Annual Report 2019 Annual Report 2019

TABLE OF CONTENTS

3 A Message from the Chair 4 A Message from the International Advisory Board 5 CEO Report 6 Treasurer’s Report 7 International Advisory Board 8 Executive Committee BritishAmerican Business helps us build Board of Directors “ 9 Why the US UK Corridor meaningful, productive business relationships Matters with both government officials and leading 10 The UK in the US: How global companies. It also offers opportunities the DIT Works on the Ground in the US to learn more about emerging trends and 11 Our J-1 Exchange issues that are critical to our business Visitor Program and that of our clients. 12 Where We Stand: An Overview of Our Torry Bernsten Policy Positions Chief Executive Officer & Head Corporate & Institutional Banking, Americas 13 The Importance of Standard Chartered Bank Trade Promotion: A Summary of Our Trade Promotion Activity 14 The Convening Power of BAB: A Review of Our Thought Leadership & Programming 15 2018–2019 Event Highlights 16 2018–2019 Honorees 17 With Thanks to Our Partners 18 Calendar of Key Upcoming Events

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A MESSAGE FROM THE CHAIR

VIVIAN HUNT DBE Chair, Board of Directors BritishAmerican Business Managing Partner, UK & Ireland McKinsey & Company

I am pleased to report a positive organization and its membership never been more important than it year for BritishAmerican Business reflects the abiding importance of is now. in the period ending June 2019. our mission to the Transatlantic On behalf of my fellow Board As you will see from the reports business community. members, I would like to encourage from our Treasurer and CEO, the You will see throughout this report all BAB members to get as engaged organization had a strong year evidence of great progress on as you can with the work of the financially and operationally and building membership and increasing organization. Our strength and remains well placed to serve the the visibility for BAB. The executive influence rests on the size and needs of its members. team held more than 120 events activity of our membership, so At the start of the year, the Board across a number of cities, including if you have ideas or can make and I set the executive team three New York and , during introductions please let the objectives for the year ahead; to the year. Our reputation as a executive team know. This is even make sure membership is fully convener of senior level executives more true at such a critical time representative of the breadth of around the most relevant thought for us to be building the quality the US UK trade relationship, to leadership topics remains very of collaboration between our two increase the visibility and influence strong. Our membership covers economies. of our policy work and to renew every industry that matters between One way or another, the next the leadership of our Advisory the US and the UK and our ability to twelve months will be full of issues Board following the outstanding engage with senior business leaders that have the power to impact, chairmanship of Sir Martin Sorrell. I continues to make us an important for better or worse, the successful am excited to feedback that we have partner for government and their running of our businesses and made positive progress on all three. agencies. the huge economic engine of the On the last point first, we are Our policy voice has also developed US UK corridor. BAB will ensure particularly pleased to have two well over the year; our policy that the issues that matter to you, such impressive executives join us. agenda, ‘Time to Act’, describes our members, are presented and Dan Glaser of Marsh & McLennan clearly the broad policy issues debated at the highest level in this and Anna Marrs of American that BAB will seek to engage with era of unprecedented change. Express have now begun their terms through its events, white papers and I look forward to seeing you as co-Chairs in the UK and US. The dialog with government. It feels that throughout the coming year. Advisory Board sets the tone for the having a voice in these debates has

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A MESSAGE FROM THE INTERNATIONAL ADVISORY BOARD

DAN GLASER Co-Chair, International Advisory Board BritishAmerican Business President and Chief Executive Officer Marsh & McLennan Companies

I am delighted to be co-Chairing BritishAmerican Business’s Advisory Board after nearly 20 years supporting the organization in various roles.

BAB sits at the intersection of business and politics and in the middle of the world’s largest and most successful economic corridor, which is why Marsh & McLennan, like so many companies working with business clients all over the world, chooses to be a member. As a major investor and employer in the US and the UK, we are deeply committed to the success of these two important markets that lead in many industries. BAB’s role informing and influencing policy debate, encouraging trade and investment, and convening business leaders around thought leadership, is clearly needed amidst today’s challenges.

ANNA MARRS Co-Chair, International Advisory Board BritishAmerican Business President, Global Commercial Services American Express

As the incoming UK based co-Chair of the BAB Advisory Board, I could not be more pleased to be part of the organization at such a crucial time. On both sides of the Atlantic, and in the wider world, we know there are significant risks to the progress of trade liberalization that has been of such enormous value to the global population over the last 30 years. At its core, BAB is a group that exists to protect and enhance a positive and open environment for trade and investment between the US and the UK and can help to set standards against which other relationships can be measured. I am looking forward to being part of this mission.

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CEO REPORT

DUNCAN EDWARDS Chief Executive Officer BritishAmerican Business

BritishAmerican Business had a full and active year in 2018/19 in London in April, identifying and during which we made good progress on all the issues mandated by the awarding 30 businesses of every Board and at a time when our core mission, to protect and enhance size, for their commitment to capital or employment investment the environment of trade and investment between the US and the UK, in the other market. It was a terrific became more and more part of the mainstream in business discussion. evening celebrating the measured Our efforts in policy work, trade Karen Blackett of WPP. These risk taking that is at the heart of promotion and as a convener of awards celebrate career and successful business growth. senior business leaders all developed commercial success but also reveal With modest resources we have well and our profile as a business the deeper cultural stories that begun to build a significant policy organization began to match the have made these businesses and voice over the last year with a focus importance of the economic corridor individuals so remarkable. on the big issues that can impact that we are here to represent. Our launch of the Transatlantic trade and investment between the As a convener, we organized more Finance Forum in New York in US and the UK. As the UK prepares than 120 events throughout the year, June was a major new initiative for to re-take responsibility for its own providing platforms for our member BAB and was a great first step. We trade policy and the legislative and companies to share their thought brought together an outstanding regulatory agenda that goes with it, leadership and opportunities for group of speakers for a fascinating we have been thinking and talking their people, at every level, to and important day of discussion about the big prizes in further make connections and build their and will be building on this success liberalizing the already positive US professional networks. Significant next year. UK corridor. In the end, our core new initiatives included the launch Our business briefings, CEO round purpose, as The American Chamber of BAB Accelerate as a dinner series tables, awards, conferences and of Commerce in the UK and the with a guest speaker, specifically dinners reached more than 5000 British American Chamber in aimed at entrepreneurial companies, people across the year and included New York, has to be to protect in New York City. We are grateful to participation from more than 400 and advance a liberal, open trade Virgin Atlantic Airways and HSBC for companies. environment in which businesses their support for this series. A BAB of every size can flourish without Accelerate series of Round Table Trade promotion has always been financial or other friction. There events has also been launched in part of the work of BAB and has is a lot more that can be done and London with companies that have been revitalized during the last year. you can expect more from us in the made the commitment to grow in We published, ‘Finding your Way’ an year ahead. the US, sharing their experiences. investment guide to the USA which is packed with useful data and contacts I would like to thank my two We launched the Political Insight for business making the leap. We Executive Directors, Tamra Eker series of round tables with notable have been an active partner to both and Emanuel Adam for their speakers in the UK including MPs the US and UK governments in a exceptional leadership of our New Hilary Benn and Tom Tugenhadt variety of the outreach projects to York and London offices and the during a period of great drama in business and have continued to work entire team at BAB for their hard British politics. as the program partner for the SME work and professionalism. I’d also Our two Awards dinners in New Dialog as part of the US/UK Trade like to thank the Board for its York and London recognized giants and Investment Working Group. support throughout the year and especially Vivian Hunt, our Chair of the Transatlantic business world Recognizing the importance of and Bob Garrett, our Vice Chair including Michael Corbat of Citi, practical decision making by and the entire Executive Committee António Horta-Osório of Lloyds businesses we relaunched the for their advice and counsel. Bank, Peter Zaffino of AIG and Transatlantic Growth Awards (TAG) 5 Annual Report 2019

TREASURER’S REPORT

PETER PARDO Treasurer BritishAmerican Business Partner Deloitte & Touche LLP

For its fiscal year ended June 30, balance in the reserve account at 2019, BritishAmerican Business the year end at its highest level, recognized a substantial operating equal to around 4 months full income surplus and significantly operating costs. increased its cash reserves. Several operational improvements Membership revenue and were made during the year to Transatlantic Business Awards ensure the availability of regular dinner revenue, our primary revenue financial reports and we hired some sources, both grew from prior year. additional external accounting Revenue in total exceeded budget by resource to provide back up to our 7%, driven in a large part by a very small in-house team. successful Transatlantic Business Awards dinner in October 2018. Our results in both London and New York improved substantially Costs were managed prudently, up 3% from prior year primarily due to year on year and our London recording a provision for dilapidation operation is no longer a financial costs associated with our London concern after a big improvement office lease, which has a tenant- in its bottom line. break clause that can be executed The Finance Committee met three during the coming year. times during the year and was The cash position of the happy to approve a prudent budget organization is healthy with a for the coming year.

 BritishAmerican Business’“ influential advocacy work, outstanding business programming, and connections to global business leaders provide unique opportunities. These relationships have proven valuable to our organization.

Margaret (Peggy) Smith Chief Financial Officer, US National Grid

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INTERNATIONAL ADVISORY BOARD CO-CHAIR Francisco D’Souza William Lewis Brian A. Ruane Dan Glaser Vice Chairman Chief Executive Officer CEO President & CEO Cognizant Dow Jones BNY Mellon Government Securities Marsh & McLennan Robert Dudley Eugene Ludwig Andy Rubin CEO Founder & CEO Chairman CO-CHAIR BP Promontory Financial Group, LLC Pentland Brands Anna Marrs Alastair Lukies CBE Josh Sapan President, Global Matthew Eatough Founder & Executive Chairman Founding Partner President & CEO Commercial Services Motive Partners AMC Networks Inc American Express Proxima Group Carolyn Fairbairn Mr. Mark Makepeace Ann Sarnoff Johan C. Aurik Director-General Chief Executive President-Americas Managing Partner and Chairman CBI FTSE Russell BBC Studios A.T. Kearney Simon Freakley David Mayhew CBE Stephen Schwarzman Lionel Barber Chief Executive Officer Vice Chairman Chairman, CEO & Co-Founder Editor AlixPartners J.P. Morgan The Blackstone Group Financial Times Orit Gadiesh Damian McKinney Sir Nigel Sheinwald GCMG Keith Barr Chairman CEO & Founder Non-Executive Director CEO Bain & Co. McKinney Rogers Royal Dutch Shell InterContinental Hotels Group Martin Gilbert Sir Christopher Meyer KCMG James Smith Sir Win Bischoff Chairman Non-Executive Director President & CEO Chairman Aberdeen Standard Investments The Arbuthnot Banking Group Thomson Reuters JP Morgan Securities plc Richard J. Gnodde John Micklethwait Kevin Sneader Sir Richard Branson Co-Chief Executive Officer Editor-in-Chief Global Managing Partner Founder & Chairman Goldman Sachs International Bloomberg News McKinsey & Company Virgin Group Sir Lucian Grainge Zanny Minton Beddoes Sir Martin Sorrell J. Frank Brown Chairman & CEO Editor-in-Chief Executive Chairman COO Universal Music Group The Economist S4 Capital General Atlantic Peter Grauer Lakshmi Mittal Dr Ralf Speth Don Callahan Chairman Chairman & CEO CEO Head of Operations and Bloomberg Arcelor Mittal Jaguar Land Rover Technology Citi Jeffrey W. Greenberg James Murdoch Jes Staley Chairman Founder & CEO Group Chief Executive Michael Cole Fontayn Aquiline Capital Partners LLC Lupa Systems Barclays PLC Independent Chairman Clarke Murphy Bob Sulentic AFME John Haley CEO CEO CEO Jeremy Coller Willis Towers Watson Russell Reynolds Associates CBRE Chairman Andrew Hamilton Lee Olesky Raghu Sundaram Coller Capital President CEO Dean Tradeweb NYU Stern School of Business David Craig New York University CEO Robin Hayes François Ortalo-Magné Steven R. Swartz Refinitiv President Dean President & CEO JetBlue Airways London Business School The Hearst Corporation Alex Cruz CEO & Chairman Remi Hinduja Douglas L. Peterson Ratan N. Tata CEO Chairman British Airways Regional Chairman, Americas Hinduja Group of Companies S&P Global Tata Trusts Richard Daly John Pettigrew Truett Tate President & CEO Gregory Hodkinson Director CEO Chairman Broadridge Financial Solutions Arup National Grid plc QBE Group Sir Kim Darroch KCMG John Holland-Kaye Mark Pigott KBE Paul Taylor Her Majesty’s Ambassador CEO Executive Chairman President & CEO to the USA Limited PACCAR Fitch Group Honorary Co-Patron of Bob Pittman Bill Thomas BritishAmerican Business Antonio Horta-Osório Group Chief Executive Chairman & CEO Global Chairman Lord Davies of Abersoch Lloyds Banking Group iHeartMedia KPMG Chairman Ignacio Jayanti Professor John A. Quelch CBE Mark Thompson Corsair Capital Managing Partner Vice Provost, University of Miami President & CEO Dean, Miami Business School The New York Times Company Ian Davis Corsair Capital Chairman Ambassador Robert Wood Johnson Ian Read Paul Walsh Rolls-Royce US Ambassador to the Chairman of the Board of Directors Chairman Court of St James’s Pfizer Compass Group PLC Sarah Diamond Honorary Co-Patron of General Manager, Global Christopher Rodrigues CBE Jeffrey Weiner BritishAmerican Business Chair CEO Consulting Services British Council LinkedIn Corporation IBM Surya Kant President, North America, Antonia Romeo Shai Weiss Michael Dobson UK & Europe Permanent Secretary of the CEO Chairman TCS Department for International Trade Virgin Atlantic Airways Ltd Schroders The Hon Philip Lader Sir John Rose Charles Woodburn Irene Dorner Senior Advisor Former Chairman CEO Non-Executive Director Morgan Stanley International Hakluyt & Company BAE Systems plc Rolls-Royce plc Rich Lesser Jeffrey A. Rosen David Zaslav President & CEO Deputy Chairman President & CEO The Boston Consulting Group Lazard Discovery Communications 7 8) BAB Board of directors – 1 page

Annual Report 2019

EXECUTIVE COMMITTEE CHAIR MEMBERS Stephen J.O. Maltby Daniel T. Ryan Vivian Hunt DBE Duncan Edwards Partner Regional Leader Managing Partner, UK & Ireland CEO Gibney Anthony & Flaherty LLP Heidrick & Struggles McKinsey & Company BritishAmerican Business Peter Pardo Alex Towers Sally King Partner Director of Policy & Public Affairs VICE CHAIR Chief Operating Officer Deloitte & Touche LLP BT Group plc Robert P. Garrett Patterson Belknap Charles Penney Bridget Walsh New York Office Managing Partner Partner Partner, Global Transaction Tax Leader KPMG LLP Chris Magrath Senior Partner Addleshaw Goddard EY Magrath LLP BOARD OF DIRECTORS CHAIR: Nick Dunlop Denise Peet Mark Vale Vivian Hunt DBE Managing Director, Global Solutions Head of UK Government Affairs, President, UK, Ireland & the Nordics Managing Partner, UK & Ireland Willis Towers Watson London UPS Caterpillar McKinsey & Company Duncan Edwards Bridget Walsh Chief Executive Officer Charles Penney Partner, Global Transaction Tax Leader VICE CHAIR BritishAmerican Business Senior Partner EY Addleshaw Goddard Robert P. Garrett Stuart Eisenkraft Martin Wise New York Office Managing Partner Vice Chairman, Sharon Pierce CEO KPMG LLP Co-Chairman of Global Cities Managing Director-Northeast Division RelPro, Inc CBRE United Airlines DIRECTORS: Rodney Warren Zemmel Mark S. Garvin Jennifer Prosek Managing Partner, Northeast offices Ceasar N. Anquillare Vice Chairman, Corporate & Founder & CEO McKinsey & Company Chairman & CEO Investment Bank Chairman, Europe Prosek Partners Winchester Capital JPMorgan David W. Rivkin EX-OFFICIO Peter Badenhuizen Melissa Geiger Partner, New York Antony Phillipson Partner Head of International Tax Debevoise & Plimpton LLP Her Majesty’s Trade Commissioner, Deloitte KPMG LLP North America and Consul General Daniel Rosenberg in New York Anthony Baldwin Bev Hendry Partner CEO UK & AEL Charles Russell Speechlys Chairman - Americas ADVISORY DIRECTORS AIG Aberdeen Standard Investments Christopher Rossi Graham A.D. Broyd Nicholas Barton Gregory Hodkinson Managing Director, Sales, NY Financial Senior Advisor Founder & CEO Senior Advisor Delta Airlines Treliant Risk Advisors The Barton Partnership Arup Daniel T. Ryan Richard Fursland CBE Roger E. Barton Trevor Hoyle Regional Leader Trustee Managing Partner Senior Vice President, Operations Heidrick & Struggles The FedCap Group Barton LLP for Northern Europe Sabry Salman FedEx Express Dan Glaser Alexander R. Baugh Managing Director, Global Corporates President & CEO Global Chief Underwriting Officer James S. Hutchinson Barclays Marsh & McLennan Companies for Casualty and Financial Lines Chief Administrative Partner & General Insurance AIG Casey Santos Roddy Gow, OBE Partner-in-Charge, New York Chief Information Offficer Alston & Bird LLP Chairman and Founder Eric Benedict General Atlantic The Asia Scotland Institute UK Country Leader Michael Inserra AlixPartners Andy Schaeffer Michael J. Kirkwood CMG Senior Vice Chair and CEO, Commercial Banking, North Deputy Managing Partner Chairman Torry Bernsten Ameica Ondra Partners LLP Chief Executive Officer, and EY Lloyds Bank Head Corporate & Institutional Jonathan Jordan Christopher J. Perry Banking, Americas Rachel C Shatliff President, Global Sales, Senior Partner Managing Director & Head of Standard Chartered Bank Sermelo Limited Marketing & Client Solution International Subsidiary Banking, UK Broadridge Financial Solutions Lee Bowman Sally King HSBC Bank plc Chief Executive Kevin Sneader Chief Operating Officer Jim Singer Kingstree Group Patterson Belknap Global Managing Partner Partner McKinsey & Company Peter Brown CBE Corneel Koster A.T. Kearney Chairman & CEO Ian R. Stopps CBE, DTech Executive Vice President-Customer Margaret Mary (Peggy) Smyth BLJ Worldwide Virgin Atlantic Airways Founder & Senior Board Advisor Chief Financial Officer, US The McLean Group Tom Carey Chris Magrath National Grid Corporate Vice President, Martin J.Sullivan OBE Senior Partner Martin South Global Technology & Operations Magrath Sheldrick LLP Operating Partner Broadridge Financial Solutions President, United States & Canada Lightyear Capital LLC Stephen J.O. Maltby Division Sam Cargill Partner Marsh LLC Sean Trotman CEO Gibney, Anthony & Flaherty Principal Aon Private Risk Management Paul Stevelman Deloitte Tax Marc Merlino Head of US Roland Chalons-Browne Global Head, Global Subsidiaries Group NatWest Markets Gary von Lehmden CEO Citi title Siemens Financial Services Alex Towers company Director of Policy and Public Affairs Peter Pardo Aidan St. P. Walsh OBE Wyatt Crowell BT Group Partner Partner in Charge International Senior Executive Vice President, Deloitte & Touche LLP Head of US Commercial Banking Mark Tweedie KPMG LLP HSBC Bank USA UK Corporate Banking Head Citi Nicholas C. Walsh Founder & Owner NCWalsh Advisors llc 8 Annual Report 2019

WHY THE US UK CORRIDOR MATTERS

BOB GARRETT Vice Chair BritishAmerican Business NY Office Managing Partner KPMG LLP

The UK and the US speak each trained on potential opportunities of Specific Negotiating Objectives other’s language on trade and overseas with the US at the top of for US-UK Negotiations from the US building businesses. ‘Can-do, will- the list for many. Trade Representative made clear do’ pragmatism is a familiar mind- that the US are keen for services A future UK-US trade relationship set on both sides of the Atlantic. to be included. UK industry bodies will therefore build on an already also stress the need to place a The two countries are each other’s healthy bilateral relationship. premium on free movement of largest trading partners, with Clearly however, for businesses on labor, regulatory alignment in key goods and services worth billions both sides of the Atlantic, an early areas such as financial services traded across the Atlantic every resolution — one way or another — and data and the support of digital month. US businesses have invested to the ongoing Brexit discussions trade. The challenge, as with all over $600 billion in the UK, over will help to provide certainty for the trade negotiations, will be managing 42,000 US firms export there present and clarity on the roadmap competing political and economic and over 7,500 have operations for development of the future priorities — particularly with in the UK. Meanwhile, UK FDI in trading relationship, which has been respect to emotive issues such as the US was $555.7bn in 2016 and widely discussed recently by the agriculture and healthcare. For the total UK corporate assets in the governments of both countries. The benefit of strengthening what is US exceed $2trn. More than one UK Government consulted with the already an incredibly strong trading million Americans work for British Department for International Trade, relationship, it will be important to companies in the US — and more the public, business, trade experts not let perfect stand in the way of than a million and a half Britons are and other interested parties in the good in future trade talks. directly employed by US affiliates. second half of 2018 to prioritize Many of our US clients are now Certainly, however, in an increasingly trade issues, with its findings diversifying their exposure to the polarized and uncertain world, expected soon. It is clear, however, global and domestic economy, there is a shared mutual interest that services must be a priority in entering the UK market to hedge based on history, culture, language the mix, given their integral role against uncertainty elsewhere. and longstanding successful in both the UK and US economies, And, likewise, as the UK prepares collaboration in business in finding a with the UK the US’s largest trading to leave the EU, growing numbers deal which truly enables continued partner in services. The Summary of companies there have their eyes success on both sides of the Atlantic.

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THE UK IN THE US: HOW THE DIT WORKS ON THE GROUND IN THE US ANTONY PHILLIPSON Her Majesty’s Trade Commissioner, North America and Consul General in New York

Like BritishAmerican Business (BAB), the UK’s Department for opportunities in the UK, taking International Trade (DIT) is committed to deepening and strengthening them on their own trade missions UK-US trade and investment links, in order to create jobs, increase to UK regions prime for investment growth and stability, and boost the prosperity of both nations. As we opportunity. look to ensure that the UK continues to be successful in the global In order to facilitate future exports economy, this work has never been more important. The same is true and investment we are also of our partnership with BAB. heavily engaged in developing As Her Majesty’s Trade of their geographical area, as well our new trade policy with a focus Commissioner for North America I as sector-specific expertise. Every on preparing for an ambitious work with our teams across the US day, we support UK companies at free trade agreement with the and Canada to deliver this agenda. multiple stages, working closely US. We have completed a public consultation on what that should We have staff working hard to meet with both first-time and experienced cover and DIT recently launched ambitious trade and investment exporters. Our specialists help UK a digital market access tool where targets year after year. Last year, companies step-by-step in creating companies can tell us where to the North American team facilitated their first overseas office in the focus our efforts by reporting trade hundreds of export deals worth US, and we support UK companies, barriers online. billions of pounds, and delivered many with years of in-market hundreds of inward investment experience, determine how to meet The opportunities to deepen successes to the UK that created and exceed their growth targets. economic ties between the UK and or safeguarded tens of thousands the US are increasing, and all of us For UK firms, we do this by of jobs in the UK. We focus our at DIT are here to help companies facilitating targeted trade missions efforts on the highest-potential on both sides of the Atlantic to priority US markets, providing opportunities, informed by our capitalize on this environment to introductions to key US contacts, assessment of current and future bring jobs and prosperity for all. intelligence on export opportunities economic priorities, and we ensure We can only do that if we have a and sector best practice, and that engagement with businesses in genuine and extensive dialogue with detailed regulatory, licensing and the US market informs our activities business which is why all of us value policy guidance at US and state and also global UK economic policy the relationship with BAB. We look level. No matter where companies priorities. forward to working closely with you are on their international journey, and your members on our mutual So how do we actually do it? DIT helps to open new doors and goals. Please feel free to contact me unlock closed ones. DIT staff in every region across at [email protected] if the US have specific knowledge of At the same time, we also help US you want to talk more about how we the opportunities and regulations companies discover investment can help you grow your business.

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OUR J-1 EXCHANGE VISITOR PROGRAM

BritishAmerican Business’ Exchange and understanding of US business As a designated sponsor by Visitor Program is designed to practices and culture in a structured Department of State since 1992, promote business relations and training program in a specific BAB’s Exchange Visitor Program commercial ties between the occupational field. has an exceptional reputation with US and the UK and to facilitate a proven record of successful BAB offers our program in the international exchange by enabling placements. We have assisted categories­­ of “Intern” and “Trainee”. participating companies to bring hundreds of exchange visitors in The J-1 visa is used for practical realizing their dreams of living and selected interns and trainees to training and is granted for tempo­ working in the US. We will continue the US for up to 12-18 months. rary stays (a maximum 12 months to advocate and support all policies This goal is achieved by imparting for Interns and 18 months for and regulations that allow this to exchange visitors knowledge Trainees). program to thrive.

Following my 6 months“ in New York, I am confident that I am now better suited to practice law in the . I am now able to look at complex problems from various jurisdictions and determine how another country’s practices might better achieve the required objective. I am also more likely to understand the concerns and culture differences between different cultures. Trainee from the UK placed at Freshfields Bruckhaus Deringer LLP

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WHERE WE STAND: AN OVERVIEW OF OUR POLICY POSITIONS

In recent years, BritishAmerican crowding out a whole slew of other inform and promote trade, we are Business’ guiding theme for its policy issues that need addressing proud to be seen as a key facilitator policy agenda has been that the for the ongoing health of business and partner to both the UK and the transatlantic economic relation- and the jobs, prosperity, and wealth US governments. ship offers strength and stability to that it creates in and between our We also focused on other themes both the United Kingdom and the two markets. that our members feel action from United States, and to the world. In this context, BAB’s policy work government and regulators can However, this strength has been has naturally been focused on help bring our economies forward, joined by a distinct sense of change. Brexit, as we work to prepare ranging from tax, infrastructure, in- The UK’s momentous decision to businesses and guide them through novation, to skills, diversity & labor leave the EU continues to dominate anticipated changes in the trading mobility. British politics and policymaking. On landscape. A further priority has the US side, there has been a notice- been in exploring the opportuni- Our activity beyond 2019 will con- able change in the administration’s ties of a future US-UK Free Trade tinue to reflect these areas, as well priorities, especially in its approach Agreement, which has become a as others that are important to our to international trade concerns political and policy priority on both members. We are living through an which have been unresolved for the sides of the Atlantic. With a strong era of unprecedented and unstop- last three Administrations. Together, reputation in the field as a voice of pable change. We are proud to make these two trends are changing inter- transatlantic business and a hub our contribution in helping define national policy landscapes and are for creative thinking around how to to come. GRO ING TRADING OUR WITH PEOP E ECONOM ES THE W RLD

TAX UK & THE EU EDUCATION & SKILLS Employing smart tax policy to Establishing a clear vision for Helping workers adapt to the drive growth and investment the future, underpinned by mutual transformation of society growth and shared values RESEARCH & INNOVATION INCLUSION & DIVERSITY Fostering an environment that UK-US TRADE Putting an inclusive and encourages innovation and growth Harnessing ambition to grow and diverse workforce at the front enhance the special relationship of growth strategies INFRASTRUCTURE A commitment to sustainable and SUPPORTING AND LABOR MOBILITY resilient infrastructure investment SUSTAINING GLOBAL TRADE Ensuring businesses have the Modernising multilateral trade talent they need to thrive for the 21st Century

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THE IMPORTANCE OF TRADE PROMOTION: A SUMMARY OF OUR TRADE PROMOTION ACTIVITY

The trade and investment relation- as immigration, insurance, ship between the United Kingdom tax & accountancy, and and United States of America is logistics, alongside regional one of history’s greatest economic show­cases on various US success stories; a relationship that states, and areas in the UK is directly responsible for almost to highlight the opportuni- 2.8m jobs across the transatlantic ties that await businesses corridor, with millions more sup- looking to expand. ported indirectly by bilateral trans- The creation of the atlantic trade. Underpinning this ‘Accelerate’ program in success are the tens of thousands both New York and London of companies investing and trading has opened up new avenues across the Atlantic. Fueled by the for engagement with the growing relevance of the special business community, from relationship, more and more com- large, established compa- panies are taking action to make nies in our membership, the transatlantic corridor a part of to SMEs with transatlantic their international success. expansion plans hoping to BAB has grown its offering to mem- learn from those that have bers in how we can support and come before them. With assist their transatlantic expansion guest speakers from some space, characterized most noticeably plans, manifesting itself in three of the most exciting companies of by the ‘Across The Pond’ publication areas where we have re-established the day such as WeWork, Change series, which highlights the trade & our position as a first port of call Please, TradingHub and Fever-Tree investment success stories of com- for any business with transatlantic to tell their transatlantic growth panies on both sides of the Atlantic ambitions. stories, BAB has cemented itself as that invest in one another’s econo- a market leader in providing net- Over the past two years, we revisited mies, bringing innovation, jobs, and working opportunities and learning our annual transatlantic trade and success where they go. experiences for SMEs in both New investment guides and worked to York and London. BAB now proudly offers key services make them even more comprehen- to its members to make transatlantic sive and useful for the reader. Now In London, the Transatlantic Growth growth more accessible than ever, branded as our ‘Finding Your Way’ (TAG) Awards have been a resound- in addition to our policy advocacy - Trade & Investment Guide(s) to the ing success, where household names work to strengthen the special rela- UK/US, these bi-annual trade guides stand shoulder-to-shoulder with tionship, and the business-friendly combine practical advice provided by SMEs in celebration of the transat- environment it affords companies on our members on a range of consider- lantic trade and investment relation- both sides of the pond as a result. ations businesses must make before ship. In addition, BAB has increased expanding across the Atlantic such its marketing efforts in the trade 13 Annual Report 2019

THE CONVENING POWER OF BAB: A REVIEW OF OUR THOUGHT LEADERSHIP & PROGRAMMING

In FY’18-19, BAB hosted more than 200 leading l A Debrief on Davos: Globalization 4.0 Chairmen and Chief Executives, opinion-formers, l Risky Business: Foresight & Flashpoints in Global industry experts and government decision-makers as Geopolitics speakers and discussion leaders, and welcomed more l The AI Factor in Talent: Redefining Recruitment than 5,000 executives to more than 120 programs in the course of the year, including C-Suite roundtables, l The Business Case for Strengthening Rule-Of-Law business intelligence briefings, and professional Across the Globe forums on critical issues such as: l Accidental American? Issues for US Persons in the UK or Brits with US Assets l The Challenges and Hopes of Multilateralism for International Peace & Security l 2020 Election: Who Is Best For Business? l Surviving the Rebellion Against Capitalism l How to Grow US-UK Trade and Investment: Learnings from the Life Sciences sector l The Value of AI: Getting the Human + Machine Equation Right l BAB Executive Allies Dinner — Mastering Diversity Challenges in Today’s Workplace l The New Emerging Markets l The Glass Wall — Strategies for a Successful l Beyond #MeToo: Moving from Awareness to Action Inclusive Workplace l Design Thinking for Collaborative Leadership l The Power of Purpose — How Can CEOs Use l Navigating Global Mobility For Your Organization Purpose to Drive Business Performance? l Beyond Cryptocurrency: Blockchain’s Emerging l Duty of Care for Business Travellers — Who is Second Life Responsible When Things Go Wrong?

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2018–2019 EVENT HIGHLIGHTS

Accelerate Dinner Networking Reception with US Ambassador January 16, 2019 Woody Johnson and the British-American The Wayfarer, NYC Parliamentary Group Sponsored by: HSBC, Virgin Atlantic Airways February 26, 2019 Speakers House, Westminster Palace, London Sponsored by: BP

CEO Roundtable with Ian Davis, Chairman, Transatlantic Growth Awards Evening Rolls Royce PLC May 8, 2019 April 4, 2019 St Ermins Hotel, St James’s, London Sponsored and Hosted by: Willis Towers Watson Sponsored by: HSBC UK, Delta Air Lines/ Virgin Atlantic and CNBC

Transatlantic Finance Forum Ambassadorial Briefing with Karen Pierce June 11, 2019 Ambassador and Permanent Representative, Harvard Hall, The Harvard Club, NYC UK Mission to the UN New York Sponsored by: United Airlines, EY July 10, 2018 Sponsored and Hosted by: KPMG 15 Annual Report 2019

2018-2019 HONOREES

BritishAmerican Business’ Transatlantic Business Awards Dinner is the premier gala event of the transatlantic business calendar and regularly attracts an audience of more than 500 senior business and government executives from both sides of the Atlantic.

Each year, BritishAmerican Business uses the occasion to present prestigious Transatlantic Business Awards to the leaders of two major multinational companies for their leadership in transatlantic business, and Special Awards to other distinguished business leaders for their achievements in particular fields. Past honorees include: Bob Diamond, Evan Greenberg, Karen Peetz, Helena Morrissey CBE, Sir Michael Rake, Wilbur Ross, Peter Sands, Rex Tillerson, and Paul Walsh.

2018 US Transatlantic 2018 UK Transatlantic Business Award Business Award MICHAEL CORBAT ALEX GOURLAY Chief Executive Officer Co-Chief Operating Officer Citi Walgreens Boots Alliance, Inc.

2018 Visionary Transformation 2018 Global Impact Award Honoree Leadership Award Honoree SHARON ROWLANDS PETER ZAFFINO President, USA Today Network CEO of General Insurance Marketing Solutions AIG CEO, Reachlocal

BritishAmerican Business’ Corporate Citizenship Award Dinner is a highlight of London’s transatlantic business calendar bringing together more than 200 influential business leaders from both sides of the Atlantic as well as other dignitaries including senior representation from UK and US governments. Past honorees have included Jayne-Anne Gadhia, Xavier Rolet KBE, Stephen McGill, Arun Sarin, Lord Browne, Peter Voser, Sir Martin Sorrell, and Sir Michael Rake.

ANTÓNIO HORTA-OSÓRIO KAREN BLACKETT OBE Group Chief Executive Country Manager Lloyds Banking Group WPP

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WITH THANKS TO OUR PARTNERS

BritishAmerican Business appreciates the engagement of all its member companies, and is pleased to recognize in particular the following companies who have supported its programs and activities in FY ‘18-19:

A.T. Kearney FleishmanHillard Fishburn RSM UK AIG Fortnum and Mason Schroders Wealth Management US Akin Gump Strauss Hauer Frank Hirth Smith and Wollensky & Field LLP Gibney, Anthony & Flaherty, LLP St Ermin’s Hotel AMC Networks Hearst Standard Chartered Bank Association of Chartered Certified Accountants Herbert Smith Freehills The Barton Partnership AXA XL Hogan Lovells LLP The City of London Corporation Barclays HSBC The InterContinental New York Barclay Berry Bros. & Rudd Hudson McKenzie The Scotch Malt Whisky Society BJSS Interdigital LLP BP International Investment Northern Ireland The Securities Industry and Financial Markets Association Broadridge Financial Solutions Jumeirah Carlton Tower The University of Chicago Booth KPMG Brunswick Group School of Business BT Laura Devine Attorneys The White Company Capalino+Company LexisNexis TheCityUK Centre for Policy Studies Lilly UK The Walt Disney Company Europe, Charles Tyrwhitt Littler Middle East & Africa Citi Lloyds Bank Tradewind International Inc. CNBC London Symphony Orchestra TWDC Europe, Middle East Corporate Service at Magrath Sheldrick LLP & Africa Debevoise & Plimpton LLP Marsh & McLennan Companies United Airlines Deloitte Mayo Clinic University of Bath Delta Air Lines McKinsey & Company Virgin Atlantic Airways Department for International Morgan Lewis Vodafone Trade Mountbatten Program Willis Towers Watson DLA Piper New York City FC WithumSmith+Brown Dow Jones Norton Rose Fulbright LLP Wunderman Thompson European American Chamber of Commerce PwC YSC EY Q5

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CALENDAR OF KEY UPCOMING EVENTS

OCTOBER BUSINESS BRIEFING: DUTY OF CARE Tuesday, November 19 | 8:00 – 10:00 PM EXCLUSIVE GEOPOLITICAL ROUNDTABLE Sponsored By: Altour Wednesday, October 16 | 6:00 – 7:30 PM London Sponsored By: KPMG New York City FALL 2019 PUB QUIZ Wednesday, November 20 | 6:00 – 8:00 PM WALPOLE X NYC BRITISH CONSUL GENERAL Location: The Churchill ANTONY PHILLIPSON COCKTAIL RECEPTION New York City Wednesday, October 23 | 6:30 – 8:30 PM New York City THANKSGIVING NETWORKING RECEPTION Tuesday, November 21 | 6:00 – 8:00 PM London NOVEMBER BUSINESS BRIEFING: 2020 ELECTION BUSINESS BRIEFING: US/UK POLITICAL OUTLOOK Tuesday, November 5 | 8:00 – 10:00 AM Tuesday, November 26 | 6:00 – 8:30 PM Sponsored By: EY Hosted By: BT at BT Tower London London

EXLUSIVE DINNER ROUNDTABLE: RISK IN MEDIA DECEMBER Tuesday, November 5 | 6:00 – 8:00 PM ACCELERATE ROUNDTABLE MEETING Sponsored By: Willis Towers Watson Monday, December 2 | 4:00 – 7:00 PM New York City London

LEADERSHIP FORUM BAB BOARD-LED DINNER DAN GLASER, PRESIDENT & CEO Tuesday, December 3 | 6:00 – 8:00 PM MARSH & MCLENNAN COMPANIES Hosted By: EY Wednesday, November 13 | 8:30 – 10:00 AM New York City New York City ANNUAL HOLIDAY LUNCHEON: LSO CONCERT AND NETWORKING RECEPTION ROCKIN’ HOLIDAY INVASION Wednesday, November 13 | 6:30 – 10:30 PM Friday, December 6 | 12:30 – 3:00 PM Hosted By: London Symphony Orchestra Location: Pierre Hotel London New York City

NETWORKING RECEPTION BIG AMERICAN CHRISTMAS LUNCH PARTY Wednesday, November 13 | 6:00 – 8:00 PM Friday, December 13 | 12:00 – 3:00 PM Hosted By: Charles Tyrwhitt Location: The Landmark London New York City London

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FOR MORE INFORMATION AND TO GET INVOLVED, PLEASE CONTACT US!

TAMRA EKER EMANUEL ADAM Executive Director – New York Executive Director – London BritishAmerican Business BritishAmerican Business [email protected] [email protected]

BritishAmerican Business offers“ entrepreneurial companies high-quality opportunities to gain visibility and connections with major multinationals, and to win their business — our membership has proved to be a great investment for us!

Jennifer Prosek Founder & CEO Prosek Partners

The team at British American“ Business have always proven to be very professional, influential, dynamic and reliable. They are very well connected and have provided us with multiple opportunities for elevated engagement with United’s customers and prospects.

Karolien De Hertogh Head of Corporate Sales UK United Airlines – London

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