French Industry Loses Appeal Against Standardized OTC Packaging And

Total Page:16

File Type:pdf, Size:1020Kb

French Industry Loses Appeal Against Standardized OTC Packaging And No. 42 • 4 November 2019 by “facilitating identification….and im- proving the visibility, readability and un- derstanding of labeling.” The regulator is also looking to curb the practice of umbrella branding for non-prescription drugs which it claims is a source of confusion and misuse among consumers. Its recommendations advise MAHs when seeking product approval not to use a brand name which contains all or part of the name of another existing OTC line or a product which was previously available on the market. In response to ANSM, Afipa described the proposals as “counterproductive and dangerous for patients” and appealed to the court on the grounds that the regula- tor was abusing its power. Rejecting a request by ANSM to have the case thrown out, the court said Afipa French Industry Loses Appeal had grounds for its appeal. Against Standardized OTC INDUSTRY TO BE ‘SIGNIFICANTLY’ IMPACTED While ANSM’s proposals were technically Packaging And Curb On Branding recommendations and devoid of legal ef- TOM GALLEN [email protected] fects, they had the “purpose of significant- ly influencing the behavior of marketing TC drug packaging could before that the outer packaging of non-prescrip- authorization holders, as well as the be- long become uniform and be- tion drugs sold in solid oral form should havior of patients using self-medication,” Oreft of branding in France after display its active ingredient(s) in a font the court judged. As such, the proposals the country’s highest court rejected the larger than that used for all other informa- were “therefore likely to produce signifi- protestations of national self-medication tion, including the brand name or manu- cant effects,” particularly for the OTC in- industry group Afipa. facturer’s name. Marketing authorization dustry, it said. France’s Conseil d’Etat ruled against holders are also advised that brand names On the question of the packaging rec- Afipa, which had sought to have annulled should be displayed in a standardized font ommendations, Afipa argued that ANSM recommendations adopted last year by and all logos, for either the brand or com- was seeking to amend the public health national drug regulator ANSM to stan- pany, should be confined to the reverse or code in such a way that would treat OTC dardize OTC drug packaging and curb side panels of the package. drugs differently from their prescription the practice of umbrella branding. As a counterparts. result, the recommendations continue to MOTIVATED BY PATIENT SAFETY In response, the court said ANSM’s stand. ANSM has stated its goal is to en- ANSM’s rationale for removing branding recommendations did not disregard sure that the recommendations are “prop- and standardizing packaging is to reduce the meaning and scope of Article R. erly implemented by manufacturers.” the risk of medication error and promote 5121-138 of the code which stipulates ANSM’s recommendations stipulate the proper use of non-prescription drugs CONTINUED ON PAGE 4 FOR THE LATEST INSIGHT ON OTC, DIETARY SUPPLEMENTS AND COSMETICS VISIT: HBW.PHARMAINTELLIGENCE.INFORMA.COM HEALTH BEAUTY WELLNESS FDA Adds Homeopathic Enforcement National Toxicology Program: UK Weight Loss Claims Sell Sex Appeal Details, Subtracts Compliance Policy Oxybenzone Shows ‘Equivocal Evidence But Regulator Isn’t Buying, p. 16 Guide, p. 6 Of Carcinogenic Activity,’ p. 10 Global Regulatory and Compliance Insight for Fast Regulatory Approval Successfully navigate the complex world of Pharmaceutical Regulatory and Compliance with access to worldwide intelligence for approved and pipeline drugs. Tracking product progress from submission to approval, our exclusive network of worldwide analysts and journalists cover critical areas of regulatory insight and analyse the implications of worldwide developments on your business. Anticipate challenges, minimize risks and maximize opportunities. To fi nd out more, visit: www.pharmaintelligence.informa.com/ pink-sheet JN2181 Pink Sheet Advert HBW A4.indd 1 2019/06/05 12:57 20 10 11 15 Global Regulatory and inside: COVER / French Industry Loses Appeal Against Standardized OTC Packaging And Curb On Branding Compliance Insight for exclusive online content Health 4 Reckitt’s New CEO Wants Immediate Warnings In 2019, AERs In 2009: Touchstones Toward Fast Regulatory Approval Changes As OTC Sales Slump In Q3 Homeopathic Guidance https://bit.ly/36o1mvJ 6 FDA Adds Homeopathic Enforcement Details, Priority enforcement areas listed in draft guidance note Subtracts Compliance Policy Guide delivery formats other than oral and topical, such as nasal gel Successfully navigate the complex world of Pharmaceutical 7 Australia Finds ‘Unacceptable’ Levels Of NDMA product that was early alarm in FDA’s evaluation of safety and In 80% Of Ranitidine Batches efficacy across homeopathic market. Recent warnings also Regulatory and Compliance with access to worldwide noted in revised draft. intelligence for approved and pipeline drugs. 9 Asbestos In Johnson’s Baby Powder May Come From Test Labs, J&J Says OTC Heartburn Remedy Options Remain Robust Tracking product progress from submission to approval, our Without Ranitidine exclusive network of worldwide analysts and journalists cover https://bit.ly/2r0cb7e Beauty critical areas of regulatory insight and analyse the implications FDA advising consumers to choose other heartburn OTCs but of worldwide developments on your business. 10 National Toxicology Program: Oxybenzone Shows isn’t ordering ranitidine off market. Consumers concerned ‘Equivocal Evidence Of Carcinogenic Activity’ about Johnson’s Baby Powder due to potential asbestos can Anticipate challenges, minimize risks and maximize choose not only from other brands, but also from Johnson’s 11 Oxybenzone Sunscreen Remains Live Issue in containers other than 22-ounce option on recall. opportunities. As Florida Lawmakers Lay Groundwork For 2020 12 Coty Would Shrink By A Third With Professional, GNC’s E-Commerce Boost Not Enough To Counter Brazil Biz Divestures; Analysts React 14% Q3 Sales Decline https://bit.ly/2oCDp2Y 14 Monat Can’t Shed Class Action Linking Its Products To Hair GNC reports e-commerce sales up 13.9% as “re-platforming” To fi nd out more, visit: Loss of website pays off. Firm reports net sales slumped 13.9% as portfolio optimization strategy focused on shuttering www.pharmaintelligence.informa.com/ 15 P&G Extends Secret Line With Essential Oils, Challenges pink-sheet underperforming stores continues to hamper North ‘Sweat’ With Old Spice American business. Wellness Wellness Market Regulatory News: GMP Crimes, Spiked Product Sentences 16 UK Weight Loss Claims Sell Sex Appeal https://bit.ly/2PzHP5z But Regulator Isn’t Buying Connecticut man faces criminal charges for producing 18 RB Eyes UK VMS Market With Optrex ProVision supplements after agreeing to cease operations due to GMP violations. Two other defendants sentenced on criminal 19 Herbalife CEO, President Changes Effective In March charges following FDA investigations of supplements containing undeclared drugs. HBW-Insight @HBWInsight hbw.pharmaintelligence.informa.com 4 November 2019 | HBW Insight | 3 JN2181 Pink Sheet Advert HBW A4.indd 1 2019/06/05 12:57 HEALTH (OTC DRUGS) CONTINUED FROM PAGE 1 association maintained, which would shared the same or closely related names the information drug packaging must breach Article L. 714-5 of the intellec- were even more likely to be confused by legally display. The regulator was not tual property code. patients than prescription drugs given seeking to amend the code to add to Dismissing this argument, the court they could be obtained without the over- the list of particulars which must ap- said that while ANSM’s recommenda- sight of a doctor. pear, the court judged, but to make tions advocated that logos and brand- By causing confusion, umbrella brand- recommendations relating to the lay- ing should be kept off the front of the ing could also mislead patients regarding out and presentation of those particu- packaging – in favor of the active ingre- a drug’s quality or properties, the court lars, in order to improve readability and dient and strength – they did not pre- noted, which was prohibited under Article consumer understanding. clude their inclusion on other areas of R. 5121-3 of the health code. While ANSM had proposed general the pack and labeling. In recommending MAHs should avoid principles” of “comprehensibility, visibility Addressing Afipa’s concerns about umbrella branding, ANSM was motivated and legibility of statements” – with an em- how ANSM’s packaging proposals by “the risks of medication errors this prac- phasis on the prominent display of the ac- would impact patients, the court said tice was likely to entail”, the court said, and tive ingredient and its strength – the regu- that if packaging was standardized and had therefore not committed any “mani- lator was allowing MAHs to adapt these logos and branding removed patients fest error of judgement.” recommendations according to their own would still be able to identify the drugs Summing up its ruling, the court said constraints, the court observed. they needed by active ingredient. The Afipa was not justified in maintaining that Afipa also claimed that ANSM’s pro- measure would not increase the likeli- ANSM’s recommendations were based on posal to remove branding and logos hood of confusion between medicinal “materially incorrect facts,” or by claiming from the front of drug packs infringed products, it judged. the regulator had overstepped the mark, Article R. 5121-139 of the
Recommended publications
  • RB and Mead Johnson Donate RMB 50 Million (£5.5 Million) in Cash & Antibacterial Products to Combat the Coronavirus Outbreak in China
    RB and Mead Johnson donate RMB 50 million (£5.5 million) in cash & antibacterial products to combat the Coronavirus outbreak in China 27 January 2020, Guangzhou, China and Slough, UK - RB, the makers of Dettol and Lysol, the global leading antibacterial and disinfectant brands, is working with relevant healthcare authorities and NGOs in China to provide essential disinfectant products and funds to combat the outbreak of Coronavirus. In the early stages of the outbreak, RB immediately coordinated RMB 600,000 worth of soap and sanitizer products to help meet the cleaning and disinfection requirements in Wuhan’s hospitals. In response to the latest needs of the epidemic prevention, RB is now in contact with local healthcare authorities to upgrade our support. An additional RMB 20,000,000 worth of disinfectant supplies has been arranged to help to minimise the further spread of the virus. A further RMB 30 million in cash will be donated to support frontline health workers in the promoting of hand washing as an effective method to break the chain of infection. Commenting on the outbreak, RB CEO Laxman Narasimhan said: “We immediately mobilised our experts in China and beyond as soon as the outbreak was identified. In addition to the moral responsibility we feel, we also have an important functional role to play in enhancing personal disinfection through providing enhanced access to products which can break the chain of infection. Simple steps such as frequent hand washing will aid the many efforts the Chinese government is already putting in place to protect citizens across the region.” About RB RB* is a leading global health, hygiene and home company inspired by a vision of the world where people are healthier and live better.
    [Show full text]
  • Laxman Narasimhan, CEO of Reckitt Benckiser, on Corporate Purpose During a Crisis
    Strategy & Corporate Finance Practice Laxman Narasimhan, CEO of Reckitt Benckiser, on corporate purpose during a crisis Reckitt Benckiser’s CEO reflects on his experience transitioning into the leadership role and driving strategic change during the global pandemic. November 2020 Sean Brown: From McKinsey’s Strategy and that’s really what our purpose was about. And Corporate Finance practice, I’m Sean Brown and we articulated why we exist: to protect, heal, and welcome to Inside the Strategy Room. As part of nurture in the relentless pursuit of a cleaner and our exploration of corporate purpose and resilience healthier world. We did actually articulate that in through the COVID-19 crisis, senior partner Celia October. We tested it with customers, and there Huber recently held a discussion with Reckitt were several of our employees and some of our Benckiser CEO Laxman Narasimhan. Reckitt younger people came back and said, “That’s great. Benckiser is a UK-based global consumer products We love this purpose, we’re extremely energized by company with more than 40,000 employees. The it, but we also want to put on the table a fight.” And majority of its products are in health, hygiene, and they really articulated what we should stand for. It’s home categories, including such well-known brands a fight. A fight for access. A fight for access to high- as Lysol and Clearasil. We hope you enjoy the quality products, or information that drives behavior discussion. Here’s Celia. change. And for availability. So, we articulated this fight. And at the end of February, we announced to Celia Huber: Laxman, welcome.
    [Show full text]
  • Rejuvenating RB Plc Group Benckiser Reckitt Annual Report and Financial Statements 2019 Statements Financial and Report Annual
    Rejuvenating RB Reckitt Benckiser Group plc Annual Report and FinancialStatements 2019 Reckitt Benckiser Group plc Annual Report and Financial Statements 20192018 INTRODUCTION CONTENTS Strategic Report Welcome 01 Financial highlights 02 Health and Hygiene Home – at a glance 04 Chairman’s statement 06 Chief Executive’s statement 10 Our business model Our purpose 12 How purpose drives our performance We exist to protect, heal and nurture in the relentless pursuit of a cleaner 14 Mapping what matters to our stakeholders and healthier world. 18 KPIs 20 Consumers Our fight 24 Customers We have a fight on our hands. A fight to make access to the highest quality 28 People hygiene, wellness and nourishment a right and not a privilege. 32 Partners 36 Communities 40 Environment 46 s172 statement 48 Health operating review 52 Hygiene Home operating review 56 Non-financial information statement 58 Financial review 64 Risk management Health 77 Viability statement Governance 78 Board of Directors 84 Executive Committee 86 Corporate Governance – Chairman’s statement 88 Corporate Governance statement 97 Nomination Committee Report 103 Audit Committee Report 111 CRSEC Committee Report 117 Directors’ Remuneration Report 138 Report of the Directors Page 48 141 Statement of Directors’ Responsibilities Financial Statements 143 Independent Auditors Report Chief Executive’s Statement 152 Financial Statements 223 Shareholder Information Hygiene Home Page 06 Page 52 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FINANCIAL HIGHLIGHTS Net Revenue Health Hygiene
    [Show full text]
  • Read Laxman's
    23 April 2021 LAXMAN NARASIMHAN – CEO OF RECKITT Laxman became CEO of Reckitt, a FTSE 15 company, in September 2019. As a global leader in Health, Hygiene and Nutrition, Reckitt’s brands are found in more than 190 countries. It has annual revenues over £13BN and employs 42,000 colleagues globally. 20 million times a day Reckitt’s brands are selected by consumers, who rely on the company’s 200-year strong heritage. This stable of trusted global brands includes: Enfamil, Nutramigen, Nurofen, Strepsils, Gaviscon, Mucinex, Durex, Scholl, Clearasil, Lysol, Dettol, Veet, Harpic, Cillit Bang, Mortein, Finish, Vanish, Calgon, Woolite, Air Wick and more. Under Laxman’s leadership, Reckitt’s purpose is to protect, heal and nurture in a relentless pursuit of a cleaner, healthier world. Reckitt fights to make access to the highest-quality hygiene, wellness and nourishment a right, not a privilege, for everyone. Laxman is a member of the UK Government’s private sector advisory group, the Build Back Better Council, which is chaired by the Prime Minister and Chancellor and advises on innovation, skills and infrastructure. Prior to joining the company, Laxman held various roles at PepsiCo from 2012 to 2019. He was previously Global Chief Commercial Officer, with responsibility for R&D, categories, e-commerce, design, go-to-market, global customers and strategy. Before this, Laxman served as the Chief Executive Officer of PepsiCo’s Latin America, Europe and Sub- Saharan Africa operations, where he ran the company's food and beverage businesses across over 100 countries. He also spent time as CEO of PepsiCo Latin America and as the CFO of PepsiCo Americas Foods, which was responsible for half of the company’s profits.
    [Show full text]
  • Contact 77 to See the Results for the “Brand Search”That Was Published in the Last Magazine
    No. 77 April 2020 RB donated £5.5 million to help combat GDPR & Pensioner Visiting resolved Covid-19 (Coronavirus) in China As you will know, we’ve had quite a In the early stages of the outbreak, RB to the moral responsibility we feel, we time trying to review our Pensioner immediately coordinated 600,000 also have an important functional role visiting procedures and updating RMB (about £60k) worth of soap and to play in enhancing personal them in order to comply with GDPR sanitizer products to help meet the disinfection through providing and meet the standards expected by cleaning and disinfection enhanced access to products which RB. We are now very pleased, and requirements in Wuhan’s hospitals. can break the chain of infection. not a little relieved, to say that the Commenting on the outbreak, RB Simple steps such as frequent hand process is now complete. CEO Laxman Narasimhan said: “We washing will aid the many efforts the immediately mobilised our experts in Chinese government is already *** STOP PRESS *** China and beyond as soon as the putting in place to protect citizens outbreak was identified. In addition across the region.” Due to the Corona Virus, we will (Press release: www.rb.com) not be making pensioner visits, in person, at the present time. All RB’s End of Year Results for 2019 other formats of Pensioner visiting RB Chief Executive, Laxman our communities. While the recent years - phone calls, WhatsApp messaging Narasimhan commented on the results have been difficult, I believe strongly in and emails - will remain in place.
    [Show full text]
  • Rb Announces Changes to Executive Team
    RB ANNOUNCES CHANGES TO EXECUTIVE TEAM 17 January, 2020 – Reckitt Benckiser Group plc, (“RB”) today announces a series of management changes which will focus on delivering performance and the next phase of transformation for the company. After 27 years with the company, Gurveen Singh, Chief Human Resources Officer, has decided to retire. Ranjay Radhakrishnan will join RB as Chief Human Resources Officer and a member of the company’s executive committee with effect from 1st March 2020. Ranjay is currently Chief Human Resources Officer at InterContinental Hotels Group (IHG plc). Prior to IHG, Ranjay spent 23 years at Unilever, in a range of senior leadership roles at global, regional and country levels. Mike Duijser, Chief Supply Officer, has decided to leave RB to return to the US for personal reasons. A successor will be appointed in due course and Frederick Dutrenit, SVP Manufacturing Health, will be covering this role in the interim. Group CEO Laxman Narasimhan said about the changes: “Gurveen has made a significant contribution to RB during her long and distinguished career with the company and I wish her all the very best for the future. Under her leadership, the HR function has flourished and delivers sustained positive impact to the business. I would also like to thank Mike for his contribution to RB and wish him success for his future endeavours.” Laxman added: “I am delighted to announce the appointment of Ranjay as Gurveen’s successor. This announcement follows the appointment of Jeff Carr, Harold van den Broek and Kris Licht to the executive team and I look forward to working with this exceptional group of leaders as we continue to drive performance to transform the business.” Reckitt Benckiser Group plc’s LEI code is 5493003JFSMOJG48V108 About RB RB is the global leading consumer health, hygiene and home company.
    [Show full text]
  • 2019 Results and Conclusions of Strategic Review £2Bn Investment for Sustainable Growth
    27 February 2020 Reckitt Benckiser Group plc (RB) 2019 RESULTS AND CONCLUSIONS OF STRATEGIC REVIEW £2BN INVESTMENT FOR SUSTAINABLE GROWTH Results at a glance Q4 % change % change FY % change % change (unaudited) £m actual constant £m actual constant exchange exchange exchange3 exchange3 Continuing operations Net Revenue 3,321 -0.5% +0.4% 12,846 +2.0% +0.8% - Like-for-like growth1 +0.3% +0.8% Operating loss – reported (1,954) -163.9% -166.0% Operating profit – adjusted1 3,367 -0.1% -1.9% Net loss2 – reported (2,785) -228.7% -231.0% Net income2 – adjusted1 2,473 +2.7% +0.7% Loss per share (diluted) – reported (393.0) -228.8% Earnings per share (diluted) – adjusted1 349.0 +2.8% Total operations (including discontinued operations) Net loss2 – reported (3,683) -270.6% -272.9% Net income2 – adjusted1 2,473 +2.7% +0.7% Loss per share (diluted) – reported (519.7) -270.7% Earnings per share (diluted) – adjusted1 349.0 +2.8% 1 Non-GAAP measures are defined on page 6 2 Net (loss)/ income attributable to the owners of the parent company 3 Restated for the adoption of IFRS 16 (see Note 14). Operational Highlights (continuing operations) LFL net revenue growth in 2019 of +0.8%. -2% from volume and +3% from price / mix with balanced growth in Hygiene Home offset by volume decline in Health. Continued strong progress in e-commerce channels, share trends improving across both Hygiene Home and Health. LFL net revenue growth in Q4 of +0.3%. Improving consumption trends in Health, however net revenue decline of -2.2% impacted by supply challenges.
    [Show full text]
  • 12 June 2019 RB Announces Laxman Narasimhan As Chief Executive
    12 June 2019 RB Announces Laxman Narasimhan as Chief Executive Officer This announcement contains inside information Reckitt Benckiser Group plc (RB) today announces the appointment of Laxman Narasimhan as Chief Executive Officer to succeed Rakesh Kapoor. He will join the Company as CEO-designate and be appointed to the Board as an Executive Director effective 16 July 2019. He will become Group CEO with effect from 1 September 2019. Laxman joins RB from PepsiCo where he is currently the Global Chief Commercial Officer responsible for PepsiCo's integrated long-term growth strategy. He has been a member of the PepsiCo executive committee for the last four years reporting to the Chairman and Chief Executive. He leads Strategy, Global Category Groups, Global R&D and is implementing an advanced digital capability across the PepsiCo business. Laxman will serve as Group Chief Executive Officer at RB, while also directly leading the Health Business Unit. Chris Sinclair, Chairman of the Board, commented: “The Board is delighted to have appointed Laxman as our new Chief Executive Officer after a thorough and rigorous global selection process from a strong bench of internal and external candidates. The Board prioritised four main criteria in its selection process: - Demonstrated operational leadership at scale and cultural fit - Strong consumer orientation and relevant experience in our categories - Strategic capability to lead the business into the next decade under RB2.0 - Commitment to our purpose and corporate responsibility Laxman is an outstanding leader who brings wide experience across the consumer goods sector, both operationally at scale, and from his time at McKinsey.
    [Show full text]
  • Reckitt Benckiser Group PLC ADR RBGLY Rating As of Jun 19, 2020
    6/23/2020 Reckitt Benckiser Group PLC ADR (RBGLY) Stock Analysis | Morningstar Reckitt Benckiser Group PLC ADR RBGLY Rating as of Jun 19, 2020 Quote Stock Analysis News Price vs Fair Value Trailing Returns Financials Valuation Operating Performance Morningstar's Analysis Summary Competitors Bulls Say/Bears Say Valuation Jul 30, 2019 Tweaking Our Valuation for Reckitt Benckiser's Strong Currency in USD First Quarter RBGLY is trading within a range we consider fairly valued. Philip Gorham Director Analyst Note | by Philip Gorham Updated May 01, 2020 Last Close 17.88 Reckitt Benckiser, or RB, posted a strong first quarter, as expected, although the growth rates in some categories took us by surprise. We Fair Value 17.00 think most of the first-quarter upside will unwind throughout the rest of Uncertainty: Low the year, but we expect some medium-term benefit as well. We are nudging our fair value estimate a little higher to GBX 6,700 from GBX 6,600 to account for a slightly higher revenue growth assumption this 1-Star Price year. RB is a high-quality, wide-moat business but the stock's recent > 21.25 rally means it now trades close to our fair value estimate. Economic Moat Wide First-quarter like-for-like revenue grew 13%, with the hygiene division Trend: Stable up 13% and the over-the-counter, or OTC, sales up a remarkable 33%, 5-Star Price < 13.60 beating our estimates. The infant nutrition business, facing difficult comps from a year ago, declined by 1.6%, although we think this would Stewardship Standard have been worse but for pantry stocking by consumers.
    [Show full text]
  • Rb Announces Changes to Executive Team
    RB ANNOUNCES CHANGES TO EXECUTIVE TEAM December 4, 2019 – Reckitt Benckiser Group plc, (“RB”) today announces a series of management changes which will focus on delivering the next phase of transformation and continue to evolve the strong culture of the business. Harold van den Broek, currently CFO of Hygiene Home, is appointed Chief Operating Officer of the Hygiene Home business unit and join the company’s Executive Committee, reporting to Group CEO Laxman Narasimhan. Rob de Groot, President, Hygiene Home is stepping down from his role today and will leave the company in February 2020 after a handover period with Harold. Group CEO Laxman Narasimhan said about the changes: “I would like to thank Rob for his 32 years of distinguished service. As President of Hygiene Home he has led the significant improvement in performance of the brands and created a strong purpose-led organisation, passionate about sustainability. I look forward to working with Harold, who has been a strategic partner to Rob throughout the establishment of Hygiene Home business unit, and is known for inspiring teams to deliver growth, with operational rigour.” Kris Licht, joined RB in November from Pepsico, taking up the newly created role of Chief Transformation Officer and will also be a member of the Executive Committee. Kris was most recently Division President for Pepsi Beverages North America. Prior to this role, Kris led the North East Division of PepsiCo Beverages North America and also held the role of Commercial Transformation for PepsiCo Beverages North America. Kris will help in creating and implementing a roadmap for our strategy and portfolio and supporting the transformation of our execution capabilities.
    [Show full text]
  • Evenlode Global Investment View December 2019
    Evenlode Global Investment View December 2019 2019 – Action stations The Evenlode investment process stands ready for action in the Evenlode Global Income fund. At any point in time we are constructing a portfolio of global businesses that matches with our goals of delivering sustainable free cash generation and dividend growth, whilst managing the risks involved in any equity investment. Most of the risks that we examine are fundamental to business operations and intrinsic in nature – such as the strength of the company’s balance sheet, or its susceptibility to competitive forces. 2019 has been notable for the shifting sands in one extrinsic factor though – valuation. We discussed some of the changes that we have made to the Evenlode Global Income portfolio at a high level in our October investment view (“Fourth Quartered”). The level of activity that we have undertaken this year is perhaps the most surprising feature to us of managing the portfolio over the two years since its inception. By and large we prefer to invest and do nothing, but we will shift positions if there is a strong enough reason to do so. In this investment view we thought we’d dig into some of the biggest additions and reductions within the portfolio. In the below, all positional year-to-date figures are from 1st January to 3rd December 2019. Addition: Reckitt Benckiser, position size change +3.8% We added Reckitt Benckiser to the portfolio in May as the share price fell in absolute terms and underperformed the rising market. When the shares continued to underperform, we continued to build the position.
    [Show full text]
  • Annual Report 2020
    Reckitt Annual Report and Accounts 2020 Reckitt Annual Report and Accounts 2020 BUILDING SHARED SUCCESS Contents Strategic Report 01 Financial highlights 02 At a glance WELCOME 04 Chairman’s statement 06 Chief Executive Officer’s statement 08 Talking to our business leaders 10 Our business model 12 Purpose-led growth 14 Mapping what matters to our stakeholders 16 Our markets and megatrends OUR 18 Delivering our strategy 24 Key performance indicators 28 Our consumers 32 Our customers PURPOSE 36 Our investors We exist to protect, heal and nurture in the 40 Our people relentless pursuit of a cleaner and healthier world. 44 Our partners 48 Our communities 52 Our environment 56 Non-financial information statement 58 s172 statement 62 Operating review: Hygiene OUR 66 Operating review: Health 70 Operating review: Nutrition 74 Group financial review FIGHT 80 Risk management We have a fight on our hands. A fight to make access 93 Viability statement to the highest quality hygiene, wellness and nourishment Governance a right and not a privilege. 94 Board of Directors 99 Group Executive Committee 102 Corporate governance report About our new brand 113 Nomination Committee report 119 Audit Committee report Reckitt branding reflects the purpose, fight, compass and 128 CRSEC Committee report behaviours of the company. Our new identity draws on our rich Directors’ remuneration report 200 year heritage. It symbolises the energy and can-do spirit of 134 our people and the positive impact that they create on the world. 158 Report of the Directors Designed to be accessible, active and authentic; Reckitt is inspired 161 Statement of Directors’ responsibilities by our purpose-led brands, and our efforts for a healthier planet and a fairer society.
    [Show full text]