Business is well placed to continue building both its membership and its service offering through FY’11 and beyond.
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THE COMPANY TO KEEP
Lionel Barber, Editor, Financial Times
Dan Glaser, Chairman & CEO,
Marsh Inc.
In 2010, we hosted 200 leading Chairmen & Chief Executives, Government Decision Makers, Opinion Formers and Industry Experts at more than 100 events, attended by more than 9,000 participants. Robert P. Kelly, Chairman & CEO, BNY Mellon
Duncan Niederauer, Chief Executive Officer, NYSE Euronext
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Ian King, Chief Executive, BAE Systems
Nouriel Roubini, Professor of Economics, New York University
THE COMPANY TO KEEP
Christine Lagarde, Minister of Finance, Economy and Employment, France
Dennis Nally, Chairman, PricewaterhouseCoopers Int’l Ltd
Sir Michael Rake, Chairman, BT Group plc
Robert Thomson, Editor-In-Chief, The Wall Street Journal
Shelly Lazarus, Chairman, Ogilvy & Mather Worldwide
Diageo
Paul Walsh, Chief Executive,
BRITISHAMERICAN BUSINESS
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THE COMPANY TO KEEP
FlAGSHIP EVENTS Outstanding business leaders were recognized at our Annual Transatlantic Business and Corporate Citizenship Awards Dinners; and leading CEOs and opinion formers discussed strategies for business success and the future of financial services at our Transatlantic Business Conference and Global Financial Forum.
In New York, Tom Glocer (L), CEO of Thomson Reuters, and Peter Sands (C), Group Chief Executive of Standard Chartered Bank, accepted our US and UK Transatlantic Business Awards respectively; and David Brennan (R), CEO of AstraZeneca, accepted our Channing Corporate Citizenship Award in London.
Our conference speakers included Vikram Pandit (L), CEO of Citi, at our Global Financial Forum in New York; and John Micklethwait (C), Editor-in-Chief of The Economist, and Joseph Plumeri (R), President and Chief Executive Officer of Willis Group, at our Transatlantic Business Conference in London.
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The company to keep
THOUGHT LEADERSHIP PROGRAM Our program of more than 100 events ranged from exclusive meetings with top corporate/government leaders to business briefings and professional forums, covering a broad variety of topical business issues.
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Aftermath of the Global Financial Crisis: What’s Next?
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Washington Insight: Obama’s First 250 Days
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Asian Outlook: The Rapid Recovery
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The Future of Green Technology
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The Board’s Role in Strategy and Value Creation
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Employment in the 2010s: Equality and Diversity Issues
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Bringing the Power of Social Media to Your Organization
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Health Care Reform: Implications and Challenges
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Boosting Your Brand’s Strength
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The Outlook for Renewable Energy
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Competing Objectives: Managing for Short-term Survival and Long-term Success
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Risk, Ratings and the Future of Capital Markets
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The Changing Nature of Trust
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Data Protection in the 21st Century
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Managing and Motivating Talent in a Global Marketplace
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INTERNATIONAL ADVISORY BOARD CHAIRMAN Sir Martin Sorrell Group Chief Executive WPP Angela Ahrendts CEO Burberry Group plc Gerard J. Arpey Chairman & CEO American Airlines Lionel Barber Editor Financial Times David Barger CEO JetBlue Airways Sir Richard Branson Founder & Chairman Virgin Group David Brennan CEO AstraZeneca plc Martin Broughton Chairman British Airways plc Frank Brown Dean INSEAD George Buckley Chairman, President & CEO 3M Gary Burnison CEO Korn/Ferry International Sir Andrew Cahn CEO UK Trade & Investment Don Callahan Chief Administrative Officer Citigroup Walid Chammah Chairman & CEO Morgan Stanley International Richard T. Clark Chairman & CEO Merck & Co Inc Jeremy Coller Chairman Coller Capital John Connolly Global Chairman Deloitte Andrew Cosslett CEO InterContinental Hotels Group plc Sir Andrew Crockett President JPMorgan Chase International
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Eric Daniels Group CEO Lloyds Banking Group plc Bal G. Das Chairman BGD Holdings, LLC Ian Davis Non-Executive Director BP Robert E. Diamond, Jr. President & Deputy Group Chief Executive Barclays plc Michael Dobson Group CEO Schroders plc Edward Dolman CEO Christie’s Jack Dunn President & CEO FTI Consulting, Inc. Duncan J. Edwards President & CEO Hearst Magazines International William Emmott Timothy P. Flynn Chairman KPMG LLP Lord Foster of Thames Bank OM Founder & Chairman Foster + Partners Orit Gadiesh Chairman Bain & Co. Chris Gibson-Smith Chairman London Stock Exchange Daniel S. Glaser Chairman & CEO Marsh Inc Tom H. Glocer CEO Thomson Reuters Michael Golden Vice Chairman New York Times Michael Grade CBE Peter Grauer Chairman Bloomberg L.P. Stephen Green Group Chairman HSBC Holdings plc William D. Green Chairman & CEO Accenture
A N N U A LR E P O R T 2 0 1 0
Evan Greenberg Chairman & CEO ACE Group Robert Greifeld CEO The Nasdaq OMX Group, Inc. Sir Thomas Harris KBE, CMG Vice Chairman Standard Chartered Bank Andy Haste Group Chief Executive RSA John P. Havens Head of Global Institutional Bank Citigroup Peter Blair Henry Dean NYU Stern School of Business Terry Hill Chairman of the Trustees Arup Steve Holliday CEO National Grid plc Antonio Horta-Osorio CEO Santander UK Surya Kant President Tata Consultancy Services Robert P. Kelly Chairman & CEO The Bank of New York Mellon Jeff Kindler Chairman & CEO Pfizer Inc Michael S. Klein The Hon Philip Lader Senior Advisor Morgan Stanley International Richard Lambert Director General Confederation of British Industry Paul A. Laudicina Managing Officer & Chairman of the Board A.T. Kearney Marc B. Lautenbach Managing Partner, Global Business Services- North America IBM Corporation Sir Terry Leahy CEO Tesco Lord Peter Levene Chairman Lloyd’s Tim Leiweke President/CEO AEG
A N N U AL REPORT 2010
Sir Andrew Likierman Dean London Business School Graham Mackay CEO SABMiller plc Sir David Manning GCMG, CVO Lord Marshall of Knightsbridge Chairman Pirelli Sir Deryck C. Maughan Chairman, KKR Japan Kohlberg Kravis Roberts & Co. David Mayhew Chairman JP Morgan Cazenove Steve McGill Chairman & CEO Aon Risk Services Harold McGraw III Chairman, President & CEO The McGraw-Hill Companies Sir Christopher Meyer KCMG John Micklethwait Editor-in-Chief The Economist Heidi Miller President of International JP Morgan Chase & Co Lakshmi Mittal Chairman & CEO Arcelor Mittal Kenneth D. Moelis CEO Moelis & Company Ann Moore Chairman Time Inc Andrew Moss Group CEO Aviva James Murdoch Chairman & CEO, Europe and Asia News Corporation Dennis M. Nally Chairman PricewaterhouseCoopers International Ltd Jeremy Newman CEO BDO International Duncan L. Niederauer CEO NYSE Euronext Lubna Olayan CEO Olayan Financing Company Richard L. Olver Chairman BAE Systems plc
INTERNATIONAL ADVISORY BOARD Tom O’Neill Chairman & CEO Parsons Brinckerhoff International Lord Paul of Marylebone Chairman Caparo Group Joseph Plumeri Chairman & CEO Willis Group Holdings Michael Queen CEO 3i Group plc Professor John A Quelch Lincoln Filene Professor of Business Administration Harvard Business School Sir Michael Rake Chairman BT Group plc Christopher Rodrigues CBE Chairman VisitBritain Sir John E. V. Rose CEO Rolls-Royce plc Jeffrey A. Rosen Deputy Chairman Lazard Wilbur L. Ross, Jr. Chairman & CEO WL Ross & Co. LLC Lord Rothermere Chairman DMGT plc David M. Rubenstein Co-Founder & Managing Director The Carlyle Group James P. Rubin US President Atlantic Partnership, U.S. William F. Ruprecht President & CEO Sotheby’s Dame Marjorie Scardino CEO Pearson plc Stephen Schwarzman Chairman, CEO & Co-Founder The Blackstone Group Ivan G. Seidenberg Chairman & CEO Verizon John Sexton President New York University Deven Sharma President Standard & Poor’s Sir Nigel Sheinwald KCMG British Ambassador to the USA Honorary Advisory Board Member
Jeffery A. Smisek Chairman, President & CEO Continental Airlines, Inc. Neil Smith CEO Promontory Growth and Innovation, LLC Ron Spears President & CEO AT&T Business Solutions Michael Spencer CEO ICAP plc Jerry Speyer Chairman & Co-CEO Tishman Speyer Robert J. Stevens Chairman, President & CEO Lockheed Martin Corporation Sir Howard Stringer Chairman & CEO Sony Corporation Martin J. Sullivan Deputy Chairman, Willis Group Holdings plc Chairman & CEO, Willis Global Solutions The Honorable Louis B. Susman US Ambassador to the Court of St. James’s Honorary Advisory Board Member Sir Peter D. Sutherland KCMG Chairman Goldman Sachs International Ratan N. Tata Chairman Tata Group Rex Tillerson Chairman & CEO ExxonMobil Corporation Glenn F. Tilton Chairman, President & CEO United Airlines James Turley Chairman & CEO Ernst & Young Peter Voser CEO Royal Dutch Shell plc Paul Walsh CEO Diageo Seth Waugh CEO Deutsche Bank Americas Brett White President & CEO CB Richard Ellis Services, Inc Alexander Wilmot-Sitwell Co-CEO UBS Investment Bank Matthew Wright President & CEO Russell Reynolds Associates BRITISHAMERICAN BUSINESS
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BOARD OF DIRECTORS CHAIRMAN Aidan St. P. Walsh OBE Partner in Charge International KPMG LLP
DEPUTY CHAIRMAN Gary von Lehmden Managing Director, EMEA Co-Head of Corporate Banking Citi
DIRECTORS Marco Amitrano Partner PricewaterhouseCoopers LLP Ceasar N. Anquillare President & CEO Winchester Capital Stephen R. Ball Chief Executive Lockheed Martin UK Dr. Robert Barnes Managing Director, Equities UBS Investment Bank Alexander Baugh CEO Chartis Insurance UK Limited David Birch OBE Consultant Addleshaw Goddard LLP Steven M. Boden Vice President – International Controller Interpublic Group Peter Borrowdale Partner, European Corporate Reed Smith Peter Brown President & CEO Brown Lloyd James Mike S. Brzostowski Regional Sales Director Continental Airlines Robert Byrne Senior Partner – New York A.T. Kearney Inc. Jim Carter Vice President American Airlines Roland Chalons-Browne CEO Siemens Financial Services GmbH Lord Clement-Jones Partner, International Business Relations DLA Piper UK LLP
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Mark Cohen Managing Director, Global Business Development/M&A GE Capital Mike Corkerry Executive Director, EMEA Government Affairs AT&T Major General Walter Courage CB, MBE Director The Risk Advisory Group plc Archibald Cox, Jr Chairman Barclays Americas Scott Cutler Executive Vice President NYSE Euronext Irene M Dorner President & CEO HSBC Bank USA Peter Drummond-Hay Managing Director Russell Reynolds Associates Inc. Brad Duncan Accounts & Business Development Leader for UK & Ireland Ernst & Young LLP Rob Everett Chief Operating Officer, Europe Bank of America Merrill Lynch Patrick Falconer Managing Director, UK, Northern Europe, MEA The New York Times Media Group John Finnegan Senior Vice President, Signature Client Group AT&T Richard Fursland OBE CEO BritishAmerican Business Mark S. Garvin Chairman, JPMorgan Europe Limited Treasury & Securities Services - International JPMorgan Stefan Gavell Executive Vice President & Head of Regulatory & Industry Affairs State Street Bank and Trust Company Russell Gibson Director of Group Regulatory Affairs The Royal Bank of Scotland Tom Gleason President HRG North America
Andrew Gosheron Managing Director Sales, UK & Ireland Federal Express Europe Inc Robin Hayes Vice President & Chief Commercial Officer JetBlue Airways Gregory Hodkinson Chairman, Americas Arup The Hon. Jerry MacArthur Hultin President Polytechnic Institute of NYU Peter Hunt, CMG Managing Director/London BritishAmerican Business James S. Hutchinson Partner-in-Charge, New York Alston & Bird LLP Charles Imhof Staff Vice President Delta Air Lines, Inc. Jonathan Jordan Senior Partner Sermelo Limited Philip Keevil Senior Partner Compass Advisers LLP John W. Keogh Chairman, ACE Overseas General Vice Chairman, ACE Limited and ACE Group Holdings ACE Group William A. Kerr Vice Chairman, Europe & CAO EMEA BNY Mellon Sally King Regional Chief Operating Officer Clifford Chance US LLP Jim Lahey Managing Director EHS Partners LLC Paul Lawrence Group General Manager – Internal Audit HSBC Holdings plc Peter Luzmore President Synthesis LLC Charles Macfarlane Director PharmaVentures Chris Magrath Senior Partner Magrath LLP Michael Charles Maibach President & CEO European-American Business Council
BOARD OF DIRECTORS
A N N U AL REPORT 2010
Stephen J.O. Maltby Partner Gibney, Anthony & Flaherty LLP Wendy Mendenhall EVP & Executive Director/New York BritishAmerican Business Colin McKay Principal PricewaterhouseCoopers LLP Alexander S Moczarski President, International Division Marsh Inc. Robert Moncrieff Partner Ernst & Young Michael O’Driscoll Managing Director Jaguar Cars Christopher J. Perry President, Americas Thomson Reuters Markets Kenneth J. Petrilla Executive Vice President , EMEA Regional Manager Wells Fargo Noel Quinn General Manager, Commercial Banking UK HSBC Bank plc Justin Ramsteck Managing Director, Investment Bank JPMorgan Chase & Company Marcy Reed Senior Vice President, Public Affairs National Grid Richard Reid London Chairman KPMG LLP Lynne Rennie Partner Deloitte Michael Roberts Head of Global Corporate Banking and Capital Management Citi Jonathan Robson President, Enterprise Thomson Reuters Markets Daniel Rosenberg Partner, Corporate Taylor Wessing Michael A. Ross Executive Vice President, Business Affairs & Operations BBC Worldwide America
Chris Rossi Senior Vice President, Administration Virgin Atlantic Airways Paul Rossi Managing Director & Executive Vice President, Americas The Economist Group Dr. Marjory E. Searing VP, Int’l Public Affairs and Policy Pfizer Inc Maria Cristina P. Sebastian Vice President, Sales and Marketing – EMEA American Airlines Inc Douglas H. Short III Senior Vice President American Express Yvonne Smyth Managing Director Hays Legal Kevin Sneader Managing Partner for the UK and Ireland McKinsey & Company David Stileman CEO, Americas Standard Chartered Bank Richard Sykes Principal Studley (UK) Ltd Paul Taaffe Global Chairman & CEO Hill & Knowlton, Inc. Simon Talling-Smith Executive Vice President, Americas British Airways plc Richard Tams Head of UK & Ireland Sales & Marketing British Airways plc Truett Tate Group Executive Director Lloyds Banking Group Sean Trotman Principal Global Employer Services – Global Rewards Deloitte Tax LLP Georges Ugeux CEO Galileo Global Advisors, LLC Richard E. Vendig EVP, Chief Financial & Administration Officer, and Secretary Active International Nicholas C. Walsh Vice Chairman Chartis
Charles (Chuck) WB Wardell III Senior Advisor to the CEO Chairman of Emerging Markets Korn/Ferry International Chris Wearing Managing Director Accenture Capital Markets, USA Christopher J. Williams Chairman & CEO The Williams Capital Group, L.P. Greg Zorthian Global Circulation Director President, The Americas The Financial Times
Ex-Officio Sir Alan Collins, KCVO CMG British Consul-General, New York Director General UK Trade & Investment USA Dorothy Lutter Minister Counselor for Commercial Affairs US Embassy
Advisory Directors Graham A.D. Broyd Managing Director Global Head of Short Term Markets Sales and Financing RBS Daniel S. Glaser Chairman & CEO Marsh Inc. Roddy Gow, OBE Chief Executive Asia House Michael J. Kirkwood CMG Ian R. Stopps CBE Chairman The Mclean Partnership Martin J. Sullivan Deputy Chairman, Willis Group Holdings plc Chairman & CEO, Willis Global Solutions
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LEADERSHIP
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HONORARY PATRONS Sir Nigel Sheinwald KCMG UK Ambassador to the United States The Honorable Louis B. Susman US Ambassador to the Court of St. James’s
Chairman, International Advisory Board Sir Martin Sorrell Group Chief Executive, WPP Group
Chairman, Board of Directors Aidan St. P. Walsh OBE Partner in Charge International, KPMG LLP
Deputy Chairman Gary von Lehmden Managing Director, EMEA Co-Head of Corporate Banking, Citi
Chief Executive Officer Richard Fursland OBE
Managing Director/London Peter Hunt CMG
Executive Vice President & Executive Director/New York Wendy Mendenhall
“ BritishAmerican Business is an outstanding organization. It plays a key role in furthering US and UK business interests by promoting an open trading environment in partnership with both our governments. We wholeheartedly support BritishAmerican Business and its work.” Sir Nigel Sheinwald KCMG, UK Ambassador to the US and The Honorable Louis B. Susman, US Ambassador to the Court of St. James’s
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WHAT OUR MEMBERS SAY ABOUT US
A N N U AL REPORT 2010
Tom Glocer, CEO, Thomson Reuters
“ BritishAmerican Business offers a great platform for high-quality business development and the acquisition of timely business intelligence, as well as significant influence with government on policy issues that impact on business.”
Peter Sands, Group Chief Executive, Standard Chartered
“ At a time when there is the danger of greater parochialism in regulation and legislation, we strongly support the work done by BritishAmerican Business in promoting free markets, a level playing field and business-friendly government policies for international business.”
Bharat Wakhlu, Director – Public Affairs, The Tata Group
“ BritishAmerican Business is a first class organization, with a blue-chip membership and an excellent offering of high-quality business services. We have used our membership very effectively to support our business strategy, in addition to promoting the Tata brand and our businesses to the transatlantic business community.”
John Connolly, Global Chairman, Deloitte Touche Tohmatsu
“ BritishAmerican Business is an important partner for Deloitte. Its programs on both sides of the Atlantic provide us with insights and perspectives that help us make quality business judgments and with first-rate platforms that help us promote our business profile and marketing objectives.”
Irene Dorner, President & CEO, HSBC Bank USA
“ Major multinationals and middle market companies, if they are smart about it, can use BritishAmerican Business to great effect, and with a minimal investment of time or money, to build their brand and their business.”
Neil Smith, CEO – Promontory Growth & Innovation
“ BritishAmerican Business has been crucial to building our business on both sides of the Atlantic by introducing us, at CEO/Board level, to companies that have become major clients and business partners.”
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ANNUAL REPORT SPONSORS
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London 75 Brook Street London W1K 4AD Tel: +44 (0)20 7290 9888 E-mail: ukinfo@babinc.org
New York 52 Vanderbilt Avenue, 20th Floor New York, NY 10017 Tel: +1 (212) 661-4060 E-mail: nyinfo@babinc.org