Network Magazine : Wellbeing in the Workplace

2014, VOL. III

NETWORK NEW YORK LONDON

Wellbeing in the Workplace

Featuring an interview with

Anthony Gooch

Director of Public Affairs & Communications, OECD

INSIDE

John Holland-Kaye, CEO of Heathrow Airport, gives his views on aviation and the rise of the megacity

LEADING WOMEN

LEADING WOMEN POWERING CAREERS At Hays we support the advancement of women in the workplace, which is why we are delighted to be supporting a number of the BritishAmerican Business Women’s Forum events this year.

We’re working hard to develop Leading Women, a forum for successful senior business women like you to share insight, develop expertise and advance your career. We want to successfully connect you with the world of work to help you fulfil your career ambitions.

In the ever-changing workplace, there’s an imbalance of women in senior positions, seeing companies missing out on highly talented professionals. By improving access to this talent, organisations will be better equipped to drive performance, grow their business and secure future success.

With 102 offices within UK, we operate across 20 specialist areas, giving us the breadth and depth of expertise to help you build your networks.

hays.co.uk/leading-women

If you would like to hear more about our Leading Women network contact us at leading-women@hays.com

CONTENTS 2014, VOL. III

NETWORK

2 WELCOME Jeffries Briginshaw, Managing Director, BritishAmerican Business

NEW YORK LONDON

Wellbeing in the Workplace

Featuring an interview with

Anthony Gooch

3

TRANSATLANTIC COUNCIL MEMBERS

MEET THE NEW MEMBERS

13 Learning from Nature: Adapting To The Environment Vincent JS Wood, Content Writer & Social Media Blogger, Immigration into America

4

New Members

5

New Board and IAB Members

BAB Elects New Board Leadership

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SIXTY SECONDS WITH...

Director of Public Affairs & Communications, OECD

INSIDE

John Holland-Kaye, CEO of Heathrow Airport, gives his views on aviation and the rise of the megacity

BRITISHAMERICAN BUSINESS London 75 Brook Street London, W1K 4AD Tel: +44 (0)20 7290 9888 Fax: +44 (0)20 7491 9172 Email: ukinfo@babinc.org

...Nicholas Walsh, Senior Advisor of AIG and Chairman of BritishAmerican Business

AUTHOR SPOTLIGHT

New York 52 Vanderbilt Avenue, 20th Floor New York, NY 10017 Tel: +1 (212) 661 4060 Fax: +1 (212) 661 4074 Email: nyinfo@babinc.org

WELLBEING IN THE WORKPLACE

8

Measuring Wellbeing For A Better Life Anthony Gooch, Director, Directorate of Public Affairs, & Communications, OECD

Website: www.babinc.org tradeinvest.babinc.org

10 Linking Wellbeing To The Workplace Dr Paul Litchfield, Director for Wellbeing, Inclusion, Safety & Health, BT

Twitter @BABLondon LinkedIn “BritishAmerican Business” facebook.com/ BritishAmericanBusinessLondon

EDITOR Amanda Zambon azambon@babinc.org

BritishAmerican Business: The Company to Keep BritishAmerican Business is the leading transatlantic business organization, dedicated to helping companies build their business on both sides of the Atlantic. Its membership brings together the world’s leading multinational and middle-market companies across sectors and geographies; and more than 100 of the world’s most successful CEOs support its work through their participation in its Advisory Board. It incorporates the American Chamber of Commerce (UK) and the BritishAmerican Chamber of Commerce (USA), which merged in 2000 to create a single, pre-eminent transatlantic organization that could support its members across the Atlantic.

US Companies Expect Rise in International Business Activity Sanjiv Sanghvi, Executive Vice President, Business Head Global Banking, Wells Fargo & Company

14 The Perfect Talent Storm: Are You Ready? Yvonne Smyth, Director, Hays

Getting smart on global business practices Hugo Williamson, Managing Director, London, IPSA International

15 ISDS: Striking the right balance?

Paul Henty, Partner, Charles Russell Speechlys

7

Follow us on:

The Future of Leadership: A Modern Paradox Dr Malcolm Kirkup, Professorial Director of MBA Programmes and Education Innovation, University of Edinburgh Business School

INDUSTRY INSIGHTS

11

Aviation and the Rise of The Megacity John Holland-Kaye, CEO, Heathrow Airport

12 Money Laundering: Forewarned Is Forearmed Laurie Gentz, CAMS, Head of Compliance, BAE Systems Applied Intelligence

Fine Art Collection Management: An Art Insurance Prospective Sam Cargill, CEO, Aon Private Risk Management

POLICY & FORUMS

16 Policy Update 17 An Update from our Aviation Forum John Cater, Forums Programme Manager, BritishAmerican Business

EVENT HIGHLIGHTS

18 London Event Highlights 22 New York Event Highlights 24 UPCOMING EVENTS

London Staff Jeffries Briginshaw Managing Director +44 (0)20 7290 9888 jbriginshaw@babinc.org

Events and Marketing Katie Banham Director – Events & Marketing +44 (0)20 7290 9873 kbanham@babinc.org

Office Management John Adam Office Manager/Accountant +44 (0)20 7290 9886 jadam@babinc.org

Membership Nick Royle Director of Membership +44 (0)20 7290 9880 nroyle@babinc.org

John Cater Forums Programme Manager +44 (0)20 7290 9874 jcater@babinc.org

Sherry Dolatshahi Information Manager & Executive Assistant +44 (0)20 7290 9883 sdolatshahi@babinc.org

Tariro Masukume Membership Manager +44 (0)20 7290 9881 tmasukume@babinc.org Lucy Russell Membership Manager +44 20 7290 9882 lrussell@babinc.org

BritishAmerican Business NETWORK 2014, VOL. III

Sabina Hussain Events Manager +44 (0)20 7290 9875 shussain@babinc.org Amanda Zambon Communications Manager +44 (0)20 790 9879 azambon@babinc.org Emanuel Adam Policy and Public Affairs Manager +44 (0)20 7290 9885 eadam@babinc.org

View this edition of Network online:

1

WELCOME 2015: A Year to Celebrate Shared Values

I

Jeffries Briginshaw Managing Director, BritishAmerican Business jbriginshaw@babinc.org

am looking for ward to some key h istor ica l commemorations in 2015, all of which will remind us of some of the values underpinning a UK-US vision of winning in global markets: We have the legacies of the Magna Carta, the Battle of Waterloo, and Sir Winston Churchill to consider as we enter the New Year.

First, we celebrate the 800th anniversary of the Magna Carta, a foundation stone supporting the rule of law enjoyed today by hundreds of millions of people in more than 100 countries. In the United States, the rights sought from the king by English barons found their way into the American Bill of Rights and the Constitution. These rights are also echoed in the instructions given by every American judge to every American jury.

We also commemorate the 200th anniversary of the Battle of Waterloo in 2015, and remember the importance of good relations with other European countries, and Germany in particular, which was a useful ally then and now.

Lastly, 2015 also marks a number of commemorations relating to a much-respected Briton who was half American: Sir Winston Churchill. Later in the year, we will commemorate the 50th anniversary of his death, the 75th anniversary of his first becoming Prime Minister, and the 75th anniversary of his “finest hour” at the Battle of Britain. Showing a brand of leadership that remains greatly admired in the US, he was described in 2013 by John Boehner, the leader of House Republicans, as “the best friend the United States ever had”.

We have focussed this edition of Network Magazine on the issue of Wellbeing in the Workplace. We were bowled over with the quality of the panel on Wellbeing at our Autumn Conference in October, and we wanted to capture that content in this edition.

We are delighted that Anthony Gooch from the OECD and Dr Paul Litchfield from BT were happy to do follow-up interviews with us, highlighting how thinking on wellbeing is helping businesses improve their bottom line on both sides of the Atlantic.

Elsewhere in the magazine, we have a sixty second interview with our Chairman, Nicholas Walsh, who shares his values (and other trivia!) with us. We also have some great industry insights from you, our members. We have an article on megacities from John Holland-Kaye, CEO of Heathrow Airport, and further articles on topics ranging from being “forearmed” against money laundering to the shortage of skills that employers suffer as they start to hire again. On page 16, we also have the first policy update from our new Policy and Public Affairs Manager, Emanuel Adam.

Don’t forget to turn to pages 18-21 to see our event highlights from the Autumn season, which includes plenty of photos! We feature our gala dinner celebrating the transatlantic relationship w it h Deput y Pr i me M i n ister Nick Clegg and US Ambassador Matthew Barzun, as well as our Autumn Conference on transatlantic game changers.

Upcoming BAB events for your 2015 diary can be found on page 24.

We hope you enjoy this edition of Network Magazine and we look forward to seeing you in 2015! n

Visit www.facebook.com/BritishAmericanBusinessLondon and like BAB London’s Facebook Page to stay up to date with event photos, news, and US-UK cultural updates!

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BritishAmerican Business NETWORK 2014, VOL. III

T R A N S AT L A N T I C C O U N C I L M E M B E R S

T RA N SAT L A N T I C CO U N C I L M E M B E R S Transatlantic Council Membership is reserved for a select group of BritishAmerican Business’s leading companies, and offers them a customized program of exclusive networking, promotional, and business opportunities, in addition to the regular benefits associated with membership in BritishAmerican Business.

3M UK

Deloitte

Links of London

Rolls-Royce

Aberdeen Asset Management

Delta Air Lines

Lloyd’s

Royal Bank of Scotland

ACE Group

Dow Jones

Lloyds Bank

Santander

ACS International Schools

Duke University, The Fuqua School of Business

Lockheed Martin UK

Shakespeare’s Globe

London & Partners

Shearman & Sterling

London Philharmonic Orchestra

Shell UK

London Symphony Orchestra

Spence & Partners

Loomis Sayles

Squire Patton Boggs

Magrath

Standard Chartered

Marriott Hotels International

State Street

Marsh UK

Sun European Partners

Mastercard

TASIS The American School in England

McGraw-Hill

Taylor Made Computer Solutions

McGuireWoods London

TheCityUK

McKinsey & Company

Thomson Reuters

Addleshaw Goddard ADP AIG AlixPartners American Airlines Aon UK Arnold & Porter UK Arup Asia House AT&T BAE Systems Applied Intelligence Baker & McKenzie Bank of America Merrill Lynch Barclays

Edelman ExxonMobil EY FedEx Europe FMP Global Ford Motor Company Google UK Grange Hotels Gulfstream Aerospace Corporation HCA International Heathrow Airport Herbert Smith Freehills HP HSBC

Mercer Moelis & Company Montrose Associates

UK Trade & Investment United Airlines Universal Music

IBM UK

National Theatre

Bloomberg

Invest Northern Ireland

New York Times

University of Edinburgh Business School

BNY Mellon

IPSA International

Northrop Grumman UK

UPS

BP

Irwin Mitchell

Orrick Herrington & Sutcliffe

US Embassy

British Airways

J.P. Morgan

PACCAR

Verizon Enterprise Solutions

British Land

Jacksonville Jaguars

Philharmonia Orchestra

Virgin Atlantic Airways

BT

Jones Lang LaSalle

Philip Morris

Weber Shandwick

CBRE

JSI Logistics

Pillsbury Winthrop Shaw Pittman

Weil, Gotshal & Manges

Charles Russell Speechlys

Just Marketing International

Pitch Factory

Wells Fargo

Chealsea Football Club

King & Spalding

PwC

Willis

Chevron

Knight Frank

Radius

Withers

City of London

KPMG

Raytheon UK

WPP

Cubitt Consulting

Kroll

Reed Elsevier

Xerox UK

Cushman & Wakefield

Linklaters

Risk Advisory Group

Zurich Insurance

Blick Rothenberg

BritishAmerican Business NETWORK 2014, VOL. III

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MEET THE NEW MEMBERS

ABERDEEN ASSET MANAGEMENT

CHELSEA FOOTBALL CLUB

Bow Bells House, 1 Bread Street, London, EC4M 9HH, UK +44 (0) 20 7463 6000 www.aberdeen-asset.co.uk Sam Walker, Head of Public Affairs sam.walker@aberdeen-asset.com

Stamford Bridge, Fulham Road, London SW6 1HS, UK +44 (0) 20 7915 1926 chelseafc.com David Timms, Business Development Manager, Matchday david.timms@chelseafc.com

Aberdeen Asset Management is a global asset manager and a FTSE 100 company with assets under management of over £330 billion (US$550 billion). They are based in over 25 countries with over 30 offices, over 600 investment professionals, and over 2,000 staff overall. Aberdeen has more than 30 years of experience to draw on, and have seen three decades of expansion through growth and acquisition.

Chelsea Football Club, with over a century of rich sporting heritage has paved the way for a superior collection of hospitality, events and leisure facilities all at one venue. Boasting 24 function rooms and 60 syndicate rooms, alongside two restaurants, two hotels, a music venue, the Chelsea FC museum and a luxury health club and spa all found at London’s most complete venue, Stamford Bridge.

FMP GLOBAL

IRWIN MITCHELL

EMEA Office, 17 Ensign House, Admiral’s Way, London, E14 9XQ, UK +44 (0) 87 0333 3962 www.fmpeurope.co.uk Justin Cottrell, CEO Eurowage Ltd justin@fmpglobal.com

40 Holborn Viaduct, London, EC1N 2PZ, UK + 44 (0) 87 0150 0100 www.irwinmitchell.com Edward Persse, Partner edward.persse@irwinmitchell.com

FMP Global Limited are true experts in International Payroll & HR Solutions having been in this business for many years. We provide our services to Companies using expert knowledge to deliver high quality International Payroll across 135 countries to support & co-ordinate Companies entire payroll operations & HR Worldwide.

Acclaimed for being a pioneer, Irwin Mitchell has been at the forefront of the deregulation of the UK legal market. One of the UK’s largest law firms with over 2,300 employees in 10 offices and annual revenues in excess of £200 million, we service US clients from entrepreneurs through to some of the US’s largest corporates.

N ew C o rp o rate M e m b e rs SANTANDER 1st Floor, 100 Ludgate Hill, London, EC4M 7RE, UK +44 (0)20 7756 5554 www.santander.co.uk Katherine Piedrahita, Head of Institutional Partnerships International katherine.piedrahita@santander.co.uk Santander UK Plc is a retail and commercial bank with 1157 branches in the UK and around 14,000 group Santander branches worldwide.

With more branches than any other international bank and the largest international presence of any other commercial bank in the UK (14 major markets) it has a truly international focus. Santander’s success comes from being close to its customers (40 regional business centres), its close links worldwide and a sensible approach to lending.

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The Athenaeum Hotel Carter-Ruck Goodwood Road Racing Company Habitat For Humanity Great Britain La Maison Maille Lucid Fusion New Balance

BritishAmerican Business NETWORK 2014, VOL. III

MEET THE NEW MEMBERS

N ew B o a rd a n d I A B M e m b e rs BAB is governed by a transatlantic Board of Directors, led by our Chairman, Nicholas Walsh, Senior Advisor, AIG and our Deputy Chairman/President, Christopher Perry, President Global Sales, Marketing & Client Solutions, Broadridge Financial Solutions.

The Board’s active support and commitment to BAB and its objectives are important to ensuring our continued success as an organization. We also enjoy strong support from our International Advisory Board, consisting of chairmen and CEOs from more than 100 major, multinational companies. We are delighted to announce that the following new members have recently joined our Board of Directors and International Advisory Board.

NEW BOARD MEMBERS MICHAEL INSERRA Vice Chair and Regional Managing Partner EY DANIEL WACHTLER President & CEO IPSA International Inc.

NEW INTERNATIONAL ADVISORY BOARD MEMBER:

DAVID RIVKIN Partner Debevoise & Plimpton LLP

JENNIFER PROSEK Managing Partner Prosek Partners

SHARON PIERCE Regional Sales Director United Airlines

PATRICK BURKE President and CEO HSBC USA

BRIDGET WALSH Partner EY

MICHAEL A SCHMITTLEIN EVP – Head of Global Banking, EMEA Wells Fargo

ALASTAIR LUKIES CEO Monitise Group Ltd.

BA B E l e c t s N ew B o a rd Le a d e rs h i p At our Board Meeting immediately following our Annual General Meeting in London in October, BritishAmerican Business’s Board of Directors unanimously elected Nicholas Walsh, Senior Advisor to AIG, to succeed Irene Dorner, former President and CEO, HSBC USA and Group Managing Director, HSBC Holdings, as Chairman of BritishAmerican Business; and Chris Perry, President, Global Sales, Marketing & Client Solutions, Broadridge Financial Solutions, to succeed Nicholas Walsh as President and Deputy Chairman of BritishAmerican Business. Nic commented: “BritishAmerican Business is an outstanding organization that consistently delivers exceptional value to its members. Along with our fellowDirectors, we are proud to be associated with it, and its continuing success.”

RIGHT: Nic Walsh, new Chairman of BritishAmerican Business, welcomes Rt. Hon. Nick Clegg MP, UK Deputy Prime Minister to our London Gala Dinner.

BritishAmerican Business NETWORK 2014, VOL. III

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S I X T Y S EC O N D S W I T H . . .

. . . N i c h o l a s Wa l s h , Se n i o r Ad v i so r, A I G a n d C h a i r m a n of B r i t i s h A m e r i c a n Bu s i n ess How does it feel to be BAB’s Chairman?

Most of all, I feel confident. Our professional staff are of the highest quality and integrity and have unbridled enthusiasm to serve our members. That confidence is also fulfilled through the quality and seniority of our advisory board, our board and the speakers from government and business.

Your briefcase always contains…

My briefcase always includes an absurd amount of electronic paraphernalia: just in case the battery of one gadget will fail, there is a backup. Or, should I have a moment of peace it can be immediately expended on email or an ebook when maybe, perish the thought, that time could be better spent on reflection.

Your favourite thing about the US is…

Of course I start with my wife, a New Yorker. I also love the openness of US society and enjoy expounding on the ethos of a country where anything is possible.

Your life philosophy, in under 6 words, is…

Always move on; never look back.

Tea or coffee?

Tea: There is often a special time for coffee but I personally enjoy and collect tea from across the world. I am currently choosing between black tea from Sri Lanka, Royal Assam from Bombay, jasmine from Shanghai and fresh green from Tokyo.

Your most memorable vacation was?

My most memorable holidays have been exploring the sites of antiquity across the world. The pinnacle was definitely Angkor Wat. I waited 42 years to get to Siem Reap, having seen photographs of the splendid temples taken by Alan Ginsberg in a small book of poems by WH Auden I read when I was a student.

They surpassed all expectations.

You dislike…

Being late, verbosity, giving up, bad grammar, bad manners and disrespect for anyone who is junior to you. Otherwise I am rather relaxed!

The best advice you were ever given was…

There is not such a thing in business as being afraid to ask a question.

An interesting fact about AIG is…

AIG, which stands for American International Group, was international before it became American. AIG was founded in 1919, in Shanghai.

Nicholas Walsh speaking to Deputy Prime Minister Nick Clegg, US Ambassador Matthew Barzun, and BAB Managing Director Jeffries Briginshaw at our Gala dinner in September 2014.

N

icholas Walsh is currently a senior advisor at AIG. He was Vice Chairman of AIG Property Casualty from 2009 to 2014. He also served as an Executive Vice President of AIG. Nic Walsh’s career at AIG spanned over 40 years. During this time he served in a number of global roles and capacities including as President and CEO of American International Underwriters (AIG’s Property Casualty unit, overseeing operations in more than 90 countries); President of Europe, Middle East, and Africa and Head of AIG’s London office. He has also worked in Paris, Vienna, Brussels, and New York.

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Nicholas Walsh opening our Annual Corporate Citizenship Dinner 2014 at the Merchant Taylor’s Hall in London.

BritishAmerican Business NETWORK 2014, VOL. III

AU T H O R S P OT L I G H T NO EXCUSES: HOW YOU CAN TURN ANY WORKPLACE INTO A GREAT ONE

THE PERSONAL EXPERIENCE EFFECT If there is a person who can teach you how to define and create your personal brand, that person is master marketer Jim Joseph.

The bestselling author of The Experience Effect has now turned his attention to building that most precious of all brands — you.

In an economy where so many people are struggling, trying to recreate themselves and build new skillsets, the value of a personal brand becomes paramount. As we market ourselves for new careers or take ourselves in new directions, we need to think of ourselves as a brand. What are we projecting? How do those qualities, traits or experiences that we project create a brand that works for us? In other words, how do we create a Personal Experience Effect?

Peppered with relevant examples, the book defines what it means to be a brand. The choices we make, their rational and emotional components, the energy we expend towards their projection...all these and more go into creating our personal brands. How do we keep it all conscious and consistent? A personal brand, like any good brand, needs to be consciously managed and controlled. Occasionally, as with corporate brands, a measure of fire-fighting may Jim Joseph be required. This book shows us the what, the President, N.A. why and the how. n Cohn & Wolfe

Every organization deserves to have a healthy workplace culture that drives performance and engagement. In this follow-up guide to The Great Workplace, Drs. Jennifer Robin and Michael Burchell reveal the most common excuses managers use for why they can't create a great workplace. Robin and Burchell poke holes in every single excuse. Whether the reasons involve the organization's leadership, employees, environment, or any other factor, the authors explain that if managers lead people properly, they can create a great workplace. The authors explore how managers can interrupt their own negative thought patterns and instead create lasting change, and they describe how great workplaces have surmounted very real difficulties with aplomb.

Filled with case studies, stories, tips, and tools for managers who want to transform their organizations, No Excuses shows that managers in any organization can transform their workplace — if they'll only get out of their own way first.

Michael Burchell, Ed.D. is Client Services Lead, North America for McKinsey & Company’s Organizational Health Index. n Michael Burchell Read an Excerpt: http://www.wiley.com/WileyClient Services Lead McKinsey & Co. CDA/WileyTitle/productCd-1118352424.html

THE POWER OF HABIT

In our fast-changing world, leaders are increasingly confronted by messy, multifaceted challenges that require collaboration to resolve. But the standard methods for tackling these challenges — meetings packed with datadrenched presentations or brainstorming sessions that circle back to nowhere — just don’t deliver.

Great strategic conversations generate breakthrough insights by combining the best ideas of people with different backgrounds and perspectives. In Moments of Impact, Chris Ertel and Lisa Kay Solomon “crack the code” on what it takes to design creative, collaborative problem-solving sessions that soar rather than sink.

Drawing on decades of experience as innovation strategists — and supported by cutting-edge social science research, dozens of real-life examples, and interviews with well over 100 thought leaders, executives, and fellow practitioners — they unveil a simple, creative process that leaders and their teams can use to unlock solutions to their most vexing issues. Moments of Impact also includes a “Starter Kit” full of tools Lisa Kay Solomon and tips for putting the book’s Chris Ertel Innovation Director, Strategy core principles into practice. n Strategist & Operations, Deloitte

BritishAmerican Business NETWORK 2014, VOL. III

PHOTO: ELIZABETH ALTER

MOMENTS OF IMPACT: HOW TO DESIGN STRATEGIC CONVERSATIONS THAT ACCELERATE CHANGE

In The Power of Habit, which has spent over 90 weeks on the New York Times’ various bestseller lists, has been translated into 40 languages, and was named one of the best books of 2012 by the Wall Street Journal and the Financial Times, Pulitzer Prize-winning New York Times reporter Charles Duhigg takes us to the thrilling edge of scientific discoveries that explain why habits exist and how they can be changed. We go inside Target superstores, Rick Warren’s Saddleback Church, NFL locker rooms, top 40 radio stations, and the nation’s largest hospitals to see how implementing so-called keystone habits can earn billions and mean the difference between failure and success, even life and death. At its core, The Power of Habit, now available in paperback, contains an exhilarating argument: the key to exercising regularly, losing weight, being more productive, and achieving success is understanding how habits work. As Duhigg shows, by harnessing this new science, we can transform our businesses, our communities, and our lives. n Charles Duhigg Reporter The New York Times

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F E AT U R E : W E L L B E I N G

Measuring

Wellbeing FOR A BETTER LIFE

Anthony Gooch Director, Directorate of Public Affairs & Communications, OECD people – to go online freely to give the OECD their preferences, putting the citizen at the centre of this process. Users are able to create their own index based on what is important for them and then to see whether countries are delivering wellbeing according to the preferences they express. We now have over five million visitors from over 180 countries and close to 100,000 indexes which have now been shared with us (see www.oecdbetterlifeindex.org/responses). So we have clearly struck a chord. Nearly 60% of these users are from Generation Y, born from the early 1980s to early 2000s, which gives us a unique insight into this peer group.

What is your perception of wellbeing?

Wellbeing is a potential game changer, both in the transatlantic market and globally. The OECD has been working on raising awareness on this issue for over a decade, and looking to change people’s perceptions with the key message that GDP and economic growth are an important means to wellbeing but they’re not the overall goal. We also have to consider the everyday lives of the ultimate beneficiaries: voters, taxpayers, citizens around the world.

What has the OECD done to engage with this issue?

We started by gathering decision makers, policy actors, social leaders, statisticians, and academics to share experiences and discuss how best to measure the progress of societies, through a series of conferences and fora organised in the early 2000s. On the basis of this we launched the Better Life Index in 2011, enabling our most important stakeholders –

How do you measure wellbeing?

Our approach has 4 distinctive features: we focus on the wellbeing of households which take different shapes and forms rather than the ‘artificial’ individual of GDP; we focus on outcomes rather than

12.0% 11.4% 11.4% 11.0% 10.5% 10.0%

9.9%

9.8% 9.5%

9.4% 9.0%

9.0%

8.6% 8.2%

8.0%

8.5%

8.6%

9.1%

9.0%

9.0%

8.9%

10.6%

10.0%

8.5%

7.8%

7.0%

6.0%

6.1%

5.9%

5.0%

4.0% Civic Engagement

Community

Safety

Housing

Jobs

Income USA

Environment

Education

Work life balance

Health

Life satisfaction

UK

Chart comparing wellbeing priorities in the UK and the US

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BritishAmerican Business NETWORK 2014, VOL. III

inputs and outputs: For example, we do not look at education expenditure but at the results, pupil’s competences. For the environment, we focus on people’s satisfaction with water services rather than how much has been spent on providing clean water or how many miles of water pipe have been laid. We shine a light on the distribution of wellbeing incomes as opposed to average incomes which allows us to capture degrees of inequality & social cohesion that have fundamental areas of policy focus with this Crisis.

Screenshot of Better Life Index Lastly we include both objective and subjective aspects of wellbeing allowing us to juxtapose In our recent Employment Outlook we found little evidence of a material living conditions such as jobs, housing trade-off between job quantity and job quality between countries, but and income with quality of life aspects that include personal evaluations of our happiness (life satisfaction) and health. All of our indicators are that there are significant differences between socio-economic groups selected to meet high statistical standards of comparability. within countries.

What have you found out about transatlantic attitudes to wellbeing through this process?

There has been great interest on both sides of the Atlantic. To date, the US accounts for 21% of all traffic to the Better Life Index with France, the United Kingdom, Germany, Spain and Italy all in the top 10 countries.

The United States also boasts the greatest number of responders (almost 15k indexes shared compared to 9k in France, 7k Germany & and 3.6k in UK). Compared to the global average, participants from the UK give more weight to life satisfaction and work-life balance, and less to safety. There is little difference with the preferences in the US, except that more weight is given to housing in the UK. Generation Y preferences over time show life satisfaction consistently high throughout, including subjective wellbeing, happiness, and purpose. Income and safety have gone up over time, and the importance of the environment has diminished slightly, while jobs have remained more or less at the same level.

What have you found out about job quality?

We presented our first analysis of job quality in the context of our wellbeing work in November 2013. Traditionally the quality of jobs has been associated with the level of earnings and security that a job provides. Alongside these factors, our research shows that the characteristics of one’s working environment also play a significant role in employees’ wellbeing, including indicators such as interaction with colleagues, support from managers, the content of our work, autonomy and decision making.

Workers in high strain jobs who do not have adequate support to deal with the job demands are more likely to suffer from job burnout and to develop muscular skeletal disorders, hyper tension and cardiovascular disease. You can therefore see the connections here between economic and societal and health indicators. In Europe, 50% of people who experience poor work organisation and work place relationships report that their job impairs their health compared with only 15% amongst those experiencing favourable conditions.

BritishAmerican Business NETWORK 2014, VOL. III

Have you also been working together with other partners?

Much of what we’ve done is very connected with work taken forward by other partners. With the EU we have collaborated on a wellbeing initiative as part of its 2020 goals. The UN has called for a holistic approach to development, sustainable happiness and wellbeing, and this has been something that has been part of the discussion in the Sustainable Development Goals, to move on from the Millennium Development Goals. There have also been a number of national initiatives, for example, the United Kingdom has launched the Measuring National Wellbeing Programme. Australia, Germany, Italy and many other countries have also been taking this forward.

What is proving very exciting is the interest in focussing on wellbeing and quality of life by actors in the private sector. Every day we are seeing growing interest in the business community to measure its contribution to well-being. We currently have a partnership with Sodexo, who has launched a Quality of Life Institute that researches the impact that quality of life services have on individual progress and overall performance of organizations. Who knows, we may soon see emerge common measurement frameworks for companies inspired by the OECD initiative. n

To complete your Better Life Index go to:

www.oecdbetterlifeindex.org

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F E AT U R E : W E L L B E I N G

LINKING WELLBEING TO THE WORKPLACE DR PAUL LITCHFIELD EXPLAINS THE BUSINESS BENEFITS OF WELLBEING

Dr Paul Litchfield Director for Wellbeing, Inclusion, Safety & Health, BT

Could you give us a brief overview of wellbeing and its connection to work?

The concept of linking wellbeing and work is not new. If you go back to ancient Greece, Hippocrates, the father of medicine, describes how nutrition, exercise and work are all critical in terms of promoting good health. Over 80 years ago in the Marienthal studies, Marie Jahoda articulated the many psychological benefits to work over and above earnings.

Business thinking in this area has evolved. Many companies started from a position of just trying to avoid harm to their employees but more recently they have increasingly taken an interest in the lifestyles of their people because they can see that a healthier workforce brings business benefits.

Have you seen a difference in attitudes to wellbeing and health in the workplace across the Atlantic?

Yes, wellbeing in the US is more physical aiming to prevent chronic illnesses like cancer, diabetes and heart disease. That is because the costs of healthcare fall largely to business, and these costs have been rising sharply over the last 25 years.

Employers in the US have therefore done a lot of good work to change lifestyle factors (such as exercise, diet, smoking and alcohol), to reduce the risk of chronic illness as a way of trying to control their healthcare spend.

In Europe the focus tends to be more on mental health. Healthcare is largely paid for through taxation so the bigger cost for employers is sickness absence and presenteeism (being at work while sick), which can more than double losses. Mental ill health is now the greatest cause of both absenteeism and presenteeism for most European companies and has therefore become a priority.

How can employee wellbeing increase business output?

Most recently we have seen a shift away from just looking at harm to considering the benefits that improved wellbeing can deliver to the business.

There is now an evidence base linking employee engagement with performance but, critically, high business performance can only be sustained through wellbeing. If you neglect wellbeing you can drive high performance for a while but people then burn out and business performance falls. Wellbeing is consequently recognised as a critical mediator in the engagement / performance relationship.

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What challenges have you come up against?

A common feature in the field of wellbeing is that isolated initiatives are taken, perhaps because they are fashionable or someone’s pet project. In general, especially in mental health, the focus tends to be on remedying problems rather than preventing them in the first place. A good example is Employee Assistance Programmes which can be useful but are not a “one size fits all” answer to mental health problems. Many interventions are not designed with evaluation in mind and so it is hard to know what has worked and build a business case.

In the past couple of years Mindfulness and Resilience have become popular. Again, this is only part of the story and there is a danger that organisational wellbeing can be neglected.

Businesses need to consider the work environment, the design of work and flexible working. However, probably the most potent organisational issues are culture, the perception of justice within the organisation and leadership.

What action has BT done in response to this research?

We have constructed a framework for mental health that addresses prevention, early intervention and rehabilitation. That is supported by a portfolio of products and services that our people and their managers can use to keep themselves mentally healthy and to support each other if things go wrong.

The economic downturn served as a “stress test” for our framework as levels of wellbeing dropped significantly throughout society. In the UK prescriptions for antidepressants rose by 9% in 2009 and across Europe a long decline in the suicide rate halted and rates peaked. At BT we applied the research on past economic crises to enhance our existing mental health framework and we created tailored action plans for each of our divisions. Tailoring was critical, not only because it gave each division ownership of its plan but also because different parts of the business were impacted in different ways at different times. We believe that this action mitigated the effects of the downturn on our employees’ mental health and wellbeing, helping them get through a difficult time and ensuring they and the business were better placed to prosper when business picked up. n

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AVIATION AND THE RISE OF THE MEGACITY HOW TO CONNECT ALL OF BRITAIN TO GLOBAL GROWTH

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eople are attracted to megacities because they are looking for possibility and opportunity. Whether it’s Tokyo, Delhi, Shanghai, New York or Buenos Aires, megacities give everyone the possibility to change their lives.

London, as the great megacity of Europe, is no different as young people arrive each day with a bag on their back looking for a new opportunity.

After three centuries as the busiest trading port in the world, there is still opportunity in London. For 350 years we had the world’s busiest sea ports as we traded with the four corners of the globe. But with the Port of London now closed the UK has entered a new era and today now benefits from having one of the best connected airports in the world – Heathrow.

Heathrow is a strategic national asset for the UK, making it easier for businesses, entrepreneurs, exporters and their exports to get to global markets.

Over a quarter of the UK’s exports go through Heathrow, and it’s the doorway for inward investors and tourists to come here to spend their money.

But Heathrow has been operating at full capacity – 480,000 annual movements – for ten years. We are the most efficient two-runway airport in the world, with a plane arriving or taking off every forty-five seconds. Indeed, we do more with our two runways than most airports do with three, four, or five.

But the global economy is changing. All of global growth is in Asia, North and South America – places you can only get to by air. These continents contain the megacity powerhouses that Britain needs to get to, such as Chongqing or Wuhan, which we had barely heard of ten years ago. Places you can only get to by air.

After years of delay, politicians have recognised this is a serious issue, and two years ago the UK Government established an Airports Commission to recommend how to the keep the UK as an aviation hub. In November 2014, the Commission began a three month public consultation, creating an opportunity for businesses to have their say.

A final recommendation is due just after the next general election, and Heathrow is ready to increase the UK’s air capacity and build on the success of the last fifty years.

The Airports Commission has confirmed that only Heathrow can connect all of Britain to global growth, delivering over £200bn to the British economy and 180,000 jobs while reducing noise for local residents compared to today, thanks to improved aircraft technology.

With expansion at Heathrow, London will be able to connect the UK to more growth centres in North America. Recent research by Frontier Economics suggested expansion would lead to new ten new routes between London and the US. This would include Salt Lake City, and the Pacific Rim and Midwest markets of Portland, Honolulu, Indianapolis, Memphis, Nashville, San Antonio, St Jose and St Louis.

Britain is also in a global race to win more business than our European rivals from the new and emerging megacities of the world. The big questions are who can build the strongest exports?

Who can attract the most inward investment? Who can attract the most tourists?

There is huge demand from overseas airlines to offer a daily direct service to Heathrow. But if airlines can’t fly here, they opt instead to “hub” from Paris, Amsterdam or Frankfurt. Only last month, the Chief Executive of Japan’s All Nippon Airways announced his airline would look at expanding routes through Germany rather than the UK, if congestion at Heathrow is not resolved.

He is not alone – I heard the same message from airlines on a recent trip to China and Korea.

The consequence is that to get to those growth markets, we will increasingly have to go through France or Germany.

France, Germany, the Netherlands and the Middle East want the economic growth that could be Britain’s. By adding one new runway at Heathrow, we will have more capacity than Paris, Amsterdam or Frankfurt.

An old Chinese proverb says, “The best time to plant a tree is 20 years ago. The second best time is today”. We need to seize this opportunity to keep Britain at the heart of the global economy for future generations and allow London to remain the great megacity of Europe. Each of us needs to write to the Commission by 3rd February to express our support for Heathrow and build momentum with politicians to make the right decision for Britain after the election – to expand Heathrow, and connect all of Britain to global growth. n

John Holland-Kaye CEO, Heathrow Airport

For more information on how this topic fits into our Aviation Forum please see page 17.

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Money Laundering: Forewarned Is Forearmed

O Laurie Gentz, CAMS Head of Compliance, BAE Systems Applied Intelligence

n both sides of the Atlantic, there has been a noticeable tightening of Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) controls used by financial institutions and banks. Money laundering is used to convert illicit wealth into legal tender, and get it into the banking system clean of any hints of criminality or terrorist links. Multi-billion-dollar fines have been levied against banks in recent months, demonstrating the renewed vigour in the vetting and oversight process, and reflecting the increasingly sophisticated techniques used by terrorists and criminals.

Current behaviours, techniques and trends amongst criminals engaging in money laundering are evolving rapidly. For any institution with a requirement to monitor for money laundering activity – and any organisation that wants to avoid falling victim to a scam – it is important to have the right systems in place to spot suspicious activity. No one piece of software or process will do this or, with techniques evolving rapidly, remain effective forever. Instead, a flexible system is needed for a strong defence.

Technology, used correctly, goes hand-in-hand with the right processes and staff. Spotting patterns of suspicious behaviour is a first step, but the sheer

volume of alerts can swamp the staff expected to analyse them for signs of criminality. Striking the right balance is important, as is the technology used to spot patterns, alert staff to suspicious behaviour and track customer relationships – and follow them over time.

Knowing one’s customer is not just about good service; understanding the risk profile a customer represents is also vital. It is also necessary to ensure that, as the customer’s relationship with the organisation changes over time, so does their risk profile.

Understanding the international sanctions in place at any one time is a constant task, but it is also vital to keep the list of Politically Exposed Persons that financial institutions need to be aware of current. This needs to be a constant process and is best done using the most sophisticated listmatching technologies.

Finally, it’s vital to be up to date – and specifically, to keep up to speed with new tactics used by money launderers, adversaries who never play fair. Forewarned is forearmed – especially when a good, flexible, and easily-adjusted AML solution is in place.

The Future Of Leadership: A Modern Paradox

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n today’s rapidly-developing world, one of the only constants is change. Whether driven by government, society or technological developments, the march of progress shows little sign of slowing down.

This poses significant challenges for our leaders.

Not only must they steer a course for their own organisations and ensure they are able to adapt to change, but increasing interconnectivity and transparency demands they must do so with more sensitivity to the world around them.

At the same time as responding to demands for faster performance improvements in the short term, executives must now also pay increasingly close attention to knock-in effects of their organisations’ actions in the long term.

You need only look to the recent financial crisis to see how quickly individual poor decisions can lead not just to reputational and financial harm, but very real economic and societal problems.

The paradox for today’s leaders then is to reconcile these competing demands. On the one hand, they must be more agile and responsive to day-to-day change, while on the other never losing sight of their long-term goals.

They must be at once commercially-driven, efficient and competitive, but also focused on

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sustainability and resilience, while understanding the role their organisations play in the wider world.

This is no easy task as it requires a fundamental change to what we think of as strategy.

No longer can we treat it as an exercise with a defined-end point. To reflect the changing nature of the business environment, we have to begin to treat strategy as a living, evolving process.

As business educators, we have a role to play in addressing these challenges by providing the next generation of leaders with the skills they need to innovate – but so do the business community at large.

If we can all join together to tackle these issues in an open and honest dialogue, we stand not only to gain in improving the way organisations function, but to reap substantial rewards from better leadership and innovation across society as a whole.

Dr Malcolm Kirkup Professorial Director of MBA Programmes and Education Innovation, University of Edinburgh Business School

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Learning From Nature: Adapting To The Environment

W Vincent JS Wood Content Writer & Social Media Blogger, Immigration into America

hen the global economic downturn hit in 2008, the central bank of the United States, The Federal Reserve (The Fed), put in place a stimulus programme of Quantitative Easing as well as lowering its base rate of inflation to 0%. These measures were instigated to safeguard the American economy and minimise the damage of the oncoming recession.

Six years later, The Fed has announced an end to its Quantitative Easing, although it maintains that it will not raise interest rates for a “considerable time.” Does this mean that the American eagle is once again flying high?

It is undeniable that the US is on track to regain its status as the economic powerhouse it once was, with annual growth hitting 3.5% at the end of the third quarter for this year and unemployment levels hitting a six-year low. The unemployment rate dipped to just 5.9% in September, falling from 6.1% the previous month, making it the lowest rate since July 2008. Why then has the whole stimulus package not been scrapped?

Well, for one thing, the economy has seen tremendous success with the 0% base rate.

Investors pouring money into stocks in order to

turn a profit have helped to push the US forward, but the fact that The Fed has kept this base rate would suggest that, although jobs and growth are on target, they are still not where they want them to be. The Fed must be careful with the base rate, however, as a long-term rate of 0% could undermine consumer spending.

These signs are extremely positive for the US and could signal that further growth and job creation are yet to come as the nation surges towards its pre-downturn peak. The Fed is treading carefully in order to stay attractive to investors, as there is no sense in undoing all the good work that has seen the US push for the position on top of the pile. With an upturn in fortunes and job creation on the rise, companies may well be keener to turn to immigration to fill newer positions and push forward in the global marketplace.

US Companies Expect Rise In International Business Activity

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S companies are optimistic about the future of their international business, according to Wells Fargo’s inaugural International Business Indicator survey. Nearly seven in 10 (69%) of the companies surveyed expect international business activity to increase in the next year while more than half anticipate international business will be more important to their company’s overall financial success, both in terms of revenue and profit contributions.

Wells Fargo developed the International Business Indicator to help US business leaders better understand and assess the global business environment. The report gauged the international business outlook of US companies with annual revenues of $50 million or more conducting business across borders.

Latin America, including Mexico, was cited as the top region to experience greater US business activity in the coming year. About half of the companies surveyed also project business growth in Canada and the Asia-Pacific region. Although Latin America is the top focus for increasing business, Canada and China rank higher in terms of the business importance of the region, followed by Asia-Pacific.

Perhaps due to political tensions and a relative lack of exposure, the Middle East and Africa, along with Central and Eastern Europe, received the least optimism and focus among the companies surveyed.

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US companies cited the competitive environment followed by economic conditions both outside of and within the US as drivers for international expansion.

Conversely, the regulatory environments in the US and other countries, along with labor costs and political stability, lead the list of factors hindering US companies’ ability to do business internationally.

When faced with these challenges to doing business globally, US companies rely most heavily on feedback from their international customers and suppliers for guidance. Through these relationships, companies benefit from the practical insights from customers and suppliers for navigating a particular country’s business environment. This feedback ranks, by a wide margin, ahead of other information sources such as government agencies, industry or trade resources, consultants, or the news media.

Overall, the International Business Indicator survey revealed that despite the challenges of operating in different countries and cultures, US companies view international expansion as essential to achieving long-term growth.

For complete information on Wells Fargo’s Indicator survey, including the full results, visit www.wellsfargo. com/indicator

Sanjiv Sanghvi Executive Vice President, Business Head Global Banking Wells Fargo & Company

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The Perfect Talent Storm: Are You Ready?

M Yvonne Smyth Director, Hays

any of the world’s major economies have seen improvements recently, and business indicators across the UK, North America and Asia-Pacific have shown confidence is continuing to grow in those markets, with companies gearing up for growth and in turn creating jobs.

Worrying, however, is the number of businesses struggling to find the people they need. The skills they are looking for are simply not available in sufficient quantity to meet industry demand. Companies are likely to face an even fiercer war for talent in the future as the continuing economic recovery further stimulates confidence in hiring, highlighting the lack of available workers with the relevant skills.

The latest Hays Global Skills Index for 2014, titled The Perfect Talent Storm, is based on an analysis of professional employment markets across 31 major global economies, highlighting the dynamics of the global skilled labour market. A key finding is that the very sectors driving future economic growth such as construction, IT and engineering, are among the hardest hit by a widening talent mismatch. Steps need to be taken to readdress this increasing crisis.

Of course, the first place to look for talent is locally, but when the right domestic talent is unavailable,

organisations should have access to skilled talent from abroad – it’s better to fill a role than leave it empty.

However, that will mean easing restrictions around the migration of professionals and making it simpler for businesses to attract the people they need from elsewhere in the world.

Improving global talent mobility will provide short-term relief for the global talent crisis. It is also essential to find long-term solutions to critical skills shortages, particularly in those key STEM (Science, Technology, Engineering and Mathematics) sectors.

The answer must be collaboration between industries, governments and education in order to detail the skills required and put in place the courses, apprenticeships and training necessary and provide the right funding incentives.

If governments are serious about long-term economic recovery, tackling the talent mismatch should be their top priority. The alternative is to leave huge numbers of highly skilled roles unfilled. That can only result in lower GDP growth, reduced investment in future job creation, and ultimately undermines a nation’s competitiveness.

To read more about the Hays Global Skills Index 2014 visit www.hays-index.com.

Getting Smart On Global Business Practices

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s every child knows, you should never get into a car with a stranger. But in business, where our activities are increasingly global, and the opportunities we go after and partners we have to deal with are increasingly in parts of the world we are unfamiliar with, there is a danger that executives and managers don’t just get into the car with strangers, but drive into the unknown with them, too.

Because of this, the need to know who you are doing business with has never been more important.

The dangers of such blind enterprise are not just commercial, with deals not turning out as anticipated, but they are reputational, legal and financial too, as regulators increasingly strengthen global anticorruption laws, increase the fines and penalties they levy, and investors respond to the reputational fallout accordingly. Since the announcement of corruption investigations in China last July against the UK based GlaxoSmithKline (“GSK”), the company’s shares have underperformed the FTSE 100 index by more than 20%, and the wider pharmaceutical sector by more than 30%.

Two management dogmas exist that can lead to problems with the regulators when conducting international business. The first is, “What I do at home is what I expect abroad,” and the other is, “This is how we have always done business in that country.”

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In the case of the latter, it appears now that GSK’s business activities in China had changed little over many years, despite some questionable corporate governance practices, and did not take into account the changing political reality in China with its new anti-graft focus.

In the case of the former, a US-based oil and gas client, unfamiliar with operating in West Africa, as presented with due diligence that strongly hinted at substantial military beneficial ownership in their proposed new venture. They found themselves unable to reconcile the findings, highlighting that the local reality was so different to their more familiar market back home.

Conducting international business successfully means investing the time and effort to fully understand the local market and your partners, appreciating that business norms can vary substantially from what one is used to back home. This involves confirming that legacy local business practices are both compliant and relevant, and then conducting proportionate levels of due diligence to clarify issues of beneficial ownership, reputation, business practice and possible corruption. In this way, we can ensure that such issues are managed accordingly.

Hugo Williamson Managing Director, London IPSA International

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ISDS: Striking The Right Balance?

R Paul Henty Partner, Charles Russell Speechlys

ecent months have seen an acceleration in progress towards the ambitious Transatlantic Trade Partnership Agreement (“TTIP”) between the EU and USA. Since negotiations began in 2013, it has been described as the “most ambitious trade agreement” ever. Removing trade barriers could generate up to €119 billion per year to the EU and €95 billion a year to the US. Whilst by no means certain, it appears likely that TTIP will include some form of Investor State Dispute Settlement mechanism (“ISDS”). This allows investors to invoke a dispute resolution mechanism against national governments before a panel of arbitrators.

Although many international investment treaties already make provision for ISDS, this is highly controversial. Investors have used them to commence high value claims against governments for introducing regulation which has harmed the interests of foreign investors. Germany has been sued by the Swedish based energy company Vattenfall for €3.7 billion under an ISDS provision in the International Energy Charter following Germany’s decision to phase out nuclear power.

Further suspicions arise as most international arbitrators are drawn from the ranks of corporate

lawyers, considered by many to favour corporations over governments. There are also concerns that ISDS lacks transparency, creating a heightened risk of inconsistent decisions.

The EU has sought to strike a sensible balance.

It narrowed the scope of the duty to behave “fairly and equitably”, which will reduce the number of disputes. The EU is also pushing for tighter controls over arbitrators’ conflicts of interests, a decisions appeal process and greater transparency and consistency in decision making.

These checks and controls are necessary. In the context of a free trade agreement, ISDS is too.

Many national courts refuse to enforce rights under investment treaties and are therefore inappropriate forums. Within the EU, the speed of national judicial systems is highly variable. For business, the prospect of having to fight cases in some of these jurisdictions would chilling effect on investment.

If the benefits of a free trade area are to be realised, these must be underpinned by a rapid and effective system of legal redress to protect investments. ISDS provides that system. After all, investor confidence and legal certainty must go hand in hand.

Fine Art Collection Management: An Art Insurance Prospective

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he global art market has seen soaring prices in recent years. From record auction sales to bustling international art fairs, it can be suggested that art is currently one of the fastest growing asset classes. While assembling a collection large or small it is important to have a comprehensive plan for properly caring for your artwork. Outlined below are preventative steps to take and implement as a part of this pre-mitigation plan, to help protect the longevity of your artwork and the carefully acquired collection as a whole: • Documentation: Keep well-organized documentation for each work with a backup electronic file or collection management system. Be sure to include catalogue descriptions, sales records, condition reports, provenance research, exhibition and conservation history, as-well-as high resolution images of the front and of the back of each work.

• Optimal Conditions: In general, the optimum temperature for most materials is 20°C/68°F with 45-50% relative humidity. Artworks should avoid direct sunlight, vents, radiators, fireplaces, candles and moisture sources. Utilize museum quality framing materials, including UV-protected glass and glazing, and archival backing.

• Art Handlers and Shipping: The majority of art insurance claims result from damage in transit. It’s

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important to hire an accredited art handling and shipping company. Always obtain a Certificate of Insurance from all vendors involved and ask if background checks are completed on employees.

Confirm shipper’s trucks have temperature/humidity controls, air-ride and are manned at all times. Always open packing/crates upon delivery to inspect for damage and refer to condition records.

• Insurance and Appraisals: Most policies include terms for settlement of a total loss up to 150% of the scheduled value. Fine art should be appraised every 3-5 years, to make certain that the collection is insured at its most current Retail Replacement Value and to reduce financial loss in the event of a claim.

• Disaster Recovery Plan: Create and update your Disaster Recovery Plan yearly. All family and staff members should be instructed on how to safeguard art in the case of a natural catastrophe.

Have a list of contacts, including local art shipper, conservator, and insurance broker, who may assist in emergency situations.

Aon’s Global Fine Art Practice has a vetted list of recommended art professionals who can help in the coordination and risk mitigation planning. Please contact the department with any questions.

Sam Cargill CEO Aon Private Risk Management

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POLICY AND FORUMS

POLICY WORLD: WHAT’S NEW? AN UPDATE FROM EMANUEL ADAM, OUR NEW POLICY AND PUBLIC AFFAIRS MANAGER

BAB offers an influential platform to advocate for specific policy issues with government on behalf of our membership. Our credibility and influence on policy issues are enhanced by the fact that we speak for a substantial, high level and broad based cross-section of the transatlantic business community, including more than 2,000 member companies of the British-American Business Council (BABC), as well as our own membership in London and New York.

Emanuel Adam Policy and Public Affairs Manager eadam@babinc.org +44 (0)20 7290 9885

Policy Initiatives We responded to the UK Department of Health (DOH) open consultation on the introduction of regulations for standardising packaging of tobacco products to express our concerns about the possible implications of the proposed regulation on business, particularly around the protection of intellectual property rights (IPR).

In addition, we joined almost one hundred other business and trade organisations, including more than thirty American Chambers worldwide, in a joint business association statement on trademark destruction.

We sent a letter to the Chancellor of the Exchequer, the Rt Hon George Osborne MP, to re-emphasise our concern about the substantial damaging consequences of the “enhanced cooperation” Member States adopting the European Commission’s proposal for a Financial Transaction Tax (FTT) for businesses and citizens in the UK. We also published a statement in which we welcomed joint efforts made by EU-US financial services industry in support of the inclusion of financial services regulatory cooperation in a comprehensive EU-US trade agreement.

Transatlantic Trade and Investment Partnership (TTIP) TTIP remains one of the key policy topics for our membership. BAB continues to further strengthen its leadership role in promoting a comprehensive agreement between the EU and the US as we strive to seek out practical points of cooperation with government and business stakeholders, helping us to show the benefits an agreement can bring to business and our economies.

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As part of its comprehensive policy approach in support of the negotiations, BAB has been widely recognised for its efforts to explore the local, specific and tangible benefits that an agreement could have for everyday business. In recent months, we continued our UK Road Show on TTIP with events in Edinburgh, Sheffield and Bristol.

In a letter to the Rt Hon Vince Cable, Secretary of State for Business, Innovation and Skills (BIS) we shared some initial observations from this important initiative. One major conclusion we draw is that there is a strong ‘bottom-up’ business case for TTIP based on the existing trade and investment barriers, in particular for SMEs. Additional costs caused by these barriers are burdensome for even the largest of companies, but they can be essential for a SME’s decision to expand to the US or not.

In order to discuss some of the major concerns that have come up in the public debate on TTIP, the All-Party Parliamentary Group on EU-US Trade & Investment, for which BAB provides the Secretariat, hosted briefings on TTIP and investment protection and TTIP’s impact on public services, with EU Chief Negotiator Ignacio Garcia Bercero as a panellist, among others.

We look forward to engaging with our membership around long-term policy objectives, using in particular the expertise of our Member Forums, and efficiently responding to particular policy interests of our membership.

We are currently working on a set of policy priorities for 2015. n

Above: Local business stakeholders use the opportunity to discuss their trade & investment issues with experts from government and business at the UK Roadshow on TTIP in Edinburgh. Picture: Gillespie Macandrew

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AVIATION FORUM: A WIDENING SCOPE AN UPDATE FROM JOHN CATER, OUR FORUMS PROGRAMME MANAGER

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John Cater Forums Programme Manager BritishAmerican Business +44 (0) 20 7290 9874 jcater@babinc.org

t our recent autumn Aviation Forum event, The Rise of the Megacity (sponsored by Heathrow Airport), I was struck by how much wider in scope the Forum has become over recent years. When we launched the forum in 2007, the driving force was to represent our airline and cargo members, and our events and policy reflected that constituency. The recent event highlighted several interconnected areas that have evolved since the Forum’s inception, primarily the demand from our members to focus more on wider infrastructure.

The driving forces for this shift are primarily the debate around south east airport expansion and the inexorable rise of London as the UK’s economic driver and truly global megacity. The expansion debate has been loud since 2009, allied to the wider recession trend of cross-party and business support for re-investment in the UK’s infrastructure needs, both as a means for an immediate boost to employment and in the long run setting down a legacy for future generations.

London’s status has become a fascinating debate in the context of the UK economy. Many outside of the South East decry the economic and political dominance the Metropolis wields, while Mayor Boris Johnson regularly warns national politicians of all stripes “not to kill off the golden goose” by diverting capital funding to other regions. But as devolution arguments re-emerge after the Scottish Referendum, where will London be in twenty years’ time?

Well, we all hope that extra runway capacity will be achieved way before 2034, and that projects such as Crossrail 1, the Thames Super sewer and

huge urban master plans in Nine Elms, Old Oak Common and Kings Cross are on their way to fruition.

However, all models point to continued growth in population; indeed, current projections point to London surpassing its 1939 record of 8.9 million inhabitants by the end of 2014.

To put it another way: a tube train full of people move to London every three days. This growth directly adds to a wider infrastructure burden whilst at the same time London (in comparison to international competitors) keeps little of the taxes it raises, in effect serving as a net contributor to less prosperous regions. This situation is likely to be exacerbated by the proposed “Mansion Tax”.

In this context, the Capital cannot stand still – a remarkable development, for instance, has been the increasing political call for Crossrail 2 to begin construction immediately after the opening of Crossrail 1 (a project, let’s not forget, which took over thirty years to get approval). Moreover, it’s not just the big ticket items that are needed to cater for an extra 1.8 million people by 2031 – London builds 20,000 houses a year when it actually needs 42,000.

The options here are stark – grow outwards with the greenbelt legislation as a massive barrier, or grow upwards, fundamentally transforming the London skyline. A recent study suggested there were over 200 projects in the pipeline for towers over 20 storeys.

Ultimately, an extra runway in the South East is the tip of the infrastructure iceberg, and whilst the Forum will continue to be at the forefront of BAB’s support for transatlantic aviation industry, our focus will also incorporate the other essential investments needed to keep London ahead in the global race.

Aviation Forum: The Rise of the Megacity LTR: Jeffries Briginshaw, Managing Director, BritishAmerican Business; Kevin McCauley, Senior Director, CBRE; Malcolm Smith, Fellow, Urban Design and Masterplanning, Arup; Jonathan Dimson, Principal, McKinsey & Co; John HollandKaye, CEO, Heathrow Airports Ltd. Our thanks to Heathrow for Sponsoring and DLA Piper for hosting the event.

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Purpose of the forums BA B has a la rge a nd d iver se membership committed to pursuing t hei r t ra nsat la nt ic busi ness priorities. This is achieved through opportunities provided by BAB networks and event platfor ms, sometimes in collaboration with o t he r l i ke -m i nde d bu s i ne s s focused organisations. The forums play a vital role in developing the networks, policies, themes, events and other activities that are a central component of BAB’s ongoing value to its members. Activities are grouped around three themes – Networking, Intelligence and Advocacy. n

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EVENT HIGHLIGHTS: LONDON

Gala Dinner to Celebrate the UK-US Transatlantic Relationship WITH THE RT HON NICK CLEGG MP, US AMBASSADOR H.E. MATTHEW BARZUN AND THE RT HON HUGO SWIRE MP On 10th September, BritishAmerican Business was delighted to launch our busy autumn season with a Gala Dinner in the beautiful surroundings of One Great George Street. At this prestigious occasion, speeches were made by the Rt Hon Nick Clegg MP, Deputy Prime Minister; H.E. Matthew Barzun, the US Ambassador to the Court of St. James’s; and Rt Hon Hugo Swire MP, Minister of State for the Foreign and Commonwealth Office.

Above LTR: Nicholas Walsh, Vice Chairman, AIG Property Casualty Senior Vice President, AIG; H.E. Matthew Barzun; the Rt Hon Nick Clegg MP; Jeffries Briginshaw, Managing Director, BritishAmerican Business

Above: The Rt Hon Hugo Swire MP makes remarks on the importance of EU-US trade links

“I’m grateful to BAB for the work they have done to spread the word about the benefits of TTIP and it’s vital that this continues.”

The Rt Hon Nick Clegg MP, Deputy Prime Minister “I thank all those who work to reinforce our economic ties by exchanging capital, goods and ideas on a daily basis. Not least, of course, BAB, which prospers under such enterprising and energetic leadership.”

H.E. Matthew Barzun, US Ambassador to the Court of St James’s WITH THANKS TO OUR SPONSORS:

Above: The Rt Hon Nick Clegg MP addresses guests

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BAB Autumn Conference 2014 The New Transatlantic Market: Game Changers, Opportunities and Risks On Wednesday 8th October 2014, we held our Autumn Conference on “The New Transatlantic Market: Game Changers, Opportunities and Risks” at Bloomberg in London. The game changers we focused on included: maintaining transatlantic leadership in financial services; wellbeing and quality of life; the digital distribution revolution; and politics: the race for Number 10, Europe in or out – outlooks predictions and implications.

Keynote Speakers included Professor G. Anandalingam, Dean of Imperial College Business School and Inga Beale, CEO of Lloyd’s. The conference also featured expert speakers from Bloomberg, the BBA, BT, Business for New Europe, the Centre for European Reform, Heathrow Airport, HSBC, Innovate Finance, McKinsey & Company, the OECD, Thomson Reuters and Universal Music.

Above: Professor G. Anandalingam, Dean of Imperial College Business School, sets the scene focusing on novel engineering solutions around supply chain management and mobile health services

Above: Inga Beale, CEO of Lloyd’s, gives her keynote speech, focusing on how technology and talent are two major game changers affecting the insurance industry and the global economy as a whole

Game Changer Four: Politics: The Race for Number 10, Europe in or out – Outlook, Predictions and Implications. Above LTR: Alisdair McIntosh, Director, Business for New Europe; Charles Grant, Director, Centre for European Reform; Hugo Dixon, Editor at large, Thomson Reuters; Moderator: Stephanie Baker, Senior writer, Bloomberg News TWITTER CONVERSATION:

Game Changer Two: Wellbeing and Quality of Life – Changing the Future of Work? Above LTR: Thomas Jelley, Director, Sodexo Institute for Quality of Life; Dennis Layton, Principal, McKinsey & Company; Dr Paul Litchfield, Director for Wellbeing, Inclusion, Safety & Health, BT; Anthony Gooch, Director, Directorate of Public Affairs & Communications, OECD; Moderator: Mark Barton, London Based Anchor, Bloomberg Television

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SPONSOR

HOST

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EVENT HIGHLIGHTS: LONDON

Young Professionals Series: Speed Networking

SME Forum: A Reception at the House of Commons Sponsored by American Airlines; Cubitt Consulting; Fried, Frank, Harris, Shriver & Jacobson; GVA; Harrods Corporate Services; Interel; Radius; and Standard & Poor’s.

On Wednesday 3rd September, we held our first event after the summer break on the terrace at the House of Commons as our SME Forum celebrated the contribution made by SMEs to the strength and success of transatlantic trade and investment.

LTR: Jeffries Briginshaw, Managing Director of BAB in London, John Healey MP, and Simon Brocklebank-Fowler, Executive Chairman of Cubitt Consulting.

Sponsored by United Airlines and hosted by Grosvenor House A JW Marriott Hotel On Wednesday 1st October, we held another successful speed networking event for our young professionals – the perfect opportunity for members to expand their business network in a fun yet efficient way!

Thanksgiving Reception

Sponsored by JSI Logistics and hosted by Andaz Liverpool Street On 20th October, we were pleased to celebrate this great American tradition with our members. Guests enjoyed champagne and thanksgiving treats while networking. We also had a prize draw giving away a hamper and champagne afternoon tea at the Andaz.

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Annual Member Meeting and Reception Hosted by McKinsey & Company At our 2014 Annual Member Meeting and Reception, on 15th October we announced a successful FY’14 with continued expansion of our programming, policy work and membership on both sides of the Atlantic. LTR: Jeffries Briginshaw, Managing Director of BAB in London; Chris Perry, BAB President; Nicholas Walsh, BAB Chairman; Wendy Mendenhall, Managing Director of BAB in New York; and Richard Fursland, CEO of BAB and the BABC.

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Additional London Events »» Aviation Forum: The Rise of the Megacity »» BAB & United Way UK Present an Exclusive Briefing: Trends in Corporate Giving - At Home and Around the World »» Business Briefing: Global Rule of Law – Growing Your Business Responsibly »» Business Immigration Conference in association with Magrath LLP »» Energy Forum: UK Energy Outlook – Challenges for the next Decade »» Executive Assistant’s Evening with Coach »» Invest in Texas Networking Reception »» Networking Reception for new BAB members at the Hard Rock Café »» President’s Lunch »» Taxation Forum: FATCA – The New Global Frontier »» The US Mid Term Elections – Outlook and Predictions »» TTIP Road Shows in Edinburgh, Sheffield and Bristol

Re ce n t Bu s i n ess a n d G ove r n m e n t Le a d e rs a t o u r Lo n d o n Eve n t s CEO Roundtable with Sir Philip Hampton, Chairman of The Royal Bank of Scotland: How changes in the global economy are impacting the banking sector

CEO Roundtable with Lord Blackwell, Chairman, Lloyds Banking Group: Maintaining London as a Global Financial Centre

S p e c i a l Th a n ks to O u r Re ce n t Eve n t S p o n s o rs a n d H o st s Hosts >> >> >> >> >> >> >>

Addleshaw Goddard

>> >> >> >> >> >>

Hard Rock Café

Sponsors

Andaz Liverpool Street Buzzacott Coach EY Grant Thornton

rosvenor House G A JW Marriott Hotel London King & Spalding McKinsey & Company Squire Patton Boggs Weber Shandwick Weil Gotshal & Manges

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E V E N T H I G H L I G H T S : N E W YO R K BAB Presents Annual Awards We were delighted to welcome a record number (over 600!) of senior executives to the 2014 Transatlantic Business Awards on October 8th at The Pierre Hotel in New York. BritishAmerican Business presented its 2014 Transatlantic Business Awards to William H. Swanson, Former CEO & Chairman, Raytheon Company, and Antony Jenkins,

Group Chief Executive, Barclays. James C. Smith, President & CEO, Thomson Reuters, was presented with our Innovation Award and Karen B. Peetz, President, BNY Mellon, with our Corporate Social Responsibility Award. We also honored Sir Jackie Stewart OBE, 3 Times F1 World Champion, and Founder and CEO of Stewart Grand Prix with our inaugural Sports Leadership Award.

2014 Awards Dinner Supporters Benefactors  Barclays  BNY Mellon  EMC Corporation  Raytheon Company

 Hewlett-Packard Company

 Northrop Grumman Corp.

 M arsh & McLennan Companies

 New York Stock Exchange

 McKinsey & Company  Monitise plc  Mountbatten Institute

 MasterCard  Maxus and Ogilvy & Mather

 Royal Bank of Scotland  United Airlines  Zurich

 NextEra Energy, Inc.

 O rrick, Herrington & Sutcliffe LLP

 P ricewaterhouseCoopers International Limited

 Pfizer Inc.  RR Donnelley

 Aspen Insurance

 AIG Property Casualty

 P romontory Financial Group, LLC

 Shearman & Sterling LLP

 ACE Overseas General

 Raytheon International, Inc.

 Aon Risk Solutions

 Sullivan & Cromwell LLP

 T rascent Management Consulting LLC

 British

American Household Staffing

 Barclays

 SunGard

 Bloomberg

 Tata Consultancy Services

 BNY Mellon

 Thomson Reuters

 Thomson Reuters

Co-Chairs

 Boies, Schiller & Flexner LLP  Broadridge

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 KPMG LLP  Mayer Brown LLP

Vice-Chairs

Contributors

 Burberry  Carlson Wagonlit Travel

 TSYS

 Cisco

Patrons

 Colliers

 BBC Worldwide

 Delta Air Lines

 BNP Paribas

 General Atlantic

 Dell Inc.

 Hakluyt & Company

 Cognizant

 Arup

 DLA Piper

 Intel Corporation

 EY

 Booz Allen Hamilton

 EPAM Systems

 Interbrand

 Hearst

 Boston Consulting Group

 General Dynamics

 JMI

 HSBC

 CBRE, Inc.

 IBM

 JWT

 IPSA International

 Deloitte

 KPMG LLP

 The Kingstree Group

 Jones Lang LaSalle

 FICO

 Merck

 Lloyd’s

 Kelley Drye & Warren LLP

 Heidrick & Struggles

 Morgan Stanley

 Neil Smith

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Additional New York Programs >> SME Forum: “Making Healthcare Reform Work for Your >> >> >> >> >> >>

Company” Networking Reception at the British Consul General’s Residence E uropean-American Chamber of Commerce Fall Networking Cruise A nnual US/UK Tax Forum: “When Taxes Impact Talent” L aunch of Policymaker Roundtable Series Y oung Professionals Speed Networking N etwork in Style at Karen Millen

Recent Business Leaders at our New York Programs CEO Roundtable with William Swanson, Former Chairman and CEO, Raytheon Company: “The Cyber Challenge: What to Expect and How to Meet (and Beat) It”

CEO Roundtable with Clarke Murphy, CEO, Russell Reynolds: “The Increasing Importance of Succession Planning”

Jim Anderson leads a discussion with leaders in information security from member financial services firms.

Exclusive Roundtable led by Jim Anderson, President, Americas, BAE Systems Applied Intelligence “Cyber Security: What Your Board Needs to Know”

SPECIAL THANKS TO OUR RECENT PROGRAM SPONSORS AND HOSTS

Hosts

Sponsors

>> B ritish Consulate New York >> H earst Corporation >> H SBC >> K aren Millen >> L inklaters >> L ittler Mendelson >> Y oung & Rubicam Group

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UPCOMING EVENTS

London Thursday 29th CEO Roundtable with Dominic Barton, Global Managing Director,McKinsey & Company Sponsored by Hays

Wednesday 25th An Evening with the London Philharmonic Orchestra

April Tuesday 14th Immigration Briefing Update

February

Thursday 23rd CEO Roundtable with Steve McGill, Group President, Aon

Monday 23rd Law Forum: “Smart sanctions, smart compliance and 21st century statecraft”

January 2015

March

Wednesday 7th Policymaker Roundtable with The Rt Hon Ed Balls MP, Shadow Chancellor of the Exchequer Hosted by Aberdeen Asset Management

Tuesday 3rd Financial Services & Insurance Forum: Economic Outlook 2015

Wednesday 21st EU-US Trade Forum: A Roundtable Breakfast with H.E. Dr Peter Ammon, Ambassador of the Federal Republic of Germany to the Court of St James’s Hosted by McKinsey & Company Wednesday 28th London Insight Series Presents: UK General Election – Outlook and Predictions Hosted by EY

May Tuesday 19th CEO Roundtable with Sir Martin Broughton, Chairman of British Airways

Wednesday 4th Women’s Forum: Nicola Horlick, Chairman and Chief Investment Officer at Glentham Capital Limited Hosted by Baker & McKenzie Tuesday 10th Spring Networking Reception Hosted by Bulgari Hotel

June Wednesday 10th Annual Corporate Citizenship Awards Dinner, honouring Dan Glaser, President and Chief Executive Officer of Marsh & McLennan Companies and Steve Holliday, CEO of National Grid

July Wednesday 1st CEO Roundtable with Martin Gilbert, Chief Executive of Aberdeen Asset Management

Wednesday 18th CEO Roundtable with Mark Thompson, CEO of the New York Times

New York February

Wednesday 18th CEO Roundtable with Barry Salzburg, Global CEO, Deloitte

Tuesday 3rd New Member Reception Sponsored by Truphone

April

Thursday 5th Business Briefing: “Protecting the Marketplace, Cyber Threats and Your Business” Sponsored by BT

January 2015 Thursday 22nd Ambassadorial Briefing with Sir Mark Lyall Grant, UK Ambassador to the UN Sponsored by KPMG and Zurich Insurance Thursday 22nd European-American Chamber of Commerce Financial Forum Hosted by NYU Stern Tuesday 27th BAB Open House at 52 Vanderbilt Thursday 29th SME Forum: Growing your Business Through Partnerships Sponsored by HSBC

Wednesday 22nd BAB Pub Quiz

May Tuesday 5th CEO Roundtable with Neeraj Sahai, President, Standard & Poor’s Rating Service

Tuesday 10th Briefing and Reception with Boris Johnson, Mayor of London Sponsored by KPMG and Zurich Insurance

Wednesday 6th European-American Chamber of Commerce Spring Social At the Central Park Boathouse

Thursday 12th CEO Roundtable with Ken Moelis, Chairman & CEO, Moelis & Company Hosted by Moelis & Company

Wednesday 13th - Thursday 14th BABC Annual Transatlantic Business Conference 2015: The Innovation Imperative: Strategy, Technology, Growth Hosted in New York by Thomson Reuters

Wednesday 25th Women’s Forum: Internal Network Leaders

March Wednesday 4th Exclusive Roundtable: “Getting on Board” Hosted by Korn Ferry

BritishAmerican Business provides more than 100 occasions annually to connect with your fellow members and build your international business.

For further details, please visit our online events calendar at www.babinc.org/events.

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BritishAmerican Business NETWORK 2014, VOL. III

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where the world brings risks Lloyd’s is the world’s leading specialist insurance market, conducting business in over 200 countries and territories worldwide – and is often the first to insure new, unusual or complex risks.

We bring together an outstanding concentration of underwriting expertise and talent, enabling us to devise tailored and innovative solutions to meet the needs of organisations around the globe.

www.lloyds.com Follow us on Twitter: @LloydsofLondon lloyds.com/linkedin