PARC 2016 programme by Corporate Research Forum

Programme 2016

2016 2016 Programme

Welcome

Welcome to PARC 2016 â&#x20AC;&#x201C; Building Business Performance Our Programme for the coming year sets out the topics we will be discussing, all of which are relevant to the wider business agendas of members and the continuing success of their organisations. Combining background political and economic issues with topics of specific interest to HR Directors and performance and reward specialists, we are sure that our Programme will enable members to keep abreast of events whilst benefiting from the discussions and exchange of views which take place at our meetings. Business in 2016 is likely to be dominated by a number of issues. Politically, the European debate and referendum will begin to take centre stage, together with the ongoing Eurozone and seemingly intractable migration problems. Recent events in Paris have, of course, totally changed the context of these issues. Economically, a programme of tight fiscal management and cutbacks in public expenditure in an environment of near zero inflation will continue as the Government works towards its policy objectives and the running of a small budget surplus in normal years. Global economic issues will include the price of oil and other commodities, the continuing ability of China and other Asian economies to maintain growth together with political and economic stability and the performance of the U.S. in a key election year. In terms of business in the UK, the ability of the banking and financial services sectors to continue as key economic drivers will be crucial against a background of European uncertainty and the increasingly more stringent regulatory and behavioural requirements trailed by The Governor of the Bank of England. Wherever you are operating in the world therefore, 2016 will continue to challenge, with success being secured by those organisations which recognise the imperatives of outstanding operational practices, well thought out and implemented strategic objectives and a mature and informed approach to risk.

2016 2016 Programme

2016 schedule at a glance Economic Outlook – what does 2016 hold in store? Robin Bew, Economist Intelligence Unit

Mind the Gap – what’s new with equal pay? Stephanie Bird, PARC Alison Horner, Tesco

Spring Lecture and Reception Dr. Ben Goldacre, writer and broadcaster

Strategy and Remuneration Policy Andrew Campbell, Ashridge Strategic Management Centre Drew Matthews, New Bridge Street, Aon Hewitt

Thursday 21st January Eversheds, 1 Wood Street, London, EC2V 7WS Thursday 17th March The Royal Air Force Club, 128 Piccadilly, London, W1J 7PY

Wednesday 20th April Haberdashers’ Hall, 18 West Smithfield, London, EC1A 9HQ Thursday 28th April Trinity House, Trinity Square, Tower Hill, London, EC3N 4DH

Drew Matthews, New Bridge Street, Aon Hewitt Phil Wills, Associate, PARC

Thursday 5th May – Friday 6th May The Oakley Court, Windsor Road Water Oakley, Windsor Berks, SL4 5UR

The Changing Performance and Remuneration Landscape – a glance in the rear view mirror

Thursday 23rd June Trinity House, Trinity Square, Tower Hill, London, EC3N 4DH

Next Generation Development Masterclass

Sir Vince Cable Stephen Cahill, Deloitte UK Chris Johnson, Mercer Simon Patterson, Pearl Meyer & Partners

Maggie Throup, MP for Erewash Guest speaker TBC

Thursday 14th July The House of Commons Westminster, London, SW1A 0AA

Retirement Strategy – the pensions dilemma, sleepwalking to a crisis?

Thursday 15th September TBC – London

House of Commons Luncheon

Colin Haines, Aon Hewitt Colin Hately, Associated British Foods (ABF)

International Conference, Prague – An Uncertain World: Planning for 2025 and beyond Dr. Margaret Heffernan, Entrepreneur, Chief Executive and Author Professor Arturo Bris, IMD Business School Edward Carr, The Economist Professor Ian Goldin, University of Oxford Paul Schoemaker, The Wharton School of the University of Pennsylvania

2017 Programme Launch and Keynote Address Lucy Kellaway, Financial Times

Wednesday 12th October – Friday 14th October Hilton Prague, Pobrezni 1, Prague 186 00, Czech Republic

Wednesday 30th November The Ivy, 1 West Street, London, WC2H 9NQ 3

2016 2016 Programme

About PARC

PARC’s philosophy is based on the belief that successful organisations need: • to be outward looking and contextually aware in political, economic and social terms

What we do PARC covers a range of issues, setting them in the wider political and economic contexts. We continue to promote challenging research, identify expert business and academic input which, combined with our senior level membership, provides a stimulating and participative environment for those seeking improved corporate performance.

• to implement a compelling and clear business strategy successfully communicated, understood and owned throughout the organisation

We recognise that executive compensation is not a one-size-fits-all approach but needs to contend with tighter legislation and public scrutiny, more forthright and organised shareholder involvement and the need to attract and reward outstanding ability in a global marketplace.

• an engaged, capable and motivated workforce

Membership includes

• an environment which encourages high performance, innovation and the responsible incubation and development of new thinking • business information systems which provide timely, unambiguous and valid data at all levels of the organisation • an HR operation which is respected and trusted as an integral and proactive contributor to all aspects of strategic and operational activities.

An annual programme of member meetings each addressing relevant and topical issues with expert contributors from business, academia, politics and the media. Independent research – PARC research projects draw on a wide range of resources and seek inputs from experts in both the theory and practice. Conversation and networking – PARC constitutes an unrivalled cross-section of HRD’s and senior practitioners affording members the opportunity of exchanging insights and experiences into a wide range of topics in a relaxed and trusted environment. Advisory support – the PARC team are always ready to respond to requests for information and to facilitate member discussion on relevant issues. Member surveys are also conducted to enable further knowledge sharing amongst the network. Meeting reports – our post meeting notes capture the essence of content and discussion at our members meetings. This ensures a regular updating of information and the opportunity for the transfer of ideas and information across teams. Member lunches – remain a popular PARC feature where informal networking is facilitated through the sharing and discussion of current issues.

Who should join? Annual membership is open to all organisations. Participants are at senior level and typically responsible for developing and leading reward strategy, policy and practice. They include heads of performance and reward functions, Group HR directors and other top level HR professionals. To ensure that effective peer discussion is facilitated, the ‘rules of the game’ only allow for substitution where this is agreed with a PARC director. PARC is a growing network of over 50 organisations, most of which are blue-chip companies including Associated British Foods (ABF), Barclays, BT, RBS, Reckitt Benckiser, Rio Tinto, Rolls-Royce, Sainsbury’s, Standard Life and Vodafone. For more details on how your organisation can benefit from membership and the associated fees please contact Richard Hargreaves, Commercial Director, at +44 (0) 20 7470 7287 or via e-mail at richard@parcentre.co.uk.

2016 2016 Programme

Who we are – the PARC team

Mairi Bannon manages the PARC membership, and PARC team. Her contribution to the programme emanates from a keen interest in the economic and political environments in which business operates, trends in corporate governance, and HR issues generally. She co-founded PARC and Strategic Dimensions and jointly manages the Corporate Research Forum with Mike. Prior to establishing the businesses, Mairi worked internationally in a number of senior HR roles. Mike Haffenden helps us link reward to organisational development and the agenda of our sister organisation, Corporate Research Forum. He is especially interested in the drivers of high performance and creativity. Mike founded the Corporate Research Forum and is also a founding partner of Strategic Dimensions. He previously held a number of senior HR positions. Richard Hargreaves leads on growing and broadening the membership and is also responsible for securing and developing partnerships. Richard has a similar role at our sister network Corporate Research Forum. Previously, Richard led a commercial team at The Economist Group. Stuart Hetherington is responsible for writing PARC’s annual programme and event materials. Stuart was previously Head of Corporate HR at National Power and has extensive experience in managing major change programmes and employee relations. Phil Wills advises and assists PARC in the development of key events. He has a strong interest in the design of reward plans to support business strategy, including executive incentive plans. An independent consultant, currently advising UK and mainland European companies, his previous roles include global head of compensation and benefits for Reed Elsevier, ICI and Diageo. Jo Basu is primarily responsible for business development, exploring who might benefit from PARC and welcoming new members to the network. She also works with prospective partners. Jo splits her time between PARC and Corporate Research Forum. Previously, Jo worked at the Economist Intelligence Unit and Euromoney. Eva John-Lewis organises PARC’s events and is also Executive Assistant to Mairi and Mike. Angela Knight CBE is an Associate of PARC. She is currently the senior independent director on the Boards of Brewin Dolphin plc and Tullett Prebon Plc, is a member of the Board of Transport for London and an advisor to PARC and Oxera. Angela is also an Associate at Goodacre UK and the Vice President at the Securities Industry Management Association. Clockwise from top left: Mairi Brannon; Mike Haffenden; Richard Hargreaves; Stuart Hetherington; Phil Wills; Jo Basu; Eva John-Lewis; Angela Knight CBE

Our partners Corporate Research Forum (CRF), the sister membership network to PARC, is for organisations looking to develop their people strategy and organisational effectiveness. As a focus for research, discussion and the practical application of contemporary topics arising from people leadership, learning & organisational development, CRF remains at the forefront of HR. For further information please visit www.crforum.co.uk or call +44 (0) 20 7470 7104.

Aon Hewitt empowers organisations and individuals to secure a better future through innovative talent, retirement and health solutions. They advise, design and execute a range of solutions enabling clients to cultivate talent to drive organisational and personal performance and growth, navigate retirement risk while providing new levels of financial security and redefine health solutions for greater choice, affordability and wellness. 5

2016 2016 Programme

Economic Outlook – what does 2016 hold in store?

Breakfast briefing Date Thursday 21st January 08.00 – 10.00 Venue Eversheds 1 Wood Street London, EC2V 7WS Speaker Robin Bew, Economist Intelligence Unit (EIU)

The world in 2016 will continue to be a volatile and uncertain place with enhanced levels of risk in all business and personal activities. However, the underlying causes continue to fluctuate with chaos in the Middle East and North Africa, an economically fragile and increasingly more assertive Russia, the influx of migrants to Europe and the economic difficulties in China and other developing economies. The resulting economic and social implications add to the economic difficulties still engulfing Europe which seem increasingly likely to become major political problems and a threat to the European Union in its current form. In the US, improving economic conditions will be challenged by a Presidential election becoming increasingly more fractious and difficult to call. Domestically, with the general election behind us and the government’s economic agenda set out, the over-riding uncertainty will remain the UK's relationship with Europe and the referendum on continuing membership. However, with the Labour party under new leadership, this and other major issues will take on a new dynamic. So what does the economic and political future hold and what might it mean for businesses and their people? With America rising, Europe struggling and emerging markets looking limp, on the face of it, old assumptions on where business opportunities are to be found have been turned on their heads. • Are China's best days behind it? • Can Europe recover from the Greek crisis? • Is Iran the market of the future? • How are longer term forces – from demography to urbanisation – going to shape business thinking over the medium term? • What are the implications of increasingly more volatile currency fluctuations and the relative strength of sterling? Against this background, Robin Bew will pick out the key issues as he discusses his vision for the year ahead and debates the consequences for high-performing organisations grappling with this brave new world.

Robin Bew is Managing Director of the Economist Intelligence Unit (EIU), the business to business arm of The Economist Group, where he is responsible for the overarching commercial and editorial success of the EIU’s business. Prior to becoming Managing Director, Robin was Editorial Director (2006-2013) and Chief Economist (1997-2013) of the EIU, responsible for the company’s editorial operations and leading the intellectual debate across the business. At various times in his career at the EIU he has led the Economics Unit, the Sovereign Credit and Operating Risk team, the Global Forecasting team and the Custom Research team. Robin joined the EIU in 1995. Prior to that, he was a macroeconomist with Her Majesty’s Treasury (the UK Finance Ministry). He has an MSc in Economics from the University of London, and a BSc in Economics and Business Finance from Brunel University. Robin is also a Professor of Economics at IE Business School.

2016 2016 Programme

Mind the Gap – what’s new with equal pay?

Discussion meeting and report Date Thursday 17th March 16.00 – 19.00 Venue The Royal Air Force Club 128 Piccadilly London, W1J 7PY Speakers Stephanie Bird, PARC Alison Horner, Tesco

The anecdotal evidence seems pretty compelling; women earn 40% less than men over their lifetime, women managers effectively work 57 days a year for nothing because of the pay gap and yet 14% more women than men currently go to university. So what are the facts and what are companies doing about the issue? It is 45 years since the introduction of the first Equal Pay act – and in the UK the gender pay gap is still alive and kicking. Standing at 9.4% for full time workers and 19.1% for part-time, the gap may well be at its lowest since 1997, but it’s still the 6th highest gap in Europe. In some sectors, the gap is even wider. The ECHR flexed its rarely exercised muscles in 2009, requiring financial services companies to provide comprehensive pay data. This revealed a 55% gender pay gap. It is an issue that all political parties have sought to improve – in part by wanting companies to be more transparent in their reporting. The Labour government laid the foundations by including powers in the Equalities Act 2010 to require companies to publish information. But the coalition did not move to enact them – favouring a voluntary Think, Act, Report scheme. Despite more than 275 employers joining the scheme, only five companies have actually published: Tesco, Friends Life, PwC, AstraZeneca and Genesis. After the 2015 election, the Conservative government included provisions in the Small Business, Enterprise and Employment Act that from Spring 2016, all companies over 250 employees would be required to publish their figures, though the detail is still to be finalised. As if this wasn’t enough to grapple with, there is the real and present threat of class action suits – with some high-profile cases having been expensively settled already. And those claims can go back 6 years. So, there’s plenty to talk about at this discussion meeting – from who’s been doing what and why, to who needs to be doing what and why? It will be supported by a brief research report outlining the key issues with comment from a panel of experts, case studies and detailed analysis.

Stephanie Bird has worked in HR, talent management and organisation change for over 30 years and has held HRD/HR VP roles in a number of global organisations including KPMG, CSC, Dell and BP. She has also been a co-founder of a VC backed start-up, and run her own consultancy. She latterly spent four years at the CIPD, as Director of Research, Public Policy, Professional Standards and Development, and Qualifications.

Alison Horner joined Tesco in 1999 as a Personnel Manager. After eight years in operations and general merchandise roles she joined the Executive Committee in 2011 as Chief People Officer with responsibility for the development of our 500,000 colleagues. She is also Non Executive Director at Carillion Plc and a member of the Advisory Board at Manchester Business School.

2016 2016 Programme

Spring Lecture and Reception with Dr. Ben Goldacre – “Randomise Me”

Lecture and drinks reception Date Wednesday 20th April 18.00 – 21.00

Who is it for? HR and business leaders in organisations where information is generated and shared at ever increasing speed and the ability of the individual to assimilate, compute and make effective decisions is not keeping pace.

Overview

Venue Haberdashers' Hall 18 West Smithfield London, EC1A 9HQ

Dr. Ben Goldacre will share his experiences of alternative approaches to the use of data and examples of success in a range of business sectors. The lecture will be followed by an opportunity to discuss issues raised with Ben and other attendees over drinks and canapés.

Speaker Dr. Ben Goldacre, writer and broadcaster

Companies are swimming in data, but much of it is hopelessly misleading on what works best to improve revenue and performance, because we cannot unpick correlation from causation. Many companies and business analysts try to gloss over this flaw, falling into the same traps as cheap quacks and shady journalists. There is a better way.

Content

Randomised trials are used routinely in medicine to find out what works best, and what does harm. We can use randomised trials throughout society: in education; in policing; in policy; and – importantly – in organisations. Expanding on his work for the Cabinet Office and the Department for Education, and with a series of chilling examples, Ben will demonstrate how randomised trials can be done cheaply and effectively to show what works best.

Dr. Ben Goldacre is an award-winning writer, broadcaster, and medical doctor who specialises in unpicking scientific claims made by scaremongering journalists, government reports, pharmaceutical corporations, PR companies and quacks. He was trained in Medicine at Oxford and London, and currently works as an academic in epidemiology. Ben wrote the weekly Bad Science column in the Guardian from 2003-2011.

2016 2016 Programme

Strategy and Remuneration Policy

Discussion meeting and report Thursday 28th April 16.00 – 19.00 Venue Trinity House Trinity Square Tower Hill London, EC3N 4DH Speakers Andrew Campbell, Ashridge Strategic Management Centre Drew Matthews, New Bridge Street, Aon Hewitt

Very few companies derive their reward strategy identifiably from their strategic business objectives. Although legislation requires companies to produce a high quality strategic report for shareholders and a remuneration policy aligning executive remuneration to the long term success of the company, it is often difficult to discern the linkage. Yet in some organisations this relationship is not linear but circular, with resourcing and remuneration policies informing decisions as to the strategic direction of the company. We will examine these relationships looking at best in class, current UK and international practices, and pick out the key issues on which companies should focus to build robust and value adding links connecting business objectives, strategy and remuneration policy. In setting the scene, we will describe how strategy definition and articulation now drive successful organisations and how this permeates throughout the business. Andrew Campbell from Ashridge Business School will remind us of the elements of successful strategy development and implementation particularly looking at the juxtaposition of overall corporate strategy and the component functional strategies and how they relate. Drew Matthews, Partner at New Bridge Street | Aon Hewitt, will pick up the theme and share his thoughts on how remuneration policy is best developed in this context, and how key remuneration issues need to inform the initial strategy debate. We will discuss: • best practice strategy development and value enhancement • pitfalls to be avoided • strategy communication and implementation • linking business strategy to functional strategy and facilitating feedback • A global perspective, what are the differences? Turning to specific examples, we will be discussing case studies from a couple of companies making the link between theoretical concepts and practical realities.

Andrew Campbell has been Director of Ashridge Strategic Management Centre, part of Ashridge Business School, since 1987. Previously, he was on the faculty of London Business School and a consultant at McKinsey & Co. He is an expert on business strategy with a particular bias towards organisation design and operating model work. He has authored more than 10 books, including the classic texts Strategy for the Corporate Level and Designing Effective Organisations. He has published 10 articles in Harvard Business Review, including the popular What is wrong with strategy? and Do you have a well-designed organisation?

Drew Matthews is a Partner at New Bridge Street, part of Aon Hewitt. He advises companies and their remuneration committees on all aspects of reward. Prior to joining New Bridge Street, Drew was the Personnel Director at Tesco where he was accountable for compensation and benefits, global mobility, share schemes, occupational health and wellbeing for over 500,000 employees in 14 countries. Drew also has over 15 years reward consulting experience having worked at PwC, Deloitte, and Stern Stewart – the EVA company.

2016 2016 Programme

Next Generation Development Masterclass

Discussion meeting

Day One: 09.00 – 17.00 (followed by dinner)

In support of the PARC philosophy of well informed, outward looking organisations with compelling and understood strategies and an environment encouraging high performance, we are running a two day ‘next generation masterclass’. This will be aimed at future performance and reward leaders currently operating in senior support roles or indeed senior HR generalists looking to consolidate their performance and reward knowledge in a supportive environment. Run over two consecutive days, the masterclass will cover:

Day Two: 09.00 – 15.00

• Strategic Reward Theory

Date Thursday 5th May – Friday 6th May

Venue The Oakley Court Windsor Road Water Oakley Windsor Berks, SL4 5UR Speakers Drew Matthews, New Bridge Street, Aon Hewitt Phil Wills, Associate, PARC

• Corporate Governance Framework - RemCo / Board / NED’s / Regulatory framework - Institutional investor environment • Elements of the Reward Package - Package overview and base salary policy - Incentive design principles - Practice – types of plans and rationale - Target setting process and resilience • Market Understanding and Benchmarking • Contractual Issues - Buy outs/change in control/terminations - Legal/technical - Practical applications - Retention plans and divestment With an expert faculty and guest speakers, this practical programme will be available to one nominee from each PARC member company as part of the annual subscription with a charge of £250 for overnight accommodation. Additional places may become available at a cost of £1,000 per person. However, numbers will be limited to ensure comprehensive discussions and inclusiveness. Further dates may be considered to meet any excess demand. Our masterclass will be certificated enabling participants to display tangible evidence of their successful attendance.

Phil Wills advises and assists PARC in the development of key events. He has a strong interest in the design of reward plans to support business strategy, including executive incentive plans. An independent consultant, currently advising UK and mainland European companies, his previous roles include global head of compensation and benefits for Reed Elsevier, ICI and Diageo.

2016 2016 Programme

The Changing Performance and Remuneration Landscape – a glance in the rear view mirror

Discussion meeting and dinner

The cyclical nature of Performance and Reward activities, the need to deal with the next deadline or respond to the next damaging headline often detracts from time available to reflect on what might be coming along in the future.

Date Thursday 23rd June 16.00 – 22.00

The former Business Secretary, Sir Vince Cable, will briefly share his thoughts on where we are at the moment and what might be approaching as future key issues before inviting our panel of senior remuneration and benefits experts to offer their views. Vince will then chair a debate around a series of questions submitted by members. Questions will be apposite and topical, and reflect the interests and concerns of members and their organisations. Views from the floor will be encouraged in a fully participative discussion and Vince will add his own insights based on his recent experiences within Government.

Venue Trinity House Trinity Square Tower Hill London, EC3N 4DH Speakers Sir Vince Cable Stephen Cahill, Deloitte UK Chris Johnson, Mercer Simon Patterson, Pearl Meyer & Partners

So, what are the issues creeping up on us which are going to be centre stage in the coming years? There will of course be a series of common threads but members will also have identified specific issues relative to their own activities and a debate around these will greatly add to the success of the meeting.

Sir John Vincent ‘Vince’ Cable was educated at Nunthorpe Grammar School York and Fitzwilliam College Cambridge where he took a degree in economics before a PhD at Glasgow, where he also lectured for a number of years. He worked as an overseas economist in Africa and in Commonwealth economics before being appointed as Chief Economist, Royal Dutch Shell. He was elected MP for Twickenham from 1997 to 2015. During this period he was the Liberal Democrat Trade and Industry spokesperson before leading on the Treasury. He was appointed Secretary of State for Business, Innovation and Skills in the 2010 coalition government, where he took a keen interest in matters of corporate governance and behaviour. Stephen Cahill is a Partner at Deloitte UK. For over 20 years, he has advised companies on compensation strategy and equity incentives, having previously been head of executive compensation and leader of Mercer’s human capital business in Western Europe. Stephen has extensive experience globally across all aspects of executive remuneration, including total compensation reviews, long term incentive design and consultation with institutional investors. Chris Johnson is a senior partner at Mercer and is the EuroPac leader for Mercer’s Talent business. With 25 years of consulting experience, Chris has worked with major organisations in the public, not for profit, and private sectors in Africa, Asia, Europe and the U.S. He has extensive experience advising on delivery of business performance improvement through organisational change enabled by aligned people management programmes and effective leadership and management. Clockwise from top left: Sir John Vincent ‘Vince’ Cable; Stephen Cahill; Chris Johnson; Simon Patterson

Simon Patterson is the Managing Director of Pearl Meyer & Partners’ London office. Simon founded Patterson Associates LLP – one of the leading independent remuneration consultancies in Europe, with clients located around the world. Pearl Meyer & Partners acquired Patterson in 2012. Previously, he was a worldwide Partner with Marsh & Maclennan Corp. (MMC) where he 11 led their executive compensation practice.

2016 2016 Programme

House of Commons Luncheon

Membersâ&#x20AC;&#x2122; lunch Date Thursday 14th July 12.00 â&#x20AC;&#x201C; 15.00 Venue The House of Commons Westminster London, SW1A 0AA Host Maggie Throup, MP for Erewash

Our House of Commons luncheon meeting will be a rare opportunity to gain a better understanding of the way in which public policy is framed, legislation enacted and organisations and individuals are held to account. Maggie Throup, MP for Erewash, will be our host and we will combine lunch with a presentation and discussion around parliamentary procedure, particularly in the context of its relationship with business and business institutions. Our speaker will be a prominent Parliamentarian. The venue for the meeting will be Dining Room A, providing an imposing setting for our discussions and conversation over lunch. We hope to follow the meeting with drinks on the terrace. We are currently working on the details with a number of protocols to observe but as soon as arrangements are finalised we will be in touch with all members inviting early confirmation of attendance when numbers will be limited and entry procedures necessarily rigorous.

Speaker Speaker TBC

Maggie Throup is the Conservative MP for Erewash in Derbyshire. A biochemical scientist, Maggie has worked in the public sector, the private sector and as a business consultant. She was elected to Parliament in May 2015 and is a member of the Health Committee and the Scottish Committee. We are grateful to Maggie for hosting our meeting and facilitating our arrangements.

2016 2016 Programme

Retirement Strategy – the pensions dilemma, sleepwalking to a crisis?

Discussion meeting and report Date Thursday 15th September 16.00 – 19.00 Venue TBC – London Speakers Colin Haines, Aon Hewitt Colin Hately, Associated British Foods (ABF)

We are all aware of the demographic changes taking place with increasing rapidity over the coming years. The broader effects on the NHS, care of the elderly and the funding of state pensions are all issues waiting for an effective political solution. However, what about todays’ working population whose pension expectations are far less attractive than retirees during the last couple of decades? The responsibility for planning retirement income has passed seamlessly from company to employee, with many not recognising the impact of this nor having the knowledge and skills to deal with it. What is to be done about pension’s equalisation and how might the result of the European referendum affect the situation? Furthermore, what should companies do in their own and their employees best interests; are there lessons to be learnt from international best practice or is this an issue for the government and the individual alone? We will set the scene aiming to understand how we have reached the current position and identify the key drivers moving forward in respect of framing public policy and the decision making timeline as the gap between public and private financial provision and individual longevity continues to widen. Colin Haines will share the current research and organisational data suggesting how companies are developing their responses and what these might mean for employees. Colin Hately will then outline the steps being taken at Associated British Foods (ABF) and the way in which they might meet the retirement income challenges in the future. We will discuss: • changing attitudes to pensions and retirement • demographics in the UK and abroad and the various scenarios resulting from this – variable contracts, flexible engagement and the ability of some occupations to work into old age but not others • lifetime earnings, education/options/resources/responsibilities • what companies are doing – is anybody actually doing anything?

Colin Haines is a Partner of the International Retirement & Investment department at Aon Hewitt where he advises international organisations on global retirement management, including several FTSE 30 companies. Colin chaired Aon Hewitt's 2015 Global Defined Contribution webinars; and co-leads Aon's global thought leadership on retirement governance. He has previously worked in Sweden and for BAE Systems plc. Colin is a UK actuary and Senior Examiner for the International Employee Benefits Association.

Colin Hately is Group Pensions Director for Associated British Foods (ABF) the international food, ingredients and retail group. He has strategic and operational responsibilities for retirement provision globally for some 124,000+ staff operating in 48 countries. Recent significant developments include the creation of a new defined contribution scheme, which fully complies with Auto-Enrolment requirements and is administered completely in-house for some 46,000 UK employees. Colin has regularly been named one of the 100 Most Influential Institutional Investors in the World. Colin previously held senior roles at Kingfisher plc, where again he was responsible for developing both strategic and operational strategies for the Group’s pension arrangements.

2016 2016 Programme

International Conference, Prague – An Uncertain World: Planning for 2025 and beyond

Date Wednesday 12th October – Friday 14th October Wednesday 12th Welcome drinks reception: 19.00 – 21.00 Thursday 13th: 09.00 – 17.00 (followed by dinner) Friday 14th: 09.00 – 15.30 Venue Hilton Prague Pobrezni 1 Prague 186 00, Czech Republic There is a non-refundable accommodation cost of £215 + VAT per night for those who wish to stay at the conference venue. We recommend a two-night stay – Wednesday 12th October and Thursday 13th October. Attendance for non-members is £1,500 + VAT (excluding flights and accommodation). Full details of the conference and registration are available on our website www.parcentre.com

Who is it for? Senior business people, HR leaders and specialists interested in: • how organisations and their people will look a decade from now • what to consider in setting out strategic business objectives • high level debate in a focussed environment • networking, reflection, sharing and comparison.

Overview In today’s VUCA world the levels of volatility, uncertainty, complexity and ambiguity facing organisations continue to grow on every dimension – local, national, international, social, political, economic and technological. How then can we begin to frame strategic intent and make sense of the factors which will influence the business environment of the next decade and beyond, most of which are unknown or barely understood? Through the contributions of our speakers and facilitated debate we will have a series of discussions on the developments most likely to shape the landscape in which we develop our business strategies, and suggest how organisations can prepare for the future.

Content Before focusing on what the future might hold, we will consider how best to assess the probability and impact of developments we may be aware of and how to deal with what are presently unknowns. The discussion will focus on: • The overall political and economic prospects for 2025, given that forecasting is notoriously difficult in this area. • Politically, how do we try to assess the likely outcome of the chaos of the Middle East and North Africa; where will Russian belligerence lead? What of the future direction of the U.S. under a new President and how will the European Union look in a decade’s time? Economically, what now for China, the BRIC’s and Europe? • The outlook for business and the global financial system – how can today’s successful companies maintain their position; what do aspiring newcomers have to do and how stable is the global financial system? • Where is technology taking us in the next decade? What are the future developments to be made in the digital arena? Where next for transport, energy and health? And what don’t we yet know about which will impact the world?

Dr. Margaret Heffernan produced programmes for the BBC for 13 years. She then moved to the U.S. where she spearheaded multimedia productions for Intuit, The Learning Company and Standard & Poors. She was Chief Executive of InfoMation Corporation, ZineZone Corporation and then iCast Corporation, and was named one of the “Top 25” by Streaming Media magazine and one of the “Top 100 Media Executives” by The Hollywood Reporter. Professor Arturo Bris leads the world-renowned World Competitiveness Centre at IMD Business School and is the organisation’s Professor of Finance. Prior to joining IMD, Arturo was the Robert B & Candice J. Haas Associate Professor of Corporate Finance at the Yale School of Management. A Research Associate of the European Corporate Governance Institute, and a member of the Yale International Institute for Corporate Governance, he has worked extensively on issues of corporate governance, financial regulation and international valuation.

Clockwise from top left: Dr. Margaret Heffernan; Professor Arturo Bris; Edward Carr; Professor Ian Goldin; Paul Schoemaker

Edward Carr is the Deputy Editor of The Economist. He joined the newspaper as a Science Correspondent in 1987. After a series of jobs covering electronics, trade, energy and the environment, he moved to Paris to write about European business. In 2000, after a period as Business Editor, Edward joined the Financial Times, where he worked latterly as News Editor. He returned to The Economist in 2005 as Britain Editor followed by Business Affairs Editor and latterly Foreign Editor, before taking up his current role. Professor Ian Goldin is the founding Director of the Oxford Martin School at the University of Oxford and the University Professor of Globalisation and Development. Ian has been knighted by the French Government and nominated Global Leader of Tomorrow by the World Economic Forum. He has extensive private sector experience, including as an independent non-executive director for a number of listed companies. Paul Schoemaker is internationally known for his work on decision making and strategy, and is the founder and Executive Chairman of Decision Strategies International, Inc. He also serves as Research Director of the Mack Institute for Innovation Management at The Wharton School of the University of Pennsylvania.

2016 2016 Programme

2017 Programme Launch and Keynote Address

Members’ dinner Date Wednesday 30th November 18.30 – 22.00 Venue The Ivy 1 West Street London, WC2H 9NQ Speaker Lucy Kellaway, Financial Times

At the end of what is likely to have been a volatile year filled with political, economic and business difficulties, the election of a new President in the U.S. and on the eve of (or conceivably just after) the UK European Referendum, we have once again invited a high profile, informed observer to cast an eye over events and look forward to 2017. This year we are delighted to welcome Lucy Kellaway, business commentator, satirist and management columnist of the Financial Times. Lucy will share her thoughts on the key issues of the day and how these might impact on business and those responsible for decision making going forward. As ever, we will be encouraging the sharing of views around the table and ideas as to what the coming year might have in store for us. We will also be launching and reviewing the PARC programme for 2017 which we are sure you will find as compelling as ever.

Lucy Kellaway is the Financial Times’s management columnist. For over 10 years, her weekly column has poked fun at management fads and jargon with insight, wit and precision and celebrated the ups and downs of office life. Lucy has been the FT’s energy correspondent, Brussels correspondent and written for the Lex Column. She has interviewed a wide variety of CEOs and celebrities for her Business Lunch series. She has won various prizes including Columnist of the Year in the British Press Awards, the Industrial Society WorkWord Award (twice) and the Wincott Young Financial Journalist Award. Her book, Sense and Nonsense in the Office, was followed by Who Moved My Blackberry? in which she followed a year in the life of her fictional creation, Martin Lukes, through his e-mails. Her book The Real Office: All The Office Questions You Never Dared To Ask, was described by The Sunday Times as “dispensing water-cooler wisdom, not motivational gobbledygook. (It) gets to the heart of those tricky questions that employees, rather than employers, want answered.”

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