EIC achieves The King’s Award for Enterprise in International Trade

Securing a coveted King’s Award title is not easy, and this renowned accolade is testament to the work that EIC continues to deliver for its members as the go-to energy supply chain trade association. What does it take to earn the King’s Award? Jonathan Dyble looks back at EIC’s rich history and discovers what the organisation hopes to achieve moving forward as it targets another 80 years of success

EIC’s 80th anniversary year has prompted some significant reflection on its history and achievements.

Founded in 1943 by 13 British petroleum equipment manufacturers, the organisation’s original mandate was to increase the UK market share of oil and gas projects both domestically and internationally. Having achieved this in its first decade, EIC’s purpose has gradually expanded over time.

Today, its role is to help members export, diversify and grow through an innovative mix of services and activities. Indeed, EIC is currently the only trade association in the world to offer data, insights, events, awards, country pavilions, delegations and influencing across all energy sectors on a truly global basis, and all exclusively in-house.

EIC’s market intelligence and consulting services help its members to make informed strategic decisions. It works with government globally to ensure the energy industry is regulated in a fair and supportive manner, and hosts 130 annual events and networking opportunities that help to build key industry relationships between decisionmakers and policymakers.

These contributions have been transformative for the energy industry globally – and, as a result, the organisation has achieved the King’s Award for Enterprise in International Trade.

Understanding the King’s Award for Enterprise in International Trade

The King’s Awards for Enterprise recognise outstanding achievements by UK businesses in the categories of innovation, sustainable development, the promotion of opportunity through social mobility, and – in the case of EIC – international trade.

“The King’s Award has taken over a huge mantle of prestige and honour from the Queen’s Award, which was established in 1965,” explains Lesley Batchelor CBE – a champion for international trade, board adviser, CEO of Export Bootcamps, and a judge for the award for 14 years. “It represents the achievements of a business – in our case, in terms of international trade, which aligns with the criteria that is set by the King’s Awards office.”

Indeed, this highly respected and reputed award provides many immediate and long-term business benefits, as outlined by fellow award judge Karim Fatehi MBE – Managing Director at United Corporation and a Board Member at the London Chamber of Commerce and Industry.

“The use of the prestigious King’s Awards Emblem is a recognised Royal endorsement that will get your business noticed above and beyond the competition, both at home and overseas,” he explains. “Successful businesses are permitted to fly the King’s Awards flag at their main office and use the esteemed King’s Awards for Enterprise emblem on their products for the next five years.

“Feedback from previous recipients suggest that an award can benefit businesses in a variety of ways, from excellent marketing opportunities and press coverage to worldwide recognition as an outstanding British company, increased turnover and international trade, and a boost to staff morale, and to partners and stakeholders.”

Why did EIC achieve the award?

With this being the first award of its kind that EIC had put itself forward for, the judges highlighted that the accolade was awarded, in large part, due to EIC’s continued support of the energy supply market through hard times on a global scale.

“Its work, now in 54 countries of the world, bears testament to EIC and its ability to be flexible and change with the times, as it now embraces many green technologies,” Batchelor affirms. “It is rare that a trade association achieves the exacting standards of the King’s Award, and we hope this will shine a light on the sometimes-unsung work that they do.

“I always feel it’s important that we say thank you to great organisations like EIC for extending the reach of the UK, and doing it to such a high standard that our international reputation and commitment to being part of the global economy remains high.”

Participating in the award process has also been a valuable experience for EIC itself, its members and stakeholders taking the time to recognise the accomplishments of the organisation during the past 80 years.

“It’s made us realise that sometimes you need to take the time to stop, reflect and celebrate,” says EIC CEO Stuart Broadley. “It gives you confidence to go into the future, and a vision of what success should look like for us. And it allows you to take the time to appreciate the people involved.

“We are nothing without the people, relationships and friendships across this industry, so it’s important to celebrate those things – and this award has given us the space to do that.”

Targeting another 80 years of success

Over the past three years, EIC has progressed on the global stage like never before. The number of international members has increased by 680%, while international membership revenue has risen from £151,000 in 2018/19 to £1.177m in 2021/22. From a proportional perspective, international membership accounted for just 4% of the overall membership in 2018/19, and has since expanded to 26% in 2021/22.

With its members now having headquarters in 54 countries across the globe, EIC is beginning to truly consolidate its reputation on the international stage – an ambition that will remain front and centre moving forward.

“We are growing quickly,” Broadley adds. “Today, EIC has over 900 members working in diverse markets, including renewables, nuclear, hydrogen, carbon capture, power, and oil and gas, so 1,000 members is a clear target for the next two years. If we can grow faster, our members will benefit faster.”

Growth is only part of the picture, though. Indeed, such ambitions are ultimately underpinned by a desire to impart genuine change and positive impact moving forward. Broadley outlines how EIC aims to do this.

“At present, we are extremely concerned about the growing gap between energy transition ambition and reality,” he says. “In talking to thousands of business leaders, policymakers and thought leaders around the world, we see there is wide awareness that the likelihood of achieving net zero by 2050 is reducing quickly. And yet we’ve not yet heard a single energy minister from any country raise the flag about this.

“It’s time for the adult discussion about what would it take to achieve this, and to incorporate that into a formal process –continued denial or delay can only be harmful to investment, growth and our ability to achieve a successful transition.

“Our mission is to be the go-to energy supply chain trade association globally, and we will continue to invest heavily in high-quality people, data, events and networks to achieve this, step by step, around the world.

“Now more than ever it’s vital that we amplify the voice of our members on these key issues, and be the voice of the supply chain to have those most difficult of conversations. There is no more important a role for me now, as Chief Executive, than to ensure that EIC continues to prosper for the next 80 years and beyond.”