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9,4,127,1,21,4,29,5,23,1,25,1,128,1,50,1,16,5,20,4,73,1","anticipated,29,1","anticipating,17,8,19,4,41,5,25,1,16,9","anti-consumer,9,1","anti-doping,93,2,101,1","anti-globalisation,27,5,29,5","anti-globalization,29,4","anti-terrorist,145,1","anti-worker,9,1","antonio,9,1,101,2,71,1","any,9,1,93,1,10,2,114,1,65,2,33,1,29,2,41,1,75,2,23,2,24,1,76,2,72,2,45,4,50,1,79,4,80,1,8,1,15,5,73,80,74,12,78,1,22,1,53,1","anyone,93,5","anything,73,1","apace,97,1","apart,73,1","apparent,73,2","appeal,93,2,101,4,72,4","appealing,72,1","appeals,93,1","appear,73,4","appearance,73,1","appears,10,1,65,1,25,1,73,1","appended,73,1,74,1","appendix,73,6,74,6","applicable,73,7,74,4","application,93,1,73,3,71,1,74,2","applications,9,1","applied,93,1,101,1,72,1,73,7,74,8","applies,10,1,65,1,97,1,72,1,73,3","apply,93,2,101,1,73,8,71,1,74,3","applying,73,7,74,2","appoint,73,1","appointed,9,1,73,9","appointee,73,1","appointees,73,3","appointing,73,5","appointment,73,56","appointments,73,11","appraise,73,1","appreciated,101,1,72,1,74,1","appreciates,93,1","approach,93,1,6,1,10,1,4,12,68,2,9,1,26,1,110,1,116,1,36,2,1,1,7,3,65,1,21,1,47,2,48,2,5,3,18,3,25,1,70,1,80,2,54,1,145,2,8,1,14,1,15,1,20,1,73,6,74,2,124,2","approached,93,1","approaches,29,1,73,1","appropriate,93,5,10,1,17,1,65,1,29,1,133,1,5,1,75,1,18,1,25,1,97,1,72,1,40,1,45,1,48,5,79,1,80,1,54,1,55,3,145,2,73,50,30,1,74,6,132,1","appropriately,73,5,74,4","approrpriate,54,4,136,4,137,4","approval,73,10,74,3","approvals,73,2","approve,75,1,73,7","approved,29,1,73,2,74,1","april,101,1,36,1,12,1,18,1","arbitration,93,4","arbitrators,93,2","ardent,72,1","are,2,3,93,15,6,2,101,16,10,18,4,2,68,2,17,17,27,1,36,1,127,2,1,3,7,1,65,18,29,14,41,2,47,4,5,3,75,7,18,7,23,5,25,7,76,4,97,11,72,12,38,1,39,1,40,1,128,2,45,1,46,1,48,1,50,11,79,1,80,3,54,5,145,19,8,1,16,17,73,133,30,8,71,13,74,28,131,1,124,2,136,4,137,4","area,93,1,6,1,25,1","areas,10,1,9,2,65,1,8,1,73,6,74,3","argentina,93,1,97,3,72,1","argentine,93,3","arguably,27,7,25,1","argued,25,1,71,1","arise,73,4,74,1","arising,17,4,127,1,29,1,23,1,25,1,128,1,54,1,16,5,73,4,74,1,50,5","arose,73,2,74,1","around,72,1,30,1","arrange,101,1,73,5","arrangements,93,1,145,1,73,14,74,1","arranging,73,1","array,27,1","arrears,73,1","arrogance,145,1","article,93,1,101,1,26,1,27,1,29,5,23,1,25,1,97,1,72,1,145,4,24,1,30,1,71,1","articles,9,1,36,9,28,1,72,1,73,4,131,1","arts,9,1","as,2,7,93,26,6,4,101,27,10,24,68,4,9,11,17,2,26,8,27,7,127,1,1,3,7,1,65,24,29,3,41,2,42,5,47,5,5,4,75,6,12,1,69,1,18,2,23,7,25,10,28,1,76,6,97,14,72,24,70,4,38,1,128,1,45,1,46,2,79,1,80,1,52,6,55,1,145,8,8,2,14,4,15,1,16,1,24,6,73,132,30,6,71,13,74,25,131,2,124,2,132,1","asean,51,2","asia,101,1,97,8,72,2","asia.&nbsp,97,4","asian,97,1,72,2,51,1","asia-pacific,51,2","aside,93,1","ask,73,1","asked,93,1,101,1,73,3","asks,10,1,65,1","aspect,10,1,65,1,73,1","aspects,2,1,101,1,10,1,9,1,65,1,73,7,74,5","aspirations,4,1,68,2,5,2,71,1","assess,17,1,28,1,73,13,74,4","assessed,29,1,75,1,28,1,73,4,74,1","assessing,23,1,73,6,74,4","assessment,76,1,73,19,30,1,74,12","assessments,28,1,73,3,74,1","assets,75,1,76,1,72,5,73,7,30,1,74,5","assignment,145,4","assignments,9,2,46,1,145,4","assignment-specific,18,1,79,1","assist,73,4,74,2","assistance,10,1,65,1,73,4","assisting,73,2","assists,73,1,74,1","associate,10,1,9,2,65,1","associated,28,1,73,3,30,1,74,1,76,1","associates,1,1,38,1,39,1,40,1,54,1,73,1,74,1,37,1,131,1,124,1","association,101,1,9,1,51,1,73,3","associations,27,1,75,1","assumptions,73,3","assurance,73,10,74,9","assurances,73,1,74,1","assure,73,2,74,1","assuring,101,1","astonishing,72,1","at,2,6,93,12,6,1,101,13,10,8,9,6,27,8,7,2,65,8,41,1,75,1,12,2,69,1,18,2,25,2,28,1,97,5,72,16,70,1,45,6,80,2,55,1,145,7,15,5,73,58,71,11,74,3","athens,93,5,101,8,97,10,72,13,71,6","athletes,71,1","athletic,71,2","athleticism,101,1,72,1,71,3","atlanta,93,1,101,5,72,1,71,1","atlantic,10,1,65,1,69,10","atmosphere,72,1","attached,73,3","attack,2,1,93,1,1,1,29,1","attacked,29,2","attacks,29,3","attend,73,9","attendance,72,2,73,7,71,1","attended,101,1","attention,93,5,6,5,7,6,73,3","attentions,145,1","attitude,93,1,10,5,65,5,75,1,73,1","attitudes,93,1,73,1,74,1","attract,72,1,73,1","attracted,93,1,72,1","attracting,72,3","attractions,101,1,72,1","attractive,93,2,29,1,72,1,145,1","attractiveness,93,5","attracts,101,1,72,3","attributed,73,1,74,1","attributes,30,1","audience,1,4,2,4,75,6","audiences,93,1,110,1,116,1,1,1,2,1,75,6,21,1,70,1,14,1,15,1,20,1","audit,17,5,16,4,74,15,73,256","auditing,40,1,73,4","auditor,73,43","auditors,73,26","auditors17,73,1","auditors2,73,1","audits,17,8,23,12,15,1,16,10,24,1,50,9,73,2","augurs,72,1","august,101,1,36,1,29,1,25,1,97,2","australia,9,1,97,1","australian,72,2","austria,101,1,97,1","authorising,73,1","authorities,145,1","authority,93,1,74,3,73,13","automatically,73,1","availability,73,2","available,101,1,72,1,71,1,73,24","available.19,73,1","available14,73,1","available15,73,1","available8,73,1","availalble,26,1","average,72,3,145,1","average-sized,93,1","avoid,24,1,73,5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15,48,21,51,2,79,13,80,18,52,10,54,26,55,16,145,3,8,4,14,9,15,6,16,2,30,7,71,1,74,22,37,1,131,4,44,21,46,9,49,28,50,7,124,14,136,17,137,17,73,42,76,4,132,1","business-critical,26,1,27,5","businesses,26,1,65,11,9,1,10,11,42,1,80,2,145,2,124,1","business-to-business,145,1","but,6,5,101,8,65,8,29,8,7,4,93,19,10,8,25,2,27,6,35,1,97,1,72,7,145,4,16,1,30,2,71,5,74,2,73,16,76,1,121,1","buts,38,1","bvb,72,2","by,6,2,101,13,17,2,114,1,65,6,9,1,29,9,5,1,7,1,93,16,10,6,12,1,18,5,23,2,25,3,27,6,28,1,97,4,72,17,41,2,43,1,48,1,79,2,80,2,52,1,55,1,145,7,8,1,16,2,24,3,30,2,71,5,74,27,50,5,22,1,73,124,76,4,132,1","c.1,73,1","c.1.1,73,2","c.1.2,73,2","c.2,73,3","c.2.1,73,3","c.3,73,3","c.3.1,73,1","c.3.2,73,1","c.3.3,73,3","c.3.4,73,1","c.3.5,73,3","c.3.6,73,3","c.3.7,73,2","c3,73,1","cadbury,73,1","calgary,101,1","california,93,1","call,65,2,93,1,10,2,23,1,27,1,55,1,52,1,73,2","called,73,1","calls,93,1,18,1","cambridge,9,1,69,5,28,7,70,5","came,101,2,9,1,93,1,25,1","campaign,26,1,110,4,36,5,29,1,104,4,27,1,111,4,70,1","campaigners,27,2","campaigning,65,1,10,1,27,1","campaigns,27,3,29,1","camps,93,1","can,6,8,101,3,4,1,17,2,114,1,26,2,96,1,127,1,2,9,1,5,65,14,9,1,5,4,7,5,75,6,93,5,10,14,18,2,23,4,25,5,27,5,29,15,97,1,72,7,38,1,39,1,40,1,41,3,128,1,45,7,47,7,48,2,79,4,80,1,55,7,145,4,14,10,15,10,16,2,24,2,30,2,71,1,74,2,37,1,131,1,44,6,46,1,50,1,52,1,78,1,22,1,73,11,76,2,132,1","can&rdquo,93,1","canadian,9,1","cancellation,93,1","candidate,93,1","candidates,93,1,73,2","cannot,65,1,10,1,74,4,73,7","capabilities,48,2,73,3","capability,16,1,71,1,73,1","capable,74,1,73,1","capacity,127,1,23,1,128,1,50,1","capitalise,17,1,127,2,93,2,25,1,128,2,24,1","capitalists,145,1","care,65,1,10,1,72,5,73,7","cared,72,1","career,9,5,145,1,8,4","careful,101,1,7,1,25,2,97,1,74,1,73,2","carefully,2,1,75,1,27,1,73,4","carey,74,1","caribbean,72,2","carried,9,1,73,3","carry,145,4,74,1,46,1,73,2","carrying,74,1,73,2","cars,9,1","case,65,1,93,1,10,1,29,1,72,1,74,2,73,11","case-by-case,73,1","cases,93,2,25,3,27,1,71,1,73,2","cast,73,2","caswell,18,6,47,9,48,9,46,2,124,1","catch,93,1","categories,74,1,73,1","category,73,1","caught,29,1,72,2,24,1","cause,73,2","caused,93,1","causes,18,1,27,1","caution,73,2","celebrates,101,5","celebrating,72,1","central,9,1,93,1,97,5,72,2","centre,65,2,9,6,93,1,10,2,97,2,51,2,28,3","centres,101,3,93,1,97,2,72,1","century.&rdquo,71,1","ceo,65,1,67,1,93,1,10,1","ceo.&rdquo,93,1","certain,5,1,25,1,73,5,76,1","certainty,74,1,73,1","cev,97,1","chair,73,4","chaired,9,1","chairman,6,1,9,1,74,2,73,89","chairmanship,73,5","chairmanships,73,1","chairmen,73,4","challenge,65,1,93,2,10,1,97,2,72,1,46,4,73,4","challengers,97,1","challenges,101,2,17,6,19,5,36,1,127,4,2,7,1,2,65,6,6,1,7,1,9,5,93,4,10,6,21,4,23,8,25,2,27,2,29,6,38,1,40,1,41,6,128,4,42,1,47,3,80,2,55,1,8,1,16,7,20,4,24,1,30,1,70,1,131,2,46,5,49,1,50,12,124,2,54,1,73,4","challenging,101,1,48,1,124,1,73,1","chamber,9,1,51,1,28,5","champion,97,1","champions,93,1,97,1,72,1","championships,101,18,93,9,97,16,72,17","chance,101,1","chances,17,1,65,1,7,1,10,1,71,2","change,3,4,4,11,19,19,114,1,110,4,96,37,127,4,2,25,1,7,65,12,104,6,5,15,68,13,6,7,7,4,9,5,75,4,93,7,10,12,18,9,21,5,27,1,29,4,111,4,72,1,36,9,38,2,39,1,40,1,41,9,128,4,42,45,43,4,45,24,47,5,48,7,51,4,79,11,80,15,55,24,145,16,8,5,14,10,15,31,20,5,28,1,70,1,74,3,37,1,131,9,44,20,46,4,49,27,50,2,124,8,52,20,136,21,137,21,54,29,22,1,73,4,132,1","change&#150,65,4,10,4","changed,73,1","changes,101,2,65,2,7,1,9,1,93,6,10,2,25,1,27,1,72,1,41,1,145,1,16,1,71,1,74,6,73,21","changing,101,1,17,1,65,1,9,1,10,1,36,1,145,2,24,1,28,1,74,2,73,2","channel,93,1","channels,65,1,75,3,10,1,74,1,73,2","chants,71,1","character,73,1","characterised,72,1","characteristics,145,2","charge,101,1,12,2,93,1","charity,9,1","chart,65,1,10,1","chartered,9,1,74,5,73,4","cheaper,25,1","cheaply,27,1","check,65,1,10,1,23,5,50,1","checklist,73,8","checks,65,1,10,1","chf,101,1,72,1","chief,65,2,6,1,10,2,73,18","china,9,1,97,11,72,6","chinese,97,1","choice,26,1","choose,101,1,145,1","chose,101,1,65,1,75,1,10,1","chosen,75,1,46,1","cibam,9,5,51,2,28,5","circuit,93,1","circulation,73,1","circumstances,18,1,74,7,73,21,76,1","circumvented,74,1,73,1","cities,101,1,93,1,72,2","city,101,3,9,1,93,1","city-centre,72,1","civil,65,4,10,4,25,5,28,3","claim,145,1","claimed,25,1","claiming,72,1","claims,93,1,73,1","clamour,72,1","clarification,73,3","clarifies,74,1","clarity,30,1,73,1","class,65,1,10,1,145,1,71,11","class&rdquo,71,1","class&rsquo,71,1","classes,73,2","cld,73,3","clean-cut,71,1","clear,6,1,7,1,75,1,145,1,30,1,74,4,124,1,73,15","clearance,73,2","clearly,65,1,133,1,10,1,45,1,55,1,74,1,73,4","click,66,2,19,2,67,1,69,1,49,2","client,75,1,18,2,27,1,48,2,79,3,145,3","clients,66,1,4,7,114,1,96,6,127,6,2,6,1,5,65,1,19,4,133,1,5,9,68,4,6,2,7,1,75,1,10,1,9,4,18,9,21,4,23,2,25,1,38,5,39,3,40,4,128,6,42,8,45,3,47,7,48,12,79,4,80,11,55,7,145,6,8,2,14,7,16,1,20,4,24,2,28,1,30,1,37,3,131,4,44,10,46,3,49,4,50,7,124,4,52,6,136,8,137,8,54,16,22,1,73,1,132,1","clients&rsquo,9,1","climate,145,1,74,1,73,1","climates,93,1","close,101,1,65,5,10,5,73,3","closely,101,3,71,5,73,2","closer,65,1,10,1","closures,9,1","clues,71,1","cnc,73,1","co10,3,1,127,1,128,1,42,1,43,1,131,1,124,1,135,1","coaches,101,1,93,1","coaching,97,1","coalescence,29,1","coast,71,1","co-create,47,2,48,2,80,2,55,1,124,1","co-create.html,132,4","co-created,48,1","co-creating,55,1,54,1,132,1","code,101,4,93,1,28,3,74,30,78,1,73,125","codes,29,1,51,5,28,5,74,1,73,4","codes_uk.htm,73,1","coherent,73,1","coincide,65,5,10,5,73,1","coincidence,101,1","colin,93,2","collaboration,26,5","collaborative,27,1","collapses,65,1,10,1,23,1,24,1,30,1","collateral,145,1","colleagues,101,1,9,1","collect,18,1","collection,73,1","collective,71,1","collectively,74,1,73,3","coloured,93,1","com,73,1","com2003_0284en01.pdf,73,1","combination,73,1","combined,28,2,74,12,73,38","come,101,1,65,1,10,1,25,1,97,5,93,3,71,1","comes,23,1,25,1,36,1","comfortable,145,1","comfunc.html,66,4","comfunc7.html,67,4","coming,145,2","comm,73,1","command,73,1","commencing,73,1","commentary,73,1","commentators,72,1","commerce,9,2,51,1,28,5","commercial,101,3,145,2,93,4,72,4","commission,65,3,10,3,12,2,93,4,28,2,73,1","commission&rsquo,28,1","commissioning,39,1","commissions,12,6,93,2","commit,93,1,73,1","commitment,2,5,1,1,19,4,9,1,38,1,20,4,21,4,74,1,131,1,124,1,73,16","commitments,72,1,73,6","committed,9,1,93,1,8,1","committee,101,4,9,12,12,5,51,1,93,7,8,9,70,1,74,3,131,1,46,5,73,226","committee`s,73,1","committees,101,6,9,2,27,1,93,1,74,5,73,43","committees2,73,1","commnetary,28,1","common,101,1,29,1,73,2","commonly-shared,18,1","communciations,26,1","communicable,75,1","communicaiton,4,4,114,4,65,4,5,4,68,4,10,4,23,4,25,4,24,4,22,4","communicaitons,110,4,104,4,111,4","communicate,2,1,1,2,75,4,25,2,27,1,40,1,41,1,48,1,80,1,55,1,19,4,20,4,21,4,72,1,74,1,73,4","communicated,74,1,73,2","communicates,75,2,71,1","communicating,2,1,27,1,75,1,74,1,73,1","communication,114,4,26,15,110,5,116,1,96,1,2,34,1,35,65,8,104,5,9,15,10,8,25,7,27,9,29,8,36,7,38,5,39,5,40,4,41,10,45,1,51,2,80,1,19,5,75,32,8,9,14,6,15,2,20,5,21,13,24,1,28,4,30,4,111,4,70,10,74,5,37,4,131,2,42,7,44,1,49,1,124,2,136,1,137,1,54,3,22,4,73,11,76,4","communications,66,29,4,2,26,22,110,23,116,3,127,3,2,8,1,14,65,19,104,20,5,16,68,14,6,2,7,3,67,20,9,18,10,24,69,13,23,1,25,6,27,5,29,15,36,34,38,13,39,12,40,12,128,3,43,1,45,5,79,3,80,2,75,4,8,19,14,11,15,4,20,20,21,16,24,3,30,4,111,20,70,4,74,1,41,1,131,8,44,10,49,9,124,1,52,5,136,4,137,4,54,8,19,21,73,3,76,4,37,19","communications&rsquo,65,5,10,5","communications-rich,27,1","communicator,145,1","communities,4,1,2,1,65,2,10,2,23,1,75,1,30,5,76,4","community,2,4,65,1,101,1,10,1,27,1,9,1,75,5,28,1,30,1,76,2","compact,51,2,28,5","companies,26,1,1,1,65,9,101,1,10,9,25,4,27,9,29,10,9,4,145,3,16,1,24,2,28,1,30,5,74,10,39,1,131,1,73,38,76,2","companies1,73,1","companies13,73,1","companies18,73,1","companies7,73,1","company,17,1,114,1,96,5,65,8,5,1,68,1,6,2,7,1,10,8,18,1,23,2,25,3,27,2,29,1,9,11,145,4,14,1,15,1,16,1,24,1,28,2,30,1,74,71,42,4,22,1,73,279,76,9","company&rsquo,65,2,10,2,30,3,76,3","company9,73,1","companyspecific,73,1","company-specific,74,1","comparator,73,1","compare,127,1,133,1,23,1,128,1,45,1,55,1,50,1","comparisons,73,1","compelling,1,1","compensation,73,6","compete,101,1,93,1,73,1","competed,101,1","competence,74,1,73,1","competencies,75,1","competing,97,1,93,1","competition,65,2,10,2,97,5,93,1,72,1","competitions,101,1,97,3,93,7,71,8,72,5","competitions.&nbsp,97,4","competitive,4,6,17,1,26,1,2,1,1,1,65,2,5,5,68,4,101,1,10,2,25,1,27,2,97,1,36,1,38,5,9,2,93,1,8,1,24,1,30,1,71,1,72,1,131,1","competitiveness,65,1,10,1,28,1","competitor,75,2","competitors,23,1,75,3,16,1,50,1,73,1","compiled,73,3","complacency,93,1","complacency.&rdquo,93,1","complement,47,1,73,1","complementary,73,2","complements,101,1","complete,73,2","completely,71,1","completeness,73,1","completion,65,1,10,1,73,1","complex,96,2,65,1,104,1,101,1,10,1,18,2,45,2,47,12,48,4,79,1,80,3,9,1,55,9,145,1,93,1,14,1,15,1,42,6,44,2,46,2,49,9,50,1,124,4,52,1,54,2,19,1,73,1","complexity,55,1,74,2,42,5,124,2,73,5","compliance,74,11,73,17","complicated,71,1","complied,74,5,73,8","complies,73,1","comply,73,6","complying,73,1","component,75,1,74,1,73,1","components,9,1","composed,73,2","composition,73,6,74,1","comprcom.html,1,4","comprcom2.html,2,4","comprcom3.html,75,4","comprehensive,110,1,116,1,1,1,93,1,14,1,15,1,20,1,21,1,30,1,70,1,73,4","comprise,73,2","comprised,73,1","compromise,145,1","computer-generated,101,1","computerised,72,1","computing,9,1","concentrate,73,1","concentrated,73,1","concentrating,9,1","concept,71,1,28,1","concepts,7,1","concern,2,1,65,1,10,1,29,1,97,1,75,1,73,5","concerned,27,1,73,5,74,2","concerning,73,3","concerns,23,1,25,1,16,1,28,1,73,12","concerted,29,1,97,1","conclusion,73,1","conclusions,47,1,93,2,73,1","condition,73,1,74,1","conditions,65,1,101,1,10,1,25,1,29,1,97,1,73,7,72,1","conducive,73,1","conduct,101,1,27,1,29,1,51,5,93,1,28,5,73,13,76,1,74,6","conduct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ection,73,1,74,1","determination,73,3","determine,127,1,101,1,23,1,128,1,79,2,52,1,73,7,74,1,50,1","determined,93,6,97,1,73,4","determines,73,2","determining,73,7,74,1","devastated,101,1","develop,17,1,127,1,2,2,1,1,12,1,38,1,128,1,47,1,79,2,80,1,9,2,93,10,25,2,96,5,97,2,71,1,42,4,44,5,124,1,136,4,137,4,54,4,73,12,72,2","developed,101,2,9,4,93,1,18,1,72,2","developing,12,4,134,1,47,1,48,1,9,1,75,10,93,7,97,1,71,5,40,1,124,1,73,4","development,104,1,6,5,7,4,65,1,101,9,27,2,45,1,80,1,9,9,93,6,8,4,10,1,18,1,25,2,96,1,97,8,30,1,71,13,42,5,44,10,51,1,124,1,136,4,137,4,54,6,15,1,28,4,73,8,72,4","developments,17,5,29,1,16,4,25,2,40,1,54,1,73,3,50,1","developments.,50,4","develops,27,1","devices,26,1","devising,27,1","devote,73,4","devoted,73,1,72,1","diageo,74,1","diagnostic,80,2,14,1,96,1,42,1,136,8,137,8,54,9","dialogue,1,5,29,1,75,1,70,1,15,1,28,2,73,7","dictates,73,1","did,93,1,72,1","differ,65,1,10,1","difference,2,5,1,1,101,1,93,1,41,2","different,66,4,17,1,127,1,2,2,65,7,12,1,128,1,45,2,48,1,80,2,9,1,75,2,93,1,8,2,10,7,14,5,24,1,25,2,73,7,74,1","differently,75,1","difficult,93,2,145,1,30,1,76,1","difficulties,93,1","digital,1,1,18,1,26,1","diligence,73,8","diligent,145,1","dim,72,1","diplomatically,73,1","direcotr,145,4","direct,65,1,101,1,29,1,75,1,10,1,145,2,25,1,41,1,73,2,72,1","directed,9,5","direction,9,1,73,2,74,1","directional,133,1,45,1,55,1","directions,65,1,10,1","directive,30,2,28,1","directly,29,1,93,2,30,1,73,3","director,65,1,101,1,43,1,79,2,80,1,9,18,8,8,10,1,14,9,18,1,145,1,70,1,73,94,76,2,74,5,135,1,46,1","directors,9,4,18,1,145,1,25,1,30,5,51,1,28,1,73,168,76,2,74,8","directors&rsquo,30,1,76,1","directorship,73,2","disagreement,73,4","disagreements,73,1","disappointing,72,1","discharge,73,7,74,1","discharged,73,1","discharging,73,3","disciplinary,101,1","discipline,101,1,93,1","disciplines,4,1,5,1,23,1,93,1,8,1","disclose,73,4,74,4","disclosed,73,6,74,2","disclosure,73,7,74,2","disclosures,73,8,74,4","discount,73,1","discovered,93,2","discovering,134,1,47,1,48,1,93,1,124,1","discovery,18,1","discretion,73,1","discuss,2,1,73,5,74,1","discussed,73,1,74,1","discusses,145,1","discussion,73,4","discussions,73,1","dismiss,29,1,93,1","dispassionately,73,1","display,72,1","displays,75,1","disposal,27,1","dispose,29,1","disproportionate,73,1","disruption,73,1","dissatisfied,93,1","distinctions,93,1","distinguished,101,1","distribution,73,1","diversity,73,2,74,2","divestments,2,1,6,1,79,1,80,1,9,1,7,1,41,1,55,1,15,1","dividends,72,1","division,73,2","divisional,47,1,18,1,124,1","do,17,2,1,5,5,1,65,4,101,1,134,4,47,5,48,4,75,8,93,8,10,4,24,1,25,4,71,1,41,2,124,4,54,1,73,26,74,9","document,73,8,74,5","document1.qxp,73,90","documented,73,2,74,1","does,65,2,101,1,93,1,10,2,145,1,71,1,73,18,74,6","doesn,35,1,121,1","doing,17,1,5,1,68,1,145,1,73,2","dollar,65,1,10,1,25,1,30,1,76,1","dominate,73,1","dominican,97,1","don,78,1","done,127,1,65,1,23,1,128,1,47,2,75,1,10,1,41,1,73,4,74,2,50,1","door,93,1","doping,101,1,93,2,72,1","double,93,1","doubtless,65,1,10,1","douglas,74,1","down,145,1,97,2,71,1,72,3","down&rsquo,71,1","download,69,1","dr,101,9,12,2,93,28,71,1,72,1","drafted,73,2","drafting,73,1","drama,101,1,71,3","dramatic,71,1","dramatically,18,1,54,1","draw,38,1,79,1,80,1,39,1,40,1,37,1","drawing,73,1,72,1","drawn,47,1,18,2,124,1,55,1,73,2","draws,101,1,37,4,46,1","dream,72,5","drive,97,1","driver,30,1","drivers,75,1","drives,47,1,71,1","drug-free,101,1,93,1,97,1,71,1","dti,73,1","dual,8,1,46,1","due,101,1,73,8,74,1","duly,93,1","duration,79,1,145,1","during,2,4,6,4,79,1,93,2,7,4,41,4,73,14,72,5,74,4","dutch,9,1","duties,9,1,73,22","duty,73,6,76,4","dvt,25,5","dynamic,4,11,5,1,6,1,68,1,101,1,65,1,36,1,10,1,7,1","dynamics,73,1","e.1,73,1","e.2,73,1","e.3,73,1","e.g,27,1,73,6","each,66,3,127,1,101,4,65,4,12,1,29,1,128,1,79,1,80,1,67,1,75,4,93,12,10,4,18,1,27,1,97,2,71,3,41,1,52,5,54,1,73,18,72,1,74,1,46,1","earlier,65,1,10,1,27,1,73,2","early,27,1,73,2,72,2","earn,93,1","earned,93,2","earnings,73,2","ease,73,1,72,1","easier,17,1,127,1,23,1,93,1,24,1,25,1,128,1,50,1","easily,47,1,75,1,93,1,27,1","easily-recognised,71,1","easily-understood,6,1","east,9,5,25,1","eastwards,65,1,10,1","easy,145,1","ebrd,51,2,28,4","ec,9,1,30,1","ec2p,74,1","echoed,72,1","economic,17,1,127,1,101,1,65,3,9,3,10,3,145,1,24,1,128,1,51,1,28,1","economist,51,2","ecpa,110,4,104,4,65,2,36,5,9,5,10,2,51,2,28,5,111,4","editorial,9,1","education,101,1,9,2","educational,75,1,71,1,72,1","eec,9,2","eethics,101,4","effect,29,1,30,1,76,1,72,1","effective,66,1,2,2,1,3,101,1,65,7,36,2,9,1,67,1,75,1,10,7,16,1,24,1,25,4,26,1,27,1,39,1,40,1,42,1,54,1,73,38,74,8","effectively,65,1,45,4,79,1,10,1,145,1,15,4,73,15,74,3","effectiveness,79,1,73,46,74,24","efficiency,101,1,73,1,74,1","efficient,26,1,27,5,73,2,74,1","efficiently,25,1,27,1","effort,93,1,97,1,73,1","efforts,65,1,93,1,10,1","egypt,97,2","eiffel,93,1,72,1","eight,93,1,72,5","either,145,1,97,1,73,5","el,97,1","elect,73,2","elected,93,2,73,2","electing,93,2","election,65,2,9,2,93,3,10,2,73,5"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,65,1,10,1,23,1,28,2,73,1,50,1","practitioner,27,1","practitioners,27,2","prague,93,1","preamble,73,4,74,1","pre-appointment,73,4","pre-approval,73,1","predecessor,97,1","predictable,65,1,10,1","predominantly,93,1","pre-eminent,9,1","preferable,75,1","preferably,73,1","preferred,12,1","preferring,93,1","preliminary,73,2","preparation,73,4","prepare,73,5","prepared,127,1,36,1,93,3,9,1,12,5,16,11,17,9,23,2,25,5,73,6,29,3,40,1,128,1,50,5","preparedness,16,8,17,8","preparing,9,1,73,2,74,1","pre-planned,2,1,75,1","prescribed,73,2,74,1","presence,73,2","present,9,11,65,1,10,1,73,9,72,1","presentation,69,7","presentational,9,1","presentations,131,1,9,1,73,1","presented,127,1,73,2,72,1,128,1","presenting,72,1","presently,73,1","presents,25,1","preserve,27,1","preserving,1,1","presidency,93,4","president,101,16,93,20,9,4,12,2,71,2","president.&rdquo,93,1","presidential,93,1","presidents,93,2","press,131,1,9,1,73,3,72,1,70,1","pressure,93,1,9,1,65,4,25,6,73,1","pressures,26,1","prestigious,93,1","presumption,1,1","prevent,29,1","preventing,27,1","prevention,73,1,74,1","previous,73,2","previously,73,1","price,75,1,73,2","price-sensitive,73,1","pricewaterhousecoopers,74,1","pride,93,1","prides,97,1","primary,73,2","prime,73,3","prince,72,5","principal,27,1,73,8","principle,101,3,65,1,10,1,12,3,73,33,74,6","principles,5,5,68,5,28,1,73,27,74,4","printer,10,1","prior,73,5","priorities,66,1,65,1,10,1,24,1","prioritisation,65,3,10,3,17,1,27,2,23,1","prioritise,75,1,65,1,10,1,17,2","prioritised,25,1","priority,93,1","private,18,4","prix,101,1,97,1,72,8","prize,101,2,97,2,72,2","prizes,101,1","prizes&rdquo,93,1","proactive,26,1","proactively,25,1,73,1","probably,65,1,10,1,145,1","probed,73,1","probity,65,1,10,1,27,5,23,6,28,1,73,3,29,1,74,1,50,5","problem,47,4","problems,93,1,18,1,25,1,73,2,74,1,48,5,80,1","procedure,73,4","procedures,75,1,93,1,73,10,74,3","proceed,73,1","proceeded,65,1,10,1","process,47,5,93,1,18,1,25,1,73,29,72,7,74,8,79,3","processes,127,4,5,1,44,6,47,2,52,1,55,1,68,1,65,1,10,1,15,1,17,1,26,1,27,1,23,1,25,5,73,25,74,22,128,4,45,3,48,1,50,1,133,1,79,2,80,1,54,1","processses,96,4,42,4,79,1","produce,101,1,9,1,73,4,45,1","produced,73,4,29,5,30,1","producing,29,1","product,2,1,75,1,65,1,10,1,29,6","production,73,1","products,5,1,44,5,73,1,29,2,54,1","profession,27,1,145,1,73,1","professional,131,1,101,2,93,2,8,1,27,1,145,21,28,1,73,13,97,1,72,6,70,1,74,1","professionalisation,101,1,27,1","professionalism,101,1","professionally,93,1","professionals,101,2,18,1,27,1,145,2","proficient,9,1","profile,131,1,1,1,4,1,93,1,9,1,73,3,71,3,40,5","profile.,71,4","profiles,79,1","profitable,2,5","profits,73,1,74,1","profound,29,1","programme,1,4,2,4,75,7,101,4,93,1,9,1,73,5,97,1,71,2,72,1","programmed,71,1","programmes,1,5,2,4,75,8,101,2,93,3,7,1,9,3,26,1,27,1,25,2,97,2,96,1,71,1,72,2,42,1,48,4,124,1","progress,75,2,93,2,65,1,10,1,73,1,97,1,74,1,79,1","progressive,47,8,18,6,73,2,48,4","project,110,1,116,1,20,1,1,1,75,2,6,1,14,6,15,1,21,1,145,1,70,1,74,2,46,1,79,2,80,1,55,4","projects,127,1,38,1,49,5,52,9,1,1,7,1,9,1,65,1,10,1,14,1,18,2,19,1,28,2,96,1,128,1,131,1,48,1,79,1,80,2,54,1","prominent,101,1,65,1,10,1,28,1","promise,97,1","promises,30,1","promising,93,2","promote,93,1,73,4,76,2","promoted,9,1","promoters,71,1,72,1","promotes,73,3","promoting,72,1","promotion,2,1","promotional,71,3","prompt,145,1,73,1,71,2","promptly,73,1,74,1","proof,101,1","proper,73,5,74,2","properly,25,1,73,7","properties,93,1","property,65,1,10,1","proportion,73,4","proportionate,73,3","proposals,73,5,72,1","propose,73,2","proposed,101,1,7,1,9,1,12,1,73,6","proposing,73,3","prosequence,127,3,5,5,35,4,3,6,20,5,114,1,47,13,49,17,52,14,136,8,4,5,68,4,6,5,7,5,9,7,65,2,10,2,14,6,15,11,16,9,17,9,18,1,26,1,27,5,19,14,21,1,22,1,23,1,24,1,29,5,96,13,135,2,128,3,131,3,42,15,43,10,44,9,45,17,46,14,48,12,50,8,51,4,124,4,79,8,80,4,137,8,54,8,55,12","prosequence-2006,146,4","prosequence-2006.pdf,146,4","prosequence-2007,147,4","prosequence-2007.pdf,147,4","prospective,73,1","prospects,93,1,24,1,73,2,30,1,74,1","prospectus,73,1","prosper,65,1,10,1","protect,93,1","protect&rsquo,101,1","protected,73,1","protecting,72,1","protection,73,2,9,1,65,3,10,3,29,5,74,2","protest,29,1","proud,101,8,93,2","proved,30,1,76,1","proven,93,1,18,1","provide,127,1,114,1,38,1,136,4,1,1,75,2,73,24,7,1,15,5,16,1,17,1,26,1,27,1,145,1,22,1,24,1,30,2,96,1,72,1,74,13,37,1,39,1,40,1,128,1,131,1,42,1,45,4,124,1,79,1,137,4,54,5,55,1","provided,73,16,145,1,29,1,74,2","provider,145,1","providers,73,2,145,1,74,2","provides,73,9,93,1,14,5,72,1,74,1","providing,38,1,41,1,1,1,73,6,9,1,14,1,26,2,145,1,28,1,97,1,96,1,72,1,74,2,132,1,55,1","provision,73,35,30,1,74,5","provisions,73,42,74,8","provocation,71,2","proxies,73,2","proxy,73,1","prudent,73,3","prudential,74,1","psq,43,4,48,1,79,4,80,4","psq_enabler.pdf,79,4","psq_services.pdf,80,4","psq-enablers,59,4,43,4,55,4","psq-leaflet-psq.indd,124,4","psq-leaflet-psq.pdf,124,4","psq-services-left.html,104,4","public,127,2,66,6,110,8,36,21,38,6,41,5,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1,6,36,8,70,7,37,4,38,10,39,5,40,9,41,10,128,1,131,3,42,16,44,5,45,5,46,4,47,11,48,10,50,5,51,2,124,3,104,5,79,1,80,4,137,1,54,3,55,1","stream,9,6","streamline,55,1","streamlined,52,1,26,1,79,1,80,1","streamlining,19,1,49,1","street,127,1,3,1,135,1,128,1,131,1,42,1,43,1,124,1,79,1,80,1","strength,93,1,97,1","strengthen,8,1,37,1,38,1,39,1,40,1","strengthening,41,1","strengths,75,2,93,1,73,3","stress,25,1","stretching,73,1","strict,101,1,93,1","stricter,101,1,93,1","strikingly,71,1","string,25,1","stringent,71,1","strives,101,1","strong,101,1,5,1,8,1,9,2,65,1,10,1,73,2,97,1,29,7,72,1","stronger,29,1","strongest,101,5,93,1,145,1,97,1,29,2","structure,73,9,74,1","structured,101,1,73,1,46,1,47,2,48,3,80,1,54,1","structures,93,3,73,1","structuring,93,1","students,69,5,70,1","studied,93,1,9,1","studies,65,1,10,1,97,1","study,101,1,65,1,10,1","studying,93,2,97,1","style,5,4,68,4,73,1","subject,5,1,145,4,73,12,76,1,74,1","subjects,9,1,70,1","submitted,73,2","subsequent,73,2,79,1","subsequently,9,1,73,1","subsidiaries,73,2","subsidiary,9,1","subsidies,65,1,10,1","subsidising,101,1","substantial,12,1","substantially,73,1","substitutions,93,2","succeed,71,1,72,1","succeeded,97,2","succeeding,71,1","success,1,1,2,6,75,4,101,12,93,10,6,7,7,1,65,5,10,5,12,1,18,1,25,1,73,3,29,1,30,3,76,4,71,1,72,4,36,2,41,1,44,1,45,1,79,1,54,1","success&rdquo,93,1","successes,97,1,72,1","successful,1,2,2,1,75,3,93,2,6,4,7,4,9,3,73,2,29,2,71,2,72,1,36,1,74,1,46,1,55,5","successfully,101,1,93,1,9,1,17,1,18,1,145,1,73,3,30,1,76,1","succession,73,7","successive,101,1","successor,101,1,73,2","succss,5,1","such,127,1,52,1,1,1,2,2,75,1,101,8,93,3,5,4,68,4,6,3,7,1,9,1,65,5,10,5,14,4,15,1,16,1,17,3,145,1,23,2,24,2,25,1,27,3,73,57,97,1,30,2,76,1,71,5,72,2,74,14,41,2,128,1,42,5,47,4,50,1,124,1,79,1,80,1","sudan,97,1","sudbury,127,1,3,1,135,1,128,1,131,1,42,1,43,1,124,1","sufficient,73,18,74,1","sufficiently,73,2","suffolk,127,2,3,2,9,1,135,2,128,2,131,2,42,1,43,2,124,2","suggestions,73,24","suggests,73,3,71,1","suit,73,1","suitable,73,4,71,2,74,1","suite,26,1","suited,73,2","summarise,73,1,74,1","summary,9,6,73,9","summer,101,1,71,1","sums,93,1","supersede,73,1","superseded,74,1","supersedes,73,1","supplemented,4,1,5,1","supplied,73,2","supplier,73,1","suppliers,52,1,75,1,73,1,30,3,76,2,79,1","supply,73,2","supplying,73,1","support,35,1,1,1,2,1,93,1,6,3,7,1,9,1,18,1,25,1,27,1,73,5,29,5,96,1,72,3,36,2,74,3,38,1,42,1,121,1","supported,93,2,72,1","supporters,101,1,93,1,12,1,97,1,72,5","supporting,73,18,29,1","supportive,93,1","supports,73,2","supreme,93,1,72,1","sure,93,1,97,1","surprise,101,1,72,3","surprised,93,5","surveys,73,1","survival,25,1","survive,145,1,29,4","suspect,65,1,10,1","suspected,73,2,74,2","suspects,73,1","suspend,93,1","suspended,93,1","sustainable,93,2,6,5,7,1,24,1,28,3","sustained,5,1,145,1","swatch,97,7,71,5","swatch-fivb,101,7,93,7,97,4,72,11","swedish,9,1","swimming,72,1","swiss,101,1,93,3","switzerland,101,1,93,2,9,6,97,8,72,2","syd-1jan07-w.jpg,112,8","sydney,101,7,93,4,9,1,28,1,97,5,71,2,72,7","symbols,101,1","synch,5,2","system,127,1,101,1,93,7,9,3,25,2,73,44,71,1,72,3,74,38,41,1,128,1","systems,127,1,66,5,52,1,67,1,5,1,9,1,65,2,10,2,14,1,15,1,17,1,23,2,24,2,25,3,27,12,73,17,29,1,96,5,36,1,74,4,40,1,128,1,42,5,44,6,45,2,47,2,48,2,50,2,133,1,79,3,80,3,54,1,55,1","table,65,1,10,1","tackle,73,1","tactic,29,1","tactical,101,1,71,2","tactics,20,1,1,1,65,1,10,1,14,1,15,1,21,1,110,1,116,1,72,1,70,1","tailor,73,1","tailored,65,1,10,1,73,7,74,1","tailor-made,14,1,96,1,42,1","take,1,1,101,1,4,1,93,1,5,1,9,1,18,1,27,1,73,21,29,1,72,1,79,1,80,1","taken,6,1,65,1,10,1,73,27,71,1,72,2,74,8","takeover,29,5","takes,101,1,145,1,73,3,74,2","taking,101,1,145,1,73,13,72,1,41,1,124,1","talk,73,1","talking,93,1,65,1,10,1,25,2","talks,73,1","tangible,73,1,74,1","target,20,1,1,5,2,4,75,11,101,1,14,1,15,1,21,1,27,2,29,1,110,1,116,1,70,1","targeted,75,1","targets,75,1,73,2,74,1","tariffs,65,1,10,1","task,93,1,9,1,73,1","tasks,73,3,74,2","tax,145,4,73,1","taxation,65,1,10,1","team,1,1,2,2,75,1,93,4,9,1,14,1,18,1,145,1,73,6,97,1,71,2,72,3,131,1","teaming,145,1","teams,75,1,101,5,93,1,9,1,18,3,97,16,72,15,42,4,47,1,48,3,124,1,80,2,55,1","technical,101,2,97,1","techniques,14,1,26,1,96,5,36,1,42,5,47,2,48,1,80,2,54,1","technological,73,1,74,1","technology,20,1,1,1,14,1,15,1,26,6,21,1,25,3,27,15,110,1,116,1,70,1","tel,127,1,18,1,135,1,128,1,131,1,124,1,79,1,80,2","telecommunications,1,1,9,1,65,1,10,1,26,2,25,1","telecoms,27,1","telegenic,71,1","telephone,74,1","telephony,27,2","television,101,1,93,8,12,1","templates,18,1","temporary,52,1,145,4","temptation,93,1","tempted,29,1","ten,101,1,73,1,71,1,72,1","tenacity,71,2","tend,52,1","tennis,72,1","ten-step,79,2","term,93,2,145,2,24,1,25,3,73,4,76,1","terminated,73,2","termination,73,4","terms,101,2,5,1,26,1,25,1,73,33,79,1","territory&rsquo,65,1,10,1","terrorist,29,1","test,73,2,29,1","testing,73,2","tests,93,2","texaco,30,1,76,1","text,76,1,33,1,53,1,78,1","th,101,1,72,2","thailand,101,1,97,1","than,1,1,75,1,101,2,93,16,7,1,65,3,10,3,16,1,25,1,27,1,73,23,97,1,29,4,76,1,71,1,72,11,74,2,131,1,45,1,47,1,133,1,80,1,55,1","thanks,101,1,14,1,25,1,97,1","that,127,1,1,1,2,1,75,3,101,25,4,2,93,38,5,3,6,1,7,1,9,3,65,14,10,14,12,5,16,1,17,1,26,1,18,2,145,6,23,3,24,2,25,13,27,7,28,1,73,204,97,8,29,6,30,6,76,4,71,9,72,34,74,53,40,1,128,1,45,2,48,1,50,1,79,1,80,1,78,1","their,127,5,136,4,1,3,101,6,4,7,93,10,5,8,68,8,8,1,9,9,65,6,10,6,12,1,16,1,17,1,18,7,145,12,23,1,24,5,25,6,28,4,73,88,97,3,29,6,30,7,96,1,72,14,74,4,40,2,128,5,131,1,42,5,44,10,46,2,47,7,48,8,50,2,124,2,79,3,80,5,137,4,54,6,55,1","them,35,1,127,1,52,1,136,8,75,5,101,2,93,4,6,4,7,4,9,1,65,1,10,1,12,4,16,1,17,2,18,1,145,1,27,2,73,17,97,6,29,2,72,1,74,6,128,1,132,1,45,1,121,1,47,1,124,1,79,2,78,1,137,8,54,10,55,2","them&rdquo,65,1,10,1","theme-based,27,1","themes,75,6","themselves,101,2,145,1,27,1,73,10,29,1,72,2","then,75,2,101,4,93,4,9,3,65,2,10,2,12,1,69,1,18,1,145,1,25,2,72,1,45,1","theories,71,1","there,1,1,75,2,101,4,93,11,65,10,10,10,12,1,145,2,25,2,27,1,73,47,97,2,29,2,71,1,72,4,74,13,44,1,45,2,133,1,79,1,80,1,55,1","there&quot,44,4","thereafter,73,2","thereby,73,2,74,2","therefore,145,2,73,4,30,1,74,2","thereon,73,1,74,1","these,127,1,75,3,101,6,93,4,7,1,8,1,9,1,65,3,10,3,16,1,17,2,145,2,23,1,24,1,73,20,71,2,72,1,74,6,128,1,50,1,79,2","they,127,1,1,2,75,3,101,2,93,5,5,1,65,5,10,5,12,2,16,5,17,6,145,6,23,2,24,1,25,4,27,4,28,1,73,73,97,7,29,6,30,1,71,3,72,12,74,8,128,1,44,5,45,1,50,4","thing,93,1","things,5,1,68,1,65,1,10,1,26,1,78,1","think,1,1,75,2","thinker,8,2,131,1,46,1","thinking,46,1,47,10,48,15,80,1,54,1","thinks,145,1","third,145,1,27,2,73,4,74,1","thirds,145,1","this,127,1,75,1,101,21,93,12,6,1,9,1,65,11,10,11,12,1,16,2,18,4,145,3,24,1,25,5,27,2,73,73,97,14,29,1,30,4,76,3,33,4,35,1,71,4,72,9,74,22,128,1,121,5,47,2,48,1,124,1,79,2,53,4,78,6,54,2","thomas,93,1","thorough,73,4,97,1,74,1","thoroughly,93,1","those,1,1,2,1,101,1,93,2,65,4,10,4,145,2,25,1,73,19,97,2,29,1,30,2,76,2,72,2,74,4,41,1","though,93,1,97,1","thought,101,1,29,1","threat,73,1","threaten,16,1,23,1,50,1","threatened,73,1","three,75,1,101,1,9,2,65,1,10,1,27,1,73,12,97,5,72,1","three-year,73,4","thrilling,72,2","thrombosis,25,5","through,75,1,101,1,4,1,93,1,5,1,6,1,7,2,9,2,65,2,10,2,12,1,15,5,16,5,17,5,18,1,145,4,114,1,22,1,23,1,24,1,27,2,73,9,97,3,29,1,30,2,76,1,71,2,72,3,36,1,74,2,42,1,47,5,124,1,54,1","throughout,73,5,97,1,72,2,74,2","thrown,16,1","thus,101,1,27,2,30,1,72,1","tiananmen,72,1","ticket,101,1","tickets,71,1,72,1","tie-break,93,2,72,1","tiebreaker,72,1","tie-breakers,101,1","tier,97,1","tiers,97,1","ties,73,1","tighten,65,1,10,1","tighter,72,1","tightly,101,1","tim,74,1","time,101,4,93,4,9,1,25,1,73,42,97,1,72,2,74,7","time.&rdquo,65,1,10,1","timeconsuming,73,1","timeframes,52,1,15,1,44,2,45,2,80,1","timeframes.,44,4","timely,73,13,74,3,80,1","times,2,6,101,1,6,1,7,1,9,1,15,5,18,1,145,5,27,4,72,2,41,1,45,5,51,1,80,1,55,1","timing,20,1,1,1,75,5,14,1,15,1,21,1,73,1,110,1,116,1,70,1,45,1,133,1,79,4,55,1","title,33,1,53,1,78,1","to,134,1,127,21,66,6,20,14,136,8,67,6,1,19,2,22,75,26,101,69,4,15,93,155,5,20,68,9,6,16,7,16,8,5,9,40,65,44,10,43,12,17,69,9,14,11,15,7,16,23,17,25,26,4,18,20,19,14,21,10,145,43,114,1,22,1,23,16,24,10,25,41,27,19,28,13,73,700,97,40,29,19,30,27,76,17,110,1,116,1,96,13,71,38,72,68,36,3,70,2,74,126,37,3,38,9,39,4,40,8,41,2,128,21,131,14,42,19,132,1,44,29,45,20,46,4,47,15,48,22,49,6,50,29,51,1,133,4,124,10,79,19,80,22,52,15,78,2,137,8,54,21,55,12","to&#151,76,1","tobacco,8,1,9,7,25,1,131,1,46,1","tobacco.,8,4","today,127,1,1,1,75,1,101,1,4,1,93,2,5,1,68,1,17,3,23,1,25,3,27,1,71,4,128,1,45,1,50,1,133,1,79,2,80,1,52,1,55,1","today&rsquo,93,1,65,4,10,4,23,1,71,1","together,75,1,101,1,93,3,6,2,9,1,18,1,145,1,73,6,97,1,74,4,42,4,44,6,47,1,48,3,50,1,80,3","tokyo,101,8,93,1","told,101,1,65,1,10,1,97,1","tom,28,1,51,1","tomorrow,93,1,25,2","tomspencer.info,28,1,51,1","tone,73,1","too,93,1,25,1,73,1","took,101,2,93,1,72,1","tools,9,1,17,1,73,1,71,1,74,1","top,1,1,2,1,75,1,101,12,4,1,93,3,5,1,68,1,6,1,8,1,9,1,65,2,10,3,12,1,69,1,16,1,17,1,26,1,18,1,23,1,24,1,25,3,27,2,97,9,29,1,30,1,76,1,71,1,72,7,70,1,40,1,42,4,47,1,124,1","topics.html,36,4","top-level,101,1,93,2,96,1,42,1,52,5","topped,93,1","top-tier,97,1","total,101,1,145,3,73,4,97,1","totally,101,2,93,1","totals,12,1","touch,73,2","tour,101,8,93,6,97,7,71,1,72,13","tour.&nbsp,72,4","tour.&rdquo,93,1","tournament,101,5,93,1,72,9","tournaments,101,9,93,2,97,1,72,9","tours,97,2","tow,78,1","towards,101,6,93,1,73,1,97,1","tower,93,1,72,1","track,101,1,73,1,96,1,42,1,46,5","trade,75,1,9,1,65,1,10,1,27,1,73,1","tradition,101,1","traditional,73,1,47,1,80,1","train,2,1","trainee,9,1","trainer,14,1,70,1","training,20,1,127,1,1,2,101,1,93,1,9,4,14,1,15,1,21,1,27,1,73,6,97,1,110,1,116,1,71,2,36,1,70,12,128,1,131,1","training.html,70,4","transactions,73,1","transfer,101,1,145,1","transferred,18,1","transform,9,1,96,1,47,5,48,1,124,1,80,2","transformed,93,1,72,1","transforming,42,1","translated,73,1","transmissions,72,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arrFiles=new Array();arrFiles[0]=new Array(1,"http://www.aanapier.com/comprcom.html","16 Oct 2009","aanapier.com - communication strategy - integrated communication programmes","communication, communication strategy, integrated communication, change, key messages, target audience, communication strategy consulting, creating goodwill, stakeholders, crisis management, integrated communication programme, internal communications, me","","aanapier.com services: communication strategy Our comprehensive approach to communication strategy and corporate affairs covers: positioning, corporate values, vision & key messages tactics & timing strategic communications media relations corporate culture & identity stakeholder dialogue target audiences (external & internal communications) communications technology monitoring and feedback impact analysis resource planning training project management issues management services We also help clients to integrate the work of: agencies, consultants and research companies corporate branding, design and digital communication specialists Working with business partners and associates we can also provide a range of communications and business consultancy services to help clients make change happen. more ... We help clients to set up integrated communication programmes to create competitive advantage and bring many benefits , such as: setting the agenda - rather than just responding to others \' agendas securing commitment to change and support for your plans creating an identity, team spirit and focus laying the foundations for step change creating goodwill, confidence and trust raising profile and enhancing reputation managing crises and preserving trust We develop effective communications material as well as providing advice, training and hands-on interim management to help clients to: use the best communications strategy to achieve their business objectives use a range of media to create effective two-way communications with key stakeholders handle challenges and special projects How and when to communicate with those who have an interest in your business and your plans can be critical. Do people know about you? What do they know about you? What do they think about you? What do other people say about you? Is it accurate? Is it in line with your own agenda? Or are other people \'s agendas more compelling? What are you going to do about it? It is usually best to take the initiative. We help clients to set the agenda, define and communicate their  \'key messages \', and engage employees and other key stakeholders in their plans. An effective communication strategy can also be invaluable to organisations that are under attack - there is no  \'presumption of innocence \' in the media! Today \'s telecommunications revolution has made instantaneous global communications possible - including inaccurate and harmful stories - and has increased the importance of corporate communications. The communication strategy - and its implementation - can often make the difference between the success and failure of ambitious plans ... and is always a key factor in successful crisis management and in the corporate culture and corporate brand of successful organisations ... Strategic communications can also help organisations to respond to challenges in a non-confrontational way. ^^ to top communication strategy (pdf) home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",28);arrFiles[1]=new Array(2,"http://www.aanapier.com/comprcom2.html","31 Dec 2008","aanapier.com - communication strategy to make change happen","aanapier.com, communication, communication strategy, integrated communication, change, crisis management, internal ommunications, external challenges, stakeholders, key messages, target audience, communication strategy consulting, key messages, community","communications and issues management consulting to help clients to secure commitment to change, create goodwill, confidence and trust and lay the foundations for profitable growth at times of major change, the communication strategy - and its implementat","aanapier.com services: strategic communication programmes We help clients to develop strategic communication programmes which address many different stakeholders (internal and external) ... Strategic communications are of particular value at critical times, such as: change of strategy or other step change before and during the start-up phase of a new venture, and especially during rapid growth before, during and after major restructuring following a merger or acquisition – as the two entities are integrated during and after divestments - or outsourcing of major operations when facing significant and potentially far-reaching external challenges in a carefully pre-planned, consistent and integrated way using key messages in line with corporate objectives and positioning emphasising aspects of particular concern to the different audiences At times of major change, the communication strategy - and its implementation - can make the difference between the success and failure of ambitious plans, and is always a key factor in successful crisis management. The strategy should also enhance the organisation \'s corporate brand and reflect its corporate culture . The seniority and credibility of those communicating can be as important as the messages, and a willingness to explain and discuss can in itself win much support. As well as helping clients develop the most effective communication solutions, we also brief and train people to communicate confidently and convincingly. Integrated strategic communication programmes usually include internal communications and external communications with ... employees media governments and opinion leaders local communities business partners and other stakeholders who are important for the success of the enterprise Integrated strategic communication programmes can bring many benefits, such as: securing commitment to strategic change creating an identity, team spirit and focus laying the foundations for a step change in profitable growth creating goodwill, confidence and trust that can be exploited in product promotion gaining competitive advantage in a crowded market effective crisis management managing external challenges rallying your team, partners and friends when under attack or facing challenges ^^ to top contact: consulting@aanapier.com organising communications home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",21);arrFiles[2]=new Array(3,"http://www.aanapier.com/contact.html","8 Nov 2008","Andrew A. Napier consulting - contact details","andrew napier aanapier.com prosequence enablers of change anadrew a napier","","aanapier.com contact details: ¦ e-mail: aanapier@prosequence.co.uk web: www.aanapier.com Andrew A. Napier Prosequence Ltd 8 Market Place, Hadleigh, Suffolk IP7 5DN United Kingdom fax: +44-20-7681 1396 www.prosequence.co.uk Prosequence Ltd registered in England No. 4904333 Registered office: 22 Friars Street, Sudbury, Suffolk CO10 2AA ¦ home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",15);arrFiles[3]=new Array(4,"http://www.aanapier.com/corp_culture.htm","5 Oct 2008","Andrew A. Napier consulting - corporate branding and culture","communicaiton strategy, reputation, corporate culture, strategy, consulting, Andrew Napier, prosequence, culture change, enablers of change","Corporate culture - a holistic, dynamic approach - we offer a holistic, dynamic approach to helping clients gain competitive advantage from their corporate culture","aanapier.com servces: Corporate culture and identity - a dynamic approach We help clients to raise their profile and improve their reputation with governments, media, stakeholders and the public - and to gain competitive advantage from their corporate culture. Our core skills of strategic communications (internal and external), corporate positioning and corporate branding can be supplemented through Prosequence to include other disciplines that may be needed to help clients make change happen. In our experience corporate culture, corporate branding and corporate identity are a mix of : values and aspirations plus performance and behaviour plus reputation & how you are perceived - all of which must be right for the marketplace and today \'s expectations and consistent with business strategy and objectives We help clients to take a dynamic approach to culture change and an integrated, strategic approach to communications to ensure that all business relationships - internal, business partners, the media, customers, host communities and other stakeholders - contribute to a winning corporate culture - and competitive advantage dynamic approach to corporate branding and culture change ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",17);arrFiles[4]=new Array(5,"http://www.aanapier.com/corp_culture2.html","5 Oct 2008","Andrew A. Napier consulting - communications and issues management - corporate brand and culture change","communicaiton strategy, strategy, consulting, andrew napier, prosequence, corporate culture, culture change, benchmark, mission, values, guiding principles, management style, repuitation, corporate brand, stakeholders, issues management, communications, ","We help clients to measure, benchmark, plan and implement culture change and plan and manage their communications in such a way as to gain competitive advantage from their corporate culture and corporate values","aanapier.com services: Corporate identity, branding and culture change - a dynamic approach The relationship between an organisation \'s culture and its  \'corporate brand \' can be the subject of much analysis and debate. What is certain however is that both corporate culture and brand need to be in synch for sustained, long-term succss: no matter how strong its brand is in marketing terms. an organisation \'s actual performance and behaviour ... and people \'s experience of the organisation, its products and services are what count most in the long run. corporate culture, branding and identity are a mix of: values and aspirations plus performance and behaviour plus reputation & how you are perceived - all of which must be right for the marketplace & today \'s expectations and be consistent with business strategy and objectives values aspirations mission guiding principles our way of doing things performance behaviour relationships/ partnerships communications HR/people policies organisation/ management processes reputation perceptions experience of dealing with the company marketplace expectations business strategy and objectives Our core skills of strategic communications, issues management and corporate branding can be supplemented through Prosequence to include marketing, CRM, human resources, IT, information systems and other disciplines that may be needed to help clients make culture change happen. We help clients to measure, benchmark, plan and implement culture change. We can add value to branding agencies \' work - and help clients select the most appropriate agencies, if required - by helping clients to embed winning brand values into all they do and to get values, performance and reputation in synch. We can also help clients to take an integrated, strategic approach to communications to ensure that all business relationships - internal, business partners, customers and other stakeholders - contribute to a winning corporate culture - and gain competitive advantage ^^ to top strategic approach organising the Communications function home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",22);arrFiles[5]=new Array(6,"http://www.aanapier.com/cult-value.html","24 Oct 2008","Andrew A. Napier consulting - the value fount - sustainable success for your boldest moves","corporate values, cultural issues, mergers, restructuring, value fount, Prosequence, aanapier",""Cultural" and other "soft" issues contribute to the successful development of organisations, but insufficient attention to them can ruin strategically sound moves","aanapier.com services: Strategic Rationale, Vision and Values - sustainable success for your boldest moves The financial logic of strategic moves can be impeccable, but even strategically sound moves can fail as a result of insufficient attention being paid to “soft” issues, such as company culture, motivation and stakeholder support. Strategic communications are of particular value at critical times, such as: change of strategy or other step change before and during the start-up phase of a new venture, and especially during rapid growth before, during and after major restructuring following a merger or acquisition – as the two entities are integrated during and after divestments - or outsourcing of major operations when facing significant and potentially far-reaching external challenges Likewise a deliberate planned change in company culture, positioning and focus can lead to improved performance in the marketplace and long-term improvements in financial performance. We can help clients maximise support for such moves by setting up a clear, easily-understood rationale, together with an inspiring corporate vision and values ... the goals and objectives the plans the expected benefits what must change and why roles and responsibilities winning support and understanding decision criteria what success will look like We offer (through Prosequence ) multi-functional resources to help clients plan and make strategic change happen and to ensure that cultural issues contribute positively to the success of strategic change. Corporate culture should be  \'nurtured \' or cultivated and should influence corporate decision-making. The ultimate responsibility for corporate values, culture and branding usually rests with the Chairman, Chief Executive and the Board. The lead is usually taken by Communications, Human Resources/ Organizational Development or Marketing - all of whom need to work together in this area. The plan to address  \'corporate culture \' issues needs to be integrated into strategic project planning. ^^ top corporate culture - a dynamic approach corporate branding and culture change home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",20);arrFiles[6]=new Array(7,"http://www.aanapier.com/cultural.html","24 Oct 2008","Andrew A. Napier consulting - cultural and other soft issues","corporate values, cultural issues, mergers, restructuring, value fount, Prosequence, aanapier",""Cultural" and other "soft" issues contribute to the successful development of organisations, but insufficient attention to them can ruin strategically sound moves","aanapier.com servces: Strategic approach to corporate values, culture & other soft issues Careful attention to corporate values, aligning your leadership and harmonising your organisation, communications and corporate culture will contribute to the lasting and sustainable success of your boldest moves. Insufficient attention to these so-called soft issues can ruin strategically sound projects. A strategic approach to corporate culture, communications and values is of particular value at the following critical times: To maximise the chances of cultural issues contributing positively, we provide multi-functional consulting (through our network company Prosequence ) to plan and make strategic change happen. Many strategic moves involve cost-cutting and painful restructuring. For such situations - and also for more welcome change - we help clients to maximise support for the proposed changes by setting up: before and during the start-up phase of a new venture, and especially during the rapid growth phase before, during and after major restructuring, step change or corporate relaunch following a merger or acquisition - as the two entities are integrated during and after divestments and outsourcing of major operations a clear rationale with inspiring corporate vision and values after significant and potentially far-reaching external challenges and the means of ensuring that the values flow through the organisation .... and permeate its key business relationships At the end of the day, people \'s experience of the organisation counts for more than high-flying concepts and words! corporate culture and identity- a dynamic approach corporate branding and culture change integrated communications programmes home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",19);arrFiles[7]=new Array(8,"http://www.aanapier.com/cv.html","16 Apr 2009","Andrew A. Napier - career details - international management and corporate communications experience","andrew napier, cv, Internaitonal Olympic Committee, crisis management, corporate affairs, issues management, management consultancy, communication strategy, corporate communications, business development, management consultant, interim director, interim ","Andrew Napier - independent consultant and interim manager specialising in international communication strategy, corporate communications and public affairs - former Public Relations Director of the International Olympic Committee, with extensive experie","aanapier.com experience Andrew Napier is a corporate affairs professional with extensive international management experience. He specialises in making change happen. His specific skills are: corporate communications, media relations, issues management, crisis management, change management and public affairs. He has 20 years international management experience - in an international organisation (the International Olympic Committee ) and multinational corporations ( Ford of Europe , British American Tobacco and Philip Morris ) - as well as consulting and interim management. a strategic thinker with a focus on both the big picture and the details An independent consultant and interim manager, he is creative and results-oriented, a strategic thinker with a dual focus on both the big picture and the details. His experience includes setting up and running national and international operations, with overall responsibility for corporate affairs, internal and external communications, media relations, communication strategy, corporate positioning, brand and identity, PR, crisis and issues management, change management and public affairs, and he is strong in all of these areas. Working in different sectors and different cultures has made him flexible and very adaptable. Andrew Napier offers consulting and interim management services in any or all of the disciplines in which he is experienced, and is committed to delivering the objectives and results required by clients. He has a good record of making change happen and setting up new organisations. His particular skill is in using an integrated approach to communications, issues management and public affairs to make change happen and help clients strengthen their competitive advantages and respond to challenges. achievements ^^ to top contact: andrew@aanapier.com or aanapier@prosequence.co.uk home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",18);arrFiles[8]=new Array(9,"http://www.aanapier.com/cv2.html","20 Jan 2010","Andrew A. Napier - career details - international management experience ","andrew napier, cv, prosequence, corporate affairs, issues management, xorporate communications, management consultancy, communication strategy, business development, management consultant, aanapier, international olympic committee, ioc, olympic movement,","Andrew Napier - independent consultant specialising in international communication strategy, issues management, public affairs and business development, former PR Director of the International Olympic Committee, with extensive experience of international","aanapier.com Andrew A. Napier - achievements Andrew Napier \'s corporate communications, public affairs and media relations skills have helped organisations to: transform their businesses His key achievements include: win employee and stakeholder commitment to major changes creating a more open relationship with the world \'s media for the International Olympic Committee and directed successful IOC media operations (including Olympic Games, election of host city and an Olympic Congress) launch new ventures improve their operating and competitive environment establishing a new world-wide communications function, corporate brand and corporate culture for the company that became British American Tobacco plc adapt to changing political, economic and social contexts repositioning Ford of Europe as a European industrial leader, and preparing the company for the European single market raise their profile and improve their reputation with governments, the media, stakeholders and the public. setting up Philip Morris  \'s issues management system in the Europe/Middle East/ Africa region His in-house experience includes setting up and running national and international operations. This has included having overall responsibility for corporate affairs, internal and external communications, communication strategy, corporate brand and identity, PR, crisis and issues management, change management and public affairs, and he is strong in all of these areas. He currently offers consulting and interim services in any or all of the areas in which he is experienced, and is committed to delivering clients’ objectives. He has a good record of leading and participating in multi-cultural, cross-functional teams. He has also had articles published and gives presentations and training on communications, public affairs and issues management. Achievements/ Career summary Nord Stream A.G , Zug, Switzerland, 2009 to present consulting and interim management, London & East Anglia, 1998 to present Prosequence Ltd , London, November 2003 to present Intramezzo Ltd, London, October 2001 to November 2003 British American Tobacco (Holdings) Ltd , Staines, England 1996 - 1997 International Olympic Committee , Lausanne, Switzerland 1993 - 1995 Ford of Europe , Brentwood, England, 1984 - 1992 Philip Morris Europe , Lausanne, Switzerland, 1978 - 1984 Three PR agencies , London, 1969 - 1978 He has also played significant roles in many business, industry and academic groups Consulting and interim management , London & Hadleigh, Suffolk, 1998 to present Andrew Napier is an independent consultant and interim executive specialising in corporate affairs, media relations and issues management, helping clients to change and develop their business, manage crises and external challenges, and develop their corporate brand, reputation and identity. Prosequence Ltd , London, 2003 to present Founding director of Prosequence - enablers of change - a business solutions company offering consulting and interim executive services to help clients solve complex business challenges, re-focus their organisations and use the most effective communication strategy to make change happen - across all business functions. We also help clients to integrate strategically significant external issues and challenges into their risk management and strategic planning systems. Intramezzo Ltd, London, 2001 to 2003 Founding director (with four colleagues of different business backgrounds) of Intramezzo Ltd, an executive support group offering a unique blend of consulting and interim executive services to help organisations plan and deliver key business projects at times of strategic change. Key roles in start-up included developing the business strategy and communications, using IT to enable the team to operate as a virtual organisation, and setting up a strategic alliance.) Assignments have included: communications for a 3G telecommunications start-up , business consultancy for a global organisation ; communication strategy, international business development and crisis management for an international sport federation ; media relations for the international consortium planning a gas pipeline through the Baltic Sea; advising a major airline alliance on managing new external challenges. Also carried out assignments for the former InterMatrix Group management consultancy, including creating their website and benchmarking public affairs best practice in US-owned companies in Europe. how we can help ^ summary Corporate experience Nord Stream A.G , Zug, Switzerland, January 2009 to present Media Relations Manager then communications consultant for the international consortium of Russian, German and Dutch energy companies set up to plan, finance, construct and operate a natural gas pipeline through the Baltic Sea from Russia to Germany for connection to the European energy network. British American Tobacco (Holdings) Ltd , Staines, England, 1996 - 1997 Member of the Board of Directors of a new holding company (which subsequently became British American Tobacco plc) formed to integrate and give strategic direction to BAT Industries \' four tobacco multinationals. As Consumer & Regulatory Affairs (CORA) Director: set up a new function covering corporate communication, issues management, science & regulation and trade & economic affairs established a worldwide management system for the function, with a blueprint for the future when additional resources could be justified focused central resources on providing the most useful tools to enable Regions and national companies to manage issues locally launched the new  \'corporate brand \' for British American Tobacco, together with new corporate identity and culture - and action plans to embed them worldwide had credible, responsible positions developed on the controversial issues facing the tobacco industry ^ summary International Olympic Committee , Lausanne, Switzerland, 1993 - 1995 Public Relations Director - was the IOC \'s first PR Director, reporting to the then President Juan Antonio Samaranch. The post was created when both the organization and its President first came under intense international criticism. Created and directed a worldwide network for all components of the Olympic movement - including the IOC, international sports federations, national Olympic committees and Olympic Games organising committees - to enable a more confident and consistent approach to media, governments and sponsors. Created a more open relationship with the world \'s media. Directed successful media operations in Monaco (election of Sydney 2000), Lillehammer (Olympic Winter Games) and Paris (Olympic Congress) and launched worldwide Olympic education initiative. Achieved a more balanced view of the IOC and its President in critical media, especially in the USA, Australia, France, Germany, Norway, China, Japan and Latin America. Spoke for the IOC and President Samaranch in TV, radio and press interviews. ^ summary Ford of Europe , Brentwood, England, 1984 - 1992 Director of Governmental & Corporate Affairs - Joined Ford as Director of Governmental Affairs (responsibilities were increased to cover corporate affairs) at the company \'s European Head Office at a time when the company was facing challenges from European governments, the European institutions and pressure groups for policies which were seen as anti-consumer, anti-worker and  \'un-European \'. Developed and directed successful communications programmes to turn round the company \'s reputation in Europe, repositioning it as a European industrial leader, with strong high-profile national companies. Our Building a more competitive Europe initiative was picked up by European decision-makers for parts of Europe \'s single market programme. Directed Ford \'s government and industry relations across Europe, liaised with USA and other regions, and was responsible for political, social and economic inputs to the company \'s strategy and business plans in Europe As Chairman of Ford \'s 1992 Task Force, prepared the company for the creation of the European single market. Successfully co-ordinated all communication aspects of the spin-off to Iveco of Ford \'s heavy truck operations. Developed communication strategies to facilitate divestments, closures, mergers and joint ventures, such as Ford \'s purchase of Jaguar Cars and JV with Volkswagen to design and produce Ford Galaxy/VW Sharan ^ summary Philip Morris Europe , Lausanne, Switzerland 1978 - 1984 * Manager Public Affairs & Industry Relations - EEC Region 1982 - 1984 * Manager Public Affairs - Europe/ Middle East/ Africa 1978 - 1982 Was appointed Philip Morris \' first Public Affairs Manager in Europe, initially with responsibility for Europe, Middle East and Africa, then - following a corporate restructuring - concentrating on the EEC Region. Set up and ran the company \'s issues management system for Europe, Middle East and Africa Established and maintained relations with governments and inter-governmental organizations Developed and managed communications on key issues Managed a network of agencies and consultants across the Region Stepped in as Acting Director of Corporate Affairs for the company \'s Canadian subsidiary, based in Montreal, set up new communication programmes and recruited full-time replacement ^ summary Forman House Public Relations (LOPEX Group) , London, 1973 - 1978 - Account Director promoted from Account Executive L exington International Public Relations (JWT Group) 1971 - 1973 - Account Executive, London Francis Schuster Communications , London, 1969 - 1971 - Trainee Account Executive Between 1969 and 1978 (working for three London PR agencies) acquired all-round experience in public affairs and public relations with a broad cross-section of clients in industry and commerce, the academic world and non-profit/charity sector. Business, industry & academic groups (2007 - 2009) Board Director, Institute of Interim Management (IIM) (joined in 2000) (2001 - present) Business Associate, Centre for International Business & Management (CIBAM), The Judge Business School , Cambridge University (2001 - present) Fellow, Institute of Management/ Chartered Management Institute (2000 - present) Associate Fellow, the European Centre for Public Affairs (ECPA) (1992 - present) Member, International Public Relations Association (IPRA) (1985 - present) member, the Institute of Directors (London) (1989 - 1991) member of the industry working group that contributed to the positive Review of the OECD Guidelines for International Investment & Multinational Enterprises (1979 - 1992) represented US industry in Europe in dealings with the UN and OECD, and was a member of the core group which established the American Chamber of Commerce \'s EC Committee as Brussels \' pre-eminent lobbying organization (1985 - 1990) member of the European Advisory Council of the Institute of Directors (1982 - 1986) founder member of the Editorial Advisory Board of Business World (Paris) (1982 - 1984) chaired all-industry working group that persuaded Western governments to take a constructive position on proposed UN Consumer Protection Guidelines Education & Training Management Courses : Various in-house management training seminars, including two Ford Senior Executive Programmes, and external training including Finance for Non-Financial Managers, TV & presentational skills, Cranfield seminar on the role and duties of non-executive directors. Oxford University : BA (MA) Hons - Modern Languages (French & German) Grenoble University : Before final year at Oxford studied French literature at Grenoble University for one year, and worked as Tri-lingual Information Secretary at the 1968 Winter Olympics Harrow School : Major Open Scholarship to Oxford University;  \'A \' Levels - French, German (both Grade A1) ; General Paper (Grade A) ;  \'O \' Levels - 10 subjects Foreign languages French (fluent) ; German (good) ; Italian, Swedish, Norwegian (basic/reading) ; Russian (rusty) Interests: fine arts, photography, literature, music, sport, personal and business computing (also proficient in many business software applications, including web design); local community interests andrew@aanapier.com - - www.aanapier.com/contact.html ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",40);arrFiles[9]=new Array(10,"http://www.aanapier.com/eu-pubaffcomms.html","25 Apr 2008","Andrew A. Napier - public affairs and corporate communications","corporate communications, public affairs, issues management, communication strategy consulting, andrew napier, risk, risks opportunities, corporate governance, communicaiton strategy, opinion leaders, lobbying, ngo, civil society, Andrew A Napier, aanapi","public affairs and corporate communications: effective public affairs means interacting with other parties whose interests may coincide or conflict with one’s own, and whose attitude and actions could have an impact on the success or failure of one","aanapier.com services & publications Public affairs and corporate communications by Andrew A. Napier, Director, Prosequence Ltd Associate Fellow, European Centre for Public Affairs (ECPA) published in Everything flows: Essays on Public Affairs & Change Far more people are involved in Public Affairs than many company specialists care to admit. After 20 years of working for international organisations and seven years consulting, I have come to see Public Affairs as “understanding and influencing the economic, social and regulatory context in which (our) business operates” and – in one way or another - this is what NGOs, the media, local communities, politicians and officials, employees, consumers, the financial community and other business partners and stakeholders try to do, as well as one’s own business. Effective public affairs for businesses also means interacting with other parties whose interests may coincide or conflict with one’s own, and whose attitude and actions could have an impact on the success or failure of one’s plans. The close co-ordination of Public Affairs with other ‘corporate communications’ is particularly important for businesses undergoing strategic change – such as restructuring, mergers and acquisitions – and when facing serious external challenges. Consistent messages and matching action are essential. Landmarks Publishing, Brussels, ISBN 90-74373-19-4 This corporate communications aspect of Public Affairs has taken on an even greater importance for many businesses operating internationally in today’s rapidly changing and unpredictable world – with its 24-hour news cycle and with the telecommunications revolution enabling all parties the possibility of instant global communication of information and opinion. The chances are that others may also be pushing for change, in different directions – and maybe more effectively! Indeed if one steps back and looks at the big picture there is usually a whole web of cross-influences: stakeholders, NGOs, business and even politicians and officials trying to influence each other and get favourable coverage in the media. As well as one’s own finely-honed messages, MEPs, the European Commission and governments see, hear and read about what business does and says, and match it against their own agendas. As with most things, there is the general and the specific. In general, the list of EU/business issues includes: international competitiveness of the EU versus the Rest of the World external trade and tariffs EU enlargement and the integration of new markets completion of the EU internal market competition policy regional development and subsidies infrastructure employment, health & safety and other social affairs consumer protection taxation and other fiscal and financial matters data protection corporate governance and corporate social responsibility sectoral issues Some of these are specifically aimed at business, but many are not. They can however all have predictable implications for most businesses. For some businesses – especially those headquartered outside Europe– there is also a requirement for their Public Affairs specialists to help them understand European political and legislative processes and priorities. (Particularly important in Japanese and American companies, as in their home countries business/government interfaces can be very different to Europe .) The challenge for every business is to deploy its resources in the most effective way for it to prosper. The Public Affairs and Corporate Communications functions are no exception: to understand and influence the economic, social and regulatory context in which one can operate, one has to be able to prioritise, focus and chose the best channels. Prioritisation I have always started with two checks , which for want of a better description I call general/specific and contextual/inter-active . The first asks whether issues are specific to a company or has particular strategic significance for it, or whether the issues have a particular importance for all companies in a particular sector or whether the impact could be industry-wide. There are different bodies that deal with these different levels of issues, and it is usually advisable to focus one’s efforts – and to engage with others – on issues where there is a strategic or competitive importance. In this regard, a benchmarking study which I conducted of Public Affairs in Europe showed the ‘best practice’ companies even trying to put a dollar figure on the potential strategic impact of various external issues. The second prioritisation check seeks to split out those issues that can impact the business into the contextual issues (“we should be aware, because they may have an impact, but we probably cannot influence them”) and the inter-active issues (“may have an impact and can be influenced by what we do and say.”) [see chart] This sort of focus is at the heart of all ‘best practice’ Public Affairs and issues management, whether in a business, a campaigning NGO or other interest groups. Management systems Different organisations set up systems best tailored to their way of working, but there are generally six phases on a permanent loop: monitoring, forecasting and reporting impact analysis and prioritisation planning and strategy ‘creative”: agreeing messages and tactics action and communication feedback The best Public Affairs and Communications people can see their organisations in multiple contexts at once and can explain clearly how future changes in the business environment can present challenges and opportunities for their organisations, and they can explain this in ways that resonate with the people with whom they are talking. This includes interacting at all phases with others inside the company who have an interest in how the issues pan out, and often having a seat at the company’s top table – or at least a direct line through to the chief executive. Relationships Within each business these relationships will differ, but there are some relationships which regularly show up. For example the Public Affairs and Legal functions are often closer (or the same) in many US-owned businesses, maybe because of the extra-territorial reach of many American laws, the practice of ‘progress by litigation’ or the generally litigious nature of the USA . Some of this may be crossing the Atlantic eastwards, but in my view the conditions in Europe are currently different in that no European country yet has the full American blend of class actions, contingency fees, the loser not having to pay the winner’s costs and personal injury lawyers contributing to the election funds of judges (as well as politicians) seeking election. The Public Affairs/ Legal link can be very effective, but often needs a strong counter-balance from the corporate communications/PR function. What may be legal may not be acceptable and could even be counter-productive: in one high-profile case which interested consumer groups, national governments and the European institutions, a prominent US-owned company was told by the British government’s Monopolies and Mergers Commission that what it had done in its then main European market “was not against the law but was against the public interest”, and the British government and the EU then proceeded to tighten the laws that the company had used to justify its behaviour. In the international companies in which I have held senior Public Affairs positions, co-operation between my department and Legal worked very well and was based on the principle “until it becomes law it is our responsibility and when it does it is yours, but let us exchange views all the time.” In all companies the Legal department also has a special interest in some issues of concern to the EU and national governments, including company law, competition policy, intellectual property rights and other areas of importance to business. In the same way Sales and Marketing people have to be aware of and involved in consumer protection issues, Human Resources departments in employment and health & safety issues, and so on. It appears that inter-departmental co-operation on public affairs issues and the public affairs aspects of major projects is more important than ever in today’s slimmed-down, ‘right-sized’ businesses, where there are often barely enough people to run the day-to-day core business. This is one reason why I no longer just offer consulting and interim management services in my own specialities of communications, public affairs and issues management: through my ‘network company’ Prosequence we can also call on the consulting and interim services of other specialists to help clients solve complex business issues and plan and deliver strategic change. Corporate communications and public affairs I suspect that today’s world of instant global communication will lead more and more companies to go for ever-closer links between the Public Affairs and Corporate Communications functions. Sometimes it is even best to approach it from the perspective of corporate communications and relations. For example: Corporate communications 4 internal 4 external 4 governments, NGOs etc 4 media 4 corporate 4 financial 4 CSR, reputation etc 4 product, brand etc However numerous benchmarking studies have shown that in ‘best practice’ companies – especially those undergoing change (and who isn \'t!) – the key relationship for the Public Affairs and Corporate Communications functions is with the Chief Executive. There are several reasons: the potential strategic significance of changes in the business environment for the company as a whole and for different parts of it the need for consistent messages across the organisation internally, in its key business relationships and matching behaviour, as mentioned earlier communication with top levels of government and the EU are more credible if made by the business decision-makers rather than staffers. (This applies at national level as well as European, and so I have usually advocated a twin reporting line for national Public Affairs people – to the national CEO and to the European Public Affairs office.) following the corporate collapses and scandals of recent years, good corporate governance increasingly requires management to be able to demonstrate that they are monitoring and managing non-financial risk as well as financial risk: reputational risk, business probity, environment, labour practices and so on. In today’s world, failure to do so can rapidly destroy shareholder value as well as employment, pension values and any positive contribution that the company made to the countries and communities where it operated. All this is ‘core public affairs territory’, except in those companies where “Public Affairs” still only means lobbying. How the function is organised – and what outside assistance may be needed, if any – varies from organisation to organisation, and indeed from country to country. In a dynamic business environment the most appropriate solutions for each organisation can change, and companies, NGOs and consultants can all learn from each others’ experiences. In this context, it is interesting to note that the European Centre for Public Affairs (ECPA) has in recent years extended its membership to include all three groups, as well as academics and some Commission officials. In the best practice organisations, Public Affairs has grown in importance and will doubtless continue to do so, and more and more people are – in one way or another – looking to understand and influence the economic, social and regulatory context in which business operates and seeking to minimise risks and gain competitive advantage, wherever possible. That is what most of us understand by Public Affairs and change. The more change there is, the more Public Affairs expertise is needed. Andrew A. Napier [ aanapier.com ] printer friendly version andrew@aanapier.com aanapier@prosequence.co.uk issues management www.aanapier.com www.psq-enablers.com organising corporate communications ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",35);arrFiles[10]=new Array(11,"http://www.aanapier.com/favicon.ico","4 Mar 2004","favicon.ico","","","",1);arrFiles[11]=new Array(12,"http://www.aanapier.com/fivb-sportsmoney.html","11 Mar 2008","Andrew A. Napier consulting - sports money for sport","olympic, sports, volleyball, international sports federations, ethics, sponsorship, ruben, acosta, ioc, intrnational olympic committee, seppey, andrew napier, fivb, international volleyball federation, beach volleyball, transparent, marketing agencies, c","Andrew Napier prepared the publication  Sports Money for Sport  for the International Volleyball Federation (FIVB), the world governing body for volleyball and beach volleyball - with 218 affiliated national federations and 35 million registered players ","aanapier.com services & publications: Sports Money for Sport The publication  \'Sports Money for Sport \' was prepared in April 2004 for the International Volleyball Federation (FIVB), the world governing body for volleyball and beach volleyball - with 218 affiliated national federations and 35 million registered players. There has been coverage in the media of a new principle proposed by the International Olympic Committee \'s Ethics Commission that sports money should go to sport. Some in the IOC have tried to use this principle to criticise the FIVB - one of the richest international sports federations - for allowing its Members to charge a commission of up to 10% on new sources of finance that they find for the sport. The FIVB President, Dr Ruben Acosta, emphasises that his federation is a good example of the principle, spending each year over 80% of the substantial funds that they raise through television and marketing contracts to develop and fund the Olympic sports of Volleyball and Beach Volleyball for the benefit of its many players, officials and supporters. The FIVB President Dr Ruben Acosta at the 2004 FIVB World Congress The FIVB \'s then General Manager spells out plans for the future success of volleyball and beach volleyball, and an independent expert looks at the different ways that sports federations fund their activities. Unlike most other international sports federations, the FIVB has for many years preferred not to use marketing agencies to find and negotiate new sources of finance from sponsorship and marketing contracts - for which the agencies generally charge commissions of between 25% and 40%. Furthermore the FIVB publication openly and transparently states the commissions paid and forecasted to be paid - so as to show the net totals budgeted to go to sport. Sports Money for Sport (pdf 1.7 mb) ¦ FIVB website ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",17);arrFiles[12]=new Array(14,"http://www.aanapier.com/how.html","5 Oct 2008","aanapier.com - how we can help","andrew napier, aanapier, communications, issues management, consulting, prosequence, interim director, interim executive, andrew a napier, facilitating change, business solutions, communication strategy, strategic change","Andrew Napier s communications & issues management consulting provides a flexible service adapted to clients  specific requirements and resources and can involve a number of different roles, such as: consultant or adviser, project leader or facilitat","aanapier.com how we can help Andrew Napier provides flexible consulting and interim management services adapted to clients \' requirements and resources - and can involve different roles: Our comprehensive approach to communication strategy and corporate affairs covers: positioning, corporate values, vision & key messages strategic communications tactics & timing target audiences (external & internal communications) media relations corporate culture & identity communications technology monitoring and feedback impact analysis resource planning training project management issues management services consultant, adviser, trainer project leader or facilitator interim executive additional expert resource - a member of the team His international management and consulting experience covers communication strategy, issues management, corporate affairs and strategic change. He is also founding director of Prosequence , a business solutions company providing a unique blend of diagnostic, consulting and interim executive services to help clients solve complex business issues, plan and deliver key business projects and facilitate change. Thanks to a strategic alliance with Group Partners Ltd (GPL), Prosequence also uses leading-edge techniques, software and systems to deliver tailor-made business solutions mapped to the optimal business model to meet clients \' objectives. home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",27);arrFiles[13]=new Array(15,"http://www.aanapier.com/how2.html","5 Oct 2008","aanapier.com - how we can help: enabling change","andrew napier, aanapier, prosequence, enabling change, enabler, facilitating change, resource planning, strategic change, step change","working through Prosequence, Andrew Napier conuslting can provide the expertise, the  roadmap  and any additional resources required to plan and facilitate change effectively and speedily at critical times","aanapier.com how we can help - enabling change: planning, resourcing, facilitating Working through our network company Prosequence we can provide the expertise, the  \'roadmap \' and any additional resources required to plan and facilitate strategic change at critical times, such as: Facilitating change solving complex business issues enabling change resource planning communication strategy corporate values & culture business development issues management audits connected business solutions Prosequence - business solutions for strategic change Our comprehensive approach to communication strategy and corporate affairs covers: positioning, corporate values, vision & key messages tactics & timing strategic communications media relations corporate culture & identity stakeholder dialogue target audiences (external & internal communications) communications technology monitoring and feedback impact analysis resource planning training project management issues management start-ups and new business ventures mergers, acquisitions, joint ventures entering new markets divestments and restructuring step change Enabling solutions cover the functions, people, processes, systems, communications, budgets and optimal timeframes to deliver the required results. Prosequence - business solutions for strategic change (pdf) home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",24);arrFiles[14]=new Array(16,"http://www.aanapier.com/hwp_audit.htm","10 Sep 2008","Issues management audits - how well prepared are you?","preparedness audit, corporate healthcheck, issues management, anticipating risks, managing risks, anticipating and managing risks, corporate healthcheck, regulatory risk, prosequence, crisis management","aanapier.com - Preparedness Audits (offered through Prosequence) are designed to help organisations to establish How Well Prepared they are to anticipate and manage the risks and opportunities arising from new external challenges and critical external de","aanapier.com servces: anticipating and managing risks and opportunities The best-laid plans can be thrown off course by unexpected events ... But some organisations are better prepared than others to handle challenges ... Investors recognise this: effective risk management (including non-financial risk) is now considered part of good corporate governance. Our Issues Management Audits are designed to help organisations to establish how well prepared they are to anticipate and manage the risks and opportunities arising from external challenges and changes in the business environment. These audits are a form of corporate healthcheck and are particularly useful for companies exposed to risks from external issues - such as health, safety or environmental concerns - that could : improve your ability to manage future crises threaten the business influence the achievability of current plans We also help clients with crisis management. This includes helping them to improve their capability to manage future crises and respond to external challenges. or even create new opportunities which competitors may be better prepared to exploit. more ... enabling best practice issues management is one of the services offered by aanapier.com and our network company Prosequence , through which we can also provide additional cross-functional expertise and ad hoc resources ^^ to top issues management home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",19);arrFiles[15]=new Array(17,"http://www.aanapier.com/hwp_audit2.html","6 Oct 2008","Issues management audits - how well prepared are you?","preparedness audit, corporate healthcheck, issues management, anticipating risks, managing risks, anticipating and managing risks, corporate healthcheck, regulatory risk, prosequence","aanapier.com - Preparedness Audits (offered through Prosequence) are designed to help organisations to establish How Well Prepared they are to anticipate and manage the risks and opportunities arising from new external challenges and critical external de","aanapier.com services & publications: How we audit key issues and how well prepared the organisation is to manage them Understanding the potential impact of external factors such as environmental, economic, social, political and regulatory issues on different parts of their operations makes it easier for organisations to reduce risk, capitalise on opportunities and secure competitive advantage. We help you to develop a modus operandi appropriate to your organisation to identify the most important issues and assess them against all the key business functions and your plans and strategic options. Two analytical tools that we have found useful to prioritise issues and enhance organisations \' chances of successfully managing such challenges are: the SIRI Analysis (covering the potential importance of the issues for the business) and the RCI Analysis (covering organisational responsibilities ) SIRI Analysis (Specificity - Impact - Response - Integration): S pecificity: what are the issues and potential challenges? are they specific to the organisation? do they also affect others in the industry? I mpact: extent of (potential) impact for the organisation are the issues interactive, contextual or general how to measure and prioritise? how could the organisation be affected (risks/ opportunities)? can the organisation \'s actions increase/ decrease the impact? R esponse: action - what is the organisation doing today on these issues? which parts of the organisation should be involved in deciding what to do about these issues? ( RCI Analysis - Responsible - Consulted - Informed ) who is R esponsible ? who needs to be C onsulted ? who else needs to be kept I nformed ? how would the organisation respond to critical developments? management processes policies and positions I ntegration: which existing management/ planning systems cover such issues? Strategic planning? Risk management and mitigation? what impact on day-to-day business responsibilities? are future solutions constrained by today \'s actions, positions or statements? what needs changing today? Enabling best practice issues management is one of the services offered by aanapier.com and our network company Prosequence , through which we can also provide additional cross-functional expertise and ad hoc resources as needed ^^ to top issues management issues prioritisation home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",20);arrFiles[16]=new Array(18,"http://www.aanapier.com/imz_pr6.htm","7 Jun 2007","strategic alliance with Group Partners","intramezzo, andrew napier, private equity, group partners, john caswell, pfm, contextual mapping, pvm, progressive value management, solutions, interim management, business solutions","Intramezzo has formed a strategic alliance with Group Partners to help clients rapidly re-focus and re-energise their operations, agree strategy and solutions, and make change happen","note: this strategic alliance has been transferred from Intramezzo to Prosequence Ltd Intramezzo teams up with Group Partners to deliver business solutions (London, April 2003) Intramezzo Ltd has formed a strategic alliance with Group Partners Ltd to help clients rapidly solve complex business issues, focus and re-energise their operations, agree strategy and solutions, and make change happen. Through this strategic alliance we can help clients get a quicker view of the big picture and make change happen - fast, says Intramezzo founding director Andrew Napier. Group Partners has a unique way of helping organisations to agree strategy and solutions, and Intramezzo has developed a unique way of making change happen. Together we use GPL \'s unique full 360 degree visualisation process to help clients rapidly see complex business issues in context across their organisations, agree what business solutions and strategic initiatives to take, and get rapid access to additional expertise and hands-on executive services across all business functions, as needed, to plan and deliver strategic projects, he adds. GPL, founded by John Caswell, is a new kind of change management and business solution consultancy, which calls on a network of partners and experts to help clients resolve countless issues fast, link all parts of the business to the solutions and accelerate value creation. Its proven approach - including Contextual Mapping, Progressive Framework Methodology (PFM) and Progressive Value Management (PVM) - has been successfully used by some 400 clients, including multinationals, government departments and agencies and small and medium-sized enterprises. Our approach is  \'agenda-neutral \' and  \'solution-neutral \', says John Caswell. We help the client to create and refine their own agenda and the most appropriate solutions for them. We use the client \'s own resources wherever possible to create a commonly-shared energy and belief. This in turn can dramatically increase the likelihood of success in the delivery of change. Interventions are usually with top teams drawn from across the enterpris e, as the causes of problems are often found to be enterprise-wide and will not be resolved by the vertical nature of divisional responsibility. The key elements of the GPL approach are: PFM is the overall business consulting methodology undertaken over four main phases: discovery, development, decision and deployment. This liberates understanding of what the real issues are. Contextual Maps (Frameworks) are created at each phase, initially drawn live in most circumstances to  \'trap \' the insights, collect the intelligence of the enterprise, establish linkages and ensure that the logic, implications and consequences of the linkages of which are agreed and fully understood by all Real-time digital frameworks against the teams \' templates upon which we then deploy PVM to manage the projects. A London-based executive support group offering  \'solutions at critical times \', Intramezzo has strategic relationships with other specialists that give access to highly qualified professionals across all business functions. Intramezzo solutions are delivered by a core team of directors - with wide-ranging senior level experience (in-house, consulting and interim management) - and a network of executives and specialists working with the company on an assignment-specific basis. Further information: Andrew A Napier tel: +44-20-7520 9295 fax: +44-20-7681 1396 andrew@aanapier.com ",7);arrFiles[17]=new Array(19,"http://www.aanapier.com/index.html","16 Dec 2009","Andrew A Napier consulting - communications and issues management","aanapier, Andrew Napier, Prosequence, communication strategy, consulting, corporate communications, communications, crisis management, issues management, corporate affairs, CSR, corporate brand, anticipating risk, prosequence, business solutions, interim","communications strategy and issues management consulting to help clients to secure commitment to change, communicate strategically with all stakeholders, manage corporate reputation and culture, anticipate risk and manage new external challenges - and Pr","Prosequence Ltd communication strategy consulting corporate communications and PR issues management public affairs crisis management corporate affairs corporate branding and culture change [ click to enter ] updated: 16 December 2009 business consultancy & interim management connected business solutions for strategic change: making change happen solving complex business challenges streamlining and re-focussing planning & delivering strategic projects ... across all business functions [ click to enter ] Prosequence Ltd, www.prosequence.co.uk ",10);arrFiles[18]=new Array(20,"http://www.aanapier.com/index1.html","16 Dec 2009","aanapier.com - communications and issues management","andrew napier, aanapier, communications, consulting, issues management, integrated communications, stakeholders, issues management, corporate affairs, communication strategy, andrew a napier, ventures, aanapier.com, prosequence, reputation, crisis manage","communications and issues management consulting to help clients to secure commitment to change, communicate strategically with all stakeholders, anticipate risk and manage new external challenges","aanapier.com _homepage last updated: 16 December 2009 Andrew A. Napier consulting communications : issues management : change management finding solutions | adding value services Our comprehensive approach to communication strategy and corporate affairs covers: positioning, corporate values, vision & key messages strategic communications tactics & timing target audiences (external & internal communications) media relations corporate culture & identity communications technology monitoring and feedback impact analysis resource planning training project management issues management aanapier.com www.prosequence.co.uk affiliated to Prosequence Ltd home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",25);arrFiles[19]=new Array(21,"http://www.aanapier.com/index2.html","5 Oct 2008","aanapier.com - communications and issues management","andrew napier, aanapier, consulting, communication, communications, issues management, corporate governance, integrated communication, stakeholders, aanapier.com, issues management, andrew a napier, communication strategy","aanapier.com - Andrew A. Napier - communications & issues management consulting - helping clients to secure commitment to change, communicate strategically with all stakeholders, anticipate risk and manage new external challenges","aanapier.com Andrew A. Napier consulting communications : issues management : change management finding solutions | adding value services Our comprehensive approach to communication strategy and corporate affairs covers: positioning, corporate values, vision & key messages strategic communications tactics & timing target audiences (external & internal communications) media relations corporate culture & identity communications technology monitoring and feedback impact analysis resource planning training project management issues management aanapier.com www.prosequence.co.uk affiliated to Prosequence Ltd home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",24);arrFiles[20]=new Array(22,"http://www.aanapier.com/issues-anim.html","25 Apr 2008","Andrew A. Napier consulting - issues management","issues management, communication strategy consulting, andrew napier, communicaiton strategy, andrew a napier, aanapier","","aanapier.com services & publications: Enabling best practice issues management is one of the services offered by aanapier.com and our network company Prosequence , through which we can provide the cross-functional expertise and any ad hoc resources needed to help clients plan and deliver strategic change ¦ 4 issues management (pdf leaflet) home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",14);arrFiles[21]=new Array(23,"http://www.aanapier.com/issues-audit.html","2 Jul 2008","Andrew A. Napier consulting - issues management audits","issues management, risk, corporate governance, communicaiton strategy, mobile phone, health issues, strategy, Issues management, aanapier, issues management audits, envirnoment, external challenges, corporate health check, business probity, activists, re","","aanapier.com services: Issues Management Audits Following the corporate collapses and scandals of recent years, good corporate governance increasingly requires management to be able to demonstrate that they are monitoring and managing non-financial risk as well as financial risk. In today’s world, failure to manage issues such as reputational risk, business probity, health & safety and environmental concerns can rapidly destroy shareholder value as well as employment, pension values and any positive contribution that the company made to the countries and communities where it operates. Our issues management audits are designed to help clients see how well prepared they are to respond to the risks and opportunities arising from external challenges - and to determine: which external issues are likely to have an impact on strategy and plans - and how - and the extent to which these issues can be influenced or mitigated the organisation \'s capacity to anticipate and manage the risks and opportunities what is being done or said today that could make it easier (or harder) to manage future challenges how current systems and management processes compare with best practice A form of  \'corporate health check \', issues management audits are particularly useful when reputational risks and stakeholder challenges could threaten business, influence the achievability of plans or even create new opportunities which competitors could be better prepared to exploit. Such issues could include health & safety, environmental impact, labour practices, business probity or challenges by acitivists. As well as assessing the potential importance of the issues for the business, the audits can also pinpoint the optimum organisational responsibilities for handling the issues. more ... with a view to helping clients to integrate any strategically significant external issues into their risk management and strategic planning systems. issues management Issues Management comes of age (article) corporate reputation, risk & governance Corporate Communications and Public Affairs (published) issues prioritisation ^^ to top Enabling best practice issues management is one of the services offered by aanapier.com and our network company Prosequence , through which we can also call on the services of specialists from other disciplines when needed. home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",19);arrFiles[22]=new Array(24,"http://www.aanapier.com/issues.html","6 Oct 2008","Andrew A. Napier consulting - issues management","issues management, risk, risks opportunities, public affairs, corporate governance, communicaiton strategy, mobile phone, health issues, strategy, consulting, Issues management, Andrew A. Napier, Andrew Napier","","aanapier.com services: Issues Management - for good governance in a changing world Understanding the potential impact of external factors such as environmental, economic, social, political and regulatory issues on different parts of their operations makes it easier for organisations to reduce risk, capitalise on opportunities and secure competitive advantage. In the best-practice companies the real bottom-line benefit from  \'issues management \' - and not just issues communication - is strategic: it is a key factor in their ability to achieve their corporate strategy, objectives and plans. By internalising such issues and adapting to challenges these companies become more sustainable and improve both their results and prospects.  \'Issues management \' is one of the consulting services we offer. Over the years, the term  \'issues management \' has been used more to cover the monitoring, lobbying and other external communications offered by public affairs agencies.  \'Crisis management \' is also sometimes involved. Our consulting covers all this, as well as helping clients to integrate any strategically significant external issues into their risk management and strategic planning systems. After the corporate collapses and scandals of recent years, it is a sign of good corporate governance to be able to demonstrate that one has the systems and reporting mechanisms in place to avoid being caught unawares and to manage non-financial risk, as well as financial risk. Effective  \'issues management \' should be about what organisations do, and not just about what they say. Our advisory, benchmarking and interim executive services can help clients manage issues in ways that add real value. setting priorities issues audits issues management (pdf) Public Affairs and corporate communications (article) ^^ to top organising corporate communications Enabling best practice issues management is one of the services offered by aanapier.com and Prosequence , our network company through which we can provide additional cross-functional expertise, interim management and other ad hoc resources as needed. home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",18);arrFiles[23]=new Array(25,"http://www.aanapier.com/issues20.html","11 Mar 2008","Andrew A. Napier consulting - issues management","issues management, communication strategy consulting, andrew napier, risk, risks opportunities, public affairs, corporate governance, communicaiton strategy, mobile phone, health issues, DVT, deep vein thrombosis, strategy, how well prepared, opinion lea","","aanapier.com services & publications: article: 20 years on - Issues Management comes of age by Andrew A. Napier [ aanapier.com ] I first came across the term issues management some 20 years ago, when a consultancy helped me to set up an issues management system for the Middle East & Africa region of a multinational that I was working for at the time I was then the company \'s first public affairs manager in Europe, and we had a string of PR and public affairs agencies working for us round the region. Alongside the agencies, one consultancy helped us design a system and processes which enabled us to direct the agencies \' monitoring of public policy and key external issues, and also to ensure that management was properly informed about those external issues that could affect the business and the most appropriate executives were involved in deciding what to do about it. Over the years since then, the term issues management has been used more to cover the monitoring, lobbying and other external affairs communications offered by public affairs agencies. Arguably crisis management now also covers much of what we were pioneering. Now 20 years on - after a variety of international corporate jobs - issues management is one of the services that I now offer independently, as part of my communication strategy consulting. top management perspective So what is issues management? To a certain extent it depends who you are talking to. When talking to top management I have found that it helps to stress the value of issues management as being to help achieve four main objectives: to understand the potential impact of external issues on different parts of the company, in terms of risks and opportunities, and the implications for strategy, business plans and operations to adjust strategy, plans and processes accordingly to develop  \'need-to-know \' monitoring, analysis and reporting to develop and communicate company positions and responses, both to influence external developments and to keep their own people informed. This can involve setting up internal and external processes and networks, as well as effective internal and external communication programmes. Under this scenario, the first steps are to establish how well prepared the organisation is to manage critical external developments and new external challenges, and to identify the strategic and operational changes that may be required to ensure long term success and - in some cases - survival. Good monitoring and reporting systems and effective communications programmes are important parts of issues management, but - under this definition - they are not issues management per se. An even more sophisticated view of issues management was adopted by a major British multinational that I have worked for: the directors believed that all functions or departments had to manage external issues to a greater or lesser extent as part of their normal remit, so we defined issues management as co-ordinating and facilitating the management of issues that crossed more than one function or department. All issues management systems require some monitoring of the business environment.  \'Raw \' monitoring has become easier (and much cheaper) over the years, and there are now many more public affairs and communications specialists to help companies - and pressure groups - with monitoring, lobbying, media relations, influencing opinion leaders and other corporate communications. Issues management systems also require issues to be prioritised on the basis of their potential impact and processes to enable organisations to decide what to do about which issue. what organisations do, and not just what they say The extra value that a management consultancy approach can bring is in strategy and policy development, and designing processes to enable clients to anticipate and manage the risks and opportunities arising from external issues. Anticipating and managing business risk - non-financial as well as financial - is nowadays recognized as part of good corporate governance, not least because what appears to be  \'non-financial \' today can sometimes hit the bottom line hard tomorrow. The impact of genetically modified (GM) food issues is an obvious recent example. The same could happen to the mobile phone industry if the claimed health issues get out of hand. The issues need very careful management: it seems that the science has so far not confirmed people \'s fears, but the number of court cases and restrictions seems to be increasing. A similar mix of scientific uncertainty and consumer concerns about potentially life-threatening conditions presents one of many serious challenges to today \'s major airlines. There is anecdotal evidence and some scientific research linking deep vein thrombosis (DVT) and other health risks to long-haul flights, and personal injury lawyers in different countries are already launching multi-million dollar court cases in this area too. Such issues all need careful handling: today \'s actions and reactions can aggravate tomorrow \'s problems, as the tobacco industry learned to it cost. communications technology Thanks to advances in communications technology, NGOs, civil society pressure groups and activists have become much more effective. Moder telecommunications have also opened up new opportunities for companies - and governments - to manage and communicate more efficiently on issues, both within their organisations and externally. The internet - and particularly intranets and extranets - are increasingly being used for the inter-active development of positions and plans. Many leading organisations now use the internet to handle enquiries and let the world know where they stand on issues. The new technology also enables a better and broader management awareness of critical issues and more active manager participation in the process. In a way, issues management has come of age, at least in the best-practice organisations and companies. It could be argued that the real bottom-line benefit from issues management - and not just issues communication - is that it enables companies and organisations to support and, when necessary, proactively adapt their strategies, plans and operations. This in turn can enhance their ability to capitalise on opportunities, reduce risk and secure competitive advantage. In short, effective issues management is about what organisations do, and not just about what they say. August 2001 ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",21);arrFiles[24]=new Array(26,"http://www.aanapier.com/itnet.html","15 Oct 2009","aanapier.com - IT and internet-based communications","communication, communication strategy, IT, information technology, internet-based communications, web-based communications, issues management, public affairs, copy-writing, networking, collaboration, internal communications, Adobe GoLive, integrated comm","","aanapier.com services: IT and internet-based communications Telecommunications and information technology have revolutionised corporate communications - in terms of speed, flexibility, inter-activity, reach, cost. Facts, images, news and opinions from an infinite number of sources can be instantly availalble - all of which increase the pressures for a consistent, proactive, strategic approach to corporate communciations. Advances in telecommunications have made possible the instantaneous global communication of facts, images, opinions and news - including inaccurate and harmful stories, as well as things that people may not have wished to become public - and has increased the importance of corporate communications. Effective use of digital media in external and internal corporate communications - as well as in other business functions and processes - can have a far-reaching impact on competitive positioning and reputation. The interactive possibilities of web 2.0 have also enabled more efficient and cost-effective management of public policy and other business-critical issues, and revolutionised public affairs in  \'best-practice \' companies, stakeholder groups, NGOs and other organisations. We advise on communication strategy and techniques for web-based communications, as well as providing content and copy-writing services . We work with IT communications technology specialists providing instant multi-media alerts to a choice of devices and Live TV over the internet. We have also set up and facilitated web based networking and collaboration in a virtual organisation For small businesses and start-ups we also provide streamlined web-design and updating services. We use Adobe GoLive, InDesign, Photoshop, ImageReady, Acrobat and Illustrator, as well as MS Office suite examples: River Blackwater Valley Prosequence IT and issues management/ public affairs (published article) Integrated communication programmes website for local campaign group ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",18);arrFiles[25]=new Array(27,"http://www.aanapier.com/it_issuesmgt.htm","1 Aug 2008","Andrew A. Napier consulting - IT and public affairs","andrew napier, andrew a napier, prosequence, solutions, critical times, aanapier, IT, information technology, internet, issues management, public affairs, ngos, probity, transparency, consulting, interim executive, interim, brent spar, greenpeace, vnr, v","aanapier.com - communication strategy - advances in information technology over the last decade have not only enabled more efficient and cost-effective management of important external, political and other business-critical issues, but arguably have also","aanapier.com services & publications: Information technology and issues management/ public affairs [article published in The Public Affairs Newsletter , October 2002] by Andrew A. Napier (London, September 2002) Advances in IT over the last decade have not only enabled more efficient and cost-effective management of important external, political and other business-critical issues, but arguably have also revolutionised public affairs, at least in the  \'best practice \' companies and organisations. In the mid-1990s many public affairs practitioners got a wake-up call when they realised that TV networks were happy to use the highly professional VNRs (video news releases) offered by campaign groups like Greenpeace to further causes such as preventing the planned disposal of the Brent Spar oil rig. Public opinion and political support could be quickly galvanised against target companies, which had often been carefully working through its options with government. Companies and organisations have always used whatever technology can be justified to deliver results more efficiently and cost-effectively - but the rapid changes in communication technology, especially the internet, have rewritten the rules. Above all, advances in IT offer the opportunity for  \'best practice \' companies (and NGOs) to gain a competitive advantage in each of the stages of issues management: Monitoring and forecasting Impact analysis Prioritisation Action (internal and external) Governments - at all levels - have also been able to change the way they communicate amongst themselves and with interested parties. Of all the impacts that IT and the internet have been having on public affairs, I believe that there are three that have led to a greater professionalisation of the profession: first, greater use of internet-based communications by all parties in the influence-chain (NGOs, business, media, governments etc) has increased the potential instantaneity, global reach and impact of the issues - and thus increased the need for management and public affairs practitioners to be more alert to the potential importance of many external issues second, raw information and basic research costs nothing in the internet age, extra resources can only be justified for filtering, impact analysis and other value-added services third, NGOs, affinity groups and single-interest campaigners can mount powerful, global challenges relatively cheaply This third phenomenon has led to a bewildering array of campaigns - in many cases the NGOs have much larger campaigning budgets and resources than the corporations that they target, and they can run many hard-hitting campaigns at once. The first phenomenon - the spread and instantaneity of communication - has arguably had further impacts on the conduct of public affairs and corporate communications, by increasing the need for: transparency and consistency instant, focused, relevant information for one \'s own people greater awareness of reputational risk (including probity, trust, consumer, social and environmental performance etc) simple, easily understandable messages inter-active systems and solutions Also communicating on issues is no longer the preserve of public affairs professionals - if it ever was. A key role now is briefing and communications training for top executives on key issues. As often reported in the media, some of the largest campaigns - especially the anti-globalisation mega-protests - have been set up using mainly mobile phones and the internet. Recent benchmarking exercises have shown that  \'best practice \' issues management now often uses the full gamut of information technology: e-mail, websites and voice & data telecoms - for instant communication intranets, extranets, messaging etc - for interactive development and communication of positions and action on issues PDAs, laptops and IT-rich mobile phones - as media for the above VNRs, webcasts, video-streaming and video-conferencing - for specific programmes Furthermore the best issues management is fully integrated into the management systems and processes of the company or organisation concerned, and is thus integrated into the key enterprise IT systems. For example, prioritisation of issues may be decided in relation to core-measurables such as bottom-line impact, strategic (and competitive) potential and ability to influence. As the technology develops, so may public affairs: forward communication planning may also need to take account of the future infrastructure development, such as: mobile telephony: the addition of GPRS and 3G to GSM wireless networks and collaborative software the convergence of broadcasting, mobile telephony and interactive TV (and maybe also of networks, if some of the early work on 4G is confirmed) As mentioned earlier, one of the principal challenges for the public affairs practitioner is that everyone else in the influence-chain has greater or lesser access to the same technology - and every one may arguably be trying to influence all the others on issues of importance to them: NGOs, activists, campaigners, theme-based affinity groups the media opinion leaders companies and other organisations all stakeholders - including consumers and business partners business/industry/trade associations governments (officials, committees and political) at all levels: community/regional national geographic/regional intergovernmental (e.g. EU, NAFTA, Mercosur etc), global/ intergovernmental (UN, WTO, OECD etc) Plotting one \'s way through this Babel of inter-linked communications and devising systems to manage them in the interests of your company, organisation or client is not for the faint-hearted. In today \'s communications-rich world, effective issues management also requires a broad perspective on business and its interactions with society, and an awareness of the possibilities offered by advances in information technology, which impacts on all of the above. enabling best practice issues management is one of the services offered by aanapier.com and Prosequence who can also provide the cross-functional expertise and ad hoc resources needed to upgrade your organisation \'s performance - our services include internet based communications ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",22);arrFiles[26]=new Array(28,"http://www.aanapier.com/links.html","15 Jul 2008","aanapier.com - corporate governance and CSR","andrew napier, aanapier, consulting, communication strategy consulting, corporate governance, higgs, sarbanes-oxley, corporate social responsibility, un global compact, oecd guidelines, multinatrional, cibam, ecpa, judge institute, cambridge, icc, intern","aanapier.com - inks to sites covering corporate governance, codes of conduct and corporate social responsibility","aanapier.com l in ks to sites on corporate governance, codes of conduct and corporate social responsibility: EU Company Law & Corporate Governance and EU Accounts Modernisation Directive EU European Transparency Initiative (ETI) - to increase openness and accessibility of EU institutions, raise awareness over the use of the EU budget and make the Union’s institutions more accountable to the public - EU Commission Siim Kallas \' website EU - civil society dialogue - European Commission’s framework of consultation and dialogue with civil society and other interested parties the EU and corporate social responsibility - CSR - a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis and contributing to sustainable development while enhancing Europe’s innovative potential and competitiveness EU Strategy 2007-2012 on health & safety at work - for both economic and human reasons ... prominent on the EU policy agenda UK - Combined Code - UK Financial Reporting Council - Combined Code (including Higgs Report & Turnbull guidance) - July 2003 UK - ICAEW corporate governance links Risk and corporate governance: Turnbull Report - The UK Stock Exchange accepted the Turnbull recommendations to i nclude health, safety and environmental, reputation and business probity issues among the risks to be identified and assessed on an ongoing basis, as part of good corporate governance Germany - Corporate Governance Code - making Germany \'s corporate governance rules transparent for both national and international investorsand addressing issues - especially from the international community - leveled against German corporate governance USA - SEC (Securities & Exchange Commission) for information about the Sarbanes-Oxley corporate governance requirements - SEC views on future of SOX -and analysis by NIRI OECD corporate governance principles and steering group on corporate governance OECD Guidelines for Multinational Enterprises OECD sustainable development initiatives World Bank - The World Bank \'s assessments of corporate governance institutional frameworks and practices across five continents EBRD Guidelines - the EBRD (European Bank for Reconstruction and Development) guidelines for  \'sound business standards and corporate practices EBRD Environmental & Social Policy - the EBRD expects clients to assess and manage the environmental and social issues associated with their projects, so that they meet good international practice for sustainable development. UN Global Compact +  \'partners in civil society \' CorpWatch - holding corporations accountable International Corporate Governance Network - (ICGN) its 250 members represent investment organizations and corporations from 20 nations with 12 trillion under management PIRC Corporate Governance Service - UK independent research and advisory consultancy providing services to institutional investors on corporate governance and corporate social responsibility Centre for Corporate Governance (Sydney) - engaged in major research projects with industrial and professional partners - see also The Changing Roles and Responsibilities of Company Boards and Directors The Corporate Library (international corporate governance research - Nell Minnow) Corporate Governance NETwork - news, links and commnetary links to sites covering public affairs, issues management & international business: Centre for International Business & Management (CIBAM) -The Judge Business School, Cambridge University The Cambridge Network - Cambridge ideas change the world The Institute of Interim Management (IIM) - for best practice in interim management in the UK and internationally European Centre for Public Affairs (ECPA) tomspencer.info (Tom Spencer \'s speeches & articles on public affairs & public policy) The Public Affairs Council - Washington The International Chamber of Commerce (ICC) ",22);arrFiles[27]=new Array(29,"http://www.aanapier.com/notenough.html","1 Aug 2008","Andrew A Napier communications and issues management consulting - article in Public Affairs Newsletter","aanapier.com, andrew a napier, anticipate risks, communications, manage risk, communication strategy, communication strategy consulting, brent Spar, personal injury, consumer protection, no logo, naomi klein, silent takeover, noreena hertz, anti-globalis","communications and issues management - companies need more than good marketing, PR and government relations if they are to survive serious stakeholder challenges - the 1990s produced many examples of how companies can have a strong brand with outstanding","aanapier.com services & publications: good marketing, PR and government relations are not enough [article published in The Public Affairs Newsletter , July/August 2002] by Andrew A. Napier communications & issues management consulting The 1990s produced many examples of how companies can have a strong brand, outstanding marketing and product PR and excellent government relations, and secure government support for their positions and plans, but still it can all go horribly wrong. Some of the most highly-publicised examples: 1990: one of the world \'s strongest brands, McDonald \'s served libel writs on environmental activists for a leaflet What \'s wrong with McDonald \'s? - by common consent the damage to the company \'s reputation by the campaigns against the seven-year legal action far outweighed any legal redress 1995: the British government agreed with Shell \'s plans to dispose of the Brent Spar oil rig, but Greenpeace won 1996: another of the world \'s strongest brands, Nike, was first attacked by workers \' rights and human rights groups for the conditions in the factories producing Nike-branded goods 1997/8: governments generally approved the food industry \'s use of genetically modified (GM) food, but in Europe especially a concerted campaign by environmentalists and consumer groups was so successful that GM-free became a marketing advantage ongoing - pharmaceutical companies are required by law to test their products extensively before they can be launched, but some animal rights activists are prepared to take extreme measures to prevent any animal research It now seems that the stronger the brand, the more attractive a target the brand-owner could be. (See No Logo by Naomi Klein, and The Silent Takeover by Noreena Hertz.) The coalescence of various protest and activist groups into the  \'anti-globalisation \' movement of recent years - and the fallout from the terrorist attacks of September 11 in the USA - are having a profound effect on public affairs. How an organisation reacts when first attacked will affect the outcome - if the attacks are thought to be wrong or unjustified, one may be tempted to ignore them, dismiss them or attack the people making the attacks. (This can often backfire badly and be counter-productive.) Alternatively, one may try dialogue, try to negotiate codes of conduct, try to win over hearts and minds through the media, try direct contact with various stakeholders, and other approaches. There are examples of success and failure for each tactic. As in all examples of good crisis management, the most successful are usually those who are best prepared. With hindsight one often sees that the unexpected could have been anticipated. The above examples mostly concern corporate behaviour. There are other reputational issues that stem more directly from the products themselves. Product liability, personal injury and other consumer protection lawsuits pose particular challenges, and accompanying publicity can seriously affect corporate reputations. It is not enough to have a strong legal case and strong supporting evidence: you can win the legal battles and still lose the PR war. It is now becoming widely accepted that good corporate reputation has a value and - along with health, safety and environmental and business probity issues - is among the risks that should be identified and assessed on an ongoing basis, as part of good corporate governance. One of the key services provided by aanapier.com (communications and issues management) and Prosequence (business solutions) is to help organisations to establish How Well Prepared they are to anticipate and manage the risks and opportunities arising from new external challenges and critical external developments, and to recommend the most appropriate solutions - organisational, issues management and communications strategy. Being caught unawares is often viewed as a sign of poor corporate governance:- good issues management systems can minimise the risks and maximise the opportunities. ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",18);arrFiles[28]=new Array(30,"http://www.aanapier.com/ofr.html","18 Jun 2008","aanapier.com - communications and issues management - non-financial risk","communication, stakeholders, issues management, ofr, corporate governance, reputation, employee issues, relations with local communities, enron","","aanapier.com services: managing and reporting on key issues aanapier consulting can help companies successfully identify, manage and report on issues that can affect future success and corporate reputation. Our issues management services help clients to integrate potentially significant external issues and challenges into their risk management and strategic planning. This is increasingly recongised as an important part of good corporate governance. Governments are looking for new ways to improve corporate governance in the wake of recent high-profile corporate collapses and scandals. Although the British Government has now stepped back from making the Operating and Financial Reviews (OFR) mandatory, it remains in the forefront of those seeking to require the provision of information on how companies manage key issues such as environmental performance, employee issues, relations with suppliers, customers and local communities – which are crucial to the company’s future success and reputation. Directors will want to ensure that they have explored and understood the agendas not only of members but also of other stakeholders that are likely directly or indirectly to influence the performance of the business and its value. [quote (*) British Government \'s guidance for directors ] Under the EU Accounts Modernisation Directive (2003) , large and medium-sized companies are required to provide “a balanced and comprehensive analysis of the development and performance of the company’s business and of its position …. which shall include both financial, and where appropriate, non-financial key performance indicators… including information relating to environmental and employee matters”. ( Directive 2003/51/EC Article 14.b),) The British Government has also been trying [Company Law Reform Bill, section 156 (3)] to make directors have regard to the interests of customers, employees, suppliers, the community and the environment. (pdf) (*) British Government \'s guidance for directors Significantly, after a long consultation period all parties agreed that the  \'OFR \' is intended to provide information for a wide range of interested parties : creditors who need to have a clear picture of the position and prospects of their debtor; investors (shareholders and creditors) both actual and potential, who wish to know whether to acquire, retain or sell, a stake in the business (“exit” and “entry”); and other stakeholders (including employees) and the wider public, who have a variety of relationships with the business . A particularly important issue related to risk is the reputation of the business. This is inextricably linked to the licence to operate and is a critical value driver. Reputation, and thus competitive advantage, may be won or lost through the ability to deliver consistently against explicit or implicit promises made to investors and other key stakeholders, including customers, suppliers and employees. Directors may therefore wish to address in their OFR the link between their strategy and the key attributes upon which the company’s reputation is built . [quote - with emphasis added) extracts from the British Government \'s Final Regulatory Impact Assessment on the Operating and Financial Review and Directors’ Report Regulations (2005): Assets are increasingly intangible. Business observers and analysts generally agree that some of the biggest contributors to business success are those that are the most difficult to quantify: people, customers, knowledge base, brand, and reputation. (para 18e) The opportunity costs associated with non-disclosure of information are harder to pinpoint, but have been proved to be a contributing factor in the destruction of value through inappropriate corporate behaviour and/or loss of reputation. A separate 2004 paper issued by MORI, The Rise and Rise of Non-Financial Reporting, made this point referring to billion dollar losses incurred by such companies as Texaco, Motorola and Enron as a result of reputational failure. (para 79) Several major British companies have produced their own OFR on a voluntary basis and embedded the  \'OFR \' measurements and reporting into their organisations. This has been reported to have had the effect of giving greater clarity around strategy and better performanc e management, as well as enhancing their reputation for good governance. aanapier issues management ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",21);arrFiles[29]=new Array(32,"http://www.aanapier.com/result1.html","23 Aug 2002","Search Engine Builder -- search result","","","",1);arrFiles[30]=new Array(33,"http://www.aanapier.com/search.html","20 Jan 2010","Search Engine Builder Standard -- Search this site","","","within All text Title Keywords Descriptions File name using All words Any words Exact phrase ",2);arrFiles[31]=new Array(35,"http://www.aanapier.com/searchframe.html","28 Mar 2006","search aanapier and Prosequence sites","","","This example search uses frames, but your browser doesn \'t support them. ",1);arrFiles[32]=new Array(36,"http://www.aanapier.com/topics.html","20 Dec 2008","Andrew A. Napier consulting - communications and issues management services & publications","interim management, communication strategy, issues management, organising communications, managing risk, cultural issues, aanapier, PR, communications, crisis management, corporate brand, corporate culture, public affairs, corporate communications, corpo","Andrew A. Napier communications consulting and interim management services and publications - including articles on public affairs, corporate communications, issues management, sports branding,  sports money for sport  and some of the articles published ","aanapier.com services communication strategy, public affairs & issues management [consulting & interim management] communication strategy - effective external and internal communications to support your objectives and make change happen and for crisis management issues management - managing external challenges and public policy issues: good corporate governance in a changing world organising corporate communications - setting up the most effective corporate communications management systems for your organisation training, seminars and other public speaking - international corporate communications, public affairs, issues and crisis management IT and internet-based communications - strategy, techniques, content and design managing risks and opportunities - for good corporate governance corporate identity, branding and culture change - dynamic approach for competitive advantage strategic change - connected business solutions for strategic change corporate values, culture and other soft issues - strategic approach to corporate values and culture corporate reputation, risk and good governance - key issues affecting future value pdf leaflets: communication strategy issues management publications/ articles: public affairs and corporate communications - published in Everything flows: Essays on Public Affairs & Change (ECPA) - February 2005 Sports Money for Sport - publication prepared for International Volleyball Federation (FIVB) - April 2004 The rise of interim management - (published December 2008) Olympic sport: the FIVB’s Olympic success story (published May 2007) good marketing, PR and government relations are not enough - published in The Public Affairs Newsletter - July 2002 sports branding - successful brands in a crowded market (published May 2005) IT and issues management/ public affairs - published in The Public Affairs Newsletter - October 2002 sport and the media - success through media support (published May 2005) issues management comes of age - 25 years on - August 2001 international sport: the FIVB spreads excellence ... to 218 countries (published June 2006) Save the River Blackwater Valley - website for local campaign group - (May 2005 - 2008) international sport: a confident future for Volleyball and Beach Volleyball (published September 2006) updated: 20 December 2008 home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",24);arrFiles[33]=new Array(37,"http://www.aanapier.com/whatsum.html","18 Jun 2008","Andrew A. Napier - communications and issues management","corporate affairs, issues management, PR, communications, multinational corporations, communication strategy, consulting, andrew a. napier, andrew napier, public affairs, interim management, crisis management","Andrew Napier s communications & issues management consulting draws on extensive experience of international corporate affairs, crisis management, issues management, PR and communications in multinational corporations and an international organisation","aanapier.com about us Andrew Napier \'s communications & issues management consulting, crisis management and interim management services draw on extensive experience of international corporate affairs, public affairs, issues management, PR and communications in multinational corporations and international organisations. Working with business partners and associates we can provide a range of services to make change happen for clients. Consulting and interim management services designed to: services add value to clients \' existing resources find solutions strengthen clients \' communications and public affairs functions home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",20);arrFiles[34]=new Array(38,"http://www.aanapier.com/whatsum1.html","16 Oct 2009","aanapier - communications and issues management","corporate affairs, issues management, PR, communications, multinational corporations, communication strategy, consulting, andrew napier, public affairs, competitive advantage, corporate strategy, crisis management, crises, interim management, crisis mana","","aanapier.com about us Andrew Napier \'s communications & issues management consulting, crisis management and interim management services draw on extensive experience of international corporate affairs, public affairs, issues management, PR and communications in multinational corporations and international organisations. Working with business partners and associates we can provide a range of services to make change happen for clients. Our services are designed to: add value to clients \' existing resources services helping clients to develop and implement the best communication strategy to support corporate strategy and objectives to gain competitive advantage to secure commitment to change providing additional experience, expertise, analysis and creative communications to handle crises, special projects and unexpected challenges ensuring consistent, integrated communications with all stakeholders - internal & external (as an interim executive) delivering results in line with clients \' objectives - with no ifs or buts find solutions strengthen clients \' communications and public affairs functions home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",20);arrFiles[35]=new Array(39,"http://www.aanapier.com/whatsum2.html","18 Jun 2008","aanapier - communications and issues management","corporate affairs, issues management, PR, communications, multinational corporations, interim management, communication strategy, consulting, andrew napier, public affairs, corporate identity, branding, stakeholder, stakeholder expectations, crisis manag","","aanapier.com about us Andrew Napier \'s communications & issues management consulting, crisis management and interim management services draw on extensive experience of international corporate affairs, public affairs, issues management, PR and communications in multinational corporations and international organisations. Working with business partners and associates we can provide a range of services to make change happen for clients. Our services are designed to: add value to clients \' existing resources services find solutions deciding the best communication strategy setting up effective communications with the optimum balance of in-house and external resources recommending how best to manage key issues evaluating the potential impact of stakeholder expectations commissioning and integrating the work of: agencies, consultants and research companies corporate identity, branding and design specialists strengthen clients \' communications and public affairs functions home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",20);arrFiles[36]=new Array(40,"http://www.aanapier.com/whatsum3.html","18 Jun 2008","aanapier - communications and issues management","corporate affairs, issues management, PR, communications, multinational corporations, communication strategy, consulting, andrew napier, public affairs, raise profile, strategy, interim management, crisis management","","aanapier.com about us Andrew Napier \'s communications & issues management consulting, crisis management and interim management services draw on extensive experience of international corporate affairs, public affairs, issues management, PR and communications in multinational corporations and international organisations. Working with business partners and associates we can provide a range of services to make change happen for clients. Our services are designed to: add value to clients \' existing resources services find solutions strengthen clients \' communications and public affairs functions auditing existing skills and resources and developing best-practice solutions to enable clients to: raise their profile and improve their image adapt to new challenges be prepared for developments that could affect strategy and plans setting up inter-active systems to decide and communicate the most appropriate positions on key issues identifying the key internal relationships needed for effective communications and issues management ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",20);arrFiles[37]=new Array(41,"http://www.aanapier.com/why.html","24 Oct 2008","Andrew A. Napier communication strategy consulting","communication strategy, start-up, change, external challenges, stakeholders, regulatory, anticipating, managing risk, branding, design, PR, public affairs, management consultant, implementation, andrew a. napier, andrew a napier, andrew napier, consulting","","aanapier.com why (& when) we can add value The communication strategy can make the difference between the success and failure of ambitious plans - both for start-ups and for any organisation undergoing major change or facing external challenges. Good communication is crucial for crisis management, culture change and to facilitate strategic change For example: when and how best to communicate with people whose reactions could make a difference? could stakeholder demands or regulatory changes derail your plans? do you have a system for anticipating, evaluating and managing such risks? how do you co-ordinate what is said and done by: those with day-to-day responsibility for dealing with each stakeholder? PR and public affairs agencies, branding and design specialists? management consultants and other advisers? Strategic communications are of particular value at critical times, such as: change of strategy or other step change before and during the start-up phase of a new venture, and especially during rapid growth before, during and after major restructuring following a merger or acquisition – as the two entities are integrated during and after divestments - or outsourcing of major operations when facing significant and potentially far-reaching external challenges Our consulting and interim management services can help by: analysing needs and recommending solutions strengthening what is already in place providing extra epertise and resources and - if needed - taking direct responsibility for implementation home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",18);arrFiles[38]=new Array(42,"http://www.psq-enablers.com/aboutus.html","16 Dec 2009","Prosequence - enablers of change - business solutions for strategic change","prosequence, enablers of change, business solutions, business issues, change, interim management, consulting, strategic change, strategy, solutions, change management, develop business, communication strategy, complexity, multi-stakeholder operations, bu","Prosequence - enablers of change - is a business solutions company using leading-edge techniques, processses and systems to help clients to plan and deliver strategic change, such as solving complex business issues, bringing top teams together to agree s","search about us updated on: 16 December 2009 Prosequence - enablers of change - is a business consultancy helping clients to plan and deliver strategic change , such as : solving complex business issues and challenges quickly and cost-effectively transforming and re-focusing their business managing complexity in multi-stakeholder operations using the most effective communication strategy to engage your people and your stakeholders creating and integrating new businesses and making strategic change happen - fast Change is enabled through consulting, new uses of clients \' resources and - if needed - interim management support. Facilitating change connected business solutions solving complex business issues enabling change communication strategy corporate values & culture issues management resource planning business development our track record ... Leading-edge consulting techniques, software and systems deliver tailor-made business solutions to meet clients \' objectives. W e help to bring the whole organisation, its stakeholders and key business partners behind a strategy and create the widest understanding of objectives, programmes and plans, to make change happen - fast . We provide a unique blend of diagnostic, consulting and hands-on implementation services, and have access to executives with extensive and varied top-level experience (in-house, consulting and interim management) to help clients plan and deliver strategic change. Connected business solutions for strategic change Prosequence Ltd ¦ communication strategy consulting info@psq-enablers.com Prosequence Ltd registered in England No. 4904333 Registered office:22 Friars Street, Sudbury, Suffolk CO10 2AA¦ VAT:830690631 ",19);arrFiles[39]=new Array(43,"http://www.psq-enablers.com/contact.html","8 Nov 2008","Prosequence - enablers of change - contact details","prosequence, andrew napier, andrew a napier, psq, enablers, psq-enablers, Adam House","","search contact us Prosequence Limited, 8 Market Place, Hadleigh, Suffolk IP7 5DN, United Kingdom www.prosequence.co.uk info@prosequence.co.uk fax: +44-20-7681 1396 Andrew A. Napier Director aanapier@prosequence.co.uk Prosequence Ltd registered in England No. 4904333 Registered office:22 Friars Street, Sudbury, Suffolk CO10 2AA¦ VAT:830690631 website designed by aanapier - communications & issues management ",11);arrFiles[40]=new Array(44,"http://www.psq-enablers.com/enabler.html","25 Oct 2008","Prosequence - business development solutions","strategy, business solutions, business development, new ventures, communications, make change happen, mergers, mergers and acquisitions, integration, facilitate change","Prosequence  enablers of change  can help clients to launch new ventures and partnerships to develop their business and maximise revenues from their products and services. We help clients to work out "where they need to be and how best to get there&","search business development We help clients to work out where they need to be and how best to get there. Prosequence  \'enablers of change \' can help clients to launch new ventures and partnerships to develop their business and maximise revenues from their products and services. Facilitating change connected business solutions solving complex business issues enabling change communication strategy corporate values & culture issues management resource planning business development Together we work out enabling solutions covering the functions, people, processes, systems, communications, budgets and timeframes needed to make change happen. Together we also work out the optimum blend of internal and external resources to deliver the change and ensure long-term success. Enabling solutions: the functions the people the processes the systems the communications the budgets the timeframes needed to make change happen services - how we can help more info@psq-enablers.com P r o s e q u e n c e - enablers of change - to help you solve complex issues, define solutions and make change happen - fast ",18);arrFiles[41]=new Array(45,"http://www.psq-enablers.com/enabler2.html","25 Oct 2008","Prosequence -enabling business solutions for strategic change - enabling solutions","prosequence, enablers of change, context, strategy, restrucuring, start-ups, corporate repositioning, enabling solutions, mergers, acqusitions, joint ventures, restructuring, step change, communications","Prosequence s enabling solutions: Prosequence enablers can provide the expertise, the ‘roadmap’ and any additional resources required to plan, enable and facilitate change effectively and speedily at critical times","search Enabling solutions: Facilitating change enabling change solving complex business issues resource planning connected business solutions communication strategy corporate values & culture issues management business development the functions the people the processes the systems the communications the budgets the timeframes needed to make change happen Rather than just plan incremental improvements on the status quo, we help clients to use ... Directional Planning clearly define the ideal end-points compare with today plot how best to get from here to there .... with optimum resources .... and timing: what needs to be in place when? .... with appropriate management systems, processes and control Enabling solutions are practical solutions to make change happen in the way that you need it to ... We help clients to work out where they need to be and how best to get there with detailed plans and timeframes. We also help to work out the optimum blend of internal and external resources to deliver the strategic change and ensure long-term success. Interim executives can play an important strategic role. Our unique processes and methodology help clients to plan, enable and facilitate change at critical times. Prosequence enablers have the hands-on experience to help produce plans that can be implemented - and then we help you to implement them. Different people and skills will be needed at different stages - internal reallocation of resources is often advised, with additional ad hoc experience and resources, as needed services - how we can help info@psq-enablers.com P r o s e q u e n c e - enablers of change - a network of experienced executives to help you solve complex issues, define solutions and make change happen - fast ",22);arrFiles[42]=new Array(46,"http://www.psq-enablers.com/experience.html","6 Nov 2008","Prosequence - business solutions - our track record","prosequence, andrew napier, GPL, strategic, strategy, restrucuring, start-ups, corporate repositioning, international olympic committee, Ford, Philip Morris, PFM, international management, strategic challenge, olympic, sport, business","Prosequence and GPL: our joint experience covers new ventures, start-ups, restructuring, mergers and acquisitions, entering new markets, corporate repositioning and other major strategic challenges","search our track record The joint experience of Prosequence and John Caswell \'s Group Partners (GPL) covers all types of organisations from start-ups to multinational corporations, international organisations and government departments and agencies. We have helped clients solve complex strategic issues, launch new ventures, restructure their operations, plan and carry out successful mergers and acquisitions, enter new markets, decide and implement corporate repositioning and other major strategic challenges: Prosequence founding director Andrew A. Napier draws on 20 years international management experience - including senior roles in the International Olympic Committee , Ford , British American Tobacco and Philip Morris - as well as consulting and interim assignments for a variety of clients in business and sport. He is creative and results-oriented, a strategic thinker with a dual focus on both the big picture and the details. Our partner John Caswell \'s Group Partners brings its unique Structured Visual Thinking) and its experience of helping over 600 clients (large and small) to decide, plan and implement strategic initiatives and change. Additional specialists and experts are chosen for the relevance of their experience and expertise for each project to help make change happen services - how we can help info@psq-enablers.com P r o s e q u e n c e - enablers of change - helping you to solve complex issues, define solutions and make change happen - fast ",12);arrFiles[43]=new Array(47,"http://www.psq-enablers.com/gpl_pfm.html","25 Oct 2008","Prosequence and Group Partners - problem solving and accelerating value","strategy, enterprise-wide solutions, Joihn Caswell, Group Partners, GPL, Prosequence, complex business issues, visual thinking, pfm, progressive framework methodology, strategy, strategic initiative, contextual framework, restructuring","Prosequence can help clients to solve complex business issues, transform their organisations, create and accelerate value through a strategic alliance with John Caswell s Group Partners Ltd (GPL) - using unique process such as visual thinking and PFM - p","search connected business solutions Discovering what you could do Developing what you should do Deciding what you will do Deploying what you agreed to do We help clients to: solve complex business issues plan and deliver strategic change transform and re-focus their business co-create enterprise-wide solutions energise their people to deliver change We do this through a strategic alliance with John Caswell \'s Group Partners: together we use GP \'s unique 4D approach with its multi-dimensional Contextual Frameworks, Structured Visual Thinking and 360 o visualisation process to help clients to: rapidly analyse complex business issues and challenges in context across their organisations develop alignment on a shared vision and a shared understanding of what needs to be done ; this is especially valuable for complex multi-stakeholder operations co-create enterprise-wide solutions, strategies and detailed plans ... and implement them Interventions are usually with top teams drawn from across the enterprise, as issues and challenges are often found to go beyond the vertical nature of divisional responsibility. Using unique consulting techniques, processes and systems we help to bring the whole organisation behind a strategy - and create the widest understanding of what needs to be done - and when, and how The conclusions are ‘mapped’ to clients \' optimal business model, corporate strategy and financial goals, and the outcome can be easily integrated into existing planning and management processes. Contextual Frameworks and the unique approach which drives  \' Structured Visual Thinking ’ can complement or become embedded in organisations \' management and planning systems. Results are usually achieved much faster and more cost-effectively than with traditional strategy consulting techniques Our joint experience covers international business, sport, government and the public sector; step change, restructuring, mergers and acquisitions, entering new markets, corporate repositioning and re-focusing, new ventures, start-ups and other major strategic challenges. services - how we can help pdf Prosequence services (300k) info@psq-enablers.com P r o s e q u e n c e - enablers of change - helping you to solve complex business issues, and make change happen - fast ",17);arrFiles[44]=new Array(48,"http://www.psq-enablers.com/gpl_pfm_2.html","24 Oct 2008","Prosequence and Group Partners - unique ways to accelerate change","prosequence, GPL, Group Partners, PFM, context, strategy, contextual framework, visual thinking, implementation, strategic initiaitves, business solutions, John Caswell, corporate strategy","Prosequence s business partner GPL s unique Progressive Framework Methodology (PFM) and  visual thinking  have helped over 400 clients (large and small) to decide rapidly the most appropriate solutions, strategic initiatives and implementation programmes","search unique ways to accelerate change Our business partner Group Partners \' unique 4D approach with its Contextual Frameworks and  \'Structured Visual Thinking \' has helped over 600 clients (large and small) to solve complex business issues, plan and deliver complex strategic projects, and transform their business. Discovering what you could do Developing what you should do Deciding what you will do Deploying what you agreed to do The more challenging the issues and the more complex the organisation and its key business relationships, the more value clients find in this unique approach Together we help client teams to visualise and communicate strategy, and to co-create detailed plans and connected business solutions that involve all partners and stakeholders. Unique processes - backed by state-of-the-art software and systems - bring teams together and stimulate energy and shared insights. J ohn Caswell \'s multi-dimensional Contextual Frameworks and Structured Visual Thinking help clients to see their whole business in context - not just immediate problems - and help teams to address issues together and find connected solutions. VT Issues, solutions and responsibilities can be seen from different perspectives simultaneously and in context of the overall strategy Structured Visual Thinking and Contextual Frameworks use leading-edge techniques, software and systems to help clients to co-create the most appropriate business solutions - in the context of their customers \' expectations and their business fundamentals, capabilities and resources Connected solutions are co-created in the context of customer expectations and the client \'s business fundamentals, capabilities and resources. services - how we can help pdf psq services (580k) info@psq-enablers.com P r o s e q u e n c e - enablers of change - helping you to solve complex issues and make change happen - fast ",15);arrFiles[45]=new Array(49,"http://www.psq-enablers.com/index.html","8 Nov 2008","Prosequence - enablers of change - business solutions for strategic change","prosequence, business solutions, enablers of change, change, business issues, strategic change, solutions, communications, interim management, solve complex business issues, define solutions, issues management, corporate affairs, aanapier, andrew napier,","we help clients to solve complex business issues, define business solutions, plan and deliver strategic projects and make change happen - fast - with particular expertise in communications, issues management and corporate affairs","Prosequence Ltd connected business solutions for strategic change: making change happen solving complex business challenges streamlining and re-focussing planning & delivering strategic projects ... across all business functions [ click to enter ] business consultancy & interim management www.psq-enablers.com corporate communications issues management public affairs crisis management corporate affairs corporate branding and culture change [ click to enter ] communication strategy consulting www.aanapier.com ",8);arrFiles[46]=new Array(50,"http://www.psq-enablers.com/issues_audit.html","8 Sep 2008","Prosequence - issues management audits","issues management, reputational risk, business probity, health, safety, environmental impact, activists, strategy, risk, management, stakeholder, challenges by activists","Prosequence Ltd s issues management audits are designed to help clients to establish how well prepared they are to respond to risks and opportunities arising from external challenges and critical developments.","search issues management Our issues management services are designed to help clients to improve their ability to respond to the risks and opportunities arising from external challenges and critical developments. We help clients to determine: which issues are likely to have an impact on strategy and plans - and how - and the extent to which these issues can be influenced or mitigated the organisation \'s capacity to anticipate and manage the risks and opportunities what is being done or said today that could make it easier (or harder) to manage future challenges how current systems and management processes compare with best practice and together we work out the best solutions, with a view to helping clients to integrate any strategically significant external issues into their risk management and strategic planning systems. A form of  \'corporate health check \', our issues management audits are particularly useful when reputational risks and stakeholder challenges could threaten business, or even affect the achievability of plans or create new opportunities which competitors could be better prepared to exploit . Such issues could include health & safety, environmental impact, labour practices, business probity or challenges by acitivists. issues management (pdf) issues management consulting (aanapier.com) connected business solutions (pdf) info@psq-enablers.com P r o s e q u e n c e - enablers of change - helping you to solve complex issues, define solutions and make change happen - fast ",14);arrFiles[47]=new Array(51,"http://www.psq-enablers.com/links.html","8 Sep 2008","Prosequence - enablers of change - links","corporate governance codes of conduct corporate social responsibility","","search useful links links to sites covering corporate governance, codes of conduct and corporate social responsibility The Economist on-line Economist Financial Times on-line FT.com BBC on-line business news BBC International Olympic committee IOC International Chamber of Commerce (ICC) ICC Organisation for Economic Co-operation and Development (OECD ) OECD World Bank World Bank United Nations Global Compact UN Global compact European Bank (EBRD) EBRD Asia-Pacific regional news Asia-Pacific Association of Southeast Asian Nations (ASEAN) ASEAN Institute of Directors iod.com Institute of Interim Management (IIM) IIM Centre for International Business & Manangement (CIBAM) CIBAM European Centre for Public Affairs (ECPA) ECPA Public Affairs Council PAC Tom Spencer \'s publications on public affairs & public policy tomspencer.info issues management aanapier issues management communication strategy aanapier communication strategy consulting info@psq-enablers.com ",17);arrFiles[48]=new Array(52,"http://www.psq-enablers.com/resource.html","8 Sep 2008","Prosequence - enablers of change - resource planning","strategy, business solutions, communications, make change happen, facilitate change, strategic projects, interim management, interim executives, strategic change, Prosequence enablers, core business, resource planning","Prosequence enablers - experienced executives with top-level management experience (in-house, consulting and as interim management) - help clients to plan and deploy the right blend of internal and external resources to deliver each phase of strategic pr","search resource planning Prosequence enablers - experienced executives with top-level management experience (in-house, consulting and as interim management) - help clients to plan and deploy the right blend of internal and external resources to deliver each phase of strategic projects. Enabling solutions: the functions the people the processes the systems the communications We help clients determine the best business solutions for them: the optimum balance of resources between : the budgets the timeframes permanent staff needed to make change happen interim executives - including temporary reallocation of permanent staff outside suppliers and agency joint venture or outsourced operations Today \'s streamlined organisations tend to use permanent staff to run the core business, outsource non-core activities and call on specialist resources (such as offered by Prosequence enablers) to plan and deliver strategic change. services - how we can help info@psq-enablers.com P r o s e q u e n c e - enablers of change - helping you to solve complex issues, define solutions and make change happen - fast ",17);arrFiles[49]=new Array(53,"http://www.psq-enablers.com/search.html","16 Apr 2009","Search Engine Builder Standard -- Search this site","","","within All text Title Keywords Descriptions File name using All words Any words Exact phrase ",2);arrFiles[50]=new Array(54,"http://www.psq-enablers.com/services.html","25 Oct 2008","Prosequence - enablers of change - our services - business solutions for strategic change","Prosequence, diagnostic, consulting, issues, management, business solutions, change, issues management, strategic change, solution-neutral, pfm, contextual framework, Group Partners, implementation, aanapier.com, corporate culture, communications, copora","we provide a unique blend of diagnostic, consulting and hands-on implementation to help clients make strategic change happen. We are  solution-neutral : we work with clients, using their own resources whenever possible, to help them develop the most appr","search our services We offer a unique blend of diagnostic, consulting and implementation services to help clients to make strategic change happen. Working with business partners and associates we provide a range of business consultancy and communications services: Facilitating change connected business solutions solving complex business issues enabling change communication strategy corporate values & culture issues management resource planning business development Connected business solutions: solving complex business issues & accelerating change We do this through a strategic alliance with Group Partners, whose unique  \'Structured Visual Thinking \' has now helped over 500 clients Communications, issues management and change: helping clients to use the most effective communication strategy , communications techniques , corporate values and culture , corporate positioning and governance - to make change happen Enabling solutions : helping clients to put in place the right functions, people, processes, systems, budgets and communications to enable strategic change. Issues management: helping clients to improve their ability to respond to the risks and opportunities arising from external challenges and critical developments Resource planning: helping clients to plan and deploy the right blend of internal and external resources to deliver each phase of strategic projects. Business development: helping clients to launch new ventures and partnerships to grow their products and services We are  \'solution-neutral \' : we work with clients, co-creating with them the most appropriate business solutions for them. This approach dramatically increases the likelihood of success in the delivery of strategic change . Business solutions for strategic change (pdf) communication strategy (pdf) issues management (pdf) ",20);arrFiles[51]=new Array(55,"http://www.psq-enablers.com/when.html","8 Sep 2008","Prosequence - enablers of change - when we can help","prosequence, solve complex issues, change, psq-enablers, business issues, issues, enable change, implementation, strategic change, strategic project, core business","Prosequence - enablers of change - help clients to solve complex business issues and ensure successful implementation","search when we can help Our services add value at critical times: step change facing external challenges restructuring & divestments mergers, acquisitions & joint ventures new business ventures and start-ups Rather than just plan incremental improvements on the status quo, we help clients to use ... Directional Planning clearly define the ideal end-points compare with today plot how best to get from here to there .... with optimum resources .... and timing: what needs to be in place when? .... with appropriate management systems, processes and control Clients can call on us to help them to : plan and deliver strategic change streamline and re-focus their operations manage complexity and solve complex business issues co-create the most appropriate business solutions with teams drawn from across the enterprise define and communicate strategy and plans enable change and provide additional expertise and interim managment when needed to ensure successful implementation We can help clients by co-creating with them the most appropriate business solutions, providing ad hoc expertise and interim executive resources as may be needed to make change happen - fast. info@psq-enablers.com ",18);arrFiles[52]=new Array(59,"http://www.psq-enablers.com/searchframe.html","28 Mar 2006","search psq-enablers and aanapier.com","","","",1);arrFiles[53]=new Array(65,"http://www.aanapier.com/eu-pubaffcomms-print.html","25 Apr 2008","Andrew A. Napier - public affairs and corporate communications","issues management, communication strategy consulting, andrew napier, risk, risks opportunities, public affairs, corporate governance, communicaiton strategy, opinion leaders, lobbying, ngo, civil society, pressure groups, Andrew A Napier, aanapier, publi","public affairs and corporate communications: effective public affairs means interacting with other parties whose interests may coincide or conflict with one’s own, and whose attitude and actions could have an impact on the success or failure of one","back to website Public affairs and corporate communications by Andrew A. Napier Director, Prosequence Ltd Associate Fellow, European Centre for Public Affairs (ECPA) published in Everything flows: Essays on Public Affairs & Change Landmarks Publishing, Brussels, ISBN 90-74373-19-4 Far more people are involved in Public Affairs than many company specialists care to admit. After 20 years of working for international organisations and seven years consulting, I have come to see Public Affairs as “understanding and influencing the economic, social and regulatory context in which (our) business operates” and – in one way or another - this is what NGOs, the media, local communities, politicians and officials, employees, consumers, the financial community and other business partners and stakeholders try to do, as well as one’s own business. Effective public affairs for businesses also means interacting with other parties whose interests may coincide or conflict with one’s own, and whose attitude and actions could have an impact on the success or failure of one’s plans. The close co-ordination of Public Affairs with other ‘corporate communications’ is particularly important for businesses undergoing strategic change – such as restructuring, mergers and acquisitions – and when facing serious external challenges. Consistent messages and matching action are essential. This corporate communications aspect of Public Affairs has taken on an even greater importance for many businesses operating internationally in today’s rapidly changing and unpredictable world – with its 24-hour news cycle and with the telecommunications revolution enabling all parties the possibility of instant global communication of information and opinion. The chances are that others may also be pushing for change, in different directions – and maybe more effectively! Indeed if one steps back and looks at the big picture there is usually a whole web of cross-influences: stakeholders, NGOs, business and even politicians and officials trying to influence each other and get favourable coverage in the media. As well as one’s own finely-honed messages, MEPs, the European Commission and governments see, hear and read about what business does and says, and match it against their own agendas. As with most things, there is the general and the specific. In general, the list of EU/business issues includes: international competitiveness of the EU versus the Rest of the World external trade and tariffs EU enlargement and the integration of new markets completion of the EU internal market competition policy regional development and subsidies infrastructure employment, health & safety and other social affairs consumer protection taxation and other fiscal and financial matters data protection corporate governance and corporate social responsibility sectoral issues Some of these are specifically aimed at business, but many are not. They can however all have predictable implications for most businesses. For some businesses – especially those headquartered outside Europe – there is also a requirement for their Public Affairs specialists to help them understand European political and legislative processes and priorities. (Particularly important in Japanese and American companies, as in their home countries business/government interfaces can be very different to Europe.) The challenge for every business is to deploy its resources in the most effective way for it to prosper. The Public Affairs and Corporate Communications functions are no exception: to understand and influence the economic, social and regulatory context in which one can operate, one has to be able to prioritise, focus and chose the best channels. Prioritisation I have always started with two checks , which for want of a better description I call general/specific and contextual/inter-active . The first asks whether issues are specific to a company or has particular strategic significance for it, or whether the issues have a particular importance for all companies in a particular sector or whether the impact could be industry-wide. There are different bodies that deal with these different levels of issues, and it is usually advisable to focus one’s efforts – and to engage with others – on issues where there is a strategic or competitive importance. In this regard, a benchmarking study which I conducted of Public Affairs in Europe showed the ‘best practice’ companies even trying to put a dollar figure on the potential strategic impact of various external issues. The second prioritisation check seeks to split out those issues that can impact the business into the contextual issues (“we should be aware, because they may have an impact, but we probably cannot influence them”) and the inter-active issues (“may have an impact and can be influenced by what we do and say.”) [see chart] This sort of focus is at the heart of all ‘best practice’ Public Affairs and issues management, whether in a business, a campaigning NGO or other interest groups. Management systems Different organisations set up systems best tailored to their way of working, but there are generally six phases on a permanent loop: monitoring, forecasting and reporting impact analysis and prioritisation planning and strategy ‘creative”: agreeing messages and tactics action and communication feedback The best Public Affairs and Communications people can see their organisations in multiple contexts at once and can explain clearly how future changes in the business environment can present challenges and opportunities for their organisations, and they can explain this in ways that resonate with the people with whom they are talking. This includes interacting at all phases with others inside the company who have an interest in how the issues pan out, and often having a seat at the company’s top table – or at least a direct line through to the chief executive. Relationships Within each business these relationships will differ, but there are some relationships which regularly show up. For example the Public Affairs and Legal functions are often closer (or the same) in many US-owned businesses, maybe because of the extra-territorial reach of many American laws, the practice of ‘progress by litigation’ or the generally litigious nature of the USA. Some of this may be crossing the Atlantic eastwards, but in my view the conditions in Europe are currently different in that no European country yet has the full American blend of class actions, contingency fees, the loser not having to pay the winner’s costs and personal injury lawyers contributing to the election funds of judges (as well as politicians) seeking election. The Public Affairs/ Legal link can be very effective, but often needs a strong counter-balance from the corporate communications/PR function. What may be legal may not be acceptable and could even be counter-productive: in one high-profile case which interested consumer groups, national governments and the European institutions, a prominent US-owned company was told by the British government’s Monopolies and Mergers Commission that what it had done in its then main European market “was not against the law but was against the public interest”, and the British government and the EU then proceeded to tighten the laws that the company had used to justify its behaviour. In the international companies in which I have held senior Public Affairs positions, co-operation between my department and Legal worked very well and was based on the principle “until it becomes law it is our responsibility and when it does it is yours, but let us exchange views all the time.” In all companies the Legal department also has a special interest in some issues of concern to the EU and national governments, including company law, competition policy, intellectual property rights and other areas of importance to business. In the same way Sales and Marketing people have to be aware of and involved in consumer protection issues, Human Resources departments in employment and health & safety issues, and so on. It appears that inter-departmental co-operation on public affairs issues and the public affairs aspects of major projects is more important than ever in today’s slimmed-down, ‘right-sized’ businesses, where there are often barely enough people to run the day-to-day core business. This is one reason why I no longer just offer consulting and interim management services in my own specialities of communications, public affairs and issues management: through my ‘network company’ Prosequence we can also call on the consulting and interim services of other specialists to help clients solve complex business issues and plan and deliver strategic change. Corporate communications and public affairs I suspect that today’s world of instant global communication will lead more and more companies to go for ever-closer links between the Public Affairs and Corporate Communications functions. Sometimes it is even best to approach it from the perspective of corporate communications and relations. For example: Corporate communications 4 internal 4 external 4 governments, NGOs etc 4 media 4 corporate 4 financial 4 CSR, reputation etc 4 product, brand etc However numerous benchmarking studies have shown that in ‘best practice’ companies – especially those undergoing change (and who isn’t!) – the key relationship for the Public Affairs and Corporate Communications functions is with the Chief Executive. There are several reasons: the potential strategic significance of changes in the business environment for the company as a whole and for different parts of it the need for consistent messages across the organisation internally, in its key business relationships and matching behaviour, as mentioned earlier communication with top levels of government and the EU are more credible if made by the business decision-makers rather than staffers. (This applies at national level as well as European, and so I have usually advocated a twin reporting line for national Public Affairs people – to the national CEO and to the European Public Affairs office.) following the corporate collapses and scandals of recent years, good corporate governance increasingly requires management to be able to demonstrate that they are monitoring and managing non-financial risk as well as financial risk: reputational risk, business probity, environment, labour practices and so on. In today’s world, failure to do so can rapidly destroy shareholder value as well as employment, pension values and any positive contribution that the company made to the countries and communities where it operated. All this is ‘core public affairs territory’, except in those companies where “Public Affairs” still only means lobbying. How the function is organised – and what outside assistance may be needed, if any – varies from organisation to organisation, and indeed from country to country. In a dynamic business environment the most appropriate solutions for each organisation can change, and companies, NGOs and consultants can all learn from each others’ experiences. In this context, it is interesting to note that the European Centre for Public Affairs (ECPA) has in recent years extended its membership to include all three groups, as well as academics and some Commission officials. In the best practice organisations, Public Affairs has grown in importance and will doubtless continue to do so, and more and more people are – in one way or another – looking to understand and influence the economic, social and regulatory context in which business operates and seeking to minimise risks and gain competitive advantage, wherever possible. That is what most of us understand by Public Affairs and change. The more change there is, the more Public Affairs expertise is needed. Andrew A. Napier andrew@aanapier.com aanapier@prosequence.co.uk www.aanapier.com back to website ",23);arrFiles[54]=new Array(66,"http://www.aanapier.com/comfunc.html","18 Jun 2008","aanapier.com - organising the Communications function","corporate communications media relations internal communications corporate PR investor relations sponsorship public affairs issues management government relations stakeholder relations CSR corporate governance industry relations regulatory affairs manage","Communications working with other parts of an organisation to manage different communications functions","aanapier.com services : organising the communications function for the most effective Communications and management systems - external and internal communications, public affairs and issues management How should corporate communications be organised? We help clients decide: communications objectives and priorities for each issue and each communications function: the internal [*] and external reporting lines and relationships internal and external resources allocated to the functions [*] for examples of key internal working relationships in best-practice organisations, click on list [For each communications function click to see who should usually be involved ] corporate communications media relations - - corporate PR - - marketing/ brand PR corporate reputation internal communications investor relations sponsorships public affairs - issues management - government relations - stakeholder relations - CSR/ corporate governance - industry relations regulatory affairs home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",22);arrFiles[55]=new Array(67,"http://www.aanapier.com/comfunc7.html","11 Mar 2008","aanapier.com - organising internal communications","","Communications working with other parts of an organisation to manage internal communications","aanapier.com organising the communications function for the most effective Communications and management systems [For each communications function click to see who should usually be involved ] corporate communications media relations - - corporate PR - - marketing/ brand PR corporate reputation internal communications investor relations sponsorships public affairs - issues management - government relations - stakeholder relations - CSR/ corporate governance - industry relations regulatory affairs internal communications CEO human resources communications services back to organising Communications ",17);arrFiles[56]=new Array(68,"http://www.aanapier.com/corp_culture3.html","5 Oct 2008","Andrew A. Napier consulting - communications and issues management - corporate brand and culture change","communicaiton strategy, strategy, consulting, andrew napier, prosequence, corporate culture, culture change, benchmark, mission, values, guiding principles, management style, repuitation, corporate brand, stakeholders, issues management, communications, ","We help clients to measure, benchmark, plan and implement culture change and plan and manage their communications in such a way as to gain competitive advantage from their corporate culture and corporate values","aanapier.com services: Corporate identity, branding and culture change - a dynamic approach corporate culture, branding and identity are a mix of: values and aspirations plus performance and behaviour plus reputation & how you are perceived - all of which must be right for the marketplace & today \'s expectations and be consistent with business strategy and objectives values aspirations mission guiding principles our way of doing things performance behaviour relationships/ partnerships communications HR/people policies organisation/ management processes reputation perceptions experience of dealing with the company marketplace expectations business strategy and objectives >> more ^^ to top strategic approach organising the Communications function home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",19);arrFiles[57]=new Array(69,"http://www.aanapier.com/florida-atlantic2.html","11 Mar 2008","Andrew A. Napier consulting - strategic value of communications and issues management in international business","florida atlantic university, judge institute, cambridge university, strategic value, strategic value of communications, issues managemenet, international business","slides from presentation to MBA students from Florida Atlantic University onthe strategic value of communications and issues management in international business","aanapier.com services & publications: presentation: The strategic value of communications and issues management in international business presentation at The Judge Institute of Management, Cambridge University, to MBA students from Florida Atlantic University May 10th, 2005 Florida Atlantic MBA presentation slides [*] [*} download/save file and view as slideshow (or shift+F5) to activate links correctly - then click BACK to return to slideshow after viewing web-links ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",15);arrFiles[58]=new Array(70,"http://www.aanapier.com/training.html","5 Oct 2008","aanapier.com - training, seminars and other public speaking","communication, communication strategy, training, seminars, public speaking, public affairs, issues management, MBA, Cambridge University, River Blackwater Valley","","aanapier.com services: training, seminars and other public speaking Andrew Napier is an accomplished public speaker, trainer and adviser. As a consultant, interim manager and full-time corporate executive he has considerable experience of speaking publicly on behalf of organisations (including conducting press conferences for the world \'s media as PR Director of the International Olympic Committee), as well as: training lecturing running seminars Subjects covered include: corporate issues, change management, communication strategy, public affairs and issues management. Recent examples include: The strategic value of communications and issues management in international business - lectures at Cambridge University, for visiting international MBA students Public Affairs Strategy - professional training seminar, London Managing new external challenges , Los Angeles, internal seminar for leaders of a global industry Public meeting for local campaign group services Our comprehensive approach to communication strategy and corporate affairs covers: positioning, corporate values, vision & key messages tactics & timing strategic communications media relations corporate culture & identity stakeholder dialogue target audiences (external & internal communications) communications technology monitoring and feedback impact analysis resource planning training project management issues management ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",25);arrFiles[59]=new Array(71,"http://www.aanapier.com/sportbrand.html","11 Mar 2008","aanapier - sports branding - for FIVB the international volleyball federation","Andrew A Napier, aanapier, volleyball, beach volleyball, sports, brands, spatial branding, FIVB, identity, image, reputation, Nike, Swatch, Mikasa, rally point, rally point scoring, libero, Athens Olympic Games, amateur sport, look and feel, world class,","The phenomenal worldwide growth of Volleyball, Beach Volleyball and the sports’ world governing body the FIVB owes much to an ongoing focus on developing and nurturing the sports’ brand and identity.  Since the FIVB moved to Lausanne in ","aanapier.com services & publications: Sport branding: volleyball and beach volleyball - successful brands in a crowded market place by Andrew A. Napier [ aanapier.com ] article published in FIVB VolleyWorld (June 2005) “Volleyball has enhanced the value of all the qualities required of a man or a woman today: quick mind, prompt decision, hard training, self sacrifice, team spirit, tenacity and will, excellence in physical abilities, health, beauty, elegance, and refusal of violence and provocation in order to give a suitable place to physical and intellectual achievement.” Mr. Adolf Ogi, Special Adviser to the UN Secretary-General on Sport for Development and Peace The phenomenal worldwide growth of Volleyball, Beach Volleyball and the sports’ world governing body the FIVB owes much to an ongoing focus on developing and nurturing the sports’ brand and identity. Since the FIVB moved to Lausanne in 1984, the FIVB has worked closely with the IOC in the development of its sport and also embarked on a marketing strategy involving the development of new competitions aimed at consolidating FIVB \'s own brand identity and world class profile. “Each sport is a brand … and as such possesses its own identity consisting of the values inherent in each sport. Identity corresponds to the essence and values of each sport, while image is the collective perception of the sport by customers, athletes, spectators, sponsors and the media,” to quote “Managing Sport Organizations” by the FIVB President Dr Acosta . And the governing body drives its own identity and values through the sport at all levels: this not only increases respect for the governing body but also helps to increase the sport’s chances of enhancing its profile at all levels and succeeding in today’s competitive ‘marketplace’. The clues are in the FIVB’s Mission Statement: “The FIVB governs, manages and communicates all forms of Volleyball and Beach Volleyball worldwide. It aims to develop Volleyball as a major world media and entertainment sport through world class planning and organisation of competitions, marketing and promotional activities.” The keys here are “major world media and entertainment sport”, “world class” and “planning and organisation of competitions, marketing and promotional activities.” The game has come a long way since invented as ‘mintonette’ in the USA in 1985 (and entering the Olympic Programme for 1964), as indeed has Beach Volleyball, which started on the beaches of the West Coast of America in the 1920s, was recognised by the FIVB in 1986 and entered the Olympic Programme for Atlanta ten years later and is now the world’s fastest growing summer sport. This higher profile has led to greater recognition of the sport’s values such as athleticism, rapidity, alertness, excitement, drama, entertainment, enjoyment, tactical skill, fair-play and universality. As Adolf Ogi, Special Adviser to the UN Secretary-General on Sport for Development and Peace, said: “Volleyball has enhanced the value of all the qualities required of a man or a woman today: quick mind, prompt decision, hard training, self sacrifice, team spirit, tenacity and will, excellence in physical abilities, health, beauty, elegance, and refusal of violence and provocation in order to give a suitable place to physical and intellectual achievement.” The values were also recognised by HE Juan Antonio Samaranch, former IOC President (1980 – 2000) when he said: “Volleyball has managed to have itself identified in the world \'s eyes as a sport that is youthful, athletic, universal, and democratic, a sport that has in its spectacularly telegenic nature and in its clean-cut heroes a new model that I do not hesitate to recommend to the youth of the world today. The image, behaviour, athletic capability, and above all drug-free performance are of the highest class, and are the winning tools needed to perpetuate the Olympic spirit in the twenty-first century.” The FIVB created a new corporate identity and image in 2001, introducing a completely overhauled modern new look and image for the FIVB and Volleyball worldwide. Stringent requirements for its application are included in all contracts with promoters and organisers of FIVB events, and indeed for the layout and placement of banners and TV locations. This means that all FIVB-recognised events not only have the same ‘look and feel’ but the ‘spatial branding’ is strikingly ‘FIVB/World class’, even down to the easily-recognised main sponsors such as Mikasa for all forms of the sport and Swatch and Nike for the Beach Volleyball World Tour on all continents. Spatial branding is a relatively new concept: it refers to how the brand affects the experience of people using a space. Usually ‘spatial branding’ involves visual identity being programmed into spaces and usually refers to buildings or retail environments, but the FIVB has been ahead of the curve: its own spatial branding is multi-sensory (as well as sight and sound, it could even be argued that ‘feeling’ may also be covered: when the whether is very hot at Beach Volleyball events, enthusiastic spectators can expect a nice spray as they are ‘hosed down’ to chants of ‘agua’! A feature of the Brazilian events on Copacabana beach that has been picked up in other countries! There are many theories about branding, identity and culture – some more complicated and confusing than others. However, essentially all successful corporate brands and corporate culture are a mix of: values and aspirations plus performance and behaviour plus reputation & how you are perceived all of which must be right for the marketplace and today \'s expectations and consistent with business strategy and objectives The FIVB has long recognised this and has taken decisions to give maximum scope for and enhance the values of its sports and of the organisation itself: rule changes such as the move to the rally point system of scoring for both Volleyball and Beach Volleyball and the introduction of the ‘libero’ for the six-aside indoor game are cases in point. Continuous rally scoring maintains spectator excitement and game drama. The  \'libero \' defensive player has added excitement to rallies. These and the organisation of international competitions in such a way as to increase the chances of evenly-matched games have all made the sports more dramatic and entertaining. At the highest levels the blend of entertainment, glamour, athleticism and sporting skills required to succeed in elite beach volleyball are integral to the explosive growth of that sport. Not only does Beach Volleyball bring new converts to Volleyball, but attendance and media interest in the sport at both Sydney 2000 and Athens 2004 (95.7% of available 155,000 tickets sold for Sydney , and 75.6% of the 202,500 for Athens ) suggests that they also played a major part in the popular success of these Olympic Games. The promotional value of elite Volleyball and Beach Volleyball bring new people into the sport, but the sports’ values of athleticism, rapidity, alertness, excitement, drama, entertainment, enjoyment, tactical skill and fair-play apply at all levels, which adds to the importance of both sports for development and educational programmes, and they are also enjoyable amateur sports that are practiced on all five continents. Andrew A. Napier May 2005 ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",23);arrFiles[60]=new Array(72,"http://www.aanapier.com/sportmedia.html","11 Mar 2008","aanapier - sports and the media - for FIVB international volleyball federation","Andrew A Napier, aanapier, volleyball, beach volleyball, sports, FIVB, rally point, rally point scoring, libero, Athens Olympic Games, Olympic qualification, norceca, world championships, world league, grand prix, swatch-fivb world tour, Sydney, micahel ","Sports fans and the media can only dream of what the Olympic tournaments would be like if some other sports had followed the Olympic qualification process adopted by Beach Volleyball: over the two years leading up to the Games, qualification for the Olym","aanapier.com services & publications: : Sport & the media: Success through media support by Andrew A. Napier [ aanapier.com ] article published in FIVB VolleyWorld (June 2005) Sports fans and the media can only dream of what the Olympic tournaments would be like if some other sports had followed the Olympic qualification process adopted by Beach Volleyball: over the two years leading up to the Games, qualification for the Olympic Beach Volleyball tournament is decided by the best eight results on the sport’s top professional world tour, the Swatch-FIVB World Tour. A maximum of two teams per country can qualify and there is a guarantee that every continent is presented. Unlike with Volleyball and Beach Volleyball, spectators and media that follow many other Olympic sports know that they will see very few of their sport’s best players at the Olympic Games, so they care less about the Olympics than their own sport. The FIVB on the other hand, like many other IFs, has managed to find ways of bringing its greatest assets – the best players, the keenest supporters and the most knowledgeable media – to the Olympics. Likewise with Volleyball, the best teams play at the Olympic Games, but the qualification process is even tighter as it has to whittle down to eleven teams (plus host nation) the 218 countries on all continents that play Volleyball. (No fewer than 85% of these organise national championships.) This means that the most knowledgeable volleyball media and the most ardent fans follow the sport right through to the Medal matches, and it was no surprise that Volleyball and Beach Volleyball were among the best supported events at Athens, accounting for 10% of all tickets sold, 392,000, and it is no surprise that the media accreditation requests for Volleyball and Beach Volleyball were very high. It is also notable that in a recent analysis the IOC reported a high percentage of press articles for Volleyball and Beach Volleyball in Athens . Outside the Games themselves the media interest back home was also very high in many countries, as the Olympic medals ended up being won by teams from four Continents: South America (2 Gold, 1 Silver), Norceca (1 Gold, 2 Bronze), Asia (1 Gold) and Europe (3 Silver, 2 Bronze.) For Africa, the men from Tunisia did well to take sets off France, Poland and Argentina and the performance of the South African men’s and women’s Beach Volleyball teams will help further develop the sport in a country which has already hosted its first Swatch-FIVB World Tour event. Athens 2004 Olympic Games Volleyball and Beach Volleyball medals rank country gold silver bronze 1 Brazil 2 1 2 USA 1 1 3 China 1 4 Russia 1 1 5= Italy 1 5= Spain 1 7= Cuba 1 7= Switzerland 1 event gold silver bronze Men VB Brazil Italy Russia Women VB China Russia Cuba Men BVB Brazil Spain Switzerland Women BVB USA Brazil USA Unlike the IOC, we have two confederations for the Americas , South and Norceca (North, Central and Caribbean) and Oceania teams play against Asian teams in the Asian confederation. This works well for our sports and enables excellent continental competitions and the best regional development solutions. Pivotal role Volleyball Organisations have recognised the pivotal role played by the media in the development of its sports. They develop international competitions, set the rules in such a way to encourage exciting, evenly-matched tournaments which appeal to sports fans, who look to the media for news and coverage of their sport, which attracts commercial partners, who enable greater prize money to be awarded, which attracts the best performers, who appeal to the media, who help the best to become stars, who attract a greater following and bring more people into the game, and appeal to potential host countries … and so on. In awarding the right to host World events, the FIVB require commitments to broadcast and written media coverage as part of the contracts with organisers and promoters. This applies to all FIVB competitions, and the IOC also recently recognised the high numbers of media accreditation requests at Volleyball and Beach Volleyball World Championships. An average of 450 applied for the last two Volleyball World Championships and 350 for the last two Beach Volleyball ones. We are confident of equally high figures for this year’s Beach Volleyball World Championships in Berlin and next year’s final rounds of the Volleyball World Championships which will be held in Japan . The worldwide interest and media coverage is already astonishing, as 174 national teams on all continents battle it out: 24 men’s and 24 women’s teams will play in Japan, twice as many as in the Olympic Games, where the tournaments are 12 and 12. As with everything on planet volleyball, there are equal opportunity and rewards for men’s and women’s teams – and indeed for juniors. However the World Championships and Olympic Games are not the only high-profile Volleyball and Beach Volleyball international tournaments that have caught the imagination of media, players, fans and commercial partners. In fact it has been a feature of Volleyball Organisations that the FIVB has also developed so many successful international tournaments, such as the World League (men), Grand Prix (women), World Cups (men and women) and the Swatch-FIVB World Tour. FIVB MAJOR COMPETITIONS AND ACHIEVEMENTS To be the largest world sports organization with 218 affiliated National Federations To provide financing for the essential functions of the 5 Confederations with CHF 120,000.00 PER YEAR . To have created SPORT AID PROGRAMMES and Development Centres in Africa, Central America, Oceania, Asia, Africa, South America and the Caribbean; To have created a more competitive sports environment with: World League, Grand Prix, Grand Champions; World Cups for Olympic & World Qualification rounds; U-17/18 and U-20/21 World Championships & U-75/85 new sport events Beach Volleyball World Tour and World Championships; To have multiplied World Championships participation to more than 174 teams and 24 finalists in each branch. To dedicate 80% or more of our resources to sports events. Paying international transportation to Junior teams qualified for World Championships finals. Providing finance support to organisers of U-17/18 and U-20/21 World Championships Paying teams and Officials international transportation and 50% accommodation to Senior teams qualified for the World Championships finals, Allocating more than 85 million USD in Prize Money every four years period for teams and players taking part in major FIVB Competitions. It is also part of the FIVB philosophy to create the conditions for exciting sport which provides great entertainment, and we consult players, media and other partners as we consider changes that will increase the appeal of the sport. For example the move to the rally-point system of scoring has led to more exciting and more accessible matches in both Volleyball and Beach Volleyball, and the adoption of the ‘libero’ in Volleyball has led to more exciting rallies. Also since Beach Volleyball was officially recognised by the FIVB in 1986 (ten years before Atlanta), the sport has been transformed from a seaside sport to a media-friendly, fun, glamorous, but highly-competitive and exciting sport that is also attracting enthusiastic city-centre crowds. Thus Olympic bid cities are increasingly looking for iconic venues for Beach Volleyball and promoting them as key attractions of their bids: Bondi beach for Sydney 2000, Tiananmen Square for Beijing 2008, and among the proposals for 2012 are the Eiffel Tower for Paris and Horseguards Parade near Buckingham Palace for London . The FIVB’s success in presenting the sport in the most interesting and attractive manner is reaping dividends: not only is spectator attendance very high (95.7% of available 155,000 sold for Sydney, and 75.6% of the 202,500 for Athens), but the sport also stands to benefit from the coverage given to the Olympic Beach Volleyball tournament, as many of the media that were attracted to the fun and glamorous side of the sport found themselves reporting on sport and athleticism of the very highest order. As a ‘lifestyle sport’, Beach Volleyball also attracts considerable media coverage beyond the sports pages. It is safe to say that the media played a major part in the success of the Beach Volleyball tournament in Athens – and in making Beach Volleyball one of the undoubted successes of the Athens Games, as indeed it was in Sydney . The early stages of most sports were characterised by empty stadiums, and some sports never really recovered. Even for Beach Volleyball attendance was disappointing for some early matches, but word got around that something special was happening ‘down at the beach’, and the stadium was full for most of the matches, with people queuing to get in. Some commentators may have taken a dim view of the music and dancing girls between play, but were soon caught up in the atmosphere and saw phenomenal sport in the knock-out phase matches: seven of the men’s matches went to a tie-break and six of the women’s. The level of play with which the top seeds won both the Men’s tournament (Ricardo/ Emanuel) and Women’s (Walsh/ May) with relative ease was a supreme advertisement for this young sport. Volleyball’s 40 th Olympic anniversary In the indoor game, the media also rose to the occasion: Volleyball was celebrating its 40 th anniversary on the Olympic programme, and the stadium was bigger than those for many other sports (including swimming, indoor cycling and tennis.) A high number of informed Volleyball media were present to enjoy full-houses for nearly all the Men’s knock-out phase matches and many of the Women’s. Brazil ’s men’s team beat Italy for the Gold Medal with a quite magical display of volleyball, which was reported round the world and covered on TV throughout the world. Also the thrilling 5-set match that saw China beat Russia for the Women’s Gold Medal will go down as one of the great matches of all time. The Women’s final represented everything that the women’s competition has entailed - beautiful skill, matched with awesome power and ability - with the score drawing level 50 times during the match. Russia were at their magnificent best but China, already World Cup and Grand Prix winners, eventually took the Gold, claiming the tiebreaker in a thrilling finish. It was no surprise that this match won the highest TV rating (5.9%) of any sport in China during the last three days of the Games. Figures released after the Games show that 3,239,000 viewers stayed up until 4 a.m. to watch it, and then more than 3,138,000 watched the replay. The replay was rated the second highest at 5.7%, and it was the first and the only time that both live and replay transmissions of the same game in any sport got the highest ratings during Athens Olympic Games. This was echoed by the phenomenal coverage in the written media in China , which in turn has further boosted interest in Volleyball there and augurs well in the build-up to Beijing 2008. Attracting new interest in the game Here we see again the importance of the media: attracting new interest in the game. Both Volleyball and Beach Volleyball are blessed with being strong on all levels: with their low costs to set up and play, they are ideal for development programmes and ‘sport-for-all’ initiatives, as well as having an educational value as non-contact, team sports requiring a harmonious blend of body, will and mind – fitness, stamina, tactics and team play; both are also excellent amateur sports as well as highly rewarding and appealing at the elite levels. The media help to create stars who give a halo effect to the sport at all levels. And occasionally in the most unexpected ways: news and images shot round the world of Ferrari’s Michael Schumacher and Rubens Barichello playing Beach Volleyball against Australian Beach Volleyball stars before this year’s Australian Formula One Grand Prix, and the media also shared with the world Prince Albert’s Beach Volleyball skills when he played a friendly match at the Olympic venue in Athens, as well as eventually awarding the Medals to the winners of the actual Tournament! Another secret of its success is that World Organisation was quick to realise the potential importance of the internet and other new media. As well as the FIVB’s own website, and those of the NFs and continental federations, there are many independent sites devoted to Volleyball and Beach Volleyball round the world. Recognising the importance to true sports fans of instant news and reviews, the FIVB has developed a highly sophisticated real-time computerised system known as VIS (Volleyball Information System) which not only feeds into our own sites but is also much appreciated by news agencies and other media. During major events the number of hits is exceptionally high. The FIVB website gets on average 15’000 hits a day and during the 2002 Volleyball World Championships this figure rose to an average of 50’000 hits a day. For the Athens Olympic Games the FIVB website received between 40’000 and 75’000 hits a day. “When an organization enjoys an optimal professional relationship with members of the media, it can be said that the organization has already achieved half its objectives” Dr. Rubén Acosta H., ‘Managing Sport Organizations ’ The FIVB is on a constant mission to improve its sports and create greater opportunities for players, spectators and commercial partners, while maintaining the highest ethical standards, protecting the health of its players and fighting against doping in sport. Especially at times of change the need to communicate and explain through the media is crucial to win understanding and support. If no-one heard, or no-one listened or no-one cared, we would fail. With Volleyball and Beach Volleyball that is not the case – far from it! The interest in and clamour for Volleyball and Beach Volleyball are greater than ever: from the media, from sports fans, from would-be host cities and from commercial partners. The Organisation’s challenge is to manage and direct all that and see that the most appropriate decisions are taken and implemented at all levels of the sport throughout the world. Under the Volleyball World Vision 2012, and following the rigorous strategic planning process that the Vision’s plan entails, Volleyball and Beach Volleyball will succeed. Andrew A. Napier May 2005 ^^ to top home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",43);arrFiles[61]=new Array(73,"http://www.aanapier.com/lr_comcode2003.pdf","31 Aug 2005","Document1.qxp","","","Document1.qxp  23/7/03  3:51 pm  Page 1  THE COMBINED CODE ON CORPORATE GOVERNANCE  July 2003    Document1.qxp  23/7/03  3:51 pm  Page 2    Document1.qxp  23/7/03  3:51 pm  Page 3  CONTENTS  Pages  The Combined Code on Corporate Governance  Preamble Section 1 A B C D COMPANIES Directors Remuneration Accountability and Audit Relations with Shareholders 1-3 4-19  4-11 12-14 15-17 18-19  Section  2 INSTITUTIONAL SHAREHOLDERS E Institutional Shareholders  19-20  19-20  Schedule A Provisions on the design of performance related remuneration Schedule B Guidance on liability of non-executive directors: care, skill and diligence Schedule C Disclosure of corporate governance arrangements  21 22 23-24  Related Guidance and Good Practice Suggestions  Guidance on internal control (The Turnbull Guidance) Guidance on audit committees (The Smith Guidance) Suggestions for good practice from the Higgs report Guidance for the chairman Guidance for non-executive directors Summary of the principal duties of the remuneration committee Summary of the principal duties of the nomination committee Pre-appointment due diligence checklist for new board members Sample letter of non-executive director appointment Induction checklist Performance evaluation checklist 27-41 43-57 59-79  61-62 63-64 65-66 67-68 69-70 71-74 75-76 77-79  Useful Web Links  81-82    Document1.qxp  23/7/03  3:51 pm  Page 4    Document1.qxp  24/7/03  4:22 pm  Page 1  CODE ON CORPORATE GOVERNANCE  PREAMBLE  1. This Code supersedes and replaces the Combined Code issued by the Hampel Committee on Corporate Governance in June 1998. It derives from a review of the role and effectiveness of non-executive directors by Derek Higgs1 and a review of audit committees2 by a group led by Sir Robert Smith. The Financial Services Authority has said that it will replace the 1998 Code that is annexed to the Listing Rules with the revised Code and will seek to make consequential Rule changes. There will be consultation on the necessary Rule changes but not further consultation on the Code provisions themselves. It is intended that the new Code will apply for reporting years beginning on or after 1 November 2003. The Code contains main and supporting principles and provisions. The existing Listing Rules require listed companies to make a disclosure statement in two parts in relation to the Code. In the first part of the statement, the company has to report on how it applies the principles in the Code. In future this will need to cover both main and supporting principles. The form and content of this part of the statement are not prescribed, the intention being that companies should have a free hand to explain their governance policies in the light of the principles, including any special circumstances applying to them which have led to a particular approach. In the second part of the statement the company has either to confirm that it complies with the Code \'s provisions or ­ where it does not ­ to provide an explanation. This `comply or explain \' approach has been in operation for over ten years and the flexibility it offers has been widely welcomed both by company boards and by investors. It is for shareholders and others to evaluate the company \'s statement While it is expected that listed companies will comply with the Code \'s provisions most of the time, it is recognised that departure from the provisions of the Code may be justified in particular circumstances. Every company must review each provision carefully and give a considered explanation if it departs from the Code provisions.  2.  3.  4.  5.  1 2   Review of the role and effectiveness of non-executive directors , published January 2003.  Audit Committees Combined Code Guidance , published January 2003.  1    Document1.qxp  24/7/03  4:22 pm  Page 2  July 2003  The Combined Code  6.  Smaller listed companies, in particular those new to listing, may judge that some of the provisions are disproportionate or less relevant in their case. Some of the provisions do not apply to companies below FTSE 350. Such companies may nonetheless consider that it would be appropriate to adopt the approach in the Code and they are encouraged to consider this. Investment companies typically have a different board structure, which may affect the relevance of particular provisions. Whilst recognising that directors are appointed by shareholders who are the owners of companies, it is important that those concerned with the evaluation of governance should do so with common sense in order to promote partnership and trust, based on mutual understanding. They should pay due regard to companies \' individual circumstances and bear in mind in particular the size and complexity of the company and the nature of the risks and challenges it faces. Whilst shareholders have every right to challenge companies \' explanations if they are unconvincing, they should not be evaluated in a mechanistic way and departures from the Code should not be automatically treated as breaches. Institutional shareholders and their agents should be careful to respond to the statements from companies in a manner that supports the `comply or explain \' principle. As the principles in Section 2 make clear, institutional shareholders should carefully consider explanations given for departure from the Code and make reasoned judgements in each case. They should put their views to the company and be prepared to enter a dialogue if they do not accept the company \'s position. Institutional shareholders should be prepared to put such views in writing where appropriate. Nothing in this Code should be taken to override the general requirements of law to treat shareholders equally in access to information. This publication includes guidance on how to comply with particular parts of the Code: first,  Internal Control: Guidance for Directors on the Combined Code 3, produced by the Turnbull Committee, which relates to Code provisions on internal control (C.2 and part of C.3 in the Code); and, second,  Audit Committees: Combined Code Guidance , produced by the Smith Group, which relates to the provisions on audit committees and auditors (C.3 of the Code). In both cases, the guidance suggests ways of applying the relevant Code principles and of complying with the relevant Code provisions. In addition, this volume also includes suggestions for good practice from the Higgs report.  7.  8.  9.  10.  3   Internal Control: Guidance for Directors on the Combined Code , published by the Institute of Chartered Accountants in England and Wales in September 1999.  2    Document1.qxp  24/7/03  4:22 pm  Page 3  July 2003  The Combined Code  11.  The revised Code does not include material in the previous Code on the disclosure of directors \' remuneration. This is because  The Directors \' Remuneration Report Regulations 2002  4 are now in force and supersede the earlier Code provisions. These require the directors of a company to prepare a remuneration report. It is important that this report is clear, transparent and understandable to shareholders.  4  The Directors \' Remuneration Report Regulations 2002, S.I. no.1986.  3    Document1.qxp  24/7/03  4:22 pm  Page 4  CODE OF BEST PRACTICE  SECTION 1 COMPANIES  A. A.1 DIRECTORS The Board  Main Principle Every company should be headed by an effective board, which is collectively responsible for the success of the company. Supporting Principles The board \'s role is to provide entrepreneurial leadership of the company within a framework of prudent and effective controls which enables risk to be assessed and managed. The board should set the company \'s strategic aims, ensure that the necessary financial and human resources are in place for the company to meet its objectives and review management performance. The board should set the company \'s values and standards and ensure that its obligations to its shareholders and others are understood and met. All directors must take decisions objectively in the interests of the company. As part of their role as members of a unitary board, non-executive directors should constructively challenge and help develop proposals on strategy. Non-executive directors should scrutinise the performance of management in meeting agreed goals and objectives and monitor the reporting of performance. They should satisfy themselves on the integrity of financial information and that financial controls and systems of risk management are robust and defensible. They are responsible for determining appropriate levels of remuneration of executive directors and have a prime role in appointing, and where necessary removing, executive directors, and in succession planning.  4    Document1.qxp  24/7/03  4:22 pm  Page 5  July 2003  The Combined Code  Code Provisions A.1.1 The board should meet sufficiently regularly to discharge its duties effectively. There should be a formal schedule of matters specifically reserved for its decision. The annual report should include a statement of how the board operates, including a high level statement of which types of decisions are to be taken by the board and which are to be delegated to management. A.1.2 The annual report should identify the chairman, the deputy chairman (where there is one), the chief executive, the senior independent director and the chairmen and members of the nomination, audit and remuneration committees. It should also set out the number of meetings of the board and those committees and individual attendance by directors. A.1.3 The chairman should hold meetings with the non-executive directors without the executives present. Led by the senior independent director, the non-executive directors should meet without the chairman present at least annually to appraise the chairman \'s performance (as described in A.6.1) and on such other occasions as are deemed appropriate. A.1.4 Where directors have concerns which cannot be resolved about the running of the company or a proposed action, they should ensure that their concerns are recorded in the board minutes. On resignation, a nonexecutive director should provide a written statement to the chairman, for circulation to the board, if they have any such concerns. A.1.5 The company should arrange appropriate insurance cover in respect of legal action against its directors.  A.2  Chairman and chief executive  Main Principle There should be a clear division of responsibilities at the head of the company between the running of the board and the executive responsibility for the running of the company \'s business. No one individual should have unfettered powers of decision. Supporting Principle The chairman is responsible for leadership of the board, ensuring its effectiveness on all aspects of its role and setting its agenda. The chairman is also responsible for ensuring that the directors receive accurate, timely and clear information. The chairman should ensure effective communication with shareholders. The chairman should also facilitate the effective contribution of non-executive directors in particular  5    Document1.qxp  24/7/03  4:22 pm  Page 6  July 2003  The Combined Code  and ensure constructive relations between executive and non-executive directors. Code Provisions A.2.1 The roles of chairman and chief executive should not be exercised by the same individual. The division of responsibilities between the chairman and chief executive should be clearly established, set out in writing and agreed by the board. A.2.25 The chairman should on appointment meet the independence criteria set out in A.3.1 below. A chief executive should not go on to be chairman of the same company. If exceptionally a board decides that a chief executive should become chairman, the board should consult major shareholders in advance and should set out its reasons to shareholders at the time of the appointment and in the next annual report.  A.3  Board balance and independence  Main Principle The board should include a balance of executive and non-executive directors (and in particular independent non-executive directors) such that no individual or small group of individuals can dominate the board \'s decision taking. Supporting Principles The board should not be so large as to be unwieldy. The board should be of sufficient size that the balance of skills and experience is appropriate for the requirements of the business and that changes to the board \'s composition can be managed without undue disruption. To ensure that power and information are not concentrated in one or two individuals, there should be a strong presence on the board of both executive and non-executive directors. The value of ensuring that committee membership is refreshed and that undue reliance is not placed on particular individuals should be taken into account in deciding chairmanship and membership of committees. No one other than the committee chairman and members is entitled to be present at a meeting of the nomination, audit or remuneration committee, but others may attend at the invitation of the committee.  Compliance or otherwise with this provision need only be reported for the year in which the appointment is made.  5  6    Document1.qxp  24/7/03  4:22 pm  Page 7  July 2003  The Combined Code  Code provisions A.3.1 The board should identify in the annual report each non-executive director it considers to be independent6. The board should determine whether the director is independent in character and judgement and whether there are relationships or circumstances which are likely to affect, or could appear to affect, the director \'s judgement. The board should state its reasons if it determines that a director is independent notwithstanding the existence of relationships or circumstances which may appear relevant to its determination, including if the director:  G  has been an employee of the company or group within the last five years; has, or has had within the last three years, a material business relationship with the company either directly, or as a partner, shareholder, director or senior employee of a body that has such a relationship with the company; has received or receives additional remuneration from the company apart from a director \'s fee, participates in the company \'s share option or a performance-related pay scheme, or is a member of the company \'s pension scheme; has close family ties with any of the company \'s advisers, directors or senior employees; holds cross-directorships or has significant links with other directors through involvement in other companies or bodies; represents a significant shareholder; or has served on the board for more than nine years from the date of their first election.  G  G  G  G  G G  A.3.2 Except for smaller companies7, at least half the board, excluding the chairman, should comprise non-executive directors determined by the board to be independent. A smaller company should have at least two independent non-executive directors. A.3.3 The board should appoint one of the independent non-executive directors to be the senior independent director. The senior independent director should be available to shareholders if they have concerns which contact through the normal channels of chairman, chief executive or finance director has failed to resolve or for which such contact is inappropriate.  A.2.2 states that the chairman should, on appointment, meet the independence criteria set out in this provision, but thereafter the test of independence is not appropriate in relation to the chairman. 7 A smaller company is one that is below the FTSE 350 throughout the year immediately prior to the reporting year.  6  7    Document1.qxp  24/7/03  4:22 pm  Page 8  July 2003  The Combined Code  A.4  Appointments to the Board  Main Principle There should be a formal, rigorous and transparent procedure for the appointment of new directors to the board. Supporting Principles Appointments to the board should be made on merit and against objective criteria. Care should be taken to ensure that appointees have enough time available to devote to the job. This is particularly important in the case of chairmanships. The board should satisfy itself that plans are in place for orderly succession for appointments to the board and to senior management, so as to maintain an appropriate balance of skills and experience within the company and on the board. Code Provisions A.4.1 There should be a nomination committee which should lead the process for board appointments and make recommendations to the board. A majority of members of the nomination committee should be independent non-executive directors. The chairman or an independent non-executive director should chair the committee, but the chairman should not chair the nomination committee when it is dealing with the appointment of a successor to the chairmanship. The nomination committee should make available8 its terms of reference, explaining its role and the authority delegated to it by the board. A.4.2 The nomination committee should evaluate the balance of skills, knowledge and experience on the board and, in the light of this evaluation, prepare a description of the role and capabilities required for a particular appointment. A.4.3 For the appointment of a chairman, the nomination committee should prepare a job specification, including an assessment of the time commitment expected, recognising the need for availability in the event of crises. A chairman \'s other significant commitments should be disclosed to the board before appointment and included in the annual report. Changes to such commitments should be reported to the board as they arise, and included in the next annual report. No individual should be appointed to a second chairmanship of a FTSE 100 company9.  8 The requirement to make the information available would be met by making it available on request and by including the information on the company \'s website. 9 Compliance or otherwise with this provision need only be reported for the year in which the appointment is made.  8    Document1.qxp  24/7/03  4:22 pm  Page 9  July 2003  The Combined Code  A.4.4 The terms and conditions of appointment of non-executive directors should be made available for inspection10. The letter of appointment should set out the expected time commitment. Non-executive directors should undertake that they will have sufficient time to meet what is expected of them. Their other significant commitments should be disclosed to the board before appointment, with a broad indication of the time involved and the board should be informed of subsequent changes. A.4.5 The board should not agree to a full time executive director taking on more than one non-executive directorship in a FTSE 100 company nor the chairmanship of such a company. A.4.6 A separate section of the annual report should describe the work of the nomination committee, including the process it has used in relation to board appointments. An explanation should be given if neither an external search consultancy nor open advertising has been used in the appointment of a chairman or a non-executive director.  A.5  Information and professional development  Main Principle The board should be supplied in a timely manner with information in a form and of a quality appropriate to enable it to discharge its duties. All directors should receive induction on joining the board and should regularly update and refresh their skills and knowledge. Supporting Principles The chairman is responsible for ensuring that the directors receive accurate, timely and clear information. Management has an obligation to provide such information but directors should seek clarification or amplification where necessary. The chairman should ensure that the directors continually update their skills and the knowledge and familiarity with the company required to fulfil their role both on the board and on board committees. The company should provide the necessary resources for developing and updating its directors \' knowledge and capabilities. Under the direction of the chairman, the company secretary \'s responsibilities include ensuring good information flows within the board  10  The terms and conditions of appointment of non-executive directors should be made available for inspection by any person at the company \'s registered office during normal business hours and at the AGM (for 15 minutes prior to the meeting and during the meeting).  9    Document1.qxp  24/7/03  4:22 pm  Page 10  July 2003  The Combined Code  and its committees and between senior management and non-executive directors, as well as facilitating induction and assisting with professional development as required. The company secretary should be responsible for advising the board through the chairman on all governance matters.  Code Provisions A.5.1 The chairman should ensure that new directors receive a full, formal and tailored induction on joining the board. As part of this, the company should offer to major shareholders the opportunity to meet a new non-executive director. A.5.2 The board should ensure that directors, especially directors, have access to independent professional company \'s expense where they judge it necessary to responsibilities as directors. Committees should be sufficient resources to undertake their duties. non-executive advice at the discharge their provided with  A.5.3 All directors should have access to the advice and services of the company secretary, who is responsible to the board for ensuring that board procedures are complied with. Both the appointment and removal of the company secretary should be a matter for the board as a whole.  A.6  Performance evaluation  Main Principle The board should undertake a formal and rigorous annual evaluation of its own performance and that of its committees and individual directors. Supporting Principle Individual evaluation should aim to show whether each director continues to contribute effectively and to demonstrate commitment to the role (including commitment of time for board and committee meetings and any other duties). The chairman should act on the results of the performance evaluation by recognising the strengths and addressing the weaknesses of the board and, where appropriate, proposing new members be appointed to the board or seeking the resignation of directors.  10    Document1.qxp  24/7/03  4:22 pm  Page 11  July 2003  The Combined Code  Code Provision A.6.1 The board should state in the annual report how performance evaluation of the board, its committees and its individual directors has been conducted. The non-executive directors, led by the senior independent director, should be responsible for performance evaluation of the chairman, taking into account the views of executive directors.  A.7  Re-election  Main Principle All directors should be submitted for re-election at regular intervals, subject to continued satisfactory performance. The board should ensure planned and progressive refreshing of the board. Code Provisions A.7.1 All directors should be subject to election by shareholders at the first annual general meeting after their appointment, and to re-election thereafter at intervals of no more than three years. The names of directors submitted for election or re-election should be accompanied by sufficient biographical details and any other relevant information to enable shareholders to take an informed decision on their election. A.7.2 Non-executive directors should be appointed for specified terms subject to re-election and to Companies Acts provisions relating to the removal of a director. The board should set out to shareholders in the papers accompanying a resolution to elect a non-executive director why they believe an individual should be elected. The chairman should confirm to shareholders when proposing re-election that, following formal performance evaluation, the individual \'s performance continues to be effective and to demonstrate commitment to the role. Any term beyond six years (e.g. two three-year terms) for a non-executive director should be subject to particularly rigorous review, and should take into account the need for progressive refreshing of the board. Non-executive directors may serve longer than nine years (e.g. three three-year terms), subject to annual re-election. Serving more than nine years could be relevant to the determination of a non-executive director \'s independence (as set out in provision A.3.1).  11    Document1.qxp  24/7/03  4:22 pm  Page 12  July 2003  The Combined Code  B. B.1  REMUNERATION The Level and Make-up of Remuneration11  Main Principles Levels of remuneration should be sufficient to attract, retain and motivate directors of the quality required to run the company successfully, but a company should avoid paying more than is necessary for this purpose. A significant proportion of executive directors \' remuneration should be structured so as to link rewards to corporate and individual performance. Supporting Principle The remuneration committee should judge where to position their company relative to other companies. But they should use such comparisons with caution, in view of the risk of an upward ratchet of remuneration levels with no corresponding improvement in performance. They should also be sensitive to pay and employment conditions elsewhere in the group, especially when determining annual salary increases. Code Provisions Remuneration policy B.1.1 The performance-related elements of remuneration should form a significant proportion of the total remuneration package of executive directors and should be designed to align their interests with those of shareholders and to give these directors keen incentives to perform at the highest levels. In designing schemes of performance-related remuneration, the remuneration committee should follow the provisions in Schedule A to this Code. B.1.2 Executive share options should not be offered at a discount save as permitted by the relevant provisions of the Listing Rules. B.1.3 Levels of remuneration for non-executive directors should reflect the time commitment and responsibilities of the role. Remuneration for nonexecutive directors should not include share options. If, exceptionally, options are granted, shareholder approval should be sought in advance and any shares acquired by exercise of the options should be held until at  11 Views have been sought by the Department of Trade and Industry by 30 September 2003 on whether, and if so how, further measures are required to enable shareholders to ensure that compensation reflects performance when directors \' contracts are terminated: See  Rewards for Failure : Directors \' Remuneration ­ Contracts, performance and severance, June 2003.  12    Document1.qxp  24/7/03  4:22 pm  Page 13  July 2003  The Combined Code  least one year after the non-executive director leaves the board. Holding of share options could be relevant to the determination of a non-executive director  \'s independence (as set out in provision A.3.1). B.1.4 Where a company releases an executive director to serve as a nonexecutive director elsewhere, the remuneration report12 should include a statement as to whether or not the director will retain such earnings and, if so, what the remuneration is. Service Contracts and Compensation B.1.5 The remuneration committee should carefully consider what compensation commitments (including pension contributions and all other elements) their directors \' terms of appointment would entail in the event of early termination. The aim should be to avoid rewarding poor performance. They should take a robust line on reducing compensation to reflect departing directors \' obligations to mitigate loss. B.1.6 Notice or contract periods should be set at one year or less. If it is necessary to offer longer notice or contract periods to new directors recruited from outside, such periods should reduce to one year or less after the initial period.  B.2  Procedure  Main Principle There should be a formal and transparent procedure for developing policy on executive remuneration and for fixing the remuneration packages of individual directors. No director should be involved in deciding his or her own remuneration. Supporting Principles The remuneration committee should consult the chairman and/or chief executive about their proposals relating to the remuneration of other executive directors. The remuneration committee should also be responsible for appointing any consultants in respect of executive director remuneration. Where executive directors or senior management are involved in advising or supporting the remuneration committee, care should be taken to recognise and avoid conflicts of interest. The chairman of the board should ensure that the company maintains contact as required with its principal shareholders about remuneration in the same way as for other matters.  12  As required under the Directors \' Remuneration Report Regulations.  13    Document1.qxp  24/7/03  4:22 pm  Page 14  July 2003  The Combined Code  Code Provisions B.2.1 The board should establish a remuneration committee of at least three, or in the case of smaller companies13 two, members, who should all be independent non-executive directors. The remuneration committee should make available14 its terms of reference, explaining its role and the authority delegated to it by the board. Where remuneration consultants are appointed, a statement should be made available15 of whether they have any other connection with the company. B.2.2 The remuneration committee should have delegated responsibility for setting remuneration for all executive directors and the chairman, including pension rights and any compensation payments. The committee should also recommend and monitor the level and structure of remuneration for senior management. The definition of `senior management \' for this purpose should be determined by the board but should normally include the first layer of management below board level. B.2.3 The board itself or, where required by the Articles of Association, the shareholders should determine the remuneration of the non-executive directors within the limits set in the Articles of Association. Where permitted by the Articles, the board may however delegate this responsibility to a committee, which might include the chief executive. B.2.4 Shareholders should be invited specifically to approve all new long-term incentive schemes (as defined in the Listing Rules) and significant changes to existing schemes, save in the circumstances permitted by the Listing Rules.  13 14 15  See footnote 7 See footnote 8 See footnote 8  14    Document1.qxp  24/7/03  4:22 pm  Page 15  July 2003  The Combined Code  C. C.1  ACCOUNTABILITY AND AUDIT Financial Reporting  Main Principle The board should present a balanced and understandable assessment of the company \'s position and prospects. Supporting Principle The board \'s responsibility to present a balanced and understandable assessment extends to interim and other price-sensitive public reports and reports to regulators as well as to information required to be presented by statutory requirements. Code Provisions C.1.1 The directors should explain in the annual report their responsibility for preparing the accounts and there should be a statement by the auditors about their reporting responsibilities. C.1.2 The directors should report that the business is a going concern, with supporting assumptions or qualifications as necessary.  C.2  Internal Control16  Main Principle The board should maintain a sound system of internal control to safeguard shareholders \' investment and the company \'s assets. Code Provision C.2.1 The board should, at least annually, conduct a review of the effectiveness of the group \'s system of internal controls and should report to shareholders that they have done so. The review should cover all material controls, including financial, operational and compliance controls and risk management systems.  16  The Turnbull guidance suggests means of applying this part of the Code.  15    Document1.qxp  24/7/03  4:22 pm  Page 16  July 2003  The Combined Code  C.3  Audit Committee and Auditors17  Main Principle The board should establish formal and transparent arrangements for considering how they should apply the financial reporting and internal control principles and for maintaining an appropriate relationship with the company \'s auditors. Code provisions C.3.1 The board should establish an audit committee of at least three, or in the case of smaller companies18 two, members, who should all be independent non-executive directors. The board should satisfy itself that at least one member of the audit committee has recent and relevant financial experience. C.3.2 The main role and responsibilities of the audit committee should be set out in written terms of reference and should include:  G  to monitor the integrity of the financial statements of the company, and any formal announcements relating to the company \'s financial performance, reviewing significant financial reporting judgements contained in them; to review the company \'s internal financial controls and, unless expressly addressed by a separate board risk committee composed of independent directors, or by the board itself, to review the company \'s internal control and risk management systems; to monitor and review the effectiveness of the company \'s internal audit function; to make recommendations to the board, for it to put to the shareholders for their approval in general meeting, in relation to the appointment, re-appointment and removal of the external auditor and to approve the remuneration and terms of engagement of the external auditor; to review and monitor the external auditor \'s independence and objectivity and the effectiveness of the audit process, taking into consideration relevant UK professional and regulatory requirements; to develop and implement policy on the engagement of the external auditor to supply non-audit services, taking into account relevant ethical guidance regarding the provision of non-audit services by the external audit firm; and to report to the board, identifying any  G  G  G  G  G  17 18  The Smith guidance suggests means of applying this part of the Code. See footnote 7  16    Document1.qxp  24/7/03  4:22 pm  Page 17  July 2003  The Combined Code  matters in respect of which it considers that action or improvement is needed and making recommendations as to the steps to be taken. C.3.3 The terms of reference of the audit committee, including its role and the authority delegated to it by the board, should be made available.19 A separate section of the annual report should describe the work of the committee in discharging those responsibilities. C.3.4 The audit committee should review arrangements by which staff of the company may, in confidence, raise concerns about possible improprieties in matters of financial reporting or other matters. The audit committee \'s objective should be to ensure that arrangements are in place for the proportionate and independent investigation of such matters and for appropriate follow-up action. C.3.5 The audit committee should monitor and review the effectiveness of the internal audit activities. Where there is no internal audit function, the audit committee should consider annually whether there is a need for an internal audit function and make a recommendation to the board, and the reasons for the absence of such a function should be explained in the relevant section of the annual report. C.3.6 The audit committee should have primary responsibility for making a recommendation on the appointment, reappointment and removal of the external auditors. If the board does not accept the audit committee \'s recommendation, it should include in the annual report, and in any papers recommending appointment or re-appointment, a statement from the audit committee explaining the recommendation and should set out reasons why the board has taken a different position. C.3.7 The annual report should explain to shareholders how, if the auditor provides non-audit services, auditor objectivity and independence is safeguarded.  19  See footnote 8.  17    Document1.qxp  24/7/03  4:22 pm  Page 18  July 2003  The Combined Code  D. D.1  RELATIONS WITH SHAREHOLDERS Dialogue with Institutional Shareholders  Main Principle There should be a dialogue with shareholders based on the mutual understanding of objectives. The board as a whole has responsibility for ensuring that a satisfactory dialogue with shareholders takes place.20 Supporting Principles Whilst recognising that most shareholder contact is with the chief executive and finance director, the chairman (and the senior independent director and other directors as appropriate) should maintain sufficient contact with major shareholders to understand their issues and concerns. The board should keep in touch with shareholder opinion in whatever ways are most practical and efficient. Code Provisions D.1.1 The chairman should ensure that the views of shareholders are communicated to the board as a whole. The chairman should discuss governance and strategy with major shareholders. Non-executive directors should be offered the opportunity to attend meetings with major shareholders and should expect to attend them if requested by major shareholders. The senior independent director should attend sufficient meetings with a range of major shareholders to listen to their views in order to help develop a balanced understanding of the issues and concerns of major shareholders. D.1.2 The board should state in the annual report the steps they have taken to ensure that the members of the board, and in particular the non-executive directors, develop an understanding of the views of major shareholders about their company, for example through direct face-to-face contact, analysts \' or brokers \' briefings and surveys of shareholder opinion. D.2 Constructive Use of the AGM  Main Principle The board should use the AGM to communicate with investors and to encourage their participation.  Nothing in these principles or provisions should be taken to override the general requirements of law to treat shareholders equally in access to information.  20  18    Document1.qxp  24/7/03  4:22 pm  Page 19  July 2003  The Combined Code  Code Provisions D.2.1 The company should count all proxy votes and, except where a poll is called, should indicate the level of proxies lodged on each resolution, and the balance for and against the resolution and the number of abstentions, after it has been dealt with on a show of hands. The company should ensure that votes cast are properly received and recorded. D.2.2 The company should propose a separate resolution at the AGM on each substantially separate issue and should in particular propose a resolution at the AGM relating to the report and accounts. D.2.3 The chairman should arrange for the chairmen of the audit, remuneration and nomination committees to be available to answer questions at the AGM and for all directors to attend. D.2.4 The company should arrange for the Notice of the AGM and related papers to be sent to shareholders at least 20 working days before the meeting.  SECTION 2  E. E.1  INSTITUTIONAL SHAREHOLDERS  INSTITUTIONAL SHAREHOLDERS21 Dialogue with companies  Main Principle Institutional shareholders should enter into a dialogue with companies based on the mutual understanding of objectives. Supporting Principles Institutional shareholders should apply the principles set out in the Institutional Shareholders \' Committee \'s  The Responsibilities of Institutional Shareholders and Agents ­ Statement of Principles 22, which should be reflected in fund manager contracts.  Agents such as investment managers, or voting services, are frequently appointed by institutional shareholders to act on their behalf and these principles should accordingly be read as applying where appropriate to the agents of institutional shareholders. 22 Available at website: www.investmentuk.org.uk/press/2002/20021021-01.pdf  21  19    Document1.qxp  24/7/03  4:22 pm  Page 20  July 2003  The Combined Code  E.2  Evaluation of Governance Disclosures  Main Principle When evaluating companies \' governance arrangements, particularly those relating to board structure and composition, institutional shareholders should give due weight to all relevant factors drawn to their attention. Supporting Principle Institutional shareholders should consider carefully explanations given for departure from this Code and make reasoned judgements in each case. They should give an explanation to the company, in writing where appropriate, and be prepared to enter a dialogue if they do not accept the company \'s position. They should avoid a box-ticking approach to assessing a company \'s corporate governance. They should bear in mind in particular the size and complexity of the company and the nature of the risks and challenges it faces. E.3 Shareholder Voting  Main Principle Institutional shareholders have a responsibility to make considered use of their votes. Supporting Principles Institutional shareholders should take steps to ensure their voting intentions are being translated into practice. Institutional shareholders should, on request, make available to their clients information on the proportion of resolutions on which votes were cast and non-discretionary proxies lodged. Major shareholders should attend AGMs where appropriate and practicable. Companies and registrars should facilitate this.  20    Document1.qxp  24/7/03  4:22 pm  Page 21  July 2003  The Combined Code  Schedule A:  1.  Provisions on the design of performance related remuneration  The remuneration committee should consider whether the directors should be eligible for annual bonuses. If so, performance conditions should be relevant, stretching and designed to enhance shareholder value. Upper limits should be set and disclosed. There may be a case for part payment in shares to be held for a significant period. The remuneration committee should consider whether the directors should be eligible for benefits under long-term incentive schemes. Traditional share option schemes should be weighed against other kinds of long-term incentive scheme. In normal circumstances, shares granted or other forms of deferred remuneration should not vest, and options should not be exercisable, in less than three years. Directors should be encouraged to hold their shares for a further period after vesting or exercise, subject to the need to finance any costs of acquisition and associated tax liabilities. Any new long-term incentive schemes which are proposed should be approved by shareholders and should preferably replace any existing schemes or at least form part of a well considered overall plan, incorporating existing schemes. The total rewards potentially available should not be excessive. Payouts or grants under all incentive schemes, including new grants under existing share option schemes, should be subject to challenging performance criteria reflecting the company \'s objectives. Consideration should be given to criteria which reflect the company \'s performance relative to a group of comparator companies in some key variables such as total shareholder return. Grants under executive share option and other long-term incentive schemes should normally be phased rather than awarded in one large block. In general, only basic salary should be pensionable. The remuneration committee should consider the pension consequences and associated costs to the company of basic salary increases and any other changes in pensionable remuneration, especially for directors close to retirement.  2.  3.  4.  5.  6. 7.  21    Document1.qxp  24/7/03  4:22 pm  Page 22  July 2003  The Combined Code  Schedule B:  1.  Guidance on liability of non-executive directors: care, skill and diligence  Although non-executive directors and executive directors have as board members the same legal duties and objectives, the time devoted to the company \'s affairs is likely to be significantly less for a non-executive director than for an executive director and the detailed knowledge and experience of a company \'s affairs that could reasonably be expected of a non-executive director will generally be less than for an executive director. These matters may be relevant in assessing the knowledge, skill and experience which may reasonably be expected of a non-executive director and therefore the care, skill and diligence that a non-executive director may be expected to exercise. In this context, the following elements of the Code may also be particularly relevant. (i) In order to enable directors to fulfil their duties, the Code states that:  G  2.  The letter of appointment of the director should set out the expected time commitment (Code provision A.4.4); and The board should be supplied in a timely manner with information in a form and of a quality appropriate to enable it to discharge its duties. The chairman is responsible for ensuring that the directors are provided by management with accurate, timely and clear information. (Code principles A.5).  G  (ii)  Non-executive directors should themselves:  G  Undertake appropriate induction and regularly update and refresh their skills, knowledge and familiarity with the company (Code principle A.5 and provision A.5.1) Seek appropriate clarification or amplification of information and, where necessary, take and follow appropriate professional advice. (Code principle A.5 and provision A.5.2) Where they have concerns about the running of the company or a proposed action, ensure that these are addressed by the board and, to the extent that they are not resolved, ensure that they are recorded in the board minutes (Code provision A.1.4). Give a statement to the board if they have such unresolved concerns on resignation (Code provision A.1.4)  G  G  G  3.  It is up to each non-executive director to reach a view as to what is necessary in particular circumstances to comply with the duty of care, skill and diligence they owe as a director to the company. In considering whether or not a person is in breach of that duty, a court would take into account all relevant circumstances. These may include having regard to the above where relevant to the issue of liability of a non-executive director.  22    Document1.qxp  24/7/03  4:22 pm  Page 23  July 2003  The Combined Code  Schedule C:  Disclosure of corporate governance arrangements  The Listing Rules require a statement to be included in the annual report relating to compliance with the Code, as described in the preamble. For ease of reference, the specific requirements in the Code for disclosure are set out below: The annual report should record:  G  a statement of how the board operates, including a high level statement of which types of decisions are to be taken by the board and which are to be delegated to management (A.1.1); the names of the chairman, the deputy chairman (where there is one), the chief executive, the senior independent director and the chairmen and members of the nomination, audit and remuneration committees (A.1.2); the number of meetings of the board and those committees and individual attendance by directors (A.1.2); the names of the non-executive directors whom the board determines to be independent, with reasons where necessary (A.3.1); the other significant commitments of the chairman and any changes to them during the year (A.4.3); how performance evaluation of the board, its committees and its directors has been conducted (A.6.1); the steps the board has taken to ensure that members of the board, and in particular the non-executive directors, develop an understanding of the views of major shareholders about their company (D.1.2).  G  G  G  G  G  G  The report should also include:  G  a separate section describing the work of the nomination committee, including the process it has used in relation to board appointments and an explanation if neither external search consultancy nor open advertising has been used in the appointment of a chairman or a non-executive director (A.4.6); a description of the work of the remuneration committee as required under the Directors \' Remuneration Reporting Regulations 2002, and including, where an executive director serves as a nonexecutive director elsewhere, whether or not the director will retain such earnings and, if so, what the remuneration is (B.1.4); an explanation from the directors of their responsibility for preparing the accounts and a statement by the auditors about their reporting responsibilities (C.1.1);  23  G  G    Document1.qxp  25/7/03  7:09 am  Page 24  July 2003  The Combined Code  G  a statement from the directors that the business is a going concern, with supporting assumptions or qualifications as necessary (C.1.2); a report that the board has conducted a review of the effectiveness of the group \'s system of internal controls (C.2.1); a separate section describing the work of the audit committee in discharging its responsibilities (C.3.3); where there is no internal audit function, the reasons for the absence of such a function (C.3.5); where the board does not accept the audit committee \'s recommendation on the appointment, reappointment or removal of an external auditor, a statement from the audit committee explaining the recommendation and the reasons why the board has taken a different position (C.3.6); and an explanation of how, if the auditor provides non-audit services, auditor objectivity and independence is safeguarded (C.3.7).  G  G  G  G  G  The following information should be made available (which may be met by making it available on request and placing the information available on the company \'s website):  G  the terms of reference of the nomination, remuneration and audit committees, explaining their role and the authority delegated to them by the board (A.4.1, B.2.1 and C.3.3); the terms and conditions of appointment of non-executive directors (A.4.4) (see footnote 10 on page 9); and where remuneration consultants are appointed, a statement of whether they have any other connection with the company (B.2.1).  G  G  The board should set out to shareholders in the papers accompanying a resolution to elect or re-elect:  G  sufficient biographical details to enable shareholders to take an informed decision on their election or re-election (A.7.1). why they believe an individual should be elected to a nonexecutive role (A.7.2). on re-election of a non-executive director, confirmation from the chairman that, following formal performance evaluation, the individual \'s performance continues to be effective and to demonstrate commitment to the role, including commitment of time for board and committee meetings and any other duties (A.7.2).  G  G  24    Document1.qxp  24/7/03  4:22 pm  Page 25  July 2003  The Combined Code  The board should set out to shareholders in the papers recommending appointment or reappointment of an external auditor:  G  if the board does not accept the audit committee \'s recommendation, a statement from the audit committee explaining the recommendation and from the board setting out reasons why they have taken a different position (C.3.6).  RELATED GUIDANCE AND GOOD PRACTICE SUGGESTIONS  25    Document1.qxp  24/7/03  4:22 pm  Page 26    Document1.qxp  24/7/03  4:22 pm  Page 27  GUIDANCE ON INTERNAL CONTROL (The Turnbull Guidance)  CONTENTS  Paragraph number(s)  Introduction  Internal control requirements of the Combined Code Objectives of the guidance The importance of internal control and risk management Groups of companies The Appendix 1-7 8-9 10-13 14 15  Maintaining a sound system of internal control  Responsibilities Elements of a sound system of internal control 16-19 20-24  Reviewing the effectiveness of internal control  Responsibilities The process for reviewing effectiveness 25-26 27-34  The board \'s statement on internal control Internal audit Appendix  Assessing the effectiveness of the company \'s risk and control processes  35-41  42-47  Note Principle D.2, provision D.2.1 and provision D.2.2 of the old (1998) Code appear in the new (2003) Code as principle C.2, provision C.2.1 and (in an amended form) provision C.3.5. The Code references in the guidance on internal control should be read accordingly.  27    Document1.qxp  24/7/03  4:22 pm  Page 28    Document1.qxp  24/7/03  4:22 pm  Page 29  INTRODUCTION  Internal control requirements of the Combined Code 1. When the Combined Code of the Committee on Corporate Governance (the Code) was published, the Institute of Chartered Accountants in England & Wales agreed with the London Stock Exchange that it would provide guidance to assist listed companies to implement the requirements in the Code relating to internal control. Principle D.2 of the Code states that `The board should maintain a sound system of internal control to safeguard shareholders \' investment and the company \'s assets \'. Provision D.2.1 states that `The directors should, at least annually, conduct a review of the effectiveness of the group \'s system of internal control and should report to shareholders that they have done so. The review should cover all controls, including financial, operational and compliance controls and risk management \'. Provision D.2.2 states that `Companies which do not have an internal audit function should from time to time review the need for one \'. Paragraph 12.43A of the London Stock Exchange Listing Rules states that `in the case of a company incorporated in the United Kingdom, the following additional items must be included in its annual report and accounts: (a) a narrative statement of how it has applied the principles set out in Section 1 of the Combined Code, providing explanation which enables its shareholders to evaluate how the principles have been applied; a statement as to whether or not it has complied throughout the accounting period with the Code provisions set out in Section 1 of the Combined Code. A company that has not complied with the Code provisions, or complied with only some of the Code provisions or (in the case of provisions whose requirements are of a continuing nature) complied for only part of an accounting period, must specify the Code provisions with which it has not complied, and (where relevant) for what part of the period such non- compliance continued, and give reasons for any non-compliance \'.  2.  3.  4.  5.  (b)  6.  The Preamble to the Code, which is appended to the Listing Rules, makes it clear that there is no prescribed form or content for the statement setting out how the various principles in the Code have been applied. The intention is that companies should have a free hand to explain their  29    Document1.qxp  24/7/03  4:22 pm  Page 30  September 1999  The Turnbull Guidance  governance policies in the light of the principles, including any special circumstances which have led to them adopting a particular approach. 7. The guidance in this document should be followed by boards of listed companies in:  G  assessing how the company has applied Code principle D.2; implementing the requirements of Code provisions D.2.1 and D.2.2; and reporting on these matters to shareholders in the annual report and accounts.  G  G  Objectives of the guidance 8. This guidance is intended to:  G  G  G  reflect sound business practice whereby internal control is embedded in the business processes by which a company pursues its objectives; remain relevant over time in the continually evolving business environment; and enable each company to apply it in a manner which takes account of its particular circumstances.  The guidance requires directors to exercise judgement in reviewing how the company has implemented the requirements of the Code relating to internal control and reporting to shareholders thereon. 9. The guidance is based on the adoption by a company \'s board of a riskbased approach to establishing a sound system of internal control and reviewing its effectiveness. This should be incorporated by the company within its normal management and governance processes. It should not be treated as a separate exercise undertaken to meet regulatory requirements.  The importance of internal control and risk management 10. A company \'s system of internal control has a key role in the management of risks that are significant to the fulfilment of its business objectives. A sound system of internal control contributes to safeguarding the shareholders \' investment and the company \'s assets.  30    Document1.qxp  24/7/03  4:22 pm  Page 31  September 1999  The Turnbull Guidance  11.  Internal control (as referred to in paragraph 20) facilitates the effectiveness and efficiency of operations, helps ensure the reliability of internal and external reporting and assists compliance with laws and regulations. Effective financial controls, including the maintenance of proper accounting records, are an important element of internal control. They help ensure that the company is not unnecessarily exposed to avoidable financial risks and that financial information used within the business and for publication is reliable. They also contribute to the safeguarding of assets, including the prevention and detection of fraud. A company \'s objectives, its internal organisation and the environment in which it operates are continually evolving and, as a result, the risks it faces are continually changing. A sound system of internal control therefore depends on a thorough and regular evaluation of the nature and extent of the risks to which the company is exposed. Since profits are, in part, the reward for successful risk- taking in business, the purpose of internal control is to help manage and control risk appropriately rather than to eliminate it.  12.  13.  Groups of companies 14. Throughout this guidance, where reference is made to `company \' it should be taken, where applicable, as referring to the group of which the reporting company is the parent company. For groups of companies, the review of effectiveness of internal control and the report to the shareholders should be from the perspective of the group as a whole.  The Appendix 15. The Appendix to this document contains questions which boards may wish to consider in applying this guidance.  31    Document1.qxp  24/7/03  4:22 pm  Page 32  September 1999  The Turnbull Guidance  MAINTAINING A SOUND SYSTEM OF INTERNAL CONTROL  Responsibilities 16. The board of directors is responsible for the company \'s system of internal control. It should set appropriate policies on internal control and seek regular assurance that will enable it to satisfy itself that the system is functioning effectively. The board must further ensure that the system of internal control is effective in managing risks in the manner which it has approved. In determining its policies with regard to internal control, and thereby assessing what constitutes a sound system of internal control in the particular circumstances of the company, the board \'s deliberations should include consideration of the following factors:  G G  17.  the nature and extent of the risks facing the company; the extent and categories of risk which it regards as acceptable for the company to bear; the likelihood of the risks concerned materialising; the company \'s ability to reduce the incidence and impact on the business of risks that do materialise; and the costs of operating particular controls relative to the benefit thereby obtained in managing the related risks.  G G  G  18.  It is the role of management to implement board policies on risk and control. In fulfilling its responsibilities, management should identify and evaluate the risks faced by the company for consideration by the board and design, operate and monitor a suitable system of internal control which implements the policies adopted by the board. All employees have some responsibility for internal control as part of their accountability for achieving objectives. They, collectively, should have the necessary knowledge, skills, information and authority to establish, operate and monitor the system of internal control. This will require an understanding of the company, its objectives, the industries and markets in which it operates, and the risks it faces.  19.  Elements of a sound system of internal control 20. An internal control system encompasses the policies, processes, tasks, behaviours and other aspects of a company that, taken together:  32    Document1.qxp  24/7/03  4:22 pm  Page 33  September 1999  The Turnbull Guidance  G  facilitate its effective and efficient operation by enabling it to respond appropriately to significant business, operational, financial, compliance and other risks to achieving the company \'s objectives. This includes the safeguarding of assets from inappropriate use or from loss and fraud, and ensuring that liabilities are identified and managed; help ensure the quality of internal and external reporting. This requires the maintenance of proper records and processes that generate a flow of timely, relevant and reliable information from within and outside the organisation; help ensure compliance with applicable laws and regulations, and also with internal policies with respect to the conduct of business.  G  G  21.  A company \'s system of internal control will reflect its control environment which encompasses its organisational structure. The system will include:  G G G  control activities; information and communications processes; and processes for monitoring the continuing effectiveness of the system of internal control.  22.  The system of internal control should:  G  be embedded in the operations of the company and form part of its culture; be capable of responding quickly to evolving risks to the business arising from factors within the company and to changes in the business environment; and include procedures for reporting immediately to appropriate levels of management any significant control failings or weaknesses that are identified together with details of corrective action being undertaken.  G  G  23.  A sound system of internal control reduces, but cannot eliminate, the possibility of poor judgement in decision-making; human error; control processes being deliberately circumvented by employees and others; management overriding controls; and the occurrence of unforeseeable circumstances. A sound system of internal control therefore provides reasonable, but not absolute, assurance that a company will not be hindered in achieving its business objectives, or in the orderly and legitimate conduct of its business, by circumstances which may reasonably be foreseen. A system of internal control cannot, however, provide protection with certainty against a company failing to meet its business objectives or all material errors, losses, fraud, or breaches of laws or regulations.  33  24.    Document1.qxp  24/7/03  4:22 pm  Page 34  September 1999  The Turnbull Guidance  REVIEWING THE EFFECTIVENESS OF INTERNAL CONTROL  Responsibilities 25. Reviewing the effectiveness of internal control is an essential part of the board \'s responsibilities. The board will need to form its own view on effectiveness after due and careful enquiry based on the information and assurances provided to it. Management is accountable to the board for monitoring the system of internal control and for providing assurance to the board that it has done so. The role of board committees in the review process, including that of the audit committee, is for the board to decide and will depend upon factors such as the size and composition of the board; the scale, diversity and complexity of the company \'s operations; and the nature of the significant risks that the company faces. To the extent that designated board committees carry out, on behalf of the board, tasks that are attributed in this guidance document to the board, the results of the relevant committees \' work should be reported to, and considered by, the board. The board takes responsibility for the disclosures on internal control in the annual report and accounts.  26.  The process for reviewing effectiveness 27. Effective monitoring on a continuous basis is an essential component of a sound system of internal control. The board cannot, however, rely solely on the embedded monitoring processes within the company to discharge its responsibilities. It should regularly receive and review reports on internal control. In addition, the board should undertake an annual assessment for the purposes of making its public statement on internal control to ensure that it has considered all significant aspects of internal control for the company for the year under review and up to the date of approval of the annual report and accounts. The reference to `all controls \' in Code Provision D.2.1 should not be taken to mean that the effectiveness of every internal control (including controls designed to manage immaterial risks) should be subject to review by the board. Rather it means that, for the purposes of this guidance, internal controls considered by the board should include all types of controls including those of an operational and compliance nature, as well as internal financial controls. The board should define the process to be adopted for its review of the effectiveness of internal control. This should encompass both the scope and frequency of the reports it receives and reviews during the year, and also the process for its annual assessment, such that it will be provided  34  28.  29.    Document1.qxp  24/7/03  4:22 pm  Page 35  September 1999  The Turnbull Guidance  with sound, appropriately documented, support for its statement on internal control in the company \'s annual report and accounts. 30. The reports from management to the board should, in relation to the areas covered by them, provide a balanced assessment of the significant risks and the effectiveness of the system of internal control in managing those risks. Any significant control failings or weaknesses identified should be discussed in the reports, including the impact that they have had, could have had, or may have, on the company and the actions being taken to rectify them. It is essential that there be openness of communication by management with the board on matters relating to risk and control. When reviewing reports during the year, the board should:  G  31.  consider what are the significant risks and assess how they have been identified, evaluated and managed; assess the effectiveness of the related system of internal control in managing the significant risks, having regard, in particular, to any significant failings or weaknesses in internal control that have been reported; consider whether necessary actions are being taken promptly to remedy any significant failings or weaknesses; and consider whether the findings indicate a need for more extensive monitoring of the system of internal control.  G  G  G  32.  Additionally, the board should undertake an annual assessment for the purpose of making its public statement on internal control. The assessment should consider issues dealt with in reports reviewed by it during the year together with any additional information necessary to ensure that the board has taken account of all significant aspects of internal control for the company for the year under review and up to the date of approval of the annual report and accounts. The board \'s annual assessment should, in particular, consider:  G  33.  the changes since the last annual assessment in the nature and extent of significant risks, and the company \'s ability to respond to changes in its business and the external environment; the scope and quality of management \'s ongoing monitoring of risks and of the system of internal control, and, where applicable, the work of its internal audit function and other providers of assurance; the extent and frequency of the communication of the results of the monitoring to the board (or board committee(s)) which enables it to build up a cumulative assessment of the state of control in the company and the effectiveness with which risk is being managed;  G  G  35    Document1.qxp  24/7/03  4:22 pm  Page 36  September 1999  The Turnbull Guidance  G  the incidence of significant control failings or weaknesses that have been identified at any time during the period and the extent to which they have resulted in unforeseen outcomes or contingencies that have had, could have had, or may in the future have, a material impact on the company \'s financial performance or condition; and the effectiveness of the company \'s public reporting processes.  G  34.  Should the board become aware at any time of a significant failing or weakness in internal control, it should determine how the failing or weakness arose and re-assess the effectiveness of management \'s ongoing processes for designing, operating and monitoring the system of internal control.  THE BOARD \'S STATEMENT ON INTERNAL CONTROL  35. In its narrative statement of how the company has applied Code principle D.2, the board should, as a minimum, disclose that there is an ongoing process for identifying, evaluating and managing the significant risks faced by the company, that it has been in place for the year under review and up to the date of approval of the annual report and accounts, that it is regularly reviewed by the board and accords with the guidance in this document. The board may wish to provide additional information in the annual report and accounts to assist understanding of the company \'s risk management processes and system of internal control. The disclosures relating to the application of principle D.2 should include an acknowledgement by the board that it is responsible for the company \'s system of internal control and for reviewing its effectiveness. It should also explain that such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can only provide reasonable and not absolute assurance against material misstatement or loss. In relation to Code provision D.2.1, the board should summarise the process it (where applicable, through its committees) has applied in reviewing the effectiveness of the system of internal control. It should also disclose the process it has applied to deal with material internal control aspects of any significant problems disclosed in the annual report and accounts. Where a board cannot make one or more of the disclosures in paragraphs 35 and 38, it should state this fact and provide an explanation. The Listing Rules require the board to disclose if it has failed to conduct a review of the effectiveness of the company \'s system of internal control.  36.  37.  38.  39.  36    Document1.qxp  24/7/03  4:22 pm  Page 37  September 1999  The Turnbull Guidance  40.  The board should ensure that its disclosures provide meaningful, highlevel information and do not give a misleading impression. Where material joint ventures and associates have not been dealt with as part of the group for the purposes of applying this guidance, this should be disclosed.  41.  INTERNAL AUDIT  42. Provision D.2.2 of the Code states that companies which do not have an internal audit function should from time to time review the need for one. The need for an internal audit function will vary depending on companyspecific factors including the scale, diversity and complexity of the company \'s activities and the number of employees, as well as cost/benefit considerations. Senior management and the board may desire objective assurance and advice on risk and control. An adequately resourced internal audit function (or its equivalent where, for example, a third party is contracted to perform some or all of the work concerned) may provide such assurance and advice. There may be other functions within the company that also provide assurance and advice covering specialist areas such as health and safety, regulatory and legal compliance and environmental issues. In the absence of an internal audit function, management needs to apply other monitoring processes in order to assure itself and the board that the system of internal control is functioning as intended. In these circumstances, the board will need to assess whether such processes provide sufficient and objective assurance. When undertaking its assessment of the need for an internal audit function, the board should also consider whether there are any trends or current factors relevant to the company \'s activities, markets or other aspects of its external environment, that have increased, or are expected to increase, the risks faced by the company. Such an increase in risk may also arise from internal factors such as organisational restructuring or from changes in reporting processes or underlying information systems. Other matters to be taken into account may include adverse trends evident from the monitoring of internal control systems or an increased incidence of unexpected occurrences. The board of a company that does not have an internal audit function should assess the need for such a function annually having regard to the factors referred to in paragraphs 43 and 45 above. Where there is an internal audit function, the board should annually review its scope of work, authority and resources, again having regard to those factors.  43.  44.  45.  46.  37    Document1.qxp  24/7/03  4:22 pm  Page 38  September 1999  The Turnbull Guidance  47.  If the company does not have an internal audit function and the board has not reviewed the need for one, the Listing Rules require the board to disclose these facts.  38    Document1.qxp  24/7/03  4:22 pm  Page 39  September 1999  The Turnbull Guidance  APPENDIX  Assessing the effectiveness of the company \'s risk and control processes Some questions which the board may wish to consider and discuss with management when regularly reviewing reports on internal control and carrying out its annual assessment are set out below. The questions are not intended to be exhaustive and will need to be tailored to the particular circumstances of the company. This Appendix should be read in conjunction with the guidance set out in this document. 1. Risk assessment  G  l Does the company have clear objectives and have they been communicated so as to provide effective direction to employees on risk assessment and control issues? For example, do objectives and related plans include measurable performance targets and indicators? Are the significant internal and external operational, financial, compliance and other risks identified and assessed on an ongoing basis? (Significant risks may, for example, include those related to market, credit, liquidity, technological, legal, health, safety and environmental, reputation, and business probity issues.) Is there a clear understanding by management and others within the company of what risks are acceptable to the board?  G  G  2.  Control environment and control activities  G  Does the board have clear strategies for dealing with the significant risks that have been identified? Is there a policy on how to manage these risks? Do the company \'s culture, code of conduct, human resource policies and performance reward systems support the business objectives and risk management and internal control system? Does senior management demonstrate, through its actions as well as its policies, the necessary commitment to competence, integrity and fostering a climate of trust within the company? Are authority, responsibility and accountability defined clearly such that decisions are made and actions taken by the appropriate people? Are the decisions and actions of different parts of the company appropriately co-ordinated? Does the company communicate to its employees what is expected of them and the scope of their freedom to act? This may apply to areas such as customer relations; service levels for both internal  39  G  G  G  G    Document1.qxp  24/7/03  4:22 pm  Page 40  September 1999  The Turnbull Guidance  and outsourced activities; health, safety and environmental protection; security of tangible and intangible assets; business continuity issues; expenditure matters; accounting; and financial and other reporting.  G  Do people in the company (and in its providers of outsourced services) have the knowledge, skills and tools to support the achievement of the company \'s objectives and to manage effectively risks to their achievement? How are processes/controls adjusted to reflect new or changing risks, or operational deficiencies?  G  3.  Information and communication  G  Do management and the board receive timely, relevant and reliable reports on progress against business objectives and the related risks that provide them with the information, from inside and outside the company, needed for decision-making and management review purposes? This could include performance reports and indicators of change, together with qualitative information such as on customer satisfaction, employee attitudes etc. Are information needs and related information systems reassessed as objectives and related risks change or as reporting deficiencies are identified? Are periodic reporting procedures, including half-yearly and annual reporting, effective in communicating a balanced and understandable account of the company \'s position and prospects? Are there established channels of communication for individuals to report suspected breaches of laws or regulations or other improprieties?  G  G  G  4.  Monitoring  G  Are there ongoing processes embedded within the company \'s overall business operations, and addressed by senior management, which monitor the effective application of the policies, processes and activities related to internal control and risk management? (Such processes may include control self-assessment, confirmation by personnel of compliance with policies and codes of conduct, internal audit reviews or other management reviews).  40    Document1.qxp  24/7/03  4:22 pm  Page 41  September 1999  The Turnbull Guidance  G  Do these processes monitor the company \'s ability to re-evaluate risks and adjust controls effectively in response to changes in its objectives, its business, and its external environment? Are there effective follow-up procedures to ensure that appropriate change or action occurs in response to changes in risk and control assessments? Is there appropriate communication to the board (or board committees) on the effectiveness of the ongoing monitoring processes on risk and control matters? This should include reporting any significant failings or weaknesses on a timely basis. Are there specific arrangements for management monitoring and reporting to the board on risk and control matters of particular importance? These could include, for example, actual or suspected fraud and other illegal or irregular acts, or matters that could adversely affect the company \'s reputation or financial position?  G  G  G  41    Document1.qxp  24/7/03  4:22 pm  Page 42    Document1.qxp  24/7/03  4:22 pm  Page 43  GUIDANCE ON AUDIT COMMITTEES (The Smith Guidance)  CONTENTS Introduction  Establishment and role of the audit committee; membership, procedures and resources Establishment and role Membership and appointment Meetings of the audit committee Resources Remuneration Skills, experience and training Paragraph 1.1-1.12  2.1-2.20 2.1-2.2 2.3-2.6 2.7-2.11 2.12-2.15 2.16 2.17-2.20  Relationship with the board Role and responsibilities  - Financial reporting - Internal financial controls and risk management systems - Whistleblowing - The internal audit process - The external audit process  3.1-3.5  4.1-4.35 4.1-4.4 4.5-4.7 4.8 4.9-4.12 4.13-4.35  Communication with shareholders  5.1-5.3  Note The following guidance is closely based on Sir Robert Smith \'s proposed guidance published in January 2003 (see footnote 2, page 1), modified for consistency with the final revised Code.  43    Document1.qxp  24/7/03  4:22 pm  Page 44    Document1.qxp  24/7/03  4:22 pm  Page 45  July 2003  The Smith Guidance  AUDIT COMMITTEES - COMBINED CODE GUIDANCE  1. 1.1. Introduction This guidance is designed to assist company boards in making suitable arrangements for their audit committees, and to assist directors serving on audit committees in carrying out their role. The paragraphs in bold are taken from the Combined Code (Section C3). Listed companies that do not comply with those provisions should include an explanation as to why they have not complied in the statement required by the Listing Rules. Best practice requires that every board should consider in detail what arrangements for its audit committee are best suited for its particular circumstances. Audit committee arrangements need to be proportionate to the task, and will vary according to the size, complexity and risk profile of the company. While all directors have a duty to act in the interests of the company the audit committee has a particular role, acting independently from the executive, to ensure that the interests of shareholders are properly protected in relation to financial reporting and internal control. Nothing in the guidance should be interpreted as a departure from the principle of the unitary board. All directors remain equally responsible for the company \'s affairs as a matter of law. The audit committee, like other committees to which particular responsibilities are delegated (such as the remuneration committee), remains a committee of the board. Any disagreement within the board, including disagreement between the audit committee \'s members and the rest of the board, should be resolved at board level. The Code provides that a separate section of the annual report should describe the work of the committee. This deliberately puts the spotlight on the audit committee and gives it an authority that it might otherwise lack. This is not incompatible with the principle of the unitary board. The guidance contains recommendations about the conduct of the audit committee \'s relationship with the board, with the executive management and with internal and external auditors. However, the most important features of this relationship cannot be drafted as guidance or put into a code of practice: a frank, open working relationship and a high level of mutual respect are essential, particularly between the audit committee chairman and the board chairman, the chief executive and the finance director. The audit committee must be prepared to take a robust stand, and all parties must be prepared to make information freely available to  45  1.2.  1.3.  1.4.  1.5.  1.6.  1.7.    Document1.qxp  24/7/03  4:22 pm  Page 46  July 2003  The Smith Guidance  the audit committee, to listen to their views and to talk through the issues openly. 1.8. In particular, the management is under an obligation to ensure the audit committee is kept properly informed, and should take the initiative in supplying information rather than waiting to be asked. The board should make it clear to all directors and staff that they must cooperate with the audit committee and provide it with any information it requires. In addition, executive board members will have regard to their common law duty to provide all directors, including those on the audit committee, with all the information they need to discharge their responsibilities as directors of the company. Many of the core functions of audit committees set out in this guidance are expressed in terms of `oversight \', `assessment \' and `review \' of a particular function. It is not the duty of audit committees to carry out functions that properly belong to others, such as the company \'s management in the preparation of the financial statements or the auditors in the planning or conducting of audits. To do so could undermine the responsibility of management and auditors. Audit committees should, for example, satisfy themselves that there is a proper system and allocation of responsibilities for the day-to-day monitoring of financial controls but they should not seek to do the monitoring themselves.  1.9.  1.10. However, the high-level oversight function may lead to detailed work. The audit committee must intervene if there are signs that something may be seriously amiss. For example, if the audit committee is uneasy about the explanations of management and auditors about a particular financial reporting policy decision, there may be no alternative but to grapple with the detail and perhaps to seek independent advice. 1.11. Under this guidance, audit committees have wide-ranging, timeconsuming and sometimes intensive work to do. Companies need to make the necessary resources available. This includes suitable payment for the members of audit committees themselves. They ­ and particularly the audit committee chairman - bear a significant responsibility and they need to commit a significant extra amount of time to the job. Companies also need to make provision for induction and training for new audit committee members and continuing training as may be required. 1.12. This guidance applies to all companies to which the Code applies ­ i.e. UK listed companies. For groups, it will usually be necessary for the audit committee of the parent company to review issues that relate to particular subsidiaries or activities carried on by the group. Consequently, the board of a UK-listed parent company should ensure that there is adequate cooperation within the group (and with internal and external auditors of individual companies within the group) to enable the parent company audit committee to discharge its responsibilities effectively.  46    Document1.qxp  24/7/03  4:22 pm  Page 47  July 2003  The Smith Guidance  2  Establishment and role of the audit committee; membership, procedures and resources  Establishment and role 2.1 The board should establish an audit committee of at least three, or in the case of smaller companies two, members. The main role and responsibilities of the audit committee should be set out in written terms of reference and should include:  G  2.2  to monitor the integrity of the financial statements of the company and any formal announcements relating to the company \'s financial performance, reviewing significant financial reporting judgements contained in them; to review the company \'s internal financial controls and, unless expressly addressed by a separate board risk committee composed of independent directors or by the board itself, the company \'s internal control and risk management systems; to monitor and review the effectiveness of the company \'s internal audit function; to make recommendations to the board, for it to put to the shareholders for their approval in general meeting, in relation to the appointment of the external auditor and to approve the remuneration and terms of engagement of the external auditor; to review and monitor the external auditor \'s independence and objectivity and the effectiveness of the audit process, taking into consideration relevant UK professional and regulatory requirements; to develop and implement policy on the engagement of the external auditor to supply non-audit services, taking into account relevant ethical guidance regarding the provision of non-audit services by the external audit firm;  G  G  G  G  G  and to report to the Board, identifying any matters in respect of which it considers that action or improvement is needed, and making recommendations as to the steps to be taken.  47    Document1.qxp  24/7/03  4:22 pm  Page 48  July 2003  The Smith Guidance  Membership and appointment 2.3 All members of the committee should be independent non-executive directors. The board should satisfy itself that at least one member of the audit committee has recent and relevant financial experience. The chairman of the company should not be an audit committee member. Appointments to the audit committee should be made by the board on the recommendation of the nomination committee (where there is one), in consultation with the audit committee chairman. Appointments should be for a period of up to three years, extendable by no more than two additional three-year periods, so long as members continue to be independent.  2.4 2.5  2.6  Meetings of the audit committee 2.7 It is for the audit committee chairman, in consultation with the company secretary, to decide the frequency and timing of its meetings. There should be as many meetings as the audit committee \'s role and responsibilities require. It is recommended there should be not fewer than three meetings during the year, held to coincide with key dates within the financial reporting and audit cycle1. However, most audit committee chairmen will wish to call more frequent meetings. No one other than the audit committee`s chairman and members is entitled to be present at a meeting of the audit committee. It is for the audit committee to decide if non-members should attend for a particular meeting or a particular agenda item. It is to be expected that the external audit lead partner will be invited regularly to attend meetings as well as the finance director. Others may be invited to attend. Sufficient time should be allowed to enable the audit committee to undertake as full a discussion as may be required. A sufficient interval should be allowed between audit committee meetings and main board meetings to allow any work arising from the audit committee meeting to be carried out and reported to the board as appropriate.  2.8  2.9  2.10 The audit committee should, at least annually, meet the external and internal auditors, without management, to discuss matters relating to its remit and any issues arising from the audit.  1  For example, when the audit plans (internal and external) are available for review and when interim statements, preliminary announcements and the full annual report are near completion.  48    Document1.qxp  24/7/03  4:22 pm  Page 49  July 2003  The Smith Guidance  2.11 Formal meetings of the audit committee are the heart of its work. However, they will rarely be sufficient. It is expected that the audit committee chairman, and to a lesser extent the other members, will wish to keep in touch on a continuing basis with the key people involved in the company \'s governance, including the board chairman, the chief executive, the finance director, the external audit lead partner and the head of internal audit.  Resources 2.12 The audit committee should be provided with sufficient resources to undertake its duties. 2.13 The audit committee should have access to the services of the company secretariat on all audit committee matters including: assisting the chairman in planning the audit committee \'s work, drawing up meeting agendas, maintenance of minutes, drafting of material about its activities for the annual report, collection and distribution of information and provision of any necessary practical support. 2.14 The company secretary should ensure that the audit committee receives information and papers in a timely manner to enable full and proper consideration to be given to the issues. 2.15 The board should make funds available to the audit committee to enable it to take independent legal, accounting or other advice when the audit committee reasonably believes it necessary to do so.  Remuneration 2.16 In addition to the remuneration paid to all non-executive directors, each company should consider the further remuneration that should be paid to members of the audit committee to recompense them for the additional responsibilities of membership. Consideration should be given to the time members are required to give to audit committee business, the skills they bring to bear and the onerous duties they take on, as well as the value of their work to the company. The level of remuneration paid to the members of the audit committee should take into account the level of fees paid to other members of the board. The chairman \'s responsibilities and time demands will generally be heavier than the other members of the audit committee and this should be reflected in his or her remuneration.  49    Document1.qxp  24/7/03  4:22 pm  Page 50  July 2003  The Smith Guidance  Skills, experience and training 2.17 It is desirable that the committee member whom the board considers to have recent and relevant financial experience should have a professional qualification from one of the professional accountancy bodies. The need for a degree of financial literacy among the other members will vary according to the nature of the company, but experience of corporate financial matters will normally be required. The availability of appropriate financial expertise will be particularly important where the company \'s activities involve specialised financial activities. 2.18 The company should provide an induction programme for new audit committee members. This should cover the role of the audit committee, including its terms of reference and expected time commitment by members; and an overview of the company \'s business, identifying the main business and financial dynamics and risks. It could also include meeting some of the company staff. 2.19 Training should also be provided to members of the audit committee on an ongoing and timely basis and should include an understanding of the principles of and developments in financial reporting and related company law. In appropriate cases, it may also include, for example, understanding financial statements, applicable accounting standards and recommended practice; the regulatory framework for the company \'s business; the role of internal and external auditing and risk management. 2.20 The induction programme and ongoing training may take various forms, including attendance at formal courses and conferences, internal company talks and seminars, and briefings by external advisers.  3. Relationship with the board 3.1 The role of the audit committee is for the board to decide and to the extent that the audit committee undertakes tasks on behalf of the board, the results should be reported to, and considered by, the board. In doing so it should identify any matters in respect of which it considers that action or improvement is needed, and make recommendations as to the steps to be taken. The terms of reference should be tailored to the particular circumstances of the company. The audit committee should review annually its terms of reference and its own effectiveness and recommend any necessary changes to the board. The board should review the audit committee \'s effectiveness annually.  3.2  3.3  3.4  50    Document1.qxp  24/7/03  4:22 pm  Page 51  July 2003  The Smith Guidance  3.5  Where there is disagreement between the audit committee and the board, adequate time should be made available for discussion of the issue with a view to resolving the disagreement. Where any such disagreements cannot be resolved, the audit committee should have the right to report the issue to the shareholders as part of the report on its activities in the annual report.  4 Role and responsibilities Financial reporting 4.1 The audit committee should review the significant financial reporting issues and judgements made in connection with the preparation of the company \'s financial statements, interim reports, preliminary announcements and related formal statements. It is management \'s, not the audit committee \'s, responsibility to prepare complete and accurate financial statements and disclosures in accordance with financial reporting standards and applicable rules and regulations. However the audit committee should consider significant accounting policies, any changes to them and any significant estimates and judgements. The management should inform the audit committee of the methods used to account for significant or unusual transactions where the accounting treatment is open to different approaches. Taking into account the external auditor \'s view, the audit committee should consider whether the company has adopted appropriate accounting policies and, where necessary, made appropriate estimates and judgements. The audit committee should review the clarity and completeness of disclosures in the financial statements and consider whether the disclosures made are set properly in context. Where, following its review, the audit committee is not satisfied with any aspect of the proposed financial reporting by the company, it shall report its views to the board. The audit committee should review related information presented with the financial statements, including the operating and financial review, and corporate governance statements relating to the audit and to risk management. Similarly, where board approval is required for other statements containing financial information (for example, summary financial statements, significant financial returns to regulators and release of price sensitive information), whenever practicable (without being inconsistent with any requirement for prompt reporting under the Listing Rules) the audit committee should review such statements first.  4.2  4.3  4.4  51    Document1.qxp  24/7/03  4:22 pm  Page 52  July 2003  The Smith Guidance  Internal controls and risk management systems 4.5 The audit committee should review the company \'s internal financial controls (that is, the systems established to identify, assess, manage and monitor financial risks); and unless expressly addressed by a separate board risk committee comprised of independent directors or by the board itself, the company \'s internal control and risk management systems. The company \'s management is responsible for the identification, assessment, management and monitoring of risk, for developing, operating and monitoring the system of internal control and for providing assurance to the board that it has done so. Except where the board or a risk committee is expressly responsible for reviewing the effectiveness of the internal control and risk management systems, the audit committee should receive reports from management on the effectiveness of the systems they have established and the conclusions of any testing carried out by internal and external auditors. Except to the extent that this is expressly dealt with by the board or risk committee, the audit committee should review and approve the statements included in the annual report in relation to internal control and the management of risk.  4.6  4.7  Whistleblowing 4.8 The audit committee should review arrangements by which staff of the company may, in confidence, raise concerns about possible improprieties in matters of financial reporting or other matters. The audit committee \'s objective should be to ensure that arrangements are in place for the proportionate and independent investigation of such matters and for appropriate follow-up action.  The internal audit process 4.9 The audit committee should monitor and review the effectiveness of the company \'s internal audit function. Where there is no internal audit function, the audit committee should consider annually whether there is a need for an internal audit function and make a recommendation to the board, and the reasons for the absence of such a function should be explained in the relevant section of the annual report.  4.10 The audit committee should review and approve the internal audit function \'s remit, having regard to the complementary roles of the internal and external audit functions. The audit committee should ensure that the function has the necessary resources and access to information to enable  52    Document1.qxp  24/7/03  4:22 pm  Page 53  July 2003  The Smith Guidance  it to fulfil its mandate, and is equipped to perform in accordance with appropriate professional standards for internal auditors2. 4.11 The audit committee should approve the appointment or termination of appointment of the head of internal audit. 4.12 In its review of the work of the internal audit function, the audit committee should, inter alia:  G  ensure that the internal auditor has direct access to the board chairman and to the audit committee and is accountable to the audit committee; review and assess the annual internal audit work plan; receive a report on the results of the internal auditors \' work on a periodic basis; review and monitor management \'s responsiveness to the internal auditor \'s findings and recommendations; meet with the head of internal audit at least once a year without the presence of management; and monitor and assess the role and effectiveness of the internal audit function in the overall context of the company \'s risk management system.  G G  G  G  G  The external audit process 4.13 The audit committee is the body responsible for overseeing the company \'s relations with the external auditor.  Appointment 4.14 The audit committee should have primary responsibility for making a recommendation on the appointment, reappointment and removal of the external auditors. If the board does not accept the audit committee \'s recommendation, it should include in the annual report, and in any papers recommending appointment or reappointment, a statement from the audit committee explaining its recommendation and should set out reasons why the board has taken a different position. 4.15 The audit committee \'s recommendation to the board should be based on the assessments referred to below. If the audit committee recommends  Further guidance can be found in the Institute of Internal Auditors \' Code of Ethics and the International Standards for the Professional Practice of Internal Auditing Standards.  2  53    Document1.qxp  24/7/03  4:22 pm  Page 54  July 2003  The Smith Guidance  considering the selection of possible new appointees as external auditors, it should oversee the selection process. 4.16 The audit committee should assess annually the qualification, expertise and resources, and independence (see below) of the external auditors and the effectiveness of the audit process. The assessment should cover all aspects of the audit service provided by the audit firm, and include obtaining a report on the audit firm \'s own internal quality control procedures. 4.17 If the external auditor resigns, the audit committee should investigate the issues giving rise to such resignation and consider whether any action is required.  Terms and Remuneration 4.18 The audit committee should approve the terms of engagement and the remuneration to be paid to the external auditor in respect of audit services provided. 4.19 The audit committee should review and agree the engagement letter issued by the external auditor at the start of each audit, ensuring that it has been updated to reflect changes in circumstances arising since the previous year. The scope of the external audit should be reviewed by the audit committee with the auditor. If the audit committee is not satisfied as to its adequacy it should arrange for additional work to be undertaken. 4.20 The audit committee should satisfy itself that the level of fee payable in respect of the audit services provided is appropriate and that an effective audit can be conducted for such a fee.  Independence, including the provision of non-audit services 4.21 The audit committee should have procedures to ensure the independence and objectivity of the external auditor annually, taking into consideration relevant UK professional and regulatory requirements. This assessment should involve a consideration of all relationships between the company and the audit firm (including the provision of non-audit services). The audit committee should consider whether, taken as a whole and having regard to the views, as appropriate, of the external auditor, management and internal audit, those relationships appear to impair the auditor \'s judgement or independence. 4.22 The audit committee should seek reassurance that the auditors and their staff have no family, financial, employment, investment or business relationship with the company (other than in the normal course of  54    Document1.qxp  24/7/03  4:22 pm  Page 55  July 2003  The Smith Guidance  business). The audit committee should seek from the audit firm, on an annual basis, information about policies and processes for maintaining independence and monitoring compliance with relevant requirements, including current requirements regarding the rotation of audit partners and staff. 4.23 The audit committee should agree with the board the company \'s policy for the employment of former employees of the external auditor, paying particular attention to the policy regarding former employees of the audit firm who were part of the audit team and moved directly to the company. This should be drafted taking into account the relevant ethical guidelines governing the accounting profession. The audit committee should monitor application of the policy, including the number of former employees of the external auditor currently employed in senior positions in the company, and consider whether in the light of this there has been any impairment, or appearance of impairment, of the auditor \'s judgement or independence in respect of the audit. 4.24 The audit committee should monitor the external audit firm \'s compliance with applicable United Kingdom ethical guidance relating to the rotation of audit partners, the level of fees that the company pays in proportion to the overall fee income of the firm, office and partner, and other related regulatory requirements. 4.25 The audit committee should develop and recommend to the board the company \'s policy in relation to the provision of non-audit services by the auditor. The audit committee \'s objective should be to ensure that the provision of such services does not impair the external auditor \'s independence or objectivity. In this context, the audit committee should consider:  G  whether the skills and experience of the audit firm make it a suitable supplier of the non audit service; whether there are safeguards in place to ensure that there is no threat to objectivity and independence in the conduct of the audit resulting from the provision of such services by the external auditor; the nature of the non-audit services, the related fee levels and the fee levels individually and in aggregate relative to the audit fee; and the criteria which govern the compensation of the individuals performing the audit.  G  G  G  4.26 The audit committee should set and apply a formal policy specifying the types of non-audit work:  G  from which the external auditors are excluded;  55    Document1.qxp  24/7/03  4:22 pm  Page 56  July 2003  The Smith Guidance  G  for which the external auditors can be engaged without referral to the audit committee; and for which a case-by-case decision is necessary.  G  In addition, the policy may set fee limits generally or for particular classes of work. 4.27 In the third category, if it is not practicable to give approval to individual items in advance, it may be appropriate to give a general pre-approval for certain classes for work, subject to a fee limit determined by the audit committee and ratified by the board. The subsequent provision of any service by the auditor should be ratified at the next meeting of the audit committee. 4.28 In determining the policy, the audit committee should take into account relevant ethical guidance regarding the provision of non-audit services by the external audit firm, and in principle should not agree to the auditor providing a service if, having regard to the ethical guidance, the result is that:  G G G G  the external auditor audits its own firm \'s work; the external auditor makes management decisions for the company; a mutuality of interest is created; or the external auditor is put in the role of advocate for the company.  The audit committee should satisfy itself that any safeguards required by ethical guidance are implemented. 4.29 The annual report should explain to shareholders how, if the auditor provides non-audit services, auditor objectivity and independence is safeguarded.  Annual audit cycle 4.30 At the start of each annual audit cycle, the audit committee should ensure that appropriate plans are in place for the audit. 4.31 The audit committee should consider whether the auditor \'s overall work plan, including planned levels of materiality, and proposed resources to execute the audit plan appears consistent with the scope of the audit engagement, having regard also to the seniority, expertise and experience of the audit team. 4.32 The audit committee should review, with the external auditors, the findings of their work. In the course of its review, the audit committee should:  56    Document1.qxp  24/7/03  4:22 pm  Page 57  July 2003  The Smith Guidance  G  discuss with the external auditor major issues that arose during the course of the audit and have subsequently been resolved and those issues that have been left unresolved; review key accounting and audit judgements; and review levels of errors identified during the audit, obtaining explanations from management and, where necessary the external auditors, as to why certain errors might remain unadjusted.  G G  4.33 The audit committee should also review the audit representation letters before signature by management and give particular consideration to matters where representation has been requested that relate to nonstandard issues3. The audit committee should consider whether the information provided is complete and appropriate based on its own knowledge. 4.34 As part of the ongoing monitoring process, the audit committee should review the management letter (or equivalent). The audit committee should review and monitor management \'s responsiveness to the external auditor  \'s findings and recommendations. 4.35 At the end of the annual audit cycle, the audit committee should assess the effectiveness of the audit process. In the course of doing so, the audit committee should:  G  review whether the auditor has met the agreed audit plan and understand the reasons for any changes, including changes in perceived audit risks and the work undertaken by the external auditors to address those risks; consider the robustness and perceptiveness of the auditors in their handling of the key accounting and audit judgements identified and in responding to questions from the audit committees, and in their commentary where appropriate on the systems of internal control; obtain feedback about the conduct of the audit from key people involved, e.g. the finance director and the head of internal audit; and review and monitor the content of the external auditor \'s management letter, in order to assess whether it is based on a good understanding of the company \'s business and establish whether recommendations have been acted upon and, if not, the reasons why they have not been acted upon.  G  G  G  Further guidance can by found in the Auditing Practices Board \'s Statement of Auditing Standard 440  Management Representations .  3  57    Document1.qxp  24/7/03  4:22 pm  Page 58  July 2003  The Smith Guidance  5 5.1  Communication with shareholders The terms of reference of the audit committee, including its role and the authority delegated to it by the board, should be made available. A separate section in the annual report should describe the work of the committee in discharging those responsibilities. The audit committee section should include, inter alia:  G G  5.2  a summary of the role of the audit committee; the names and qualifications of all members of the audit committee during the period; the number of audit committee meetings; a report on the way the audit committee has discharged its responsibilities; and the explanation provided for in paragraph 4.29 above.  G G  G  5.3  The chairman of the audit committee should be present at the AGM to answer questions, through the chairman of the board, on the report on the audit committee \'s activities and matters within the scope of audit committee \'s responsibilities.  57    Document1.qxp  24/7/03  4:22 pm  Page 59  SUGGESTIONS FOR GOOD PRACTICE FROM THE HIGGS REPORT  CONTENTS  Guidance for the chairman Guidance for non-executive directors Summary of the principal duties of the remuneration committee Summary of the principal duties of the nomination committee Pre-appointment due diligence checklist for new board members Sample letter of non-executive director appointment Induction checklist Performance evaluation checklist  59    Document1.qxp  24/7/03  4:22 pm  Page 60    Document1.qxp  24/7/03  4:22 pm  Page 61  January 2003  Higgs Suggestions for Good Practice  GUIDANCE ON THE ROLE OF THE CHAIRMAN  The chairman is pivotal in creating the conditions for overall board and individual director effectiveness, both inside and outside the boardroom. Specifically, it is the responsibility of the chairman to:  G  run the board and set its agenda. The agenda should take full account of the issues and the concerns of all board members. Agendas should be forward looking and concentrate on strategic matters rather than formulaic approvals of proposals which can be the subject of appropriate delegated powers to management; ensure that the members of the board receive accurate, timely and clear information, in particular about the company \'s performance, to enable the board to take sound decisions, monitor effectively and provide advice to promote the success of the company; ensure effective communication with shareholders and ensure that the members of the board develop an understanding of the views of the major investors; manage the board to ensure that sufficient time is allowed for discussion of complex or contentious issues, where appropriate arranging for informal meetings beforehand to enable thorough preparation for the board discussion. It is particularly important that non-executive directors have sufficient time to consider critical issues and are not faced with unrealistic deadlines for decisionmaking; take the lead in providing a properly constructed induction programme for new directors that is comprehensive, formal and tailored, facilitated by the company secretary; take the lead in identifying and meeting the development needs of individual directors, with the company secretary having a key role in facilitating provision. It is the responsibility of the chairman to address the development needs of the board as a whole with a view to enhancing its overall effectiveness as a team; ensure that the performance of individuals and of the board as a whole and its committees is evaluated at least once a year; and encourage active engagement by all the members of the board.  G  G  G  G  G  G  G  The effective chairman:  G G  upholds the highest standards of integrity and probity; sets the agenda, style and tone of board discussions to promote effective decision-making and constructive debate;  61    Document1.qxp  24/7/03  4:22 pm  Page 62  January 2003  Higgs Suggestions for Good Practice  G  promotes effective relationships and open communication, both inside and outside the boardroom, between non-executive directors and executive team; builds an effective and complementary board, initiating change and planning succession in board appointments, subject to board and shareholders \' approval; promotes the highest standards of corporate governance and seeks compliance with the provisions of the Code wherever possible; ensures clear structure for and the effective running of board committees; ensures effective implementation of board decisions; establishes a close relationship of trust with the chief executive, providing support and advice while respecting executive responsibility; and provides coherent leadership of the company, including representing the company and understanding the views of shareholders.  G  G  G  G G  G  62    Document1.qxp  24/7/03  4:22 pm  Page 63  January 2003  Higgs Suggestions for Good Practice  GUIDANCE ON THE ROLE OF THE NON-EXECUTIVE DIRECTOR  As members of the unitary board, all directors are required to:  G  Provide entrepreneurial leadership of the company within a framework of prudent and effective controls which enable risk to be assessed and managed; Set the company \'s strategic aims, ensure that the necessary financial and human resources are in place for the company to meet its objectives, and review management performance; and Set the company \'s values and standards and ensure that its obligations to its shareholders and others are understood and met.  G  G  In addition to these requirements for all directors, the role of the non-executive director has the following key elements:  G  Strategy. Non-executive directors should constructively challenge and help develop proposals on strategy. Performance. Non-executive directors should scrutinise the performance of management in meeting agreed goals and objectives and monitor the reporting of performance. Risk. Non-executive directors should satisfy themselves on the integrity of financial information and that financial controls and systems of risk management are robust and defensible. People. Non-executive directors are responsible for determining appropriate levels of remuneration of executive directors, and have a prime role in appointing, and where necessary removing, executive directors and in succession planning.  G  G  G  Non-executive directors should constantly seek to establish and maintain confidence in the conduct of the company. They should be independent in judgement and have an enquiring mind. To be effective, non-executive directors need to build a recognition by executives of their contribution in order to promote openness and trust. To be effective, non-executive directors need to be well-informed about the company and the external environment in which it operates, with a strong command of issues relevant to the business. A non-executive director should insist on a comprehensive, formal and tailored induction. An effective induction need not be restricted to the boardroom, so consideration should be given to visiting sites and meeting senior and middle management. Once in post, an effective non-executive director should seek continually to develop and refresh their knowledge and skills to ensure that their contribution to the board remains informed and relevant.  63    Document1.qxp  24/7/03  4:22 pm  Page 64  January 2003  Higgs Suggestions for Good Practice  Best practice dictates that an effective non-executive director will ensure that information is provided sufficiently in advance of meetings to enable thorough consideration of the issues facing the board. The non-executive should insist that information is sufficient, accurate, clear and timely. An element of the role of the non-executive director is to understand the views of major investors both directly and through the chairman and the senior independent director.  The effective non-executive director:  G G  upholds the highest ethical standards of integrity and probity; supports executives in their leadership of the business while monitoring their conduct; questions intelligently, debates constructively, challenges rigorously and decides dispassionately; listens sensitively to the views of others, inside and outside the board; gains the trust and respect of other board members; and promotes the highest standards of corporate governance and seeks compliance with the provisions of the Code wherever possible.  G  G  G G  64    Document1.qxp  24/7/03  4:22 pm  Page 65  January 2003  Higgs Suggestions for Good Practice  SUMMARY OF THE PRINCIPAL DUTIES OF THE REMUNERATION COMMITTEE  The Code provides that the remuneration committee should consist exclusively of independent non-executive directors and should comprise at least three or, in the case of smaller companies1, two such directors. Duties The committee should:  G  determine and agree with the board the framework or broad policy for the remuneration of the chief executive, the chairman of the company and such other members of the executive management as it is designated to consider2. At a minimum, the committee should have delegated responsibility for setting remuneration for all executive directors, the chairman and, to maintain and assure their independence, the company secretary. The remuneration of nonexecutive directors shall be a matter for the chairman and executive members of the board. No director or manager should be involved in any decisions as to their own remuneration; determine targets for any performance-related pay schemes operated by the company; determine the policy for and scope of pension arrangements for each executive director; ensure that contractual terms on termination, and any payments made, are fair to the individual and the company, that failure is not rewarded and that the duty to mitigate loss is fully recognised3; within the terms of the agreed policy, determine the total individual remuneration package of each executive director including, where appropriate, bonuses, incentive payments and share options; in determining such packages and arrangements, give due regard to the contents of the Code as well as the UK Listing Authority \'s Listing Rules and associated guidance; be aware of and advise on any major changes in employee benefit structures throughout the company or group;  G  G  G  G  G  G  A smaller company is one that is below the FTSE 350 throughout the year immediately prior to the reporting year. 2 Some companies require the remuneration committee to consider the packages of all executives at or above a specified level such as those reporting to a main board director whilst others require the committee to deal with all packages above a certain figure. 3 Remuneration committees should consider reviewing and agreeing a standard form of contract for their executive directors, and ensuring that new appointees are offered and accept terms within the previously agreed level.  1  65    Document1.qxp  24/7/03  4:22 pm  Page 66  January 2003  Higgs Suggestions for Good Practice  G  agree the policy for authorising claims for expenses from the chief executive and chairman; ensure that provisions regarding disclosure of remuneration, including pensions, as set out in the Directors \' Remuneration Report Regulations 2002 and the Code, are fulfilled; be exclusively responsible for establishing the selection criteria, selecting, appointing and setting the terms of reference for any remuneration consultants who advise the committee; report the frequency of, and attendance by members at, remuneration committee meetings in the annual reports; and make available the committee \'s terms of reference. These should set out the committee \'s delegated responsibilities and be reviewed and, where necessary, updated annually.  G  G  G  G  This guidance has been compiled with the assistance of ICSA who have kindly agreed to produce updated guidance on their website www.icsa.org.uk in the future.  66    Document1.qxp  24/7/03  4:22 pm  Page 67  January 2003  Higgs Suggestions for Good Practice  SUMMARY OF THE PRINCIPAL DUTIES OF THE NOMINATION COMMITTEE  There should be a nomination committee which should lead the process for board appointments and make recommendations to the board. A majority of members of the committee should be independent non-executive directors. The chairman or an independent non-executive director should chair the committee, but the chairman should not chair the nomination committee when it is dealing with the appointment of a successor to the chairmanship. Duties The committee should:  G  be responsible for identifying and nominating for the approval of the board, candidates to fill board vacancies as and when they arise; before making an appointment, evaluate the balance of skills, knowledge and experience on the board and, in the light of this evaluation, prepare a description of the role and capabilities required for a particular appointment; review annually the time required from a non-executive director. Performance evaluation should be used to assess whether the nonexecutive director is spending enough time to fulfil their duties; consider candidates from a wide range of backgrounds and look beyond the  usual suspects ; give full consideration to succession planning in the course of its work, taking into account the challenges and opportunities facing the company and what skills and expertise are therefore needed on the board in the future; regularly review the structure, size and composition (including the skills, knowledge and experience) of the board and make recommendations to the board with regard to any changes; keep under review the leadership needs of the organisation, both executive and non-executive, with a view to ensuring the continued ability of the organisation to compete effectively in the marketplace; make a statement in the annual report about its activities; the process used for appointments and explain if external advice or open advertising has not been used; the membership of the committee, number of committee meetings and attendance over the course of the year; make available its terms of reference explaining clearly its role and  G  G  G  G  G  G  G  G  67    Document1.qxp  24/7/03  4:22 pm  Page 68  January 2003  Higgs Suggestions for Good Practice  the authority delegated to it by the board; and  G  ensure that on appointment to the board, non-executive directors receive a formal letter of appointment setting out clearly what is expected of them in terms of time commitment, committee service and involvement outside board meetings.  The committee should make recommendations to the board:  G  as regards plans for succession for both executive and nonexecutive directors; as regards the re-appointment of any non-executive director at the conclusion of their specified term of office; concerning the re-election by shareholders of any director under the retirement by rotation provisions in the company \'s articles of association; concerning any matters relating to the continuation in office of any director at any time; and concerning the appointment of any director to executive or other office other than to the positions of chairman and chief executive, the recommendation for which would be considered at a meeting of the board.  G  G  G  G  This guidance has been compiled with the assistance of ICSA who have kindly agreed to produce updated guidance on their website www.icsa.org.uk in the future.  68    Document1.qxp  24/7/03  4:22 pm  Page 69  January 2003  Higgs Suggestions for Good Practice  PRE-APPOINTMENT DUE DILIGENCE CHECKLIST FOR NEW BOARD MEMBERS  Why? Before accepting an appointment a prospective non-executive director should undertake their own thorough examination of the company to satisfy themselves that it is an organisation in which they can have faith and in which they will be well suited to working. The following questions are not intended to be exhaustive, but are intended to be a helpful basis of the pre-appointment due diligence process that all nonexecutive directors should undertake.  Questions to ask What is the company \'s current financial position and what has its financial track record been over the last three years? What are the key dependencies (e.g. regulatory approvals, key licences, etc)? What record does the company have on corporate governance issues? If the company is not performing particularly well is there potential to turn it round and do I have the time, desire and capability to make a positive impact? What are the exact nature and extent of the company \'s business activities? Who are the current executive and non-executive directors, what is their background and their record and how long have they served on the board? What is the size and structure of the board and board committees and what are the relationships between the chairman and the board, the chief executive and the management team? Who owns the company i.e. who are the company \'s main shareholders and how has the profile changed over recent years? What is the company \'s attitude towards, and relationship with, its shareholders? Is any material litigation presently being undertaken or threatened, either by the company or against it? Is the company clear and specific about the qualities, knowledge, skills and experience that it needs to complement the existing board?  69    Document1.qxp  24/7/03  4:22 pm  Page 70  January 2003  Higgs Suggestions for Good Practice  What insurance cover is available to directors and what is the company \'s policy on indemnifying directors? Do I have the necessary knowledge, skills, experience and time to make a positive contribution to the board of this company? How closely do I match the job specification and how well will I fulfil the board \'s expectations? Is there anything about the nature and extent of the company \'s business activities that would cause me concern both in terms of risk and any personal ethical considerations? Am I satisfied that the internal regulation of the company is sound and that I can operate effectively within its stated corporate governance framework? Am I satisfied that the size, structure and make-up of the board will enable me to make an effective contribution? Would accepting the non-executive directorship put me in a position of having a conflict of interest?  Sources of information  G  Company report and accounts, and/or any listing prospectus, for the recent years. Analyst reports. Press reports Company web site Any Corporate Social Responsibility or Environmental Report issued by the company. Rating agency reports Voting services reports  G G G G  G G  Published material is unlikely to reveal wrong-doing, however a lack of transparency may be a reason to proceed with caution. This guidance has been compiled with the assistance of ICSA who have kindly agreed to produce updated guidance on their website www.icsa.org.uk in the future.  70    Document1.qxp  24/7/03  4:22 pm  Page 71  January 2003  Higgs Suggestions for Good Practice  SAMPLE LETTER OF NON-EXECUTIVE DIRECTOR APPOINTMENT  On [date], upon the recommendation of the nomination committee, the board of [company] (`the Company \') has appointed you as non-executive director. I am writing to set out the terms of your appointment. It is agreed that this is a contract for services and is not a contract of employment.  Appointment Your appointment will be for an initial term of three years commencing on [date], unless otherwise terminated earlier by and at the discretion of either party upon [one month \'s] written notice. Continuation of your contract of appointment is contingent on satisfactory performance and re-election at forthcoming AGM \'s. Non-executive directors are typically expected to serve two three-year terms, although the board may invite you to serve an additional period.  Time commitment Overall we anticipate a time commitment of [number] days per month after the induction phase. This will include attendance at [monthly] board meetings, the AGM, [one] annual board away day, and [at least one] site visit per year. In addition, you will be expected to devote appropriate preparation time ahead of each meeting. By accepting this appointment, you have confirmed that you are able to allocate sufficient time to meet the expectations of your role. The agreement of the chairman should be sought before accepting additional commitments that might impact on the time you are able to devote to your role as a non-executive director of the company.  Role Non-executive directors have the same general legal responsibilities to the company as any other director. The board as a whole is collectively responsible for the success of the company. The board:  G  Provides entrepreneurial leadership of the company within a framework of prudent and effective controls which enable risk to be assessed and managed; Sets the company \'s strategic aims, ensures that the necessary financial and human resources are in place for the company to meet its objectives, and reviews management performance; and  71  G    Document1.qxp  24/7/03  4:22 pm  Page 72  January 2003  Higgs Suggestions for Good Practice  G  Sets the company \'s values and standards and ensure that its obligations to its shareholders and others are understood and met.  All directors must take decisions objectively in the interests of the company. In addition to these requirements of all directors, the role of the non-executive director has the following key elements:  G  Strategy. Non-executive directors should constructively challenge and help develop proposals on strategy; Performance. Non-executive directors should scrutinise the performance of management in meeting agreed goals and objectives and monitor the reporting of performance; Risk. Non-executive directors should satisfy themselves on the integrity of financial information and that financial controls and systems of risk management are robust and defensible; and People. Non-executive directors are responsible for determining appropriate levels of remuneration of executive directors and have a prime role in appointing, and where necessary removing, executive directors and in succession planning.  G  G  G  Fees You will be paid a fee of £[amount] gross per annum which will be paid monthly in arrears, [plus [number] ordinary shares of the company per annum, both of] which will be subject to an annual review by the board. The company will reimburse you for all reasonable and properly documented expenses you incur in performing the duties of your office.  Outside interests It is accepted and acknowledged that you have business interests other than those of the company and have declared any conflicts that are apparent at present. In the event that you become aware of any potential conflicts of interest, these should be disclosed to the chairman and company secretary as soon as apparent. [The board of the Company have determined you to be independent according to provision A.3.1 of the Code.] Confidentiality All information acquired during your appointment is confidential to the Company  72    Document1.qxp  24/7/03  4:22 pm  Page 73  January 2003  Higgs Suggestions for Good Practice  and should not be released, either during your appointment or following termination (by whatever means), to third parties without prior clearance from the chairman. Your attention is also drawn to the requirements under both legislation and regulation as to the disclosure of price sensitive information. Consequently you should avoid making any statements that might risk a breach of these requirements without prior clearance from the chairman or company secretary.  Induction Immediately after appointment, the Company will provide a comprehensive, formal and tailored induction. This will include the information pack recommended by the Institute of Chartered Secretaries and Administrators (ICSA), available at www.icsa.org.uk. We will also arrange for site visits and meetings with senior and middle management and the Company \'s auditors. We will also offer to major shareholders the opportunity to meet you.  Review process The performance of individual directors and the whole board and its committees is evaluated annually. If, in the interim, there are any matters which cause you concern about your role you should discuss them with the chairman as soon as is appropriate.  Insurance The Company has directors \' and officers \' liability insurance and it is intended to maintain such cover for the full term of your appointment. The current indemnity limit is £ [amount]; a copy of the policy document is attached.  Independent professional advice Occasions may arise when you consider that you need professional advice in the furtherance of your duties as a director. Circumstances may occur when it will be appropriate for you to seek advice from independent advisors at the company \'s expense. A copy of the board \'s agreed procedure under which directors may obtain such independent advice is attached. The Company will reimburse the full cost of expenditure incurred in accordance with the attached policy. Committees This letter refers to your appointment as a non-executive director of the  73    Document1.qxp  24/7/03  4:22 pm  Page 74  January 2003  Higgs Suggestions for Good Practice  Company. In the event that you are also asked to serve on one or more of the board committees this will be covered in a separate communication setting out the committee(s) \'s terms of reference, any specific responsibilities and any additional fees that may be involved.  This sample appointment letter has been complied with the assistance of ICSA who have kindly agreed to produce updated guidance on their website www.icsa.org.uk in the future.  74    Document1.qxp  24/7/03  4:22 pm  Page 75  January 2003  Higgs Suggestions for Good Practice  INDUCTION CHECKLIST  Guidance on Induction Every company should develop its own comprehensive, formal induction programme that is tailored to the needs of the company and individual nonexecutive directors. The following guidelines might form the core of an induction programme. As a general rule, a combination of selected written information together with presentations and activities such as meetings and site visits will help to give a new appointee a balanced and real-life overview of the company. Care should be taken not to overload the new director with too much information. The new non-executive director should be provided with a list of all the induction information that is being made available to them so that they may call up items if required before otherwise provided. The induction process should: 1. Build an understanding of the nature of the company, its business and the markets in which it operates. For example, induction should cover:  G G G  the company \'s products or services; group structure / subsidiaries /joint ventures; the company \'s constitution, board procedures and matters reserved for the board; summary details of the company \'s principal assets, liabilities, significant contracts and major competitors; the company \'s major risks and risk management strategy; key performance indicators; and regulatory constraints.  G  G G G  2.  Build a link with the company \'s people including;  G G  meetings with senior management; visits to company sites other than the headquarters, to learn about production or services and meet employees in an informal setting. It is important, not only for the board to get to know the new nonexecutive director, but also for the non-executive director to build a profile with employees below board level; and participating in board strategy development. `Awaydays \' enable a new non-executive director to begin to build working relationships away from the formal setting of the boardroom.  75  G    Document1.qxp  24/7/03  4:22 pm  Page 76  January 2003  Higgs Suggestions for Good Practice  3.  Build an understanding of the company \'s main relationships including meeting with the auditors and developing a knowledge of in particular:  G G G  who are the major customers; who are the major suppliers; and who are the major shareholders and what is the shareholder relations policy ­ participation in meetings with shareholders can help give a first hand feel as well as letting shareholders know who the non-executive directors are.  The induction pack On appointment, or during the weeks immediately following, a new nonexecutive director should be provided with certain basic information to help ensure their early effective contribution to the company. ICSA has produced, and undertaken to maintain, on their website www.icsa.org a guidance note detailing a full list of such material.  76    Document1.qxp  24/7/03  4:22 pm  Page 77  January 2003  Higgs Suggestions for Good Practice  PERFORMANCE EVALUATION GUIDANCE  Guidance on performance evaluation The Code provides that the board should undertake a formal and rigorous annual evaluation of its own performance and that of its committees and individual directors. Individual evaluation should aim to show whether each director continues to contribute effectively and to demonstrate commitment to the role (including commitment of time for board and committee meetings and any other duties). The chairman should act on the results of the performance evaluation by recognising the strengths and addressing the weaknesses of the board and, where appropriate, proposing new members be appointed to the board or seeking the resignation of directors. The board should state in the annual report how such performance evaluation has been conducted. It is the responsibility of the chairman to select an effective process and to act on its outcome. The use of an external third party to conduct the evaluation will bring objectivity to the process. The non-executive directors, led by the senior independent director, should be responsible for performance evaluation of the chairman, taking into account the views of executive directors. The evaluation process will be used constructively as a mechanism to improve board effectiveness, maximise strengths and tackle weaknesses. The results of board evaluation should be shared with the board as a whole while the results of individual assessments should remain confidential between the chairman and the non-executive director concerned. The following are some of the questions that should be considered in a performance evaluation. They are, however, by no means definitive or exhaustive and companies will wish to tailor the questions to suit their own needs and circumstances. The responses to these questions and others should enable boards to assess how they are performing and to identify how certain elements of their performance areas might be improved.  Performance evaluation of the board  G  How well has the board performed against any performance objectives that have been set? What has been the board \'s contribution to the testing and development of strategy?  G  77    Document1.qxp  24/7/03  4:22 pm  Page 78  January 2003  Higgs Suggestions for Good Practice  G  What has been the board \'s contribution to ensuring robust and effective risk management? Is the composition of the board and its committees appropriate, with the right mix of knowledge and skills to maximise performance in the light of future strategy? Are inside and outside the board relationships working effectively? How has the board responded to any problems or crises that have emerged and could or should these have been foreseen? Are the matters specifically reserved for the board the right ones? How well does the board communicate with the management team, company employees and others? How effectively does it use mechanisms such as the AGM and the annual report? Is the board as a whole up to date with latest developments in the regulatory environment and the market? How effective are the board \'s committees? [Specific questions on the performance of each committee should be included such as, for example, their role, their composition and their interaction with the board.]  G  G  G G  G  G  The processes that help underpin the board \'s effectiveness should also be evaluated e.g.:  G  Is appropriate, timely information of the right length and quality provided to the board and is management responsive to requests for clarification or amplification? Does the board provide helpful feedback to management on its requirements? Are sufficient board and committee meetings of appropriate length held to enable proper consideration of issues? Is time used effectively? Are board procedures conducive to effective performance and flexible enough to deal with all eventualities?  G  G  In addition, there are some specific issues relating to the chairman which should be included as part of an evaluation of the board \'s performance e.g.:  G G  Is the chairman demonstrating effective leadership of the board? Are relationships and communications with shareholders well managed? Are relationships and communications within the board constructive? Are the processes for setting the agenda working? Do they enable board members to raise issues and concerns?  G G  78    Document1.qxp  24/7/03  4:22 pm  Page 79  January 2003  Higgs Suggestions for Good Practice  Is the company secretary being used appropriately and to maximum value?  G  Performance evaluation of the non-executive director The chairman and other board members should consider the following issues and the individual concerned should also be asked to assess themselves. For each non-executive director:  G  How well prepared and informed are they for board meetings and is their meeting attendance satisfactory? Do they demonstrate a willingness to devote time and effort to understand the company and its business and a readiness to participate in events outside the boardroom such as site visits? What has been the quality and value of their contributions at board meetings? What has been their contribution to development of strategy and to risk management? How successfully have they brought their knowledge and experience to bear in the consideration of strategy? How effectively have they probed to test information and assumptions? Where necessary, how resolute are they in maintaining their own views and resisting pressure from others? How effectively and proactively have they followed up their areas of concern? How effective and successful are their relationships with fellow board members, the company secretary and senior management? Does their performance and behaviour engender mutual trust and respect within the board? How actively and successfully do they refresh their knowledge and skills and are they up to date with:  G  G  G  G  G  G  G  G  G  the latest developments in areas such as corporate governance framework and financial reporting ? the industry and market conditions?  G G  How well do they communicate with fellow board members, senior management and others, for example shareholders? Are they able to present their views convincingly yet diplomatically and do they listen and take on board the views of others?  79    Document1.qxp  24/7/03  4:22 pm  Page 80    Document1.qxp  24/7/03  4:22 pm  Page 81  USEFUL WEB LINKS  The Higgs Review (2003), together with full details of the research conducted for the Review and related information: http://www.dti.gov.uk/cld/non_exec_review  The Cadbury Report (1992), Greenbury Report (1995) and Hampel Report (1998): http://www.ecgi.org/codes/country_pages/codes_uk.htm  The Smith Report (2003): http://www.frc.org.uk/publications/content/ACReport.pdf  The Financial Services Authority \'s Listing Rules (2002) (see in particular paragraph 12.43A): http://www.fsa.gov.uk/pubs/ukla/  Corporate governance codes in other countries: http://www.ecgi.org/codes/all_codes.htm  Information on the Company Law Review (2001) and the Company Law White Paper (2002): http://www.dti.gov.uk/cld/  Copies of guidance produced by the Institute of Chartered Secretaries and Administrators: http://www.icsa.org.uk  The Institutional Shareholders \' Committee \'s document `The Responsibilities of Institutional Shareholders and Agents ­ Statement of Principles \' (2002): http://www.investmentuk.org/press/2002/20021021-01.pdf  81    Document1.qxp  24/7/03  4:22 pm  Page 82  July 2003  The Combined Code  The Tyson report on the Recruitment and Development of Non-Executive Directors (2003) http://www.london.edu/tysonreport/Tyson_Report_June_2003.pdf  The Myners Report on Institutional Investment in the UK (2001): http://www.hm-treasury.gov.uk/media//843F0/31.pdf  The Directors \' Remuneration Report Regulations 2002: http://www.hmso.gov.uk/si/si2002/20021986.htm  The DTI Consultation document ` Rewards for Failure : Directors \' Remuneration - Contracts, Performance and Severance \', (2003): http://www.dti.gov.uk/cld/4864rewards.pdf  The report of the EU High Level Group of Company Law Experts (the  Winter group ) (2002): http://europa.eu.int/comm/internal_market/en/company/company/modern/index. htm  The European Commission \'s Action Plan for Company Law and Corporate Governance (2003): http://europa.eu.int/eur-lex/en/com/cnc/2003/com2003_0284en01.pdf  82    ",276);arrFiles[62]=new Array(74,"http://www.aanapier.com/turnbull.pdf","31 Aug 2005","!TURNBUL.PDF","","","Internal Control  Guidance for Directors on the Combined Code    ISBN 1 84152 010 1 Published by The Institute of Chartered Accountants in England & Wales Chartered Accountants \' Hall PO Box 433 Moorgate Place London EC2P 2BJ Internet: www.icaew.co.uk/internalcontrol Copyright © The Institute of Chartered Accountants in England & Wales Further copies can be obtained from: Accountancy Books PO Box 21375 London WC1N 1QP Telephone 020 7920 8991 Fax 020 7920 8992 www.accountancybooks.co.uk September 1999    Internal Control  Guidance for Directors on the Combined Code    Foreword  from the London Stock Exchange  The London Stock Exchange welcomes the publication of Internal Control: Guidance for Directors on the Combined Code, published by the Internal Control Working Party of the Institute of Chartered Accountants in England & Wales. The work involved in preparing this guidance for directors of UK incorporated listed companies in respect of Principle D.2 of the Combined Code, and its associated Provisions D.2.1 and D.2.2, is greatly appreciated. The Working Party \'s guidance is consistent with both the requirements of the Combined Code and of the related Listing Rule disclosure requirements, and clarifies to boards of directors of listed companies what is expected of them. We consider that compliance with the guidance will constitute compliance with Combined Code provisions D.2.1 and D.2.2 and provide appropriate narrative disclosure of how Code principle D.2 has been applied. Once the guidance has been adopted in full by a company the guidance on Internal Control and Financial Reporting (the Rutteman guidance) will have been superseded and full compliance with the Combined Code and Listing Rule requirements is possible.  Paul Geradine Head of Listing London Stock Exchange September 1999  Internal Control 1    Contents  Paragraph number(s)  Introduction  Internal control requirements of the Combined Code Objectives of the guidance The importance of internal control and risk management Groups of companies The Appendix  1-7 8-9 10-13 14 15  Maintaining a sound system of internal control  Responsibilities Elements of a sound system of internal control  16-19 20-24  Reviewing the effectiveness of internal control  Responsibilities The process for reviewing effectiveness  25-26 27-34 35-41  The board \'s statement on internal control Internal audit Appendix  Assessing the effectiveness of the company \'s risk and control processes  Membership of the Internal Control Working Party  42-47  Internal Control 2    Introduction  Internal control requirements of the Combined Code  1. When the Combined Code of the Committee on Corporate Governance (the Code) was published, the Institute of Chartered Accountants in England & Wales agreed with the London Stock Exchange that it would provide guidance to assist listed companies to implement the requirements in the Code relating to internal control. Principle D.2 of the Code states that `The board should maintain a sound system of internal control to safeguard shareholders \' investment and the company \'s assets \'. Provision D.2.1 states that `The directors should, at least annually, conduct a review of the effectiveness of the group \'s system of internal control and should report to shareholders that they have done so. The review should cover all controls, including financial, operational and compliance controls and risk management \'. Provision D.2.2 states that `Companies which do not have an internal audit function should from time to time review the need for one \'. Paragraph 12.43A of the London Stock Exchange Listing Rules states that `in the case of a company incorporated in the United Kingdom, the following additional items must be included in its annual report and accounts: (a) a narrative statement of how it has applied the principles set out in Section 1 of the Combined Code, providing explanation which enables its shareholders to evaluate how the principles have been applied; (b) a statement as to whether or not it has complied throughout the accounting period with the Code provisions set out in Section 1 of the Combined Code. A company that has not complied with the Code provisions, or complied with only some of the Code provisions or (in the case of provisions whose requirements are of a continuing nature) complied for only part of an accounting period, must specify the Code provisions with which it has not complied, and (where relevant) for what part of the period such noncompliance continued, and give reasons for any non-compliance \'. 6. The Preamble to the Code, which is appended to the Listing Rules, makes it clear that there is no prescribed form or content for the statement setting out how the various principles in the Code have been applied. The intention is that companies should have a free hand to explain their governance policies in the light of the principles, including any special circumstances which have led to them adopting a particular approach.  2.  3.  4.  5.  Internal Control 3    7.  The guidance in this document should be followed by boards of listed companies in:  l  assessing how the company has applied Code principle D.2; implementing the requirements of Code provisions D.2.1 and D.2.2; and reporting on these matters to shareholders in the annual report and accounts.  l  l  Objectives of the guidance  8. This guidance is intended to:  l  reflect sound business practice whereby internal control is embedded in the business processes by which a company pursues its objectives; remain relevant over time in the continually evolving business environment; and enable each company to apply it in a manner which takes account of its particular circumstances.  l  l  The guidance requires directors to exercise judgement in reviewing how the company has implemented the requirements of the Code relating to internal control and reporting to shareholders thereon. 9. The guidance is based on the adoption by a company \'s board of a risk-based approach to establishing a sound system of internal control and reviewing its effectiveness. This should be incorporated by the company within its normal management and governance processes. It should not be treated as a separate exercise undertaken to meet regulatory requirements.  The importance of internal control and risk management  10. A company \'s system of internal control has a key role in the management of risks that are significant to the fulfilment of its business objectives. A sound system of internal control contributes to safeguarding the shareholders \' investment and the company \'s assets. 11. Internal control (as referred to in paragraph 20) facilitates the effectiveness and efficiency of operations, helps ensure the reliability of internal and external reporting and assists compliance with laws and regulations. 12. Effective financial controls, including the maintenance of proper accounting records, are an important element of internal control. They help ensure that the company is not unnecessarily exposed to avoidable financial risks and that financial information used within the business and for publication is reliable. They also contribute to the safeguarding of assets, including the prevention and detection of fraud.  Internal Control 4    13. A company \'s objectives, its internal organisation and the environment in which it operates are continually evolving and, as a result, the risks it faces are continually changing. A sound system of internal control therefore depends on a thorough and regular evaluation of the nature and extent of the risks to which the company is exposed. Since profits are, in part, the reward for successful risktaking in business, the purpose of internal control is to help manage and control risk appropriately rather than to eliminate it.  Groups of companies  14. Throughout this guidance, where reference is made to `company \' it should be taken, where applicable, as referring to the group of which the reporting company is the parent company. For groups of companies, the review of effectiveness of internal control and the report to the shareholders should be from the perspective of the group as a whole.  The Appendix  15. The Appendix to this document contains questions which boards may wish to consider in applying this guidance.  Internal Control 5    Maintaining a sound system of internal control  Responsibilities  16. The board of directors is responsible for the company \'s system of internal control. It should set appropriate policies on internal control and seek regular assurance that will enable it to satisfy itself that the system is functioning effectively. The board must further ensure that the system of internal control is effective in managing risks in the manner which it has approved. 17. In determining its policies with regard to internal control, and thereby assessing what constitutes a sound system of internal control in the particular circumstances of the company, the board \'s deliberations should include consideration of the following factors:  l  the nature and extent of the risks facing the company; the extent and categories of risk which it regards as acceptable for the company to bear; the likelihood of the risks concerned materialising; the company \'s ability to reduce the incidence and impact on the business of risks that do materialise; and the costs of operating particular controls relative to the benefit thereby obtained in managing the related risks.  l  l  l  l  18. It is the role of management to implement board policies on risk and control. In fulfilling its responsibilities, management should identify and evaluate the risks faced by the company for consideration by the board and design, operate and monitor a suitable system of internal control which implements the policies adopted by the board. 19. All employees have some responsibility for internal control as part of their accountability for achieving objectives. They, collectively, should have the necessary knowledge, skills, information and authority to establish, operate and monitor the system of internal control. This will require an understanding of the company, its objectives, the industries and markets in which it operates, and the risks it faces.  Internal Control 6    Elements of a sound system of internal control  20. An internal control system encompasses the policies, processes, tasks, behaviours and other aspects of a company that, taken together:  l  facilitate its effective and efficient operation by enabling it to respond appropriately to significant business, operational, financial, compliance and other risks to achieving the company \'s objectives. This includes the safeguarding of assets from inappropriate use or from loss and fraud, and ensuring that liabilities are identified and managed; help ensure the quality of internal and external reporting. This requires the maintenance of proper records and processes that generate a flow of timely, relevant and reliable information from within and outside the organisation; help ensure compliance with applicable laws and regulations, and also with internal policies with respect to the conduct of business.  l  l  21. A company \'s system of internal control will reflect its control environment which encompasses its organisational structure. The system will include:  l  control activities; information and communications processes; and processes for monitoring the continuing effectiveness of the system of internal control.  l  l  22. The system of internal control should:  l  be embedded in the operations of the company and form part of its culture; be capable of responding quickly to evolving risks to the business arising from factors within the company and to changes in the business environment; and include procedures for reporting immediately to appropriate levels of management any significant control failings or weaknesses that are identified together with details of corrective action being undertaken.  l  l  23. A sound system of internal control reduces, but cannot eliminate, the possibility of poor judgement in decision-making; human error; control processes being deliberately circumvented by employees and others; management overriding controls; and the occurrence of unforeseeable circumstances. 24. A sound system of internal control therefore provides reasonable, but not absolute, assurance that a company will not be hindered in achieving its business objectives, or in the orderly and legitimate conduct of its business, by circumstances which may reasonably be foreseen. A system of internal control cannot, however, provide protection with certainty against a company failing to meet its business objectives or all material errors, losses, fraud, or breaches of laws or regulations.  Internal Control 7    Reviewing the effectiveness of internal control  Responsibilities  25. Reviewing the effectiveness of internal control is an essential part of the board \'s responsibilities. The board will need to form its own view on effectiveness after due and careful enquiry based on the information and assurances provided to it. Management is accountable to the board for monitoring the system of internal control and for providing assurance to the board that it has done so. 26. The role of board committees in the review process, including that of the audit committee, is for the board to decide and will depend upon factors such as the size and composition of the board; the scale, diversity and complexity of the company \'s operations; and the nature of the significant risks that the company faces. To the extent that designated board committees carry out, on behalf of the board, tasks that are attributed in this guidance document to the board, the results of the relevant committees \' work should be reported to, and considered by, the board. The board takes responsibility for the disclosures on internal control in the annual report and accounts.  The process for reviewing effectiveness  27. Effective monitoring on a continuous basis is an essential component of a sound system of internal control. The board cannot, however, rely solely on the embedded monitoring processes within the company to discharge its responsibilities. It should regularly receive and review reports on internal control. In addition, the board should undertake an annual assessment for the purposes of making its public statement on internal control to ensure that it has considered all significant aspects of internal control for the company for the year under review and up to the date of approval of the annual report and accounts. 28. The reference to `all controls \' in Code Provision D.2.1 should not be taken to mean that the effectiveness of every internal control (including controls designed to manage immaterial risks) should be subject to review by the board. Rather it means that, for the purposes of this guidance, internal controls considered by the board should include all types of controls including those of an operational and compliance nature, as well as internal financial controls. 29. The board should define the process to be adopted for its review of the effectiveness of internal control. This should encompass both the scope and frequency of the reports it receives and reviews during the year, and also the process for its annual assessment, such that it will be provided with sound, appropriately documented, support for its statement on internal control in the company \'s annual report and accounts.  Internal Control 8    30. The reports from management to the board should, in relation to the areas covered by them, provide a balanced assessment of the significant risks and the effectiveness of the system of internal control in managing those risks. Any significant control failings or weaknesses identified should be discussed in the reports, including the impact that they have had, could have had, or may have, on the company and the actions being taken to rectify them. It is essential that there be openness of communication by management with the board on matters relating to risk and control. 31. When reviewing reports during the year, the board should:  l  consider what are the significant risks and assess how they have been identified, evaluated and managed; assess the effectiveness of the related system of internal control in managing the significant risks, having regard, in particular, to any significant failings or weaknesses in internal control that have been reported; consider whether necessary actions are being taken promptly to remedy any significant failings or weaknesses; and consider whether the findings indicate a need for more extensive monitoring of the system of internal control.  l  l  l  32. Additionally, the board should undertake an annual assessment for the purpose of making its public statement on internal control. The assessment should consider issues dealt with in reports reviewed by it during the year together with any additional information necessary to ensure that the board has taken account of all significant aspects of internal control for the company for the year under review and up to the date of approval of the annual report and accounts. 33. The board \'s annual assessment should, in particular, consider:  l  the changes since the last annual assessment in the nature and extent of significant risks, and the company \'s ability to respond to changes in its business and the external environment; the scope and quality of management \'s ongoing monitoring of risks and of the system of internal control, and, where applicable, the work of its internal audit function and other providers of assurance; the extent and frequency of the communication of the results of the monitoring to the board (or board committee(s)) which enables it to build up a cumulative assessment of the state of control in the company and the effectiveness with which risk is being managed;  l  l  Internal Control 9    l  the incidence of significant control failings or weaknesses that have been identified at any time during the period and the extent to which they have resulted in unforeseen outcomes or contingencies that have had, could have had, or may in the future have, a material impact on the company \'s financial performance or condition; and the effectiveness of the company \'s public reporting processes.  l  34. Should the board become aware at any time of a significant failing or weakness in internal control, it should determine how the failing or weakness arose and re-assess the effectiveness of management \'s ongoing processes for designing, operating and monitoring the system of internal control.  Internal Control 10    The board \'s statement on internal control  35. In its narrative statement of how the company has applied Code principle D.2, the board should, as a minimum, disclose that there is an ongoing process for identifying, evaluating and managing the significant risks faced by the company, that it has been in place for the year under review and up to the date of approval of the annual report and accounts, that it is regularly reviewed by the board and accords with the guidance in this document. 36. The board may wish to provide additional information in the annual report and accounts to assist understanding of the company \'s risk management processes and system of internal control. 37. The disclosures relating to the application of principle D.2 should include an acknowledgement by the board that it is responsible for the company \'s system of internal control and for reviewing its effectiveness. It should also explain that such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can only provide reasonable and not absolute assurance against material misstatement or loss. 38. In relation to Code provision D.2.1, the board should summarise the process it (where applicable, through its committees) has applied in reviewing the effectiveness of the system of internal control. It should also disclose the process it has applied to deal with material internal control aspects of any significant problems disclosed in the annual report and accounts. 39. Where a board cannot make one or more of the disclosures in paragraphs 35 and 38, it should state this fact and provide an explanation. The Listing Rules require the board to disclose if it has failed to conduct a review of the effectiveness of the company \'s system of internal control. 40. The board should ensure that its disclosures provide meaningful, high-level information and do not give a misleading impression. 41. Where material joint ventures and associates have not been dealt with as part of the group for the purposes of applying this guidance, this should be disclosed.  Internal Control 11    Internal audit  42. Provision D.2.2 of the Code states that companies which do not have an internal audit function should from time to time review the need for one. 43. The need for an internal audit function will vary depending on company-specific factors including the scale, diversity and complexity of the company \'s activities and the number of employees, as well as cost/benefit considerations. Senior management and the board may desire objective assurance and advice on risk and control. An adequately resourced internal audit function (or its equivalent where, for example, a third party is contracted to perform some or all of the work concerned) may provide such assurance and advice. There may be other functions within the company that also provide assurance and advice covering specialist areas such as health and safety, regulatory and legal compliance and environmental issues. 44. In the absence of an internal audit function, management needs to apply other monitoring processes in order to assure itself and the board that the system of internal control is functioning as intended. In these circumstances, the board will need to assess whether such processes provide sufficient and objective assurance. 45. When undertaking its assessment of the need for an internal audit function, the board should also consider whether there are any trends or current factors relevant to the company \'s activities, markets or other aspects of its external environment, that have increased, or are expected to increase, the risks faced by the company. Such an increase in risk may also arise from internal factors such as organisational restructuring or from changes in reporting processes or underlying information systems. Other matters to be taken into account may include adverse trends evident from the monitoring of internal control systems or an increased incidence of unexpected occurrences. 46. The board of a company that does not have an internal audit function should assess the need for such a function annually having regard to the factors referred to in paragraphs 43 and 45 above. Where there is an internal audit function, the board should annually review its scope of work, authority and resources, again having regard to those factors. 47. If the company does not have an internal audit function and the board has not reviewed the need for one, the Listing Rules require the board to disclose these facts.  Internal Control 12    Appendix  Assessing the effectiveness of the company \'s risk and control processes  Some questions which the board may wish to consider and discuss with management when regularly reviewing reports on internal control and carrying out its annual assessment are set out below. The questions are not intended to be exhaustive and will need to be tailored to the particular circumstances of the company. This Appendix should be read in conjunction with the guidance set out in this document. 1. Risk assessment l Does the company have clear objectives and have they been communicated so as to provide effective direction to employees on risk assessment and control issues? For example, do objectives and related plans include measurable performance targets and indicators?  l  Are the significant internal and external operational, financial, compliance and other risks identified and assessed on an ongoing basis? (Significant risks may, for example, include those related to market, credit, liquidity, technological, legal, health, safety and environmental, reputation, and business probity issues.) Is there a clear understanding by management and others within the company of what risks are acceptable to the board?  l  2.  Control environment and control activities l Does the board have clear strategies for dealing with the significant risks that have been identified? Is there a policy on how to manage these risks?  l  Do the company \'s culture, code of conduct, human resource policies and performance reward systems support the business objectives and risk management and internal control system? Does senior management demonstrate, through its actions as well as its policies, the necessary commitment to competence, integrity and fostering a climate of trust within the company? Are authority, responsibility and accountability defined clearly such that decisions are made and actions taken by the appropriate people? Are the decisions and actions of different parts of the company appropriately co-ordinated? Does the company communicate to its employees what is expected of them and the scope of their freedom to act? This may apply to areas such as customer relations; service levels for both internal and outsourced activities; health, safety and environmental protection; security of tangible and intangible assets; business continuity issues; expenditure matters; accounting; and financial and other reporting.  l  l  l  Internal Control 13    l  Do people in the company (and in its providers of outsourced services) have the knowledge, skills and tools to support the achievement of the company \'s objectives and to manage effectively risks to their achievement? How are processes/controls adjusted to reflect new or changing risks, or operational deficiencies?  l  3.  Information and communication l Do management and the board receive timely, relevant and reliable reports on progress against business objectives and the related risks that provide them with the information, from inside and outside the company, needed for decision-making and management review purposes? This could include performance reports and indicators of change, together with qualitative information such as on customer satisfaction, employee attitudes etc.  l  Are information needs and related information systems reassessed as objectives and related risks change or as reporting deficiencies are identified? Are periodic reporting procedures, including half-yearly and annual reporting, effective in communicating a balanced and understandable account of the company \'s position and prospects? Are there established channels of communication for individuals to report suspected breaches of laws or regulations or other improprieties?  l  l  4.  Monitoring l Are there ongoing processes embedded within the company \'s overall business operations, and addressed by senior management, which monitor the effective application of the policies, processes and activities related to internal control and risk management? (Such processes may include control self-assessment, confirmation by personnel of compliance with policies and codes of conduct, internal audit reviews or other management reviews).  l  Do these processes monitor the company \'s ability to re-evaluate risks and adjust controls effectively in response to changes in its objectives, its business, and its external environment? Are there effective follow-up procedures to ensure that appropriate change or action occurs in response to changes in risk and control assessments? Is there appropriate communication to the board (or board committees) on the effectiveness of the ongoing monitoring processes on risk and control matters? This should include reporting any significant failings or weaknesses on a timely basis. Are there specific arrangements for management monitoring and reporting to the board on risk and control matters of particular importance? These could include, for example, actual or suspected fraud and other illegal or irregular acts, or matters that could adversely affect the company \'s reputation or financial position?  l  l  l  Internal Control 14    Membership of the Internal Control Working Party  Nigel Turnbull (Chairman) Roger Davis (Deputy Chairman) Douglas Flint Executive Director Rank Group Plc Head of Professional Affairs PricewaterhouseCoopers Group Finance Director HSBC Holdings plc Director of Corporate Finance Prudential Portfolio Managers Partner Ernst & Young Internal Audit Consultant  Huw Jones  David Lindsell  Tim Rowbury  Jonathan Southern  Director of Accounting and Reporting Diageo plc Company Secretary and General Counsel Debenhams plc  David Wilson  Staff Anthony Carey Jonathan Hunt Project Director, ICAEW Project Manager, ICAEW  Internal Control 15    ",57);arrFiles[63]=new Array(75,"http://www.aanapier.com/comprcom3.html","13 Jun 2008","aanapier - developing integrated communications programmes","Andrew Napier, communication, communication strategy, integrated communication, Andrew A. Napier, change, stakeholders, key messages, target audience, communication strategy consulting, key messages, community relations, mobile messaging","","aanapier.com services: Developing an i ntegrated communication programme Integrated communication programmes address a wide range of external and internal audiences in a carefully pre-planned, integrated way, and emphasising messages of particular concern to the different audiences. We have found that there are usually three steps to developing and running a successful integrated communication programme: Understanding Planning Implementation, feedback and adjustment 1. Understanding Integrated communication programmes need to be based on a clear understanding of where the business or organisation is today, its positioning, its values and its strengths; where it wants to go and how it intends to get there, and the key drivers and relationships that will ensure future success. Questions of credibility and relevance should also be assessed. For example, the answers to the following questions could help form the basis for effective communication plans - in helping to decide the right messages, target audiences, timing and communication methods to be used. What do we want to be seen as? What will be the keys to our future success? What are our core strengths, assets, competencies and values? What made us (and/or our component parts) successful so far? With hindsight, what should have been done differently? Who are the key players for our business success? Do they know us? What do they think of us? De we communicate with them? Who? How? What are the best communication channels? What do we want each of them to think about us? Who will our main competitors be? What makes us different from our competitors? How are our main competitors seen? If we and a competitor offered an identical product or service at the same price, what would make the customer chose us rather than the competitor? Who else can influence our future success? Do they know us? Do we communicate with them? How? What are the best communication channels? What future events will create opportunities or risks for us? ... for our customers? ... for our suppliers and other business partners? Do we know/understand what external issues (for example environmental, consumer, health, safety, trade, corporate governance etc) can influence our future plans? What is our perceived attitude to these issues? What should we say about these issues? What should we do about these issues? (Note: Issues management is another function in which we have extensive experience.) [ back to Developing a ... programme ...] 2. Planning Targeted messages/ themes It is important to agree simple, easily communicable messages and themes, with which people can identify, and to give the opportunity for dialogue and feedback. The plan should identify the themes and messages for each target audience. News items, speeches and other communication should be seen to demonstrate the key themes and key messages. Target audiences Integrated communication programmes should target consistent, appropriate messages and themes to all key audiences, such as: customers employees business partners media investors/ financial opinion leaders industry associations governments/ regulators other stakeholders recruitment targets academic/ educational local communities The plan should define (and prioritise) for each target audience : messages and themes how best to communicate with them who communicates with them (or must approve the communication) timing, budgets and resources Who communicates? The most successful communication programmes permeate an organisation and are not confined to PR/Communication, Human Resources and Marketing departments. Indeed the responsibility for dealings with many of the key target audiences usually already exists within organisations. This should be recognised and integrated into the programme. In other words, it is usually preferable to communicate with business partners and employees through existing channels. [ back to Developing a ... programme ...] Communication methods and materials The best method of communicating with each target must be chosen, together with responsibility for implementation, timing and budgets. Examples of communication methods that can be used: face-to-face meetings newsletters internet/intranets multi-media media relations mobile messaging speeches direct mail advertising displays / exhibitions briefing papers seminars community relations scholarships/grants Implementation plan An implementation plan is then agreed, covering responsibilities, key events, timing, resources and procedures for reviewing progress. [ back to Developing a ... programme] 3. Implementation, feedback and adjustment The integrated communication plan must then be implemented, and any fine-tuning made as and when needed. Progress is reviewed against plan. Feedback from key players is sought, and any adjustments of emphasis, messages or timing should be made as necessary. In the implementation phase, the consultants \' roles vary according to the client \'s needs. We can provide advice, act as project leader or facilitator or simply members of the team to provide additional expertise and extra resources as needed. We aim to fit into clients \' project teams whenever and wherever the most value can be added. [ ^^back to top Developing a ... programme] home ¦ finding solutions ¦ about us ¦ why? ¦ how? ¦ services ¦ links ¦ experience ¦ contact us ",25);arrFiles[64]=new Array(76,"http://www.aanapier.com/ofr2.html","11 Mar 2008","aanapier.com - communications and issues management - non-financial risk","communication, stakeholders, issues management, ofr, corporate governance, reputation, employee issues, relations with local communities, enron","","aanapier.com services: managing and reporting on key issues aanapier consulting can help companies successfully identify, manage and report on issues that can affect future success and corporate reputation. The British Government has also been trying [ Company Law Reform Bill , section 156 (3)] to make directors have regard to the interests of customers, employees, suppliers, the community and the environment. section 156: Duty to promote the success of the company (Company Law Reform Bill, text as of November 2005) (1) A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. (2) Where or to the extent that the purposes of the company consist of or include purposes other than the benefit of its members, his duty is to act in the way he considers, in good faith, would be most likely to achieve those purposes. (3) In fulfilling the duty imposed by this section a director must (so far as reasonably practicable) have regard to— (a) the likely consequences of any decision in the long term, (b) the interests of the company’s employees, (c) the need to foster the company’s business relationships with suppliers, customers and others, (d) the impact of the company’s operations on the community and the environment, (e) the desirability of the company maintaining a reputation for high standards of business conduct, and (f) the need to act fairly as between members of the company. (4) The duty imposed by this section has effect subject to any enactment or rule of law requiring directors, in certain circumstances, to consider or act in the interests of creditors of the company. extracts from the British Government \'s Final Regulatory Impact Assessment on the Operating and Financial Review and Directors’ Report Regulations (2005) (since repealed) : Assets are increasingly intangible. Business observers and analysts generally agree that some of the biggest contributors to business success are those that are the most difficult to quantify: people, customers, knowledge base, brand, and reputation. (para 18e) The opportunity costs associated with non-disclosure of information are harder to pinpoint, but have been proved to be a contributing factor in the destruction of value through inappropriate corporate behaviour and/or loss of reputation. A separate 2004 paper issued b